Cupertino City Council
September 6, 2022

CERTIFICATION

The Administrative Services Director hereby certifies to the accuracy of said records and to the availability of funds for payment.

CERTIFIED:

Kristina Alfaro, Director of Administrative Services

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Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Main Account - Main Checking Account
EFT
34846 07/22/2022 Open Accounts Payable P E R S $558,019.23 Invoice Date Description Amount
07012022 07/01/2022 PERS pp 6/18/22-7/1/22 $558,019.23
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$558,019.23
Type EFT Totals: 1 Transactions $558,019.23
Main Account - Main Checking Account Totals
Checks Status Count Transaction Amount Reconciled Amount Open 0 $0.00 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 0 $0.00 $0.00
EFTs Status Count Transaction Amount Reconciled Amount
Open 1 $558,019.23 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Total 1 $558,019.23 $0.00
All Status Count Transaction Amount Reconciled Amount
Open 1 $558,019.23 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 1 $558,019.23 $0.00
Grand Totals:

Checks Status Count Transaction Amount Reconciled Amount Open 0 $0.00 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 0 $0.00 $0.00
EFTs Status Count Transaction Amount Reconciled Amount
Open 1 $558,019.23 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Total 1 $558,019.23 $0.00
All Status Count Transaction Amount Reconciled Amount
Open 1 $558,019.23 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 1 $558,019.23 $0.00
Monday, August 01, 2022Pages: 1 of 1user: Richard Wong
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 7/22/2022 - To Payment Date: 7/22/2022 142
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CITY OF CUPERTINO
Agenda Item
22-11415 Agenda Date: 9/6/2022
Agenda #: 12.

Subject: Consider the Monthly Treasurer's Report for July 2022 Accept the Monthly Treasurer's Report for July 2022
CITY OF CUPERTINO Printed on 8/31/2022Page 1 of 1
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1 CITY COUNCIL STAFF REPORT
Meeting: September 6, 2022

Subject
Consider the Monthly Treasurer's Report for July 2022

Recommended Action
Accept the Monthly Treasurer's Report for July 2022

Discussion
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.

Lastly, the City's Municipal Code Section 2.88.100 Duties –Powers–Responsibilities lists one of the powers and function s of the Audit Committee is "to review the monthly Treasurer's report."

Per the referenced code provisions, a Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) shall be submitted to the Audit Committee and City Council every month.

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2 Cash vs. Accrual Basis Accounting
Cash and accrual basis accounting differ in the timing when revenues and expenses are recognized and recorded. Cash basis accounting recognizes revenues when payment is received and expenses when payment is paid. Accrual basis accounting recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid).

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 include transactions recorded in other systems and imported into New World, Council-approved 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 cash and fund balances for the City of Cupertino for July 2022. The report is as of August 17, 2022.

Receipts, Disbursements, and Cash Balance
The City 's General Fund ending cash and investment balance was $121.1 million, a decrease of $2.5 million from the prior month. Receipts were $6.3 million, disbursements were ($8.9) million, and journal adjustments were $58,112 for the month.

The City's total ending cash and investment balance was $228.5 million, a decrease of $3.2 million from the prior month . Receipts were $ 7.5 million, disbursements were ($ 11.4) million, and journal adjustments were ($0.7) million for the month.

For July 2022, the journal adjustments included:
 Parks and Recreation transactions imported from ActiveNet into New World  Workers' Compensation transactions
 Council-approved transfer from the Park Dedication Fund to the Capital Improvement Fund for the Memorial Park Specific Plan Project

Fund Balance/Net Position
The City's General Fund ending fund balance was $ 110.9 million, decreasing by $ 3.0 million from the prior month due to revenues of $ 1.6 million and expenditures of $ 4.6 million.

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3 The City's total ending fund balance was $212.5 million, decreasing by $3.6 million from the prior month due to revenues of $3.0 million and expenditures of $6.5 million.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.
_____________________________________

Prepared by: __________________
Thomas Leung
Senior Management Analyst

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 July 2022 B – Report of City‐wide Fund Balances/Net Position July 2022 C – Fund Structure

