CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending February 29, 2024
City of Cupertino
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of February 29, 2024
1 SECTION |
Section 1 |
Economic Update
2 Economic Update
Recent economic da ta has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.
Inflationary trends are subsiding, but core levels remain above the Fed’s target. Given the cumulative effects of restrictive monetarypolicy and tighter financial conditions, we believe the economy will gradually soften and the Fed will loosen monetary policy in 2024.
As expected at t he January meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Fed Chair Powell signaled that the federal funds rate is likely at or near its peak, but discounted market expectations of a rate cut in March. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate.
US Treasury r ates rose across the curve in February on higher inflation and a more hawkish Federal Reserve. The 2-year Treasury yield surged 41 basis points to 4.62%, the 5-year Treasury increased 41 basis points to 4.25%, and the 10-year Treasury yield rose 34 basis points to 4.25%. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at February month-end versus -30 basis points at January month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -90 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -113 basis points in February from -146 basis points in January.
3 Employment
-400
-200
0 200
400
600
800
1,000MOM 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 353,000 jobs in January, vastly exceeding consensus expectations of 185,000, and upwardly revised 333,000 jobs in December. Leading sectors included professional and business services, health care, retail trade, and social assistance. The trajectory of job creation has increased, with the three-month moving average payrolls at 289,000 and the six-month moving average at 248,000.
The unemployment rate remained unchanged at 3.7% for the third month, and the labor participation rate was unchanged at 62.5%, remaining below the pre-pandemic level of 63.3%. The U-6 underemploymentrate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.2% from 7.1% last month. Average hourly earnings rose 4.5% year- over-year in January, increasing from an upwardly revised 4.3% gain last month. Employment remains strong by historical standards.
Source: US Department of Labor Source: US Department of Labor 4 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 Cor e Deflator Y OY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) came in higher than expected in January, increasing 0.3% month-over-monthand 3.1% year-over-year. The Core CPI, which excludes volatile food and energy components, was up 0.4% month-over-monthand 3.9% year-over-year in January.
Shelter costs remain elevated, contributing to more than two-thirds of the overall increase while motor-vehicle insurance and medical care added upward pressure. The Personal Consumption Expenditures (PCE) Index headline inflation increased 0.3% month-over-month and rose 2.4% year-over-year in January. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.4% month-over-month and continued its deceleration to 2.8% year-over-year in January from 2.9% year-over-year in December. Spending on services such as housing, utilities, financial services, and healthcare was offset by a large drop in goods purchases. While the trend is moderating, the path to the Fed's 2% inflation target remains uneven.
Source: US Department of Labor Source: US Department of Commerce 5 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
As expected at the January meeting, the Federal Open Market Committee voted unanimously to leave the federal funds rate unchanged at a target range of 5.25-5.50%. The Fed assesses the progress to achieving its employment and inflation goals are moving into better balance, yet changes to monetary policy remain data dependent. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. However, Fed Chair Powell signaled that the federal funds rate is likely at or near its peak. The futures market is pricing in 5 rate cuts in 2024. We believe the FOMC will loosen monetary policy in mid-2024 as inflation and economic growth continue to moderate. Since the Fed began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.3T to approximately $7.6T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
6 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
Feb-24
Nov-23
Feb-23
Yield (%)
At the end of February, the 2-year Treasury yield was 20 basis point lower, and the 10-Year Treasury yield was 33 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -37 basis points at February month- end versus -30 basis points at January month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -113 basis points in February from -146 basis points in January. 7 Periodic Table of Asset Class Returns As of February 29, 2024 Index returns as of 2/29/2024. Past performance is not indicative of future results. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. This information is not intended to constitute an offer, solicitation, recommendation, or advice regarding securities or investment strategy. Please see attached Asset Class Disclosure. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2024 US Real Estate
30.4%
US Real Estate
2.5%
US Small Cap
Stocks
20.4%
Emerging Market
Stocks
37.3%
International
Bonds
3.2%
US Large Cap
Stocks
31.5%
US Mid Cap
Stocks
19.8%
US Real Estate
43.1%
Diversified
Commodities
26.0%
US Large Cap
Stocks
26.3%
US Large Cap
Stocks
7.1%
US Large Cap
Stocks
13.7%
US Large Cap
Stocks
1.4%
US High Yield
Bonds
17.5%
International
Stocks
25.0%
US Core Bonds
0.0%
US Mid Cap
Stocks
30.6%
US Small Cap
Stocks
19.2%
Diversified
Commodities
40.4%
US High Yield
Bonds
-11.2%
US Small Cap
Stocks
19.1%
Diversified
Commodities
5.4%
US Mid Cap
Stocks
13.4%
International
Bonds
1.3%
US Mid Cap
Stocks
12.6%
US Large Cap
Stocks
21.8%
US High Yield
Bonds
-2.3%
US Small Cap
Stocks
25.9%
US Large Cap
Stocks
18.4%
US Large Cap
Stocks
28.7%
International
Bonds
-12.7%
International
Stocks
18.2%
US Mid Cap
Stocks
4.5%
International
Bonds
9.1%
US Core Bonds
0.6%
US Large Cap
Stocks
12.0%
US Mid Cap
Stocks
20.3%
US Large Cap
Stocks
-4.4%
US Real Estate
25.8%
Emerging Market
Stocks
18.3%
US Mid Cap
Stocks
24.0%
US Core Bonds
-13.3%
US Mid Cap
Stocks
14.5%
International
Stocks
2.4%
US Core Bonds
6.4%
US Mid Cap
Stocks
-0.6%
Diversified
Commodities
11.4%
International
Real Estate
20.0%
US Real Estate
-4.6%
International
Stocks
22.0%
International
Stocks
7.8%
US Small Cap
Stocks
21.1%
International
Stocks
-14.5%
US Real Estate
13.7%
US Small Cap
Stocks
1.0%
US Small Cap
Stocks
6.1%
International
Stocks
-0.8%
Emerging Market
Stocks
11.2%
US Small Cap
Stocks
15.2%
International
Real Estate
-6.4%
International
Real Estate
21.0%
US Core Bonds
7.6%
International
Stocks
11.3%
US Mid Cap
Stocks
-16.9%
US High Yield
Bonds
13.5%
US High Yield
Bonds
0.3%
International
Real Estate
2.8%
International
Real Estate
-3.8%
US Real Estate
8.6%
US High Yield
Bonds
7.5%
US Mid Cap
Stocks
-8.1%
Emerging Market
Stocks
18.4%
US High Yield
Bonds
6.2%
International
Real Estate
8.1%
US Small Cap
Stocks
-17.8%
Emerging Market
Stocks
9.8%
Emerging Market
Stocks
-0.1%
US High Yield
Bonds
2.5%
US Small Cap
Stocks
-4.1%
International
Bonds
4.9%
Diversified
Commodities
5.8%
US Small Cap
Stocks
-11.0%
Diversified
Commodities
17.6%
International
Bonds
4.7%
US High Yield
Bonds
5.4%
US Large Cap
Stocks
-18.1%
International
Bonds
8.7%
International
Bonds
-0.9%
Emerging Market
Stocks
-2.2%
High Yield Bonds
-4.6%
US Core Bonds
2.6%
US Real Estate
5.1%
International
Stocks
-13.8%
US High Yield
Bonds
14.4%
International
Real Estate
-7.1%
US Core Bonds
-1.6%
Emerging Market
Stocks
-20.1%
International
Real Estate
6.3%
US Core Bonds
-1.5%
International
Stocks
-4.9%
Emerging Market
Stocks
-14.9%
International
Real Estate
1.3%
US Core Bonds
3.6%
Diversified
Commodities
-13.8%
US Core Bonds
9.0%
US Real Estate
-7.6%
International
Bonds
-2.1%
International
Real Estate
-24.3%
US Core Bonds
5.4%
US Real Estate
-2.2%
Diversified
Commodities
-33.1%
Diversified
Commodities
-32.9%
International
Stocks
1.0%
International
Bonds
2.6%
Emerging Market
Stocks
-14.6%
International
Bonds
8.1%
Diversified
Commodities
-23.7%
Emerging Market
Stocks
-2.5%
US Real Estate
-24.5%
Diversified
Commodities
-4.3%
International Real
Estate
-8.0%
8 Section 2|SECTION |
Section 2 |
Account Profile
9 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 February 29, 2024
10 Compliance As of February 29, 2024
Category Standard Comment
Treasury Issues N o L im itation C omplies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. C omplies 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 Se curitie s
"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 r
evenue-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 Medi um 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/
Collate ralize d Mortgage Obligation
"AA" rati ng category or better by a NRSRO; 20% maxi mum; 5% max per i ssuer on Asset-Backed or Commerci al Mortgage securi ty; There i s no i ssuer l i mi tati on on any Mortgage securi ty where the i ssuer i s the U.S. Treasury or a Federal Agency/GSE . Complies Negoti abl e Certi fi cates of Deposi t
(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 a
ssociations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.
