CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending April 30, 2022
City of Cupertino
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of April 30, 2022
1 SECTION |
Section 1 |
Economic Update
2 Economic Update
Financial markets a re experiencing heightened volatility and tighter conditions as central banks employ more restrictive monetary policies to combat persistent inflation. Risk assets have sold off, and bond returns have been negatively impacted by the dramatic rise in rates. The conflict between Russia and Ukraine has exacerbated inflationary pressures, particularly with energy and commodities, and shows no sign of abating in the short run. Additionally, strict COVID lockdowns in China are intensifying distressed supply chains. While labor markets and consumer spending remain strong, we believe the risk of an economic slowdown later this year has increased. Although we expect the Fed to continue to tighten monetary policy, the FOMC has very little margin for error as it attempts to combat inflation without pushing the economy into a recession. Over the near-term, we expect financial market volatility to remain intensified and conditions to remain tighter with persistent inflation, geopolitical risk, supply chain bottlenecks, and the Fed's shift to a more hawkish monetary policy.
As expected at the May meeting, the Federal Open Market Committee (FOMC) announced it would raise the federal funds rate by 0.50% to a range of 0.75%- 1.00%and begin shrinking its $9 trillion balance sheet starting June 1st. Federal Reserve Chair Powell indicated that a 75 basis point increase is not currently under consideration, and the Treasury yield curve steepened after the announcement. We are anticipating additional rate hikes by the Fed in the near term, but we do not believe that monetary policy is not on a pre-set course and the timing and magnitude of rate hikes in the second half of this year will be dependent on how economic and geopolitical conditions continue to transpire.
In April, yields continued to rise and the curve steepened. The 2-year Treasury yield increased 38 basis points to 2.72%, the 5-year Treasury yield increased 50 basis points to 2.96%, and the 10-year Treasury yield increased 60 basis points to 2.94%.
The spread between the 2-year and 10-year Treasury yield increased to 22 basis points at April month-end versus zero basis points at March month-end, but down from 147 basis points one year ago. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 210 basis points, which indicates likely economic growth in the coming year.
3 Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy a dded 428,000jobs in April, with downward revisions from the prior months totalling 39,000. Trends in employment remain strong, with the three-month moving average payrolls at 535,000and the six-month moving average at 558,000.Job gains were broad based in April, led by leisure and hospitality, manufacturing, and transportation and warehousing. The unemployment rate remained unchanged at
3.6%, and average hourly earnings rose 5.5% year-over-year in April, slightly lower than the 5.6% reading in March. The labor participation rate fell to 62.2% in April from 62.4% in March as labor shortages continue and workers remain on the sidelines. -22,000
-18,000
-14,000
-10,000
-6,000
-2,000
2,000
6,000
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 Source: US Department of Labor Source: US Department of Commerce Inflation
Although U.S. consumer prices rose less than expected in March, inflation remained elevated at a 40-year high. The Consumer Price Index (CPI) was up 8.5% year-over-year in March, versus up 7.9% year-over-year in February. Core CPI (CPI less food and energy) was up 6.5% year-over- year in March, versus up 6.4% year-over-year in February. Gasoline costs drove about half of the monthly increase, while food was also a sizable contributor. Used vehicle prices declined (although remaining firm), resulting in lower than forecast core increases for the month. The Personal Consumption Expenditures (PCE) index was up 6.6% year-over-year in March, up from 6.3% year-over-year in February. Core PCE was up 5.2% year-over-year in March, versus up 5.3% in February. Current inflation readings continue to run well above the Fed’s longer-run target of around 2.0%. Accelerating labor costs and healthy consumer spending continue to drive inflationary pressures. Additionally, the Russia- Ukraine war and COVID lockdowns in China continue to exacerbate commodity prices and supply chain challenges.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Cor e Deflator Y OY % Change
YOY( %) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY( %) Change
5 Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at th e May meeting, the Federal Open Market Committee (FOMC) announced it would raise the federal funds rate by 0.50% to a range of 0.75%- 1.00% and begin shrinking its $9 trillion balance sheet starting June 1st. The FOMC will initially reduce its balance sheet by $47.5 billion per month, increasing to $95 billion per month after three months with a combination of US Treasury, agency debt, and agency mortgage-backed securities. Federal Reserve Chair Powell indicated that a 75 basis point increase is not currently under consideration, and the Treasury yield curve steepened after the announcement. We are anticipating additional rate hikes by the Fed in the near term, but we do not believe that monetary policy is not on a pre-set course and the timing and magnitude of rate hikes in the second half of this year will be dependent on how economic and geopolitical conditions continue to transpire.
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%
1.50%
1.75%
2.00%
2.25%
2.50%
2.75%
Effective Federal Funds Rate
Yield (%)
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
In $ millions
6 Source: Bloomberg Source: Bloomberg
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
US Treasury Yield Curve
Apr-22
Jan-22
Apr-21
Yield (%)
Bond Yields
At the end of April, the 2-year Treasury yield was 256basis points higher, and the 10-Year Treasury yield was about 131basis points higher, year- over-year. The spread between the 2-year Treasury yield and 10-year Treasury yield was 22 basis points at April month-end, up from zero basis points at the end of March, but narrow compared to the average historical spread (since 2003) of about 130 basis points. While the flat yield curve bears watching over the longer run, the spread between 3-month and 10-year treasuries is still steep at about 210 basis points, which indicates likely economic growth in the coming year.
7 Section 2|SECTION |
Section 2 |
Account Profile
8 Objectives
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.
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.
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.
As of April 30, 2022
9 Compliance As of April 30, 2022
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.
Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE .
Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short- term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 10 Compliance As of April 30, 2022
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 Portfolio Summary – City of Cupertino # 10659 As of April 30, 2022 12 SECTION |
Section 3 |
Portfolio Holdings
13 Issue Name Investment Type % Portfolio
Government of United States US Treasury 23.33%
Federal National Mortgage Association Agency 9.97%
Federal Home Loan Mortgage Corp Agency 6.26%
Federal Home Loan Bank Agency 6.19%
Federal Home Loan Mortgage Corp CMO 5.33%
International Finance Corp Supranational 3.38%
Inter-American Dev Bank Supranational 3.34%
Hyundai Auto Receivables ABS 1.86%
Royal Bank of Canada Corporate 1.70%
Toyota Motor Corp Corporate 1.63%
Bank of America Corp Corporate 1.63%
Honda ABS ABS 1.62%
Bank of New York Corporate 1.61%
JP Morgan Chase & Co Corporate 1.54%
Intl Bank Recon and Development Supranational 1.48%
Toronto Dominion Holdings Corporate 1.46%
Toyota ABS ABS 1.28%
Paccar Financial Corporate 1.27%
GM Financial Automobile Leasing Trust ABS 1.25%
Toyota Lease Owner Trust ABS 1.22%
Bank of Montreal Chicago Corporate 1.18%
Metlife Inc Corporate 1.16%
Amazon.com Inc Corporate 1.16%
Air Products & Chemicals Corporate 1.14%
Salesforce.com Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.12%
John Deere ABS ABS 1.09%
New York Life Global Funding Corporate 1.08%
Berkshire Hathaway Corporate 1.04%
American Express ABS ABS 1.01%
Wal-Mart Stores Corporate 0.90%
Honda Motor Corporation Corporate 0.88%
Hyundai Auto Lease Securitization ABS 0.87%
Guardian Life Global Funding Corporate 0.86%
US Bancorp Corporate 0.83%
Caterpillar Inc Corporate 0.73%
Verizon Owner Trust ABS 0.69%
GM Financial Securitized Term Auto Trust ABS 0.68%
Issuers
City of Cupertino – Account #10659
As of April 30, 2022
14 Issue Name Investment Type % Portfolio
Deere & Company Corporate 0.67%
United Health Group Inc Corporate 0.64%
Mass Mutual Insurance Corporate 0.61%
Charles Schwab Corp/The Corporate 0.61%
BMW Vehicle Lease Trust ABS 0.57%
Northwestern Mutual Glbl Corporate 0.52%
State of California Municipal Bonds 0.50%
Nissan ABS ABS 0.40%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.38% Mercedes-Benz Auto Lease Trust ABS 0.22%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of April 30, 2022
15 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
47789JAD8 John Deere Owner Trust 2019-A A3
2.910% Due 07/17/2023
57,586.04 Various
1.94%
58,716.88
57,698.21
100.08
1.12%
57,634.76
74.48 0.04%
(63.45)
Aaa / NR
AAA
1.21 0.05
43815NAC8 Honda Auto Receivables Trust 2019-3 A3
1.780% Due 08/15/2023
296,609.03 Various
1.93%
296,110.42
296,544.35
100.06
1.56%
296,776.32
234.65
0.20%
231.97
Aaa / AAA
NR
1.29 0.24
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3
0.400% Due 11/15/2023
324,386.81 09/15/2020
0.40%
324,370.36
324,381.76
99.43 1.83%
322,536.18
57.67 0.22%
(1,845.58)
NR / AAA
AAA
1.55 0.40
477870AC3 John Deere Owner Trust 2019-B A3
2.210% Due 12/15/2023
207,296.29 08/27/2019
1.79%
209,215.40
208,021.61
100.19
1.49%
207,699.68
203.61
0.14%
(321.93)
Aaa / NR
AAA
1.63 0.27
92348AAA3 Verizon Owner Trust 2019-C A1A
1.940% Due 04/22/2024
239,729.44 10/01/2019
1.95%
239,710.96
239,721.39
100.06
1.76%
239,881.91
142.11
0.16%
160.52
NR / AAA
AAA
1.98 0.33
89238EAC0 Toyota Lease Owner Trust 2021-A A3
0.390% Due 04/22/2024
700,000.00 03/23/2022
2.16%
686,000.00
686,952.21
97.90 2.67%
685,290.20
83.42 0.46%
(1,662.01)
Aaa / AAA
NR
1.98 0.93
44891VAC5 Hyundai Auto Lease Trust 2021-B A3
0.330% Due 06/17/2024
790,000.00 06/08/2021
0.34%
789,881.50
789,927.54
97.59 2.73%
770,981.54
115.87
0.52%
(18,946.00)
Aaa / AAA
NR
2.13 1.01
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
598,178.11 Various
1.70%
601,145.55
599,727.20
99.99 1.97%
598,105.13
513.10
0.40%
(1,622.07)
Aaa / AAA
NR
2.21 0.35
43813DAC2 Honda Auto Receivables 2020-2 A3
0.820% Due 07/15/2024
122,630.26 05/18/2020
0.83%
122,620.62
122,625.11
99.14 2.36%
121,580.18
44.69 0.08%
(1,044.93)
Aaa / AAA
NR
2.21 0.55
47789KAC7 John Deere Owner Trust 2020-A A3
1.100% Due 08/15/2024
177,030.71 03/04/2020
1.11%
177,019.88
177,025.11
99.51 2.09%
176,160.43
86.55 0.12%
(864.68)
Aaa / NR
AAA
2.30 0.49
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
553,959.92 09/22/2020
0.38%
553,878.54
553,919.69
98.67 2.42%
546,575.08
74.02 0.37%
(7,344.61)
NR / AAA
AAA
2.47 0.65
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
965,000.00 08/10/2021
0.39%
964,986.88
964,990.68
96.87 2.93%
934,785.85
115.00