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July 2022 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance   Ending Balance
Fund Type Fund Number/Name  as of June 30, 2022   Receipts   Disbursements   Journal Adjustments   as of July 31, 2022 General Fund 100  General Fund 123,658,748                         6,296,718           (8,889,105)                  58,112                                  121,124,472 General Fund 130  Investment Fund (40,628)                                 ‐                          ‐                                  ‐                                            (40,628) Special Revenue Funds 210  Storm Drain Improvement 2,346,706                             ‐                          ‐                                  ‐                                            2,346,706 Special Revenue Funds 215  Storm Drain AB1600 1,867,676                             2,618                   ‐                                  ‐                                            1,870,294 Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 1,354,846                             9,089                  (106,867)                     ‐                                            1,257,068 Special Revenue Funds 260  CDBG 454,218                                312,955              (142,031)                     ‐                                            625,143 Special Revenue Funds 261  HCD Loan Rehab 232,280                                ‐                          ‐                                  ‐                                            232,280 Special Revenue Funds 265  BMR Housing 5,986,907                             3,350                  (52,315)                       ‐                                            5,937,942 Special Revenue Funds 270  Transportation Fund 12,406,736                           222,027              (385,645)                     ‐                                            12,243,118 Special Revenue Funds 271  Traffic Impact 752,839                                ‐                          ‐                                  ‐                                            752,839 Special Revenue Funds 280  Park Dedication 22,143,072                           ‐                          (16,390)                       (500,000)                               21,626,682 Special Revenue Funds 281  Tree Fund 138,713                                ‐                          ‐                                  ‐                                            138,713 Debt Service Funds 365  Public Facilities Corp 6,850                                    ‐                          ‐                                  ‐                                            6,850 Capital Project Funds 420  Capital Improvement Fund 29,865,158                           529,854              (327,113)                     500,000                                30,567,899 Capital Project Funds 427  Stevens Creek Corridor Park 174,018                                ‐                          ‐                                  ‐                                            174,018 Capital Project Funds 429  Capital Reserve* 9,546,568                             ‐                          ‐                                  ‐                                            9,546,568 Enterprise Funds 520  Resource Recovery 6,199,161                             119,834              (164,649)                     ‐                                            6,154,346 Enterprise Funds 560  Blackberry Farm 1,249,380                             2,100                  (65,414)                       62,558                                  1,248,624 Enterprise Funds 570  Sports Center 2,066,764                             ‐                          (269,416)                     381,327                                2,178,675 Enterprise Funds 580  Recreation Program 3,359,221                             8,093                  (321,020)                     222,971                                3,269,265 Internal Service Funds 610  Innovation & Technology 2,207,601                             ‐                          (304,582)                     ‐                                            1,903,019 Internal Service Funds 620  Workers ʹ Compensation 4,027,804                             ‐                          (162,845)                     (5,812)                                   3,859,147 Internal Service Funds 630  Vehicle/Equip Replacement 1,117,855                             ‐                          (118,060)                     ‐                                            999,795 Internal Service Funds 641  Compensated Absence/LTD 691,754                                ‐                          9,592                          ‐                                            701,346 Internal Service Funds 642  Retiree Medical (121,938)                               ‐                          (111,224)                     ‐                                            (233,163) Total 231,692,309$                       7,506,639$         (11,427,085)$              719,155$                              228,491,018$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed August 17, 2022
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July 2022 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of June 30, 2022 Revenues Expenditures as of July 31, 2022 General Fund 100  General Fund 113,913,711                                     1,635,460                           4,619,276                           110,929,894 General Fund 130  Investment Fund (1,200)                                               ‐                                          ‐                                          (1,200) Special Revenue Funds 210  Storm Drain Improvement 2,346,706                                         ‐                                          ‐                                          2,346,706 Special Revenue Funds 215  Storm Drain AB1600 1,867,676                                         2,618                                  ‐                                          1,870,294 Special Revenue Funds 230  Env Mgmt Cln  Crk Strm Drain 1,367,438                                         302                                     86,346                                1,281,394 Special Revenue Funds 260  CDBG 1,333,546                                         ‐                                          10,272                                1,323,274 Special Revenue Funds 261  HCD Loan Rehab 232,280                                            ‐                                          ‐                                          232,280 Special Revenue Funds 265  BMR Housing 5,945,187                                         3,350                                  10,595                                5,937,942 Special Revenue Funds 270  Transportation Fund 12,367,186                                       ‐                                          131,623                              12,235,563 Special Revenue Funds 271  Traffic Impact 752,839                                            ‐                                          ‐                                          752,839 Special Revenue Funds 280  Park Dedication 22,122,166                                       ‐                                          500,000                              21,622,166 Special Revenue Funds 281  Tree Fund 138,713                                            ‐                                          ‐                                          138,713 Debt Service Funds 365  Public Facilities Corp 6,850                                                ‐                                          ‐                                          6,850 Capital Project Funds 420  Capital Improvement Fund 27,058,626                                       500,000                              124,558                              27,434,068 Capital Project Funds 427  Stevens Creek Corridor Park 174,018                                            ‐                                          ‐                                          174,018 Capital Project Funds 429  Capital Reserve* 9,546,568                                         ‐                                          ‐                                          9,546,568 Enterprise Funds 520  Resource Recovery 5,210,293                                         83,693                                62,744                                5,231,242 Enterprise Funds 560  Blackberry Farm 915,367                                            64,599                                 26,835                                953,131 Enterprise Funds 570  Sports Center 2,265,800                                         345,451                              254,350                              2,356,901 Enterprise Funds 580  Recreation Program 2,474,718                                         311,602                              107,705                              2,678,615 Internal Service Funds 610  Innovation & Technology 767,524                                            ‐                                          236,908                              530,616 Internal Service Funds 620  Workersʹ Compensation 2,591,391                                         ‐                                          168,657                              2,422,734 Internal Service Funds 630  Vehicle/Equip Replacement 2,012,509                                         ‐                                          70,883                                1,941,626 Internal Service Funds 641  Compensated Absence/LTD 691,754                                            17,626                                8,034                                  701,346 Internal Service Funds 642  Retiree Medical (3,732)                                               ‐                                          111,224                              (114,957) Total 216,097,932$                                   2,964,700$                         6,530,009$                         212,532,623$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed August 17, 2022
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Fund Structure
For accounting purposes, a state or local government is not treated as a single, integrated entity but as a collection of smaller separate businesses known as 'funds.' Fund accounting is an accounting system emphasizing accountability rather than profitability. In this system, a fund is a self-balancing set of accounts segregated for specific purposes in accordance with laws and regulations or special restrictions and limitations.

The City’s finances are structured in a variety of funds that are the basic accounting and reporting entities in governmental accounting. The funds are grouped into two major categories: Governmental and Proprietary Funds. The purpose of each of the various funds within these two categories is described below.

Governmental Funds
Governmental Funds are those through which most governmental functions of the City are financed. The acquisition, use, and balances of the City’s expendable financial resources and the related liabilities (except those accounted for in the Proprietary Funds) are accounted for through governmental funds. Governmental funds include General, Special Revenue, Debt Service, and Capital Projects Funds. They are accounted for under the modified accrual basis of accounting.

General Fund
The General Fund is the primary operating fund for governmental services. The General Fund is a tax- supported fund.

General Fund Purpose
100 General The General Fund is used to pay for core services such as public safety, parks and recreation, community development, public works, and a host of other vital services. The revenue used to pay for these services comes primarily from local taxes such as sales tax, property tax, franchise fees, charges for services, and a variety of other discretionary sources.
130 Investment Accounts for activities related to the City's investment portfolio.

Special Revenue Funds
Special Revenue Funds account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Special Revenue Funds include the Storm Drain, Environmental Management/Clean Creek, Community Development Block Grant, BMR Housing, Transportation, and Park Dedication funds.

Special Revenue Funds Purpose
210 Storm Drain
Improvement
Accounts for the construction and maintenance of storm drain facilities, including drainage and sanitary sewer facilities. Projects are funded by the Capital Reserve.

Fund Structure 1
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215 Storm Drain AB1600 Accounts for AB1600 revenue from development impact fees. Revenues were collected from developers as a result of connections to the storm drainage sewer system.
230 Environmental
Management/Clean
Creek/Storm Drain
Accounts for activities related to operating the Non-Point Source Pollution Program. Revenues are from parcel taxes.
260 Community
Development Block Grant
Accounts for the Federal Housing and Community Development Block Grant (CDBG) Program activities. CDBG is a federally funded program for housing assistance and public improvements.
261 HCD Loan Rehab Accounts for activities related to Community Development Block Grant (CDBG) rehabilitation loans.
265 BMR Housing Accounts for activities related to the Below Market Rate (BMR) Housing Program. Revenues include BMR Housing Mitigation Fees collected from developers to mitigate the impact of housing needs. Monies in this fund are governed by the program's rules.
270 Transportation Accounts for the City's gas tax, vehicle registration fees, and grant revenues and expenditures related to the maintenance and construction of City streets.

All revenue in this fund is restricted exclusively for street and road purposes, including related engineering and administrative expenditures. 271 Traffic Impact Accounts for development impact fees to ensure that new development and redevelopment projects pay their "fair share" to mitigate traffic impacts. 280 Park Dedication Accounts for the activity granted by the business and professions code of the State of California in accordance with the open space and conservation element of the City’s General Plan. Revenues are restricted for the acquisition, improvement, expansion, and implementation of the City's parks and recreation facilities.
281 Tree Accounts for revenues from in-lieu tree replacement fees and tree damage and removal fees. The revenues are transferred to the Street Tree Maintenance program to pay for new and replacement trees.

Fund Structure 2
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Debt Service Funds
Debt Service Funds account for financial resources that are restricted, commi?ed, or assigned to expenditures for and payment of principal and interest.