Complies
Certi fi cates of Deposi t (CDs)/Ti me
Deposit (TDs)
30% m axim um ; 5% m ax pe r issue r; Ce rtificate s of De posit, Tim e De posit, non-ne gotiable , and collate ralize d 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
Commerci al 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 c
orporation.
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 c
ollateralized 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 C omplies Repurchase Agreements 1 year max maturi ty; 102% col l ateral i zed; A PSA Master Repurchase Agreement i s requi red between Ci ty of Cuperti no and the broke/deal er or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturi ty) notes and bonds; Speci al ci rcumstances ari se that necessi tate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; F
utures/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 C omplies Maxi mum maturi ty 5 years C omplies
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 February 29, 2024 12 Purchase Yield as of 02/29/24 = 2.28%
0.00 0.50
1.00 1.50
2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of February 29, 2024
13 SECTION |
Section 3 |
Portfolio Holdings
14 Issue Name Investment Type % Portfolio
Government of United States US Treasury 35.46%
Federal National Mortgage Association Agency 8.76%
Federal Home Loan Mortgage Corp Agency 3.76%
Federal Home Loan Mortgage Corp Agency CMBS 3.72%
Federal Home Loan Bank Agency 2.27%
Federal Farm Credit Bank Agency 1.86%
American Express ABS Asset Backed Security 1.85%
Royal Bank of Canada Corporate 1.64%
Toyota Motor Corp Corporate 1.59%
JP Morgan Chase & Co Corporate 1.55%
Bank of America Corp Corporate 1.53%
International Finance Corp Supranational 1.53%
Bank of New York Corporate 1.52%
John Deere ABS Asset Backed Security 1.49%
Inter-American Dev Bank Supranational 1.48%
Intl Bank Recon and Development Supranational 1.45%
Toronto Dominion Holdings Corporate 1.41%
Northwestern Mutual Glbl Corporate 1.26%
Paccar Financial Corporate 1.24%
Bank of Montreal Chicago Corporate 1.16%
GM Financial Securitized Term Auto Trust Asset Backed Security 1.13% Amazon.com Inc Corporate 1.12%
Salesforce.com Inc Corporate 1.12%
Honda ABS Asset Backed Security 1.12%
Metlife Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
Hyundai Auto Receivables Asset Backed Security 1.11%
JP Morgan ABS Asset Backed Security 1.09%
Toyota ABS Asset Backed Security 1.08%
Morgan Stanley Corporate 1.08%
Air Products & Chemicals Corporate 1.08%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.05%
Berkshire Hathaway Corporate 0.99%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.80%
Mercedes-Benz Asset Backed Security 0.73%
Caterpillar Inc Corporate 0.70%
Issuers
City of Cupertino – Account #10659
As of February 29, 2024
15 Issue Name Investment Type % Portfolio
MasterCard Inc Corporate 0.63%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.58%
Bank of America Credit Card Trust Asset Backed Security 0.55% Cisco Systems Corporate 0.54%
State of California Municipal Bonds 0.49%
Northern Trust Corp Corporate 0.43%
BMW ABS Asset Backed Security 0.29%
Toyota Lease Owner Trust Asset Backed Security 0.27%
Money Market Fund 0.26%
Wal-Mart Stores Corporate 0.21%
GM Financial Automobile Leasing Trust Asset Backed Security 0.16% Hyundai Auto Lease Securitization Asset Backed Security 0.07% Wells Fargo Bank Money Market Fund 0.03%
BMW Vehicle Lease Trust Asset Backed Security 0.02%
Account Receivable Payable Cash 0.00%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of February 29, 2024
16 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
ABS
44891WAC3 HALST 2022-A A3 1.16 01/15/2025 112,241.90 01/11/2022
1.16%
112,239.42
112,241.29
99.82 3.70%
112,037.73
57.87 0.07%
(203.56)
Aaa/AAA
NA
0.88 0.08
89238LAC4 TLOT 2022-A A3 1.96 02/20/2025 421,973.44 02/23/2022
1.96%
421,907.02
421,954.19
99.54 5.74%
420,020.25
252.72
0.27%
(1,933.94)
NA/AAA
AAA
0.98 0.14
02589BAA8 AMXCA 2022-1 A 2.21 03/17/2025 1,545,000.00 03/21/2022
2.69%
1,524,359.77
1,537,790.06
96.93 5.28%
1,497,497.12
1,517.53
0.98%
(40,292.94)
Aaa/NA
AAA
1.05 1.46
36265MAC9 GMALT 2022-1 A3 1.9 03/20/2025 251,722.74 02/15/2022
1.91%
251,720.58
251,722.12
99.67 5.41%
250,900.47
146.14
0.16%
(821.66)
Aaa/NA
AAA
1.05 0.12
05601XAC3 BMWLT 2022-1 A3 1.03 03/25/2025 28,794.24 01/11/2022
1.12%
28,789.94
28,793.08
99.70 5.55%
28,707.67
5.28 0.02%
(85.41)
NA/AAA
AAA
1.07 0.07
43813GAC5 HAROT 2021-1 A3 0.27 04/21/2025 28,921.18 02/17/2021
0.27%
28,920.65
28,921.08
99.25 5.17%
28,703.45
2.17 0.02%
(217.63)
Aaa/NA
AAA
1.14 0.21
89240BAC2 TAOT 2021-A A3 0.26 05/15/2025 111,875.37 02/02/2021
0.27%
111,854.60
111,871.27
99.32 5.43%
111,117.63
12.93 0.07%
(753.63)
Aaa/NA
AAA
1.21 0.19
02582JJT8 AMXCA 2022-2 A 3.39 05/15/2025 1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,822.38
97.85 5.28%
1,345,467.48
2,071.67
0.88%
(29,354.90)
NA/AAA
AAA
1.21 1.60
44933LAC7 HART 2021-A A3 0.38 09/15/2025 103,099.19 04/20/2021
0.39%
103,088.34
103,096.41
99.01 5.21%
102,082.29
17.41 0.07%
(1,014.12)
NA/AAA
AAA
1.54 0.30
43815GAC3 HAROT 2021-4 A3 0.88 01/21/2026 272,719.04 11/16/2021
0.89%
272,661.55
272,695.55
97.34 5.59%
265,471.56
66.66 0.17%
(7,223.99)
Aaa/NA
AAA
1.90 0.71
47789QAC4 JDOT 2021-B A3 0.52 03/16/2026 285,759.52 07/13/2021
0.52%
285,734.03
285,749.73
97.50 5.43%
278,610.30
66.04 0.18%
(7,139.43)
Aaa/NA
AAA
2.04 0.56
89238JAC9 TAOT 2021-D A3 0.71 04/15/2026 261,200.54 11/09/2021
0.71%
261,194.97
261,198.19
97.43 5.42%
254,483.53
82.42 0.17%
(6,714.66)
NA/AAA
AAA
2.13 0.74
43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 631,684.81 02/15/2022
1.89%
631,589.80
631,639.11
97.57 5.58%
616,339.67
527.81
0.40%
(15,299.44)
Aaa/AAA
NA
2.21 0.86
44935FAD6 HART 2021-C A3 0.74 05/15/2026 776,066.09 --
2.17%
756,443.66
766,779.43
97.64 5.43%
757,784.53
255.24
0.49%
(8,994.90)
NA/AAA
AAA
2.21 0.71
05602RAD3 BMWOT 2022-A A3 3.21
08/25/2026 451,574.31 05/10/2022
3.23%
451,550.83
451,561.53
98.45 5.43%