0.63%
(30,204.83)
NR / AAA
AAA
2.48 1.24
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
194,979.08 07/14/2020
0.52%
194,949.37
194,964.51
98.83 2.40%
192,691.59
44.20 0.13%
(2,272.92)
Aaa / NR
AAA
2.55 0.62
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
425,000.00 09/08/2021
0.34%
424,956.14
424,968.17
97.37 2.71%
413,837.80
23.38 0.28%
(11,130.37)
Aaa / NR
AAA
2.66 1.11
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
432,028.52 10/06/2020
0.36%
431,948.03
431,977.28
98.87 2.26%
427,149.62
67.20 0.29%
(4,827.66)
NR / AAA
AAA
2.72 0.59
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
540,000.00 01/11/2022
1.16%
539,988.07
539,989.56
97.23 2.97%
525,019.32
278.40
0.35%
(14,970.24)
Aaa / AAA
NR
2.72 1.55
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
800,000.00 08/04/2020
0.48%
799,832.00
799,895.72
98.46 2.49%
787,699.20
114.89
0.53%
(12,196.52)
Aaa / NR
AAA
2.81 0.76
As of April 30, 2022
16 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
1,150,000.00 02/23/2022
1.98%
1,149,818.99
1,149,832.30
97.66 3.29%
1,123,079.65
688.72
0.75%
(26,752.65)
NR / AAA
AAA
2.81 1.79
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
945,000.00 02/15/2022
1.91%
944,991.87
944,992.56
98.06 3.07%
926,683.07
548.63
0.62%
(18,309.49)
Aaa / NR
AAA
2.89 1.68
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
450,000.00 01/11/2022
1.11%
449,932.73
449,941.35
97.40 2.91%
438,312.15
82.50 0.29%
(11,629.20)
NR / AAA
AAA
2.90 1.45
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
295,000.00 02/17/2021
0.27%
294,994.60
294,996.68
97.77 2.86%
288,427.40
22.13 0.19%
(6,569.28)
Aaa / NR
AAA
2.98 0.86
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
1,090,000.00 02/02/2021
0.27%
1,089,797.70
1,089,877.65
97.91 2.68%
1,067,168.86
125.96
0.72%
(22,708.79)
Aaa / NR
AAA
3.04 0.87
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
515,000.00 04/20/2021
0.38%
514,945.82
514,963.73
97.12 2.86%
500,193.24
86.98 0.34%
(14,770.49)
NR / AAA
AAA
3.38 1.16
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
460,000.00 11/16/2021
0.89%
459,903.03
459,915.96
96.22 3.03%
442,591.76
112.44
0.30%
(17,324.20)
Aaa / NR
AAA
3.73 1.78
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
580,000.00 07/13/2021
0.52%
579,948.26
579,959.28
95.26 3.28%
552,508.00
134.04
0.37%
(27,451.28)
Aaa / NR
AAA
3.88 1.74
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
430,000.00 11/09/2021
0.71%
429,990.84
429,992.13
96.23 2.97%
413,805.34
135.69
0.28%
(16,186.79)
NR / AAA
AAA
3.96 1.69
43815BAC4 Honda Auto Receivables Trust 2022-1 A3
1.880% Due 05/15/2026
740,000.00 02/15/2022
1.89%
739,888.70
739,895.04
97.25 3.28%
719,666.28
618.31
0.48%
(20,228.76)
Aaa / AAA
NR
4.04 1.99
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
1,330,000.00 Various
2.02%
1,296,371.65
1,297,685.26
95.80 3.18%
1,274,145.32
437.42
0.86%
(23,539.94)
NR / AAA
AAA
4.04 1.75
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
350,000.00 10/13/2021
0.68%
349,991.08
349,992.46
96.12 3.10%
336,420.00
99.17 0.23%
(13,572.46)
Aaa / AAA
NR
4.38 1.63
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
450,000.00 03/10/2022
2.34%
449,900.46
449,904.04
97.78 3.57%
440,004.60
464.00
0.30%
(9,899.44)
Aaa / NR
AAA
4.38 1.81
448977AD0 Hyundai Auto Receivables Trust 2022-A A3
2.220% Due 10/15/2026
1,010,000.00 03/09/2022
2.23%
1,009,961.12
1,009,962.63
97.86 3.23%
988,423.38
996.53
0.66%
(21,539.25)
NR / AAA
AAA
4.46 2.15
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
295,000.00 01/11/2022
1.27%
294,974.36
294,976.52
96.07 4.65%
283,408.27
154.88
0.19%
(11,568.25)
NR / AAA
AAA
4.55 1.17
362585AC5 GM Financial Securitized ART 2022-2 A3
3.100% Due 02/16/2027
390,000.00 04/05/2022
3.13%
389,918.49
389,919.66
99.77 3.22%
389,115.87
604.50
0.26%
(803.79)
Aaa / AAA
NR
4.80 2.19
As of April 30, 2022
17 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
02589BAA8 American Express Credit Accoun 22-1 A
2.210% Due 03/15/2027
1,545,000.00 03/21/2022
2.69%
1,524,359.77
1,525,099.63
97.31 3.22%
1,503,391.61
1,517.53
1.01%
(21,708.02)
Aaa / NR
AAA
4.88 2.73
TOTAL ABS 19,449,414.21 1.35%
19,385,020.07
19,385,236.98 2.88%
18,991,749.59
9,102.67
12.76%
(393,487.39)
Aaa / AAA
Aaa
3.24 1.41
Agency
3137EAER6 FHLMC Note
0.375% Due 05/05/2023
1,350,000.00 05/05/2020
0.39%
1,349,433.00
1,349,808.58
98.18 2.20%
1,325,428.65
2,475.00
0.89%
(24,379.93)
Aaa / AA+
AAA
1.01 1.00
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
550,000.00 06/21/2019
1.83%
569,470.00
555,536.11
100.49
2.31%
552,693.90
5,545.83
0.38%
(2,842.21)
