D. Public Outreach Process
During the Parks and Recreation System Master Plan (PRSMP) public outreach process the City received a variety of input about the community’s priorities for programming and use of park space. Survey information received during the master planning process indicates that 83% of respondents noted that improving access to natural open space is very or somewhat important. This compares with 74% of respondents who stated that a variety of recreational opportunities is very or somewhat important. See Attachment F – Selected Pages from Parks Master Plan for additional detail. The Blackberry Farm Golf Course site offers great opportunities for either of these community priorities. 429
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The City understands the importance of allowing the community to provide input specific to the future use Blackberry Farm Golf Course. To facilitate public input, in 2022 for 6 weeks, the City published an online survey specifically asking the community its preferences between the two potential uses of the site. The City also provided hard-copy surveys at the Cupertino Sports Center, Senior Center, Library and Quinlan Community Center.
There were also several opportunities for the public to provide written and online comments. The City established the Engage Cupertino website (https://engagecupertino.org/bbfgolfcourse) in July 2021. The City held a virtual community meeting on June 6, 2022 to provide an overview of the alternatives and hear directly from the community. Comments were received via email, the engage Cupertino website, the online survey, two in-person open house events at the golf course (June 11 & July 11) as well as a pop-up event at a Memorial Park during the summer concert series.
Public Survey Summary
The survey was open to the public the week of May 25, 2022 and closed on July 15, 2022.
Residents were notified about the project and online survey through a postcard mailed citywide. See Attachment G – Public Survey for the specific questions associated with the survey. The City received 4,023 survey responses. Of those responses 2,535 were Cupertino residents and 1,488 were non-residents.
Attachment D – Public Survey & Outreach Summary provides a quantitative and qualitative analysis of the responses received. Respondents were asked about their opinions and priorities for the future use of Blackberry Farm Golf Course. The summary report provides a breakdown of responses completed by those reporting to be residents vs. non-residents. Key themes from the online survey results are summarized below in Table 3.
Table 3 – Key Survey Result Takeaways
Topic Key Takeaways
Resident and
non-resident
responses
The survey received a total of 4,023 responses. Of those responses, 2,535 were from Cupertino residents (63% of the total responses) and 1,488 were from non-residents (37% of total responses).
Overall
option
preference
When analyzing responses from all survey respondents, over half (n = 2,081, 52%) prefer Option A (Golf Course Necessary Repairs and Minor Improvements). However, when analyzing responses from only Cupertino residents, more than half (n = 1,433, 57%) prefer Option B (Conversion to Natural Habitat).
Option
preference
reasons
The top reasons cited by survey respondents for preferring Option A include that Blackberry Farm Golf Course is a good course to play for kids, elders, and novices, Blackberry Farm is more affordable 430
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than other golf courses, and that there are sufficient other nature options nearby.
The top reasons cited by respondents for preferring Option B include concerns about drought, water use, and climate change and that natural habitat areas benefit a greater number of people and are more accessible.
Distance from
site
The majority (71%) of survey respondents who live more than 5 miles from the site selected Option A, while most (52%) of respondents who live 5 or less miles from the site selected Option B.
When filtering responses by those who live closest to the site (“less than ½ mile” and “less than 1 mile”), the majority (57%) of respondents prefer Option B.
Age
The most represented age group among survey respondents is people more than 60 years old (36%), followed by people 50 to 60 years old (23%). Generally, older respondents prefer Option A and younger respondents prefer Option B. The majority (66%) of respondents who selected Option A are 50 or older, while 52% of respondents who selected Option B are 50 or older.
Future use
frequency
When asked how often survey respondents would use Blackberry Farm Golf Course in the future if the repairs and improvements were made, 48% indicated that they would use the golf course frequently or occasionally, and 52% indicated that they would use the course rarely or never. Among respondents that selected Option A, 87% indicated that they would use the golf course frequently or occasionally; among respondents that selected Option B, 4% indicated that they would use the golf course frequently or occasionally.
When asked how often respondents would use the natural habitat area in the future if Blackberry Farm Golf Course were converted, 57% indicated that they would use the nature area frequently or occasionally, and 43% indicated that they would use the area rarely or never. Among respondents that selected Option B, 96% indicated that they would use the site frequently or occasionally; among respondents that selected Option A, 21% indicated that they would use the site frequently or occasionally.
Preferred golf
course
Among respondents that play golf at both Blackberry Farm and Deep Cliff, 40% of respondents prefer to play at Blackberry Farm, 35% have no preference between the two, 11% prefer Deep Cliff, and the remaining 14% did not explicitly indicate which course they prefer.
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Public Outreach Conclusions
The survey was open to the public the week of May 25, 2022 and closed on July 15, 2022.
Residents were notified about the project and online survey through a postcard mailed citywide. See Attachment G – Public Survey for the specific questions associated with the survey. The City received 4,023 survey responses. Of those responses 2,535 were Cupertino residents and 1,488 were non-residents.
quick, better for seniors, novices, and kids, well-located, and affordable.
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CITY OF CUPERTINO
Agenda Item
23-12290 Agenda Date:
10/17/2023 Agenda #: 9.
Subject: Councilmember Reports
CITY OF CUPERTINO Page 1 of 1 Printed on 10/11/2023
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, October 17, 2023
Reporting Councilmember: Councilmember J.R. Fruen
Report Activity Dates: 10/3/23 to 10/9/23
Event Date, Title, and Description:
Event 1. October 3, 2023 – Budget and City Hall Briefing – I received a background briefing from staff on the Budget and on the City Hall project. The Budget item was scheduled to be heard at the October 10, 2023, council meeting and the City Hall project update at the October 17, 2023 meeting.