444,593.56
241.59
0.29%
(6,967.98)
Aaa/AAA
NA
2.49 0.98
47787JAC2 JDOT 2022 A3 0.36 09/15/2026 328,880.36 03/10/2022
2.34%
328,807.61
328,841.81
97.82 5.47%
321,717.47
339.11
0.21%
(7,124.34)
Aaa/NA
AAA
2.54 0.81
362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 220,411.96 10/13/2021
0.68%
220,406.34
220,409.46
96.95 5.33%
213,681.00
62.45 0.14%
(6,728.47)
Aaa/AAA
NA
2.55 0.90
17 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
448977AD0 HART 2022-A A3 2.22 10/15/2026 864,693.81 03/09/2022
2.23%
864,660.52
864,676.40
97.76 5.53%
845,324.67
853.16
0.55%
(19,351.74)
NA/AAA
AAA
2.63 0.95
380146AC4 GMCAR 2022-1 A3 1.23 11/16/2026 216,939.36 01/11/2022
1.27%
216,920.51
216,929.94
97.19 5.50%
210,841.43
113.89
0.14%
(6,088.51)
NA/AAA
AAA
2.71 0.95
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
858,497.84
100.27
4.92%
852,296.96
1,881.33
0.56%
(6,200.89)
Aaa/NA
AAA
2.71 2.47
362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 375,683.12 04/05/2022
3.13%
375,604.61
375,638.59
98.15 5.43%
368,749.48
485.26
0.24%
(6,889.11)
Aaa/AAA
NA
2.97 1.14
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 655,000.00 07/12/2022
3.77%
654,937.45
654,960.76
98.42 5.17%
644,634.69
1,088.76
0.42%
(10,326.07)
Aaa/NA
AAA
2.97 1.13
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 1,050,000.00 10/12/2022
5.15%
1,049,918.52
1,049,943.16
99.63 5.42%
1,046,099.46
2,375.33
0.68%
(3,843.70)
Aaa/NA
AAA
3.29 1.41
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,300,000.00 11/21/2023
5.40%
1,294,718.75
1,295,041.02
100.12
5.16%
1,301,508.52
2,981.33
0.85%
6,467.50
NA/AAA
AAA
4.13 2.55
438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 --
5.64%
806,992.67
806,833.00
101.35
5.12%
815,883.44
1,267.88
0.53%
9,050.44
Aaa/NA
AAA
4.31 2.58
58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023
5.18%
1,123,289.06
1,121,896.78
101.97
5.17%
1,121,718.84
2,908.89
0.73%
(177.94)
NA/AAA
AAA
4.71 2.86
36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 950,000.00 01/23/2024
4.90%
950,074.22
950,072.38
99.65 5.05%
946,721.08
1,919.79
0.62%
(3,351.30)
Aaa/NA
AAA
4.80 3.13
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,746.87
99.40 4.93%
1,679,924.05
3,455.11
1.09%
(9,822.82)
NA/AAA
AAA
4.88 2.71
Total ABS 17,064,240.98 3.60%
17,051,622.72
17,074,323.45
98.96 5.25%
16,882,918.33
25,055.78
10.99%
(191,405.12)
Aaa/AAA
AAA
2.96 1.71
AGENCY
3130A1XJ2 FEDERAL HOME LOAN BANKS 2.875
06/14/2024 1,500,000.00 06/18/2019
1.99%
1,564,890.20
1,503,739.56
99.28 5.36%
1,489,155.03
9,223.96
0.97%
(14,584.53)
Aaa/AA+
AA+
0.29 0.28
3135G0V75 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.75 07/02/2024 1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,498,974.66
98.79 5.35%
1,481,810.25
4,302.08
0.96%
(17,164.41)
Aaa/AA+
AA+
0.34 0.33
3130A2UW4 FEDERAL HOME LOAN BANKS 2.875
09/13/2024 2,000,000.00 09/13/2019
1.82%
2,103,380.00
2,011,108.82
98.74 5.27%
1,974,809.82
26,833.33
1.29%
(36,299.00)
Aaa/AA+
AA+
0.54 0.51
3135G0W66 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 10/15/2024 1,975,000.00 --
1.72%
1,965,802.75
1,973,819.17
97.80 5.24%
1,931,464.28
12,124.31
1.26%
(42,354.89)
Aaa/AA+
AA+
0.63 0.60
3135G0X24 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 1.625 01/07/2025 1,295,000.00 --
1.38%
1,309,953.95
1,297,652.67
97.10 5.13%
1,257,497.33
3,156.56
0.82%
(40,155.34)
Aaa/AA+
AA+
0.86 0.82
18 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
3137EAEP0 FEDERAL HOME LOAN MORTGAGE
CORP 1.5 02/12/2025 2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,652.75
96.68 5.11%
2,286,552.95
1,872.29
1.49%
(78,099.80)
Aaa/AA+
AA+
0.96 0.92
3135G03U5 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.625 04/22/2025 1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,859,124.03
95.24 4.94%
1,771,518.33
4,165.62
1.15%
(87,605.70)
Aaa/AA+
AA+
1.15 1.11
3135G04Z3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 06/17/2025 2,500,000.00 --
0.50%
2,499,227.30
2,499,854.37
94.63 4.81%
2,365,852.85
2,569.44
1.54%
(134,001.52)
Aaa/AA+
AA+
1.30 1.26
3137EAEU9 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 07/21/2025 1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,248,269.69
94.15 4.76%
1,176,906.71
520.83
0.77%
(71,362.98)
Aaa/AA+
AA+
1.39 1.35
3135G05X7 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.375 08/25/2025 2,500,000.00 --
0.47%
2,487,983.75
2,496,326.47
93.69 4.81%
2,342,372.62
156.25
1.53%
(153,953.85)
Aaa/AA+
AA+
1.49 1.44
3137EAEX3 FEDERAL HOME LOAN MORTGAGE
CORP 0.375 09/23/2025 2,500,000.00 --
0.46%
2,489,362.80
2,496,600.37
93.41 4.79%
2,335,129.38
4,114.58
1.52%
(161,470.99)
Aaa/AA+
AA+
1.57 1.52
3135G06G3 FEDERAL NATIONAL MORTGAGE
ASSOCIATION 0.5 11/07/2025 2,500,000.00 --
0.56%
2,492,700.00
2,497,529.87
93.23 4.72%
2,330,748.20
3,958.33
1.52%
(166,781.67)
Aaa/AA+
AA+
1.69 1.64
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023
4.73%
2,789,612.00
2,790,372.79
100.84
4.38%
2,823,461.12
38,130.56
1.84%
33,088.32
Aaa/AA+
AA+
3.71 3.33
Total Agency 26,545,000.00 1.48%
26,650,930.10
26,538,025.22
96.38 4.93%
25,567,278.88
111,128.16
16.65%
(970,746.35)
Aaa/AA+
AA+
1.36 1.29
AGENCY CMBS
3137BFE98 FHMS K-041 A2 3.171 10/25/2024 1,280,404.36 07/01/2021
0.66%
1,377,334.97
1,297,953.56
98.54 5.46%
1,261,708.53
3,383.47
0.82%
(36,245.02)
Aaa/AA+
AAA
0.65 0.56
3137BLMZ8 FHMS K-049 A2 3.01 07/25/2025 1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,026,672.03
97.25 5.12%
972,524.70
2,508.33
0.63%
(54,147.33)
Aaa/AA+
AAA
1.40 1.23
3137BLW95 FHMS K-050 A2 3.334 08/25/2025 950,000.00 11/16/2021
1.22%
1,018,132.81
976,123.46
97.56 5.10%
926,853.44
2,639.42
0.60%
(49,270.02)
Aaa/AA+
AAA
1.49 1.28
3137BM7C4 FHMS K-051 A2 3.308 09/25/2025 440,000.00 03/15/2022
2.32%
453,079.69
445,685.47
97.43 5.06%
428,711.01
1,212.93
0.28%
(16,974.46)
Aaa/AA+
AAA
1.57 1.37
3137BN6G4 FHMS K-053 A2 2.995 12/25/2025 570,000.00 03/15/2022
2.32%
582,001.17
575,699.44
96.72 4.98%
551,320.87
1,422.62
0.36%
(24,378.57)
Aaa/AA+