Aaa / AA+
AAA
1.14 1.10
3130A3DL5 FHLB Note
2.375% Due 09/08/2023
2,000,000.00 09/06/2019
1.52%
2,066,320.00
2,022,485.21
99.86 2.48%
1,997,250.00
6,993.06
1.35%
(25,235.21)
Aaa / AA+
NR
1.36 1.32
3135G0U43 FNMA Note
2.875% Due 09/12/2023
1,500,000.00 06/21/2019
1.89%
1,559,805.00
1,519,365.80
100.56
2.46%
1,508,329.50
5,869.79
1.02%
(11,036.30)
Aaa / AA+
AAA
1.37 1.33
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
1,755,000.00 12/02/2020
0.28%
1,753,262.55
1,754,076.53
96.36 2.59%
1,691,140.82
1,791.56
1.14%
(62,935.71)
Aaa / AA+
AAA
1.60 1.57
3130A0F70 FHLB Note
3.375% Due 12/08/2023
2,100,000.00 Various
1.75%
2,222,418.00
2,152,829.63
101.22
2.60%
2,125,557.00
28,153.13
1.45%
(27,272.63)
Aaa / AA+
AAA
1.61 1.54
3130A0XE5 FHLB Note
3.250% Due 03/08/2024
1,500,000.00 03/28/2019
2.27%
1,568,115.00
1,525,533.70
101.02
2.68%
1,515,231.00
7,177.08
1.02%
(10,302.70)
Aaa / AA+
NR
1.86 1.78
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,527,601.48
100.30
2.73%
1,504,543.51
16,411.46
1.02%
(23,057.97)
Aaa / AA+
NR
2.13 2.02
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,493,389.48
97.96 2.72%
1,469,430.00
8,677.08
0.99%
(23,959.48)
Aaa / AA+
AAA
2.18 2.10
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,049,082.83
100.19
2.79%
2,003,740.00
7,666.67
1.35%
(45,342.83)
Aaa / AA+
AAA
2.38 2.27
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,970,349.22
97.12 2.85%
1,918,169.38
1,426.39
1.29%
(52,179.84)
Aaa / AA+
AAA
2.46 2.38
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,303,349.12
96.80 2.87%
1,253,552.23
6,663.86
0.85%
(49,796.89)
Aaa / AA+
AAA
2.69 2.59
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,363,984.20
96.35 2.87%
2,278,783.93
7,784.79
1.54%
(85,200.27)
Aaa / AA+
AAA
2.79 2.69
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,857,716.58
93.61 2.88%
1,741,175.76
290.63
1.17%
(116,540.82)
Aaa / AA+
AAA
2.98 2.91
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,648.09
92.85 2.91%
2,321,167.50
4,652.78
1.56%
(178,480.59)
Aaa / AA+
AAA
3.13 3.06
As of April 30, 2022
18 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,245,983.10
92.30 2.89%
1,153,791.25
1,302.08
0.78%
(92,191.85)
Aaa / AA+
AAA
3.23 3.16
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,491,785.40
92.03 2.91%
2,300,872.49
1,718.75
1.55%
(190,912.91)
Aaa / AA+
AAA
3.32 3.25
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,492,611.31
91.80 2.93%
2,294,877.50
989.58
1.54%
(197,733.81)
Aaa / AA+
AAA
3.40 3.33
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,494,843.21
91.90 2.94%
2,297,432.50
6,041.67
1.55%
(197,410.71)
Aaa / AA+
AAA
3.53 3.43
TOTAL Agency 34,500,000.00 1.17%
34,950,141.65
34,669,979.58 2.75%
33,253,166.92
121,631.19
22.42%
(1,416,812.66)
Aaa / AA+
Aaa
2.44 2.36
CMO
3137B4WB8 FHLMC K033 A2
3.060% Due 07/25/2023
1,000,000.00 08/13/2019
2.02%
1,037,656.25
1,011,775.76
100.40
2.52%
1,003,953.00
510.00
0.67%
(7,822.76)
Aaa / NR
NR
1.24 1.07
3137B5JM6 FHLMC K034 A2
3.531% Due 07/25/2023
1,000,000.00 09/26/2019
2.00%
1,053,867.19
1,017,401.46
100.76
2.65%
1,007,647.00
2,942.50
0.68%
(9,754.46)
NR / NR
AAA
1.24 1.10
3137B7MZ9 FHLMC K036 A2
3.527% Due 10/25/2023
1,000,000.00 08/19/2019
1.92%
1,061,914.06
1,022,004.87
100.75
2.80%
1,007,471.00
587.83
0.68%
(14,533.87)
Aaa / NR
AAA
1.49 1.30
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,300,000.00 07/01/2021
0.72%
1,398,414.06
1,373,602.39
100.15
3.03%
1,301,912.30
3,435.25
0.88%
(71,690.09)
Aaa / AAA
AAA
2.49 2.27
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,063,366.62
99.52 3.13%
995,202.00
2,508.33
0.67%
(68,164.62)
NR / NR
AAA
3.24 2.93
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
1,009,912.49
100.47
3.13%
954,462.15
2,639.42
0.64%
(55,450.34)
NR / NR
AAA
3.32 2.97
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
452,624.02
100.40
3.13%
441,770.12
1,212.93
0.30%
(10,853.90)
NR / NR
AAA
3.41 3.05
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
581,617.97
99.41 3.13%
566,626.17
1,422.63
0.38%
(14,991.80)
NR / NR
AAA
3.66 3.27
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
683,854.29
97.78 3.19%
635,596.00
1,437.04
0.43%
(48,258.29)
NR / NR
AAA
4.32 3.98
TOTAL CMO 7,910,000.00 1.51%
8,372,203.90
8,216,159.87 2.94%
7,914,639.74
16,695.93
5.33%
(301,520.13)
Aaa / AAA
Aaa
2.52 2.27
As of April 30, 2022
19 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Corporate
931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023
3.400% Due 06/26/2023
1,000,000.00 03/13/2019
2.80%
1,023,630.00
1,006,011.55
101.11
2.35%
1,011,058.00
