05 - May 15, 2025 - Quarterly Investment Treasurer’s Report for March 2025
CITY COUNCIL INFORMATIONAL MEMORANDUM
Date: May 15, 2025
To: Cupertino City Council
From: Jonathan Orozco, Finance Manager
Re: Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2025
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
March 31, 2025. The report is as of April 25, 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 subcommittee.
The City's General Ledger cash and investments balance is $303.4 million, a $5.0 million
increase from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
December 31, 2024
Quarter Ending
March 31, 2025
General Fund 195,022,541 197,105,425
Special Revenue 43,874,024 43,883,238
Debt Service 2,394,350 2,394,350
Capital Projects 38,058,181 42,091,140
Enterprise 10,315,523 10,315,657
Internal Service 8,290,580 7,591,730
Total $297,955,199 $303,381,540
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.
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.
3
Cash and Investments – Bank Balance
Quarter Ending
December 31,
2024
Quarter Ending
March 31, 2025
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 40,912,141 44,830,424 15%
Workers' Compensation Checking (Wells Fargo) 28,737 15,882 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 66,539,548 67,313,421 22%
Investments
Investments (Chandler) 170,294,879 171,577,357 56%
Restricted for Pension2 (PARS) 22,612,094 22,496,818 7%
Total Cash and Investments3 $300,387,398 $306,233,901 100%
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 and Wells Fargo Flex Benefit Account 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,
continues to evaluate options to maximize investment opportunities for excess funds held
in the City's operating account. As previously reported, the operating account was
converted to a "Government Advantage Checking" account, which offers full FDIC
insurance and an interest rate of 3% through March 31, 2025. As of the end of the March
2025 quarter, there has been no change to the interest rate. Staff will continue to monitor
market conditions and evaluate whether it remains beneficial to retain funds in the
account or to transfer them into other eligible investment vehicles.
A notable disbursement from this account occurred on March 14, 2025, when the City
remitted $12,151,087.64 to Baz Industries, Inc. This payment covered obligations for the
periods from January 2023 through June 2024 under the City's tax-sharing agreement.
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 $67.3 million. The quarterly interest rate was
4.48%.
4
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 $172.4 million, compared to $169.1 million at the end of
the previous quarter. 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 investment decreases. At the time of purchase, the City
intends to hold all investments until maturity, meaning that changes in market value will
not impact the City's investment principal. If the market value decreases, the City will
incur an unrealized loss. However, the loss will only be realized if the City sells its
investments before their maturity. The market values for the portfolio were provided by
Chandler Asset Management.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre-fund
Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment
tool that local governments can use to set aside funds for pension and retiree health costs.
Contributions made to the trust can only be used to fund retirement plans.
Investments in the Section 115 Trusts are governed by separate investment policies, which
are distinct from the 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 Section 115 Pension Trust had a balance of $22.5 million, a
5
decrease of $0.1 million from the prior quarter due to investment losses. The Section 115
OPEB Trust had a balance of $39.5 million, a decrease of $0.2 million from the prior quarter
mainly due to investment losses. The quarterly investment return for OPEB Trust was -
0.44% and Pension Trust was -0.43%.
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: __________________
Tina Kapoor
Acting City Manager
Attachments:
A – Chandler Investment Report March 2025
B – Chandler Custodial Statement March 2025
C – PARS Pension and OPEB Account Statement March 2025
D – LAIF Account Statement March 2025
INVESTMENT REPORT
City of Cupertino | As of March 31, 2025
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 March 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
1
ECONOMIC UPDATE
2
Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.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)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%at
the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary of
economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December projections,
along with roughly two 25-basis point rate cuts this year. The FOMC also announced a slowdown in the pace of balance sheet reduction.
US Treasury yields declined, and the curve flattened in February.The 2-year Treasury yield declined 21 basis points to 3.99%,the 5-year
Treasury fell 31 basis points to 4.02%,and the 10-year Treasury yield dropped 33 basis points to 4.21%.The spread between the 2-year and
10-year Treasury yield points on the curve narrowed to +22 basis points at February month-end versus +34 basis points at January 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 was -9 basis points in February, versus +25 basis points in January.
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 151,000 jobs in February,below consensus expectations, and the last two months were revised down by 2,000.
Gains were led by education and health services,transportation, and financial activities,with cutbacks in federal jobs and consumer-
oriented fields such as leisure and hospitality and retail.The three-month moving average and six-month moving average payrolls totaled
200,000 and 191,000 respectively.The unemployment rate rose to 4.1%in February,and the labor participation rate edged down to
62.4%,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 soared to 8.0%in February from 7.5%last month to its highest
level since 2021. Average hourly earnings ticked up to an increase of 4.0% year-over-year in February.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
4
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In
T
h
o
u
s
a
n
d
s
(
0
0
0
'
s
)
The Labor D epartment’s Job Openings and Labor Turnover Survey (JOLTS)rose to 7.74 million new job openings in January from a
downwardly revised 7.51 million new job openings in December.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 February,both the Consumer Price Index (CPI)and Core CPI,which excludes volatile food and energy components,posted more
moderate increases than last month and came in lower than consensus expectations. The headline CPI rose 0.2%month-over-month and
2.8%year-over-year,while the Core CPI rose 0.2%month-over-month and 3.1%year-over-year.The Personal Consumption Expenditures
(PCE)price index increased by 0.3%from the previous month and 2.5%year-over-year in February.The Core PCE deflator,which excludes
food and energy and is the Fed’s preferred gauge,accelerated its increase to 0.4%month-over-month and 2.8%from 2.6%year-over-year.
Inflation remains 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
The Advance Retail Sales report for February fell short of expectations,increasing 0.2%month-over-month following a 1.2%decline in
January.Declines were broad-based across categories. However,control group sales,which feeds into gross domestic product and
excludes food services,auto dealers,building materials stores,and gasoline stations,increased 1%in February.On a year-over-year
basis, Retail Sales grew 3.1%in February versus 3.9%in January. The Conference Board’s Consumer Confidence Index tumbled 7.2 points
in March to 92.9, a notable decrease from February. Consumers' assessment of the present situation fell, with business conditions viewed
as "good"by only 17.7%and jobs considered "plentiful" by 33.6%.Their expectations for income,business, and labor market conditions
dropped,with pessimism about future employment prospects falling to a 12-year low.While the consumer has been resilient, rising
inflation expectations, concerns about trade policies and tariffs, and general economic and policy uncertainty could 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 Board’s Leading Economic Index (LEI) fell by 0.3% in February, following a 0.2% decline in January. The LEI decreased year-
over-year by 3.1%.The monthly decline was primarily driven by consumer assessments of future business conditions becoming more
pessimistic.The Chicago Fed National Activity Index (CFNAI)increased to +0.18 in February from a revised -0.08 in January,reflecting
stronger readings across production-related indicators and sales,orders,and inventories. The three-month moving average rose to +0.15
in February from +0.07 in January, indicating expectations of continued above-trend economic growth.
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 soared 11.2%to 1.5 million units in February as builders rebounded from adverse weather conditions in January.Total
starts are down 2.9%compared to February 2024.Single family homes starts rose 11.4%,and multi-family starts increased 10.7%.The
Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in February.According to the Case-Shiller 20-City Home Price
Index, housing prices rose 4.7%year-over-year in January,compared to 4.5%in December.While inventory constraints remain a
challenge,the slight improvement in annual gains suggests gradual stabilization in the market.However,higher mortgage rates continue
to weigh on affordability, limiting buyer demand and market activity.
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 less than forecast to 50.3 in February versus 50.9 in January,as
activity expanded marginally for the second month in a row after 26 consecutive months of contraction. Production moderated, while price
growth accelerated primarily due to tariffs.ISM Services Index rose to a better than expected 53.5 in February from 52.8 in January to
mark the eighth straight month of expansion. Business activity,supplier deliveries,new orders and employment all expanded.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 3/24 6/24 9/24 12/24
1.3% 1.9% 2.5% 2.7%
0.6% 1.5% 0.2% -1.0%
-0.6% -0.9% -0.4% 0.3%
0.0% 0.3% 0.6% 0.3%
0.3% 0.3% 0.3% 0.3%
1.6% 3.0% 3.1% 2.4%
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,fourth quarter GDP increased at an annualized rate of 2.4 percent,revised up 0.1 percentage point from
the second estimate.Growth continues to be powered by consumer spending and government spending,partly offset by a decrease in
investment.Imports also decreased. Real GDP increased 2.8 percent in 2024.The consensus projection calls for 2.8%growth for the full
year 2024, 2.4% for the current quarter, and 2.0% for 2025.
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)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%
at the March meeting.Fed Chair Powell emphasized increased uncertainty around the economic outlook and the need for “greater clarity”
before making changes to interest rate policy.He also acknowledged possible transitory inflationary impacts from tariffs.The summary
of economic projections (SEP)indicated lower GDP growth,higher inflation,and higher unemployment estimates than December
projections,along with roughly two 25-basis point rate cuts this year.The FOMC also announced a slowdown in the pace of balance
sheet reduction. The monthly redemption cap on Treasuries will be reduced from $25 billion to $5 billion, while the cap on agencies and
mortgage-backed securities will be maintained at $35 billion.Since the Fed began its Quantitative Tightening campaign in June 2022,
securities holdings have declined by approximately $2.2 trillion to approximately $6.8 trillion.
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
Feb-25
Nov-24
Feb-24
Yi
e
l
d
(
%
)
At the end of February, the 2-year Treasury yield was 63 basis points lower, and the 10-Year Treasury yield was 4 basis points lower, year-
over-year.The spread between the 2-year and 10-year Treasury yield points on the curve narrowed to +22 basis points at February month-
end versus +34 basis points at January month-end. The recent yield curve inversion which began in July 2022 was historically long.The
average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on
the curve was -9 basis points in February, versus +25 basis points in January.