Debt Service Funds Purpose
365 Public Facilities
Corporation
Accounts for the payments of principal and interest on certificates of participation issued to provide for the financing of the Civic Center, Library, Wilson Park, Memorial Park, and other City facilities.

Capital Projects Funds
Capital Projects Funds account for the acquisition and/or construction of major capital facilities.

Capital Projects Funds Purpose
420 Capital Improvement
Projects
Accounts for activities related to the acquisition or construction of major capital facilities.
427 Stevens Creek Corridor
Park
Accounts for the design and construction of the Stevens Creek Corridor Park projects.
429 Capital Reserve Reserves to fund future capital improvement projects.

Proprietary Funds
Proprietary Funds are used to account for “business-type” activities. Proprietary Funds include Enterprise Funds and Internal Service funds. They are accounted for under the full accrual basis of accounting.

Enterprise Funds
Enterprise Funds are for specific services funded directly by fees charged for goods or services. Enterprise Funds include the Resource Recovery, Blackberry Farm, Sports Center, and Recreation Program funds.

Enterprise Funds Purpose
520 Resource Recovery Accounts for activity related to the collection, disposal, and recycling of solid waste. A private company has been issued an exclusive franchise to perform the services.
560 Blackberry Farm Accounts for activities related to operating the City-owned golf course. 570 Sports Center Accounts for the operation and maintenance of the Cupertino Sports Center. 580 Recreation Program Accounts for activities of the City's community center and park facilities.

Fund Structure 3
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Internal Service Funds
Internal Service Funds are for areas where goods or services are provided to other departments or governments on a cost-reimbursement basis. Internal Service Funds include the Innovation & Technology, Workers’ Compensation, Vehicle and Equipment Replacement, Compensated Absences & Long-Term Disability, and Retiree Medical funds.

Internal Service Funds Purpose
610 Innovation &
Technology
Accounts for the activities related to the maintenance and replacement of the City's technology infrastructure. Equipment is depreciated based on the acquisition or historical costs for the useful life of the asset using the straight- line method.
620 Workers' Compensation Accounts for claims and insurance premiums related to workers' compensation.
630 Vehicle/Equipment
Replacement
Accounts for the purchase and maintenance of fleet and general equipment having a value greater than $5,000 and an expected life of more than one year.

Assets are depreciated based on the acquisition or historical costs for the useful life of the asset and using the straight-line method.
641 Compensated Absences
& Long-Term Disability
Accounts for accrued leave payouts and the long-term disability insurance program.
642 Retiree Medical Accounts for funds set aside for Other Post-Employment Benefits (OPEB).

Fund Structure 4
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CITY OF CUPERTINO
Agenda Item
22-11416 Agenda Date: 9/6/2022
Agenda #: 13.

Subject: Consider the Monthly Treasurer's Investment Report for July 2022 Accept the Monthly Treasurer's Investment Report for July 2022 CITY OF CUPERTINO Printed on 8/31/2022Page 1 of 1
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1 CITY COUCIL STAFF REPORT
Meeting: September 6, 2022

Subject
Consider the Monthly Treasurer's Investment Report for July 2022

Recommended Action
Accept the Monthly Treasurer's Investment Report for July 2022

Discussion
Background
On May 19, 2022, the City Council approved t he City's Investment Policy. Per the City's Investment Policy , the Treasurer shall submit monthly transaction reports to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. In addition to the monthly transaction reports, quarterly investment reports are submitted to the City Council approximately 45 days following the end of the quarter.

The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.

The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. Lastly, the City's Municipal Code Section 2.88.100 Duties –Powers–Responsibilities lists one of the powers and function s of the Audit Committee is "to review the monthly Treasurer 's report."

Per the referenced code provisions, a Treasurer's Investment Report shall be submitted to the Audit Committee and City Council every month.

Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending July 31, 2022. The report is as of August 17, 2022.

The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. While not governed by the City's Investment Policy, statements for the Public Agency Retirement 154
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2 Services (PARS) Section 115 Trusts are also attached per a request from the Monthly Treasurer's Report Subcommittee.

As of July 31, 2022, the City's General Ledger cash and investments balance was $ 228.5 million, a $3.2 million decrease from the prior month due to receipts of $7.5 million, disbursements of ($11.4) million, and journal adjustments of $0.7 million.

Cash and Investments – General Ledger Balance
Fund Type Month Ending
June 30, 2022 Receipts Disbursements Journal
Adjustments*
Month Ending
July 31, 2022
General Fund 123,618,119 6,296,718 (8,889,105) 58,112 121,083,844 Special Revenue 47,683,992 550,040 (703,247) (500,000) 47,030,785 Debt Service 6,850 - - - 6,850
Capital Projects 39,585,744 529,854 (327,113) 500,000 40,288,485 Enterprise 12,874,527 130,027 (820,499) 666,856 12,850,909 Internal Service 7,923,077 - (687,120) (5,812) 7,230,145 Total $ 231,692,309 $ 7,506,639 $ (11,427,085) $ 719,155 $ 228,491,018 *Journal adjustments include transactions recorded in other systems and imported into the financial system, Council-approved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.

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3 The $228.5 million in cash and investments includes $29.5 million in cash, $21.1 million in cash equivalents, $157.4 million in investments, and $ 20.5 million restricted for funding pension costs.

The City pools cash for all funds except restricted funds. However, the City accounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration.

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4 Cash and Investments – General Ledger Balance
Month Ending
June 30, 2022
Month Ending
July 31, 2022
% of
Portfolio
Cash in banks and on hand

Operating Checking (Wells Fargo) 32,667,152 29,441,674 13% Workers' Compensation Checking (Wells Fargo) 17,654 41,842 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 8,333 8,333 0% Petty Cash and Change 5,100 5,100 0%
Cash Equivalents
Local Agency Investment Fund 21,059,752 21,059,752 9%
Investments
Investments (Chandler) 157,443,313 157,443,313 69%
Restricted for Pension2 (PARS) 20,491,004 20,491,004 9% Total Cash and Investments3 $ 231,692,309 $ 228,491,018 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.

The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values.

Cash and Investments – Bank Balance
Month Ending
June 30, 2022
Month Ending
July 31, 2022
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 32,249,699 29,788,907 14% Workers' Compensation Checking (Wells Fargo) 19,738 43,517 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 8,333 8,333 0% Cash Equivalents
Local Agency Investment Fund 21,059,752 21,099,180 10%
Investments
Investments (Chandler) 148,744,657 149,849,867 68%
Restricted for Pension2 (PARS) 17,240,051 18,310,826 8% Total Cash and Investments3 $ 219,322,230 $ 219,100,630 100% 1 Cash held by fiscal agent for bond repayments
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5 2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the C ity cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.

Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.

As of July 31, 2022, the City's LAIF account had a balance of $21.1 million, an increase of $39,428 from the prior month due to a quarterly interest deposit . The interest rate was

0.75%. The City did not make any deposits or withdrawals in July 2022.

