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AC 01.25.27 Agenda PacketCITY OF CUPERTINO AUDIT COMMITTEE AGENDA 10185 North Stelling Road, Quinlan Conference Room Monday, January 27, 2025 3:30 PM Amended Special Meeting Amended at 4:08 p.m. on January 24, 2025 to change the regular meeting beginning at 4:00 p.m. to a special meeting beginning at 3:30 p.m. and to update Item#1 Attachment A. SPECIAL MEETING ROLL CALL ORDERS OF THE DAY APPROVAL OF MINUTES 1.Subject: Approve Minutes of Special Meeting on November 25, 2024 Recommended Action: Approve Minutes of Special Meeting on November 25, 2024 A - Draft Minutes POSTPONEMENTS ORAL COMMUNICATIONS This portion of the meeting is reserved for persons wishing to address the Committee on any matter within the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3) minutes. In most cases, State law will prohibit the Commission from making any decisions with respect to a matter not on the agenda. Effective January 1, 2023, Government Code Section 65103.5 (SB 1214) limits the distribution of Page 1 1 Audit Committee Agenda January 27, 2025 copyrighted material associated with the review of development projects. Members of the public wishing to view plans that cannot otherwise be distributed under SB 1214 may make an appointment with the Planning Division to view them at City Hall by sending an email to planning@cupertino .org. Plans will also be made available digitally during the hearing to consider the proposal. OLD BUSINESS NEW BUSINESS 2.Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending December 31, 2024 Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending December 31, 2024 Presenter: PARS and US Bank 3:30(15) A-OPEB Pension Section 115 Trust Performance Report for Quarter Ending December 31, 2024 3.Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and Abuse programs update Recommended Action: Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Moss Adams 3:45(10) A-Internal Audit Status Report 01-22-25 4.Subject: INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Recommended Action: Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Presenter: Jonathan Orozco, Finance Manager and Chandler 3:55(15) Staff Report A – Chandler Investment Report December 2024 B – Chandler Custodial Statement December 2024 C – PARS Pension and OPEB Account Statement December 2024 D – LAIF Account Statement December 2024 5.Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 4:10(10) Page 2 2 Audit Committee Agenda January 27, 2025 A-Proposed Audit Committee 2025 Schedule and Work Plan STAFF AND COMMITTEE REPORTS COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS FUTURE AGENDA SETTING ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this meeting who is visually or hearing impaired or has any disability that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for assistance. In addition, upon request in advance by a person with a disability, meeting agendas and writings distributed for the meeting that are public records will be made available in the appropriate alternative format. Any writings or documents provided to a majority of the members after publication of the agenda will be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at 10300 Torre Avenue, Cupertino, California 95014, during normal business hours. IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section 2.08.100 written communications sent to the City Council, Commissioners or staff concerning a matter on the agenda are included as supplemental material to the agendized item. These written communications are accessible to the public through the City website and kept in packet archives. Do not include any personal or private information in written communications to the City that you do not wish to make public, as written communications are considered public records and will be made publicly available on the City website. Page 3 3 CITY OF CUPERTINO Agenda Item 25-13665 Agenda Date: 1/27/2025 Agenda #: 1. Subject: Approve Minutes of Special Meeting on November 25, 2024 Approve Minutes of Special Meeting on November 25, 2024 CITY OF CUPERTINO Printed on 1/24/2025Page 1 of 1 powered by Legistar™4 Page 1 City of Cupertino Audit Committee Special Meeting DRAFT Minutes November 25, 2024 CALL TO ORDER At 4:00 p.m., Chair Schmidt called the special meeting to order in the City of Cupertino Quinlan Conference Room, 10185 North Stelling Road. ROLL CALL Committee Members Present: Chair Eno Schmidt, Mayor Sheila Mohan, Committee member Hanyan Wu City Staff Present: Janet Liang, Jonathan Orozco, Kristina Alfaro, Pamela Wu Absent: Committee member Angela Chen, Councilmember Hung Wei Guests: Mark Hu (The Pun Group), Sophia Kuo (The Pun Group), Chelsea Ritchie (Moss Adams) ORDERS OF THE DAY 1. APPROVE MINUTES OF SPECIAL MEETING ON OCTOBER 31, 2024 Mayor Mohan motioned to approve the updated minutes, Committee member Wu seconded. The motion passes with Committee member Angela Chen and Councilmember Hung Wei absent. POSTPONEMENTS ORAL COMMUNICATIONS Rhoda Fry provided public comment. OLD BUSINESS NEW BUSINESS 2. Receive the FY 2023-24 Annual Comprehensive Financial Report (ACFR) Orozco provided an overview. Kuo provided an overview. Committee member Wu asked what are the implications of getting the ACFR out sooner and if it impacts operations. Orozco noted that the report is timely and November is when staff wants the ACFR to be completed. Mayor Mohan asked that the last time it was delayed was because there was information that was delayed from the County. Alfaro confirmed that our previous auditor wanted to wait until the final report PARS/US Bank to submit their audited financial report before they published theirs. Rhoda Fry provided public comment. 5 Page 2 Chair Schmidt invited a motion to approve and forward this to City Council, Mayor Mohan motioned. Committee member Wu seconded. The motion passed unanimously with Committee member Angela Chen and Councilmember Hung Wei absent. Chair Schmidt invited a motion to move to item #5. Mayor Mohan motion, Committee member Wu seconded. The motion passed unanimously with Committee member Angela Chen and Councilmember Hung Wei absent. 5. Receive the Agreed Upon Procedures (AUP) Review – GANN Limit, Investment Policy, Storm Drain Orozco provided an overview. Chair Schmidt asked about the differences in valuation methods between them and Chandler and from the Pun Group perspective’s, how would they modify the AUP procedures to make the reports more valuable next time. Kuo noted that it happens from time to time as the trustees have different values from other asset companies, and this can be because of the timing of the report as well as the pricing methodology. Kuo suggested that the procedures could be modified to say that they trace from the management documentation to the statements that the management is using to put the Quarterly Investment report together so it avoids the repetitive finding. Chair Schmidt requested that to close the loop in a future meeting of what is being proposed. No public comment. 3. Review and accept the City-Wide Policy Inventory and Gap Analysis Report Alfaro provided an overview. Committee member Wu inquired about the red color and the implications. Ritchie noted that it highlights an area that is at high risk within the City as there are no policies at hand, and encourages the City to start getting the policies drafted and documented. Chair Schmidt asked if there are other City’s that have contracted out Law Enforcement work in which Moss Adam’s have reviewed. Ritchie noted that it depends from City to City and they have done similar policies and GAP analysis for in which they have obtain policies. She added that the Sheriff is very private about that area and that the City should have some citywide processes that complement the County. For example, a statement saying that they are using the County’s policies and procedures. She noted that there is nothing risky to note. No Public Comment. Committee member Wu motioned, Mayor Mohan seconded. The motion passed unanimously with Committee member Angela Chen and Councilmember Hung Wei absent. Mayor Mohan asked if the City is in agreement with Moss Adam’s suggestions. Staff confirmed they are in agreement. 4. Budget Format Review Update Alfaro provided an overview. Mayor Mohan asked about the Budget-at-a-glance and why there was none. Alfaro noted that due to staff turnover and competing priorities, staff will resume it 6 Page 3 next year. City Manager Wu added that the budget message includes most of that information, she added that staff was focusing more of their time on the ACFR to complete it on time. Committee member Wu asked what is the extent that the City is using AI to help with accomplishing the City’s priorities. Alfaro noted that staff has been exploring options with piloting different items with AI. Rhoda Fry provided public comment. 6. Receive the proposed Audit Committee 2025 Schedule and Workplan Orozco provided an overview. Chair Schmidt requested that the contractors focus their presentation on how the City is doing in comparison to the benchmark since most of the report includes the information. Chair Schmidt suggested that any new members could be onboarded separately instead of having the contractors present at Audit Committee. Rhoda Fry provided public comment. STAFF AND COMMITTEE REPORTS COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS FUTURE AGENDA SETTING ADJOURNMENT The meeting adjourned at 6:01 p.m. Recording Secretary: Janet Liang, Management Analyst 7 CITY OF CUPERTINO Agenda Item 25-13666 Agenda Date: 1/27/2025 Agenda #: 2. Subject:INFORMATIONAL ITEM Receive OPEB &Pension Section 115 Trust Performance Report for Quarter Ending December 31, 2024 Receive OPEB &Pension Section 115 Trust Performance Report for Quarter Ending December 31, 2024 Presenter: PARS and US Bank 3:30(15) CITY OF CUPERTINO Printed on 1/24/2025Page 1 of 1 powered by Legistar™8 City of Cupertino PARS 115 Trust – OPEB Prefunding Program & Pension Rate Stabilization Program Plan Client Review January 27, 2025 9 City of Cupertino ▎ 2 Pars 115 Trust Team Trust Administrator & Consultant* 41 Years of Experience (1984-2025) 2,000+ Plans under Administration 1,000+ Public Agency Clients $9.2 B Assets under Administration Investment Manager •A division of U.S. Bancorp Asset Management, Inc. •Fixed income and multi asset portfolios •Active and passive platform options •Customized portfolios (with minimum asset level) 40+ Years of Investment Experience $240 B+ * Assets under Management & Advisement Trustee •5th largest commercial bank and one of the nation’s largest trustees for Section 115 trusts •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 162 Years of Experience (1863-2025) $11.0 T Assets under Administration 500+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams 500 K+ Plan Participants *Please see disclosures at the end of this presentation As of September 30, 2024 * See important information regarding PARS in the Disclaimer page at the end of the presentation. 10 City of Cupertino ▎ 3 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner – saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefund either or both General Fund PARS IRS -Approved Section 115 Trust 11 Client CONFIDENTIAL Client CONFIDENTIAL Investment and insurance products and services including annuities are: NOT A DEPOSIT ●NOT FDIC INSURED ●MAY LOSE VALUE ●NOT BANK GUARANTEED ●NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY PARS/CITY OF CUPERTINO 115P OPEB & PENSION ACCOUNTS December 31, 2024 Review 12 Client CONFIDENTIAL Your Team Dennis S. Mullins, CFA Senior Institutional Client Portfolio Manager PFM Asset Management 513.304.0398 Dennis.Mullins@usbank.com Sub-advised investment services are provided by PFM Asset Management (“PFMAM”). PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. For more information regarding PFMAM’s services please visit www.pfmam.com. Ryan P. Maxey Vice President Relationship Manager U.S. Bank Institutional Trust & Custody 503-464-3789 Ryan.Maxey@usbank.com Mitch Barker Executive Vice President PARS (Public Agency Retirement Services) 949.310.4876 (cell) www.pars.org Jennifer Meza, CEBS Manager, Consulting PARS (Public Agency Retirement Services) 800.540.6369 Ext. 141 (office) 949.375.8239 (cell) www.pars.org City of Cupertino ▎ 513 Client CONFIDENTIAL Table of Contents Page 4 – PORTFOLIO REVIEW PARS/CITY OF CUPERTINO 115P -OPEB (X9600) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance (AGG460596) •Holdings PARS/CITY OF CUPERTINO 115P –PENSION (X9601) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance •Holdings Page 22 – MARKET REVIEW Page 25 – DISCLOSURES, DEFINITIONS, DESCRIPTIONS City of Cupertino ▎ 614 Client CONFIDENTIAL Portfolio Review - OPEB Provided by U.S Bank 15 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $39,687,376 Net Realized Cap Gains YTD $2,809,058 Annual Income Projected $921,146 Current Yield 2.32% Number of Securities 10 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Portfolio Asset Allocation Equity $25,629,085 64.58% Fixed Income $11,661,547 29.38% Real Assets $1,598,147 4.03% Cash $798,597 2.01% Invested Total $39,687,376 100.00% 65% 29% 4% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate 0% 10% 20% 30% 40% 50% Portfolio City of Cupertino ▎ 816 PARS/CITY OF CUPERTINO 115P - OPEB Fixed Income Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $11,661,547 Current Yield 4.07% Annual Income Projected $474,354 Number of Securities 2 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Fixed Income Asset Allocation Investment Grade $9,652,721 82.77% High Yield $2,008,826 17.23% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $11,661,547 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 Prev i o u s C l o s e 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 City of Cupertino ▎ 917 PARS/CITY OF CUPERTINO 115P - OPEB Equity Overview Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $25,629,085 Current Yield 1.42% Annual Income Projected $363,589 Number of Securities 6 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Equity Asset Allocation Large Cap U.S. $11,755,170 45.87% Developed Markets $4,795,583 18.71% Mid Cap U.S. $4,730,490 18.46% Emerging Markets $2,381,377 9.29% Small Cap U.S. $1,966,464 7.67% 46% 19% 18% 9% 8% Large Cap U.S.Developed Markets Mid Cap U.S.Emerging Markets Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) HNACXJVLIXFSMDXFSSNXFSPSXFPADX 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Equity Global Distribution North America Asia Europe Middle East South America Africa 73.54% 12.82% 12.18% 0.86% 0.36% 0.24% Equity Country Distribution United States Japan United Kingdom Hong Kong France 72.54% 4.12% 2.78% 2.35% 1.89% City of Cupertino ▎ 1018 PARS/CITY OF CUPERTINO 115P - OPEB Common Stock Detail Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return (%)* 52 Wk Return (%)* NVIDIA Corporation 2.13 1.40 0.03 171.2 171.2 Amazon.com, Inc.2.05 1.35 0.00 44.4 44.4 Microsoft Corporation 1.49 0.98 0.78 12.9 12.9 Broadcom Inc.1.38 0.91 1.00 110.4 110.4 Apple Inc.1.37 0.90 0.41 30.7 30.7 Meta Platforms Inc Class A 1.28 0.84 0.32 66.0 66.0 Alphabet Inc. Class A 1.16 0.77 0.41 36.0 36.0 JPMorgan Chase & Co.1.12 0.74 2.08 44.3 44.3 Taiwan Semiconductor Manufa…0.93 0.61 1.42 84.3 84.3 Netflix, Inc.0.90 0.59 0.00 83.1 83.1 Common Stock Characteristics Portfolio S&P 500 Market Cap - Wtd Avg $381.4B $1117.1B Market Cap - Median $5.3B $37.1B Dividend Yield (%)1.79 1.28 P/E NTM 17.4 21.6 P/E LTM 20.7 26.7 ROE (%)19.6 29.4 1 Yr Beta vs. S&P Composite .91 1.03 Est 3-5 Yr EPS Growth (%)13.4 14.2 Hist 3 Yr EPS Growth (%)21.6 25.0 Number of Securities 4,865 503 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% 35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio S&P 500 Portfolio S&P 500 7.43 9.37 11.40 11.26 5.36 5.53 4.02 3.16 16.13 13.62 9.62 10.09 12.93 8.16 18.38 32.49 3.66 1.89 8.39 2.10 2.68 2.33 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%Portfolio S&P 500 *Specific to the security - does not represent performance in the portfolio. City of Cupertino ▎ 1119 Client CONFIDENTIAL Custom Benchmark ActualTargetRangeBenchmarkAsset Class 64.6%63%50%-70%MSCI AC World Free IndexEquities 29.4%29%20%-40%BBARC Global Aggregate IndexFixed Income 4.0%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.0%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO OPEB City of Cupertino ▎ 1220 Selected Period Performance Period Ending: 12/31/2024PARS/CITY OF CUPERTINO 115P - OPEB (****059600) Selected Period Performance Year Inception to Date to Date Market Value 1 Month 3 Months (1 Year) 1 Year 3 Years 5 Years 03/01/2019 Total Portfolio Gross of Fees 39,731,814 -3.38 -1.50 11.45 11.45 2.44 6.11 6.99 Total Portfolio Net of Fees 39,731,814 -3.40 -1.54 11.26 11.26 2.26 5.92 6.81 City of Cupertino -2.38 -2.40 11.04 11.04 2.53 6.48 7.57 Total Equity 25,629,086 -4.11 -.89 15.69 15.69 4.33 10.24 10.85 Domestic Equity 18,452,125 -4.81 1.88 20.02 20.02 6.62 11.93 12.42 S&P 500 Index (Total Return)-2.38 2.41 25.02 25.02 8.94 14.53 15.55 S&P MidCap 400 Index -7.12 .34 13.93 13.93 4.87 10.34 10.52 S&P SmallCap 600 Index -7.95 -.58 8.70 8.70 1.91 8.36 8.26 Foreign Equity 7,176,961 -2.18 -8.05 4.77 4.77 -1.56 5.64 6.62 MSCI EAFE Index (Net)-2.27 -8.11 3.82 3.82 1.65 4.73 6.02 MSCI Emerging Markets Index (Net)-.14 -8.01 7.50 7.50 -1.92 1.70 2.91 Total Fixed Income 11,701,750 -1.38 -2.45 2.53 2.53 -1.04 -1.09 .21 BBARC US Aggregate Bond Index -1.64 -3.06 1.25 1.25 -2.41 -.33 .99 BBARC Global Aggregate Index -2.15 -5.10 -1.69 -1.69 -4.52 -1.96 -.72 Total Real Assets 1,598,147 -7.43 -6.09 8.62 8.62 -2.28 4.10 5.24 Real Estate 1,598,147 -7.43 -6.09 8.62 8.62 -2.28 4.10 5.28 S&P Global REIT Index (Gross)-7.18 -8.78 3.92 3.92 -3.97 1.52 3.31 S&P GSCI Index 3.28 3.81 9.25 9.25 9.63 7.12 6.78 Total Cash Equivalents 802,832 .38 1.17 5.17 5.17 3.87 2.38 2.31 ICE BofAML US 3-Month Treasury Bill Index .40 1.17 5.25 5.25 3.89 2.46 2.44 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 ▎ 1321 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 39,687,376 35,662,308 4,025,068 2.32 921,146 Cash 2.01 798,597 798,597 0 4.39 35,044 Cash Equivalents 2.01 798,597 798,597 0 4.39 35,044 FIRST AM GOVT OB FD CL X 31846V336 2.01 1.00 798,597 798,597 798,597 0 4.39 35,044 Fixed Income 29.38 11,661,547 11,902,894 -241,346 4.07 474,354 Investment Grade 24.32 9,652,721 9,793,829 -141,108 3.37 324,906 Mutual Funds & ETFs 24.32 9,652,721 9,793,829 -141,108 3.37 324,906 Fidelity U.S. Bond Index Fund FXNAX 24.32 10.22 944,493 9,652,721 9,793,829 -141,108 3.37 324,906 High Yield 5.06 2,008,826 2,109,065 -100,238 7.44 149,448 Mutual Funds & ETFs 5.06 2,008,826 2,109,065 -100,238 7.44 149,448 Artisan High Income Fund - Institutional Sh…APHFX 5.06 9.10 220,750 2,008,826 2,109,065 -100,238 7.44 149,448 Equity 64.58 25,629,085 21,341,621 4,287,465 1.42 363,589 Large Cap U.S. Equity 29.62 11,755,170 10,948,565 806,605 0.57 66,919 Mutual Funds & ETFs 29.62 11,755,170 10,948,565 806,605 0.57 66,919 Harbor Capital Appreciation Fund - Retire…HNACX 14.66 114.13 50,969 5,817,130 4,720,807 1,096,324 0.00 0 John Hancock Fds III Disciplined Value Fu…JVLIX 14.96 22.45 264,501 5,938,040 6,227,759 -289,719 1.13 66,919 Mid Cap U.S. Equity 11.92 4,730,490 1,795,290 2,935,200 1.17 55,331 Mutual Funds & ETFs 11.92 4,730,490 1,795,290 2,935,200 1.17 55,331 Fidelity Mid Cap Index Fund FSMDX 11.92 33.77 140,080 4,730,490 1,795,290 2,935,200 1.17 55,331 Small Cap U.S. Equity 4.95 1,966,464 1,663,612 302,853 1.03 20,176 Mutual Funds & ETFs 4.95 1,966,464 1,663,612 302,853 1.03 20,176 Fidelity Small Cap Index Fund FSSNX 4.95 27.68 71,043 1,966,464 1,663,612 302,853 1.03 20,176 Developed Markets Equity 12.08 4,795,583 4,694,363 101,220 3.27 156,961 Mutual Funds & ETFs 12.08 4,795,583 4,694,363 101,220 3.27 156,961 Fidelity International Index Fund FSPSX 12.08 47.54 100,875 4,795,583 4,694,363 101,220 3.27 156,961 Emerging Markets Equity 6.00 2,381,377 2,239,790 141,587 2.70 64,202 Mutual Funds & ETFs 6.00 2,381,377 2,239,790 141,587 2.70 64,202 Fidelity Emerging Markets Index Fund FPADX 6.00 10.46 227,665 2,381,377 2,239,790 141,587 2.70 64,202 Real Assets 4.03 1,598,147 1,619,197 -21,050 3.01 48,159 U.S. Listed Real Estate 4.03 1,598,147 1,619,197 -21,050 3.01 48,159 City of Cupertino ▎ 1422 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income iShares Core U.S. REIT ETF USRT 4.03 57.31 27,886 1,598,147 1,619,197 -21,050 3.01 48,159 City of Cupertino ▎ 1523 Client CONFIDENTIAL Portfolio Review - Pension Provided by U.S Bank 24 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $22,587,654 Net Realized Cap Gains YTD $772,930 Annual Income Projected $519,605 Current Yield 2.30% Number of Securities 10 