BOND YIELDS
13
ACCOUNT PROFILE
14
OBJECTIVES
City of Cupertino | As of March 31, 2025
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 March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES (CMOS)
Max % (MV)100.0 11.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 3.1 Compliant
Max Maturity (Years)5.0 4.4 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS)20.0 7.8 Compliant
Max % Issuer (MV)5.0 1.0 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 March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 27.5 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 7.1 Compliant
Max % Issuer (MV; Agencies & Agency CMOs)25.0 3.1 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 0.4 Compliant
Min Rating (AAA by 2)0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV)20.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5.0 0.0 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV)30.0 1.0 Compliant
Max % Issuer (MV)5.0 1.0 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
17
STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of March 31, 2025
Rules Name Limit Actual Compliance
Status Notes
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A- by 1)0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV)30.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV)10.0 0.0 Compliant
Max % Issuer (MV)5.0 0.0 Compliant
Max Maturity (Years)1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV)30.0 4.8 Compliant
Max % Issuer (MV)10.0 3.4 Compliant
Max Maturity (Years)5 4 Compliant
Min Rating (AA- by 1)0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV)100.0 40.5 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 0.47%2.01%2.01%5.67%4.57%2.93%1.37%--2.05%
Benchmark Return 0.52%2.00%2.00%5.10%4.02%2.53%0.73%--1.82%
City of Cupertino | Account #10659 | As of March 31, 2025
Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality
Average Modified Duration 2.56
Average Coupon 3.41%
Average Purchase YTM 3.65%
Average Market YTM 4.18%
Average Credit Quality*AA+
Average Final Maturity 2.97
Average Life 2.64
End Values as of
12/31/2024
End Values as of
03/31/2025
Market Value 168,017,668.96 171,361,909.10
Accrued Interest 1,055,289.04 1,079,026.09
Total Market
Value 169,072,957.99 172,440,935.19
Income Earned 490,152.83 1,469,440.75
Cont/WD 0.00 0.00
Par 171,799,704.62 173,051,310.32
Book Value 170,637,289.27 171,853,033.61
Cost Value 170,294,878.84 171,577,356.86
Government of The United States 40.45%
FHLMC 11.05%
International Bank for Recon and Dev 3.38%
Farm Credit System 3.08%
UnitedHealth Group Incorporated 1.68%
Toyota Motor Corporation 1.63%
The Home Depot, Inc.1.51%
Federal Home Loan Mortgage Corp 1.43%
**Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark:19
PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of March 31, 2025
Benchmark*3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)2.65 2.97 2.79
Average Modified Duration 2.48 2.56 2.39
Average Purchase Yield 3.65%3.38%
Average Market Yield 3.93%4.18%4.46%
Average Quality**AA+AA+AA+
Total Market Value 172,440,935 169,072,958
*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 March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 40.45%36.60%
Corporate 27.47%26.62%
Agency CMBS 11.05%9.69%
ABS 7.80%9.48%
Agency 7.05%10.78%
Supras 4.77%5.25%
Muni Bonds 1.03%1.03%
Money Mkt Fd 0.38%0.54%
21
DURATION ALLOCATION
City of Cupertino | Account #10659 | As of March 31, 2025
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
03/31/2025 2.1%3.5%8.5%25.1%17.5%23.6%19.7%0.0%0.0%
22
ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2025
Issuer Investment Type % Portfolio
Government of The United States US Treasury 40.45%
FHLMC Agency CMBS 11.05%
International Bank for Recon and Dev Supras 3.38%
Farm Credit System Agency 3.08%
UnitedHealth Group Incorporated Corporate 1.68%
Toyota Motor Corporation Corporate 1.63%
The Home Depot, Inc.Corporate 1.51%
Federal Home Loan Mortgage Corp Agency 1.43%
FNMA Agency 1.43%
New York Life Insurance Company Corporate 1.40%
Inter-American Development Bank Supras 1.39%
Caterpillar Inc.Corporate 1.30%
Royal Bank of Canada Corporate 1.18%
Massachusetts Mutual Life Insurance Corporate 1.15%
Morgan Stanley Corporate 1.15%
Federal Home Loan Banks Agency 1.11%
Amazon.com, Inc.Corporate 1.06%
Chubb Limited Corporate 1.03%
State of California Muni Bonds 1.03%
Honda Motor Co., Ltd.Corporate 1.01%
Chase Issuance Trust ABS 0.99%
Bank of America Credit Card Trust ABS 0.97%
Berkshire Hathaway Inc.Corporate 0.91%
John Deere Owner Trust ABS 0.89%
GM Financial Securitized Term ABS 0.89%
Honda Auto Receivables Owner Trust ABS 0.88%
PepsiCo, Inc.Corporate 0.88%
Prologis, Inc.Corporate 0.87%
Bank of America Corporation Corporate 0.86%
JPMorgan Chase & Co.Corporate 0.86%
23
ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2025
Issuer Investment Type % Portfolio
The Progressive Corporation Corporate 0.86%
Deere & Company Corporate 0.84%
Realty Income Corporation Corporate 0.83%
Marsh & McLennan Companies, Inc.Corporate 0.82%
American Express Credit Master Trust ABS 0.80%
Toyota Auto Receivables Owner Trust ABS 0.78%
Guardian Life Global Funding Corporate 0.69%
Mercedes-Benz Auto Receivables Trust ABS 0.65%
Metropolitan Life Global Funding I Corporate 0.62%
National Rural Utilities Cooperative Corporate 0.59%
The Toronto-Dominion Bank Corporate 0.59%
Mastercard Incorporated Corporate 0.56%
The Charles Schwab Corporation Corporate 0.54%
Meta Platforms, Inc.Corporate 0.53%
Northwestern Mutual Global Funding Corporate 0.48%
BMW Vehicle Owner Trust ABS 0.47%
Met Tower Global Funding Corporate 0.43%
Northern Trust Corporation Corporate 0.39%
Hyundai Auto Lease Securitization Tr ABS 0.36%
Wells Fargo & Company Money Mkt Fd 0.35%
Walmart Inc.Corporate 0.20%
Hyundai Auto Receivables Trust ABS 0.11%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
24
QUALITY DISTRIBUTION
Rating 03/31/2025 12/31/2024
AAA 12.8%12.5%
AA 64.5%65.2%
A 19.4%18.4%
NA 3.3%3.9%
Rating 03/31/2025 12/31/2024
AAA 69.3%69.8%
AA 7.3%9.2%
A 19.4%16.6%
NA 4.0%4.3%
Rating 03/31/2025 12/31/2024
AAA 14.3%15.8%
AA 62.0%61.8%
A 12.1%9.1%
NA 11.6%13.3%
City of Cupertino | Account #10659 | As of March 31, 2025
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 2.1%3.5%8.5%25.1%17.5%23.6%19.7%0.0%0.0%
ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0%0.0%2.6%35.4%27.3%22.5%12.1%0.0%0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of March 31, 2025
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 2.01%5.67%4.57%2.93%1.37%2.05%
Benchmark 2.00%5.10%4.02%2.53%0.73%1.82%
Net of Fees 2.00%5.60%4.51%2.88%1.30%1.98%
*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 March 31, 2025
Total Rate of Return : Inception | 02/01/2019
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino Benchmark Net of Fees
27
HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of March 31, 2025
Purchase Yield as of 03/31/25 = 3.65%
28
PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 2.57%4.38%
Average Market Yield 2.57%4.38%
Average Quality**AAA AAA
Total Market Value 113,049,507 67,291,658
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
29
SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
LAIF 59.54%98.88%
Cash 40.46%1.12%
30
CONSOLIDATED INFORMATION
31
PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of March 31, 2025
3/31/2025
Portfolio
12/31/2024
Portfolio
Average Maturity (yrs)1.79 1.99
Average Modified Duration 1.54 1.70
Average Purchase Yield 3.22%3.67%
Average Market Yield 3.54%4.44%
Average Quality**AA+AA+
Total Market Value 285,490,443 236,364,616
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.