AAA
1.82 1.58
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
669,248.77
95.04 4.78%
617,778.07
1,437.04
0.40%
(51,470.70)
Aaa/AA+
AAA
2.49 2.31
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
965,075.87
95.44 4.67%
954,428.00
2,703.33
0.62%
(10,647.87)
Aaa/AA+
AA+
3.49 3.16
Total Agency
CMBS 5,890,404.36 1.77%
6,148,351.37
5,956,458.59
97.01 5.06%
5,713,324.62
15,307.15
3.72%
(243,133.97)
Aaa/AA+
AAA
1.77 1.57
19 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 1,801.08 --
0.00%
1,801.08
1,801.08
1.00 0.00%
1,801.08
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 1,801.08 0.00%
1,801.08
1,801.08
1.00 0.00%
1,801.08
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
CORPORATE
89114QCA4 TORONTO-DOMINION BANK 2.65
06/12/2024 1,500,000.00 09/11/2019
2.26%
1,527,255.00
1,501,618.95
99.23 5.36%
1,488,413.28
8,722.92
0.97%
(13,205.67)
A1/A
AA-
0.28 0.28
06367TQW3 BANK OF MONTREAL 0.625
07/09/2024 600,000.00 02/09/2022
1.88%
582,216.00
597,369.83
98.31 5.38%
589,881.73
541.67
0.38%
(7,488.10)
A2/A-
AA-
0.36 0.35
79466LAG9 SALESFORCE INC 0.625 07/15/2024 1,760,000.00 --
0.87%
1,748,937.40
1,758,428.69
98.26 5.32%
1,729,374.63
1,405.56
1.13%
(29,054.07)
A2/A+
NA
0.38 0.36
78013XZU5 ROYAL BANK OF CANADA 2.55
07/16/2024 1,500,000.00 --
2.00%
1,533,359.18
1,503,041.40
98.82 5.69%
1,482,365.56
4,781.25
0.97%
(20,675.84)
A1/A
AA-
0.38 0.37
91159HHX1 US BANCORP 2.4 07/30/2024 1,250,000.00 10/10/2019
2.08%
1,268,262.50
1,251,264.98
98.68 5.62%
1,233,441.20
2,583.33
0.80%
(17,823.78)
A3/A
A
0.42 0.40
009158AV8 AIR PRODUCTS AND CHEMICALS INC
3.35 07/31/2024 1,675,000.00 08/07/2019
2.11%
1,771,212.00
1,678,344.57
99.09 5.56%
1,659,705.66
4,831.91
1.08%
(18,638.91)
A2/A
NA
0.42 0.40
69371RR40 PACCAR FINANCIAL CORP 0.5
08/09/2024 680,000.00 08/03/2021
0.52%
679,632.80
679,946.06
97.92 5.28%
665,872.56
207.78
0.43%
(14,073.50)
A1/A+
NA
0.44 0.43
69371RQ25 PACCAR FINANCIAL CORP 2.15
08/15/2024 370,000.00 08/08/2019
2.19%
369,182.30
369,925.26
98.50 5.48%
364,443.31
353.56
0.24%
(5,481.95)
A1/A+
NA
0.46 0.44
14913Q3B3 CATERPILLAR FINANCIAL SERVICES
CORP 2.15 11/08/2024 1,100,000.00 01/28/2020
1.93%
1,111,517.00
1,101,664.15
97.83 5.38%
1,076,153.75
7,423.47
0.70%
(25,510.40)
A2/A
A+
0.69 0.66
74153WCQ0 PRICOA GLOBAL FUNDING I 1.15
12/06/2024 885,000.00 12/01/2021
1.18%
884,088.45
884,766.70
96.87 5.36%
857,279.82
2,403.02
0.56%
(27,486.88)
Aa3/AA-
AA-
0.77 0.74
89114TZL9 TORONTO-DOMINION BANK 1.45
01/10/2025 700,000.00 03/15/2022
2.78%
674,737.00
692,273.94
96.78 5.31%
677,465.67
1,437.92
0.44%
(14,808.27)
A1/A
NA
0.87 0.83
89236TJT3 TOYOTA MOTOR CREDIT CORP 1.45
01/13/2025 1,215,000.00 01/10/2022
1.50%
1,213,371.90
1,214,527.61
96.81 5.24%
1,176,192.33
2,349.00
0.77%
(38,335.28)
A1/A+
A+
0.87 0.84
64952WEK5
NEW YORK LIFE GLOBAL FUNDING
1.45 01/14/2025 1,680,000.00 01/11/2022
1.49%
1,678,185.60
1,679,471.90
96.72 5.33%
1,624,925.79
3,180.33
1.06%
(54,546.12)
Aaa/AA+
AAA
0.88 0.84
69371RR73 PACCAR FINANCIAL CORP 2.85
04/07/2025 885,000.00 03/31/2022
2.86%
884,769.90
884,915.60
97.62 5.09%
863,902.59
10,089.00
0.56%
(21,013.01)
A1/A+
NA
1.10 1.05
20 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
78016EZ59 ROYAL BANK OF CANADA 3.375
04/14/2025 1,050,000.00 04/07/2022
3.39%
1,049,611.50
1,049,855.02
97.95 5.27%
1,028,510.35
13,485.94
0.67%
(21,344.67)
A1/A
AA-
1.12 1.07
06406RBC0 BANK OF NEW YORK MELLON CORP
3.35 04/25/2025 1,370,000.00 04/19/2022
3.35%
1,369,808.20
1,369,926.43
97.79 5.34%
1,339,761.61
16,063.25
0.87%
(30,164.83)
A1/A
AA-
1.15 1.10
06367WB85 BANK OF MONTREAL 1.85
05/01/2025 1,240,000.00 07/23/2021
0.86%
1,285,656.80
1,254,155.60
96.10 5.32%
1,191,629.65
7,646.67
0.78%
(62,525.95)
A2/A-
AA-
1.17 1.12
46647PCH7 JPMORGAN CHASE & CO 0.824
06/01/2025 1,370,000.00 05/24/2021
0.78%
1,371,773.90
1,370,148.90
98.68 5.96%
1,351,945.19
2,822.20
0.88%
(18,203.71)
A1/A-
AA-
1.25 0.25
46647PCK0 JPMORGAN CHASE & CO 0.969
06/23/2025 655,000.00 --
0.95%
655,406.85
655,042.36
98.46 5.92%
644,899.82
1,198.87
0.42%
(10,142.54)
A1/A-
AA-
1.31 0.31
66815L2J7 NORTHWESTERN MUTUAL GLOBAL
FUNDING 4.0 07/01/2025 1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,823.24
98.56 5.12%
1,153,122.89
7,800.00
0.75%
(16,700.35)
Aaa/AA+
AAA
1.34 1.27
74153WCM9 PRICOA GLOBAL FUNDING I 0.8
09/01/2025 904,000.00 04/06/2022
3.23%
832,972.72
872,603.88
93.61 5.27%
846,192.42
3,616.00
0.55%
(26,411.47)
Aa3/AA-
AA-
1.51 1.46
06406HCQ0 BANK OF NEW YORK MELLON CORP
3.95 11/18/2025 1,000,000.00 04/05/2022
3.21%
1,024,910.00
1,011,508.81
97.91 5.23%
979,098.93
11,301.39
0.64%
(32,409.88)
A1/A
AA-
1.72 1.61
40139LBC6 GUARDIAN LIFE GLOBAL FUNDING
0.875 12/10/2025 1,400,000.00 --
1.12%
1,385,860.00
1,393,991.33
92.46 5.37%
1,294,454.88
2,756.25
0.84%
(99,536.45)
Aa1/AA+
NA
1.78 1.71
66815L2A6 NORTHWESTERN MUTUAL GLOBAL
FUNDING 0.8 01/14/2026 850,000.00 12/06/2021
1.46%
827,449.50
839,703.24
92.41 5.10%
785,479.37
887.78
0.51%
(54,223.87)
Aaa/AA+
AAA
1.88 1.81
06051GHY8 BANK OF AMERICA CORP 2.015
02/13/2026 600,000.00 05/24/2021
1.06%
620,988.00
605,389.85
96.61 5.71%
579,662.66
604.50
0.38%
(25,727.19)
A1/A-
AA-
1.96 0.92
46647PBK1 JPMORGAN CHASE & CO 2.083
04/22/2026 401,000.00 05/20/2021
1.11%
415,969.33
405,368.24
96.21 5.53%
385,808.68
2,993.10
0.25%
(19,559.55)
A1/A-
AA-
2.15 1.10
6174468Q5 MORGAN STANLEY 2.188
04/28/2026 650,000.00 05/23/2022
4.22%
615,699.50
635,527.06
96.24 5.57%
625,531.96
4,859.18
0.41%
(9,995.11)
A1/A-
A+
2.16 1.11
023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,871,442.39
92.05 4.85%
1,725,886.11
5,677.08
1.12%
(145,556.28)
A1/AA
AA-
2.20 2.12
91324PEC2 UNITEDHEALTH GROUP INC 1.15
05/15/2026 1,035,000.00 --
1.37%
1,025,051.35
1,030,014.33
92.10 4.97%
953,185.81
3,504.62
0.62%
(76,828.52)
A2/A+
A
2.21 2.12
89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125
06/18/2026 1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,720.00
91.77 4.95%
1,271,024.21
3,159.53
0.83%
(113,695.79)
A1/A+
A+
2.30 2.21