Event 2. October 7, 2023 – Meeting with Cupertino chapter of Silicon Valley Youth Climate Action – I was honored to be the guest of the Cupertino SVYCA at their October meeting. They asked numerous insightful questions about Cupertino’s Climate Action Plan 2.0 implementation and youth engagement. I’m always impressed with how bright and active our young residents are and how much they care about the future of the community and the planet. I look forward to my next chance to work with them. 434
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, October 17, 2023
Reporting Councilmember: Vice Mayor Sheila Mohan
Report Activity Dates: 10/3/23 to 10/9/23
Event Date, Title, and Description:
10/04/23: Attended the virtual meeting of the Vision Zero community. Staff along with transportation consultants provided an update of initiatives taken to improve safety for pedestrians, cyclist and drivers, identified collision trends and high‐injury locations and introduced a tool box for speed management that all stakeholders could utilize. Staff answered questions from public on topics including Stevens Creek crossing needs, and potentially unsafe intersection at Orion and Stelling.
10/9/23: Met up with residents to hear ideas about park trail connectivity and suggestions for implementation with possibly minimal cost to the City.
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, October 17, 2023
Reporting Councilmember: Councilmember Kitty Moore
Report Activity Dates: 10/2/23 to 10/10/23
Event Date, Title, and Description:
October 2, 2023. CalCities Water Work Group. Attended meeting reviewing the new Water Conservation Draft Regulations water retail providers will be adhering to.
October 4, 2023. Attended Supervisor Joe Simitian and the City of Mountain View’s showing of the documentary “$100 A Day” with a discussion panel on wrongful incarceration, exoneration, the experiences of the late, wrongfully convicted, Rick Walker, and the passage of AB 1302 championed by Supervisor Simitian.
October 6, 2023. Attended CalCities Peninsula Division 2023 Mental Health Forum in Mountain View. I made a request of our city asked at the Forum of the participants to ask to include the 988-hotline number into our newsletters. 988 Hotline news: https://calmatters.org/health/mental-health/2023/07/988- hotline-california-mental-health/
Some of the references provided in the forum include:
• Modernizing Our Behavioral Health System - California Health and Human Services • Youth Mental Health Resources Hub - California Health and Human Services • CARE Act - California Health and Human Services
October 7, 2023. Attended the Double 10th Celebration in San Jose, sponsored by The Double Tenth Celebration Committee of the Republic of China – San Francisco & Bay Area, a non-profit organization. This lively outdoor event had many 436
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City Council Report of Activities Councilmember Moore
performances.
October 8, 2023. Attended the grand opening ribbon cutting at the Tai Ji Men Qigong Academy which promotes peace and love.
October 8, 2023. Attended vigil for the late community leader Milind Makwana with speakers regarding the veto of SB 403.
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CITY OF CUPERTINO
Agenda Item
22-11740 Agenda Date:
10/17/2023 Agenda #:
10. Subject: Receive the Monthly Treasurer's Report for September 2023 Receive the Monthly Treasurer's Report for September 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 10/11/2023
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CITY COUNCIL STAFF REPORT
Meeting: October 17, 2023
Subject
Receive the Monthly Treasurer's Report for September 2023 Recommended Action
Receive the Monthly Treasurer's Report for September 2023 Reasons for Recommendation
Background
California Government Code Section 41004 states:
Regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances.
The city treasurer shall file a copy with the legislative body.
The City's Municipal Code Section 2.24.030 Monthly Reports states:
The Treasurer shall make monthly reports which conform to the requirements of Government Code Section 41004. Said reports shall be delivered to the City Council, the City Manager and made available for review by such other persons who may so request.
The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements.
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Cash vs. Accrual Basis Accounting
Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing.
Under cash basis accounting, revenues are recorded when payment is received, and expenses are recorded when payment is made. This method of accounting recognizes transactions only when cash changes hands. In contrast, accrual basis accounting recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid). This method of accounting recognizes transactions as they occur, regardless of whether cash has been exchanged.
Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance shows the total cash and investments in the City's accounts. The ending balance is the beginning balance plus receipts minus disbursements. Journal adjustments generally include transactions recorded in other systems and imported into New World, Councilapproved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.
Revenues, expenditures, and fund balance are measured on an accrual basis. As a result, the amount in fund balance does not mean the City has that much cash on hand. Instead, fund balance is the difference between assets and liabilities. The ending balance is the beginning balance plus revenues minus expenditures.
Treasurer's Report
The report provides an update on the City's cash and fund balances for September 2023.
The report is as of October 5, 2023.
Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $131.1 million, decreasing by $2.8 million from the prior month. Receipts were $6.2 million, disbursements were $(8.6) million, and journal adjustments were $(0.4) million for the month.
The City's total ending cash and investment balance was $234.6 million, decreasing by $4.0 million from the prior month. Receipts were $6.6 million, disbursements were $(10.8) million, and journal adjustments were $0.3 million for the month.
Journal adjustments included the following:
Parks and Recreation transactions imported from Active Network into New World
FY 2024 Quarter 1 Cost Allocation Plan Charges
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Fund Balance/Net Position
The City's General Fund ending fund balance was $101.1 million, decreasing by $6.5 million from the prior month due to revenues of $3.4 million and expenditures of $9.9 million.