32
SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of March 31, 2025
Sector as a Percentage of Market Value
Sector 03/31/2025 12/31/2024
US Treasury 24.37%26.14%
LAIF 23.67%28.28%
Corporate 16.55%19.01%
Cash 16.08%0.32%
Agency CMBS 6.66%6.92%
ABS 4.70%6.77%
Agency 4.25%7.70%
Supras 2.87%3.75%
Muni Bonds 0.62%0.74%
Money Mkt Fd 0.23%0.38%
33
PORTFOLIO HOLDINGS
34
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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 23,540.71 11/16/2021
0.89%
23,535.74
23,539.84
99.66
4.86%
23,460.72
5.75
0.01%
(79.12)
AAA/NA
AAA
0.81
0.08
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 12,563.39 07/13/2021
0.52%
12,562.27
12,563.19
99.82
5.22%
12,540.77
2.90
0.01%
(22.42)
AAA/NA
AAA
0.96
0.04
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 24,667.43 11/09/2021
0.71%
24,666.90
24,667.32
99.71
4.86%
24,596.12
7.78
0.01%
(71.20)
NA/AAA
AAA
1.04
0.07
43815BAC4 HAROT 2022-1 A3 1.88
05/15/2026 135,903.25 02/15/2022
1.89%
135,882.81
135,898.25
99.46
4.73%
135,171.83
113.55
0.08%
(726.42)
AAA/AAA
NA
1.12
0.19
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 106,321.96 05/10/2022
3.23%
106,316.43
106,320.26
99.68
4.55%
105,981.98
56.88
0.06%
(338.28)
AAA/AAA
NA
1.40
0.24
47787JAC2 JDOT 2022 A3 2.32 09/15/2026 86,485.98 03/10/2022
2.34%
86,466.85
86,480.17
99.48
4.16%
86,034.56
89.18
0.05%
(445.61)
AAA/NA
AAA
1.46
0.28
362554AC1 GMCAR 2021-4 A3 0.68
09/16/2026 36,092.01 10/13/2021
0.68%
36,091.09
36,091.78
99.47
4.91%
35,902.49
10.23
0.02%
(189.29)
AAA/AAA
NA
1.46
0.12
448977AD0 HART 2022-A A3 2.22 10/15/2026 193,327.05 03/09/2022
2.23%
193,319.61
193,324.76
99.56
4.39%
192,480.35
190.75
0.11%
(844.41)
NA/AAA
AAA
1.54
0.20
380146AC4 GMCAR 2022-1 A3 1.26
11/16/2026 43,332.96 01/11/2022
1.27%
43,329.19
43,331.83
99.47
4.55%
43,104.89
22.75
0.03%
(226.94)
NA/AAA
AAA
1.63
0.16
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 294,110.73 07/12/2022
3.77%
294,082.65
294,099.56
99.62
4.59%
292,979.32
488.88
0.17%
(1,120.24)
AAA/NA
AAA
1.88
0.47
362585AC5 GMCAR 2022-2 A3 3.1
02/16/2027 128,176.09 04/05/2022
3.13%
128,149.30
128,166.46
99.49
4.67%
127,516.84
165.56
0.07%
(649.61)
AAA/AAA
NA
1.88
0.33
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024
5.41%
609,983.04
609,987.93
100.89
4.61%
615,405.15
1,466.71
0.36%
5,417.22
NA/AAA
AAA
2.13
1.02
02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,982.24
99.84
4.72%
1,372,842.63
2,071.67
0.80%
(2,139.61)
NA/AAA
AAA
0.12
0.12
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 631,640.24 10/12/2022
5.15%
631,591.23
631,617.32
100.30
4.63%
633,562.83
1,428.91
0.37%
1,945.51
AAA/NA
AAA
2.21
0.58
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,296,343.24
100.64
4.52%
1,308,292.57
2,981.33
0.76%
11,949.33
NA/AAA
AAA
3.05
0.91
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 805,000.00 --
5.64%
806,992.67
806,272.71
101.20
4.66%
814,697.84
1,267.88
0.48%
8,425.13
AAA/NA
AAA
3.22
1.11
35
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,115,545.51
101.62
4.56%
1,117,818.79
2,908.89
0.65%
2,273.28
NA/AAA
AAA
3.63
1.10
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
855,098.71
101.04
4.35%
858,837.28
1,881.33
0.50%
3,738.57
AAA/NA
AAA
1.63
1.53
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,816.82
101.00
4.36%
504,997.80
1,102.22
0.29%
5,180.98
AAA/NA
AAA
3.63
1.52
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 535,000.00 05/14/2024
5.27%
534,935.00
534,947.45
101.27
4.44%
541,811.83
1,018.13
0.32%
6,864.38
NA/AAA
AAA
3.64
1.43
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,310,000.00 --
4.97%
1,307,922.66
1,308,346.01
100.57
4.43%
1,317,453.90
2,647.29
0.77%
9,107.89
AAA/NA
AAA
3.72
1.20
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,803.12
100.57
4.31%
1,699,594.81
3,455.11
0.99%
9,791.68
NA/AAA
AAA
3.80
1.68
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 695,000.00 06/04/2024
5.24%
694,894.43
694,912.46
101.24
4.40%
703,601.39
600.02
0.41%
8,688.92
AAA/AAA
NA
3.91
1.47
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,963.25
101.31
4.32%
795,274.63
1,720.02
0.46%
10,311.38
AAA/AAA
NA
4.12
1.97
13,296,688.56 100.70 13,363,961.31 7.80%2.83
Total ABS 13,271,161.79 4.71%13,287,120.21 4.49%25,703.74 76,841.10 1.10
AGENCY
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,500,000.00 --
0.46%
2,489,362.80
2,498,958.08
98.14
4.35%
2,453,509.55
208.33
1.43%
(45,448.53)
AAA/AA
AA
0.48
0.47
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 2,500,000.00 --
0.56%
2,492,700.00
2,499,117.81
97.73
4.37%
2,443,263.23
5,000.00
1.43%
(55,854.59)
AAA/AA
AA
0.61
0.59
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/2024
4.85%
1,870,050.00
1,871,657.73
101.62
3.91%
1,905,286.20
42,552.08
1.11%
33,628.47
AAA/AA
AA
2.02
1.87
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
2,409,153.75
101.59
3.95%
2,438,080.32
45,916.67
1.42%
28,926.57
AAA/AA
AA
2.10
1.95
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
2,793,188.43
101.64
3.96%
2,845,869.32
48,922.22
1.66%
52,680.89
AAA/AA
AA
2.63
2.41
12,054,276.80 100.12 12,086,008.62 7.05%1.58
Total Agency 12,075,000.00 3.00%12,072,075.80 4.11%142,599.31 13,932.82 1.47
36
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
AGENCY CMBS
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 964,487.02 07/01/2021
0.87%
1,041,344.58
969,293.92
99.44
4.55%
959,127.37
2,419.25
0.56%
(10,166.55)
AAA/AA
AAA
0.32
0.23
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 897,730.11 11/16/2021
1.22%
962,114.19
903,544.21
99.47
4.46%
892,988.30
2,494.19
0.52%
(10,555.92)
AAA/AA
AAA
0.40
0.28
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
660,616.25
97.75
4.26%
635,372.21
1,437.04
0.37%
(25,244.05)
AAA/AA
AAA
1.40
1.31
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
976,157.56
97.84
4.16%
978,446.00
2,703.33
0.57%
2,288.44
AAA/AA
AA
2.40
2.20
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024
4.86%
1,913,359.38
1,927,889.17
98.28
4.26%
1,965,586.20
6,285.00
1.15%
37,697.03
AAA/AAA
AA
3.74
3.25
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,237,898.99
97.49
4.25%
1,255,691.68
3,824.29
0.73%
17,792.69
AAA/AA
AA
3.82
3.47
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,833,937.94
93.03
4.28%
1,860,514.00
3,766.67
1.09%
26,576.06
AAA/AA
AAA
3.82
3.50
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,478,942.76
97.95
4.25%
2,497,677.06
7,841.25
1.46%
18,734.30
AAA/AA
AA
3.82
3.42
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,432,070.80
97.23
4.26%
2,430,656.75
7,302.08
1.42%
(1,414.05)
AAA/AAA
AA
3.98
3.55
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 2,000,000.00 09/19/2024
3.82%
1,929,531.25
1,937,458.98
95.24
4.27%
1,904,868.00
4,970.00
1.11%
(32,590.98)
AAA/AA
AAA
4.15
3.67
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,062,586.09
94.33
4.28%
2,075,260.66
5,105.83
1.21%
12,674.57
AAA/AA
AAA
4.24
3.82
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,501,283.59
92.70
4.28%
1,483,243.36
3,233.33
0.87%
(18,040.23)
AAA/AA
AAA
4.40
4.00
18,939,688.00 96.43 18,939,431.58 11.05%3.46
Total Agency CMBS 19,650,217.13 3.98%18,921,680.26 4.28%51,382.28 17,751.31 3.10
CASH
CCYUSD Receivable 5,275.20 --
0.00%
5,275.20
5,275.20
1.00
0.00%
5,275.20
0.00
0.00%
0.00
AAA/AAA
AAA
0.00
0.00
5,275.20 1.00 5,275.20 0.00%0.00
Total Cash 5,275.20 0.00%5,275.20 0.00%0.00 0.00 0.00
37
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
CORPORATE
66815L2A6 NORTHWESTERN MUTUAL
GLOBAL FUNDING 0.8 01/14/2026 850,000.00 12/06/2021
1.46%
827,449.50
845,664.52
97.25
4.39%
826,645.50
1,454.44
0.48%
(19,019.02)
AAA/AA
AAA
0.79
0.77
023135BX3 AMAZON.COM INC 1.0
05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,873,199.01
96.66
4.10%
1,812,333.75
7,239.58
1.06%
(60,865.26)
A/AA
AA
1.11
1.08
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,032,457.84
96.56
4.32%
999,437.54
4,496.50
0.58%
(33,020.30)
A/A
A
1.12
1.09
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,852.16
96.29
4.30%
1,333,558.80
4,457.97
0.78%
(51,293.35)
A/A
A
1.22
1.18
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,000,587.43
96.09
4.34%
960,932.98
2,500.00
0.56%
(39,654.45)
AA/AA
AA
1.29
1.26
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,794.00
95.68
4.35%
736,762.60
454.51
0.43%
(33,031.39)
AA/AA
AA
1.46
1.41
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,806.55
95.76
4.06%
335,175.43
142.92
0.20%
(14,631.12)
AA/AA
AA
1.47
1.42
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,547.53
95.66
4.44%
1,066,596.40
4,645.83
0.62%
(47,951.13)
AA/AA
AA
1.78
1.71
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,893.20
96.48
4.38%
926,210.42
1,829.33
0.54%
(33,682.78)
A/A
A
1.92
1.85
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,880.18
96.69
4.08%
1,561,484.13
1,650.89
0.91%
(53,396.05)
AA/AA
A
1.96
1.88
89115A2W1 TORONTO-DOMINION BANK 4.98
04/05/2027 1,000,000.00 03/26/2024
4.98%
1,000,000.00
1,000,000.00
101.05
4.43%
1,010,537.87
24,346.67
0.59%
10,537.87
A/A
AA
2.01
1.85
57629W4S6 MASSMUTUAL GLOBAL FUNDING
II 5.1 04/09/2027 1,000,000.00 06/20/2024
4.99%
1,002,630.00
1,001,904.75
101.53
4.30%
1,015,305.23
24,366.67
0.59%
13,400.48
AA/AA
AA
2.02
1.86
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,542.89
99.55
4.23%
666,959.47
10,496.67
0.39%
(2,583.43)
A/A
A
2.11
1.97
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/2024
5.04%
998,930.00
999,243.96
101.59
4.21%
1,015,880.97
19,027.78
0.59%
16,637.01
A/A
A
2.12
1.96
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/2025
4.66%
1,429,571.00
1,429,603.18
101.24
4.17%
1,447,738.15
15,146.08
0.84%
18,134.96
A/A
A
2.77
2.55
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,461.65
101.87
4.19%
962,640.27
2,815.31
0.56%
18,178.62
AA/A
NA
2.94
2.64
38
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
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
100.87
4.77%
1,966,950.88
20,720.70
1.15%
16,950.88
AA/A
AA
3.29
2.12
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,484,132.37
99.59
4.49%
1,493,924.96
10,937.50
0.87%
9,792.58
A/A
NA
3.84
3.47
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/2024
4.69%
2,019,920.00
2,017,983.16
101.31
4.57%
2,026,283.84
16,500.00
1.18%
8,300.68
A/A
AA
3.84
3.44
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,462,297.30
98.57
4.40%
1,478,515.53
5,000.00
0.86%
16,218.23
A/A
A
3.92
3.57
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/2024