06051GJD2 BANK OF AMERICA CORP 1.319
06/19/2026 700,000.00 07/16/2021
1.27%
701,274.00
700,423.18
94.65 5.62%
662,557.76
1,846.60
0.43%
(37,865.43)
A1/A-
AA-
2.30 1.25
57629WDE7 MASSMUTUAL GLOBAL FUNDING II
1.2 07/16/2026 1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,001,081.33
91.08 5.23%
910,819.42
1,500.00
0.59%
(90,261.91)
Aa3/AA+
AA+
2.38 2.28
21 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
58989V2D5 MET TOWER GLOBAL FUNDING 1.25
09/14/2026 770,000.00 09/07/2021
1.27%
769,291.60
769,640.37
90.66 5.22%
698,096.81
4,464.93
0.45%
(71,543.55)
Aa3/AA-
AA-
2.54 2.42
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,663.09
91.36 4.69%
319,745.81
1,674.17
0.21%
(29,917.29)
Aa2/AA
AA
2.55 2.45
61690U7W4 MORGAN STANLEY BANK NA 5.882
10/30/2026 1,000,000.00 --
5.88%
1,000,082.50
1,000,073.19
101.84
5.11%
1,018,382.50
19,606.67
0.66%
18,309.31
Aa3/A+
AA-
2.67 2.33
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,271.87
91.24 5.20%
1,017,375.02
2,903.65
0.66%
(96,896.85)
Aa3/AA-
AA-
2.87 2.72
17275RBQ4 CISCO SYSTEMS INC 4.8 02/26/2027 830,000.00 02/21/2024
4.85%
828,921.00
828,924.94
100.08
4.77%
830,690.55
553.33
0.54%
1,765.61
A1/AA-
NA
2.99 2.75
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/2022
2.46%
959,729.90
959,835.72
92.69 5.10%
889,855.04
11,629.33
0.58%
(69,980.68)
A2/A-
A
3.01 2.80
084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,813.64
93.70 4.54%
1,513,174.98
17,127.97
0.99%
(101,638.66)
Aa2/AA
A+
3.04 2.85
06051GHT9 BANK OF AMERICA CORP 3.559
04/23/2027 1,150,000.00 --
4.29%
1,114,222.54
1,126,123.16
96.18 5.46%
1,106,093.74
14,552.36
0.72%
(20,029.43)
A1/A-
AA-
3.15 2.00
665859AW4 NORTHERN TRUST CORP 4.0
05/10/2027 670,000.00 05/05/2022
4.03%
668,914.60
669,307.51
97.16 4.97%
650,962.57
8,263.33
0.42%
(18,344.93)
A2/A+
A+
3.19 2.92
91324PEG3 UNITEDHEALTH GROUP INC 3.7
05/15/2027 675,000.00 05/17/2022
3.69%
675,316.70
675,201.69
96.84 4.77%
653,645.83
7,353.75
0.43%
(21,555.86)
A2/A+
A
3.21 2.95
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/2023
4.90%
944,083.35
944,262.97
101.12
4.56%
955,560.66
22,010.62
0.62%
11,297.69
Aa3/A+
NA
4.02 3.47
Total Corporate 44,535,000.00 2.22%
44,570,604.22
44,470,402.98
96.36 5.26%
42,872,573.09
252,173.78
27.92%
(1,597,829.88)
A1/A+
AA-
1.61 1.40
MONEY MARKET
FUND
992995944 WC MMF SWEEP 50,607.29 --
2.85%
50,607.29
50,607.29
1.00 2.85%
50,607.29
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 393,724.13 --
0.01%
393,724.13
393,724.13
1.00 0.01%
393,724.13
0.00 0.26%
0.00 Aaa/
AAAm
NA
0.00 0.00
Total Money
Market Fund 444,331.42 0.33%
444,331.42
444,331.42
1.00 0.33%
444,331.42
0.00 0.29%
0.00 Aaa/AAA
NA
0.00 0.00
22 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
MUNICIPAL
BONDS
13063DRK6 CALIFORNIA ST 2.4 10/01/2024 755,000.00 10/16/2019
1.92%
772,342.35
757,057.24
98.32 5.34%
742,293.35
7,550.00
0.48%
(14,763.89)
Aa2/AA-
AA
0.59 0.56
Total Municipal
Bonds 755,000.00
10/16/2019
1.92%
772,342.35
757,057.24
98.32 5.34%
742,293.35
7,550.00
0.48%
(14,763.89)
Aa2/AA-
AA
0.59 0.56
SUPRANATIONAL
45950KCT5 INTERNATIONAL FINANCE CORP
0.375 07/16/2025 2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,490,383.33
94.02 4.91%
2,350,487.72
1,171.88
1.53%
(139,895.61)
Aaa/AAA
NA
1.38 1.34
459058JL8
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPM
0.5 10/28/2025
2,400,000.00 --
0.60%
2,388,859.25
2,396,067.58
93.18 4.81%
2,236,332.38
4,100.00
1.46%
(159,735.19)
Aaa/AAA
NA
1.66 1.61
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,455,187.24
92.39 4.65%
2,272,847.33
7,832.71
1.48%
(182,339.91)
Aaa/AAA
NA
2.14 2.06
Total
Supranational 7,360,000.00 0.74%
7,308,742.45
7,341,638.15
93.21 4.79%
6,859,667.44
13,104.58
4.47%
(481,970.71)
Aaa/AAA
NA
1.72 1.67
US TREASURY
912828XX3 UNITED STATES TREASURY 2.0
06/30/2024 2,000,000.00 --
1.80%
2,018,574.22
2,001,273.03
98.89 5.34%
1,977,890.62
6,703.30
1.29%
(23,382.41)
Aaa/AA+
AA+
0.33 0.33
912797GB7 UNITED STATES TREASURY
07/11/2024 1,000,000.00 07/27/2023
5.41%
950,378.99
981,232.17
98.11 5.33%
981,127.67
0.00 0.64%
(104.50)
P-1/A-1+
F1+
0.36 0.35
912797GK7 UNITED STATES TREASURY
08/08/2024 1,000,000.00 08/30/2023
5.40%
951,232.07
977,251.11
97.72 5.31%
977,193.33
0.00 0.64%
(57.78)
P-1/A-1+
F1+
0.44 0.43
912828D56 UNITED STATES TREASURY 2.375
08/15/2024 1,700,000.00 09/18/2019
1.73%
1,753,191.41
1,704,957.01
98.68 5.29%
1,677,621.10
1,663.80
1.09%
(27,335.91)
Aaa/AA+
AA+
0.46 0.45
912797GL5 UNITED STATES TREASURY
09/05/2024 1,000,000.00 09/25/2023
5.45%
950,526.04
973,040.28
97.37 5.25%
973,732.22
0.00 0.63%
691.94
P-1/A-1+
F1+
0.52 0.50
912828YY0 UNITED STATES TREASURY 1.75
12/31/2024 2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,096,177.23
97.27 5.13%
2,042,660.15
6,158.65
1.33%
(53,517.08)
Aaa/AA+
AA+
0.84 0.81
912828ZC7 UNITED STATES TREASURY 1.125
02/28/2025 1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,504,662.21
96.21 5.06%
1,443,164.07
45.86 0.94%
(61,498.14)
Aaa/AA+
AA+
1.00 0.97
91282CED9 UNITED STATES TREASURY 1.75
03/15/2025 3,100,000.00 --
2.23%
3,057,617.20
3,085,100.97
96.69 5.05%
2,997,433.59
25,038.46
1.95%
(87,667.38)
Aaa/AA+
AA+
1.04 1.00
23 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
912828ZL7 UNITED STATES TREASURY 0.375
04/30/2025 2,500,000.00 03/21/2022
2.22%
2,360,839.85
2,447,891.58
94.88 4.94%
2,371,972.65
3,142.17
1.54%
(75,918.92)
Aaa/AA+
AA+
1.17 1.13
91282CAB7 UNITED STATES TREASURY 0.25
07/31/2025 1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,490,224.41
93.77 4.84%
1,406,601.57
309.07
0.92%
(83,622.84)
Aaa/AA+
AA+
1.42 1.38
91282CAM3 UNITED STATES TREASURY 0.25
09/30/2025 2,400,000.00 --
0.56%
2,366,140.63
2,388,287.06
93.16 4.78%
2,235,937.49
2,508.20
1.46%
(152,349.57)
Aaa/AA+
AA+
1.59 1.54
91282CAT8 UNITED STATES TREASURY 0.25
10/31/2025 2,450,000.00 --
0.49%
2,422,492.19
2,440,397.56
92.85 4.76%
2,274,863.27
2,052.88
1.48%
(165,534.29)
Aaa/AA+
AA+
1.67 1.62
91282CAZ4 UNITED STATES TREASURY 0.375
11/30/2025 2,250,000.00 03/26/2021
0.76%