Investment Portfolio
In FY 2018 -19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management . Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide:

 Safety to ensure the preservation of capital in the overall portfolio  Sufficient liquidity for cash needs
 A market rate of return consistent with the investment program

The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in high- quality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective.

As of July 31, 2022, the portfolio's market value was $149.8 million, compared to $148.7 million at the end of the previous month. The table below includes monthly historical comparisons for the City's portfolio:

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6 June 30, 2022 July 31, 2022
Market Value 148,744,657 149,849,867
Par Value 155,016,024 155,207,329
Book Value 155,117,380 155,242,781
Average Maturity 2.74 years 2.77 years
Average Modified
Duration 2.39 2.42
Average Purchase Yield 1.41% 1.49%
Average Market Yield 3.25% 3.14%
Average Quality1 AA+/Aa1 AA/Aa1
1 S&P and Moody's respectively

The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases.

In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, so changes in market price do not affect the City's investment principal. The market values were provided by Chandler Asset Management.

Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre -fund Other Post -Employment Benefits (OPEB) costs. A Section 115 Trust is a tax -exempt investment tool that allows local governments to pre -fund pension and retiree health costs. Once contributions are placed into the trust, assets from the trust can only be used to fund retirement plans.

The Section 115 Trusts are not governed by the City's Investment Policy but by separat e investment policies. On December 7, 2021, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, and US Bank manages the investments per the investment policies.

Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. It is recommended for investors with a long-term time horizon. The strategic asset allocation ranges for this objective are:

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7 Asset Class Range Target
Equities 50-70% 63%
Fixed Income 20-40% 29%
Real Estate 0-15% 5%
Commodities 0-10% 2%
Cash 0-10% 1%

As of July 31, 2022, the Section 115 Pension Trust had a balance of $18.3 million, an increase of $1.1 million from the prior month due to investment gains. The Section 115 OPEB Trust had a balance of $3 3.3 million, an increase of $ 2.0 million from the prior month due to investment gains. The one-month investment returns were 6.24% for the Pension Trust and 6.27% for the OPEB Trust.

Compliance
All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.
_____________________________________

Prepared by: __________________
Thomas Leung
Senior Management Analyst

Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services

Approved for Submission by: __________________
Pamela Wu
City Manager

Attachments:

A – Chandler Investment Report July 2022
B – Chandler Custodial Statement July 2022
C – PARS Pension and OPEB Account Statement July 2022
D – LAIF Account Statement July 2022
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending July 31, 2022
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 July 31, 2022
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SECTION |
Section 1 |
Economic Update
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Economic Update



Tightening financial conditions an d higher interest rates continue to adversely impact the trajectory of the US and Global economy. Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Labor markets remain strong, but wage gains are not keeping up with inflation. While we expect the Fed to continue to tighten monetary policy, evidence of slower economic conditions has begun to mount. Over the near-term, we expect financial market volatility to remain intensified and conditions to remain tighter with persistent inflation, geopolitical risk, supply chain bottlenecks, and the Fed's shift to a more hawkish monetary policy.

At the July meeting, the Federal Open Market Committee (FOMC) delivered another 75-basis point increase to the Fed Funds Rate, increasing the range to 2.25% to 2.50%. The FOMC acknowledged spending and production were trending lower, offset by a strong labor market and elevated inflation metrics. Although declining to provide “forward guidance”, Fed Chair Powell acknowledged current policy settings are close to neutral but emphasized policy would need to move to a more restrictive stance to counterbalance the elevated inflation trends. We anticipate additional rates hikes as the Fed remains focused on lowering inflation.

In July, yields fell, and the curve inverted. The 2-year Treasury yield declined 7 basis points to 2.89%, the 5-year Treasury yield plunged 36 basis points to 2.68%, and the 10-year Treasury yield dropped 37 basis points to 2.65%. The spread between the 2-year Treasury yield and 10-year Treasury yield inverted to -24 basis points at July month-end versus 6 basis points at June month-end, and 104 basis points one year ago. The spread between 3-month and 10-year treasuries compressed to just 29 basis points. The shape of the curve does not necessarily indicate an imminent recession but bears watching as a better predictor of recession over the medium- term. 3 164
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Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 528,000 jobs in July, more than double market expectations of 250,000, and job gains were revised up by 28,000 for the prior two months. Trends i n employment remain strong, with the three-month moving average payrolls at 437,000and the six-month moving average at 465,000. Hiring was widespread, led by leisure and hospitality, professional and business services, and healthcare. The unemployment rate dipped to 3.5%, returning to its pre-pandemic level, as the labor participation rate decreased to 62.1% from 62.2% in June.

The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons remained steady at 6.7%. Average hourly earnings rose 5.2% in July from 5.1% year-over-year in June, adding to broader inflationary pressures in the economy. The strong July labor report bolsters the case for the Fed to continue raising the federal funds rate. -500
0 500
1,000
1,500
2,000
2,500
3,000
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
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Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) decelerated in July from a 40-year high as energy prices fell, although food and shelter prices remained stubbornly high. Headline CPI came in below expectations with an 8.5% year-over-year increase in July, down from a 9.1% year-over-year gain in June. Core CPI (CPI less food and energy) rose 5.9% year-over-year in July, remaining stable with a 5.9% year-over-year increase in June. The Personal Consumption Expenditures (PCE) index was up 6.8% year-over-year in June, up from a 6.3% year-over-year increase in May. Core PCE was up 4.8% year-over-year in June, versus up 4.7% year-over-year in May. Persistently elevated inflation is likely to keep the Federal Reserve on the path of tightening monetary policy as long as it continues to run well above the Fed’s longer-run target of around 2.0%.

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
YOY( %) Change

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
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Retail sales rose 1.0% in June from an upwardly revised -0.1% in May, led by a significant dollar value increase in gasoline sales. The higher- than-expected results indicate consumer demand is holding up more than expected despite inflation. Retail sales growth is at risk as consumers dip into savings and assume more debt. On a year-over-year basis, retail sales were up 8.4% in June versus up 8.2% revised in May.

The Consumer Confidence index fell to 95.7in July from a downwardly revised 98.4in June. Consumers’ buying plans for major purchases have waned coinciding with higher interest rates and stock market declines. In addition, discretionary spending decisions are increasingly pressured by elevated gas, food, and shelter costs.