5.12%
994,880.00
995,656.53
102.07
4.45%
1,020,740.49
15,972.22
0.60%
25,083.96
AAA/AA
AAA
4.18
3.69
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,601,066.54
94.31
4.45%
1,568,326.41
14,445.00
0.92%
(32,740.13)
A/A
A
4.21
3.86
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/2024
4.93%
992,260.00
993,421.64
101.23
4.43%
1,012,259.55
12,666.67
0.59%
18,837.91
A/A
A
4.24
3.69
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/2024
4.69%
1,419,212.41
1,424,925.95
97.33
4.69%
1,423,925.19
12,354.22
0.83%
(1,000.76)
A/A
NA
4.29
3.86
713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,003.50
100.94
4.26%
1,514,073.21
13,875.00
0.88%
16,069.71
A/A
NA
4.30
3.77
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,080.83
98.67
4.90%
1,480,004.00
11,908.50
0.86%
(17,076.84)
A/A
AA
4.31
3.03
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/2024
4.29%
1,498,710.00
1,498,889.17
98.79
4.93%
1,481,796.69
12,101.17
0.86%
(17,092.48)
A/A
AA
4.31
3.03
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/2024
4.33%
910,584.09
910,761.66
99.98
4.30%
911,805.64
5,010.93
0.53%
1,043.98
AA/AA
NA
4.38
3.93
171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --
4.44%
1,765,746.34
1,764,070.75
100.84
4.43%
1,764,749.25
10,397.92
1.03%
678.50
A/A
A
4.38
3.83
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/2024
3.94%
1,906,080.00
1,916,300.09
93.89
4.43%
1,877,798.76
7,347.22
1.10%
(38,501.33)
A/A
A
4.38
4.03
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/2024
4.29%
1,758,102.50
1,757,291.35
98.62
4.75%
1,725,896.50
5,561.11
1.01%
(31,394.85)
A/A
NA
4.43
3.96
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
98.46
4.56%
1,186,387.99
699.40
0.69%
(18,612.01)
AA/AA
NA
4.49
4.04
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/2024
4.74%
1,198,092.00
1,198,235.15
101.02
4.45%
1,212,286.02
21,306.67
0.71%
14,050.87
A/A
A
4.63
4.05
39
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/2024
4.61%
1,364,221.95
1,364,271.80
100.39
4.51%
1,370,287.81
20,232.33
0.80%
6,016.00
AAA/AA
AAA
4.68
4.11
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/2025
5.00%
1,441,907.70
1,442,046.57
101.51
4.59%
1,466,750.15
16,292.38
0.86%
24,703.59
A/A
A
4.78
4.17
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025
4.88%
1,002,873.61
1,002,788.76
101.31
4.64%
1,013,135.65
7,425.00
0.59%
10,346.89
A/NA
A
4.86
4.18
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,361.88
100.18
4.61%
1,402,530.26
2,893.33
0.82%
5,168.39
A/A
A
4.96
4.37
Total Corporate 47,603,000.00 3.91%
47,306,081.94
47,372,023.86
98.95
4.45%
47,076,628.28
368,718.43
27.47%
(295,395.58)
3.39
2.97
MONEY MARKET
FUND
992995944 WC MMF SWEEP 51,907.92 --
2.25%
51,907.92
51,907.92
1.00
2.25%
51,907.92
0.00
0.03%
0.00
NA/NA
NA
0.00
0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 594,748.28 --
0.01%
594,748.28
594,748.28
1.00
0.01%
594,748.28
0.00
0.35%
0.00
AAA/AAA
NA
0.00
0.00
Total Money Market
Fund 646,656.20 0.19%
646,656.20
646,656.20
1.00
0.19%
646,656.20
0.00
0.38%
0.00
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
1,748,390.63
100.96
4.25%
1,756,719.66
13,050.00
1.03%
8,329.03
AA/AA
AA
4.34
3.88
Total Municipal
Bonds 1,740,000.00 4.37%
1,749,169.80
1,748,390.63
100.96
4.25%
1,756,719.66
13,050.00
1.03%
8,329.03
4.34
3.88
SUPRANATIONAL
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,398,637.28
97.86
4.30%
2,348,758.51
5,100.00
1.37%
(49,878.77)
AAA/AAA
NA
0.58
0.56
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,457,630.64
96.72
4.09%
2,379,303.54
9,626.46
1.39%
(78,327.10)
AAA/AAA
NA
1.05
1.03
40
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
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
1,723,266.45
99.26
4.06%
1,737,012.57
31,080.73
1.01%
13,746.11
AAA/AAA
NA
4.54
4.05
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,700,000.00 03/14/2025
4.20%
1,694,220.00
1,694,257.98
100.20
4.08%
1,703,477.78
2,142.71
0.99%
9,219.79
AAA/AAA
NA
4.97
4.45
Total Supranational 8,310,000.00 2.23%
8,253,322.45
8,273,792.36
98.32
4.14%
8,168,552.39
47,949.90
4.77%
(105,239.97)
2.48
2.25
US TREASURY
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 2,300,000.00 --
4.26%
2,267,551.44
2,296,465.52
98.06
4.23%
2,255,455.46
15.71
1.32%
(41,010.05)
AAA/AA
AA
0.50
0.49
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,450,000.00 --
0.49%
2,422,492.19
2,446,641.51
97.76
4.21%
2,395,018.55
2,571.82
1.40%
(51,622.97)
AAA/AA
AA
0.59
0.57
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,244,257.14
97.54
4.17%
2,194,541.01
2,827.95
1.28%
(49,716.13)
AAA/AA
AA
0.67
0.65
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,492,226.93
96.96
4.12%
2,423,945.30
1,553.87
1.41%
(68,281.63)
AAA/AA
AA
0.84
0.82
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,498,609.02
96.54
4.05%
2,413,535.15
7,872.93
1.41%
(85,073.87)
AAA/AA
AA
1.08
1.05
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,393,659.61
95.56
3.96%
1,337,820.32
33.47
0.78%
(55,839.29)
AAA/AA
AA
1.50
1.46
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,397,274.15
95.70
3.96%
1,339,789.07
6,613.26
0.78%
(57,485.08)
AAA/AA
AA
1.59
1.53
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,514,450.87
100.70
3.94%
2,517,578.13
32,151.44
1.47%
3,127.25
AAA/AA
AA
1.71
1.61
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/2024
4.77%
2,283,109.38
2,288,492.11
101.15
3.91%
2,326,503.91
47,769.23
1.36%
38,011.81
AAA/AA
AA
2.04
1.89
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/2024
4.65%
3,186,500.00
3,190,457.53
101.19
3.91%
3,238,000.00
54,497.24
1.89%
47,542.47
AAA/AA
AA
2.12
1.98
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,254,512.95
98.66
3.88%
3,206,329.75
26,552.14
1.87%
(48,183.20)
AAA/AA
AA
2.25
2.13
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
396,799.31
97.46
3.90%
389,859.38
1,823.20
0.23%
(6,939.93)
AAA/AA
AA
2.33
2.22
41
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,484,899.18
98.23
3.90%
4,420,195.29
12,228.26
2.58%
(64,703.89)
AAA/AA
AA
2.42
2.29
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,435,357.27
100.58
3.88%
3,470,080.07
388.83
2.03%
34,722.80
AAA/AA
AA
2.50
2.35
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,420.07
99.96
3.89%
849,634.76
11,039.49
0.50%
(1,785.31)
AAA/AA
AA
2.67
2.48
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,764,019.98
99.98
3.88%
2,749,355.46
26,787.81
1.60%
(14,664.53)
AAA/AA
AA
2.75
2.56
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,976,049.08
98.95
3.89%
2,968,593.75
17,403.31
1.73%
(7,455.33)
AAA/AA
AA
2.84
2.66
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
3.98%
3,699,113.28
3,699,560.86
100.29
3.89%
3,710,839.85
12,869.57
2.17%
11,279.00
AAA/AA
AA
2.92
2.72
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/2024
4.62%
2,249,867.19
2,259,516.65
100.73
3.93%
2,316,800.79
259.22
1.35%
57,284.14
AAA/AA
AA
4.00
3.66
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/2024
4.41%
1,985,546.88
1,987,710.09
101.22
3.93%
2,024,376.00
21,367.40
1.18%
36,665.91
AAA/AA
AA
4.25
3.82
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/2024
3.45%
3,527,480.47
3,524,448.98
98.75
3.94%
3,456,113.29
11,032.61
2.02%
(68,335.69)
AAA/AA
AA
4.42
4.02
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --
3.83%
4,925,039.06
4,932,087.68
98.18
3.94%
4,909,179.70
478.14
2.86%
(22,907.98)
AAA/AA
AA
4.50
4.12
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/2024
4.38%
2,993,789.06
2,994,302.95
100.73
3.95%
3,022,031.25
51,961.33
1.76%
27,728.30
AAA/AA
AA
4.59
4.07
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --
4.53%
4,369,171.88
4,370,460.00
101.82
3.95%
4,479,921.86
48,390.88
2.61%
109,461.87
AAA/AA
AA
4.75
4.22
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/2025
4.34%
3,983,906.25
3,984,349.36
101.28
3.96%
4,051,252.00
28,176.80
2.36%
66,902.64
AAA/AA
AA
4.84
4.31
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 850,000.00 03/17/2025
4.05%
847,974.61
847,990.29
100.23
3.95%
851,925.78
2,956.52
0.50%
3,935.48
AAA/AA
AA
4.91
4.41
69,326,197.92 99.41 69,318,675.86 40.45%2.88
Total US Treasury 69,750,000.00 3.48%69,526,019.09 3.96%429,622.45 (207,343.23)2.64
171,577,356.86 98.70 171,361,909.10 100.00%2.97
Total Portfolio 173,051,310.32 3.65%171,853,033.61 4.18%1,079,026.09 (491,124.52)2.56
42
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2025
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 Market Value +
Accrued 172,440,935.19
43
HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of March 31, 2025
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
CASH
90CASH$02 Cash 15,881.73 03/31/2025
0.00%
15,881.73
15,881.73
1.00
0.00%
15,881.73
0.00
0.01%
0.00
NA/NA
NA
0.00
0.00
90CASH$00 Custodial Cash Account 44,830,423.67 03/31/2025
0.00%
44,830,423.67
44,830,423.67
1.00
0.00%
44,830,423.67
0.00
39.66%
0.00
NA/NA
NA
0.00
0.00
90CASH$03 Cash 164,098.95 03/31/2025
0.00%
164,098.95
164,098.95
1.00
0.00%
164,098.95
0.00
0.15%
0.00
NA/NA
NA
0.00
0.00
CCYUSD Receivable 725,682.13 --
0.00%
725,682.13
725,682.13
1.00
0.00%
725,682.13
0.00
0.64%
0.00
AAA/AAA
AAA
0.00
0.00
Total Cash 45,736,086.48 0.00%
45,736,086.48
45,736,086.48
1.00
0.00%
45,736,086.48
0.00
40.46%
0.00
0.00
0.00
LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 67,313,420.97 --
4.31%
67,313,420.97
67,313,420.97
1.00
4.31%
67,313,420.97
0.00
59.54%
0.00
NA/NA
NA
0.00
0.00
Total LAIF 67,313,420.97 4.31%
67,313,420.97
67,313,420.97
1.00
4.31%
67,313,420.97
0.00
59.54%
0.00
0.00
0.00
Total Portfolio 113,049,507.45 2.57%
113,049,507.45
113,049,507.45
1.00
2.57%
113,049,507.45
0.00
100.00%
0.00
0.00
0.00
Total Market Value +
Accrued 113,049,507.45
44
TRANSACTIONS
45
TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 01/09/2025 89236TNA9 1,445,000.00 TOYOTA MOTOR CREDIT
CORP 4.95 01/09/2030 99.786 5.00%(1,441,907.70)0.00 (1,441,907.70)0.00
Purchase 01/09/2025 24422EXZ7 1,430,000.00 JOHN DEERE CAPITAL CORP
4.65 01/07/2028 99.970 4.66%(1,429,571.00)0.00 (1,429,571.00)0.00
Purchase 01/15/2025 91282CMD0 2,000,000.00 UNITED STATES TREASURY
4.375 12/31/2029 98.988 4.61%(1,979,765.63)(3,625.69)(1,983,391.32)0.00
Purchase 01/16/2025 91282CMD0 2,400,000.00 UNITED STATES TREASURY
4.375 12/31/2029 99.559 4.47%(2,389,406.25)(4,640.88)(2,394,047.13)0.00
Purchase 02/07/2025 63743HFX5 333,000.00
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 4.95 02/07/2030
100.232 4.90%(333,772.56)0.00 (333,772.56)0.00