11,805.56
0.69%
5,046.45
Aa2 / AA
AA
1.16 1.04
02665WCQ2 American Honda Finance Note
3.625% Due 10/10/2023
1,300,000.00 Various
2.77%
1,345,306.00
1,315,087.17
100.78
3.07%
1,310,123.10
2,748.96
0.88%
(4,964.07)
A3 / A-
A
1.45 1.40
24422EVN6 John Deere Capital Corp Note
0.450% Due 01/17/2024
1,030,000.00 03/01/2021
0.47%
1,029,268.70
1,029,563.59
96.08 2.81%
989,640.48
1,339.00
0.67%
(39,923.11)
A2 / A
A
1.72 1.68
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
1,200,000.00 Various
2.57%
1,226,303.25
1,210,115.70
100.08
2.80%
1,200,954.01
6,626.67
0.81%
(9,161.69)
A2 / A-
AA-
1.85 1.77
89114QCA4 Toronto Dominion Bank Note
2.650% Due 06/12/2024
1,500,000.00 09/11/2019
2.24%
1,527,255.00
1,512,150.01
98.90 3.19%
1,483,440.00
15,347.92
1.01%
(28,710.01)
A1 / A
AA-
2.12 2.02
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
583,814.33
94.16 3.41%
564,976.80
1,166.67
0.38%
(18,837.53)
A2 / A-
AA-
2.19 2.14
79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022
0.625% Due 07/15/2024
1,760,000.00 Various
0.87%
1,748,937.40
1,750,687.70
94.78 3.09%
1,668,156.16
3,238.88
1.12%
(82,531.54)
A2 / A+
NR
2.21 2.16
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.98%
1,533,359.18
1,517,915.40
98.35 3.33%
1,475,256.00
11,156.26
1.00%
(42,659.40)
A1 / A
AA-
2.21 2.11
91159HHX1 US Bancorp Callable Note Cont 6/28/2024
2.400% Due 07/30/2024
1,250,000.00 10/10/2019
2.07%
1,268,262.50
1,258,387.14
98.32 3.18%
1,229,052.50
7,583.33
0.83%
(29,334.64)
A2 / A+
A+
2.25 2.16
009158AV8 Air Products & Chemicals Callable Note Cont 4/30/2024
3.350% Due 07/31/2024
1,675,000.00 08/07/2019
2.07%
1,771,212.00
1,715,692.21
100.50
3.09%
1,683,331.45
14,183.99
1.14%
(32,360.76)
A2 / A
NR
2.25 1.91
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,721.58
94.31 3.11%
641,274.00
774.44
0.43%
(38,447.58)
A1 / A+
NR
2.28 2.23
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,625.39
97.87 3.12%
362,118.26
1,679.39
0.24%
(7,507.13)
A1 / A+
NR
2.30 2.20
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,106,088.69
97.82 3.05%
1,076,039.80
11,365.14
0.73%
(30,048.89)
A2 / A
A
2.53 2.41
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,208.43
94.72 3.29%
838,263.15
4,042.73
0.57%
(45,945.28)
Aa3 / AA-
AA-
2.61 2.51
89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
675,840.72
94.92 3.44%
664,449.80
3,073.19
0.45%
(11,390.92)
A1 / A
NR
2.70 2.59
89236TJT3 Toyota Motor Credit Corp Note
1.450% Due 01/13/2025
1,215,000.00 01/10/2022
1.50%
1,213,371.90
1,213,532.33
95.33 3.27%
1,158,317.82
5,285.25
0.78%
(55,214.51)
A1 / A+
A+
2.71 2.60
64952WEK5 New York Life Global Note
1.450% Due 01/14/2025
1,680,000.00 01/11/2022
1.49%
1,678,185.60
1,678,362.74
95.29 3.28%
1,600,826.64
7,240.33
1.08%
(77,536.10)
Aaa / AA+
AAA
2.71 2.61
As of April 30, 2022
20 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,774.94
99.07 3.19%
876,732.33
1,681.50
0.59%
(8,042.61)
A1 / A+
NR
2.94 2.79
78016EZ59 Royal Bank of Canada Note
3.375% Due 04/14/2025
1,050,000.00 04/07/2022
3.39%
1,049,611.50
1,049,617.53
99.03 3.72%
1,039,849.65
1,673.44
0.70%
(9,767.88)
A1 / A
AA-
2.96 2.78
06406RBC0 Bank of NY Mellon Corp Callable Note Cont 3/25/2025
3.350% Due 04/25/2025
1,370,000.00 04/19/2022
3.35%
1,369,808.20
1,369,809.08
99.86 3.40%
1,368,088.85
637.43
0.92%
(1,720.23)
A1 / A
AA-
2.99 2.82
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,276,419.11
95.00 3.62%
1,178,002.48
11,470.00
0.80%
(98,416.63)
A2 / A-
AA-
3.01 2.85
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024
0.824% Due 06/01/2025
1,370,000.00 05/24/2021
0.78%
1,371,773.90
1,371,233.31
94.12 2.83%
1,289,474.14
4,703.67
0.87%
(81,759.17)
A2 / A-
AA-
3.09 3.00
46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024
0.969% Due 06/23/2025
655,000.00 Various
0.93%
655,406.85
655,320.19
94.12 2.91%
616,495.17
2,256.70
0.42%
(38,825.02)
A2 / A-
AA-
3.15 3.05
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
834,288.04
91.52 3.52%
827,320.91
1,205.33
0.56%
(6,967.13)
Aa3 / AA-
AA-
3.34 3.24
06406HCQ0 Bank of New York Callable Note Cont 10/18/2025
3.950% Due 11/18/2025
1,000,000.00 04/05/2022
3.20%
1,024,910.00
1,024,446.56
101.66
3.44%
1,016,575.00
17,884.72
0.69%
(7,871.56)
A1 / A
AA-
3.56 3.16
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,387,788.23
90.83 3.60%
1,271,688.60
4,797.92
0.86%
(116,099.63)
Aa2 / AA+
NR
3.62 3.48
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
829,617.24
90.70 3.50%
770,915.15
2,021.11
0.52%
(58,702.09)
Aaa / AA+
AAA
3.71 3.58
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025