Source: US Department of Commerce Source: The Conference Board

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
Retail Sales YOY % Change
YOY (%) Change
80 90
100
110
120
130
140
Index Level
Consumer Confidence
Consumer
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Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) decreased more than expected to -0.8% month-over-month in June, following a decline to -0.6% in May. Although the index is still in positive territory at +1.4% year-over-year versus +2.8% in May, the Conference Board indicated that economic growth is slowing and recession risk is increasing due to elevated inflation and monetary policy tightening. The Chicago Fed National Activity Index (CFNAI) is unchanged at -0.19. On a 3-month moving average basis, the CFNAI decreased to -0.04 in June from +0.09in May.
-4.00
-2.00

0.00 2.00

4.00 6.00
Chicago Fed National Activity Index (CFNAI)
3 Month Average
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
Leading Economic Indicators (LEI)
MOM ( %) Change
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Source: US Department of Commerce Source: S&P
Housing
0 200
400
600
800
1000
1200
1400
1600
1800
2000
MOM Change (In Thousands of Units)
Housing Starts
Multi Family Housing Starts
Single Family Housing Starts

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

21.0%

24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
YOY( %) Change
Total housing starts declined 2.0% to an annual rate of 1,559,000in June, from a revised 1,591,000in units in May. Single-family home starts fell by 8.1% and multi-family increased 10.3% month-over-month. On a year-over-year basis, total housing starts decreased 6.3%, driven by a drop in construction of single-family houses as homebuyers struggle with a combination of elevated prices and higher mortgage rates. According to the Case-Shiller 20-City home price index, home prices were up 20.5% year-over-year in May, easing slightly from a 21.2% year-over-year increase in April. The rate of home price increases will likely decelerate as the year progresses due to the substantial rise in mortgage rates and the negative performance of financial markets.
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Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Supply M anagement (ISM) manufacturing index dropped to 52.8in July from 53.0in June. Readings above 50.0 are indicative of expansion in the manufacturing sector. The decline was driven by plunging crude oil and metals input prices along with weakness in new orders for merchandise and rising inventories as consumer spending shifts to services. Capacity utilization declined to 80.0% in June, from an upwardly revised 80.3% in May bringing it in line with its longer run average. 40 42
44 46
48 50
52 54
56 58
60 62
64 66
Institute of Supply Management Purchasing Manager Index

EXPANDING

CONTRACTING
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Industrial Production
YOY( %) Change
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Source: US Department of Commerce Source: US Department of Commerce 9/21 12/21 3/22 6/22

1.4% 1.8% 1.2% 0.7%

2.1% 5.8% 0.9% -2.7%
-1.3% -0.2% -3.2% 1.4%
-0.4% -0.3% -0.5% -0.2%

0.5% -0.2% -0.1% -0.1%

2.3% 6.9% -1.6% -0.9%
Components of GDP
Federal Government Expenditures
State and Local (Consumption and Gross
Investment)
Net Exports and Imports
Total
Gross Private Domestic Investment
Personal Consumption Expenditures
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the advance e stimate, second quarter 2022GDP contracted at an annualized rate of 0.9%, following a first quarter decline of 1.6%.

Although many market participants link two quarters in a row of negative GDP growth with a recession, an official declaration by the National Bureau of Economic Research is unlikely given the mosaic of data and the strength of the labor market. Personal consumption expenditures grew at a slower rate in the second quarter, as consumer spending shifted from nondurable goods to services. The largest negative contribution was from a drop in gross residential investment as the housing sector diminished sharply. The consensus estimate calls for 1.7% growth in the third quarter and 2.0% growth for the full year 2022. 10 171
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Federal Reserve
Source: Federal Reserve Source: Bloomberg
At the July meeting, th e Federal Open Market Committee (FOMC) delivered another 75-basis point increase to the Fed Funds Rate, increasing the range to 2.25% to 2.50%. The FOMC acknowledged spending and production were trending lower, offset by a strong labor market and elevated inflation metrics. Although declining to provide “forward guidance”, Fed Chair Powell acknowledged current policy settings are close to neutral but emphasized policy would need to move to a more restrictive stance to counterbalance the elevated inflation trends. The Fed will continue shrinking its $9 trillion balance sheet by $47.5 billion per month, increasing to $95 billion in September. We anticipate additional rates hikes as the Fed remains focused on lowering inflation. As inflation metrics begin to moderate, we believe the Federal Reserve will decelerate their pace of tightening, but a material decline in inflation in the short-term is unlikely.

0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%
Effective Federal Funds Rate
Yield (%)
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
In $ millions
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Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
US Treasury Yield Curve
Jul-22
Apr-22
Jul-21
Yield (%)
Bond Yields
At the end of July, the 2-year Treasury yield was 270basis points higher, and the 10-Year Treasury yield was about 143 basis points higher, year- over-year. The spread between the 2-year Treasury yield and 10-year Treasury yield inverted to -24 basis points at July month-end versus 6 basis points at June month-end. The average historical spread (since 2003)is about 130basis points. The spread between 3-month and 10-year treasuries compressed to just 29 basis points. The shape of the yield curve does not indicate an imminent recession but bears watching as a better predictor of recession over the medium-term.
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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 July 31, 2022
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Compliance As of July 31, 2022
Category Standard Comment
Treasury Issues N o L im itation 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 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 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 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 associations, 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% 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
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 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. 15 176
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Compliance As of July 31, 2022
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Ze
ro 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 Maxi mum maturi ty 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. 16 177
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Portfolio Summary – City of Cupertino # 10659 As of July 31, 2022 17 178
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Purchase Yield as of 07/31/22 = 1.49%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of July 31, 2022
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SECTION |
Section 3 |
Portfolio Holdings
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Issue Name Investment Type % Portfolio
Government of United States US Treasury 25.37%
Federal National Mortgage Association Agency 8.93%
Federal Home Loan Bank Agency 6.12%
Federal Home Loan Mortgage Corp Agency 5.87%
Federal Home Loan Mortgage Corp CMO 5.27%
Inter-American Dev Bank Supranational 3.34%
American Express ABS ABS 1.93%
Hyundai Auto Receivables ABS 1.84%
Royal Bank of Canada Corporate 1.68%
Toyota Motor Corp Corporate 1.63%
Bank of America Corp Corporate 1.63%
Bank of New York Corporate 1.60%
International Finance Corp Supranational 1.55%
JP Morgan Chase & Co Corporate 1.53%
Intl Bank Recon and Development Supranational 1.48%
Toronto Dominion Holdings Corporate 1.44%
Honda ABS ABS 1.42%
John Deere ABS ABS 1.36%
Northwestern Mutual Glbl Corporate 1.31%
Paccar Financial Corporate 1.26%
GM Financial Automobile Leasing Trust ABS 1.24%
Toyota Lease Owner Trust ABS 1.21%
Toyota ABS ABS 1.18%
Bank of Montreal Chicago Corporate 1.17%
Amazon.com Inc Corporate 1.16%
Metlife Inc Corporate 1.15%
Salesforce.com Inc Corporate 1.12%
Air Products & Chemicals Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
United Health Group Inc Corporate 1.11%
New York Life Global Funding Corporate 1.07%
Berkshire Hathaway Corporate 1.06%
Hyundai Auto Lease Securitization ABS 0.86%
Guardian Life Global Funding Corporate 0.85%
US Bancorp Corporate 0.82%
Caterpillar Inc Corporate 0.72%
GM Financial Securitized Term Auto Trust ABS 0.67%
Deere & Company Corporate 0.66%
Issuers
City of Cupertino – Account #10659
As of July 31, 2022
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Issue Name Investment Type % Portfolio
Verizon Owner Trust ABS 0.62%
Charles Schwab Corp/The Corporate 0.62%
Mass Mutual Insurance Corporate 0.61%
BMW Vehicle Lease Trust ABS 0.57%
State of California Municipal Bonds 0.50%
Northern Trust Corp Corporate 0.46%
Morgan Stanley Corporate 0.42%
BMW ABS ABS 0.35%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.34% Nissan ABS ABS 0.27%
Wal-Mart Stores Corporate 0.22%
Mercedes-Benz Auto Lease Trust ABS 0.16%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of July 31, 2022
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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
ABS
43815NAC8 Honda Auto Receivables Trust 2019-3 A3