Purchase 02/07/2025 63743HFX5 667,000.00
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE
CORP 4.95 02/07/2030
100.315 4.88%(669,101.05)0.00 (669,101.05)0.00
Purchase 02/10/2025 91282CMG3 4,000,000.00 UNITED STATES TREASURY
4.25 01/31/2030 99.598 4.34%(3,983,906.25)(4,696.13)(3,988,602.38)0.00
Purchase 03/17/2025 571748CA8 1,400,000.00
MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
99.810 4.69%(1,397,340.00)(361.67)(1,397,701.67)0.00
Purchase 03/18/2025 91282CGQ8 850,000.00 UNITED STATES TREASURY
4.0 02/28/2030 99.762 4.05%(847,974.61)(1,663.04)(849,637.65)0.00
Purchase 03/20/2025 459058LR2 1,700,000.00
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 4.125
03/20/2030
99.660 4.20%(1,694,220.00)0.00 (1,694,220.00)0.00
Purchase 03/25/2025 3137FLN91 2,500,000.00 FHMS K-091 A2 3.505
03/25/2029 97.270 4.25%(2,431,738.28)(5,841.67)(2,437,579.95)0.00
Total Purchase 18,725,000.00 (18,598,703.33)(20,829.08)(18,619,532.41)0.00
TOTAL
ACQUISITIONS 18,725,000.00 (18,598,703.33)(20,829.08)(18,619,532.41)0.00
DISPOSITIONS
Maturity 03/17/2025 02589BAA8 (1,545,000.00)AMXCA 2022-1 A 2.21
03/17/2025 100.000 2.69%0.00 0.00 0.00 0.00
46
TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Total Maturity (1,545,000.00)0.00 0.00 0.00 0.00
Sale 01/08/2025 89115A2W1 (340,000.00)TORONTO-DOMINION BANK
4.98 04/05/2027 100.354 4.98%341,203.60 4,374.10 345,577.70 1,203.60
Sale 01/08/2025 857477CL5 (1,760,000.00)STATE STREET CORP 4.993
03/18/2027 100.781 4.99%1,773,745.60 26,851.24 1,800,596.84 13,745.60
Sale 01/15/2025 3135G04Z3 (2,500,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.5 06/17/2025
98.412 0.50%2,460,300.00 972.22 2,461,272.22 (39,652.89)
Sale 01/15/2025 3137EAEU9 (1,250,000.00)
FEDERAL HOME LOAN
MORTGAGE CORP 0.375
07/21/2025
97.996 0.48%1,224,950.00 2,265.63 1,227,215.63 (24,411.80)
Sale 01/15/2025 912828ZL7 (750,000.00)UNITED STATES TREASURY
0.375 04/30/2025 98.875 2.22%741,562.50 590.47 742,152.97 (4,575.35)
Sale 02/10/2025 45950KCT5 (2,500,000.00)INTERNATIONAL FINANCE
CORP 0.375 07/16/2025 98.250 0.66%2,456,250.00 625.00 2,456,875.00 (40,761.55)
Sale 02/10/2025 91282CAB7 (1,500,000.00)UNITED STATES TREASURY
0.25 07/31/2025 98.121 0.72%1,471,816.41 103.59 1,471,920.00 (24,950.27)
Sale 02/12/2025 91282CAM3 (50,000.00)UNITED STATES TREASURY
0.25 09/30/2025 97.469 0.56%48,734.38 46.36 48,780.74 (1,168.52)
Sale 02/13/2025 91282CAM3 (50,000.00)UNITED STATES TREASURY
0.25 09/30/2025 97.500 0.56%48,750.00 46.70 48,796.70 (1,153.32)
Sale 03/12/2025 40139LBC6 (1,400,000.00)GUARDIAN LIFE GLOBAL
FUNDING 0.875 12/10/2025 97.339 1.12%1,362,746.00 3,130.56 1,365,876.56 (34,726.47)
Sale 03/18/2025 3135G05X7 (2,500,000.00)
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
98.293 0.47%2,457,325.00 598.96 2,457,923.96 (41,590.56)
Total Sale (14,600,000.00)14,387,383.49 39,604.83 14,426,988.32 (198,041.54)
TOTAL
DISPOSITIONS (16,145,000.00)14,387,383.49 39,604.83 14,426,988.32 (198,041.54)
47
TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|01/01/2025 Through 03/31/2025|
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 03/31/2025 90LAIF$00 773,873.18 Local Agency Investment
Fund State Pool 1.000 4.31%(773,873.18)0.00 (773,873.18)0.00
Total Purchase 773,873.18 (773,873.18)0.00 (773,873.18)0.00
TOTAL
ACQUISITIONS 773,873.18 (773,873.18)0.00 (773,873.18)0.00
48
IMPORTANT DISCLOSURES
City of Cupertino | As of March 31, 2025
2025 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.
49
BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of March 31, 2025
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.
50
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
MARCH 1, 2025 THROUGH MARCH 31, 2025
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DAVID MURRAY
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
09125 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 MARCH 1, 2025 THROUGH MARCH 31, 2025 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 MARCH 31, 2025 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 646,656.20 646,656.20 0.38 0.00 24,039 3.72 5,275.20
BONDS AND NOTES 170,925,425.49 170,710,008.69 99.62 215,416.80- 5,859,903 3.43 1,079,057.03
=====================================================================================================================================
TOTAL INVESTMENTS 171,572,081.69 171,356,664.89 100.00 215,416.80- 5,883,942 3.43 1,084,332.23
TOTAL ACCRUALS 1,084,332.23 1,084,332.23
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 172,656,413.92 172,440,997.12 215,416.80- 5,883,942 3.43 1,084,332.23
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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______________________________________________________________________________________________________________________________________
594,748.28 ALLSPRING 100% TREASURY 594,748.28 594,748.28 0.35 0.00 5,176.02
MONEY MARKET FUND - #008 1.0000 1.0000
51,907.92 PRINCIPAL PUBLIC DEPOSIT SWEEP 51,907.92 51,907.92 0.03 0.00 99.18
PROGRAM 1.0000 1.0000
======================================================================================================================================
TOTAL CASH EQUIVALENTS 646,656.20 646,656.20 0.38 0.00 5,275.20
BOND & NOTES______________________________________________________________________________________________________________________________________
1,875,000 AMAZON.COM INC 1,866,900.00 1,812,337.50 1.06 54,562.50- 7,239.58
DTD 05/12/21 1.000 05/12/2026 99.5680 96.6580
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,372,841.25 0.80 1,854.60- 2,071.67
ASSET BCKD SEC SER 2022-2 CL A 99.9779 99.8430
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,725,902.50 1.01 32,200.00- 5,561.11
MEDIUM TERM NOTE 100.4630 98.6230
DTD 09/05/2024 4.400% 09/05/2029
NON CALLABLE
MOODY'S RATING A3
CUSIP 02665WFQ9
1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,481,790.00 0.86 16,920.00- 12,101.17
DTD 07/23/18 07/23/2029 99.9140 98.7860
MOODY'S RATING A1
CUSIP 06051GHM4
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 858,840.00 0.50 41.17 1,881.33
ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 101.0400
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 795,275.65 0.46 10,319.69 1,720.02
ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.3090
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 1,561,478.90 0.91 53,214.25- 1,650.89
DTD 03/15/2022 2.300% 03/15/2027 99.9810 96.6860
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
106,321.97 BMW VEHICLE OWNER TRUST 106,316.44 105,981.74 0.06 334.70-56.88
ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.6800
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,604.10 0.41 8,709.67 600.02
ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.2380
DTD 06/11/2024 5.180% 02/26/2029
CALLABLE
MOODY'S RATING AAA
CUSIP 096919AD7
1,740,000 CALIFORNIA STATE 1,749,169.80 1,756,721.40 1.03 7,551.60 13,050.00
GENERAL OBLIGATION 100.5270 100.9610
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 1,015,880.00 0.59 16,950.00 19,027.78
MEDIUM TERM NOTE 99.8930 101.5880
DTD 05/14/2024 5.000% 05/14/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,212,288.00 0.71 14,196.00 21,306.67
DTD 11/15/2024 4.700% 11/15/2029 99.8410 101.0240
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAU4
960,000 CHARLES SCHWAB CORP 959,729.90 926,208.00 0.54 33,521.90- 1,829.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 96.4800
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,699,599.20 0.99 9,856.59 3,455.11
ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.5680
DTD 01/31/2024 4.600% 01/16/2029
NON CALLABLE
CUSIP 161571HV9
1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,764,752.50 1.03 993.84- 10,397.92
DTD 07/31/2024 4.650% 08/15/2029 100.8998 100.8430
CALLABLE
MOODY'S RATING A2
CUSIP 171239AL0
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,453,500.00 1.43 35,862.80-208.33
DTD 09/25/20 0.375 09/23/2025 99.5745 98.1400
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,255,696.96 0.73 27,518.52 3,824.29
SER K089 CL A2 *24 DAY DELAY*95.3555 97.4920
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
2,000,000 FED HOME LN MTG CORP 1,929,531.25 1,904,860.00 1.11 24,671.25- 4,970.00
SER K093 CL A2 *24 DAY DELAY*96.4766 95.2430
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,443,275.00 1.43 49,425.00- 5,000.00
DTD 11/12/20 0.500 11/07/2025 99.7080 97.7310
MOODY'S RATING AAA
CUSIP 3135G06G3
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,845,864.00 1.66 56,252.00 48,922.22
DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.6380
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133EPC60
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,438,088.00 1.42 25,536.00 45,916.67
DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.5870
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,905,281.25 1.11 35,231.25 42,552.08
DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.6150
NON CALLABLE
MOODY'S RATING AAA
CUSIP 3130B0TY5
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,860,520.00 1.09 58,801.25 3,766.67
CMO SER K748 CL A2 90.0860 93.0260
DTD 03/01/2022 2.260% 01/25/2029
NON CALLABLE
CUSIP 3137H5YC5
964,487.02 FHLMC MULTIFAMILY STRUCTURED P 1,041,344.58 959,124.47 0.56 82,220.11- 2,419.25
SER K049 CL A2 *24 DAY DELAY*107.9688 99.4440
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
897,730.1 FHLMC MULTIFAMILY STRUCTURED P 962,114.18 892,990.09 0.52 69,124.09- 2,494.19
SER K050 CL A2 *24 DAY DELAY*107.1719 99.4720
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 635,375.00 0.37 52,076.17- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 97.7500
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 978,450.00 0.57 27,785.94 2,703.33
SER K068 CL A2 *24 DAY DELAY*95.0664 97.8450
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,965,580.00 1.15 52,220.62 6,285.00
SER K087 CL A2 *24 DAY DELAY*95.6680 98.2790
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,497,674.00 1.46 31,843.92 7,841.25
SER K088 CL A2 *24 DAY DELAY*96.6992 97.9480
DTD 03/01/19 3.690 01/25/2029
MOODY'S RATING AAA
CUSIP 3137FKZZ2
2,500,000 FHLMC MULTIFAMILY STRUCTURED P 2,431,738.28 2,430,650.00 1.42 1,088.28- 7,302.08
SER K091 CL A2 *24 DAY DELAY*97.2695 97.2260
DTD 04/01/19 3.505 03/25/2029
CUSIP 3137FLN91
2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,075,260.00 1.21 35,877.18 5,105.83