The City's total ending fund balance was $198.1 million, decreasing by $7.4 million from the prior month due to revenues of $5.2 million and expenditures of $12.6 million.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Thomas Leung
Budget Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services
Approved for Submission by: __________________
Pamela Wu
City Manager
Attachments:
A – Report of City-wide Receipts, Disbursements, and Cash Balances September 2023 B – Report of City‐wide Fund Balances/Net Position September 2023 441
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September 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance
Fund Type Fund Number/Name as of August 31, 2023 Receipts Disbursements Journal Adjustments Ending Balance
as of September 30, 2023
General Fund 100 General Fund 133,830,064 6,219,790 (8,562,657) (425,785) 131,061,412 General Fund 130 Investment Fund 189,996 ‐ ‐ ‐ 189,996Special Revenue Funds 210 Storm Drain Improvement 2,059,425 ‐ (57,423) ‐ 2,002,002 Special Revenue Funds 215 Storm Drain AB1600 1,909,845 3,647 ‐ ‐ 1,913,492 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 920,264 ‐ (202,423) (86,536) 631,305Special Revenue Funds 260 CDBG 655,613 ‐ (1,159) ‐ 654,454 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300Special Revenue Funds 265 BMR Housing 5,182,533 ‐ (37,799) (23,977) 5,120,757 Special Revenue Funds 270 Transportation Fund 13,215,198 127,331 (629,427) (194,641) 12,518,461 Special Revenue Funds 271 Traffic Impact 776,311 ‐ ‐ ‐ 776,311 Special Revenue Funds 280 Park Dedication 18,746,638 120,000 (19,775) ‐ 18,846,863 Special Revenue Funds 281 Tree Fund 65,439 3,747 ‐ (2,785) 66,401 Debt Service Funds 365 Public Facilities Corp 2,684,450 ‐ ‐ ‐ 2,684,450Capital Project Funds 420 Capital Improvement Fund 27,033,595 ‐ (244,532) ‐ 26,789,063 Capital Project Funds 427 Stevens Creek Corridor Park 158,146 ‐ (3,455) ‐ 154,692 Capital Project Funds 429 Capital Reserve* 11,034,444 ‐ ‐ ‐ 11,034,444Enterprise Funds 520 Resource Recovery 5,394,844 123,429 (145,814) (66,757) 5,305,701 Enterprise Funds 560 Blackberry Farm 918,555 ‐ (54,712) 40,581 904,424 Enterprise Funds 570 Sports Center 1,761,710 ‐ (324,629) 83,384 1,520,466 Enterprise Funds 580 Recreation Program 3,539,919 ‐ (118,453) (19,184) 3,402,282 Internal Service Funds 610 Innovation & Technology 3,744,648 ‐ (243,649) 636,715 4,137,714 Internal Service Funds 620 Workersʹ Compensation 3,702,157 ‐ (5,029) (7,324) 3,689,804 Internal Service Funds 630 Vehicle/Equip Replacement 1,249,959 ‐ (59,770) 378,800 1,568,989 Internal Service Funds 641 Compensated Absence/LTD 1,105,562 ‐ (8,133) (1,618) 1,095,811 Internal Service Funds 642 Retiree Medical (1,591,859) ‐ (108,614) (3,497) (1,703,970)Total $ 238,509,755 $ 6,597,944 $ (10,827,451) $ 307,376 $ 234,587,624 * For reporting purposes, this fund rolls up/combines with Fund 420Printed October 05, 2023For more information on funds, please see cupertino.org/fund‐structure 442
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September 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance
Fund Type Fund Number/Name as of August 31, 2023 Revenues Expenditures Ending Fund Balance as
of September 30, 2023
General Fund 100 General Fund 107,658,262 3,407,891 9,948,690 101,117,464 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425 Special Revenue Funds 210 Storm Drain Improvement 2,163,882 ‐ 57,423 2,106,459 Special Revenue Funds 215 Storm Drain AB1600 1,801,375 3,647 ‐ 1,805,022 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,250,784 ‐ 281,259 969,525 Special Revenue Funds 260 CDBG 1,255,363 ‐ 1,159 1,254,205Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,661,957 ‐ 51,604 5,610,354 Special Revenue Funds 270 Transportation Fund 12,094,298 127,718 816,320 11,405,696Special Revenue Funds 271 Traffic Impact 727,060 ‐ ‐ 727,060 Special Revenue Funds 280 Park Dedication 21,135,768 120,000 10,520 21,245,248 Special Revenue Funds 281 Tree Fund 134,229 962 ‐ 135,191 Debt Service Funds 365 Public Facilities Corp 8,350 ‐ ‐ 8,350 Capital Project Funds 420 Capital Improvement Fund 25,679,139 ‐ 217,224 25,461,915Capital Project Funds 427 Stevens Creek Corridor Park 164,851 ‐ 1,727 163,124 Capital Project Funds 429 Capital Reserve* 9,137,046 ‐ ‐ 9,137,046Enterprise Funds 520 Resource Recovery 4,935,684 123,429 134,008 4,925,105Enterprise Funds 560 Blackberry Farm 861,103 58,835 56,720 863,217 Enterprise Funds 570 Sports Center 2,338,544 239,660 425,593 2,152,611 Enterprise Funds 580 Recreation Program 2,508,822 105,396 181,489 2,432,728Internal Service Funds 610 Innovation & Technology 644,832 636,715 227,248 1,054,299Internal Service Funds 620 Workersʹ Compensation 2,211,161 ‐ 12,353 2,198,808Internal Service Funds 630 Vehicle/Equip Replacement 2,382,186 380,767 41,116 2,721,837Internal Service Funds 641 Compensated Absence/LTD 337,714 (10) 9,740 327,963 Internal Service Funds 642 Retiree Medical (84,097) ‐ 112,111 (196,208) Total $ 205,460,037 $ 5,205,009 $ 12,586,303 $ 198,078,742 * For reporting purposes, this fund rolls up/combines with Fund 420 Printed October 05, 2023For more information on funds, please see cupertino.org/fund‐structure 443
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CITY OF CUPERTINO
Agenda Item
23-12375 Agenda Date:
10/17/2023 Agenda #:
11. Subject: Receive the Monthly Treasurer's Investment Report for September 2023 Receive the Monthly Treasurer's Investment Report for September 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 10/11/2023
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending September 30, 2023
City of Cupertino
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of September 30, 2023
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SECTION | Section 1 | Economic Update
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Economic Update
Recent economic data continues to suggest positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.
As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed.
The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.
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Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000'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)
Rate (%)
The U.S. economy added 187,000 jobs in August, exceeding consensus expectations, and the last two months were revised downward by 110,000 jobs. The pace of job growth is softening with the three-month moving average payrolls at 150,000 and the six-month moving average at 194,000. The unemployment rate rose to 3.8% in August from 3.5% in July, and the labor force participation rate increased to
62.8%, the highest level since February of 2020. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 7.1% from the prior month at 6.7%. Average hourly earnings declined to 4.3% year-over-year in August from 4.4% in July. While the U.S. labor market is moderating, employment remains strong by historical standards.