2.015% Due 02/13/2026
600,000.00 05/24/2021
1.05%
620,988.00
615,737.14
94.67 3.52%
568,000.20
2,619.50
0.38%
(47,736.94)
A2 / A-
AA-
3.79 3.58
46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025
2.083% Due 04/22/2026
401,000.00 05/20/2021
1.11%
415,969.33
412,386.75
94.09 3.71%
377,320.15
208.82
0.25%
(35,066.60)
A2 / A-
AA-
3.98 3.76
023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026
1.000% Due 05/12/2026
1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,868,470.32
91.25 3.34%
1,710,907.50
8,802.08
1.16%
(157,562.82)
A1 / AA
AA-
4.04 3.87
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026
1.150% Due 05/15/2026
1,035,000.00 Various
1.37%
1,025,051.35
1,025,880.10
91.24 3.49%
944,342.28
5,488.37
0.64%
(81,537.82)
A3 / A+
A
4.04 3.87
89236TJK2 Toyota Motor Credit Corp Note
1.125% Due 06/18/2026
1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,496.39
90.88 3.52%
1,258,646.45
5,756.41
0.85%
(125,849.94)
A1 / A+
A+
4.14 3.96
As of April 30, 2022
21 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025
1.319% Due 06/19/2026
700,000.00 07/16/2021
1.27%
701,274.00
701,020.09
91.69 3.53%
641,814.60
3,385.43
0.43%
(59,205.49)
A2 / A-
AA-
4.14 3.94
57629WDE7 Mass Mutual Global funding Note
1.200% Due 07/16/2026
1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,001,916.95
90.77 3.58%
907,663.00
3,500.00
0.61%
(94,253.95)
Aa3 / AA+
AA+
4.21 4.03
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,380.44
90.37 3.65%
695,871.33
1,256.60
0.47%
(73,509.11)
Aa3 / AA-
AA-
4.38 4.18
931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026
1.050% Due 09/17/2026
350,000.00 09/08/2021
1.09%
349,338.50
349,420.37
91.09 3.25%
318,823.40
449.17
0.21%
(30,596.97)
Aa2 / AA
AA
4.39 4.21
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,113,805.47
91.98 3.75%
1,025,563.62
6,388.02
0.69%
(88,241.85)
Aa3 / AA-
AA-
4.70 4.40
808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027
2.450% Due 03/03/2027
960,000.00 03/01/2022
2.46%
959,729.90
959,738.46
94.20 3.77%
904,287.36
3,789.33
0.61%
(55,451.10)
A2 / A
A
4.84 4.48
084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027
2.300% Due 03/15/2027
1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,701.05
95.59 3.29%
1,543,805.96
4,746.31
1.04%
(70,895.09)
Aa2 / AA
A+
4.88 4.54
TOTAL Corporate 41,975,000.00 1.80%
42,178,269.78
42,007,072.44 3.29%
40,109,466.10
203,379.57
27.08%
(1,897,606.34)
A1 / A+
AA-
3.03 2.88
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 562,715.17 Various
0.03%
562,715.17
562,715.17
1.00 0.03%
562,715.17
0.00 0.38%
0.00 Aaa / AAA
NR
0.00 0.00
TOTAL Money Market Fund 562,715.17 0.03%
562,715.17
562,715.17 0.03%
562,715.17
0.00 0.38%
0.00 Aaa / AAA
NR
0.00 0.00
Municipal Bonds
13063DRK6 California State Taxable GO
2.400% Due 10/01/2024
755,000.00 10/16/2019
1.91%
772,342.35
763,498.14
98.41 3.09%
742,987.95
1,510.00
0.50%
(20,510.19)
Aa2 / AA-
AA
2.42 2.32
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
763,498.14 3.09%
742,987.95
1,510.00
0.50%
(20,510.19)
Aa2 / AA-
AA
2.42 2.32
Supranational
45950KCP3 International Finance Corp Note
2.875% Due 07/31/2023
2,700,000.00 07/01/2021
0.31%
2,842,425.00
2,786,020.93
100.41
2.54%
2,711,016.00
19,621.88
1.83%
(75,004.93)
Aaa / AAA
NR
1.25 1.21
4581X0DP0 Inter-American Dev Bank Note
0.250% Due 11/15/2023
2,800,000.00 07/01/2021
0.37%
2,792,300.00
2,794,970.88
96.47 2.60%
2,701,106.80
3,227.78
1.82%
(93,864.08)
Aaa / AAA
NR
1.55 1.52
As of April 30, 2022
22 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,477,548.34
92.11 2.97%
2,302,675.00
2,734.38
1.55%
(174,873.34)
Aaa / AAA
NR
3.21 3.14
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,391,719.85
91.80 2.99%
2,203,142.40
100.00
1.48%
(188,577.45)
Aaa / AAA
AAA
3.50 3.42
4581X0DV7 Inter-American Dev Bank Note
0.875% Due 04/20/2026
2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,451,053.20
91.98 3.03%
2,262,683.40
657.71
1.52%
(188,369.80)
Aaa / AAA
AAA
3.98 3.85
TOTAL Supranational 12,860,000.00 0.57%
12,943,467.45
12,901,313.20 2.81%
12,180,623.60
26,341.75
8.20%
(720,689.60)
Aaa / AAA
Aaa
2.60 2.53
US Treasury
912828T91 US Treasury Note
1.625% Due 10/31/2023
650,000.00 Various
1.94%
641,405.27
647,088.79
98.71 2.51%
641,595.50
28.71 0.43%
(5,493.29)
Aaa / AA+
AAA
1.50 1.47
912828V23 US Treasury Note
2.250% Due 12/31/2023
1,500,000.00 06/21/2019
1.80%
1,529,472.66
1,510,871.50
99.45 2.59%
1,491,679.50
11,281.08
1.01%
(19,192.00)
Aaa / AA+
AAA
1.67 1.61
912828B66 US Treasury Note
2.750% Due 02/15/2024
2,000,000.00 Various
2.14%
2,053,613.28
2,020,876.57