SER K095 CL A2 *24 DAY DELAY*92.6992 94.3300
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,483,248.00 0.87 5,127.00- 3,233.33
SER K098 CL A2 *24 DAY DELAY*93.0235 92.7030
DTD 10/01/19 2.425 08/25/2029
CUSIP 3137FPHK4
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
36,092.01 GM FINANCIAL SECURITIZED TERM 36,091.08 35,902.53 0.02 188.55-10.23
SER 2021-4 CL A3 *0 DAY DELAY*99.9974 99.4750
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
128,176.11 GM FINANCIAL SECURITIZED TERM 128,149.32 127,517.28 0.07 632.04-165.56
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.4860
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 1,317,453.90 0.77 9,531.24 2,647.29
ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.5690
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
43,332.97 GM FINANCIAL SECURITIZED TERM 43,329.20 43,105.04 0.03 224.16-22.75
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 99.4740
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,186,382.75 0.69 18,617.25-699.40
MEDIUM TERM NOTE 100.0000 98.4550
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 1,568,325.41 0.92 24,878.48- 14,445.00
DTD 06/17/19 2.950 06/15/2029 95.8030 94.3070
MOODY'S RATING A2
CUSIP 437076BY7
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,000,000 HOME DEPOT INC 992,260.00 1,012,260.00 0.59 20,000.00 12,666.67
DTD 06/25/2024 4.750% 06/25/2029 99.2260 101.2260
CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 541,810.55 0.32 6,875.55 1,018.13
ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.2730
DTD 05/21/2024 5.270% 11/20/2028
CALLABLE
CUSIP 437930AC4
805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 814,700.25 0.48 7,707.58 1,267.88
ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.2050
DTD 11/08/2023 5.670% 06/21/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 438123AC5
135,903.25 HONDA AUTO RECEIVABLES OWNER T 135,882.81 135,172.09 0.08 710.72-113.55
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 99.4620
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
23,540.69 HONDA AUTO RECEIVABLES OWNER T 23,535.72 23,460.65 0.01 75.07-5.75
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 99.6600
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 615,404.60 0.36 5,421.56 1,466.71
ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.8860
DTD 05/22/2024 5.410% 05/17/2027
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
193,327.06 HYUNDAI AUTO RECEIVABLES TRUST 193,319.62 192,480.29 0.11 839.33-190.75
ASSET BCKD SEC SER 2022-A CL A3 99.9962 99.5620
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,379,312.00 1.39 69,421.20- 9,626.46
DTD 04/20/21 0.875 04/20/2026 99.5420 96.7200
MOODY'S RATING AAA
CUSIP 4581X0DV7
1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,737,015.00 1.01 15,505.00 31,080.73
DTD 10/16/2024 3.875% 10/16/2029 98.3720 99.2580
NON CALLABLE
MOODY'S RATING AAA
CUSIP 459058LN1
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,348,760.00 1.37 40,099.25- 5,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 97.8650
MOODY'S RATING AAA
CUSIP 459058JL8
1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,703,485.00 0.99 9,265.00 2,142.71
DTD 03/20/2025 4.125% 03/20/2030 99.6600 100.2050
NON CALLABLE
MOODY'S RATING AAA
CUSIP 459058LR2
1,430,000 JOHN DEERE CAPITAL CORPORATION 1,429,571.00 1,447,732.00 0.84 18,161.00 15,146.08
DTD 01/09/2025 4.650% 01/07/2028 99.9700 101.2400
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXZ7
86,486 JOHN DEERE OWNER TRUST 86,466.87 86,034.54 0.05 432.33-89.18
ASSET BCKD SEC SER 2022-A CL A3 99.9779 99.4780
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
12,563.4 JOHN DEERE OWNER TRUST 12,562.28 12,540.79 0.01 21.49-2.72
SER 2021-B CL A3 *0 DAY DELAY*99.9911 99.8200
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
294,110.74 JOHN DEERE OWNER TRUST 294,082.66 292,978.41 0.17 1,104.25-488.88
ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.6150
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
631,640.24 JOHN DEERE OWNER TRUST 631,591.23 633,560.43 0.37 1,969.20 1,428.91
ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.3040
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
500,000 JOHN DEERE OWNER TRUST 499,765.63 505,000.00 0.29 5,234.37 1,102.22
ASSET BCKD SEC SER 2024-A CL A3 99.9531 101.0000
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 1,480,005.00 0.86 16,605.00- 11,908.50
DTD 07/23/18 07/23/2029 99.7740 98.6670
MOODY'S RATING A1
CUSIP 46647PAV8
1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,402,534.00 0.82 5,194.00 2,893.33
DTD 11/08/2024 4.650% 03/15/2030 99.8100 100.1810
CALLABLE
MOODY'S RATING A3
CUSIP 571748CA8
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,000,000 MASSMUTUAL GLBL FDG 1,002,630.00 1,015,310.00 0.59 12,680.00 24,366.67
MEDIUM TERM NOTE 100.2630 101.5310
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 1,002,230.00 960,930.00 0.56 41,300.00- 2,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 96.0930
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 962,643.15 0.56 18,559.80 2,815.31
DTD 03/09/2023 4.875% 03/09/2028 99.9030 101.8670
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,117,820.00 0.65 5,469.06- 2,908.89
ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.6200
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,066,597.85 0.62 47,131.05- 4,645.83
144A PRIV PLCMT 1.875 01/11/2027 99.8860 95.6590
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 736,766.80 0.43 32,524.80-454.51
144A PRIV PLCMT 1.250 09/14/2026 99.9080 95.6840
MOODY'S RATING AA3
CUSIP 58989V2D5
912,000 META PLATFORMS INC 910,584.09 911,808.48 0.53 1,224.39 5,010.93
DTD 08/09/2024 4.300% 08/15/2029 99.8448 99.9790
CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,966,945.50 1.15 16,945.50 20,720.70
DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 100.8690
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
1,000,000 NATIONAL RURAL UTILS COOP 1,002,873.61 1,013,140.00 0.59 10,266.39 7,425.00
MEDIUM TERM NOTE 100.2874 101.3140
DTD 02/07/2025 4.950% 02/07/2030
CALLABLE
MOODY'S RATING A2
CUSIP 63743HFX5
1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,020,740.00 0.60 25,860.00 15,972.22
MEDIUM TERM NOTE 99.4880 102.0740
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 1,370,282.55 0.80 6,060.60 20,232.33
DTD 12/05/2024 4.600% 12/05/2029 99.9430 100.3870
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 64952WFK4
670,000 NORTHERN TRUST CORP 668,914.60 666,958.20 0.39 1,956.40- 10,496.67
DTD 05/10/2022 4.000% 05/10/2027 99.8380 99.5460
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLOBAL 827,449.50 826,642.00 0.48 807.50- 1,454.44
MEDIUM TERM NOTE 97.3470 97.2520
DTD 01/14/2021 0.800% 01/14/2026
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2A6
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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 PEPSICO INC 1,497,675.00 1,514,070.00 0.88 16,395.00 13,875.00
DTD 07/17/2024 4.500% 07/17/2029 99.8450 100.9380
CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,500,000 PROGRESSIVE CORP 1,455,495.00 1,478,520.00 0.86 23,025.00 5,000.00
DTD 10/23/18 4.000 03/01/2029 97.0330 98.5680
MOODY'S RATING A2
CUSIP 743315AV5
1,500,000 PROLOGIS LP 1,481,235.00 1,493,925.00 0.87 12,690.00 10,937.50
DTD 02/01/20 4.375 02/01/2029 98.7490 99.5950
MOODY'S RATING A2
CUSIP 74340XBL4
1,463,000 REALTY INCOME CORP 1,419,212.41 1,423,923.27 0.83 4,710.86 12,354.22
DTD 01/15/2024 4.000% 07/15/2029 97.0070 97.3290
CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,026,280.00 1.18 6,360.00 16,500.00
MEDIUM TERM NOTE 100.9960 101.3140
CONVERTIBLE
DTD 01/19/2024 4.950% 02/01/2029
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016HZV5
1,000,000 TORONTO DOMINION BANK 1,000,000.00 1,010,540.00 0.59 10,540.00 24,346.67
MEDIUM TERM NOTE 100.0000 101.0540
CONVERTIBLE
DTD 04/05/2024 4.980% 04/05/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 89115A2W1
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,308,294.00 0.76 13,575.25 2,981.33
ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.6380
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
24,667.41 TOYOTA AUTO RECEIVABLES OWNER 24,666.88 24,596.12 0.01 70.76-7.78
SER 2021-D CL A3 *0 DAY DELAY*99.9979 99.7110
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,333,561.10 0.78 50,829.50- 4,457.97
MED TERM NOTE 99.9560 96.2860
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,466,747.25 0.86 24,839.55 16,292.38
MEDIUM TERM NOTE 99.7860 101.5050
DTD 01/09/2025 4.950% 01/09/2030
NON CALLABLE
MOODY'S RATING A1
CUSIP 89236TNA9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,206,320.00 1.87 53,992.50- 26,552.14
DTD 06/30/2022 3.250% 06/30/2027 100.3173 98.6560
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 389,860.00 0.23 3,358.75- 1,823.20
DTD 07/31/2022 2.750% 07/31/2027 98.3047 97.4650
MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,420,215.00 2.58 48,687.34- 12,228.26
DTD 08/31/2022 3.125% 08/31/2027 99.3090 98.2270
MOODY'S RATING AAA
CUSIP 91282CFH9
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,470,079.00 2.03 48,926.66 388.83
DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.5820
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 849,634.50 0.50 3,021.75- 11,039.49
DTD 11/30/2022 3.875% 11/30/2027 100.3125 99.9570
MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,749,367.50 1.60 25,739.92- 26,787.81
DTD 12/31/2022 3.875% 12/31/2027 100.9130 99.9770
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,968,590.00 1.73 10,660.31 17,403.32
DTD 01/31/2023 3.500% 01/31/2028 98.5977 98.9530
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,710,841.00 2.17 11,727.72 12,869.57
DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.2930
MOODY'S RATING AAA
CUSIP 91282CGP0
850,000 UNITED STATES TREASURY NOTES 847,974.61 851,929.50 0.50 3,954.89 2,956.52
DTD 02/28/2023 4.000% 02/28/2030 99.7617 100.2270
MOODY'S RATING AAA
CUSIP 91282CGQ8
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,517,575.00 1.47 7,522.66- 32,151.44
DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.7030
MOODY'S RATING AAA
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,316,813.00 1.35 66,945.81 259.22
DTD 03/31/2024 4.125% 03/31/2029 97.8203 100.7310
MOODY'S RATING AAA
CUSIP 91282CKG5