Source: US Department of Labor Source: US Department of Labor 4 449
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Inflation
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
YOY (%) Change
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
YOY (%) Change
The Consumer Price Index (CPI) increased in August by 0.6% month-over-month and 3.7% year-over-year, accelerating from 3.2% year-overyear in July due to surging energy prices. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-overmonth and 4.3% year-over-year, decelerating from 4.7% last month. Shelter remained the largest contributor to the Core CPI increase. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-month and 3.5% year-over-year in August, up from a 3.4% yearover-year gain in July. Core PCE, the Federal Reserve’s preferred inflation gauge, increased just 0.1% month-over-month and 3.9% yearover-year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target.
Source: US Department of Labor Source: US Department of Commerce 5 450
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Federal Reserve
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 $ millions
At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data-dependent 'higher-forlonger' strategy. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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Bond Yields
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
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-23
Jun-23
Sep-22
Yield (%)
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 7 452
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Section 2| SECTION | Section 2 | Account Profile
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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 September 30, 2023
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Compliance As of September 30, 2023
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" shortterm 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. 10 455
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Compliance As of September 30, 2023
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. 11 456
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Portfolio Summary – City of Cupertino #10659 As of September 30, 2023 12 457
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Purchase Yield as of 09/30/23 = 2.03%
0.00 0.50
1.00 1.50
2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of September 30, 2023
13 458
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SECTION | Section 3 | Portfolio Holdings
14 459
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Issue Name Investment Type % Portfolio
Government of United States US Treasury 37.21%
Federal National Mortgage Association Agency 8.82%
Federal Home Loan Mortgage Corp Agency 4.35%
Federal Home Loan Mortgage Corp CMO 3.77%
Inter-American Dev Bank Supranational 3.34%
Federal Home Loan Bank Agency 2.29%
American Express ABS ABS 1.87%
John Deere ABS ABS 1.69%
Royal Bank of Canada Corporate 1.66%
Toyota Motor Corp Corporate 1.60%
JP Morgan Chase & Co Corporate 1.55%
Bank of New York Corporate 1.54%
Bank of America Corp Corporate 1.54%
Hyundai Auto Receivables ABS 1.53%
International Finance Corp Supranational 1.53%
Intl Bank Recon and Development Supranational 1.46%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.27%
Paccar Financial Corporate 1.25%
Bank of Montreal Chicago Corporate 1.17%
Salesforce.com Inc Corporate 1.13%
Amazon.com Inc Corporate 1.13%
Metlife Inc Corporate 1.11%
Prudential Financial Inc Corporate 1.11%
Air Products & Chemicals Corporate 1.10%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.06%
Berkshire Hathaway Corporate 0.99%
Guardian Life Global Funding Corporate 0.84%
Honda ABS ABS 0.83%
US Bancorp Corporate 0.81%
Toyota Lease Owner Trust ABS 0.72%
GM Financial Automobile Leasing Trust ABS 0.72%
Caterpillar Inc Corporate 0.71%
GM Financial Securitized Term Auto Trust ABS 0.63%
MasterCard Inc Corporate 0.63%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.57%
Issuers
City of Cupertino – Account #10659
As of September 30, 2023
15 460
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Issue Name Investment Type % Portfolio
State of California Municipal Bonds 0.49%
Toyota ABS ABS 0.46%
Northern Trust Corp Corporate 0.43%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.34%
Hyundai Auto Lease Securitization ABS 0.27%
BMW Vehicle Lease Trust ABS 0.21%
Wal-Mart Stores Corporate 0.21%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.17% Verizon Owner Trust ABS 0.00%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of September 30, 2023
16 461
CC 10-17-2023
461 of 474
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
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
68,329.04 09/22/2020
0.38%
68,319.00
68,328.62
99.16 6.01%
67,757.13
9.13 0.05%
(571.49)
NR / AAA
AAA
1.05 0.15
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
316,458.74 08/10/2021
0.39%
316,454.44
316,458.20
99.36 5.86%
314,421.06
37.71 0.21%
(2,037.14)
NR / AAA
AAA
1.06 0.12
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
6,102.55 07/14/2020
0.52%
6,101.62
6,102.47
99.78 5.99%
6,089.18
1.38 0.00%
(13.29)
Aaa / NR
AAA
1.13 0.04
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
80,650.65 09/08/2021
0.34%
80,642.32
80,649.80
99.43 5.99%
80,192.79
4.44 0.05%
(457.01)
Aaa / NR
AAA
1.24 0.10
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