2,209,658.20
2,234,898.41
92.77 4.72%
2,087,402.36
2,120.90
1.36%
(147,496.06)
Aaa/AA+
AA+
1.75 1.70
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,482,134.68
92.21 4.66%
2,305,273.45
772.66
1.50%
(176,861.23)
Aaa/AA+
AA+
1.92 1.87
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,497,210.98
92.19 4.57%
2,304,785.15
6,284.34
1.50%
(192,425.83)
Aaa/AA+
AA+
2.17 2.10
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,389,069.49
91.33 4.46%
1,278,593.75
5,120.90
0.83%
(110,475.74)
Aaa/AA+
AA+
2.59 2.49
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,395,406.61
91.65 4.48%
1,283,132.82
5,278.85
0.84%
(112,273.80)
Aaa/AA+
AA+
2.67 2.56
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/2023
4.01%
2,525,097.66
2,523,636.34
99.80 4.45%
2,494,921.88
23,010.59
1.62%
(28,714.46)
Aaa/AA+
AA+
2.79 2.58
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,256,692.38
96.52 4.38%
3,136,884.76
17,700.89
2.04%
(119,807.62)
Aaa/AA+
AA+
3.33 3.10
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/2022
3.12%
393,218.75
395,309.92
94.86 4.38%
379,437.50
906.59
0.25%
(15,872.42)
Aaa/AA+
AA+
3.42 3.20
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --
3.28%
4,468,902.34
4,478,119.21
95.96 4.38%
4,318,066.40
382.13
2.81%
(160,052.82)
Aaa/AA+
AA+
3.50 3.26
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --
4.31%
3,421,152.34
3,428,999.25
99.19 4.37%
3,422,103.51
59,491.29
2.23%
(6,895.74)
Aaa/AA+
AA+
3.59 3.24
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/2022
3.81%
852,656.25
851,998.02
98.34 4.36%
835,888.67
8,279.37
0.54%
(16,109.35)
Aaa/AA+
AA+
3.75 3.41
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --
3.67%
2,775,107.42
2,769,549.78
98.33 4.35%
2,704,023.44
17,858.00
1.76%
(65,526.34)
Aaa/AA+
AA+
3.84 3.50
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,966,885.25
97.00 4.34%
2,909,882.82
8,653.85
1.89%
(57,002.43)
Aaa/AA+
AA+
3.92 3.60
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --
4.01%
3,699,113.28
3,699,397.42
98.77 4.34%
3,654,472.65
402.17
2.38%
(44,924.77)
Aaa/AA+
AA+
4.00 3.65
24 City of Cupertino | Account #10659 | As of February 29, 2024
HOLDINGS REPORT
Cusip Security Description Par Value/
Units
Purchase Date
Purchase Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P
Fitch
Maturity
Duration
Total US Treasury 56,700,000.00 2.57%
56,194,875.40
56,459,802.34
96.14 4.68%
54,475,066.86
203,884.94
35.47%
(1,984,735.49)
Aaa/AA+
AA+
2.32 2.17
Total Portfolio 159,295,777.84 2.28%
159,143,601.10
159,043,840.47
96.19 4.96%
153,559,255.07
628,204.39
100.00%
(5,484,585.40)
Aa2/AA-
AA
1.97 1.70
Total Market
Value + Accrued 154,187,459.46
25 SECTION |
Section 4 |
Transactions
26 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/01/2024 0.08 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (0.08) 0.00 (0.08) 0.00
Purchase 02/01/2024 3,005.66 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (3,005.66) 0.00 (3,005.66) 0.00 Purchase 02/01/2024 125.97 WC MMF SWEEP 1.000 2.85% (125.97) 0.00 (125.97) 0.00 Purchase 02/09/2024 1,700.00 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (1,700.00) 0.00 (1,700.00) 0.00 Purchase 02/12/2024 17,737.50 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (17,737.50) 0.00 (17,737.50) 0.00 Purchase 02/13/2024 6,045.00 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (6,045.00) 0.00 (6,045.00) 0.00 Purchase 02/15/2024 3,239.17 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (3,239.17) 0.00 (3,239.17) 0.00 Purchase 02/15/2024 436,382.29 WF ADV 100% TREAS MM FD- SVC CL #008 1.000 0.01% (436,382.29) 0.00 (436,382.29) 0.00 Purchase 02/16/2024 49,729.50 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (49,729.50) 0.00 (49,729.50) 0.00 Purchase 02/20/2024 260,224.65 WF ADV 100% TREAS MM FD- SVC CL #008 1.000 0.01% (260,224.65) 0.00 (260,224.65) 0.00 Purchase 02/21/2024 37,844.33 WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% (37,844.33) 0.00 (37,844.33)
0.00 Purchase 02/26/2024 17275RBQ4 830,000.00 CISCO SYSTEMS INC 4.8 02/26/2027 99.870 4.85% (828,921.00) 0.00 (828,921.00) 0.00 Purchase 02/29/2024 152,750.00 WF ADV 100% TREAS MM FD- SVC CL #008 1.000 0.01% (152,750.00) 0.00 (152,750.00) 0.00 Total Purchase 1,798,784.15 (1,797,705.15) 0.00 (1,797,705.15) 0.00 TOTAL ACQUISITIONS 1,798,784.15 (1,797,705.15) 0.00 (1,797,705.15) 0.00
DISPOSITIONS
Sale 02/01/2024 (125.97) WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% 125.97 0.00 125.97 0.00
Sale 02/08/2024 (88.01) WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% 88.01 0.00 88.01 0.00
27 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Sale 02/09/2024 (9,380.44) WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% 9,380.44 0.00 9,380.44 0.00
Sale 02/26/2024 (729,640.86) WF ADV 100% TREAS MM FD-
SVC CL #008 1.000 0.01% 729,640.86 0.00 729,640.86 0.00 Total Sale (739,235.28) 739,235.28 0.00 739,235.28 0.00 TOTAL DISPOSITIONS (739,235.28) 739,235.28 0.00 739,235.28 0.00 OTHER
TRANSACTIONS
Coupon 02/01/2024 3137BFE98 0.00 FHMS K-041 A2 3.171
10/25/2024 0.47% 3,391.03 0.00 3,391.03 0.00
Coupon 02/01/2024 3137BLMZ8 0.00 FHMS K-049 A2 3.01
07/25/2025 0.78% 2,508.33 0.00 2,508.33 0.00
Coupon 02/01/2024 3137BLW95 0.00 FHMS K-050 A2 3.334
08/25/2025 1.13% 2,639.42 0.00 2,639.42 0.00
Coupon 02/01/2024 3137BM7C4 0.00 FHMS K-051 A2 3.308
09/25/2025 2.26% 1,212.93 0.00 1,212.93 0.00
Coupon 02/01/2024 3137BN6G4 0.00 FHMS K-053 A2 2.995
12/25/2025 2.28% 1,422.62 0.00 1,422.62 0.00
Coupon 02/01/2024 3137BSP72 0.00 FHMS K-058 A2 2.653
08/25/2026 1.35% 1,437.04 0.00 1,437.04 0.00
Coupon 02/01/2024 3137FBBX3 0.00 FHMS K-068 A2 3.244
08/25/2027 4.32% 2,703.33 0.00 2,703.33 0.00
Coupon 02/09/2024 69371RR40 0.00 PACCAR FINANCIAL CORP 0.5 08/09/2024 0.52%
1,700.00 0.00 1,700.00 0.00
Coupon 02/12/2024 3137EAEP0 0.00
FEDERAL HOME LOAN
MORTGAGE CORP 1.5
02/12/2025
1.52% 17,737.50 0.00 17,737.50 0.00
Coupon 02/13/2024 06051GHY8 0.00 BANK OF AMERICA CORP 2.015 02/13/2026 1.06% 6,045.00 0.00 6,045.00 0.00