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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 2,326,496.00 1.36 43,386.62 47,769.23
DTD 04/15/2024 4.500% 04/15/2027 99.2656 101.1520
MOODY'S RATING AAA
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,238,016.00 1.89 51,516.00 54,497.24
DTD 05/15/2024 4.500% 05/15/2027 99.5781 101.1880
MOODY'S RATING AAA
CUSIP 91282CKR1
2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,024,380.00 1.18 38,833.12 21,367.40
DTD 06/30/2024 4.250% 06/30/2029 99.2774 101.2190
MOODY'S RATING AAA
CUSIP 91282CKX8
3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,456,110.00 2.02 71,370.47- 11,032.61
DTD 08/31/2024 3.625% 08/31/2029 100.7852 98.7460
MOODY'S RATING AAA
CUSIP 91282CLK5
5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,909,200.00 2.86 15,839.06-478.14
DTD 09/30/2024 3.500% 09/30/2029 98.5008 98.1840
MOODY'S RATING AAA
CUSIP 91282CLN9
3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,022,020.00 1.76 28,230.94 51,961.33
DTD 10/31/2024 4.125% 10/31/2029 99.7930 100.7340
MOODY'S RATING AAA
CUSIP 91282CLR0
4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,479,904.00 2.61 110,732.12 48,390.88
DTD 12/31/2024 4.375% 12/31/2029 99.2994 101.8160
MOODY'S RATING AAA
CUSIP 91282CMD0
4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,051,240.00 2.36 67,333.75 28,176.80
DTD 01/31/2025 4.250% 01/31/2030 99.5977 101.2810
MOODY'S RATING AAA
CUSIP 91282CMG3
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 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 UNITEDHEALTH GROUP INC 1,906,080.00 1,877,800.00 1.10 28,280.00- 7,347.22
DTD 07/25/19 2.875 08/15/2029 95.3040 93.8900
MOODY'S RATING A2
CUSIP 91324PDS8
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 999,437.40 0.58 25,613.95- 4,496.50
DTD 05/19/21 1.150 05/15/2026 99.0388 96.5640
MOODY'S RATING A2
CUSIP 91324PEC2
2,300,000 US TREASURY NOTE 2,267,551.43 2,255,449.00 1.32 12,102.43-31.25
DTD 09/30/20 0.250 09/30/2025 98.5892 98.0630
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,395,022.00 1.40 27,470.19- 2,571.82
DTD 10/31/20 0.250 10/31/2025 98.8772 97.7560
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,194,537.50 1.28 15,120.70- 2,843.58
DTD 11/30/20 0.375 11/30/2025 98.2070 97.5350
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,423,950.00 1.41 32,495.31- 1,553.87
DTD 02/01/21 0.375 01/31/2026 98.2578 96.9580
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,413,525.00 1.41 80,127.34- 7,872.93
DTD 04/30/21 0.750 04/30/2026 99.7461 96.5410
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,337,826.00 0.78 41,228.68-33.47
DTD 09/30/21 0.875 09/30/2026 98.5039 95.5590
MOODY'S RATING AAA
CUSIP 91282CCZ2
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,400,000 US TREASURY NOTE 1,391,468.75 1,339,786.00 0.78 51,682.75- 6,613.26
DTD 11/01/21 1.125 10/31/2026 99.3906 95.6990
CUSIP 91282CDG3
350,000 WALMART INC 349,338.50 335,174.00 0.20 14,164.50-142.92
DTD 09/17/21 1.050 09/17/2026 99.8110 95.7640
MOODY'S RATING AA2
CUSIP 931142ER0
======================================================================================================================================
TOTAL BOND & NOTES 170,925,425.49 170,710,008.69 99.62 215,416.80- 1,079,057.03
======================================================================================================================================
TOTAL INVESTMENTS 171,572,081.69 171,356,664.89 100.00 215,416.80- 1,084,332.23
TOTAL ACCRUALS 1,084,332.23 1,084,332.23
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 172,656,413.92 172,440,997.12
PAGE 19
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 470,797.54
TRANSFER RECEIPTS 470,797.54 0.00
SALES 5,681,226.95 0.00
CASH MANAGEMENT SALES 4,053,942.30 0.00
TOTAL CASH RECEIPTS 10,205,966.79 470,797.54
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 20,349.17-0.00
TRANSFER DISBURSEMENTS 0.00 470,797.54-
PURCHASES 6,371,272.89-0.00
CASH MANAGEMENT PURCHASES 3,814,344.73-0.00
TOTAL CASH DISBURSEMENTS 10,205,966.79-470,797.54-
========================================================================================================================================
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________
PAGE 20
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 171,155,574.56
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
03/03/25 INTEREST RECEIVED 1,315.78
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 2/1/25 TO 2/28/25
03/03/25 INTEREST RECEIVED 89.41
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 2/1/25 TO 2/28/25
03/31/25 3,814,255.32 CASH SWEEP PURCHASES FOR STMT PERIOD 3,814,255.32- 3,814,255.32
AS 100% TREAS MM FD-SVC CL #008
12 TRANSACTIONS
03/31/25 89.41 CASH SWEEP PURCHASES FOR STMT PERIOD 89.41-89.41
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
03/31/25 4,053,942.3- CASH SWEEP SALES FOR STMT PERIOD 4,053,942.30 4,053,942.30-
AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS
BONDS & NOTES
03/17/25 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 3/15/25
03/17/25 1,545,000- PAID DOWN 1,545,000.00 1,524,359.77-20,640.23
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/17/25 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 3/15/25
03/05/25 INTEREST RECEIVED 38,500.00
AMERICAN HONDA MTN 4.400% 9/05/29
CUSIP 02665WFQ9
INTEREST ON 1,750,000.000 UNITS
03/17/25 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 3/15/25
03/17/25 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
03/17/25 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 3/15/25
03/25/25 INTEREST RECEIVED 340.42
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00064/PV ON 127,258.55 PV
DUE 3/25/25
03/25/25 20,936.58- PAID DOWN 20,936.58 20,935.49-1.09
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/25 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 3/25/25
03/03/25 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
03/17/25 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 3/15/25
03/24/25 INTEREST RECEIVED 4,687.50
FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
INTEREST ON 2,500,000.000 UNITS
03/25/25 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 3/25/25
03/25/25 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 3/25/25
03/18/25 2,500,000- SOLD 2,457,325.00 2,487,983.75-30,658.75-
FED NATL MTG ASSN 0.375% 8/25/25
CUSIP 3135G05X7
AT $98.2930 ON TRADE DATE 03/17/2025
TO SETTLE ON 03/18/2025
CITIGROUP GBL MKTS/SALOMON BRO
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/18/25 ACCRUED INTEREST ON SALE 598.96
FED NATL MTG ASSN 0.375% 8/25/25
CUSIP 3135G05X7
03/25/25 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 3/25/25
03/25/25 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 3/25/25
03/25/25 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 3/25/25
03/25/25 INTEREST RECEIVED 2,457.15
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00246/PV ON 979,595.16 PV
DUE 3/25/25
03/25/25 15,108.14- PAID DOWN 15,108.14 16,312.07-1,203.93-
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
03/25/25 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 3/25/25
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/25 2,500,000 PURCHASED 2,431,738.28- 2,431,738.28
FHLMC MULTIFAMILY ST 3.505% 3/25/29
CUSIP 3137FLN91
AT $97.2695 ON TRADE DATE 03/20/2025
TO SETTLE ON 03/25/2025
PIERPONT SECURITIES LLC
03/25/25 ACCRUED INTEREST ON PURCHASE 5,841.67-
FHLMC MULTIFAMILY ST 3.505% 3/25/29
CUSIP 3137FLN91
03/25/25 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 3/25/25
03/25/25 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 3/25/25
03/25/25 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 3/25/25
03/17/25 INTEREST RECEIVED 373.94
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00096/PV ON 144,752.29 PV
DUE 3/16/25
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/17/25 16,576.18- PAID DOWN 16,576.18 16,572.72-3.46
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
TO SETTLE ON 03/17/2025
03/17/25 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 3/16/25
03/17/25 INTEREST RECEIVED 27.38
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00008/PV ON 48,316.09 PV
DUE 3/16/25
03/17/25 12,224.08- PAID DOWN 12,224.08 12,223.77-0.31
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
TO SETTLE ON 03/17/2025
03/17/25 INTEREST RECEIVED 57.73
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00020/PV ON 54,983.74 PV
DUE 3/16/25
03/17/25 11,650.77- PAID DOWN 11,650.77 11,649.76-1.01
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
TO SETTLE ON 03/17/2025
03/26/25 INTEREST RECEIVED 25,178.48
GUARDIAN LIFE MTN 4.179% 9/26/29
CUSIP 40139LBJ1
INTEREST ON 1,205,000.000 UNITS
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/18/25 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 3/18/25
03/21/25 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 3/21/25
03/21/25 INTEREST RECEIVED 28.62
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00006/PV ON 39,020.60 PV
DUE 3/21/25
03/21/25 15,479.91- PAID DOWN 15,479.91 15,476.65-3.26
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
03/17/25 INTEREST RECEIVED 261.53
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00035/PV ON 166,934.79 PV
DUE 3/15/25
03/17/25 31,031.54- PAID DOWN 31,031.54 31,026.87-4.67
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
TO SETTLE ON 03/17/2025
03/17/25 INTEREST RECEIVED 2,750.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00451/PV ON 610,000.00 PV
DUE 3/15/25
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/17/25 INTEREST RECEIVED 435.30
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00043/PV ON 235,297.02 PV
DUE 3/15/25
03/17/25 41,969.96- PAID DOWN 41,969.96 41,968.35-1.61
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
TO SETTLE ON 03/17/2025
03/14/25 0.01- SHARE ADJUSTMENT
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
03/17/25 INTEREST RECEIVED 17.12
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00001/PV ON 27,759.77 PV
DUE 3/17/25
03/17/25 27,759.77- PAID DOWN 27,759.77 27,057.89-701.88
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $22,521.7513 ON TRADE DATE 03/17/2025
03/20/25 1,700,000 PURCHASED 1,694,220.00- 1,694,220.00
INTL BK RECON & DEV 4.125% 3/20/30
CUSIP 459058LR2
AT $99.6600 ON TRADE DATE 03/14/2025
TO SETTLE ON 03/20/2025
WACHOVIA CAPITAL MARKETS, LLC.