38,748.02 10/06/2020
0.36%
38,740.80
38,745.83
99.47 6.23%
38,542.62
6.03 0.03%
(203.21)
NR / AAA
AAA
1.30 0.09
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
408,599.02 01/11/2022
1.16%
408,590.00
408,596.85
98.90 5.84%
404,104.84
210.66
0.27%
(4,492.01)
Aaa / AAA
NR
1.30 0.23
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
5,413.17 08/04/2020
0.48%
5,412.03
5,412.82
99.80 4.84%
5,402.16
0.78 0.00%
(10.66)
Aaa / NR
AAA
1.39 0.05
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
1,100,310.19 02/23/2022
1.98%
1,100,137.00
1,100,256.16
98.72 6.07%
1,086,187.71
658.96
0.72%
(14,068.45)
NR / AAA
AAA
1.39 0.31
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
779,035.85 02/15/2022
1.91%
779,029.15
779,034.13
98.72 6.18%
769,088.34
452.27
0.51%
(9,945.79)
Aaa / NR
AAA
1.47 0.30
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
242,643.65 01/11/2022
1.11%
242,607.39
242,635.63
98.83 6.13%
239,796.23
44.48 0.16%
(2,839.40)
NR / AAA
AAA
1.48 0.23
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
82,104.42 02/17/2021
0.27%
82,102.92
82,104.19
98.22 6.10%
80,642.80
6.16 0.05%
(1,461.39)
Aaa / NR
AAA
1.56 0.30
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
304,955.87 02/02/2021
0.27%
304,899.28
304,947.56
98.27 6.03%
299,692.94
35.24 0.20%
(5,254.62)
Aaa / NR
AAA
1.62 0.30
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
223,739.67 04/20/2021
0.38%
223,716.13
223,734.87
97.97 5.89%
219,199.99
37.79 0.15%
(4,534.88)
NR / AAA
AAA
1.96 0.37
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
394,284.05 11/16/2021
0.89%
394,200.93
394,248.35
96.10 6.44%
378,912.10
96.38 0.25%
(15,336.25)
Aaa / NR
AAA
2.31 0.70
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
428,221.60 07/13/2021
0.52%
428,183.40
428,206.38
96.59 5.88%
413,602.97
98.97 0.28%
(14,603.41)
Aaa / NR
AAA
2.46 0.64
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
371,935.67 11/09/2021
0.71%
371,927.74
371,932.31
96.20 6.20%
357,795.79
117.37
0.24%
(14,136.52)
NR / AAA
AAA
2.54 0.69
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
739,944.02
96.48 5.78%
713,930.55
618.31
0.48%
(26,013.47)
Aaa / AAA
NR
2.62 0.91
As of September 30, 2023
17 462
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462 of 474
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
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
1,139,633.54 Various
2.03%
1,110,818.51
1,126,432.12
96.64 5.94%
1,101,352.12
374.81
0.73%
(25,080.00)
NR / AAA
AAA
2.62 0.64
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
530,000.00 05/10/2022
3.23%
529,972.44
529,984.62
97.56 5.95%
517,042.03
283.55
0.34%
(12,942.59)
Aaa / AAA
NR
2.90 0.90
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
301,789.22 10/13/2021
0.68%
301,781.53
301,785.93
95.94 6.21%
289,531.75
85.51 0.19%
(12,254.18)
Aaa / AAA
NR
2.96 0.73
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
449,944.35
96.82 6.16%
435,667.95
464.00
0.29%
(14,276.40)
Aaa / NR
AAA
2.96 0.83
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
1,009,979.59
96.77 5.74%
977,341.64
996.53
0.65%
(32,637.95)
NR / AAA
AAA
3.04 0.92
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
292,304.20 01/11/2022
1.27%
292,278.79
292,291.78
96.63 5.58%
282,455.01
153.46
0.19%
(9,836.77)
NR / AAA
AAA
3.13 0.78
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
389,953.39
97.21 5.72%
379,106.52
503.75
0.25%
(10,846.87)
Aaa / AAA
NR
3.38 1.08
47800AAC4 John Deere Owner Trust 2022-B A3
3.740% Due 02/16/2027
655,000.00 07/12/2022
3.77%
654,937.45
654,958.43
97.34 5.85%
637,595.34
1,088.76
0.43%
(17,363.09)
Aaa / NR
AAA
3.38 1.28
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
1,534,926.51
95.18 5.75%
1,470,461.48
1,517.53
0.98%
(64,465.03)
Aaa / NR
AAA
3.46 1.39
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,834.35
96.51 5.72%
1,326,969.88
2,071.67
0.89%
(47,864.47)
NR / AAA
AAA
3.63 1.53
47800BAC2 John Deere Owner Trust 2022-C A3
5.090% Due 06/15/2027
1,050,000.00 10/12/2022
5.15%
1,049,918.52
1,049,939.70
98.93 5.85%
1,038,783.90
2,375.33
0.69%
(11,155.80)
Aaa / NR
AAA
3.71 1.51
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
570,000.00 08/02/2022
3.75%
569,974.92
569,985.22
99.36 4.97%
566,374.23
647.90
0.38%
(3,610.99)
NR / AAA
AAA
3.81 0.86
TOTAL ABS 14,900,259.12 2.35%
14,849,470.70
14,876,354.18 5.87%
14,498,041.05
12,998.86
9.67%
(378,313.13)
Aaa / AAA
AAA
2.73 0.87
Agency
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
855,000.00 12/02/2020
0.28%
854,153.55
854,950.53
99.11 5.27%
847,428.12
694.69
0.57%
(7,522.41)
Aaa / AA+
AA+
0.18 0.18
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,509,153.01
98.08 5.68%
1,471,263.00
12,817.70
0.99%
(37,890.01)
Aaa / AA+
NR
0.71 0.68
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,497,707.57
97.24 5.53%
1,458,543.00
6,489.58
0.98%
(39,164.57)
Aaa / AA+
AA+
0.76 0.73
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,019,723.82
97.56 5.54%
1,951,132.00
2,875.00
1.30%
(68,591.82)
Aaa / AA+
NR
0.96 0.92
As of September 30, 2023
18 463
CC 10-17-2023
463 of 474
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
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,973,031.96
96.15 5.48%
1,898,909.18
14,798.79
1.28%
(74,122.78)
Aaa / AA+
AA+
1.04 1.00
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,298,945.00
95.43 5.39%
1,235,850.88
4,910.21
0.83%
(63,094.12)
Aaa / AA+
AA+
1.27 1.22
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,501.08
95.05 5.30%
2,247,972.71