100.19
2.64%
2,003,750.00
11,395.03
1.35%
(17,126.57)
Aaa / AA+
AAA
1.80 1.73
91282CBR1 US Treasury Note
0.250% Due 03/15/2024
1,450,000.00 03/30/2021
0.33%
1,446,488.28
1,447,775.91
95.62 2.66%
1,386,449.40
462.98
0.93%
(61,326.51)
Aaa / AA+
AAA
1.88 1.85
912828X70 US Treasury Note
2.000% Due 04/30/2024
1,700,000.00 06/10/2019
1.92%
1,705,976.56
1,702,444.20
98.65 2.70%
1,677,089.10
92.39 1.13%
(25,355.10)
Aaa / AA+
AAA
2.00 1.94
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,008,322.05
98.45 2.74%
1,968,906.00
13,370.16
1.33%
(39,416.05)
Aaa / AA+
AAA
2.17 2.09
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,724,844.43
99.02 2.82%
1,683,397.80
8,364.99
1.14%
(41,446.63)
Aaa / AA+
AAA
2.30 2.21
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,087,779.68
97.17 2.86%
2,040,528.00
12,283.84
1.38%
(47,251.68)
Aaa / AA+
AAA
2.67 2.57
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,513,243.74
95.32 2.86%
1,429,746.00
2,843.07
0.96%
(83,497.74)
Aaa / AA+
AAA
2.84 2.75
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,058,762.29
96.93 2.87%
3,004,820.70
6,928.66
2.02%
(53,941.59)
Aaa / AA+
AAA
2.88 2.77
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,365,744.17
92.87 2.87%
2,321,680.00
25.48 1.56%
(44,064.17)
Aaa / AA+
AAA
3.00 2.94
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,477,555.85
91.79 2.91%
1,376,836.50
932.32
0.93%
(100,719.35)
Aaa / AA+
AAA
3.25 3.19
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,374,709.77
91.37 2.92%
2,192,906.40
508.20
1.47%
(181,803.37)
Aaa / AA+
AAA
3.42 3.36
As of April 30, 2022
23 Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,429,833.30
91.17 2.92%
2,233,616.00
16.65 1.50%
(196,217.30)
Aaa / AA+
AAA
3.51 3.44
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,219,064.20
91.36 2.93%
2,055,586.50
3,523.35
1.38%
(163,477.70)
Aaa / AA+
AAA
3.59 3.51
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,465,059.40
90.96 2.94%
2,274,022.50
2,330.80
1.53%
(191,036.90)
Aaa / AA+
AAA
3.76 3.67
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,494,845.62
91.81 2.94%
2,295,215.00
50.95 1.54%
(199,630.62)
Aaa / AA+
AAA
4.00 3.89
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,381,303.38
91.50 2.94%
1,280,945.40
1,037.57
0.86%
(100,357.98)
Aaa / AA+
AAA
4.42 4.27
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,392,246.89
92.39 2.94%
1,293,523.00
42.80 0.87%
(98,723.89)
Aaa / AA+
AAA
4.51 4.33
TOTAL US Treasury 36,600,000.00 1.34%
36,366,204.12
36,322,371.74 2.84%
34,652,293.30
75,519.03
23.33%
(1,670,078.44)
Aaa / AA+
Aaa
2.96 2.88
TOTAL PORTFOLIO 154,612,129.38 1.37%
155,530,364.49
154,828,347.12 2.94%
148,407,642.37
454,180.14
100.00%
(6,420,704.75)
Aa1 / AA
Aaa
2.83 2.50
TOTAL MARKET VALUE PLUS ACCRUALS 148,861,822.51
As of April 30, 2022
24 SECTION |
Section 4 |
Transactions
25 Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/11/2022 06367TQW3 600,000.00 Bank of Montreal Note
0.625% Due: 07/09/2024
97.036 1.89% 582,216.00 333.33 582,549.33 0.00
Purchase 02/23/2022 36265MAC9 945,000.00 GM Financial Auto Lease Trust 2022-1 A3
1.9% Due: 03/20/2025
99.999 1.91% 944,991.87 0.00 944,991.87 0.00
Purchase 02/23/2022 43815BAC4 740,000.00 Honda Auto Receivables Trust 2022-1 A3
1.88% Due: 05/15/2026
99.985 1.89% 739,888.70 0.00 739,888.70 0.00
Purchase 02/28/2022 89238LAC4 1,150,000.00 Toyota Lease Owner Trust 2022-A A3
1.96% Due: 02/20/2025
99.984 1.98% 1,149,818.99 0.00 1,149,818.99 0.00
Purchase 03/03/2022 808513BY0 550,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027
2.45% Due: 03/03/2027
99.892 2.47% 549,406.00 0.00 549,406.00 0.00
Purchase 03/03/2022 808513BY0 410,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027
2.45% Due: 03/03/2027
100.079 2.43% 410,323.90 0.00 410,323.90 0.00
Purchase 03/15/2022 084664CZ2 1,615,000.00 Berkshire Hathaway Callable Note Cont 2/15/2027
2.3% Due: 03/15/2027
99.981 2.30% 1,614,693.15 0.00 1,614,693.15 0.00
Purchase 03/15/2022 91282CED9 2,100,000.00 US Treasury Note
1.75% Due: 03/15/2025
99.258 2.01% 2,084,414.07 0.00 2,084,414.07 0.00
Purchase 03/16/2022
448977AD0 1,010,000.00 Hyundai Auto Receivables Trust 2022-A A3
2.22% Due: 10/15/2026
99.996 2.23% 1,009,961.12 0.00 1,009,961.12 0.00
Purchase 03/16/2022 47787JAC2 450,000.00 John Deere Owner Trust 2022-A A3
2.32% Due: 09/16/2026
99.978 2.34% 449,900.46 0.00 449,900.46 0.00
Purchase 03/16/2022 912828YY0 2,100,000.00 US Treasury Note
1.75% Due: 12/31/2024
99.391 1.97% 2,087,203.13 7,613.95 2,094,817.08 0.00
Purchase 03/17/2022
89114TZL9 700,000.00 Toronto-Dominion Bank Note