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Portfolio Asset Allocation Equity $14,623,060 64.74% Fixed Income $6,557,724 29.03% Real Assets $942,176 4.17% Cash $464,693 2.06% Invested Total $22,587,654 100.00% 65% 29% 4% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate 0% 10% 20% 30% 40% 50% Portfolio City of Cupertino ▎ 1725 PARS/CITY OF CUPERTINO 115P- PENSION Fixed Income Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $6,557,724 Current Yield 4.04% Annual Income Projected $265,200 Number of Securities 2 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Fixed Income Asset Allocation Investment Grade $5,466,047 83.35% High Yield $1,091,677 16.65% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $6,557,724 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 Prev i o u s C l o s e 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 City of Cupertino ▎ 1826 PARS/CITY OF CUPERTINO 115P- PENSION Equity Overview Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $14,623,060 Current Yield 1.41% Annual Income Projected $205,621 Number of Securities 6 Portfolio Mgr.Kenneth Donaldson, CFP®, CTFA Equity Asset Allocation Large Cap U.S. $6,709,257 45.88% Mid Cap U.S. $2,759,679 18.87% Developed Markets $2,717,483 18.58% Emerging Markets $1,272,387 8.70% Small Cap U.S. $1,164,254 7.96% 46% 19% 19% 9% 8% Large Cap U.S.Mid Cap U.S.Developed Markets Emerging Markets Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) HNACXJVLIXFSMDXFSPSXFSSNXFPADX 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Equity Global Distribution North America Asia Europe Middle East South America Africa 74.24% 12.33% 12.06% 0.82% 0.33% 0.23% Equity Country Distribution United States Japan United Kingdom Hong Kong France 73.25% 4.09% 2.76% 2.21% 1.88% City of Cupertino ▎ 1927 PARS/CITY OF CUPERTINO 115P- PENSION Common Stock Detail Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return (%)* 52 Wk Return (%)* NVIDIA Corporation 2.13 1.41 0.03 171.2 171.2 Amazon.com, Inc.2.05 1.35 0.00 44.4 44.4 Microsoft Corporation 1.49 0.99 0.78 12.9 12.9 Broadcom Inc.1.38 0.91 1.00 110.4 110.4 Apple Inc.1.37 0.90 0.41 30.7 30.7 Meta Platforms Inc Class A 1.27 0.84 0.32 66.0 66.0 Alphabet Inc. Class A 1.16 0.77 0.41 36.0 36.0 JPMorgan Chase & Co.1.12 0.74 2.08 44.3 44.3 Netflix, Inc.0.90 0.59 0.00 83.1 83.1 Taiwan Semiconductor Manufa…0.87 0.58 1.42 84.3 84.3 Common Stock Characteristics Portfolio S&P 500 Market Cap - Wtd Avg $380.2B $1117.1B Market Cap - Median $5.3B $37.1B Dividend Yield (%)1.79 1.28 P/E NTM 17.5 21.6 P/E LTM 20.7 26.7 ROE (%)19.6 29.4 1 Yr Beta vs. S&P Composite .91 1.03 Est 3-5 Yr EPS Growth (%)13.3 14.2 Hist 3 Yr EPS Growth (%)21.6 25.0 Number of Securities 4,865 503 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% 35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio S&P 500 Portfolio S&P 500 7.37 9.37 11.35 11.26 5.34 5.53 4.02 3.16 16.09 13.62 9.63 10.09 12.96 8.16 18.29 32.49 3.65 1.89 8.59 2.10 2.69 2.33 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%Portfolio S&P 500 *Specific to the security - does not represent performance in the portfolio. City of Cupertino ▎ 2028 Client CONFIDENTIAL Custom Benchmark ActualTargetRangeBenchmarkAsset Class 64.7%63%50%-70%MSCI AC World Free IndexEquities 29.0%29%20%-40%BBARC Global Aggregate IndexFixed Income 4.2%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.1%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO PENSION City of Cupertino ▎ 2129 Selected Period Performance Period Ending: 12/31/2024PARS/CITY OF CUPERTINO 115P- PENSION (****059601) Selected Period Performance Year Inception to Date to Date Market Value 1 Month 3 Months (1 Year) 1 Year 3 Years 5 Years 05/01/2019 Total Portfolio Gross of Fees 22,612,094 -3.43 -1.46 11.27 11.27 2.42 6.82 7.35 Total Portfolio Net of Fees 22,612,094 -3.44 -1.51 11.08 11.08 2.24 6.63 7.16 City of Cupertino -2.38 -2.40 11.04 11.04 2.53 6.48 7.15 Total Equity 14,623,060 -4.11 -.79 15.62 15.62 4.31 10.25 10.57 Domestic Equity 10,633,190 -4.78 1.91 19.80 19.80 6.56 11.89 12.02 S&P 500 Index (Total Return)-2.38 2.41 25.02 25.02 8.94 14.53 14.84 S&P MidCap 400 Index -7.12 .34 13.93 13.93 4.87 10.34 10.19 S&P SmallCap 600 Index -7.95 -.58 8.70 8.70 1.91 8.36 8.43 Foreign Equity 3,989,870 -2.14 -8.02 4.80 4.80 -1.56 5.68 6.47 MSCI EAFE Index (Net)-2.27 -8.11 3.82 3.82 1.65 4.73 5.57 MSCI Emerging Markets Index (Net)-.14 -8.01 7.50 7.50 -1.92 1.70 2.46 Total Fixed Income 6,579,874 -1.39 -2.44 2.53 2.53 -1.05 -1.07 .02 BBARC US Aggregate Bond Index -1.64 -3.06 1.25 1.25 -2.41 -.33 .67 BBARC Global Aggregate Index -2.15 -5.10 -1.69 -1.69 -4.52 -1.96 -.91 Total Real Assets 942,176 -7.43 -6.09 8.64 8.64 -2.23 4.15 5.07 Real Estate 942,176 -7.43 -6.09 8.64 8.64 -2.23 4.15 5.07 S&P Global REIT Index (Gross)-7.18 -8.78 3.92 3.92 -3.97 1.52 2.93 S&P GSCI Index 3.28 3.81 9.25 9.25 9.63 7.12 6.16 Total Cash Equivalents 466,984 .38 1.17 5.17 5.17 3.82 2.35 2.30 ICE BofAML US 3-Month Treasury Bill Index .40 1.17 5.25 5.25 3.89 2.46 2.44 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 ▎ 2230 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 22,587,654 20,326,296 2,261,358 2.30 519,605 Cash 2.06 464,693 464,693 0 4.39 20,392 Cash Equivalents 2.06 464,693 464,693 0 4.39 20,392 FIRST AM GOVT OB FD CL X 31846V336 2.06 1.00 464,693 464,693 464,693 0 4.39 20,392 Fixed Income 29.03 6,557,724 6,740,607 -182,883 4.04 265,200 Investment Grade 24.20 5,466,047 5,596,591 -130,544 3.37 183,984 Mutual Funds & ETFs 24.20 5,466,047 5,596,591 -130,544 3.37 183,984 Fidelity U.S. Bond Index Fund FXNAX 24.20 10.22 534,838 5,466,047 5,596,591 -130,544 3.37 183,984 High Yield 4.83 1,091,677 1,144,016 -52,339 7.44 81,216 Mutual Funds & ETFs 4.83 1,091,677 1,144,016 -52,339 7.44 81,216 Artisan High Income Fund - Institutional Sh…APHFX 4.83 9.10 119,964 1,091,677 1,144,016 -52,339 7.44 81,216 Equity 64.74 14,623,060 12,175,245 2,447,815 1.41 205,621 Large Cap U.S. Equity 29.70 6,709,257 6,030,453 678,804 0.57 38,149 Mutual Funds & ETFs 29.70 6,709,257 6,030,453 678,804 0.57 38,149 Harbor Capital Appreciation Fund - Retire…HNACX 14.72 114.13 29,126 3,324,102 2,504,520 819,582 0.00 0 John Hancock Fds III Disciplined Value Fu…JVLIX 14.99 22.45 150,786 3,385,155 3,525,934 -140,778 1.13 38,149 Mid Cap U.S. Equity 12.22 2,759,679 1,386,296 1,373,382 1.17 32,279 Mutual Funds & ETFs 12.22 2,759,679 1,386,296 1,373,382 1.17 32,279 Fidelity Mid Cap Index Fund FSMDX 12.22 33.77 81,720 2,759,679 1,386,296 1,373,382 1.17 32,279 Small Cap U.S. Equity 5.15 1,164,254 972,122 192,132 1.03 11,945 Mutual Funds & ETFs 5.15 1,164,254 972,122 192,132 1.03 11,945 Fidelity Small Cap Index Fund FSSNX 5.15 27.68 42,061 1,164,254 972,122 192,132 1.03 11,945 Developed Markets Equity 12.03 2,717,483 2,605,068 112,415 3.27 88,944 Mutual Funds & ETFs 12.03 2,717,483 2,605,068 112,415 3.27 88,944 Fidelity International Index Fund FSPSX 12.03 47.54 57,162 2,717,483 2,605,068 112,415 3.27 88,944 Emerging Markets Equity 5.63 1,272,387 1,181,306 91,082 2.70 34,303 Mutual Funds & ETFs 5.63 1,272,387 1,181,306 91,082 2.70 34,303 Fidelity Emerging Markets Index Fund FPADX 5.63 10.46 121,643 1,272,387 1,181,306 91,082 2.70 34,303 Real Assets 4.17 942,176 945,750 -3,574 3.01 28,392 U.S. Listed Real Estate 4.17 942,176 945,750 -3,574 3.01 28,392 City of Cupertino ▎ 2331 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 12/31/2024 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 12/31/2024 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income iShares Core U.S. REIT ETF USRT 4.17 57.31 16,440 942,176 945,750 -3,574 3.01 28,392 City of Cupertino ▎ 2432 Client CONFIDENTIAL Market Review Provided by Sub-Advisor - PFM Asset Management 33 PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. | For Institutional Investor or Investment Professional Use Only This material is not for inspection by, distribution to, or quotation to the general public. U.S. Equity ►Domestic equity markets, as represented by the S&P 500 Index (S&P) and the Russell 3000, returned 5.87% and 6.65% respectively in November. ►Within the S&P 500, all 11 sectors posted positive returns. The Consumer Discretionary sector was the best performer for the month, returning 13.34%. The second-best performing sector was Financials, which posted a return of 10.28%, while Healthcare was the worst performing sector, returning 0.28%. ►Positive returns were seen across all capitalizations, with small-caps (Russell 2000) returning 10.97%, mid- caps (Russell Mid Cap Index) returning 8.82%, and large- caps (Russell 1000 Index) returning 6.44%. Growth stocks outperformed value stocks across all capitalizations during the month. ►According to FactSet Earnings Insight (as of December 6, 2024), the blended year-over-year (YoY) earnings growth estimate for the S&P 500 in Q4 is 11.9%, compared to a prior estimate of 14.5% at the end of September. Analysts expect (YoY) earnings growth of 9.6% for calendar year 2024 and are expecting earnings to grow 12.8% and 12.1% in Q1 and Q2 2025, respectively. Non-U.S. Equity ►Non-U.S. equity markets, represented by the MSCI ACWI ex-U.S., returned -0.90% as stronger dollar and tariff uncertainty weighed on performance. Developed markets, represented by the MSCI EAFE Index returned -0.57%, as Europe (MSCI Europe Index) saw returns of -1.68% in November. Emerging markets (EM), as represented by the MSCI Emerging Markets Index, returned -3.59% in November, driven by negative returns from China (MSCI China Index) and India (MSCI India Index), which returned -4.44% and -0.42%, respectively. ►Within the ACWI ex-U.S. Index, eight out of 11 sectors posted negative returns. Financials was the best performing sector for the month, returning 1.75%. Materials was the worst performing sector, posting a return of -4.61%. Fixed Income ►U.S. Treasury yields declined in November after a big October surge despite some of the deficit and inflation concerns surrounding President-elect Trump’s anticipated policies. On the shorter end of the yield curve, the yield on the 2-year fell 2 basis points (bps), and the 5-year fell 11 bps. Meanwhile, both the 10- and 30-year U.S. Treasury yield fell 12 bps. ►The Bloomberg U.S. Aggregate Index (Aggregate) returned 1.06% in November. Investment-grade (IG) credit as a whole returned 1.27%, AAA-rated bonds returned 0.65%, AA-rated bonds returned 1.21%, A-rated bonds returned 1.21%, and BBB-rated bonds returned 1.44%. High-yield corporates, as represented by ICE BofA U.S. High Yield Index saw a return of 1.15% during the month, while the Broad Treasury Index returned 0.82%. Diversifying Assets ►During November, Real Estate Investment Trusts (REITs), as represented by the MSCI U.S. REIT Index and the FTSE NAREIT Index returned 4.33% and 4.29% respectively. The Lodging/Resorts sector performed well during the month, while the Healthcare sector was challenged. Listed Infrastructure, represented by the MSCI World Core Infrastructure Index, returned 3.53% for the month. Items to Watch ►The Federal Reserve (Fed) cut the federal funds rate by 0.25% in November, targeting a range between 4.5% and 4.75%. The rate cut was expected as labor markets continued to normalize. Markets are widely expecting a 0.25% rate cut in December and are pricing in only two rate cuts (down from four) in 2025. ►The personal consumption expenditures (PCE) price index increased 0.2% in October and at an annualized rate at 2.3%. Core inflation figures increased 0.3% on a monthly basis and posted an annualized reading of 2.8%. Services prices generated most of the inflation for the month, rising 0.4%, while goods fell 0.1%. Housing related costs have continued to fuel inflation, despite expectations that the pace would cool as rents eased. ►Non-farm payrolls rose by 227,000 in November, surpassing expectations. October job gains were revised upward to 36,000 from 12,000. November job gains were focused on healthcare, leisure and hospitality, and government sectors, while retail trade saw a decline of hiring heading into the holiday season. The U.S. unemployment rate ticked up slightly to 4.2% from 4.1%. The reading pointed to a labor market that is still growing, but at a slower rate. Worker pay rose, with average hourly earnings up 0.4% from a month ago and 4.0% on a 12-month basis, which could support consumer purchasing power and confidence. ►S&P Global’s purchasing managers’ index (PMI) for the Eurozone fell to a 10-month low.. Germany has been the principal laggard in the Eurozone since the pandemic. China’s exports and imports both missed expectations in November, fueling worries over China’s economic recovery as consumer demand remains sluggish and a tariff threat looms. Multi-Asset Class | December 2024 Monthly Market Review ▎ 2634 PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. | For Institutional Investor or Investment Professional Use Only This material is not for inspection by, distribution to, or quotation to the general public. Total Return of Major Indices Domestic Equity MTD QTD YTD 1 YR S&P 500 5.87% 4.90% 28.06% 33.86% Russell 3000 6.65% 5.87% 27.71% 34.47% Russell 2000 10.97% 9.36% 21.57% 36.44% Russell 1000 6.44% 5.69% 28.08% 34.38% International Equity MTD QTD YTD 1 YR MSCI ACWI ex-U.S.-0.90% -5.77% 7.63% 13.03% MSCI EAFE -0.57% -5.97% 6.24% 11.88% MSCI Emerging Markets -3.59% -7.88% 7.65% 11.86% Fixed Income MTD QTD YTD 1 YR Bloomberg Barclays U.S. Agg 1.06% -1.45% 2.93% 6.88% Bloomberg Barclays Global Agg 0.34% -3.02% 0.47% 4.64% Bloomberg Barclays U.S. HY 1.15% 0.59% 8.67% 12.67% Alternatives and Diversifying MTD QTD YTD 1 YR MSCI U.S. REIT 4.33% 1.28% 16.29% 27.48% FTSE NAREIT Index 4.29% 1.27% 17.40% 29.05% MSCI World Core Infrastructure 3.53% 0.54% 13.44% 17.46% Bloomberg Commodity 0.41% -1.45% 4.32% 1.51% Economic Indicators Domestic Current Previous Month Unemployment Rate (%)4.1%4.1% Initial Jobless Claims (4 week average)224.3 K 225 K CB Leading Economic Indicators -0.4 -0.3 Capacity Utilization 77.1%77.4% GDP (annual growth rate)2.8%3.0% University of Michigan Consumer Confidence 71.8 70.5 New Home Starts 610 K 738 K Existing Home Sales 4 MM 3.8 MM Retail Sales (YoY)2.8%2.0% U.S. Durable Goods (MoM)0.2%-0.4% Consumer Price Index (YoY)2.6%2.4% Producer Price Index (MoM)-0.2%-0.1% Developed International*9/30/2024 6/30/2024 Market GDP (annual rate)1.1%0.6% Market Unemployment 4.5%4.5% 4.15%4.05%4.17%4.36% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%U.S. Treasury Yield Curve 11/30/2023 10/31/2024 11/30/2024 3-mo 2-yr 5-yr 10-yr 30- 8 13 18 23 28 33 Nov '19 Nov '20 Nov '21 Nov '22 Nov '23 Nov '24 P/E Ratios of Major Stock Indices** S&P 500 S&P 500 5-Year Average Russell 2000 Russell 2000 5-Year Average MSCI ACWI ex-U.S.MSCI ACWI ex-U.S. 5-Year Average Cons. Disc. Cons. Staples Energy Financial H'lthcare Industrial Info. Tech Materials Real Estate Telecom Utilities MTD 13.34% 4.74% 6.93% 10.28% 0.28% 7.51% 4.65% 1.63% 4.12% 3.10% 3.69% QTD 11.58% 1.81% 7.77% 13.24% -4.35% 6.06% 3.64% -1.91% 0.71% 5.10% 2.63% YTD 27.10% 20.89% 16.79% 38.04% 9.37% 27.48% 35.05% 11.96% 15.12% 35.38% 34.07% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Stock Market Sector Performance (S&P 500) Source: Bloomberg. Data as of November 30, 2024, unless otherwise noted. *Developed market data is calculated with respect to the weightings in the MSCI World ex- U.S. Index. Most current data is as of September 30, 2024 due to release dates of numerous countries. **P/E ratios are calculated based on one-year-forward estimates and adjusted to include only positive earning results for consistency. Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown. The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE ▎ 2735 Client CONFIDENTIAL Important disclosures, definitions of terms and index descriptions Provided by U.S. Bank If you have questions regarding this information or wish to receive definitions of any additional terms or indexes used in this report, please contact your team. 36 Client CONFIDENTIAL Important disclosures (page 1 of 4) The information provided here is not intended to replace your account statement. Your account statement is the official record of your account. Equal Housing Lender. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Deposit products offered by U.S. Bank National Association. Member FDIC. For use in one-on-one meetings/presentations. This information represents the opinion of U.S. Bank. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. The factual information provided has been obtained from sources believed to be reliable but is not guaranteed as to accuracy or completeness. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation. Past performance is no guarantee of future results. All performance data, while obtained from sources deemed to be reliable, are not guaranteed for accuracy. Indexes shown are unmanaged and are not available for direct investment, nor are they subject to fees and expenses. Performance reports included may show performance results gross of fees and expenses. If fees and expenses were included, the performance would be lower. If you have any questions, please speak with your relationship manager for additional information. Based on our strategic approach to creating diversified portfolios, guidelines are in place concerning the construction of portfolios and how investments should be allocated to specific asset classes based on client goals, objectives and tolerance for risk. Not all recommended asset classes will be suitable for every portfolio. Diversification and asset allocation do not guarantee returns or protect against losses. City of Cupertino ▎ 2937 Client CONFIDENTIAL Important disclosures (page 2 of 4) Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies and may be expected to do so in the future. Stocks of mid-capitalization companies can be expected to be slightly less volatile than those of small-capitalization companies, but still involve substantial risk and may be subject to more abrupt or erratic movements than large-capitalization companies. The value of large-capitalization stocks will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Growth investments focus on stocks of companies whose earnings/profitability are accelerating in the short term or have grown consistently over the long term. Such investments may provide minimal dividends, which could otherwise cushion stock prices in a market decline. Stock value may rise and fall significantly based, in part, on investors' perceptions of the company, rather than on fundamental analysis of the stocks. Investors should carefully consider the additional risks involved in growth investments. Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, or such stocks may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates and risks related to renting properties (such as rental defaults). There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Investments in fixed income securities are subject to various risks, including changes in interest rates, credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors. Investment in fixed income securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in high yield bonds offer the potential for high current income and attractive total return, but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a bond issuer's ability to make principal and interest payments. City of Cupertino ▎ 3038 Client CONFIDENTIAL Important disclosures (page 3 of 4) The municipal bond market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issues of municipal securities. Interest rate increases can cause the price of a bond to decrease. Income on municipal bonds is free from federal taxes, but may be subject to the federal alternative minimum tax (AMT), state and local taxes. Treasury Inflation-Protected Securities (TIPS)offer a lower return compared to other similar investments and the principal value may increase or decrease with the rate of inflation. Gains in principal are taxable in that year, even though not paid out until maturity. Non-financial specialty assets, such as real estate, farm, ranch and timber properties, oil, gas and mineral interests or closely-held business interests are complex and involve unique risks specific to each asset type, including the total loss of value. Special risk considerations may include natural events or disasters, complex tax considerations and lack of liquidity. Specialty assets may not be suitable for all investors. Alternative investments very often use speculative investment and trading strategies. There is no guarantee that the investment program will be successful. Alternative investments are designed only for investors who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does meet the financial requirements. It is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile and tax situation. Hedge funds are speculative and involve a high degree of risk. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage and short sales, which can magnify potential losses or gains. Restrictions exist on the ability to redeem or transfer interests in a fund. Exchange-traded funds (ETFs)are baskets of securities that are traded on an exchange like individual stocks at negotiated prices and are not individually redeemable. ETFs are designed to generally track a market index and shares may trade at a premium or a discount to the net asset value of the underlying securities. Private equity investments provide investors and funds the potential to invest directly into private companies or participate in buyouts of public companies that result in a delisting of the public equity. Investors considering an investment in private equity must be fully aware that these investments are illiquid by nature, typically represent a long-term binding commitment and are not readily marketable. The valuation procedures for these holdings are often subjective in nature. Private debt investments may be either direct or indirect and are subject to significant risks, including the possibility of default, limited liquidity and the infrequent availability of independent credit ratings for private companies. Structured products are subject to market risk and/or principal loss if sold prior to maturity or if the issuer defaults on the security. Investors should request and review copies of Structured Products Pricing Supplements and Prospectuses prior to approving or directing an investment in these securities. City of Cupertino ▎ 3139 Client CONFIDENTIAL Important disclosures (page 4 of 4) Mutual fund investing involves risk and principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt and high-yield securities and funds that focus their investments in a particular industry. Please refer to the fund prospectus for additional details pertaining to these risks. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although these funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in these funds. Holdings of First American Funds: U.S. Bancorp Asset Management, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, performance or services of U.S. Bancorp Asset Management. U.S. Bancorp Asset Management, Inc. serves as an investment advisor to First American Funds. Holdings of Nuveen mutual funds: Firstar Capital Corporation (Firstar Capital), an affiliate of U.S. Bancorp, holds a less-than-10 percent ownership interest in Windy City Investments Holdings, LLC which was formerly the parent of Windy City Investment Inc. and the indirect parent of Nuveen Fund Advisors, LLC which is the investment advisor to the Nuveen Mutual Funds. On October 1, 2014, Windy City Investments, Inc. was sold to Teachers Insurance and Annuity Association of America. As a result of the sale, U.S. Bancorp no longer has an indirect ownership interest in Nuveen Fund Advisors, LLC. Depending on the outcome of certain factors, Firstar Capital might in the future receive an earn-out payment in respect of its interest in Windy City Investment Holdings, LLC, under the terms of the sale. Non- proprietary mutual funds: U.S. Bank may enter into agreements with other non-proprietary mutual funds or their service providers whereby U.S. Bank provides shareholder services and/or sub-transfer agency, custodial and other administrative support services and receives compensation for these services. Compensation received by U.S. Bank directly or indirectly from mutual funds does not increase fund fees and expenses beyond what is disclosed in the fund prospectuses. For more information, review the fund prospectus. City of Cupertino ▎ 3240 Client CONFIDENTIAL Definitions of report and statement terms (page 1 of 5) Accredited Investor: Private placement securities generally require that investors be accredited due to the additional risks and speculative nature of the securities. For natural persons, the criteria is met by a net worth of more than $1 million (excluding primary residence) or an income of more than $200,000 individually ($300,000 jointly) for the two most recent years and a reasonable expectation for the same in the current year. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $5 million in assets. See full definition in Rule 501 of Regulation D under the Securities Act of 1933. Alpha: A measure of risk-adjusted performance. A statistic measuring that portion of a stock, fund or composite's total return attributable to specific or non-market risk. Alpha measures non-market return and indicates how much value has been added or lost. A positive Alpha indicates the fund or composite has performed better than its Beta would predict (i.e., the manager has added value above the benchmark). A negative Alpha indicates a fund or composite has underperformed given the composite's Beta. Alternative Investments: As used by U.S. Bank, an investment considered to be outside of the traditional asset classes of long-only stocks, bonds and cash. Examples of alternative investments include hedge funds, private equity, options and financial derivatives. Annualized Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided annualize only periods greater than one year. Annualized or Annual Rate of Return: Represents the average annual change in the value of an investment over the periods indicated. Batting Average: Shows how consistently the portfolio return met or beat the market. Beta: A measure of your portfolio's risk relative to a benchmark. A portfolio with a beta of 1.5, for example, would be expected to return roughly 1.5 times the benchmark's return. A high Beta indicates a riskier portfolio. Bond Credit Rating: A grade given to bonds by a private independent rating service that indicates their credit quality. Ratings are the opinion of Standard & Poor's or other agencies as noted and not the opinion of U.S. Bank. Consumer Price Index (CPI): A measure of the average change in prices over time in a market basket of goods and services and is one of the most frequently used statistics for identifying periods of inflation and deflation. Convexity to Stated Maturity: A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed. This version of convexity measures the rate change in duration of a bond as the yield to (stated) maturity changes. City of Cupertino ▎ 3341 Client CONFIDENTIAL Definitions of report and statement terms (page 2 of 5) Cost basis/book value: The original value of an asset at the time it was acquired. This is normally the purchase price or appraised value at the time of acquisition. This data is for information purposes only. Cumulative Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided use unannualized returns in periods up to one year, but annualized returns for periods exceeding one year. Downside Capture: The downside capture ratio reflects how a portfolio compares to a benchmark during periods when the benchmark is down. A downside capture ratio of 0.80 (or 80 percent) means the portfolio has historically declined only 80 percent as much as the benchmark during down markets. Downside Deviation: The deviation of returns that fall below a minimum acceptable return (MAR). Although the numerator includes only returns below the MAR, the denominator includes all returns in the performance period. This risk statistic is similar to the downside standard deviation except the sum is restricted to returns less than the MAR instead of the mean. Downside Standard Deviation: The deviation of returns that fall below the mean return. Although the numerator includes only returns below the mean, the denominator includes all returns in the performance period. This risk statistic is similar to the downside deviation except the sum is restricted to returns less than the mean instead of the minimum acceptable return (MAR). Effective Maturity: The date of a bond’s most likely redemption, given current market conditions, taking into consideration the optional and mandatory calls, the optional, mandatory and recurring puts, and the stated maturity. Estimated annual income: The amount of income a particular asset is anticipated to earn over the period indicted. The shares multiplied by the annual income rate. Gain/loss calculation: If an asset was sold, the difference between the proceeds received from the sale compared to the cost of acquiring the asset. If the value of the proceeds is the higher of the two numbers, then a gain was realized. If the value of the proceeds is the lower of the two numbers, a loss was incurred. This data is for information purposes only. Information Ratio: The information ratio compares the average excess return of the portfolio over its associated benchmark divided by the tracking error. M-Squared: The hypothetical return of the portfolio after its risk has been adjusted to match a benchmark. City of Cupertino ▎ 3442 Client CONFIDENTIAL Definitions of report and statement terms (page 3 of 5) Market Value: Publicly traded assets are valued using market quotations or valuation methods from financial industry services believed by us to be reliable. Assets, that are not publicly traded, may be reflected at values from other external sources or special valuations prepared by us. Assets for which a current value is not available may be reflected as not valued, at par value, or at a nominal value. Values shown do not necessarily reflect prices at which assets could have been bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation. Market Value Over Time: Many factors can impact the portfolio value over time, such as contributions to the account, distributions from the account, the investment of dividends and interest, the deduction of fees and expenses, and market performance. Modified Duration to Effective Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration takes into consideration a “horizon date/price” that is, given current conditions, the most likely redemption date/price using the set of calls/puts, as well as stated maturity. Modified Duration to Stated Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration uses stated maturity as the “horizon date/price” and ignores any potential call/put/pre- refunding, even if they are mandatory. Price/Earnings Ratio (P/E): The P/E ratio of a company is calculated by dividing the price of the company’s stock by its trailing 12-month earnings per share. A high P/E usually indicates that the market is paying a premium for current earnings because it believes in the firm’s ability to grow its earnings. A low P/E indicates the market has less confidence that the company’s earnings will increase. Within a portfolio, P/E is the weighted average of the price/earnings ratios of the stocks in the portfolio. Qualified Purchaser: Some private placement securities require that investors be Qualified Purchasers in addition to being Accredited Investors. For natural persons, the criteria is generally met when the client (individually or jointly) owns at least $5 million in investments. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $25 million in investments though there are other eligibility tests that may apply. See full definition in Section 2(a)(51) of the Investment Company Act of 1940. R-Squared: Measures the portion of the risk in your portfolio that can be attributed to the risk in the benchmark. Realized and Unrealized Gains/Losses: Are calculated for individual tax lots based on the records we have available. Some data may be incomplete or differ from what you are required to report on your tax return. Some data used in these calculations may have been obtained from outside sources and cannot be verified by U.S. Bank. The data is intended for informational purposes only and should not be used for tax reporting purposes. Please consult with your tax or legal advisor for questions concerning your personal tax or financial situation. City of Cupertino ▎ 3543 Client CONFIDENTIAL Definitions of report and statement terms (page 4 of 5) Residual Risk: The amount of risk specific to the assets in a portfolio distinct from the market, represented by a benchmark. Return: An indication of the past performance of your portfolio. Sharpe Ratio: Measures of risk-adjusted return that calculates the return per unit of risk, where risk is the Standard Deviation of your portfolio. A high Sharpe ratio indicates that the portfolio is benefiting from taking risk. Sortino Ratio: Intended to differentiate between good and bad volatility. Similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn't discriminate between up and down volatility. Spread: The difference between the yields of two bonds with differing credit ratings (most often, a corporate bond with a certain amount of risk is compared to a standard traditionally lower risk Treasury bond). The bond spread will show the additional yield that could be earned from a bond which has a higher risk. Standard Deviation: A measure of the volatility and risk of your portfolio. A low standard deviation indicates a portfolio with less volatile returns and therefore less inherent risk. Time-weighted Return: The method used to calculate performance. Time-weighted return calculates period by period returns that negates the effect of external cash flows. Returns for periods of greater than one year are reported as an annualized (annual) rate of return. Returns of less than one year are reported on a cumulative return basis. Cumulative return is the aggregate amount an investment has gained or lost over time, independent of the period involved. Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. This is often in the context of a hedge or mutual fund that did not work as effectively as intended, creating an unexpected profit or loss instead. Traditional Investments: As used by U.S. Bank, an investment made in equity, fixed income or cash securities, mutual funds or exchange- traded funds (ETFs) where the investor buys at a price with the goal that the investment will go up in value. Top 10 Holdings: The 10 assets with the highest market values in the account. Total Portfolio Gross of Fees: Represents all assets included in the calculation of the portfolio, before the deduction of trust and asset management fees, and is inclusive of all applicable third-party security fees and expenses. Details of those fees and expenses are provided in the security’s prospectus or offering documents. City of Cupertino ▎ 3644 Client CONFIDENTIAL Definitions of report and statement terms (page 5 of 5) Total Return: The rate of return that includes the realized and unrealized gains and losses plus income for the measurement period. Treynor Ratio: Measures the performance of a sector relative to risk by dividing the return of the sector in excess of the risk-free return by the sector's Beta. The higher the Treynor ratio, the better the return relative to risk. Turnover Percent: Indicates how frequently asset are bought and sold within a portfolio. Turnover Ratio: The percentage of a mutual fund’s or other investment vehicle's holdings that have been "turned over" or replaced with other holdings in a given year. Unrealized gain (loss)— The difference between the current market value (at the end of the statement period) and the cost to acquire the asset. If the current market value is higher than the cost, a gain is reflected. If the current market value is lower than the cost paid, a loss is reflected. This data is for information purposes only. Upside Capture: The upside capture ratio reflects how a portfolio compares to the selected model benchmark during periods when the benchmark is up. An upside capture ratio of 1.15 (or 115 percent) means the portfolio has historically beat the benchmark by 15 percent during up markets. Yield: The annual rate of return on an investment, expressed as a percentage. For bonds, it is the coupon rate divided by the market price. For stocks, it is the annual dividend divided by the market price. City of Cupertino ▎ 3745 Client CONFIDENTIAL Frequently used indexes (page 1 of 5) Bloomberg Barclays 1-3 year U.S. Treasury Index: Measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity between one year and up to (but not including) three years. Bloomberg Barclays 1-5 year U.S. Treasury Index: Includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to one year and less than five years, are rated investment grade and have $250 million or more of outstanding face value. The Bloomberg Barclays 1-5 year Municipal Index: Measures the performance of municipal bonds with time to maturity of more than one year and less than five years. Bloomberg Barclays 7-year Municipal Index: Includes municipal bonds with a minimum credit rating of Baa that have been issued as part of a transaction of at least $50 million, have a maturity value of at least $5 million and a maturity range of four to six years. Bloomberg Barclays Global Aggregate Index ex-U.S. Index: Measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes Treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Bloomberg Barclays Global Treasury ex-U.S. Index: Includes government bonds issued by investment-grade counties outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated investment grade. Bloomberg Barclays High Yield Municipal Bond Index: An unmanaged index made up of bonds that are non-investment grade, unrated or below Ba1 bonds. Bloomberg Barclays Intermediate Aggregate Index: Consists of one- to 10-year governments, one- to 10-year corporate bonds, all mortgages and all asset-backed securities within the Aggregate Index. Bloomberg Barclays Mortgage-Backed Securities Index: Covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Aggregate Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index: Measures the investment grade, fixed-rate, taxable corporate bond market and includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. City of Cupertino ▎ 3846 Client CONFIDENTIAL Frequently used indexes (page 2 of 5) Bloomberg Barclays U.S. Corporate High Yield Bond Index: Measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Bloomberg Barclays U.S. Municipal Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed tax-exempt bond market. The index includes state and local general obligation, revenue, insured and pre-refunded bonds. Bloomberg Barclays U.S. Treasury Index: Measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index: An unmanaged index includes all publicly issued, U.S. TIPS that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. Cambridge U.S. Private Equity Index: This index is based on returns data compiled for U.S. private equity funds (including buyout, growth equity and mezzanine funds) that represent the majority of institutional capital raised by private equity partnerships formed since 1986. Returns may be delayed by up to six months. Quarterly performance is prorated based on the cube root for the months of the quarter. Citigroup 3-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last three- month Treasury Bill issues. Citigroup 6-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last six- month Treasury Bill issues. Credit Suisse Leverage Loan Index: Represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans. Dow Jones Industrial Average (DJIA): The price-weighted average of 30 significant U.S. stocks traded on the New York Stock Exchange and NASDAQ. The DJIA is the oldest and single most watched index in the world. Dow Jones Select REIT Index: Measures the performance of publicly traded REITs and REIT-like securities in the U.S. and is a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. HFRI Indices: The Hedge Fund Research, Inc. (HFRI) indexes are a series of benchmarks designed to reflect hedge fund industry performance by constructing composites of constituent funds, as reported by the hedge fund managers listed within the HFR Database. City of Cupertino ▎ 3947 Client CONFIDENTIAL Frequently used indexes (page 3 of 5) HFRI Equity Hedge Total Index: Uses the HFR (Hedge Fund Research) database and consists only of equity hedge funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. HFRI Relative Value Fixed Income Corporate Index: Uses the HFR (Hedge Fund Research) database and consists of only relative value fixed income corporate funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. ICE BofAML 1-3 Year Corporate Index: Tracks U.S. dollar-denominated investment grade public debt issued in the U.S. bond market with maturities of one to three years. ICE BofAML 1-5 Year Corporate and Government Index: Tracks the performance of short-term U.S. investment grade government and corporate securities with maturities between one and five years. ICE BofAML U.S. 7-10 Year Index: Tracks the performance of U.S. dollar denominated investment grade rated corporate debt publicly