4,828.54
1.50%
(116,528.37)
Aaa / AA+
AA+
1.37 1.32
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,858,804.73
93.06 5.31%
1,730,997.84
5,134.38
1.16%
(127,806.89)
Aaa / AA+
AA+
1.56 1.51
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,807.58
92.46 5.15%
2,311,495.00
3,611.11
1.54%
(188,312.58)
Aaa / AA+
AA+
1.72 1.66
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,247,750.95
91.91 5.12%
1,148,878.75
911.46
0.77%
(98,872.20)
Aaa / AA+
AA+
1.81 1.76
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,495,296.26
91.47 5.14%
2,286,715.00
937.51
1.52%
(208,581.26)
Aaa / AA+
AA+
1.90 1.85
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,495,695.38
91.18 5.12%
2,279,402.50
208.33
1.52%
(216,292.88)
Aaa / AA+
AA+
1.98 1.93
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,496,920.36
90.94 5.10%
2,273,447.50
5,000.00
1.52%
(223,472.86)
Aaa / AA+
AA+
2.11 2.04
TOTAL Agency 24,600,000.00 1.03%
24,715,471.65
24,612,288.23 5.30%
23,142,035.48
63,217.30
15.46%
(1,470,252.75)
Aaa / AA+
AA+
1.43 1.39
CMO
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,294,917.17 07/01/2021
0.72%
1,392,946.45
1,325,271.41
97.40 5.77%
1,261,192.35
3,421.82
0.84%
(64,079.06)
Aaa / AAA
AAA
1.07 0.93
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,034,996.78
95.82 5.54%
958,229.33
2,508.33
0.64%
(76,767.45)
NR / NR
AAA
1.82 1.61
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
983,789.03
96.27 5.50%
914,528.90
2,639.42
0.61%
(69,260.13)
NR / NR
AAA
1.90 1.66
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
447,259.59
96.05 5.51%
422,627.48
1,212.93
0.28%
(24,632.11)
NR / NR
AAA
1.99 1.74
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
577,106.64
95.17 5.43%
542,474.70
1,422.63
0.36%
(34,631.94)
NR / NR
AAA
2.24 1.96
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
672,562.26
93.06 5.27%
604,858.15
1,437.04
0.40%
(67,704.11)
NR / NR
AAA
2.90 2.68
As of September 30, 2023
19 464
CC 10-17-2023
464 of 474
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
3137FBBX3 FHLMC K068 A2
3.244% Due 08/25/2027
1,000,000.00 09/28/2022
4.41%
950,664.06
960,822.28
93.53 5.10%
935,315.00
2,703.33
0.62%
(25,507.28)
Aaa / NR
NR
3.90 3.51
TOTAL CMO 5,904,917.17 1.74%
6,163,962.85
6,001,807.99 5.47%
5,639,225.91
15,345.50
3.77%
(362,582.08)
Aaa / AAA
AAA
2.18 1.94
Corporate
89114QCA4 Toronto Dominion Bank Note
2.650% Due 06/12/2024
1,500,000.00 09/11/2019
2.24%
1,527,255.00
1,504,008.09
97.71 6.03%
1,465,681.50
12,035.42
0.98%
(38,326.59)
A1 / A
AA0.700.67
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
594,294.55
96.00 5.98%
576,015.00
854.17
0.38%
(18,279.55)
A2 / AAA0.78
0.75 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
1,756,672.53
96.11 5.72%
1,691,558.88
2,322.23
1.13%
(65,113.65)
A2 / A+
NR
0.79 0.77
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.99%
1,533,359.18
1,506,415.80
97.36 6.00%
1,460,368.50
7,968.76
0.98%
(46,047.30)
A1 / A
AA0.790.77
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
1,252,880.76
97.14 5.97%
1,214,192.50
5,083.33
0.81%
(38,688.26)
A3 / A
A
0.83 0.80
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
1,686,817.46
98.18 5.61%
1,644,520.03
9,507.95
1.10%
(42,297.43)
A2 / A
NR
0.84 0.80
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,895.13
95.71 5.69%
650,811.00
491.11
0.43%
(29,084.13)
A1 / A+
NR
0.86 0.83
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,857.23
96.97 5.74%
358,797.88
1,016.47
0.24%
(11,059.35)
A1 / A+
NR
0.88 0.85
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,102,667.93
96.30 5.65%
1,059,282.40
9,394.31
0.71%
(43,385.53)
A2 / A
A+
1.11 1.06
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,640.05
94.62 5.92%
837,409.13
3,251.15
0.56%
(47,230.92)
Aa3 / AAAA1.19
1.14 89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
688,545.80
94.67 5.84%
662,675.30
2,283.75
0.44%
(25,870.50)
A1 / A
NR
1.28 1.23
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
1,214,301.82
94.95 5.57%
1,153,608.48
3,817.13
0.77%
(60,693.34)
A1 / A+
A+
1.29 1.24
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
1,679,220.27
94.76 5.72%
1,591,946.16
5,210.33
1.06%
(87,274.11)
Aaa / AA+
AAA
1.29 1.24
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,883.69
96.01 5.62%
849,727.44
12,190.88
0.57%
(35,156.25)
A1 / A+
NR
1.52 1.44
As of September 30, 2023
20 465
CC 10-17-2023
465 of 474
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
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
1,049,801.14
96.48 5.80%
1,013,028.45
16,439.06
0.69%
(36,772.69)
A1 / A
AA1.541.45
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
1,369,899.81
96.42 5.77%
1,320,974.55
19,887.83
0.89%
(48,925.26)
A1 / A
AA1.571.48
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,259,206.43
93.85 5.97%
1,163,738.76
9,558.33
0.78%
(95,467.67)
A2 / AAA1.59
1.51 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
1,370,394.91
96.27 6.23%
1,318,834.62
3,762.93
0.88%
(51,560.29)
A1 / AAA1.67
1.59 46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024
0.969% Due 06/23/2025
655,000.00 Various
0.95%
655,406.85
655,098.83
95.97 6.31%
628,592.37
1,727.78
0.42%
(26,506.46)
A1 / AAA1.73
1.64 66815L2J7 Northwestern Mutual Glbl Note
4.000% Due 07/01/2025
1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,768.07
97.09 5.76%
1,135,984.59
11,700.00
0.76%
(33,783.48)
Aaa / AA+
AAA
1.75 1.65
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
863,911.33
91.11 5.76%
823,603.66
602.67
0.55%
(40,307.67)