Coupon 02/15/2024 89240BAC2 0.00 TAOT 2021-A A3 0.26
05/15/2025 0.28% 32.54 0.00 32.54 0.00
Coupon 02/15/2024 44933LAC7 0.00 HART 2021-A A3 0.38
09/15/2025 0.39% 39.87 0.00 39.87 0.00
28 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 02/15/2024 47789QAC4 0.00 JDOT 2021-B A3 0.52
03/16/2026 0.53% 140.17 0.00 140.17 0.00
Coupon 02/15/2024 89238JAC9 0.00 TAOT 2021-D A3 0.71
04/15/2026 0.71% 167.67 0.00 167.67 0.00
Coupon 02/15/2024 44935FAD6 0.00 HART 2021-C A3 0.74
05/15/2026 2.96% 522.72 0.00 522.72 0.00
Coupon 02/15/2024 44891WAC3 0.00 HALST 2022-A A3 1.16
01/15/2025 1.17% 164.38 0.00 164.38 0.00
Coupon 02/15/2024 43815BAC4 0.00 HAROT 2022-1 A3 1.88
05/15/2026 1.90% 1,060.39 0.00 1,060.39 0.00
Coupon 02/15/2024 448977AD0 0.00 HART 2022-A A3 2.22
10/15/2026 2.23% 1,705.74 0.00 1,705.74 0.00
Coupon 02/15/2024 47787JAC2 0.00 JDOT 2022 A3 0.36 09/15/2026 2.35% 688.04 0.00 688.04 0.00 Coupon 02/15/2024 47800AAC4 0.00 JDOT 2022-B A3 3.74
02/16/2027 3.77% 2,041.42 0.00 2,041.42 0.00
Coupon 02/15/2024 47800BAC2 0.00 JDOT 2022-C A3 5.09
06/15/2027 5.15% 4,453.75 0.00 4,453.75 0.00
Coupon 02/15/2024 89231FAD2 0.00 TAOT 2023-C A3 5.16
04/17/2028 5.41% 5,590.00 0.00 5,590.00 0.00
Coupon 02/15/2024 58769FAC9 0.00 MBART 2023-2 A3 5.95
11/15/2028 5.16% 5,454.17 0.00 5,454.17 0.00
Coupon 02/15/2024 05522RDH8 0.00 BACCT 2023-2 A 4.98
11/16/2026 4.58% 3,527.50 0.00 3,527.50 0.00
Coupon 02/15/2024 161571HV9 0.00 CHAIT 241 A 4.6 01/16/2029 4.61% 3,239.17 0.00 3,239.17 0.00 Coupon 02/15/2024 912828D56 0.00 UNITED STATES TREASURY
2.375 08/15/2024 1.73% 20,187.50 0.00 20,187.50 0.00
Coupon 02/15/2024 69371RQ25 0.00 PACCAR FINANCIAL CORP 2.15 08/15/2024 2.19% 3,977.50 0.00 3,977.50 0.00
Coupon 02/15/2024 02589BAA8 0.00 AMXCA 2022-1 A 2.21
03/17/2025 2.68% 2,845.38 0.00 2,845.38 0.00
Coupon 02/15/2024 02582JJT8 0.00 AMXCA 2022-2 A 3.39
05/15/2025 3.42% 3,884.38 0.00 3,884.38 0.00
Coupon 02/16/2024 362554AC1 0.00 GMCAR 2021-4 A3 0.68
09/16/2026 0.68% 133.89 0.00 133.89 0.00
29 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 02/16/2024 380146AC4 0.00 GMCAR 2022-1 A3 1.23
11/16/2026 1.27% 242.96 0.00 242.96 0.00
Coupon 02/16/2024 362585AC5 0.00 GMCAR 2022-2 A3 3.1
02/16/2027 3.13% 1,007.50 0.00 1,007.50 0.00
Coupon 02/16/2024 36268GAD7 0.00 GMCAR 2024-1 A3 4.85
12/18/2028 4.90% 3,711.60 0.00 3,711.60 0.00
Coupon 02/20/2024 36265MAC9 0.00 GMALT 2022-1 A3 1.9
03/20/2025 1.91% 580.49 0.00 580.49 0.00
Coupon 02/20/2024 89238LAC4 0.00 TLOT 2022-A A3 1.96
02/20/2025 2.00% 924.12 0.00 924.12 0.00
Coupon 02/21/2024 43813GAC5 0.00 HAROT 2021-1 A3 0.27
04/21/2025 0.27% 8.76 0.00 8.76 0.00
Coupon 02/21/2024 43815GAC3 0.00 HAROT 2021-4 A3 0.88
01/21/2026 0.90% 217.44 0.00 217.44 0.00
Coupon 02/21/2024 438123AC5 0.00 HAROT 2023-4 A3 5.67
06/21/2028 5.63% 3,803.63 0.00 3,803.63 0.00
Coupon 02/25/2024 05601XAC3 0.00 BMWLT 2022-1 A3 1.03
03/25/2025 1.15% 64.85 0.00 64.85 0.00
Coupon 02/25/2024 05602RAD3 0.00 BMWOT 2022-A A3 3.21
08/25/2026 3.24% 1,296.52 0.00 1,296.52 0.00
Coupon 02/25/2024 3135G05X7 0.00
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
0.375 08/25/2025
0.47% 4,687.50 0.00
4,687.50 0.00
Coupon 02/29/2024 912828ZC7 0.00 UNITED STATES TREASURY
1.125 02/28/2025 0.81% 8,437.50 0.00 8,437.50 0.00
Coupon 02/29/2024 91282CFH9 0.00 UNITED STATES TREASURY
3.125 08/31/2027 3.28% 70,312.50 0.00 70,312.50 0.00
Coupon 02/29/2024 91282CGP0 0.00 UNITED STATES TREASURY 4.0 02/29/2028 4.01% 74,000.00 0.00 74,000.00 0.00
Total Coupon 0.00 269,948.75 0.00 269,948.75 0.00
Dividend 02/29/2024 0.00 WC MMF SWEEP 2.85% 7.65 0.00 7.65 0.00 Dividend 02/29/2024 0.00 WF ADV 100% TREAS MM FD-
SVC CL #008 0.01% 1,679.45 0.00 1,679.45 0.00
Total Dividend 0.00 1,687.10 0.00 1,687.10 0.00
30 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Management Fee 02/08/2024 CCYUSD (88.01) Cash 0.00% (88.01) 0.00 (88.01) 0.00 Management Fee 02/09/2024 CCYUSD (9,380.44) Cash 0.00% (9,380.44) 0.00 (9,380.44) 0.00 Total Management Fee (9,468.45) (9,468.45) 0.00 (9,468.45) 0.00 Principal Paydown 02/01/2024 3137BFE98 2,860.16 FHMS K-041 A2 3.171 10/25/2024 0.47% 2,860.16 -- 2,860.16 0.00
Principal Paydown 02/15/2024 89240BAC2 38,310.95 TAOT 2021-A A3 0.26 05/15/2025 0.28% 38,310.95 -- 38,310.95 0.00
Principal Paydown 02/15/2024 44933LAC7 22,808.74 HART 2021-A A3 0.38 09/15/2025 0.39% 22,808.74 -- 22,808.74 (0.00)
Principal Paydown 02/15/2024 47789QAC4 37,705.98 JDOT 2021-B A3 0.52 03/16/2026 0.53% 37,705.98 -- 37,705.98 0.00
Principal Paydown 02/15/2024 89238JAC9 22,192.11 TAOT 2021-D A3 0.71 04/15/2026 0.71% 22,192.11 -- 22,192.11 0.00
Principal Paydown 02/15/2024 44935FAD6 71,578.86 HART 2021-C A3 0.74 05/15/2026 3.69% 71,578.86 -- 71,578.86 (0.00)
Principal Paydown 02/15/2024 44891WAC3 57,807.77 HALST 2022-A A3 1.16 01/15/2025 1.17% 57,807.77 -- 57,807.77 (0.00)
Principal Paydown 02/15/2024 43815BAC4 45,160.24 HAROT 2022-1 A3 1.88 05/15/2026 1.90% 45,160.24 -- 45,160.24 (0.00)
Principal Paydown 02/15/2024 448977AD0 57,330.32 HART 2022-A A3 2.22 10/15/2026
2.23% 57,330.32 -- 57,330.32 (0.00)
Principal Paydown 02/15/2024 47787JAC2 27,004.20 JDOT 2022 A3 0.36 09/15/2026 2.35% 27,004.20 -- 27,004.20 (0.00) Principal Paydown 02/16/2024 362554AC1 15,866.07 GMCAR 2021-4 A3 0.68 09/16/2026 0.68% 15,866.07 -- 15,866.07 0.00
Principal Paydown 02/16/2024 380146AC4 14,450.60 GMCAR 2022-1 A3 1.23 11/16/2026 1.27% 14,450.60 -- 14,450.60 (0.00)
Principal Paydown 02/16/2024 362585AC5 14,316.88 GMCAR 2022-2 A3 3.1 02/16/2027 3.13% 14,316.88 -- 14,316.88 0.00
Principal Paydown 02/20/2024 36265MAC9 114,903.33 GMALT 2022-1 A3 1.9 03/20/2025 1.91% 114,903.33 -- 114,903.33 0.00
Principal Paydown 02/20/2024 89238LAC4 143,816.71 TLOT 2022-A A3 1.96 02/20/2025 2.00% 143,816.71 -- 143,816.71 0.00
Principal Paydown 02/21/2024 43813GAC5 10,022.60 HAROT 2021-1 A3 0.27 04/21/2025 0.27% 10,022.60 -- 10,022.60 0.00
31 City of Cupertino | Account #10659 | As of February 29, 2024
TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/