issued in the U.S. domestic market and includes all securities with a remaining term to maturity of greater than or equal to seven years and less than 10 years. ICE BofAML Global Broad Market Index: Tracks the performance of investment grade public debt issued in the major domestic and Eurobond markets, including global bonds. ICE BofAML U.S. High Yield Master II Index: Commonly used benchmark index for high yield corporate bonds and measures the broad high yield market. J.P. Morgan Emerging Markets Bond Index Global (EMBI Global): Tracks total returns for traded external debt instruments in the emerging markets. London Interbank Offered Rate (LIBOR)3-months: The interest rate offered by a specific group of London banks for U.S. dollar deposits with a three-month maturity. London Interbank Offered Rate (LIBOR) 9-months:The interest rate offered by a specific group of London banks for U.S. dollar deposits with a nine-month maturity. MSCI All Country World Index (ACWI): Designed to measure the equity market performance of developed and emerging markets. City of Cupertino ▎ 4048 Client CONFIDENTIAL Frequently used indexes (page 4 of 5) Russell 2000 Value Index: Measures companies in the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. Russell 3000 Index: Measures the performance of the 3,000 largest U.S. securities based on total market capitalization. Russell Midcap Index: Measures the 800 smallest companies in the Russell 3000 Index. Russell Midcap Growth Index: Measures companies in the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. Russell Midcap Value Index: Measures companies in the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. MSCI All County World ex-U.S. Index (ACWI, excluding United States): Tracks the performance of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets. U.S. stocks are excluded from the index. MSCI EAFE Index: Includes approximately 1,000 companies representing the stock markets of 21 countries in Europe, Australasia and the Far East. MSCI Emerging Markets (EM) Index: Designed to measure equity market performance in global emerging markets. MSCI World Index: Tracks equity market performance of developed markets through individual country indices. NAREIT Index: Includes REITs (Real Estate Investment Trusts) listed on the New York Stock Exchange, NASDAQ and American Stock Exchange. NASDAQ Composite Index: A market capitalization-weighted average of roughly 5,000 stocks that are electronically traded in the NASDAQ market. NCREIF Property Index (NPI): Measures the investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. Russell 1000 Index: Measures the performance of the 1,000 largest companies in the Russell 3000 Index and is representative of the U.S. large capitalization securities market. City of Cupertino ▎ 4149 Client CONFIDENTIAL Frequently used indexes (page 5 of 5) Russell 1000 Growth Index: Measures companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 1000 Value Index: Measures companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 2000 Index: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index and is representative of the U.S. small capitalization securities market. Russell 2000 Growth Index: Measures companies in the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. and is representative of U.S. securities exhibiting growth characteristics. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. S&P 500 Index: Consists of 500 widely traded stocks that are considered to represent the performance of the U.S. stock market. S&P Global ex-U.S. Property Index: Measures the investable universe of publicly traded property companies domiciled in developed and emerging markets excluding the United States. The companies included are engaged in real estate related activities such as property ownership, management, development, rental and investment. S&P GSCI: A composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. S&P/Case-Shiller Home Price Indexes: A group of indexes that track changes in home prices throughout the United States. Case- Shiller produces indexes representing certain metropolitan statistical areas (MSA) as well as a national index. Swiss Re Global Cat Bond Total Return Index: Tracks the aggregate performance of all U.S. dollar-denominated euros and Japanese yen-denominated catastrophe bonds, capturing all ratings, perils and triggers. U.S. Dollar Index: Indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies. Wilshire 5000 Index: Composed of more than 6,700 publicly-traded U.S. companies and is designed to track the overall performance of the American stock markets. City of Cupertino ▎ 4250 CITY OF CUPERTINO Agenda Item 25-13667 Agenda Date: 1/27/2025 Agenda #: 3. Subject:INFORMATIONAL ITEM Receive the Internal Audit and Fraud,Waste,and Abuse programs update Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Moss Adams 3:45(10) CITY OF CUPERTINO Printed on 1/24/2025Page 1 of 1 powered by Legistar™51 January 22, 2025 To: City of Cupertino Audit Committee From: Moss Adams LLP Subject: Internal Audit Status Report October 21, 2024 through January 22, 2025 _____ FY24-25 INTERNAL AUDIT PROGRAM GRANTS MANAGEMENT INTERNAL CONTROLS REVIEW SPECIAL REVENUE FUND PROCESS REVIEW RECOMMENDATION VALIDATION PROCESS ESTABLISHMENT ONGOING INTERNAL AUDIT SERVICES Objective Assess the internal controls in place over the City’s grants management activities (including applications, review, administration, and reporting). Document the process used for special revenue fund accounting, identify gaps compared to best practices, and conduct testing of prior years’ accounting. Inventory prior internal and external audit recommendations, collaborate with City staff to develop a tracking mechanism and process to report and validate recommendation implementation. Attend Audit Committee and Council meetings, prepare status reports, manage internal audit program, and monitor FWA hotline. Schedule February through May 2025 August 2024 through July 2025 July 2024 through June 2025 July 2024 through June 2025 Activities for This Period N/A Confirmed interview list for CDD, but awaiting confirmation from PW and P&R. Received documentation and have begun to validate recommendations City staff report are implemented. Met monthly with City staff, monitored FWA hotline, and provided assistance at the City’s request. Activities for Next Period Initiate fieldwork and conduct analysis Schedule interviews with individuals on list. Continue to work with the City to validate recommendations City staff report are implemented. Continue to monitor FWA hotline and provide ongoing support to City. Issues None Schedule delays None None FRAUD, WASTE, AND ABUSE HOTLINE STATISTICS: QUARTERLY Complaint Type Complaints Received This Quarter Under Review Referred to Appropriate City Official(s) Closed Compliance & Ethics 0 0 0 0 Fraud 0 0 0 0 Employment Matters 1 0 1 1 HOTLINE STATISTICS: LIFETIME (OCTOBER 2022-PRESENT) Total Reports 29 Reports Closed 24 Reports Open 5 \ 52 CITY OF CUPERTINO Agenda Item 25-13668 Agenda Date: 1/27/2025 Agenda #: 4. Subject:INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Presenter: Jonathan Orozco, Finance Manager and Chandler 3:55(15) CITY OF CUPERTINO Printed on 1/24/2025Page 1 of 1 powered by Legistar™53 AUDIT COMMITTEE STAFF REPORT Meeting: January 27, 2024 Subject Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Recommended Action Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2024 Reasons for Recommendation Background On May 14, 2024, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment reports, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments. The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report." Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly. Treasurer's Investment Report The report provides an update on the City's investment portfolio for the month ending December 31, 2024. The report is as of January 22, 2025. 54 2 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments. While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report sub-committee. The City's General Ledger cash and investments balance was $298.0 million, a $27.3 million increase from the prior quarter. Cash and Investments – General Ledger Balance Fund Type General Fund Special Revenue Debt Service Capital Projects Enterprise Internal Service Total $270,648,861 $297,955,199 55 3 The $298.0 million in cash and investments include $38.5 million in cash, $66.5 million in cash equivalents, $170.3 million in investments, and $22.6 million restricted for funding pension costs. Note: Beginning balances have been updated to account for any final adjustments made as part of the month-end close that could not be completed before the prior report’s preparation. These adjustments were necessary due to time constraints associated with both completing the month-end close process and generating the report. The City pools cash for all funds except restricted funds. However, the City accounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration. 56 4 Cash and Investments – General Ledger Balance Quarter Ending September 30, 2024 December 31, 2024 % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo) 18,543,366 38,483,863 13% Workers' Compensation Checking (Wells Fargo) 36,003 22,165 0% Payroll Checking (Wells Fargo) - - 0% Restricted for Bond Repayments1 (BNY Mellon) - - 0% Petty Cash and Change 2,650 2,650 0% Cash Equivalents Local Agency Investment Fund 69,759,754 66,539,548 22% Investments Investments (Chandler) 164,643,423 170,294,879 57% Restricted for Pension2 (PARS) 21,663,664 22,612,094 8% Total Cash and Investments3 $270,648,861 $297,955,199 100% 1 Cash held by fiscal agent for bond repayments 2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values. Cash and Investments – Bank Balance Quarter Ending September 30, December 31, % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo) 21,319,079 40,912,141 14% Workers' Compensation Checking (Wells Fargo) 37,977 28,737 0% Payroll Checking (Wells Fargo) - - 0% Restricted for Bond Repayments1 (BNY Mellon) - - 0% Cash Equivalents Local Agency Investment Fund 65,759,754 66,539,548 22% Investments Investments (Chandler) 169,948,739 170,294,879 57% Restricted for Pension2 (PARS) 22,967,000 22,612,094 8% Total Cash and Investments3 $280,032,549 $300,387,398 100% 57 5 1 Cash held by fiscal agent for bond repayments 2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. 4 Beginning December 31, 2024, Investment amount reflect cost value. Wells Fargo Accounts The City, in collaboration with Chandler and Wells Fargo's relationship manager, explored various options to maximize investment opportunities for excess funds in the City operating account. Prioritizing safety and liquidity, it was ultimately decided that converting the operating checking account to a "Government Advantage Checking" account was the optimal solution. This account offers full FDIC insurance and an interest rate of 3% as of June 30, 2024. The interest rate is subject to change based on market conditions. Staff will continuously monitor the rate and evaluate whether to retain funds in the account or transfer them to alternative investment opportunities. Local Agency Investment Fund (LAIF) LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield. The City's LAIF account had a balance of $66.5 million. The quarterly interest rate was 4.71%. Investment Portfolio In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide: • Safety to ensure the preservation of capital in the overall portfolio • Sufficient liquidity for cash needs • A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in high- quality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective. The portfolio's market value was $168.0 million, compared to $169.1 million at the end of the previous quarter. The table below includes historical comparisons of the City's portfolio: 58 6 September 30, 2024 December 31, 2024 Total Market Value 169,948,739 169,072,958 Par Value 170,704,952 171,799,705 Book Value 169,511,721 170,637,289 Average Maturity 2.67 years 2.67 years Average Modified Duration 2.28 2.39 Average Purchase Yield 3.20% 3.32% Average Market Yield 3.97% 4.46% Average Quality1 AA AA 1 S&P and Moody's respectively 2 This chart now reflects Total Market Value (both quarters reflect the updated value) The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases. In contrast, when interest rates increase after an investment is purchased, the market value of the 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 strategic asset allocation ranges for this investment objective are: 59 7 Asset Class Range Target Equities 50-70% 63% Fixed Income 20-40% 29% Real Estate 0-15% 5% Commodities 0-10% 2% Cash 0-10% 1% The Section 115 Pension Trust had a balance of $22.6 million, a decrease of $0.4 million from the prior quarter due to investment losses. The Section 115 OPEB Trust had a balance of $39.7 million, a decrease of $0.6 million from the prior quarter mainly due to investment losses. The quarterly investment return for OPEB Trust was -1.50% and Pension Trust was -1.47%. Analysis The City compares its portfolio to LAIF and one-year and two-year Treasury yields. Yield comparisons for the one-year Treasury, two-year Treasury, LAIF, and City average are presented below: In December, the one-year Treasury yield and two-year Treasury yield increased with yields of 4.16% and 4.25%, respectively. The one-year Treasury yield increased by 18 basis points, and the two-year Treasury yield increased by 59 basis points from September 30, 2024. The yield of the City's investment portfolio was 4.46%, higher than the one-year Treasury yield, two-year Treasury yield, and LAIF. 60 8 Cash Flow History Historical revenues, expenditures, and liquidity ratios are presented below: 61 9 As the City's portfolio becomes more or less liquid over time, the ratio of cash and cash equivalents to revenues and expenditures will increase or decrease, respectively. The portfolio's investment structure is complete, so the City anticipates the ratio of cash and cash equivalents to revenues and expenditures to continue to flatten out moving forward. While a formal liquidity level has not been established, significant and consistent fluctuations in the ratio may indicate that additional funds should be invested or, conversely, that investments should be liquidated. In recent years, sufficient liquidity levels for operating revenues and expenditures have approximated a ratio of 1.0. In March 2022, the City transferred $15.0 million from the operating account to the investment portfolio, which reduced the March 2022 liquidity ratios. Liquidity ratios have been higher in FY 2023-24 due to increased cash and investment balances as the City anticipated a decision from a California Department of Tax and Fee Administration (CDTFA) audit of a City taxpayer. In FY 2023-24, the City allocated $74.5 million to a Sales Tax Repayment Reserve to set aside disputed sales tax revenues. During FY 2024-25, following a settlement agreement with the CDTFA, the City Council uncommitted these funds, appropriating $10 million for an Additional Discretionary Payment to CalPERS to address the pension Unfunded Accrued Liability, with the remaining balance committed to the Future Use Reserve. As of December 31, 2024, the liquidity ratio was 2.26 and 2.73 for revenues and expenditures, respectively. The City will monitor inflows and outflows during FY 2024- 62 10 25 and bring recommendations for the City's investment portfolio as necessary and applicable. As of December 31, 2024, the City had $107.5 million in cash and cash equivalents in the bank and on hand. Based on the cash flow forecast, the City maintains the ability to meet its expenditure requirements for the next six months. Cash Flow Forecast Staff is currently developing a revised forecast, which is anticipated to be included in the First Quarter 2025 Investment Report. Applying three-year historical trend data for each of the City's revenue and expenditure line items to the FY 2023-24 Adopted Budget, the City estimated the following cash flow forecast for FY 2023-24: 63 11 The purpose of this cash flow and liquidity forecast is to illustrate the timing of the City's revenues and expenditures throughout a fiscal year using historical trend data. The first quarter of the fiscal year experiences expenditures exceeding revenues since the City begins receiving its property tax distributions in November and April of the respective fiscal year. In January and April, the City receives additional property tax revenues due to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher 64 12 activities, particularly expenditures, due to the year-end close and accrual process. From one fiscal year to the next, the City typically incurs one-time special project or capital expenditure costs. The timing of these costs is more difficult to pinpoint in a particular month. From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient planning tools for determining cash flow needs for a single fiscal year. If a budget is adopted at a position in which revenues and expenditures are balanced, then it is reasonable to conclude cash flow is unlikely to be of concern. Beyond one fiscal year, a City prepares a long-term forward-looking forecast using historical and prospective assumptions. This forecast model is incorporated and presented to the City Council as part of the City's Adopted Budget. Compliance All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months. Sustainability Impact No sustainability impact. Fiscal Impact No fiscal impact. California Environmental Quality Act Not applicable. _____________________________________ Prepared by: __________________ Jonathan Orozco Finance Manager Reviewed by: __________________ Kristina Alfaro Director of Administrative Services and City Treasurer Approved for Submission by: __________________ Pamela Wu City Manager Attachments: A – Chandler Investment Report December 2024 B – Chandler Custodial Statement December 2024 65 13 C – PARS Pension and OPEB Account Statement December 2024 D – LAIF Account Statement December 2024 66 INVESTMENT REPORT City of Cupertino | As of December 31, 2024 CHANDLER ASSET MANAGEMENT | chandlerasset.com Chandler Team: For questions about your account, please call (800) 317-4747, or contact clientservice@chandlerasset.com Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.67 TABLE OF CONTENTS City of Cupertino | As of December 31, 2024 ECONOMIC UPDATE ACCOUNT PROFILE PORTFOLIO HOLDINGS TRANSACTIONS 1 68 ECONOMIC UPDATE 2 69    Recent economic data suggests continued growth fueled by a resilient consumer.Inflationary trends have subsided, but some components remain sticky,and core levels remain above the Fed’s target.The labor market reflects improved balance between supply and demand for workers.While job creation has been robust, continuing jobless claims remain elevated.Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve. As broadly anticipated,the Federal Open Market Committee (FOMC)reduced the Fed Funds Rate by 25 basis points to the range of 4.25- 4.50%at the December meeting.Although the cut was widely anticipated,market participants viewed the trajectory of rates in the SEP as ‘hawkish.’Chair Jerome Powell reiterated previous statements indicating the economy is in a good place and that monetary policy is well positioned. The Fed released the quarterly Summary of Economic Projections (SEP),which now forecasts a higher central tendency of core inflation and a higher longer run Fed Funds forecast.In the Chandler team’s view,the updated SEP reflects the continued resiliency of the US economy and the corresponding risk of inflation taking longer to reach the FOMC’s two percent objective in 2025. US Treasury yields shifted higher in December and the curve steepened.The 2-year Treasury yield increased 9 basis points to 4.24%,the 5- year Treasury rose 33 basis points to 4.38%,and the 10-year Treasury yield surged 40 basis points to 4.57%.The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -37 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve increased to +25 basis points in December from -32 basis points in November. ECONOMIC UPDATE 3 70 -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S.economy added 256,000 jobs in December,far exceeding consensus expectations.Gains were led by health care,retail,and leisure sectors,while manufacturing shed jobs.The three-month moving average and six-month moving average payrolls totaled 170,000 and 165,000 respectively.The unemployment rate declined to 4.1%in December,and the labor participation rate was unchanged at 62.5%,remaining below the pre-pandemic level of 63.3%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons fell to 7.5%.Average hourly earnings moderated to an increase of 3.9% year-over-year in December. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 4 71 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Job Openings Recession Historical Average In T h o u s a n d s ( 0 0 0 ' s ) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)rose to 8.098 million new job openings in November,which represented an increase from the upwardly revised 7.839 million job openings in October.Job openings indicate a ratio of 1.1 jobs for each unemployed individual, representing a relatively balanced labor market. Source: US Department of Labor JOB OPENINGS & LABOR TURNOVER SURVEY 5 72 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e In November,the Consumer Price Index (CPI)rose 0.3%month-over-month and 2.7%year-over-year,rising from 2.6%in October as expected. The Core CPI, which excludes volatile food and energy components, rose 0.3% month-over-month and 3.3% year-over-year, also meeting consensus forecasts.The Personal Consumption Expenditures (PCE)Index rose 0.1%from the previous month and 2.4%year-over- year in November versus a 2.3%increase in October.The Core PCE deflator (the Fed’s preferred gauge)increased 0.1%month-over- month,below recent small month-over-month rises and 2.8%over the past year. Core prices are exhibiting what Fed Chair Powell describes as “sideways” movement. Although inflation has moderated, price increases remain above the Fed’s 2% target. Source: US Department of Labor Source: US Department of Commerce INFLATION 6 73 -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Retail Sales g rew marginally above expectations at 0.7%in November versus 0.5%in October driven by strong motor vehicle sales.On a year-over-year basis, Retail Sales grew 3.8%in November versus 2.9%in October.Retail Sales Control Group,which are used to calculate gross domestic product,was also solid at 0.4%for the month. The Conference Board’s Consumer Confidence Index declined to 104.7 in December from an upwardly revised 112.8 in November.Consumers'assessment about future business conditions and outcomes were substantially less optimistic and there was increased pessimism about future employment prospects.While the consumer has been resilient,low savings rates,growing credit card debt, higher delinquencies, and a moderating labor market pose potential risks to future spending. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) CONSUMER 7 74 -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)increased 0.3%in November reversing its -0.4%decline in October due to a rebound in building permits,continued support from equities,improvement in average hours worked in manufacturing, and fewer initial unemployment claims.The LEI decreased year-over-year by -3.5%.According to the Conference Board,the rise in LEI is a positive sign for future activity in the US and is consistent with an expectation for moderate growth at the end of 2024 and into early 2025.The Chicago Fed National Activity Index (CFNAI)improved to -0.12 in November from -0.50 in October.The three-month moving average fell to -0.31 in November from -0.27 in October, indicating below-trend growth expectations for the economy. Source: The Conference Board Source: Federal Reserve Bank of Chicago LEADING INDICATORS OF ECONOMIC ACTIVITY 8 75 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 In T h o u s a n d s o f U n i t s Annualized Housing Starts Multi Family Housing Starts Single Family Housing Starts Housing starts in November declined 1.8%to 1.29 million units from 1.31 million units in October.Total starts are down 14.6%compared to November 2023.Starts remain soft as mortgage rates remain relatively high. The supply of existing homes is becoming more abundant after the period of scarcity as homeowners held onto their low mortgage rates.The Freddie Mac average rate for a 30-year fixed rate mortgage increased to 6.9%from 6.8%in December.According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.2% year-over-year in October,decelerating from 4.6%reported in the previous month.With more inventory entering the market the trend is gradually improving, however higher mortgage rates continue to impact affordability. Source: US Department of Commerce Source: S&P -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% S&P/Case-Shiller 20 City Composite Home Price Index Recession YO Y ( % ) C h a n g e HOUSING 9 76 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING The Institute for Supply Management (ISM)Manufacturing index rose more than forecast to 49.3 in December from 48.4 in November. While the index has posted contractionary readings for the past nine months,New Orders and Prices indices continued in expansion territory and the Production Index returned to expansion this month. The Backlog of Orders Index and Employment Index remained in contraction.The ISM Services Index rose to 54.1 in December from 52.1 in November while marking the sixth straight month of expansion. Robust business activity ahead of the new year and mitigating risks of potential tariffs were the key drivers.A reading over 50 indicates expansion, while a reading under 50 indicates contraction. Source: Institute for Supply Management SURVEY BASED MEASURES 10 77 Components of GDP 12/23 3/24 6/24 9/24 2.3% 1.3% 1.9% 2.5% 0.2% 0.6% 1.5% 0.2% 0.1% -0.6% -0.9% -0.4% 0.0% 0.0% 0.3% 0.6% 0.6% 0.3% 0.3% 0.3% 3.2% 1.6% 3.0% 3.1% Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total State and Local (Consumption and Gross Investment) -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce According to the third estimate,third quarter GDP increased at an annualized rate of 3.1%compared to 2.8%from the second estimate. Growth continues to be powered by personal consumption expenditures. Government consumption expenditures and nonresidential fixed investment also had positive contributions,with negative offsets by net exports,residential investment, and change in private inventories. The consensus projection calls for 2.4% growth in the fourth quarter and 2.7% growth for the full year 2024. GROSS DOMESTIC PRODUCT (GDP) 11 78 Source: Federal Reserve Source: Bloomberg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets Recession In $ m i l l i o n s As broadly anticipated,the Federal Open Market Committee (FOMC)reduced the Fed Funds Rate by 25 basis points to the range of 4.25- 4.50%at the December meeting.There was one dissenting vote by Cleveland Fed President Beth Hammack who would have preferred no change in rates.Although a reduction in rates was widely anticipated,market participants viewed the trajectory of rates in the SEP as ‘hawkish.’Chair Jerome Powell reiterated previous statements that monetary policy is “well positioned” and the outlook remains roughly balanced between the dual mandate of maximum employment and price stability.Economic activity is expanding at a solid pace,labor market conditions have “generally eased”,and the unemployment rate “remains low.”The Fed released the quarterly Summary of Economic Projections (SEP)which now forecasts a higher,longer run median Fed Funds rate expectation among Fed Governors at 2.8 – 3.6%.The Fed continues to reduce its holdings of U.S.Treasury securities and agency mortgage-backed securities as per its predefined schedule of $25 billion and $35 billion per month. Since the Fed began its Quantitative Tightening campaign in June 2022,securities holdings have declined by approximately $1.9T to approximately $7.0T. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Effective Federal Funds Rate Recession Yi e l d ( % ) FEDERAL RESERVE 12 79 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 Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Dec-24 Sep-24 Dec-23 Yi e l d ( % ) At the end of December,the 2-year Treasury yield was 1 basis point lower,and the 10-Year Treasury yield was 69 basis points higher, year-over-year.The spread between the 2-year and 10-year Treasury yield points on the curve increased to +33 basis points at December month-end versus +2 basis points at November month-end. The yield curve inversion which began in July 2022 was historically long.The average historical spread (since 2004)is about +99 basis points. The 3-month and 10-year Treasury yield curve normalized to +25 basis points in December from -32 basis points in November. BOND YIELDS 13 80 ACCOUNT PROFILE 14 81 OBJECTIVES City of Cupertino | As of December 31, 2024 Investment Objectives The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program. Chandler Asset Management Performance Objective The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index. Strategy In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 82 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of December 31, 2024 Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV)100.0 9.7 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 4.3 Compliant Max Maturity (Years)5.0 4.7 Compliant ASSET-BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS)20.0 9.5 Compliant Max % Issuer (MV)5.0 1.7 Compliant Max Maturity (Years)5 4 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV)40.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)180 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COLLATERALIZED TIME DEPOSITS (NON- NEGOTIABLE CD/TD) Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COMMERCIAL PAPER Max % (MV)25.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)270 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CORPORATE MEDIUM TERM NOTES 16 83 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of December 31, 2024 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 26.6 Compliant Max % Issuer (MV)5.0 1.7 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/TD) Max % (MV; FDIC & Collateralized CD)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant FEDERAL AGENCIES Max % (MV)100.0 10.8 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 4.3 Compliant Max Callables (MV)20.0 0.0 Compliant Max Maturity (Years)5 2 Compliant LOCAL AGENCY INVESTMENT FUND (LAIF) Max Concentration (MV)75.0 0.0 Compliant MONEY MARKET MUTUAL FUNDS Max % (MV)20.0 0.5 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant MORTGAGE-BACKED SECURITIES (NON-AGENCY) Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, LOCAL AGENCY) Max % (MV)30.0 1.0 Compliant Max % Issuer (MV)5.0 1.0 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) 17 84 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of December 31, 2024 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A- by 1)0.0 0.0 Compliant NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant REPURCHASE AGREEMENTS Max % (MV)10.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)1.0 0.0 Compliant SUPRANATIONAL OBLIGATIONS Max % (MV)30.0 5.3 Compliant Max % Issuer (MV)10.0 2.4 Compliant Max Maturity (Years)5 4 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 36.6 Compliant Max Maturity (Years)5 4 Compliant 18 85 PORTFOLIO SUMMARY Sector Allocation Review Total Rate of Return 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19) City of Cupertino (0.09%)(0.49%)4.15%4.15%4.38%1.16%1.43%--1.79% Benchmark Return*(0.07%)(0.76%)3.35%3.35%3.92%0.78%1.08%--1.56% City of Cupertino | Account #10659 | As of December 31, 2024 Portfolio Characteristics Account Summary Maturity Distribution Top Issuers Credit Quality Average Modified Duration 2.39 Average Coupon 3.09% Average Purchase YTM 3.32% Average Market YTM 4.46% Average Quality AA Average Final Maturity 2.79 Average Life 2.47 Beg. Values as of 09/30/2024 End Values as of 12/31/2024 Market Value 169,065,101.73 168,017,668.96 Accrued Interest 883,637.19 1,055,289.04 Total Market Value 169,948,738.92 169,072,957.99 Income Earned 586,104.90 1,382,990.60 Cont/WD 0.00 0.00 Par 170,704,952.15 171,799,704.62 Book Value 169,511,721.72 170,637,289.27 Cost Value 169,150,841.25 170,294,878.84 Government of The United States 36.60% FHLMC 11.86% FNMA 4.36% Farm Credit System 3.12% International Bank for Recon and Dev 2.40% American Express Credit Master Trust 1.73% UnitedHealth Group Incorporated 1.68% The Home Depot, Inc.1.51% *Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark: *See Footnote 19 86 PORTFOLIO CHARACTERISTICS City of Cupertino | Account #10659 | As of December 31, 2024 Benchmark*12/31/2024 Portfolio 9/30/2024 Portfolio Average Maturity (yrs)2.66 2.79 2.67 Average Modified Duration 2.48 2.39 2.28 Average Purchase Yield 3.32%3.20% Average Market Yield 4.29%4.46%3.97% Average Quality**AA+AA AA Total Market Value 169,072,958 169,948,739 *Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 20 87 SECTOR DISTRIBUTION City of Cupertino | Account #10659 | As of December 31, 2024 Sector as a Percentage of Market Value Sector 12/31/2024 09/30/2024 US Treasury 36.60%35.92% Corporate 26.62%26.54% Agency 10.78%13.20% Agency CMBS 9.69%9.86% ABS 9.48%10.10% Supras 5.25%4.19% Muni Bonds 1.03%-- Money Mkt Fd 0.54%0.18% 21 88 DURATION ALLOCATION City of Cupertino | Account #10659 | As of December 31, 2024 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ 12/31/2024 1.7%3.9%14.9%19.1%27.1%13.7%19.7%0.0%0.0% 22 89 ISSUERS City of Cupertino | Account #10659 | As of December 31, 2024 Issuer Investment Type % Portfolio Government of The United States US Treasury 36.60% FHLMC Agency CMBS 9.69% FNMA Agency 4.36% Farm Credit System Agency 3.12% International Bank for Recon and Dev Supras 2.40% FHLMC Agency 2.17% American Express Credit Master Trust ABS 1.73% UnitedHealth Group Incorporated Corporate 1.68% The Home Depot, Inc.Corporate 1.51% Guardian Life Global Funding Corporate 1.50% International Finance Corporation Supras 1.46% New York Life Insurance Company Corporate 1.41% Inter-American Development Bank Supras 1.40% Caterpillar Inc.Corporate 1.31% Royal Bank of Canada Corporate 1.19% Massachusetts Mutual Life Insurance Corporate 1.17% Morgan Stanley Corporate 1.16% John Deere Owner Trust ABS 1.14% Federal Home Loan Banks Agency 1.13% Amazon.com, Inc.Corporate 1.07% State Street Corporation Corporate 1.06% Chubb Limited Corporate 1.04% State of California Muni Bonds 1.03% Honda Motor Co., Ltd.Corporate 1.01% Chase Issuance Trust ABS 1.01% Honda Auto Receivables Owner Trust ABS 0.99% Bank of America Credit Card Trust ABS 0.98% GM Financial Securitized Term ABS 0.98% Berkshire Hathaway Inc.Corporate 0.92% PepsiCo, Inc.Corporate 0.89% 23 90 ISSUERS City of Cupertino | Account #10659 | As of December 31, 2024 Issuer Investment Type % Portfolio Prologis, Inc.Corporate 0.88% Bank of America Corporation Corporate 0.87% JPMorgan Chase & Co.Corporate 0.87% The Progressive Corporation Corporate 0.87% Realty Income Corporation Corporate 0.84% Toyota Auto Receivables Owner Trust ABS 0.82% The Toronto-Dominion Bank Corporate 0.80% Toyota Motor Corporation Corporate 0.78% MERCEDES-BENZ AUTO RECEIVABLES TRUST ABS 0.67% Metropolitan Life Global Funding I Corporate 0.63% Mastercard Incorporated Corporate 0.57% The Charles Schwab Corporation Corporate 0.55% Meta Platforms, Inc.Corporate 0.54% BMW Vehicle Owner Trust ABS 0.52% Wells Fargo & Company Money Mkt Fd 0.51% Northwestern Mutual Global Funding Corporate 0.49% Met Tower Global Funding Corporate 0.43% Northern Trust Corporation Corporate 0.39% Hyundai Auto Lease Securitization Tr ABS 0.37% Hyundai Auto Receivables Trust ABS 0.28% Walmart Inc.Corporate 0.20% WC MMF Sweep Money Mkt Fd 0.03% Cash Cash 0.00% TOTAL 100.00% 24 91 QUALITY DISTRIBUTION Rating 12/31/2024 09/30/2024 AAA 12.5%11.5% AA 65.2%66.6% A 18.4%17.8% NR 3.9%4.1% Rating 12/31/2024 09/30/2024 AAA 69.8%69.9% AA 9.2%7.8% A 16.6%17.7% NR 4.3%4.6% Rating 12/31/2024 09/30/2024 AAA 15.8%15.6% AA 61.8%63.0% A 9.1%9.1% NR 13.3%12.3% City of Cupertino | Account #10659 | As of December 31, 2024 S&P Rating Moody’s Rating Fitch Rating 25 92 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ Portfolio 1.7%3.9%14.9%19.1%27.1%13.7%19.7%0.0%0.0% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.0%0.0%2.4%36.3%26.3%24.0%11.0%0.0%0.0% DURATION DISTRIBUTION City of Cupertino | Account #10659 | As of December 31, 2024 Portfolio Compared to the Benchmark 26 93 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN City of Cupertino (0.49%)4.15%4.38%1.16%1.43%1.79% Benchmark (0.76%)3.35%3.92%0.78%1.08%1.56% *Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. INVESTMENT PERFORMANCE City of Cupertino | Account #10659 | As of December 31, 2024 Total Rate of Return : Inception | 02/01/2019 27 94 HISTORICAL AVERAGE PURCHASE YIELD City of Cupertino | Account #10659 | As of December 31, 2024 Purchase Yield as of 12/31/24 = 3.32% 28 95 PORTFOLIO HOLDINGS 29 96 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration ABS 43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 72,161.37 11/16/2021 0.89% 72,146.16 72,157.91 99.22 4.64% 71,600.09 17.64 0.04% (557.82) Aaa/NA AAA 1.06 0.21 47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 73,504.45 07/13/2021 0.52% 73,497.89 73,502.96 99.50 4.47% 73,138.32 16.99 0.04% (364.64) Aaa/NA AAA 1.21 0.13 89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 72,553.75 11/09/2021 0.71% 72,552.20 72,553.35 99.27 4.64% 72,025.09 22.89 0.04% (528.26) NA/AAA AAA 1.29 0.18 44935FAD6 HART 2021-C A3 0.74 05/15/2026 138,976.99 -- 2.17% 135,463.03 137,946.11 99.60 4.64% 138,419.39 45.71 0.08% 473.28 NA/AAA AAA 1.37 0.10 43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 233,407.90 02/15/2022 1.89% 233,372.79 233,397.43 99.14 4.60% 231,403.81 195.03 0.14% (1,993.62) Aaa/AAA NA 1.37 0.31 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 173,709.51 05/10/2022 3.23% 173,700.48 173,706.25 99.55 4.54% 172,919.39 92.93 0.10% (786.86) Aaa/AAA NA 1.65 0.35 47787JAC2 JDOT 2022 A3 0.36 09/15/2026 131,743.01 03/10/2022 2.34% 131,713.87 131,732.66 99.17 4.82% 130,645.80 135.84 0.08% (1,086.86) Aaa/NA AAA 1.71 0.33 362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 73,444.22 10/13/2021 0.68% 73,442.34 73,443.66 99.07 4.44% 72,760.63 20.81 0.04% (683.03) Aaa/AAA NA 1.71 0.25 448977AD0 HART 2022-A A3 2.22 10/15/2026 330,321.79 03/09/2022 2.23% 330,309.08 330,317.27 99.25 4.77% 327,849.04 325.92 0.20% (2,468.23) NA/AAA AAA 1.79 0.29 380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 79,402.34 01/11/2022 1.27% 79,395.44 79,399.95 99.09 4.61% 78,683.53 41.69 0.05% (716.42) NA/AAA AAA 1.88 0.27 47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 399,848.89 07/12/2022 3.77% 399,810.71 399,831.71 99.56 4.56% 398,108.19 664.64 0.24% (1,723.52) Aaa/NA AAA 2.13 0.55 362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 179,611.53 04/05/2022 3.13% 179,574.00 179,596.26 99.35 4.63% 178,444.42 232.00 0.11% (1,151.85) Aaa/AAA NA 2.13 0.43 02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022 2.69% 1,524,359.77 1,543,580.72 99.53 4.58% 1,537,744.37 1,517.53 0.92% (5,836.35) Aaa/NA AAA 0.21 0.20 44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024 5.41% 609,983.04 609,986.52 101.17 4.58% 617,128.70 1,466.71 0.37% 7,142.18 NA/AAA AAA 2.38 1.31 02582JJT8 AMXCA 2022-2 A 3.39 05/17/2027 1,375,000.00 05/17/2022 3.42% 1,374,695.85 1,374,945.91 99.56 4.65% 1,368,890.88 2,071.67 0.81% (6,055.03) NA/AAA AAA 0.37 0.36 47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 800,325.08 10/12/2022 5.15% 800,262.97 800,292.79 100.29 4.69% 802,661.79 1,810.51 0.48% 2,369.00 Aaa/NA AAA 2.45 0.64 30 97 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023 5.40% 1,294,718.75 1,296,047.28 100.78 4.53% 1,310,167.56 2,981.33 0.78% 14,120.28 NA/AAA AAA 3.30 1.14 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 -- 5.64% 806,992.67 806,400.52 101.59 4.55% 817,800.79 1,267.88 0.49% 11,400.26 Aaa/NA AAA 3.47 1.31 58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023 5.18% 1,123,289.06 1,117,005.95 101.85 4.63% 1,120,312.82 2,908.89 0.67% 3,306.87 NA/AAA AAA 3.88 1.32 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024 4.58% 858,798.83 855,871.24 100.97 4.48% 858,245.68 1,881.33 0.51% 2,374.44 Aaa/NA AAA 1.88 1.75 47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 5.13% 499,765.63 499,804.37 100.77 4.57% 503,848.80 1,102.22 0.30% 4,044.43 Aaa/NA AAA 3.88 1.73 437930AC4 HONDO-242-A3 5.27 11/20/2028 535,000.00 05/14/2024 5.27% 534,935.00 534,943.90 101.21 4.60% 541,493.24 1,018.13 0.32% 6,549.35 NA/AAA AAA 3.89 1.65 36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 -- 4.97% 1,307,922.66 1,308,237.73 100.51 4.54% 1,316,742.31 2,647.29 0.78% 8,504.58 Aaa/NA AAA 3.97 1.43 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4.61% 1,689,742.61 1,689,790.34 100.26 4.51% 1,694,377.44 3,455.11 1.01% 4,587.10 NR/AAA AAA 4.04 1.90 096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 695,000.00 06/04/2024 5.24% 694,894.43 694,906.94 101.18 4.48% 703,199.89 600.02 0.42% 8,292.94 Aaa/AAA NA 4.16 1.55 05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024 