1.780% Due 08/15/2023
153,661.98 Various

1.93%
153,403.67
153,650.97

99.80 3.20%
153,358.03
121.57

0.10%
(292.94)
Aaa / AAA
NR

1.04 0.14
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3

0.400% Due 11/15/2023
240,048.01 09/15/2020

0.40%
240,035.84
240,045.60

99.34 3.04%
238,460.81

42.68 0.16%
(1,584.79)

NR / AAA
AAA

1.29 0.25
477870AC3 John Deere Owner Trust 2019-B A3

2.210% Due 12/15/2023
106,847.66 08/27/2019

1.79%
107,836.84
107,163.52

99.86 3.01%
106,699.67
104.95

0.07%
(463.85)
Aaa / NR
AAA

1.38 0.17
92348AAA3 Verizon Owner Trust 2019-C A1A

1.940% Due 04/22/2024
143,156.57 10/01/2019

1.95%
143,145.53
143,152.38

99.75 3.00%
142,801.54

84.86 0.10%
(350.84)

NR / AAA
AAA

1.73 0.23
89238EAC0 Toyota Lease Owner Trust 2021-A A3

0.390% Due 04/22/2024
700,000.00 03/23/2022

2.16%
686,000.00
689,319.85

97.93 3.59%
685,486.20

83.42 0.46%
(3,833.65)
Aaa / AAA
NR

1.73 0.65
44891VAC5 Hyundai Auto Lease Trust 2021-B A3

0.330% Due 06/17/2024
790,000.00 06/08/2021

0.34%
789,881.50
789,940.82

97.63 3.51%
771,308.60
115.87

0.51%
(18,632.22)
Aaa / AAA
NR

1.88 0.75
65479JAD5 Nissan Auto Receivables Owner 2019-C A3

1.930% Due 07/15/2024
412,712.73 Various

1.70%
414,760.12
413,659.53

99.57 3.54%
410,928.57
354.02

0.27%
(2,730.96)
Aaa / AAA
NR

1.96 0.27
43813DAC2 Honda Auto Receivables 2020-2 A3

0.820% Due 07/15/2024
94,588.20 05/18/2020

0.83%
94,580.76
94,584.68

98.80 3.38%
93,450.78

34.47 0.06%
(1,133.90)
Aaa / AAA
NR

1.96 0.47
47789KAC7 John Deere Owner Trust 2020-A A3

1.100% Due 08/15/2024
131,303.83 03/04/2020

1.11%
131,295.80
131,300.13

98.98 3.63%
129,958.36

64.19 0.09%
(1,341.77)
Aaa / NR
AAA

2.04 0.40
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
445,900.47 09/22/2020

0.38%
445,834.97
445,873.35

98.09 3.63%
437,373.52

59.58 0.29%
(8,499.83)

NR / AAA
AAA

2.22 0.59
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2

0.390% Due 10/21/2024
965,000.00 08/10/2021

0.39%
964,986.88
964,992.04

96.93 3.53%
935,363.89
115.00

0.62%
(29,628.15)

NR / AAA
AAA

2.23 0.99
47787NAC3 John Deere Owner Trust 2020-B A3

0.510% Due 11/15/2024
151,984.27 07/14/2020

0.52%
151,961.11
151,974.58

98.29 3.61%
149,384.88

34.45 0.10%
(2,589.70)
Aaa / NR
AAA

2.30 0.55
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
425,000.00 09/08/2021

0.34%
424,956.14
424,973.03

97.27 3.53%
413,394.10

23.38 0.28%
(11,578.93)
Aaa / NR
AAA

2.41 0.86
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
342,804.68 10/06/2020

0.36%
342,740.81
342,767.80

98.28 3.65%
336,904.33

53.33 0.22%
(5,863.47)

NR / AAA
AAA

2.46 0.52
44891WAC3 Hyundai Auto Lease Trust 2022-A A3

1.160% Due 01/15/2025
540,000.00 01/11/2022

1.16%
539,988.07
539,990.90

96.97 3.52%
523,616.94
278.40

0.35%
(16,373.96)
Aaa / AAA
NR

2.46 1.30
92290BAA9 Verizon Owner Trust 2020-B A

0.470% Due 02/20/2025
800,000.00 08/04/2020

0.48%
799,832.00
799,905.07

98.47 3.51%
787,770.40
114.89

0.53%
(12,134.67)
Aaa / NR
AAA

2.56 0.50
89238LAC4 Toyota Lease Owner Trust 2022-A A3

1.960% Due 02/20/2025
1,150,000.00 02/23/2022

1.98%
1,149,818.99
1,149,852.06

97.59 3.55%
1,122,260.85
688.72

0.75%
(27,591.21)

NR / AAA
AAA

2.56 1.53
As of July 31, 2022
22 183
CC 09-06-2022
183 of 281
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
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3

1.900% Due 03/20/2025
945,000.00 02/15/2022

1.91%
944,991.87
944,993.51

97.73 3.51%
923,568.35
548.63

0.62%
(21,425.16)
Aaa / NR
AAA

2.64 1.42
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
450,000.00 01/11/2022

1.11%
449,932.73
449,949.12

97.10 3.53%
436,959.00

82.50 0.29%
(12,990.12)

NR / AAA
AAA

2.65 1.20
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
295,000.00 02/17/2021

0.27%
294,994.60
294,997.12

97.67 3.75%
288,119.13

22.13 0.19%
(6,877.99)
Aaa / NR
AAA

2.73 0.67
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
1,049,214.79 02/02/2021

0.27%
1,049,020.06
1,049,112.86

97.67 3.60%
1,024,802.71
121.24

0.68%
(24,310.15)
Aaa / NR
AAA

2.79 0.70
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
515,000.00 04/20/2021

0.38%
514,945.82
514,968.21

97.04 3.53%
499,731.80

86.98 0.33%
(15,236.41)

NR / AAA
AAA

3.13 0.95
43815GAC3 Honda Auto Receivables Trust 2021-4 A3

0.880% Due 01/21/2026
460,000.00 11/16/2021

0.89%
459,903.03
459,923.49

95.78 3.60%
440,584.78
112.44

0.29%
(19,338.71)
Aaa / NR
AAA

3.48 1.57
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
580,000.00 07/13/2021