Sold Total Amount Gain/Loss
Principal Paydown 02/21/2024 43815GAC3 23,791.90 HAROT 2021-4 A3 0.88 01/21/2026 0.90% 23,791.90 -- 23,791.90 (0.00)
Principal Paydown 02/25/2024 05601XAC3 41,949.05 BMWLT 2022-1 A3 1.03 03/25/2025 1.15% 41,949.05 -- 41,949.05 (0.00)
Principal Paydown 02/25/2024 05602RAD3 33,107.36 BMWOT 2022-A A3 3.21 08/25/2026 3.24% 33,107.36 -- 33,107.36 0.00
Total Principal
Paydown 794,983.83 794,983.83 -- 794,983.83 0.00
TOTAL OTHER
TRANSACTIONS 785,515.38 1,057,151.23 0.00 1,057,151.23 0.00 32 Important Disclosures
2024 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures . Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This 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.
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.
As of February 29, 2024
33 Asset Class 10-Year Snapshot Disclosure As of February 29, 2024 US Small Cap Stocks – Morgan Stanley Capital International (MSCI) Small Cap 1750 – The MSCI Small Cap 1750 is a market capitalization weighted index that measures the performance of small capitalization U.S. stocks.
US Mid Cap Stocks – Morgan Stanley Capital International (MSCI) Mid Cap 450 – The MSCI Mid Cap 450 is a market capitalization weighted index that measures the performance of mid-capitalization U.S. stocks.
US Large Cap Stocks – Standard & Poor’s 500 – The S&P 500 is a market value weighted index of 500 large capitalization stocks. The 500 companies included in the index capture approximately 80% of available U.S. market capitalization.
International Stocks – Morgan Stanley Capital International (MSCI) EAFE – The MSCI EAFE International Equity Index is a market capitalization weighted index that captures international equity performance of large and mid-cap stocks in the developed stock markets of Europe, Australasia, and the Far East.
Emerging Market Stocks – Morgan Stanley Capital International (MSCI) Emerging Markets – The MSCI Emerging Markets Index is a market capitalization weighted index that captures equity performance of large and mid-cap stocks across emerging market countries. U.S. Real Estate – Morgan Stanley Capital International (MSCI) REIT – The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. It represents about 99% of the US REIT universe and securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®). It excludes Mortgage REITs and selected Specialized REITs.
International Real Estate – S&P Developed Ex-US Property – The S&P Developed Ex-US Property Index is a market capitalization weighted index that captures the performance of a universe of publicly traded property companies based in developing countries outside of the US. The companies included are engaged in real estate related activities, such as property ownership, management, development, rental and investment.
US Core Bonds – ICE BofA US Corporate, Government, Mortgage – The ICE BofA US Corporate, Government, Mortgage index is a broad measure of US investment grade bond performance, including US Treasuries, agencies, investment-grade corporates and mortgage securities. US High Yield Bonds – ICE BofA US High Yield – The ICE BofA High Yield Bond Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. International Bonds – Bloomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD – Index from 2/1/2013 – current. This index measures the performance of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. S&P Citigroup International Govt Bond – Index from 1/1/2009 – 1/31/2013. This index measures the performance of sovereign bonds of non-U.S. developed countries.
Diversified Commodities – S&P GSCI Commodity Index – The S&P GSCI Commodity Index is a world production-weighted measure of general commodity price movements and inflation in the world economy. It consists of a basket of physical commodity futures contracts.
Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits the use of 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 representation, 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 is at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend Chandler, or any of its products or services.
Bloomberg® and B loomberg Barclays Global Aggregate ex-USD Total Return Index Value Unhedged USD are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by Chandler Asset Management Inc. Bloomberg is not affiliated with Chandler Asset Management Inc., and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to this product.
Morgan Stanley Capital International® (MSCI), the MSCI indices are service marks of Morgan Stanley Capital International and its affiliates, and have been licensed for use for certain purposes by Chandler Asset Management Inc. MSCI is not affiliated with Chandler Asset Management Inc., and MSCI does not approve, endorse, review, or recommend these products. MSCI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to these products.
Disclosure: This report is provided for informational purposes only and should not be construed as 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.
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 judgement.
All i nvestments contain risk and may lose value. Fixed income investments are subject to interest rate, 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. International: Non-US markets may be more volatile due to a variety of factors including less liquidity, transparency and oversight of companies and assets. Values of non-US investments may fluctuate due to changes in currency exchange rates. Non-US companies are also subject to risks that come with political and economic stability that may affect their respective countries. These risks may be greater in emerging market countries. Equities: Investments on equities are subject to risks from stock market fluctuations that occur in response to economic and business developments. 34 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.
As of February 29, 2024
35