03/17/25 INTEREST RECEIVED 2,879.83
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00274/PV ON 678,937.77 PV
DUE 3/15/25
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/17/25 47,297.53- PAID DOWN 47,297.53 47,293.86-3.67
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
TO SETTLE ON 03/17/2025
03/17/25 INTEREST RECEIVED 186.68
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00041/PV ON 96,559.84 PV
DUE 3/15/25
03/17/25 10,073.84- PAID DOWN 10,073.84 10,071.61-2.23
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
TO SETTLE ON 03/17/2025
03/17/25 INTEREST RECEIVED 1,007.24
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00154/PV ON 323,179.17 PV
DUE 3/15/25
03/17/25 29,068.43- PAID DOWN 29,068.43 29,065.65-2.78
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
TO SETTLE ON 03/17/2025
03/17/25 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 3/15/25
03/17/25 INTEREST RECEIVED 12.86
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00002/PV ON 29,680.55 PV
DUE 3/15/25
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/17/25 17,117.15- PAID DOWN 17,117.15 17,115.62-1.53
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
TO SETTLE ON 03/17/2025
03/17/25 1,400,000 PURCHASED 1,397,340.00- 1,397,340.00
MARSH & MCLENNAN COS 4.650% 3/15/30
CUSIP 571748CA8
AT $99.8100 ON TRADE DATE 03/11/2025
TO SETTLE ON 03/17/2025
WACHOVIA CAPITAL MARKETS, LLC.
03/17/25 ACCRUED INTEREST ON PURCHASE 361.67-
MARSH & MCLENNAN COS 4.650% 3/15/30
CUSIP 571748CA8
03/10/25 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
03/17/25 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 3/15/25
03/12/25 1,400,000- SOLD 1,362,746.00 1,385,860.00-23,114.00-
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
AT $97.3390 ON TRADE DATE 03/11/2025
TO SETTLE ON 03/12/2025
MERRILL LYNCH,PIERCE,FENNER
03/12/25 ACCRUED INTEREST ON SALE 3,130.56
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/14/25 INTEREST RECEIVED 4,812.50
P/P MET TOWER GLOBAL 1.250% 9/14/26
CUSIP 58989V2D5
INTEREST ON 770,000.000 UNITS
03/03/25 INTEREST RECEIVED 30,000.00
PROGRESSIVE CORP 4.000% 3/01/29
CUSIP 743315AV5
INTEREST ON 1,500,000.000 UNITS
03/17/25 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 3/15/25
03/17/25 INTEREST RECEIVED 23.60
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00005/PV ON 39,891.72 PV
DUE 3/15/25
03/17/25 15,224.31- PAID DOWN 15,224.31 15,223.99-0.32
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
TO SETTLE ON 03/17/2025
03/31/25 INTEREST RECEIVED 87,500.00
U.S. TREASURY NOTES 3.500% 9/30/29
CUSIP 91282CLN9
INTEREST ON 5,000,000.000 UNITS
03/18/25 850,000 PURCHASED 847,974.61-847,974.61
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
AT $99.7617 ON TRADE DATE 03/17/2025
TO SETTLE ON 03/18/2025
MORGAN STANLEY & CO.
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/18/25 ACCRUED INTEREST ON PURCHASE 1,663.04-
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
03/31/25 INTEREST RECEIVED 47,437.50
U.S. TREASURY NOTES 4.125% 3/31/29
CUSIP 91282CKG5
INTEREST ON 2,300,000.000 UNITS
03/31/25 INTEREST RECEIVED 71,156.25
U.S. TREASURY NOTES 4.125% 9/30/27
CUSIP 91282CFM8
INTEREST ON 3,450,000.000 UNITS
03/31/25 INTEREST RECEIVED 2,875.00
US TREASURY NOTE 0.250% 9/30/25
CUSIP 91282CAM3
INTEREST ON 2,300,000.000 UNITS
03/31/25 INTEREST RECEIVED 6,125.00
US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
INTEREST ON 1,400,000.000 UNITS
03/25/25 INTEREST RECEIVED 2,507.08
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00264/PV ON 902,367.86 PV
DUE 3/25/25
03/25/25 4,637.76- PAID DOWN 4,637.76 4,970.37-332.61-
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
03/17/25 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
TRANSFER RECEIPTS
03/03/25 ADDITION TO ACCOUNT 43,165.19
TRANSFER FROM INCOME
03/06/25 ADDITION TO ACCOUNT 38,500.00
TRANSFER FROM INCOME
03/10/25 ADDITION TO ACCOUNT 23,034.38
TRANSFER FROM INCOME
03/12/25 ADDITION TO ACCOUNT 3,130.56
TRANSFER FROM INCOME
03/14/25 ADDITION TO ACCOUNT 4,812.50
TRANSFER FROM INCOME
03/17/25 ADDITION TO ACCOUNT 59,952.22
TRANSFER FROM INCOME
03/18/25 ADDITION TO ACCOUNT 7,780.91
TRANSFER FROM INCOME
03/21/25 ADDITION TO ACCOUNT 3,832.25
TRANSFER FROM INCOME
03/24/25 ADDITION TO ACCOUNT 4,687.50
TRANSFER FROM INCOME
03/25/25 ADDITION TO ACCOUNT 41,629.80
TRANSFER FROM INCOME
03/26/25 ADDITION TO ACCOUNT 25,178.48
TRANSFER FROM INCOME
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/31/25 ADDITION TO ACCOUNT 215,093.75
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
03/05/25 INVESTMENT MGMT FEE 10,142.28-
PAID TO CHANDLER ASSET MANAGEMENT INC
CHANDLER ASSET MGMT FEE INVOICE #
2501CUPERTIN
03/07/25 INVESTMENT MGMT FEE 10,206.89-
PAID TO CHANDLER ASSET MANAGEMENT INC
INVOICE # 2502CUPERTIN FOR PERIOD
2/1/25 - 2/28/25
CHANDLER ASSET MGMT FEE
TRANSFER DISBURSEMENTS
03/03/25 TRANSFER TO PRINCIPAL 43,165.19-
03/06/25 TRANSFER TO PRINCIPAL 38,500.00-
03/10/25 TRANSFER TO PRINCIPAL 23,034.38-
03/12/25 TRANSFER TO PRINCIPAL 3,130.56-
03/14/25 TRANSFER TO PRINCIPAL 4,812.50-
03/17/25 TRANSFER TO PRINCIPAL 59,952.22-
03/18/25 TRANSFER TO PRINCIPAL 7,780.91-
03/21/25 TRANSFER TO PRINCIPAL 3,832.25-
03/24/25 TRANSFER TO PRINCIPAL 4,687.50-
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 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2025 THROUGH MARCH 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
03/25/25 TRANSFER TO PRINCIPAL 41,629.80-
03/26/25 TRANSFER TO PRINCIPAL 25,178.48-
03/31/25 TRANSFER TO PRINCIPAL 215,093.75-
=================================================================================================================
ENDING BALANCE 0.00 171,572,081.69
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 3/1/2025 to 3/31/2025
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 3/1/2025 Contributions Earnings Expenses Distributions Transfers 3/31/2025
OPEB 1001 $40,774,754.31 $0.00 -$1,240,551.98 $10,969.49 $0.00 $0.00 $39,523,232.84
PENSION 1002 $23,202,001.68 $0.00 -$698,943.31 $6,240.73 $0.00 $0.00 $22,496,817.64
Totals $63,976,755.99 $0.00 -$1,939,495.29 $17,210.22 $0.00 $0.00 $62,020,050.48
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 -3.04%-0.44%4.84%4.70%10.36%6.28%6/21/2010
PENSION -3.01%-0.43%4.68%4.65%10.11%-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
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
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
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
April 02, 2025
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
March 2025 Statement
Tran Type Definitions
Account Summary
Total Deposit:0.00 Beginning Balance:67,313,420.97
Total Withdrawal:0.00 Ending Balance:67,313,420.97
4/2/25, 6:27 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1