4.93% 784,955.96 784,961.05 100.97 4.54% 792,586.71 1,720.02 0.47% 7,625.66 Aaa/AAA NA 4.37 2.19 Total ABS 15,859,010.82 4.38% 15,860,295.21 15,874,360.80 100.46 4.57% 15,931,198.67 28,260.73 9.48% 56,837.86 Aaa/AAA AAA 2.71 1.13 AGENCY 3135G04Z3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 06/17/2025 2,500,000.00 -- 0.50% 2,499,227.30 2,499,948.58 98.32 4.24% 2,457,982.05 486.11 1.46% (41,966.53) Aaa/AA+ AA+ 0.46 0.45 3137EAEU9 FEDERAL HOME LOAN MORTGAGE CORP 0.375 07/21/2025 1,250,000.00 07/21/2020 0.48% 1,243,775.00 1,249,314.02 97.84 4.37% 1,223,004.93 2,083.33 0.73% (26,309.10) Aaa/AA+ AA+ 0.55 0.54 3135G05X7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.375 08/25/2025 2,500,000.00 -- 0.47% 2,487,983.75 2,498,400.46 97.50 4.34% 2,437,399.05 3,281.25 1.45% (61,001.41) Aaa/AA+ AA+ 0.65 0.63 3137EAEX3 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 2,500,000.00 -- 0.46% 2,489,362.80 2,498,422.24 97.25 4.27% 2,431,274.10 2,552.08 1.45% (67,148.14) Aaa/AA+ AA+ 0.73 0.71 31 98 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3135G06G3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 2,500,000.00 -- 0.56% 2,492,700.00 2,498,756.91 96.88 4.29% 2,421,914.53 1,875.00 1.44% (76,842.39) Aaa/AA+ AA+ 0.85 0.83 3130B0TY5 FEDERAL HOME LOAN BANKS 4.75 04/09/2027 1,875,000.00 04/10/2024 4.85% 1,870,050.00 1,871,250.14 101.40 4.09% 1,901,274.47 20,286.46 1.13% 30,024.33 Aaa/AA+ AA+ 2.27 2.11 3133ERDS7 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/2024 4.55% 2,412,552.00 2,410,230.66 100.88 4.35% 2,421,083.09 17,416.67 1.44% 10,852.43 Aaa/AA+ AA+ 2.34 2.18 3133EPC60 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023 4.73% 2,789,612.00 2,792,548.51 100.81 4.32% 2,822,609.80 16,547.22 1.68% 30,061.29 Aaa/AA+ AA+ 2.87 2.65 Total Agency 18,325,000.00 2.15% 18,285,262.85 18,318,871.52 98.89 4.28% 18,116,542.01 64,528.12 10.78% (202,329.51) Aaa/AA+ AA+ 1.40 1.31 AGENCY CMBS 3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 983,583.93 07/01/2021 0.87% 1,061,963.27 993,334.21 99.11 4.56% 974,864.46 2,467.16 0.58% (18,469.75) Aaa/AA+ AAA 0.56 0.45 3137BLW95 FHMS K-050 A2 3.334 08/25/2025 910,959.28 11/16/2021 1.22% 976,292.13 921,211.36 99.18 4.54% 903,449.05 2,530.95 0.54% (17,762.31) Aaa/AA+ AAA 0.65 0.51 3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 1.36% 687,451.17 662,578.19 97.06 4.48% 630,892.02 1,437.04 0.38% (31,686.17) Aaa/AA+ AAA 1.65 1.54 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 4.36% 950,664.06 973,638.99 96.67 4.57% 966,652.00 2,703.33 0.58% (6,986.99) Aaa/AA+ AA+ 2.65 2.42 3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024 4.86% 1,913,359.38 1,923,045.91 96.77 4.68% 1,935,301.80 6,285.00 1.15% 12,255.89 Aaa/AAA AA+ 3.99 3.46 3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024 4.70% 1,228,178.44 1,234,610.08 95.84 4.68% 1,234,467.76 3,824.29 0.73% (142.32) Aaa/AA+ AA+ 4.07 3.67 3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024 4.74% 1,801,718.75 1,823,036.71 91.15 4.71% 1,823,084.40 3,766.67 1.09% 47.69 Aaa/AA+ AAA 4.07 3.71 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024 4.50% 2,465,830.08 2,474,278.17 96.34 4.68% 2,456,648.84 7,841.25 1.46% (17,629.33) Aaa/AA+ AA+ 4.07 3.62 3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 2,000,000.00 09/19/2024 3.82% 1,929,531.25 1,933,683.87 93.42 4.70% 1,868,305.40 4,970.00 1.11% (65,378.47) Aaa/AA+ AAA 4.40 3.87 3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024 4.47% 2,039,382.82 2,054,460.43 92.37 4.72% 2,032,189.94 5,105.83 1.21% (22,270.49) Aaa/AA+ AAA 4.48 4.02 32 99 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024 4.00% 1,488,375.00 1,495,671.16 90.62 4.73% 1,449,878.88 3,233.33 0.86% (45,792.28) Aaa/AA+ AAA 4.65 4.20 16,542,746.36 94.80 16,275,734.54 9.69%Aaa/AA+3.62 Total Agency CMBS 17,182,543.21 3.93%16,489,549.08 4.66%44,164.85 (213,814.54)AAA 3.23 CASH CCYUSD Receivable 1,596.57 -- 0.00% 1,596.57 1,596.57 1.00 0.00% 1,596.57 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 1,596.57 1.00 1,596.57 0.00%Aaa/AAA 0.00 Total Cash 1,596.57 0.00%1,596.57 0.00%0.00 0.00 AAA 0.00 CORPORATE 40139LBC6 GUARDIAN LIFE GLOBAL FUNDING 0.875 12/10/2025 1,400,000.00 -- 1.12% 1,385,860.00 1,396,824.39 96.59 4.63% 1,352,272.08 714.58 0.80% (44,552.30) Aa1/AA+ NA 0.94 0.92 66815L2A6 NORTHWESTERN MUTUAL GLOBAL FUNDING 0.8 01/14/2026 850,000.00 12/06/2021 1.46% 827,449.50 844,309.69 96.25 4.56% 818,105.12 3,154.44 0.49% (26,204.57) Aaa/AA+ AAA 1.04 1.00 023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021 1.09% 1,866,900.00 1,872,799.78 95.68 4.30% 1,793,990.18 2,552.08 1.07% (78,809.61) A1/AA AA- 1.36 1.33 91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 1,035,000.00 -- 1.37% 1,025,051.35 1,031,902.50 95.56 4.53% 989,090.56 1,520.88 0.59% (42,811.94) A2/A+ A 1.37 1.33 89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 1,385,000.00 06/15/2021 1.13% 1,384,390.60 1,384,822.12 95.08 4.65% 1,316,876.01 562.66 0.78% (67,946.11) A1/A+ A+ 1.46 1.42 57629WDE7 MASSMUTUAL GLOBAL FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021 1.15% 1,002,230.00 1,000,699.68 95.01 4.59% 950,144.65 5,500.00 0.57% (50,555.03) Aa3/AA+ AA+ 1.54 1.49 58989V2D5 MET TOWER GLOBAL FUNDING 1.25 09/14/2026 770,000.00 09/07/2021 1.27% 769,291.60 769,759.08 94.59 4.59% 728,358.93 2,860.76 0.43% (41,400.15) Aa3/AA- AA- 1.70 1.64 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021 1.09% 349,338.50 349,773.95 94.60 4.36% 331,106.75 1,061.67 0.20% (18,667.19) Aa2/AA AA 1.71 1.66 59217GER6 METROPOLITAN LIFE GLOBAL FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022 1.90% 1,113,728.90 1,114,484.88 94.70 4.65% 1,055,938.84 9,872.40 0.63% (58,546.04) Aa3/AA- AA- 2.03 1.93 808513BY0 CHARLES SCHWAB CORP 2.45 03/03/2027 960,000.00 03/01/2022 2.46% 959,729.90 959,880.14 95.49 4.66% 916,717.55 7,709.33 0.55% (43,162.59) A2/A- A 2.17 2.06 33 100 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 084664CZ2 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022 2.30% 1,614,693.15 1,614,865.06 95.79 4.32% 1,546,957.72 10,937.14 0.92% (67,907.34) Aa2/AA A+ 2.20 2.10 857477CL5 STATE STREET CORP 4.993 03/18/2027 1,760,000.00 03/13/2024 4.99% 1,760,000.00 1,760,000.00 100.83 4.59% 1,774,648.29 25,142.53 1.06% 14,648.29 Aa3/A AA- 2.21 1.97 89115A2W1 TORONTO-DOMINION BANK 4.98 04/05/2027 1,340,000.00 03/26/2024 4.98% 1,340,000.00 1,340,000.00 100.33 4.82% 1,344,430.16 15,941.53 0.80% 4,430.16 A2/A- AA- 2.26 2.09 57629W4S6 MASSMUTUAL GLOBAL FUNDING II 5.1 04/09/2027 1,000,000.00 06/20/2024 4.99% 1,002,630.00 1,002,137.04 101.17 4.55% 1,011,729.03 11,616.67 0.60% 9,591.99 Aa3/AA+ AA+ 2.27 2.10 665859AW4 NORTHERN TRUST CORP 4.0 05/10/2027 670,000.00 05/05/2022 4.03% 668,914.60 669,489.40 98.68 4.59% 661,184.35 3,796.67 0.39% (8,305.05) A2/A+ A+ 2.36 2.21 14913UAL4 CATERPILLAR FINANCIAL SERVICES CORP 5.0 05/14/2027 1,000,000.00 05/10/2024 5.04% 998,930.00 999,155.93 101.02 4.54% 1,010,182.21 6,527.78 0.60% 11,026.28 A2/A A+ 2.37 2.20 57636QAW4 MASTERCARD INC 4.875 03/09/2028 945,000.00 03/06/2023 4.90% 944,083.35 944,416.49 101.14 4.49% 955,743.83 14,332.50 0.57% 11,327.33 Aa3/A+ NA 3.19 2.81 61690U8E3 MORGAN STANLEY BANK NA 4.968 07/14/2028 1,950,000.00 07/17/2024 4.97% 1,950,000.00 1,950,000.00 100.32 4.96% 1,956,331.86 43,594.20 1.16% 6,331.86 Aa3/A+ AA- 3.54 2.30 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024 4.68% 1,481,235.00 1,483,113.76 98.29 4.84% 1,474,344.42 27,343.75 0.88% (8,769.34) A3/A WR 4.09 3.62 78016HZV5 ROYAL BANK OF CANADA 4.95 02/01/2029 2,000,000.00 10/31/2024 4.69% 2,019,920.00 2,019,137.57 100.15 4.91% 2,002,934.00 41,250.00 1.19% (16,203.57) A1/A AA- 4.09 3.58 743315AV5 PROGRESSIVE CORP 4.0 03/01/2029 1,500,000.00 07/16/2024 4.72% 1,455,495.00 1,459,924.41 97.14 4.76% 1,457,104.56 20,000.00 0.87% (2,819.85) A2/A A 4.16 3.73 64952WFG3 NEW YORK LIFE GLOBAL FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024 5.12% 994,880.00 995,400.53 100.74 4.81% 1,007,373.55 3,472.22 0.60% 11,973.02 Aaa/AA+ AAA 4.43 3.92 437076BY7 HOME DEPOT INC 2.95 06/15/2029 1,663,000.00 09/17/2024 3.93% 1,593,203.89 1,597,437.62 92.74 4.78% 1,542,199.06 2,180.38 0.92% (55,238.56) A2/A A 4.45 4.09 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,000,000.00 07/01/2024 4.93% 992,260.00 993,038.68 100.01 4.75% 1,000,069.00 791.67 0.60% 7,030.32 A2/A A 4.48 3.99 756109CB8 REALTY INCOME CORP 4.0 07/15/2029 1,463,000.00 08/08/2024 4.69% 1,419,212.41 1,422,737.79 96.17 4.95% 1,406,938.00 26,984.22 0.84% (15,799.78) A3/A- NA 4.54 4.01 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024 4.53% 1,497,675.00 1,497,888.91 99.81 4.55% 1,497,142.55 30,750.00 0.89% (746.37) A1/A+ NA 4.54 3.98 46647PAV8 JPMORGAN CHASE & CO 4.203 07/23/2029 1,500,000.00 09/17/2024 4.27% 1,496,610.00 1,496,863.53 97.31 5.20% 1,459,646.88 27,669.75 0.87% (37,216.65) A1/A AA- 4.56 3.20 34 101 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,500,000.00 09/17/2024 4.29% 1,498,710.00 1,498,806.47 97.43 5.24% 1,461,413.21 28,117.42 0.87% (37,393.27) A1/A- AA- 4.56 3.19 30303M8S4 META PLATFORMS INC 4.3 08/15/2029 912,000.00 08/12/2024 4.33% 910,584.09 910,691.87 98.74 4.60% 900,552.52 15,468.53 0.54% (10,139.35) Aa3/AA- NA 4.62 4.07 171239AL0 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 1,750,000.00 -- 4.44% 1,765,746.34 1,764,879.41 99.48 4.78% 1,740,914.00 34,132.29 1.04% (23,965.41) A2/A A 4.62 4.03 91324PDS8 UNITEDHEALTH GROUP INC 2.875 08/15/2029 2,000,000.00 09/17/2024 3.94% 1,906,080.00 1,911,583.13 91.92 4.85% 1,838,465.96 21,722.22 1.09% (73,117.17) A2/A+ A 4.62 4.19 02665WFQ9 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 1,750,000.00 10/02/2024 4.29% 1,758,102.50 1,757,696.92 97.23 5.07% 1,701,569.35 24,811.11 1.01% (56,127.58) A3/A- NA 4.68 4.11 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 1,205,000.00 09/23/2024 4.18% 1,205,000.00 1,205,000.00 97.13 4.86% 1,170,453.29 13,288.64 0.70% (34,546.71) Aa1/AA+ NA 4.74 4.19 14913UAU4 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 1,200,000.00 11/14/2024 4.74% 1,198,092.00 1,198,141.11 99.63 4.79% 1,195,550.05 7,206.67 0.71% (2,591.06) A2/A A+ 4.87 4.28 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 1,365,000.00 12/02/2024 4.61% 1,364,221.95 1,364,233.45 99.27 4.77% 1,355,075.09 4,534.83 0.81% (9,158.37) Aaa/AA+ AAA 4.93 4.34 Total Corporate 45,828,000.00 3.77% 45,520,249.63 45,581,895.28 97.66 4.74% 44,725,553.59 497,121.52 26.62% (856,341.70) A1/A+ A+ 3.38 2.94 MONEY MARKET FUND 992995944 WC MMF SWEEP 51,719.68 -- 2.85% 51,719.68 51,719.68 1.00 2.85% 51,719.68 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 VP4520004 WF ADV 100% TREAS MM FD-SVC CL #008 851,834.34 -- 0.01% 851,834.34 851,834.34 1.00 0.01% 851,834.34 0.00 0.51% 0.00 Aaa/AAAm NA 0.00 0.00 Total Money Market Fund 903,554.02 0.17% 903,554.02 903,554.02 1.00 0.17% 903,554.02 0.00 0.54% 0.00 Aaa/AAA NA 0.00 0.00 MUNICIPAL BONDS 13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024 4.37% 1,749,169.80 1,748,867.67 99.82 4.54% 1,736,781.00 12,180.00 1.03% (12,086.67) Aa2/AA- AA 4.58 4.02 Total Municipal Bonds 1,740,000.00 4.37% 1,749,169.80 1,748,867.67 99.82 4.54% 1,736,781.00 12,180.00 1.03% (12,086.67) Aa2/AA- AA 4.58 4.02 35 102 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration SUPRANATIONAL 45950KCT5 INTERNATIONAL FINANCE CORP 0.375 07/16/2025 2,500,000.00 05/27/2021 0.66% 2,471,150.00 2,496,245.28 97.84 4.47% 2,446,095.55 4,296.88 1.46% (50,149.73) Aaa/AAA NA 0.54 0.53 459058JL8 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 2,400,000.00 -- 0.60% 2,388,859.25 2,398,053.26 96.86 4.44% 2,324,548.75 2,100.00 1.38% (73,504.50) Aaa/AAA NA 0.82 0.80 4581X0DV7 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 2,460,000.00 04/13/2021 0.97% 2,448,733.20 2,457,075.32 95.62 4.38% 2,352,291.58 4,245.21 1.40% (104,783.74) Aaa/AAA NA 1.30 1.27 459058LN1 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 1,750,000.00 12/12/2024 4.25% 1,721,510.00 1,721,816.17 97.44 4.48% 1,705,141.25 14,127.60 1.01% (16,674.92) Aaa/AAA NA 4.79 4.28 Total Supranational 9,110,000.00 1.42% 9,030,252.45 9,073,190.03 96.91 4.44% 8,828,077.14 24,769.69 5.25% (245,112.90) Aaa/AAA NA 1.64 1.52 US TREASURY 912828ZL7 UNITED STATES TREASURY 0.375 04/30/2025 750,000.00 03/21/2022 2.22% 708,251.96 745,622.89 98.73 4.32% 740,479.28 481.70 0.44% (5,143.61) Aaa/AA+ AA+ 0.33 0.32 91282CAB7 UNITED STATES TREASURY 0.25 07/31/2025 1,500,000.00 03/12/2021 4.30% 1,469,765.63 1,496,010.35 97.73 4.27% 1,465,883.12 1,569.29 0.87% (30,127.23) Aaa/AA+ AA+ 0.58 0.57 91282CAM3 UNITED STATES TREASURY 0.25 09/30/2025 2,400,000.00 -- 0.56% 2,366,140.63 2,394,488.03 97.09 4.27% 2,330,236.13 1,532.97 1.39% (64,251.90) Aaa/AA+ AA+ 0.75 0.73 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 2,450,000.00 -- 0.49% 2,422,492.19 2,445,222.43 96.78 4.26% 2,371,038.88 1,049.03 1.41% (74,183.55) Aaa/AA+ AA+ 0.83 0.81 91282CAZ4 UNITED STATES TREASURY 0.375 11/30/2025 2,250,000.00 03/26/2021 0.76% 2,209,658.20 2,242,130.16 96.57 4.26% 2,172,731.29 741.76 1.29% (69,398.87) Aaa/AA+ AA+ 0.91 0.89 91282CBH3 UNITED STATES TREASURY 0.375 01/31/2026 2,500,000.00 05/27/2021 0.75% 2,456,445.31 2,489,933.24 95.95 4.25% 2,398,777.18 3,923.23 1.43% (91,156.06) Aaa/AA+ AA+ 1.08 1.05 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 2,500,000.00 05/27/2021 0.80% 2,493,652.34 2,498,291.28 95.51 4.26% 2,387,870.53 3,211.33 1.42% (110,420.76) Aaa/AA+ AA+ 1.33 1.29 91282CCZ2 UNITED STATES TREASURY 0.875 09/30/2026 1,400,000.00 10/18/2021 1.19% 1,379,054.68 1,392,616.40 94.37 4.26% 1,321,167.78 3,129.81 0.79% (71,448.62) Aaa/AA+ AA+ 1.75 1.69 36 103 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 91282CDG3 UNITED STATES TREASURY 1.125 10/31/2026 1,400,000.00 11/15/2021 1.25% 1,391,468.75 1,396,849.71 94.53 4.27% 1,323,474.03 2,697.51 0.79% (73,375.68) Aaa/AA+ AA+ 1.83 1.77 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 2,500,000.00 12/28/2023 4.01% 2,525,097.66 2,516,538.48 100.23 4.25% 2,505,664.58 5,108.17 1.49% (10,873.90) Aaa/AA+ AA+ 1.96 1.85 91282CKJ9 UNITED STATES TREASURY 4.5 04/15/2027 2,300,000.00 04/17/2024 4.77% 2,283,109.38 2,287,100.02 100.50 4.26% 2,311,537.90 22,178.57 1.38% 24,437.88 Aaa/AA+ AA+ 2.29 2.13 91282CKR1 UNITED STATES TREASURY 4.5 05/15/2027 3,200,000.00 05/08/2024 4.65% 3,186,500.00 3,189,347.95 100.50 4.27% 3,215,939.07 18,696.13 1.91% 26,591.13 Aaa/AA+ AA+ 2.37 2.21 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 3,250,000.00 -- 3.18% 3,260,312.50 3,255,008.28 97.65 4.25% 3,173,777.78 291.78 1.89% (81,230.49) Aaa/AA+ AA+ 2.50 2.36 91282CFB2 UNITED STATES TREASURY 2.75 07/31/2027 400,000.00 08/22/2022 3.12% 393,218.75 396,460.81 96.31 4.28% 385,229.22 4,603.26 0.23% (11,231.59) Aaa/AA+ AA+ 2.58 2.42 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 4,500,000.00 -- 3.28% 4,468,902.34 4,483,358.28 97.12 4.28% 4,370,408.60 47,781.42 2.60% (112,949.68) Aaa/AA+ AA+ 2.67 2.49 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 3,450,000.00 -- 4.31% 3,421,152.34 3,433,912.27 99.61 4.28% 3,436,375.67 36,360.06 2.05% 2,463.41 Aaa/AA+ AA+ 2.75 2.54 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 850,000.00 12/05/2022 3.81% 852,656.25 851,551.42 98.87 4.29% 840,406.63 2,895.60 0.50% (11,144.80) Aaa/AA+ AA+ 2.91 2.71 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 2,750,000.00 -- 3.67% 2,775,107.42 2,765,276.76 98.85 4.29% 2,718,435.28 294.37 1.62% (46,841.48) Aaa/AA+ AA+ 3.00 2.79 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/07/2023 3.81% 2,957,929.69 2,973,966.39 97.71 4.30% 2,931,230.85 43,940.22 1.74% (42,735.54) Aaa/AA+ AA+ 3.08 2.84 91282CGP0 UNITED STATES TREASURY 4.0 02/29/2028 3,700,000.00 -- 4.01% 3,699,113.28 3,699,523.71 99.09 4.31% 3,666,356.42 50,287.29 2.18% (33,167.29) Aaa/AA+ AA+ 3.16 2.89 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 2,300,000.00 04/17/2024 4.62% 2,249,867.19 2,257,021.10 99.02 4.38% 2,277,388.45 24,240.04 1.36% 20,367.35 Aaa/AA+ AA+ 4.25 3.81 91282CKX8 UNITED STATES TREASURY 4.25 06/30/2029 2,000,000.00 07/01/2024 4.41% 1,985,546.88 1,986,996.95 99.45 4.39% 1,988,928.94 234.81 1.18% 1,931.99 Aaa/AA+ AA+ 4.50 4.05 91282CLK5 UNITED STATES TREASURY 3.625 08/31/2029 3,500,000.00 09/11/2024 3.45% 3,527,480.47 3,525,813.15 96.82 4.39% 3,388,874.23 43,109.46 2.02% (136,938.92) Aaa/AA+ AA+ 4.67 4.18 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 5,000,000.00 -- 3.83% 4,925,039.06 4,928,367.59 96.22 4.39% 4,810,968.70 44,711.54 2.86% (117,398.89) Aaa/AA+ AA+ 4.75 4.27 91282CLR0 UNITED STATES TREASURY 4.125 10/31/2029 3,000,000.00 10/31/2024 4.17% 2,993,789.06 2,993,996.66 98.85 4.39% 2,965,450.92 21,194.75 1.76% (28,545.74) Aaa/AA+ AA+ 4.83 4.30 37 104 HOLDINGS REPORT City of Cupertino | Account #10659 | As of December 31, 2024 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration Total US Treasury 62,850,000.00 3.19% 62,401,751.96 62,645,404.28 97.88 4.30% 61,498,631.43 384,264.12 36.60% (1,146,772.85) Aaa/AA+ AA+ 2.73 2.51 Total Portfolio 171,799,704.62 3.32% 170,294,878.84 170,637,289.27 97.32 4.46% 168,017,668.96 1,055,289.04 100.00% (2,619,620.31) Aa2/AA- AA 2.79 2.39 Total Market Value + Accrued 169,072,957.99 38 105 TRANSACTIONS 39 106 TRANSACTION LEDGER City of Cupertino | Account #10659|10/01/2024 Through 12/31/2024| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 10/03/2024 02665WFQ9 1,750,000.00 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 100.463 4.29%(1,758,102.50)(5,988.89)(1,764,091.39)0.00 Purchase 10/07/2024 91282CLN9 2,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 98.813 3.76%(1,976,250.00)(1,346.15)(1,977,596.15)0.00 Purchase 10/15/2024 171239AL0 885,000.00 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 101.227 4.36%(895,858.95)(8,573.44)(904,432.39)0.00 Purchase 10/15/2024 91282CLN9 3,000,000.00 UNITED STATES TREASURY 3.5 09/30/2029 98.293 3.88%(2,948,789.06)(4,326.92)(2,953,115.98)0.00 Purchase 11/01/2024 78016HZV5 2,000,000.00 ROYAL BANK OF CANADA 4.95 02/01/2029 100.996 4.69%(2,019,920.00)(24,750.00)(2,044,670.00)0.00 Purchase 11/01/2024 91282CLR0 3,000,000.00 UNITED STATES TREASURY 4.125 10/31/2029 99.793 4.17%(2,993,789.06)(341.85)(2,994,130.91)0.00 Purchase 11/05/2024 13063EGT7 1,740,000.00 4.5 08/01/2029 100.527 4.38%(1,749,169.80)0.00 (1,749,169.80)0.00 Purchase 11/15/2024 14913UAU4 1,200,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 99.841 4.74%(1,198,092.00)0.00 (1,198,092.00)0.00 Purchase 12/05/2024 64952WFK4 1,365,000.00 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 99.943 4.61%(1,364,221.95)0.00 (1,364,221.95)0.00 Purchase 12/13/2024 459058LN1 1,750,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 98.372 4.25%(1,721,510.00)(10,736.98)(1,732,246.98)0.00 Total Purchase 18,690,000.00 (18,625,703.32)(56,064.23)(18,681,767.55)0.00 TOTAL ACQUISITIONS 18,690,000.00 (18,625,703.32)(56,064.23)(18,681,767.55)0.00 DISPOSITIONS Sale 10/03/2024 91282CED9 (1,500,000.00)UNITED STATES TREASURY 1.75 03/15/2025 98.875 2.70%1,483,125.00 1,305.25 1,484,430.25 (13,774.47) Sale 10/07/2024 3137EAEP0 (500,000.00) FEDERAL HOME LOAN MORTGAGE CORP 1.5 02/12/2025 98.933 1.52%494,665.00 1,145.83 495,810.83 (5,308.00) Sale 10/07/2024 91282CED9 (1,600,000.00)UNITED STATES TREASURY 1.75 03/15/2025 98.867 2.70%1,581,875.00 1,701.66 1,583,576.66 (14,898.93) 40 107 TRANSACTION LEDGER City of Cupertino | Account #10659|10/01/2024 Through 12/31/2024| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 10/15/2024 3137EAEP0 (1,865,000.00) FEDERAL HOME LOAN MORTGAGE CORP 1.5 02/12/2025 98.991 1.52%1,846,178.42 4,895.63 1,851,074.05 (18,727.15) Sale 10/15/2024 61690U7W4 (1,000,000.00)MORGAN STANLEY BANK NA 5.882 10/30/2026 103.060 5.88%1,030,600.00 26,959.17 1,057,559.17 30,544.51 Sale 10/15/2024 912828ZC7 (795,000.00)UNITED STATES TREASURY 1.125 02/28/2025 98.754 0.81%785,093.55 1,111.79 786,205.34 (10,829.67) Sale 11/01/2024 17275RBQ4 (2,000,000.00)CISCO SYSTEMS INC 4.8 02/26/2027 100.811 4.85%2,016,220.00 17,333.33 2,033,553.33 12,394.03 Sale 11/01/2024 24422EXM6 (2,000,000.00)JOHN DEERE CAPITAL CORP 4.85 03/05/2027 100.946 4.77%2,018,920.00 15,088.89 2,034,008.89 15,604.56 Sale 11/01/2024 46647PEA0 (1,500,000.00)JPMORGAN CHASE & CO 5.04 01/23/2028 100.479 5.02%1,507,185.00 20,580.00 1,527,765.00 6,578.75 Sale 11/01/2024 912828ZC7 (700,000.00)UNITED STATES TREASURY 1.125 02/28/2025 98.906 0.81%692,343.75 1,348.76 693,692.51 (8,367.54) Sale 11/15/2024 912828ZL7 (1,000,000.00)UNITED STATES TREASURY 0.375 04/30/2025 98.184 2.22%981,835.94 155.39 981,991.33 (10,022.88) Sale 12/04/2024 912828ZL7 (750,000.00)UNITED STATES TREASURY 0.375 04/30/2025 98.398 2.22%737,988.28 264.16 738,252.44 (6,604.70) Sale 12/13/2024 3135G03U5 (1,860,000.00) FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.625 04/22/2025 98.676 0.67%1,835,373.60 1,646.88 1,837,020.48 (24,353.32) Total Sale (17,070,000.00)17,011,403.54 93,536.74 17,104,940.28 (47,764.81) TOTAL DISPOSITIONS (17,070,000.00)17,011,403.54 93,536.74 17,104,940.28 (47,764.81) 41 108 IMPORTANT DISCLOSURES City of Cupertino | As of December 31, 2024 2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively. 