0.52%
579,948.26
579,962.85

95.08 3.98%
551,435.58
134.04

0.37%
(28,527.27)
Aaa / NR
AAA

3.63 1.44
89238JAC9 Toyota Auto Receivables Trust 2021-D A3

0.710% Due 04/15/2026
430,000.00 11/09/2021

0.71%
429,990.84
429,992.84

95.46 3.75%
410,465.96
135.69

0.27%
(19,526.88)

NR / AAA
AAA

3.71 1.51
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
739,903.74

96.97 3.49%
717,612.79
618.31

0.48%
(22,290.95)
Aaa / AAA
NR

3.79 1.91
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

0.740% Due 05/15/2026
1,330,000.00 Various

2.02%
1,296,371.65
1,300,688.25

95.73 3.56%
1,273,173.10
437.42

0.85%
(27,515.15)

NR / AAA
AAA

3.79 1.53
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
529,974.26

99.73 3.57%
528,592.32
283.55

0.35%
(1,381.94)
Aaa / AAA
NR

4.07 0.78
362554AC1 GM Financial Securitized Term 2021-4 A3

0.680% Due 09/16/2026
350,000.00 10/13/2021

0.68%
349,991.08
349,993.12

95.41 3.85%
333,943.75

99.17 0.22%
(16,049.37)
Aaa / AAA
NR

4.13 1.47
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
449,911.20

97.60 3.57%
439,189.65
464.00

0.29%
(10,721.55)
Aaa / NR
AAA

4.13 1.95
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
1,009,965.64

97.27 3.70%
982,456.30
996.53

0.66%
(27,509.34)

NR / AAA
AAA

4.21 1.87
380146AC4 GM Financial Auto Receivables 2022-1 A3

1.260% Due 11/16/2026
295,000.00 01/11/2022

1.27%
294,974.36
294,978.46

96.37 4.17%
284,303.89
154.88

0.19%
(10,674.57)

NR / AAA
AAA

4.30 1.26
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
389,925.65

99.27 3.49%
387,154.56
503.75

0.26%
(2,771.09)
Aaa / AAA
NR

4.55 1.97
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
654,938.02
100.41

3.59%
657,682.88
748.52

0.44%
2,744.86
Aaa / NR
AAA

4.55 2.33
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
1,526,844.94

97.26 3.33%
1,502,710.26
1,517.53

1.00%
(24,134.68)
Aaa / NR
AAA

4.62 2.50
As of July 31, 2022
23 184
CC 09-06-2022
184 of 281
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
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
1,374,715.16
100.49

3.23%
1,381,704.50
2,071.67

0.92%
6,989.34

NR / AAA
AAA

4.80 2.62
TOTAL ABS 20,987,223.19 1.61%
20,919,757.61
20,928,884.75 3.54%
20,502,712.78
11,512.76

13.69%
(426,171.97)
Aaa / AAA
Aaa

3.25 1.38
Agency
3137EAER6 FHLMC Note

0.375% Due 05/05/2023
1,350,000.00 05/05/2020

0.39%
1,349,433.00
1,349,856.30

98.01 3.04%
1,323,132.30
1,209.38

0.88%
(26,724.00)
Aaa / AA+
AAA

0.76 0.75
3130A3DL5 FHLB Note

2.375% Due 09/08/2023
2,000,000.00 09/06/2019

1.52%
2,066,320.00
2,018,306.14

99.32 3.01%
1,986,346.00
18,868.06

1.34%
(31,960.14)
Aaa / AA+
NR

1.11 1.07
3137EAFA2 FHLMC Note

0.250% Due 12/04/2023
1,755,000.00 12/02/2020

0.28%
1,753,262.55
1,754,222.51

96.47 2.96%
1,692,997.61
694.69

1.13%
(61,224.90)
Aaa / AA+
AAA

1.35 1.32
3130A0F70 FHLB Note

3.375% Due 12/08/2023
2,100,000.00 Various

1.75%
2,222,418.00
2,144,535.56
100.49

3.00%
2,110,199.70
10,434.38

1.42%
(34,335.86)
Aaa / AA+
AAA

1.36 1.31
3130A0XE5 FHLB Note

3.250% Due 03/08/2024
1,500,000.00 03/28/2019

2.27%
1,568,115.00
1,522,063.83
100.45

2.96%
1,506,747.00
19,364.58

1.02%
(15,316.83)
Aaa / AA+
NR

1.61 1.53
3130A1XJ2 FHLB Note

2.875% Due 06/14/2024
1,500,000.00 06/18/2019

1.96%
1,564,890.20
1,524,324.92

99.84 2.96%
1,497,604.51
5,630.21

1.00%
(26,720.41)
Aaa / AA+
NR

1.87 1.80
3135G0V75 FNMA Note

1.750% Due 07/02/2024
1,500,000.00 07/16/2019

1.96%
1,484,895.00
1,494,156.40

97.99 2.83%
1,469,907.00
2,114.58

0.98%
(24,249.40)
Aaa / AA+
AAA

1.92 1.87
3130A2UW4 FHLB Note

2.875% Due 09/13/2024
2,000,000.00 09/13/2019

1.79%
2,103,380.00
2,043,868.49

99.78 2.98%
1,995,550.00
22,041.67

1.35%
(48,318.49)
Aaa / AA+
AAA

2.12 2.02
3135G0W66 FNMA Note

1.625% Due 10/15/2024
1,975,000.00 Various

1.73%
1,965,802.75
1,970,825.68

97.11 2.99%
1,917,952.13
9,449.83

1.29%
(52,873.55)
Aaa / AA+
AAA

2.21 2.13
3135G0X24 FNMA Note

1.625% Due 01/07/2025
1,295,000.00 Various

1.38%
1,309,953.95
1,302,566.92

96.92 2.95%
1,255,111.41
1,402.92

0.84%
(47,455.51)
Aaa / AA+
AAA

2.44 2.36
3137EAEP0 FHLMC Note

1.500% Due 02/12/2025
2,365,000.00 02/13/2020

1.52%
2,363,178.95
2,364,076.00

96.64 2.89%
2,285,509.99
16,653.54

1.54%
(78,566.01)
Aaa / AA+
AAA

2.54 2.44
3135G03U5 FNMA Note

0.625% Due 04/22/2025
1,860,000.00 04/22/2020

0.67%
1,856,168.40
1,857,909.85

94.08 2.90%
1,749,806.16
3,196.88

1.17%
(108,103.69)
Aaa / AA+
AAA

2.73 2.66
3135G04Z3 FNMA Note

0.500% Due 06/17/2025
2,500,000.00 Various

0.50%
2,499,227.30
2,499,676.42

93.49 2.87%
2,337,135.00
1,527.78

1.56%
(162,541.42)
Aaa / AA+
AAA

2.88 2.82
3137EAEU9 FHLMC Note

0.375% Due 07/21/2025
1,250,000.00 07/21/2020

0.48%
1,243,775.00
1,246,297.08

92.92 2.88%
1,161,487.50
130.21

0.78%
(84,809.58)
Aaa / AA+
AAA

2.98 2.92
3135G05X7 FNMA Note

0.375% Due 08/25/2025
2,500,000.00 Various

0.48%
2,487,983.75
2,492,408.95

92.67 2.89%
2,316,745.00
4,062.51

1.55%
(175,663.95)
Aaa / AA+
AAA

3.07 3.00
As of July 31, 2022
24 185
CC 09-06-2022
185 of 281
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
3137EAEX3 FHLMC Note