Aa3 / AAAA1.92
1.85 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
1,014,443.94
96.28 5.83%
962,794.00
14,593.06
0.65%
(51,649.94)
A1 / A
AA2.141.98
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,392,584.06
89.76 5.92%
1,256,670.80
3,777.08
0.84%
(135,913.26)
Aa1 / AA+
NR
2.20 2.11
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
837,415.07
89.65 5.69%
762,020.75
1,454.44
0.51%
(75,394.32)
Aaa / AA+
AAA
2.29 2.20
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
607,737.30
94.09 6.59%
564,559.80
1,612.00
0.38%
(43,177.50)
A1 / AAA2.38
1.31 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
406,960.50
93.86 6.27%
376,380.61
3,689.17
0.25%
(30,579.89)
A1 / AAA2.56
1.48 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due 04/28/2026
650,000.00 05/23/2022
4.93%
615,699.50
627,515.71
93.94 6.28%
610,605.45
6,044.35
0.41%
(16,910.26)
A1 / AA+2.58
1.50 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
1,870,768.13
89.91 5.17%
1,685,790.00
7,239.58
1.13%
(184,978.13)
A1 / AA
AA2.622.51
As of September 30, 2023
21 466
CC 10-17-2023
466 of 474
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
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
1,029,076.42
89.96 5.30%
931,046.67
4,496.50
0.62%
(98,029.75)
A2 / A+
A
2.62 2.51
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
1,384,669.27
89.30 5.41%
1,236,777.30
4,457.97
0.83%
(147,891.97)
A1 / A+
A+
2.72 2.60
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
700,558.60
91.71 6.49%
641,951.80
2,616.02
0.43%
(58,606.80)
A1 / AAA2.72
1.65 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
1,001,270.90
88.51 5.70%
885,126.00
2,500.00
0.59%
(116,144.90)
Aa3 / AA+
AA+
2.79 2.67
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,581.40
88.10 5.68%
678,407.73
454.51
0.45%
(91,173.67)
Aa3 / AAAA2.96
2.83 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
349,608.03
89.16 5.03%
312,071.55
142.92
0.21%
(37,536.48)
Aa2 / AA
AA
2.97 2.85
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,166.06
88.64 5.72%
988,342.69
4,645.83
0.66%
(125,823.37)
Aa3 / AAAA3.28
3.09 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
959,813.66
89.07 6.03%
855,113.28
1,829.34
0.57%
(104,700.38)
A2 / AA3.42
3.19 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
1,614,788.10
91.73 4.93%
1,481,494.41
1,650.89
0.99%
(133,293.69)
Aa2 / AA
A+
3.46 3.25
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026
3.559% Due 04/23/2027
1,150,000.00 Various
4.94%
1,114,222.54
1,122,961.76
93.82 6.20%
1,078,903.55
17,963.07
0.73%
(44,058.21)
A1 / AAA3.56
2.36 665859AW4 Northern Trust Company Callable Note Cont 4/10/2027
4.000% Due 05/10/2027
670,000.00 05/05/2022
4.04%
668,914.60
669,217.16
94.59 5.68%
633,772.43
10,496.67
0.43%
(35,444.73)
A2 / A+
A+
3.61 3.24
91324PEG3 United Health Group Inc Callable Note Cont 4/15/2027
3.700% Due 05/15/2027
675,000.00 05/17/2022
3.69%
675,316.70
675,229.92
94.79 5.30%
639,814.28
9,435.00
0.43%
(35,415.64)
A2 / A+
A
3.62 3.28
As of September 30, 2023
22 467
CC 10-17-2023
467 of 474
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
57636QAW4 MasterCard Inc Callable Note Cont 2/9/28
4.875% Due 03/09/2028
945,000.00 03/06/2023
4.90%
944,083.35
944,186.71
99.25 5.07%
937,892.66
2,815.31
0.63%
(6,294.05)
Aa3 / A+
NR
4.44 3.93
TOTAL Corporate 42,705,000.00 2.08%
42,741,600.72
42,635,734.33 5.75%
40,140,886.96
241,019.30
26.90%
(2,494,847.37)
A1 / A+
AA1.971.79
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund
252,748.53 Various
4.91%
252,748.53
252,748.53
1.00 4.91%
252,748.53
0.00 0.17%
0.00 Aaa / AAA
NR
0.00 0.00
TOTAL Money Market Fund 252,748.53 4.91%
252,748.53
252,748.53 4.91%
252,748.53
0.00 0.17%
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
758,518.46
96.92 5.60%
731,739.21
9,060.00
0.49%
(26,779.25)
Aa2 / AAAA1.01
0.96 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
758,518.46 5.60%
731,739.21
9,060.00
0.49%
(26,779.25)
Aa2 / AAAA1.01
0.96 Supranational
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
2,799,598.03
99.38 5.23%
2,782,662.40
2,644.44
1.86%
(16,935.63)
Aaa / AAA
NR
0.13 0.12
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,487,471.51
91.82 5.21%
2,295,397.50
1,953.13
1.53%
(192,074.01)
Aaa / AAA
NR
1.79 1.74
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,395,081.22
91.01 5.12%
2,184,132.01
5,100.01
1.46%
(210,949.21)
Aaa / AAA
AAA
2.08 2.01
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
2,454,249.37
90.23 4.99%
2,219,724.42
9,626.46
1.49%
(234,524.95)
Aaa / AAA
AAA
2.56 2.46
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,136,400.13 5.14%
9,481,916.33
19,324.04
6.33%
(654,483.80)
Aaa / AAA
AAA
1.55 1.50
US Treasury
912796YT0 US Treasury Bill
4.888% Due 11/02/2023
1,500,000.00 05/08/2023
5.08%
1,463,954.69
1,493,483.33
99.57 5.08%
1,493,483.33
0.00 1.00%
0.00 P-1 / A-1+
F-1+
0.09 0.09
912796ZN2 US Treasury Bill
5.228% Due 12/28/2023
1,500,000.00 06/28/2023
5.44%
1,460,358.13
1,480,832.50
98.72 5.44%
1,480,832.50
0.00 0.99%
0.00 P-1 / A-1+
F-1+
0.24 0.24
As of September 30, 2023
23 468
CC 10-17-2023
468 of 474
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
912828X70 US Treasury Note
2.000% Due 04/30/2024
1,700,000.00 06/10/2019
1.92%
1,705,976.56
1,700,709.82
98.03 5.47%
1,666,532.10
14,228.26
1.12%
(34,177.72)
Aaa / AA+
AA+
0.58 0.56
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,002,872.22
97.46 5.50%
1,949,140.00
10,108.69
1.31%
(53,732.22)
Aaa / AA+
AA+
0.75 0.73