42 109 BENCHMARK DISCLOSURES City of Cupertino | Account #10659 | As of December 31, 2024 Benchmark Disclosure ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 43 110 INVESTMENT AND INSURANCE PRODUCTS ARE:·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PCS - SAN FRANCISCO CA 510 N VALLEY MILLS DRIVE, SUITE 400 WACO, TX 76710-6075 CITY OF CUPERTINO - CHANDLER ASSET MANAGEMENT ACCOUNT NUMBER MONTHLY STATEMENT DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT MANAGER: MICHAEL J WADE TELEPHONE NUMBER: 515-878-6110 PFGEDD INVESTMENT CONTACT: IMR/CONNOR GAFKJEN TELEPHONE NUMBER: ADMINISTRATOR: BELINDA CONWAY TELEPHONE NUMBER: 254-265-6137 00125 SE 111 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. 112 TABLE OF CONTENTS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE REPORT NAME NUMBER_________________ ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 19 STATEMENT OF TRANSACTIONS ...................................................................... 20 113 PAGE 1 ASSET SUMMARY CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ ASSET SUMMARY % TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00 CASH EQUIVALENTS 903,554.02 903,554.02 0.54 0.00 35,710 3.95 1,596.57 BONDS AND NOTES 169,389,728.31 167,120,939.92 99.46 2,268,788.39- 5,273,069 3.16 1,055,317.04 ===================================================================================================================================== TOTAL INVESTMENTS 170,293,282.33 168,024,493.94 100.00 2,268,788.39- 5,308,779 3.16 1,056,913.61 TOTAL ACCRUALS 1,056,913.61 1,056,913.61 ===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 171,350,195.94 169,081,407.55 2,268,788.39- 5,308,779 3.16 1,056,913.61 114 PAGE 2 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS______________________________________________________________________________________________________________________________________ 851,834.34 ALLSPRING 100% TREASURY 851,834.34 851,834.34 0.51 0.00 1,493.98 MONEY MARKET FUND - #008 1.0000 1.0000 51,719.68 PRINCIPAL PUBLIC DEPOSIT SWEEP 51,719.68 51,719.68 0.03 0.00 102.59 PROGRAM 1.0000 1.0000 ====================================================================================================================================== TOTAL CASH EQUIVALENTS 903,554.02 903,554.02 0.54 0.00 1,596.57 BOND & NOTES______________________________________________________________________________________________________________________________________ 1,875,000 AMAZON.COM INC 1,866,900.00 1,794,000.00 1.07 72,900.00- 2,552.08 DTD 05/12/21 1.000 05/12/2026 99.5680 95.6800 MOODY'S RATING A1 CUSIP 023135BX3 1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,368,895.00 0.81 5,800.85- 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 99.5560 DTD 05/24/2022 3.390% 05/17/2027 NON CALLABLE CUSIP 02582JJT8 1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,537,738.50 0.92 13,378.73 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 99.5300 DTD 03/18/2022 2.210% 03/15/2027 NON CALLABLE MOODY'S RATING AAA CUSIP 02589BAA8 1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,701,577.50 1.01 56,525.00- 24,811.11 MEDIUM TERM NOTE 100.4630 97.2330 DTD 09/05/2024 4.400% 09/05/2029 NON CALLABLE MOODY'S RATING A3 CUSIP 02665WFQ9 115 PAGE 3 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,461,420.00 0.87 37,290.00- 28,117.42 DTD 07/23/18 07/23/2029 99.9140 97.4280 MOODY'S RATING A1 CUSIP 06051GHM4 850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 858,245.00 0.51 553.83- 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 100.9700 DTD 12/14/2023 4.980% 11/15/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 05522RDH8 785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 792,583.10 0.47 7,627.14 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 100.9660 DTD 06/13/2024 4.930% 05/15/2029 NON CALLABLE MOODY'S RATING AAA CUSIP 05522RDJ4 1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,546,960.05 0.92 67,733.10- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 95.7870 CALLABLE MOODY'S RATING AA2 CUSIP 084664CZ2 173,709.52 BMW VEHICLE OWNER TRUST 173,700.48 172,919.14 0.10 781.34-92.93 ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.5450 DTD 05/18/2022 3.210% 08/25/2026 CALLABLE MOODY'S RATING AAA CUSIP 05602RAD3 695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,201.00 0.42 8,306.57 600.02 ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.1800 DTD 06/11/2024 5.180% 02/26/2029 CALLABLE MOODY'S RATING AAA CUSIP 096919AD7 116 PAGE 4 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,740,000 CALIFORNIA STATE 1,749,169.80 1,736,781.00 1.03 12,388.80- 12,180.00 GENERAL OBLIGATION 100.5270 99.8150 DTD 11/05/2024 4.500% 08/01/2029 NON CALLABLE MOODY'S RATING AA2 CUSIP 13063EGT7 1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,010,180.00 0.60 11,250.00 6,527.78 MEDIUM TERM NOTE 99.8930 101.0180 DTD 05/14/2024 5.000% 05/14/2027 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAL4 1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,195,548.00 0.71 2,544.00- 7,206.67 MEDIUM TERM NOTE 99.8410 99.6290 DTD 11/15/2024 4.700% 11/15/2029 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAU4 960,000 CHARLES SCHWAB CORP 959,729.90 916,713.60 0.55 43,016.30- 7,709.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 95.4910 CALLABLE MOODY'S RATING A2 CUSIP 808513BY0 1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,694,377.10 1.01 4,634.49 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.2590 DTD 01/31/2024 4.600% 01/16/2029 NON CALLABLE CUSIP 161571HV9 1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,743,770.00 1.04 21,976.34- 34,132.29 DTD 07/31/2024 4.650% 08/15/2029 100.8998 99.6440 CALLABLE MOODY'S RATING A2 CUSIP 171239AL0 117 PAGE 5 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,223,000.00 0.73 20,775.00- 2,083.33 SER USD 99.5020 97.8400 DTD 07/23/20 0.375 07/21/2025 MOODY'S RATING AAA CUSIP 3137EAEU9 2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,431,275.00 1.45 58,087.80- 2,552.08 DTD 09/25/20 0.375 09/23/2025 99.5745 97.2510 MOODY'S RATING AAA CUSIP 3137EAEX3 1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,234,470.72 0.73 6,292.28 3,824.29 SER K089 CL A2 *24 DAY DELAY*95.3555 95.8440 DTD 03/01/19 3.563 01/25/2029 CUSIP 3137FL6P4 2,000,000 FED HOME LN MTG CORP 1,929,531.25 1,868,300.00 1.11 61,231.25- 4,970.00 SER K093 CL A2 *24 DAY DELAY*96.4766 93.4150 DTD 06/01/19 2.982 05/25/2029 CUSIP 3137FMCR1 2,500,000 FED NATL MTG ASSN 2,499,227.30 2,457,975.00 1.46 41,252.30-486.11 DTD 06/19/20 0.500 06/17/2025 99.9691 98.3190 MOODY'S RATING AAA CUSIP 3135G04Z3 2,500,000 FED NATL MTG ASSN 2,487,983.75 2,437,400.00 1.45 50,583.75- 3,281.25 DTD 08/27/20 0.375 08/25/2025 99.5194 97.4960 MOODY'S RATING AAA CUSIP 3135G05X7 2,500,000 FED NATL MTG ASSN 2,492,700.00 2,421,925.00 1.44 70,775.00- 1,875.00 DTD 11/12/20 0.500 11/07/2025 99.7080 96.8770 MOODY'S RATING AAA CUSIP 3135G06G3 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,822,624.00 1.68 33,012.00 16,547.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 100.8080 NON CALLABLE MOODY'S RATING AAA CUSIP 3133EPC60 118 PAGE 6 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,421,096.00 1.44 8,544.00 17,416.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 100.8790 NON CALLABLE MOODY'S RATING AAA CUSIP 3133ERDS7 1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,901,268.75 1.13 31,218.75 20,286.46 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.4010 NON CALLABLE MOODY'S RATING AAA CUSIP 3130B0TY5 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,823,080.00 1.09 21,361.25 3,766.67 CMO SER K748 CL A2 90.0860 91.1540 DTD 03/01/2022 2.260% 01/25/2029 NON CALLABLE CUSIP 3137H5YC5 983,583.93 FHLMC MULTIFAMILY STRUCTURED P 1,061,963.27 974,859.54 0.58 87,103.73- 2,467.16 SER K049 CL A2 *24 DAY DELAY*107.9688 99.1130 DTD 10/01/15 3.010 08/25/2025 CUSIP 3137BLMZ8 910,959.27 FHLMC MULTIFAMILY STRUCTURED P 976,292.13 903,452.97 0.54 72,839.16- 2,530.95 SER K050 CL A2 *24 DAY DELAY*107.1719 99.1760 DTD 11/01/15 08/25/2025 CUSIP 3137BLW95 650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 630,890.00 0.38 56,561.17- 1,437.04 SER K058 CL A2 *24 DAY DELAY*105.7617 97.0600 DTD 11/01/16 2.653 08/25/2026 CUSIP 3137BSP72 1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 966,650.00 0.58 15,985.94 2,703.33 SER K068 CL A2 *24 DAY DELAY*95.0664 96.6650 DTD 10/01/17 3.244 08/25/2027 MOODY'S RATING AAA CUSIP 3137FBBX3 119 PAGE 7 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,935,300.00 1.15 21,940.62 6,285.00 SER K087 CL A2 *24 DAY DELAY*95.6680 96.7650 DTD 01/01/19 3.771 12/25/2028 CUSIP 3137FKUP9 2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,456,644.50 1.46 9,185.58- 7,841.25 SER K088 CL A2 *24 DAY DELAY*96.6992 96.3390 DTD 03/01/19 3.690 01/25/2029 MOODY'S RATING AAA CUSIP 3137FKZZ2 2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,032,184.00 1.21 7,198.82- 5,105.83 SER K095 CL A2 *24 DAY DELAY*92.6992 92.3720 DTD 08/01/19 2.785 06/25/2029 CUSIP 3137FNAE0 1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,449,872.00 0.86 38,503.00- 3,233.33 SER K098 CL A2 *24 DAY DELAY*93.0235 90.6170 DTD 10/01/19 2.425 08/25/2029 CUSIP 3137FPHK4 73,444.22 GM FINANCIAL SECURITIZED TERM 73,442.34 72,760.45 0.04 681.89-20.81 SER 2021-4 CL A3 *0 DAY DELAY*99.9975 99.0690 DTD 10/21/21 0.680 09/16/2026 MOODY'S RATING AAA CUSIP 362554AC1 179,611.56 GM FINANCIAL SECURITIZED TERM 179,574.02 178,483.60 0.11 1,090.42-232.00 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.3720 DTD 04/13/2022 3.100% 02/16/2027 CALLABLE MOODY'S RATING AAA CUSIP 362585AC5 1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,316,746.50 0.78 8,823.84 2,647.29 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.5150 DTD 01/17/2024 4.850% 12/18/2028 CALLABLE MOODY'S RATING AAA CUSIP 36268GAD7 120 PAGE 8 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 79,402.35 GM FINANCIAL SECURITIZED TERM 79,395.45 78,683.76 0.05 711.69-41.69 SER 2022-1 CL A3 *0 DAY DELAY*99.9913 99.0950 DTD 01/19/22 1.260 11/16/2026 CUSIP 380146AC4 1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,352,274.00 0.80 33,586.00-714.58 144A PRIV PLCMT 0.875 12/10/2025 98.9900 96.5910 MOODY'S RATING AA1 CUSIP 40139LBC6 1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,170,452.65 0.70 34,547.35- 13,288.64 MEDIUM TERM NOTE 100.0000 97.1330 DTD 09/26/2024 4.179% 09/26/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 40139LBJ1 1,663,000 HOME DEPOT INC 1,593,203.89 1,542,199.68 0.92 51,004.21- 2,180.38 DTD 06/17/19 2.950 06/15/2029 95.8030 92.7360 MOODY'S RATING A2 CUSIP 437076BY7 1,000,000 HOME DEPOT INC 992,260.00 1,002,160.00 0.60 9,900.00 791.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 100.2160 CALLABLE MOODY'S RATING A2 CUSIP 437076DC3 535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 541,494.90 0.32 6,559.90 1,018.13 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.2140 DTD 05/21/2024 5.270% 11/20/2028 CALLABLE CUSIP 437930AC4 805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 817,799.50 0.49 10,806.83 1,267.88 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.5900 DTD 11/08/2023 5.670% 06/21/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 438123AC5 121 PAGE 9 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 233,407.9 HONDA AUTO RECEIVABLES OWNER T 233,372.79 231,402.93 0.14 1,969.86-195.03 SER 2022-1 CL A3 *0 DAY DELAY*99.9850 99.1410 DTD 02/23/22 1.000 05/15/2026 MOODY'S RATING AAA CUSIP 43815BAC4 72,161.35 HONDA AUTO RECEIVABLES OWNER T 72,146.14 71,599.93 0.04 546.21-17.64 SER 2021-4 CL A3 *0 DAY DELAY*99.9789 99.2220 DTD 11/24/21 0.880 01/21/2026 MOODY'S RATING AAA CUSIP 43815GAC3 610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 617,130.90 0.37 7,147.86 1,466.71 ASSET BCKD SEC SER 2024-B CL A3 99.9972 101.1690 DTD 05/22/2024 5.410% 05/17/2027 CALLABLE 144A PRIVATE PLACEMENT CUSIP 44934FAD7 330,321.81 HYUNDAI AUTO RECEIVABLES TRUST 330,309.10 327,847.70 0.20 2,461.40-325.92 ASSET BCKD SEC SER 2022-A CL A3 99.9962 99.2510 DTD 03/16/2022 2.220% 10/15/2026 CALLABLE CUSIP 448977AD0 138,977 HYUNDAI AUTO RECEIVABLES TRUST 135,463.04 138,419.70 0.08 2,956.66 45.71 SER 2021-C CL A3 *0 DAY DELAY*97.4716 99.5990 DTD 11/17/21 0.740 05/15/2026 CUSIP 44935FAD6 2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,352,301.20 1.40 96,432.00- 4,245.21 DTD 04/20/21 0.875 04/20/2026 99.5420 95.6220 MOODY'S RATING AAA CUSIP 4581X0DV7 1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,705,147.50 1.01 16,362.50- 14,127.60 DTD 10/16/2024 3.875% 10/16/2029 98.3720 97.4370 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LN1 122 PAGE 10 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,324,544.00 1.38 64,315.25- 2,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 96.8560 MOODY'S RATING AAA CUSIP 459058JL8 2,500,000 INTL FINANCE CORP 2,471,150.00 2,446,100.00 1.46 25,050.00- 4,308.33 DTD 07/16/20 0.375 07/16/2025 98.8460 97.8440 MOODY'S RATING AAA CUSIP 45950KCT5 131,743.03 JOHN DEERE OWNER TRUST 131,713.88 130,645.61 0.08 1,068.27-135.84 ASSET BCKD SEC SER 2022-A CL A3 99.9779 99.1670 DTD 03/16/2022 2.320% 09/16/2026 NON CALLABLE MOODY'S RATING AAA CUSIP 47787JAC2 73,504.45 JOHN DEERE OWNER TRUST 73,497.89 73,138.40 0.04 359.49-15.93 SER 2021-B CL A3 *0 DAY DELAY*99.9911 99.5020 DTD 07/21/21 0.520 03/16/2026 MOODY'S RATING AAA CUSIP 47789QAC4 399,848.9 JOHN DEERE OWNER TRUST 399,810.72 398,109.56 0.24 1,701.16-664.64 ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.5650 DTD 07/20/2022 3.740% 02/16/2027 NON CALLABLE MOODY'S RATING AAA CUSIP 47800AAC4 800,325.08 JOHN DEERE OWNER TRUST 800,262.98 802,662.03 0.48 2,399.05 1,810.51 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.2920 DTD 10/19/2022 5.090% 06/15/2027 CALLABLE MOODY'S RATING AAA CUSIP 47800BAC2 123 PAGE 11 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 500,000 JOHN DEERE OWNER TRUST 499,765.63 503,850.00 0.30 4,084.37 1,102.22 ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.7700 DTD 03/19/2024 4.960% 11/15/2028 CALLABLE MOODY'S RATING AAA CUSIP 47800RAD5 1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,459,650.00 0.87 36,960.00- 27,669.75 DTD 07/23/18 07/23/2029 99.7740 97.3100 MOODY'S RATING A1 CUSIP 46647PAV8 1,000,000 MASSMUTUAL GLBL FDG 1,002,630.00 1,011,730.00 0.60 9,100.00 11,616.67 MEDIUM TERM NOTE 100.2630 101.1730 DTD 04/09/2024 5.100% 04/09/2027 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 57629W4S6 1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 950,150.00 0.57 52,080.00- 5,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 95.0150 MOODY'S RATING AA3 CUSIP 57629WDE7 945,000 MASTERCARD INC 944,083.35 955,744.65 0.57 11,661.30 14,332.50 DTD 03/09/2023 4.875% 03/09/2028 99.9030 101.1370 CALLABLE MOODY'S RATING AA3 CUSIP 57636QAW4 1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,120,317.00 0.67 2,972.06- 2,908.89 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.8470 DTD 10/25/2023 5.950% 11/15/2028 CALLABLE CUSIP 58769FAC9 124 PAGE 12 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,055,938.45 0.63 57,790.45- 9,872.40 144A PRIV PLCMT 1.875 01/11/2027 99.8860 94.7030 MOODY'S RATING AA3 CUSIP 59217GER6 770,000 MET TOWER GLOBAL FUNDING 769,291.60 728,358.40 0.43 40,933.20- 2,860.76 144A PRIV PLCMT 1.250 09/14/2026 99.9080 94.5920 MOODY'S RATING AA3 CUSIP 58989V2D5 912,000 META PLATFORMS INC 910,584.09 900,554.40 0.54 10,029.69- 15,468.53 DTD 08/09/2024 4.300% 08/15/2029 99.8448 98.7450 CALLABLE MOODY'S RATING AA3 CUSIP 30303M8S4 1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,956,337.50 1.16 6,337.50 43,594.20 DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 100.3250 CALLABLE MOODY'S RATING AA3 CUSIP 61690U8E3 1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,007,370.00 0.60 12,490.00 3,472.22 MEDIUM TERM NOTE 99.4880 100.7370 DTD 06/06/2024 5.000% 06/06/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AAA CUSIP 64952WFG3 1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,355,076.45 0.81 9,145.50- 4,534.83 DTD 12/05/2024 4.600% 12/05/2029 99.9430 99.2730 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AAA CUSIP 64952WFK4 125 PAGE 13 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 670,000 NORTHERN TRUST CORP 668,914.60 661,182.80 0.39 7,731.80- 3,796.67 DTD 05/10/2022 4.000% 05/10/2027 99.8380 98.6840 CALLABLE MOODY'S RATING A2 CUSIP 665859AW4 850,000 NORTHWESTERN MUTUAL GLOBAL 827,449.50 818,108.00 0.49 9,341.50- 3,154.44 MEDIUM TERM NOTE 97.3470 96.2480 DTD 01/14/2021 0.800% 01/14/2026 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AAA CUSIP 66815L2A6 1,500,000 PEPSICO INC 1,497,675.00 1,497,150.00 0.89 525.00- 30,750.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 99.8100 CALLABLE MOODY'S RATING A1 CUSIP 713448FX1 1,500,000 PROGRESSIVE CORP 1,455,495.00 1,457,100.00 0.87 1,605.00 20,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 97.1400 MOODY'S RATING A2 CUSIP 743315AV5 1,500,000 PROLOGIS LP 1,481,235.00 1,474,350.00 0.88 6,885.00- 27,343.75 DTD 02/01/20 4.375 02/01/2029 98.7490 98.2900 MOODY'S RATING A3 CUSIP 74340XBL4 1,463,000 REALTY INCOME CORP 1,419,212.41 1,406,937.84 0.84 12,274.57- 26,984.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 96.1680 CALLABLE MOODY'S RATING A3 CUSIP 756109CB8 2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,004,140.00 1.19 15,780.00- 41,250.00 MEDIUM TERM NOTE 100.9960 100.2070 CONVERTIBLE DTD 01/19/2024 4.950% 02/01/2029 NON CALLABLE MOODY'S RATING A1 CUSIP 78016HZV5 126 PAGE 14 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,760,000 STATE STR CORP 1,760,000.00 1,774,643.20 1.06 14,643.20 25,142.53 DTD 03/18/2024 4.993% 03/18/2027 100.0000 100.8320 CALLABLE MOODY'S RATING AA3 CUSIP 857477CL5 1,340,000 TORONTO DOMINION BANK 1,340,000.00 1,344,435.40 0.80 4,435.40 15,941.53 MEDIUM TERM NOTE 100.0000 100.3310 CONVERTIBLE DTD 04/05/2024 4.980% 04/05/2027 NON CALLABLE MOODY'S RATING A2 CUSIP 89115A2W1 1,300,000 TOYOTA AUTO RECEIVABLES OWNER 1,294,718.75 1,310,166.00 0.78 15,447.25 2,981.33 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.7820 DTD 08/15/2023 5.160% 04/17/2028 CALLABLE CUSIP 89231FAD2 72,553.73 TOYOTA AUTO RECEIVABLES OWNER 72,552.19 72,024.81 0.04 527.38-22.89 SER 2021-D CL A3 *0 DAY DELAY*99.9979 99.2710 DTD 11/15/21 0.710 04/15/2026 CUSIP 89238JAC9 1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,319,060.15 0.79 65,330.45-562.66 MED TERM NOTE 99.9560 95.2390 DTD 06/18/21 1.125 06/18/2026 MOODY'S RATING A1 CUSIP 89236TJK2 3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,173,787.50 1.89 86,525.00-291.78 DTD 06/30/2022 3.250% 06/30/2027 100.3173 97.6550 MOODY'S RATING AAA CUSIP 91282CEW7 400,000 UNITED STATES TREASURY NOTES 393,218.75 385,228.00 0.23 7,990.75- 4,603.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 96.3070 MOODY'S RATING AAA CUSIP 91282CFB2 127 PAGE 15 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,370,400.00 2.60 98,502.34- 47,781.42 DTD 08/31/2022 3.125% 08/31/2027 99.3090 97.1200 MOODY'S RATING AAA CUSIP 91282CFH9 3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,436,372.50 2.05 15,220.16 36,360.06 DTD 09/30/2022 4.125% 09/30/2027 99.1639 99.6050 MOODY'S RATING AAA CUSIP 91282CFM8 850,000 UNITED STATES TREASURY NOTES 852,656.25 840,403.50 0.50 12,252.75- 2,895.60 DTD 11/30/2022 3.875% 11/30/2027 100.3125 98.8710 MOODY'S RATING AAA CUSIP 91282CFZ9 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,718,430.00 1.62 56,677.42-294.37 DTD 12/31/2022 3.875% 12/31/2027 100.9130 98.8520 MOODY'S RATING AAA CUSIP 91282CGC9 3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,931,240.00 1.74 26,689.69- 43,940.