1.45% Due: 01/10/2025
96.391 2.79% 674,737.00 1,832.64 676,569.64 0.00
Purchase 03/18/2022 3137BM7C4 440,000.00 FHLMC K051 A2
3.308% Due: 09/25/2025
102.973 2.21% 453,079.69 687.33 453,767.02 0.00
Purchase 03/18/2022
3137BN6G4 570,000.00 FHLMC KO53
2.995% Due: 12/25/2025
102.105 2.29% 582,001.17 806.15 582,807.32 0.00
January 31, 2022 through April 30, 2022
As of April 30, 2022
26 Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 03/22/2022 44935FAD6 1,000,000.00 Hyundai Auto Receivables Trust 2021-C A3
0.74% Due: 05/15/2026
96.645 2.46% 966,445.31 143.89 966,589.20 0.00
Purchase 03/22/2022 912828ZL7 2,500,000.00 US Treasury Note
0.375% Due: 04/30/2025
94.434 2.24% 2,360,839.85 3,677.49 2,364,517.34 0.00
Purchase 03/23/2022
02589BAA8 1,545,000.00 American Express Credit Accoun 22-1 A
2.21% Due: 03/15/2027
98.664 2.69% 1,524,359.77 474.23 1,524,834.00 0.00
Purchase 03/25/2022 89238EAC0 700,000.00 Toyota Lease Owner Trust 2021-A A3
0.39% Due: 04/22/2024
98.000 2.16% 686,000.00 37.92 686,037.92 0.00
Purchase 04/07/2022 06406HCQ0 1,000,000.00 Bank of New York Callable Note Cont 10/18/2025
3.95% Due: 11/18/2025
102.491 3.21% 1,024,910.00 15,251.39 1,040,161.39 0.00
Purchase 04/07/2022
69371RR73 885,000.00 Paccar Financial Corp Note
2.85% Due: 04/07/2025
99.974 2.86% 884,769.90 0.00 884,769.90 0.00
Purchase 04/08/2022
74153WCM9 904,000.00 Pricoa Global Funding Note
0.8% Due: 09/01/2025
92.143 3.26% 832,972.72 743.29 833,716.01 0.00
Purchase 04/12/2022
91282CED9 1,000,000.00 US Treasury Note
1.75% Due: 03/15/2025
97.320 2.71% 973,203.13 1,331.52 974,534.65 0.00
Purchase 04/13/2022
362585AC5 390,000.00 GM Financial Securitized ART 2022-2 A3
3.1% Due: 02/16/2027
99.979 3.13% 389,918.49 0.00 389,918.49 0.00
Purchase 04/14/2022 78016EZ59 1,050,000.00 Royal Bank of Canada Note
3.375% Due: 04/14/2025
99.963 3.39% 1,049,611.50 0.00 1,049,611.50 0.00
Purchase 04/26/2022
06406RBC0 1,370,000.00 Bank of NY Mellon Corp Callable Note Cont 3/25/2025
3.35% Due: 04/25/2025
99.986 3.35% 1,369,808.20 0.00 1,369,808.20 0.00
Subtotal 25,724,000.00 25,395,474.12 32,933.13 25,428,407.25 0.00 TOTAL ACQUISITIONS 25,724,000.00 25,395,474.12 32,933.13 25,428,407.25 0.00
DISPOSITIONS
Sale 02/17/2022
912828N30 50,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.910 1.69% 50,455.08 140.88 50,595.96 266.78
January 31, 2022 through April 30, 2022
As of April 30, 2022
27 Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 02/18/2022 808513AT2 1,500,000.00 Charles Schwab Corp Callable Note Cont 12/25/2022
2.65% Due: 01/25/2023
101.135 2.40% 1,517,025.00 2,539.58 1,519,564.58 15,694.60 Sale 02/25/2022
912828N30 700,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.953 1.69% 706,671.88 2,301.10 708,972.98 4,102.15
Sale 03/03/2022
3137EAER6 150,000.00 FHLMC Note
0.375% Due: 05/05/2023
99.057 0.39% 148,585.80 184.38 148,770.18 -1,389.53
Sale 03/03/2022
912828N30 750,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.953 1.69% 757,148.44 2,729.63 759,878.07 4,448.62
Sale 03/08/2022
3137EAEN5 250,000.00 FHLMC Note
2.75% Due: 06/19/2023
101.717 1.83% 254,292.50 1,508.68 255,801.18 1,447.86
Sale 03/08/2022
912828T91 1,350,000.00 US Treasury Note
1.625% Due: 10/31/2023
100.156 1.82% 1,352,109.38 7,756.91 1,359,866.29 8,751.54 Sale 04/04/2022
69371RP59 435,000.00 Paccar Financial Corp Note
3.4% Due: 08/09/2023
101.510 2.56% 441,568.50 2,259.58 443,828.08 1,907.08
Sale 04/07/2022
06406RAG2 1,000,000.00 Bank of NY Mellon Corp Note
3.5% Due: 04/28/2023
101.441 3.15% 1,014,410.00 15,458.33 1,029,868.33 10,927.58 Sale 04/12/2022
037833AK6 1,000,000.00 Apple Inc Note
2.4% Due: 05/03/2023
100.336 2.79% 1,003,360.00 10,600.00 1,013,960.00 7,230.21 Sale 04/12/2022
24422ETG4 1,000,000.00 John Deere Capital Corp Note
2.8% Due: 03/06/2023
100.708 2.60% 1,007,080.00 2,800.00 1,009,880.00 5,351.04 Subtotal 8,185,000.00 8,252,706.58 48,279.07 8,300,985.65 58,737.93 Maturity 04/28/2022
89114W7M1 350,000.00 Toronto Dominion Yankee CD
0.24% Due: 04/28/2022
100.000 350,000.00 851.66 350,851.66 0.00
Subtotal 350,000.00 350,000.00 851.66 350,851.66 0.00
TOTAL DISPOSITIONS 8,535,000.00 8,602,706.58 49,130.73 8,651,837.31 58,737.93 January 31, 2022 through April 30, 2022
As of April 30, 2022
28 Important Disclosures
2022 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 re port 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.
As of April 30, 2022
29 Benchmark Disclosures
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.
As of April 30, 2022
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