912797GB7 US Treasury Bill
5.119% Due 07/11/2024
1,000,000.00 07/27/2023
5.39%
950,378.99
959,620.73
95.96 5.39%
959,620.73
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.78 0.76
912797GK7 US Treasury Bill
5.119% Due 08/08/2024
1,000,000.00 08/30/2023
5.39%
951,232.07
955,639.67
95.56 5.39%
955,639.67
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.86 0.84
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,709,468.78
97.36 5.51%
1,655,043.50
5,156.59
1.11%
(54,425.28)
Aaa / AA+
AA+
0.88 0.85
912797GL5 US Treasury Bill
5.162% Due 09/05/2024
1,000,000.00 09/25/2023
5.44%
950,526.04
951,243.05
95.12 5.44%
951,243.05
0.00 0.63%
0.00 P-1 / A-1+
F-1+
0.93 0.91
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,094,272.12
95.68 5.37%
2,009,273.70
9,287.36
1.34%
(84,998.42)
Aaa / AA+
AA+
1.25 1.20
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,506,609.06
94.39 5.28%
1,415,859.00
1,437.16
0.94%
(90,750.06)
Aaa / AA+
AA+
1.42 1.37
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,079,125.63
95.09 5.29%
2,947,907.80
2,384.61
1.97%
(131,217.83)
Aaa / AA+
AA+
1.46 1.41
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,429,255.15
92.71 5.23%
2,317,675.00
3,923.23
1.55%
(111,580.15)
Aaa / AA+
AA+
1.58 1.54
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,487,350.35
91.56 5.13%
1,373,437.50
631.79
0.92%
(113,912.85)
Aaa / AA+
AA+
1.84 1.78
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,385,206.84
91.00 5.04%
2,184,000.00
16.39 1.46%
(201,206.84)
Aaa / AA+
AA+
2.00 1.95
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,438,000.90
90.68 5.02%
2,221,557.10
2,563.18
1.48%
(216,443.80)
Aaa / AA+
AA+
2.09 2.03
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,231,306.17
90.61 5.00%
2,038,623.75
2,835.55
1.36%
(192,682.42)
Aaa / AA+
AA+
2.17 2.10
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,478,260.88
90.02 4.96%
2,250,487.50
1,579.48
1.50%
(227,773.38)
Aaa / AA+
AA+
2.34 2.27
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,496,674.36
90.08 4.88%
2,252,050.00
7,846.47
1.51%
(244,624.36)
Aaa / AA+
AA+
2.58 2.49
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,387,307.62
89.23 4.77%
1,249,281.60
33.47 0.83%
(138,026.02)
Aaa / AA+
AA+
3.00 2.90
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,394,689.78
89.60 4.79%
1,254,422.40
6,591.03
0.84%
(140,267.38)
Aaa / AA+
AA+
3.09 2.95
As of September 30, 2023
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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
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
3,250,000.00 Various
3.18%
3,260,312.50
3,257,528.92
95.01 4.72%
3,087,880.25
26,693.27
2.08%
(169,648.67)
Aaa / AA+
AA+
3.75 3.44
91282CFB2 US Treasury Note
2.750% Due 07/31/2027
400,000.00 08/22/2022
3.12%
393,218.75
394,738.23
93.15 4.72%
372,609.20
1,853.26
0.25%
(22,129.03)
Aaa / AA+
AA+
3.84 3.56
91282CFH9 US Treasury Note
3.125% Due 08/31/2027
4,500,000.00 Various
3.28%
4,468,902.34
4,475,516.81
94.38 4.71%
4,247,050.50
11,976.30
2.84%
(228,466.31)
Aaa / AA+
AA+
3.92 3.62
91282CFM8 US Treasury Note
4.125% Due 09/30/2027
3,450,000.00 Various
4.31%
3,421,152.34
3,426,558.79
97.92 4.70%
3,378,171.00
388.83
2.25%
(48,387.79)
Aaa / AA+
AA+
4.00 3.64
91282CFZ9 US Treasury Note
3.875% Due 11/30/2027
850,000.00 12/05/2022
3.81%
852,656.25
852,219.87
96.94 4.69%
823,968.75
11,069.16
0.56%
(28,251.12)
Aaa / AA+
AA+
4.17 3.74
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
2,750,000.00 Various
3.67%
2,775,107.42
2,771,672.32
96.92 4.68%
2,665,245.00
26,930.20
1.79%
(106,427.32)
Aaa / AA+
AA+
4.25 3.83
91282CGH8 US Treasury Note
3.500% Due 01/31/2028
3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,963,367.82
95.43 4.67%
2,863,008.00
17,690.22
1.92%
(100,359.82)
Aaa / AA+
AA+
4.34 3.94
91282CGP0 US Treasury Note
4.000% Due 02/29/2028
3,700,000.00 Various
4.00%
3,699,113.28
3,699,334.68
97.41 4.65%
3,604,321.70
12,604.40
2.41%
(95,012.98)
Aaa / AA+
AA+
4.42 3.98
TOTAL US Treasury 58,900,000.00 2.59%
58,300,067.12
58,502,866.40 5.00%
55,668,364.63
177,828.90
37.21%
(2,834,501.77)
Aaa / AA+
AA+
2.52 2.35
TOTAL PORTFOLIO 158,177,924.82 2.03%
157,896,706.37
157,776,718.25 5.36%
149,554,958.10
538,793.90
100.00%
(8,221,760.15)
Aa1 / AA
AA+
2.14 1.83
TOTAL MARKET VALUE PLUS ACCRUALS 150,093,752.00
As of September 30, 2023
25 470
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SECTION | Section 4 | Transactions
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/28/2023 912797GB7 1,000,000.00 US Treasury Bill
5.119% Due: 07/11/2024
95.038 5.39% 950,378.99 0.00 950,378.99 0.00
Purchase 08/31/2023 912797GK7 1,000,000.00 US Treasury Bill
5.119% Due: 08/08/2024
95.123 5.39% 951,232.07 0.00 951,232.07 0.00
Purchase 09/26/2023 912797GL5 1,000,000.00 US Treasury Bill
5.162% Due: 09/05/2024
95.053 5.44% 950,526.04 0.00 950,526.04 0.00
Subtotal 3,000,000.00 2,852,137.10 0.00 2,852,137.10 0.00 TOTAL ACQUISITIONS 3,000,000.00 2,852,137.10 0.00 2,852,137.10 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
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Important Disclosures
2023 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.
Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.
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Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 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 three 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.
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