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 97.7080 MOODY'S RATING AAA CUSIP 91282CGH8 3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,666,367.00 2.18 32,746.28- 50,287.29 DTD 02/28/2023 4.000% 02/29/2028 99.9760 99.0910 MOODY'S RATING AAA CUSIP 91282CGP0 2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,505,675.00 1.49 19,422.66- 5,108.17 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.2270 MOODY'S RATING AAA CUSIP 91282CJP7 2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,277,391.00 1.36 27,523.81 24,240.04 DTD 03/31/2024 4.125% 03/31/2029 97.8203 99.0170 MOODY'S RATING AAA CUSIP 91282CKG5 128 PAGE 16 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,311,546.00 1.38 28,436.62 22,178.57 DTD 04/15/2024 4.500% 04/15/2027 99.2656 100.5020 MOODY'S RATING AAA CUSIP 91282CKJ9 3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,215,936.00 1.91 29,436.00 18,696.13 DTD 05/15/2024 4.500% 05/15/2027 99.5781 100.4980 MOODY'S RATING AAA CUSIP 91282CKR1 2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 1,988,920.00 1.18 3,373.12 234.81 DTD 06/30/2024 4.250% 06/30/2029 99.2774 99.4460 MOODY'S RATING AAA CUSIP 91282CKX8 3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,388,875.00 2.02 138,605.47- 43,109.46 DTD 08/31/2024 3.625% 08/31/2029 100.7852 96.8250 MOODY'S RATING AAA CUSIP 91282CLK5 5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,810,950.00 2.86 114,089.06- 44,711.54 DTD 09/30/2024 3.500% 09/30/2029 98.5008 96.2190 MOODY'S RATING AAA CUSIP 91282CLN9 3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 2,965,440.00 1.76 28,349.06- 21,194.75 DTD 10/31/2024 4.125% 10/31/2029 99.7930 98.8480 MOODY'S RATING AAA CUSIP 91282CLR0 2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,838,460.00 1.09 67,620.00- 21,722.22 DTD 07/25/19 2.875 08/15/2029 95.3040 91.9230 MOODY'S RATING A2 CUSIP 91324PDS8 1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 989,087.40 0.59 35,963.95- 1,520.87 DTD 05/19/21 1.150 05/15/2026 99.0388 95.5640 MOODY'S RATING A2 CUSIP 91324PEC2 129 PAGE 17 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 US TREASURY NOTE 1,469,765.63 1,465,890.00 0.87 3,875.63- 1,569.29 DTD 07/31/20 0.250 07/31/2025 97.9844 97.7260 MOODY'S RATING AAA CUSIP 91282CAB7 2,400,000 US TREASURY NOTE 2,366,140.63 2,330,232.00 1.39 35,908.63- 1,541.44 DTD 09/30/20 0.250 09/30/2025 98.5892 97.0930 MOODY'S RATING AAA CUSIP 91282CAM3 2,450,000 US TREASURY NOTE 2,422,492.19 2,371,036.50 1.41 51,455.69- 1,049.03 DTD 10/31/20 0.250 10/31/2025 98.8772 96.7770 MOODY'S RATING AAA CUSIP 91282CAT8 2,250,000 US TREASURY NOTE 2,209,658.20 2,172,735.00 1.29 36,923.20-745.86 DTD 11/30/20 0.375 11/30/2025 98.2070 96.5660 MOODY'S RATING AAA CUSIP 91282CAZ4 2,500,000 US TREASURY NOTE 2,456,445.31 2,398,775.00 1.43 57,670.31- 3,923.23 DTD 02/01/21 0.375 01/31/2026 98.2578 95.9510 MOODY'S RATING AAA CUSIP 91282CBH3 2,500,000 US TREASURY NOTE 2,493,652.34 2,387,875.00 1.42 105,777.34- 3,211.33 DTD 04/30/21 0.750 04/30/2026 99.7461 95.5150 MOODY'S RATING AAA CUSIP 91282CBW0 1,400,000 US TREASURY NOTE 1,379,054.68 1,321,166.00 0.79 57,888.68- 3,129.81 DTD 09/30/21 0.875 09/30/2026 98.5039 94.3690 MOODY'S RATING AAA CUSIP 91282CCZ2 1,400,000 US TREASURY NOTE 1,391,468.75 1,323,476.00 0.79 67,992.75- 2,697.51 DTD 11/01/21 1.125 10/31/2026 99.3906 94.5340 CUSIP 91282CDG3 130 PAGE 18 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 750,000 US TREASURY NOTE 708,251.95 740,482.50 0.44 32,230.55 486.78 DTD 04/30/20 0.375 04/30/2025 94.4336 98.7310 MOODY'S RATING AAA CUSIP 912828ZL7 350,000 WALMART INC 349,338.50 331,107.00 0.20 18,231.50- 1,061.67 DTD 09/17/21 1.050 09/17/2026 99.8110 94.6020 MOODY'S RATING AA2 CUSIP 931142ER0 ====================================================================================================================================== TOTAL BOND & NOTES 169,389,728.31 167,120,939.92 99.46 2,268,788.39- 1,055,317.04 ====================================================================================================================================== TOTAL INVESTMENTS 170,293,282.33 168,024,493.94 100.00 2,268,788.39- 1,056,913.61 TOTAL ACCRUALS 1,056,913.61 1,056,913.61 ====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 171,350,195.94 169,081,407.55 131 PAGE 19 CASH SUMMARY CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH SUMMARY DESCRIPTION PRINCIPAL CASH INCOME CASH ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00 RECEIPTS NET INTEREST COLLECTED 0.00 412,952.20 TRANSFER RECEIPTS 412,952.20 0.00 SALES 2,950,778.62 0.00 CASH MANAGEMENT SALES 1,355,050.12 0.00 TOTAL CASH RECEIPTS 4,718,780.94 412,952.20 DISBURSEMENTS INVESTMENT MANAGEMENT EXPENSES 10,108.65-0.00 TRANSFER DISBURSEMENTS 0.00 412,952.20- PURCHASES 3,085,731.95-0.00 CASH MANAGEMENT PURCHASES 1,622,940.34-0.00 TOTAL CASH DISBURSEMENTS 4,718,780.94-412,952.20- ======================================================================================================================================== ENDING BALANCE 0.00 0.00 ________________________________________________________________________________________________________________________________________ 132 PAGE 20 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 169,883,009.06 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS 12/02/24 INTEREST RECEIVED 1,951.78 AS 100% TREAS MM FD-SVC CL #008 INTEREST FROM 11/1/24 TO 11/30/24 12/02/24 INTEREST RECEIVED 105.63 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM INTEREST FROM 11/1/24 TO 11/30/24 12/31/24 1,622,940.34 CASH SWEEP PURCHASES FOR STMT PERIOD 1,622,940.34- 1,622,940.34 AS 100% TREAS MM FD-SVC CL #008 12 TRANSACTIONS 12/31/24 1,355,050.12- CASH SWEEP SALES FOR STMT PERIOD 1,355,050.12 1,355,050.12- AS 100% TREAS MM FD-SVC CL #008 2 TRANSACTIONS BONDS & NOTES 12/16/24 INTEREST RECEIVED 2,845.38 AMERICAN EXPRES ABS 2.210% 3/15/27 CUSIP 02589BAA8 $0.00184/PV ON 1,545,000.00 PV DUE 12/15/24 12/16/24 INTEREST RECEIVED 3,884.38 AMERICAN EXPRESS ABS 3.390% 5/17/27 CUSIP 02582JJT8 $0.00283/PV ON 1,375,000.00 PV DUE 12/15/24 12/16/24 INTEREST RECEIVED 3,225.04 BANK OF AMERICA ABS 4.930% 5/15/29 CUSIP 05522RDJ4 $0.00411/PV ON 785,000.00 PV DUE 12/15/24 133 PAGE 21 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 3,527.50 BK OF AMERICA ABS 4.980% 11/15/28 CUSIP 05522RDH8 $0.00415/PV ON 850,000.00 PV DUE 12/15/24 12/26/24 INTEREST RECEIVED 528.35 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 $0.00100/PV ON 197,513.25 PV DUE 12/25/24 12/26/24 23,803.73- PAID DOWN 23,803.73 23,802.49-1.24 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 AT $128.6803 ON TRADE DATE 12/25/2024 TO SETTLE ON 12/26/2024 12/26/24 INTEREST RECEIVED 3,000.08 BMW VEHICLE OWN ABS 5.180% 2/26/29 CUSIP 096919AD7 $0.00432/PV ON 695,000.00 PV DUE 12/25/24 12/16/24 INTEREST RECEIVED 6,478.33 CHASE ISSUANCE ABS 4.600% 1/16/29 CUSIP 161571HV9 $0.00383/PV ON 1,690,000.00 PV DUE 12/15/24 12/26/24 INTEREST RECEIVED 4,970.00 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 $0.00249/PV ON 2,000,000.00 PV DUE 12/25/24 134 PAGE 22 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/24 INTEREST RECEIVED 3,824.29 FED HOME LN MTG CORP 3.563% 1/25/29 CUSIP 3137FL6P4 $0.00297/PV ON 1,288,000.00 PV DUE 12/25/24 12/17/24 INTEREST RECEIVED 6,250.00 FED NATL MTG ASSN 0.500% 6/17/25 CUSIP 3135G04Z3 INTEREST ON 2,500,000.000 UNITS 12/13/24 1,860,000- SOLD 1,835,373.60 1,856,168.40-20,794.80- FED NATL MTG ASSN 0.625% 4/22/25 CUSIP 3135G03U5 AT $98.6760 ON TRADE DATE 12/12/2024 TO SETTLE ON 12/13/2024 PERSHING LLC 12/13/24 ACCRUED INTEREST ON SALE 1,646.88 FED NATL MTG ASSN 0.625% 4/22/25 CUSIP 3135G03U5 12/26/24 INTEREST RECEIVED 3,233.33 FHLMC MULTIFAMILY ST 2.425% 8/25/29 CUSIP 3137FPHK4 $0.00202/PV ON 1,600,000.00 PV DUE 12/25/24 12/26/24 INTEREST RECEIVED 1,437.04 FHLMC MULTIFAMILY ST 2.653% 8/25/26 CUSIP 3137BSP72 $0.00221/PV ON 650,000.00 PV DUE 12/25/24 12/26/24 INTEREST RECEIVED 5,105.83 FHLMC MULTIFAMILY ST 2.785% 6/25/29 CUSIP 3137FNAE0 $0.00232/PV ON 2,200,000.00 PV DUE 12/25/24 135 PAGE 23 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/24 INTEREST RECEIVED 2,472.40 FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 $0.00247/PV ON 985,675.42 PV DUE 12/25/24 12/26/24 2,091.49- PAID DOWN 2,091.49 2,258.16-166.67- FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 TO SETTLE ON 12/26/2024 12/26/24 INTEREST RECEIVED 2,703.33 FHLMC MULTIFAMILY ST 3.244% 8/25/27 CUSIP 3137FBBX3 $0.00270/PV ON 1,000,000.00 PV DUE 12/25/24 12/26/24 INTEREST RECEIVED 7,841.25 FHLMC MULTIFAMILY ST 3.690% 1/25/29 CUSIP 3137FKZZ2 $0.00308/PV ON 2,550,000.00 PV DUE 12/25/24 12/26/24 INTEREST RECEIVED 6,285.00 FHLMC MULTIFAMILY ST 3.771% 12/25/28 CUSIP 3137FKUP9 $0.00314/PV ON 2,000,000.00 PV DUE 12/25/24 12/26/24 INTEREST RECEIVED 3,766.67 FHLMC SER K748 CMO 2.260% 1/25/29 CUSIP 3137H5YC5 $0.00188/PV ON 2,000,000.00 PV DUE 12/25/24 136 PAGE 24 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 508.98 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 $0.00131/PV ON 197,024.96 PV DUE 12/16/24 12/16/24 17,413.4- PAID DOWN 17,413.40 17,409.76-3.64 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 12/16/24 INTEREST RECEIVED 5,294.58 GM FINANCIAL ABS 4.850% 12/18/28 CUSIP 36268GAD7 $0.00404/PV ON 1,310,000.00 PV DUE 12/16/24 12/16/24 INTEREST RECEIVED 48.83 GM FINANCIAL SECURIT 0.680% 9/16/26 CUSIP 362554AC1 $0.00014/PV ON 86,176.55 PV DUE 12/16/24 12/16/24 12,732.33- PAID DOWN 12,732.33 12,732.00-0.33 GM FINANCIAL SECURIT 0.680% 9/16/26 CUSIP 362554AC1 12/16/24 INTEREST RECEIVED 96.47 GM FINANCIAL SECURIT 1.260% 11/16/26 CUSIP 380146AC4 $0.00033/PV ON 91,880.07 PV DUE 12/16/24 12/16/24 12,477.72- PAID DOWN 12,477.72 12,476.64-1.08 GM FINANCIAL SECURIT 1.260% 11/16/26 CUSIP 380146AC4 137 PAGE 25 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 24,529.25 HOME DEPOT INC 2.950% 6/15/29 CUSIP 437076BY7 INTEREST ON 1,663,000.000 UNITS 12/26/24 INTEREST RECEIVED 23,750.00 HOME DEPOT INC 4.750% 6/25/29 CUSIP 437076DC3 INTEREST ON 1,000,000.000 UNITS 12/18/24 INTEREST RECEIVED 2,349.54 HONDA AUTO RECE ABS 5.270% 11/20/28 CUSIP 437930AC4 $0.00439/PV ON 535,000.00 PV DUE 12/18/24 12/23/24 INTEREST RECEIVED 3,803.63 HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 $0.00473/PV ON 805,000.00 PV DUE 12/21/24 12/23/24 INTEREST RECEIVED 65.33 HONDA AUTO RECEIVABL 0.880% 1/21/26 CUSIP 43815GAC3 $0.00014/PV ON 89,080.64 PV DUE 12/21/24 12/23/24 16,919.29- PAID DOWN 16,919.29 16,915.72-3.57 HONDA AUTO RECEIVABL 0.880% 1/21/26 CUSIP 43815GAC3 TO SETTLE ON 12/23/2024 12/16/24 INTEREST RECEIVED 418.74 HONDA AUTO RECEIVABL 1.000% 5/15/26 CUSIP 43815BAC4 $0.00057/PV ON 267,278.69 PV DUE 12/15/24 138 PAGE 26 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 33,870.79- PAID DOWN 33,870.79 33,865.70-5.09 HONDA AUTO RECEIVABL 1.000% 5/15/26 CUSIP 43815BAC4 AT $198.3635 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 12/16/24 INTEREST RECEIVED 2,750.08 HYUNDAI AUTO ABS 5.410% 5/17/27 CUSIP 44934FAD7 $0.00451/PV ON 610,000.00 PV DUE 12/15/24 12/16/24 INTEREST RECEIVED 699.46 HYUNDAI AUTO REC ABS 2.220% 10/15/26 CUSIP 448977AD0 $0.00069/PV ON 378,088.38 PV DUE 12/15/24 12/16/24 47,766.57- PAID DOWN 47,766.57 47,764.73-1.84 HYUNDAI AUTO REC ABS 2.220% 10/15/26 CUSIP 448977AD0 AT $140.6576 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 12/16/24 INTEREST RECEIVED 120.50 HYUNDAI AUTO RECEIVA 0.740% 5/15/26 CUSIP 44935FAD6 $0.00009/PV ON 195,408.04 PV DUE 12/15/24 12/16/24 56,431.04- PAID DOWN 56,431.04 55,004.22-1,426.82 HYUNDAI AUTO RECEIVA 0.740% 5/15/26 CUSIP 44935FAD6 AT $158.3510 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 139 PAGE 27 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/13/24 1,750,000 PURCHASED 1,721,510.00- 1,721,510.00 INTL BK RECON & DEV 3.875% 10/16/29 CUSIP 459058LN1 AT $98.3720 ON TRADE DATE 12/12/2024 TO SETTLE ON 12/13/2024 WACHOVIA CAPITAL MARKETS, LLC. 12/13/24 ACCRUED INTEREST ON PURCHASE 10,736.98- INTL BK RECON & DEV 3.875% 10/16/29 CUSIP 459058LN1 12/16/24 INTEREST RECEIVED 3,567.80 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 $0.00340/PV ON 841,132.55 PV DUE 12/15/24 12/16/24 40,807.47- PAID DOWN 40,807.47 40,804.30-3.17 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 AT $164.6446 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 12/16/24 INTEREST RECEIVED 289.43 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 $0.00064/PV ON 149,706.30 PV DUE 12/15/24 12/16/24 17,963.27- PAID DOWN 17,963.27 17,959.29-3.98 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 AT $374.0260 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 140 PAGE 28 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/24 INTEREST RECEIVED 1,324.48 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 $0.00202/PV ON 424,967.38 PV DUE 12/15/24 12/16/24 25,118.48- PAID DOWN 25,118.48 25,116.08-2.40 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 AT $267.4816 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 12/16/24 INTEREST RECEIVED 2,066.67 JOHN DEERE OWNER ABS 4.960% 11/15/28 CUSIP 47800RAD5 $0.00413/PV ON 500,000.00 PV DUE 12/15/24 12/16/24 INTEREST RECEIVED 38.20 JOHN DEERE OWNER TRU 0.520% 3/16/26 CUSIP 47789QAC4 $0.00007/PV ON 88,150.48 PV DUE 12/15/24 12/16/24 14,646.03- PAID DOWN 14,646.03 14,644.72-1.31 JOHN DEERE OWNER TRU 0.520% 3/16/26 CUSIP 47789QAC4 TO SETTLE ON 12/16/2024 12/16/24 INTEREST RECEIVED 5,454.17 MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 $0.00496/PV ON 1,100,000.00 PV DUE 12/15/24 141 PAGE 29 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/05/24 1,365,000 PURCHASED 1,364,221.95- 1,364,221.95 NEW YORK LIFE GL FDG 4.600% 12/05/29 CUSIP 64952WFK4 AT $99.9430 ON TRADE DATE 12/02/2024 TO SETTLE ON 12/05/2024 J.P. MORGAN SECURITIES INC., - 12/06/24 INTEREST RECEIVED 25,000.00 NEW YORK LIFE MTN 5.000% 6/06/29 CUSIP 64952WFG3 INTEREST ON 1,000,000.000 UNITS 12/10/24 INTEREST RECEIVED 6,125.00 P/P GUARDIAN LIFE GL 0.875% 12/10/25 CUSIP 40139LBC6 INTEREST ON 1,400,000.000 UNITS 12/16/24 INTEREST RECEIVED 5,590.00 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 $0.00430/PV ON 1,300,000.00 PV DUE 12/15/24 12/16/24 INTEREST RECEIVED 52.59 TOYOTA AUTO RECEIVAB 0.710% 4/15/26 CUSIP 89238JAC9 $0.00012/PV ON 88,888.13 PV DUE 12/15/24 12/16/24 16,334.4- PAID DOWN 16,334.40 16,334.05-0.35 TOYOTA AUTO RECEIVAB 0.710% 4/15/26 CUSIP 89238JAC9 AT $411.3240 ON TRADE DATE 12/15/2024 TO SETTLE ON 12/16/2024 142 PAGE 30 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/24 INTEREST RECEIVED 7,790.63 TOYOTA MOTOR CREDIT 1.125% 6/18/26 CUSIP 89236TJK2 INTEREST ON 1,385,000.000 UNITS 12/31/24 INTEREST RECEIVED 52,812.50 U.S. TREASURY NOTES 3.250% 6/30/27 CUSIP 91282CEW7 INTEREST ON 3,250,000.000 UNITS 12/02/24 INTEREST RECEIVED 16,468.75 U.S. TREASURY NOTES 3.875% 11/30/27 CUSIP 91282CFZ9 INTEREST ON 850,000.000 UNITS 12/31/24 INTEREST RECEIVED 53,281.25 U.S. TREASURY NOTES 3.875% 12/31/27 CUSIP 91282CGC9 INTEREST ON 2,750,000.000 UNITS 12/31/24 INTEREST RECEIVED 42,500.00 U.S. TREASURY NOTES 4.250% 6/30/29 CUSIP 91282CKX8 INTEREST ON 2,000,000.000 UNITS 12/16/24 INTEREST RECEIVED 54,687.50 U.S. TREASURY NOTES 4.375% 12/15/26 CUSIP 91282CJP7 INTEREST ON 2,500,000.000 UNITS 12/04/24 750,000- SOLD 737,988.28 708,251.96-29,736.32 US TREASURY NOTE 0.375% 4/30/25 CUSIP 912828ZL7 AT $98.3984 ON TRADE DATE 12/03/2024 TO SETTLE ON 12/04/2024 WACHOVIA CAPITAL MARKETS, LLC. 143 PAGE 31 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/04/24 ACCRUED INTEREST ON SALE 264.16 US TREASURY NOTE 0.375% 4/30/25 CUSIP 912828ZL7 12/02/24 INTEREST RECEIVED 4,218.75 US TREASURY NOTE 0.375% 11/30/25 CUSIP 91282CAZ4 INTEREST ON 2,250,000.000 UNITS 12/26/24 INTEREST RECEIVED 2,639.42 VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 $0.00278/PV ON 950,000.00 PV DUE 12/25/24 12/26/24 39,040.73- PAID DOWN 39,040.73 41,840.68-2,799.95- VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 TO SETTLE ON 12/26/2024 TRANSFER RECEIPTS 12/02/24 ADDITION TO ACCOUNT 22,744.91 TRANSFER FROM INCOME 12/04/24 ADDITION TO ACCOUNT 264.16 TRANSFER FROM INCOME 12/06/24 ADDITION TO ACCOUNT 25,000.00 TRANSFER FROM INCOME 12/10/24 ADDITION TO ACCOUNT 6,125.00 TRANSFER FROM INCOME 12/16/24 ADDITION TO ACCOUNT 108,704.89 TRANSFER FROM INCOME 144 PAGE 32 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/17/24 ADDITION TO ACCOUNT 15,953.37 TRANSFER FROM INCOME 12/18/24 ADDITION TO ACCOUNT 10,140.17 TRANSFER FROM INCOME 12/23/24 ADDITION TO ACCOUNT 3,868.96 TRANSFER FROM INCOME 12/26/24 ADDITION TO ACCOUNT 71,556.99 TRANSFER FROM INCOME 12/31/24 ADDITION TO ACCOUNT 148,593.75 TRANSFER FROM INCOME INVESTMENT MANAGEMENT EXPENSES 12/10/24 INVESTMENT MGMT FEE 10,108.65- PAID TO CHANDLER ASSET MANAGEMENT INC INVOICE #: 2411CUPERTIN FOR PERIOD 11/1/2024 - TRANSFER DISBURSEMENTS 12/02/24 TRANSFER TO PRINCIPAL 22,744.91- 12/04/24 TRANSFER TO PRINCIPAL 264.16- 12/06/24 TRANSFER TO PRINCIPAL 25,000.00- 12/10/24 TRANSFER TO PRINCIPAL 6,125.00- 12/16/24 TRANSFER TO PRINCIPAL 108,704.89- 12/17/24 TRANSFER TO PRINCIPAL 15,953.37- 145 INVESTMENT AND INSURANCE PRODUCTS ARE:·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 33 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD DECEMBER 1, 2024 THROUGH DECEMBER 31, 2024 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/18/24 TRANSFER TO PRINCIPAL 10,140.17- 12/23/24 TRANSFER TO PRINCIPAL 3,868.96- 12/26/24 TRANSFER TO PRINCIPAL 71,556.99- 12/31/24 TRANSFER TO PRINCIPAL 148,593.75- ================================================================================================================= ENDING BALANCE 0.00 170,293,282.33 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 146 CITY OF CUPERTINO PARS Post-Employment Benefits Trust 12/1/2024 to 12/31/2024 Kristina Alfaro Director of Administrative Services City of Cupertino 10300 Torre Ave. Cupertino, CA 95014 Account Summary Source 12/1/2024 Contributions Earnings Expenses Distributions Transfers 12/31/2024 OPEB 1001 $41,135,047.69 $0.00 -$1,392,200.57 $11,033.54 $0.00 $0.00 $39,731,813.58 PENSION 1002 $23,421,004.01 $0.00 -$802,635.56 $6,274.33 $0.00 $0.00 $22,612,094.12 Totals $64,556,051.70 $0.00 -$2,194,836.13 $17,307.87 $0.00 $0.00 $62,343,907.70 Investment Selection Source OPEB PENSION Investment Objective Source OPEB PENSION Investment Return Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB -3.38%-1.50%11.47%2.44%6.10%6.49%6/21/2010 PENSION -3.43%-1.47%11.27%2.39%6.82%-3/26/2019 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return. Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change. Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital. Account Report for the Period Balance as of City of Cupertino - OPEB Balance as of Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital. City of Cupertino - PEN Plan's Inception Date 147 Local Agency Investment Fund P.O. Box 942809 Sacramento, CA 94209-0001 (916) 653-3001 January 08, 2025 LAIF Home PMIA Average Monthly Yields CITY OF CUPERTINO FINANCE MANAGER 10300 TORRE AVENUE CUPERTINO, CA 95014 Account Number: December 2024 Statement Tran Type Definitions Account Summary Total Deposit:0.00 Beginning Balance:66,539,547.79 Total Withdrawal:0.00 Ending Balance:66,539,547.79 1/8/25, 10:48 AM LAIF Regular Monthly Statement https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1148 CITY OF CUPERTINO Agenda Item 25-13669 Agenda Date: 1/27/2025 Agenda #: 5. Subject:INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 4:10(10) CITY OF CUPERTINO Printed on 1/24/2025Page 1 of 1 powered by Legistar™149 January 27, 2025 Re ular Meetin February 18, 2025 S ecial Meetin April 28, 2025 Re ular Meetin July 28, 2025 Re ular Meetin October 27, 2025 Re ular Meetin November/December 2025 S ecial Meetin Appoint Audit Committee Chair and Vice Chair Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Moss Adams Status Report Update Appoint Audit Committee Chair and Vice Chair OPEB & Pension Trust Performance Report for Quarter Ending June 30, 2025 OPEB & Pension Trust Performance Report for Quarter Ending September 30, 2025 Review of FY 2024‐25 ACFR and Supplemental Reports OPEB & Pension Trust Performance Report for Quarter Ending December 31, 2024 Baker Tilly ‐ Budget Format Review OPEB & Pension Trust Performance Report for Quarter Ending March 31, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending June 30, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending September 30, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending December 31, 2024 Quarterly Treasurerʹs Investment Report for Quarter Ending March 31, 2025 Internal Audit and Fraud, Waste, and Abuse Program Update Internal Audit and Fraud, Waste, and Abuse Program Update Internal Audit and Fraud, Waste, and Abuse Programs Update Internal Audit and Fraud, Waste, and Abuse Programs Update Annual Review of OPEB and Pension Trust Investment Policies Annual Review of City Investment Policy Fiscal Year 2024‐25 ACFR Update Internal Audit Program Budget Format Review (Tentative) FY 23‐24 Agreed Upon Procedures (AUP) Review ‐ GANN Limit, Investment Policy, Storm Drain Summary of Duties – Powers – Responsibilities of Cupertino Audit Committee Source: Cupertino, CA Municipal Code, Chapter 2.88.100: Audit Committee The powers and functions of the Audit Committee shall be as follows: To review the annual audit report and management letter; To recommend appointment of auditors; To review the quarterly Treasurer’s Investment report; To recommend a budget format; To review City investment policies and internal controls of such policies. To recommend appointment of internal auditors; To review internal audit reports. To review quarterly Fraud, Waste, and Abuse Program reports. (Ord. 22-2243 § 1, 2023; Ord. 20-2208, § 1, 2020; Ord. 1679, § 1 (part), 1995) CITY OF CUPERTINO ‐ AUDIT COMMITTEE 2025 SCHEDULE AND WORK PLAN 15 0