0.375% Due 09/23/2025
2,500,000.00 Various

0.46%
2,489,362.80
2,493,159.06

92.57 2.86%
2,314,225.00
3,333.33

1.55%
(178,934.06)
Aaa / AA+
AAA

3.15 3.08
3135G06G3 FNMA Note

0.500% Due 11/07/2025
2,500,000.00 Various

0.56%
2,492,700.00
2,495,212.12

92.65 2.87%
2,316,212.50
2,916.67

1.55%
(178,999.62)
Aaa / AA+
AAA

3.27 3.19
TOTAL Agency 32,450,000.00 1.12%
32,820,866.65
32,573,466.23 2.93%
31,236,668.81
123,031.22

20.93%
(1,336,797.42)
Aaa / AA+
Aaa

2.26 2.20
CMO
3137B4WB8 FHLMC K033 A2

3.060% Due 07/25/2023
1,000,000.00 08/13/2019

2.02%
1,037,656.25
1,009,368.27

99.58 3.35%
995,774.00
510.00

0.66%
(13,594.27)
Aaa / NR
NR

0.98 0.82
3137B5JM6 FHLMC K034 A2

3.531% Due 07/25/2023
1,000,000.00 09/26/2019

2.00%
1,053,867.19
1,013,843.83

99.97 3.32%
999,656.00
2,942.50

0.67%
(14,187.83)

NR / NR
AAA

0.98 0.86
3137B7MZ9 FHLMC K036 A2

3.527% Due 10/25/2023
1,000,000.00 08/19/2019

1.92%
1,061,914.06
1,018,269.72
100.01

3.32%
1,000,075.00
587.83

0.67%
(18,194.72)
Aaa / NR
AAA

1.24 1.06
3137BFE98 FHLMC K041 A2

3.171% Due 10/25/2024
1,300,000.00 07/01/2021

0.72%
1,398,414.06
1,365,942.42

99.77 3.20%
1,296,974.90
3,435.25

0.87%
(68,967.52)
Aaa / AAA
AAA

2.24 2.04
3137BLMZ8 FHLMC K049 A2

3.010% Due 07/25/2025
1,000,000.00 07/01/2021

0.87%
1,079,687.50
1,058,327.96

99.19 3.26%
991,880.00
2,508.33

0.66%
(66,447.96)

NR / NR
AAA

2.99 2.70
3137BLW95 FHLMC K050 A2

3.334% Due 08/25/2025
950,000.00 11/16/2021

1.17%
1,018,132.81
1,005,272.81
100.24

3.19%
952,265.82
2,639.42

0.64%
(53,006.99)

NR / NR
AAA

3.07 2.75
3137BM7C4 FHLMC K051 A2

3.308% Due 09/25/2025
440,000.00 03/15/2022

2.21%
453,079.69
451,671.27
100.03

3.24%
440,125.40
1,212.93

0.29%
(11,545.87)

NR / NR
AAA

3.16 2.83
3137BN6G4 FHLMC KO53

2.995% Due 12/25/2025
570,000.00 03/15/2022

2.29%
582,001.17
580,816.73

99.12 3.24%
564,964.05
1,422.63

0.38%
(15,852.68)

NR / NR
AAA

3.41 3.04
3137BSP72 FHLMC K058 A2

2.653% Due 08/25/2026
650,000.00 11/12/2021

1.35%
687,451.17
681,848.75

97.99 3.16%
636,950.60
1,437.04

0.43%
(44,898.15)

NR / NR
AAA

4.07 3.76
TOTAL CMO 7,910,000.00 1.51%
8,372,203.90
8,185,361.76 3.26%
7,878,665.77
16,695.93

5.27%
(306,695.99)
Aaa / AAA
Aaa

2.27 2.04
Corporate
24422EVN6 John Deere Capital Corp Note

0.450% Due 01/17/2024
1,030,000.00 03/01/2021

0.47%
1,029,268.70
1,029,627.73

96.40 2.98%
992,939.57
180.25

0.66%
(36,688.16)
A2 / A
A

1.47 1.44
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023

3.550% Due 03/05/2024
1,200,000.00 Various

2.72%
1,226,303.25
1,205,734.97

99.82 3.47%
1,197,884.41
17,276.68

0.81%
(7,850.56)
A2 / A-
AA-

1.60 1.52
As of July 31, 2022
25 186
CC 09-06-2022
186 of 281
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
89114QCA4 Toronto Dominion Bank Note

2.650% Due 06/12/2024
1,500,000.00 09/11/2019

2.24%
1,527,255.00
1,510,703.95

98.43 3.52%
1,476,501.00
5,410.42

0.99%
(34,202.95)
A1 / A
AA-

1.87 1.79
06367TQW3 Bank of Montreal Note

0.625% Due 07/09/2024
600,000.00 02/09/2022

1.89%
582,216.00
585,675.69

94.69 3.48%
568,119.60
229.17

0.38%
(17,556.09)
A2 / A-
AA-

1.94 1.90
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
1,751,750.64

95.58 2.97%
1,682,232.64
488.88

1.12%
(69,518.00)
A2 / A+
NR

1.96 1.92
78013XZU5 Royal Bank of Canada Note

2.550% Due 07/16/2024
1,500,000.00 Various

1.98%
1,533,359.18
1,515,873.00

98.02 3.61%
1,470,318.00
1,593.76

0.98%
(45,555.00)
A1 / A
AA-

1.96 1.89
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
1,257,409.17

98.41 3.23%
1,230,108.75

83.33 0.82%
(27,300.42)
A2 / A+
A+

2.00 1.93
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
1,710,563.88
100.32

3.16%
1,680,405.23
155.87

1.12%
(30,158.65)
A2 / A
NR

2.00 1.69
69371RR40 Paccar Financial Corp Note

0.500% Due 08/09/2024
680,000.00 08/03/2021

0.52%
679,632.80
679,752.41

94.75 3.20%
644,280.28
1,624.44

0.43%
(35,472.13)
A1 / A+
NR

2.03 1.98
69371RQ25 Paccar Financial Corp Note

2.150% Due 08/15/2024
370,000.00 08/08/2019

2.20%
369,182.30
369,666.56

97.65 3.35%
361,315.73
3,668.14

0.24%
(8,350.83)
A1 / A+
NR

2.04 1.95
14913Q3B3 Caterpillar Finl Service Note

2.150% Due 11/08/2024
1,100,000.00 01/28/2020

1.92%
1,111,517.00
1,105,481.14

98.12 3.01%
1,079,336.50
5,452.64

0.72%
(26,144.64)
A2 / A
A

2.28 2.18
74153WCQ0 Pricoa Global Funding Note

1.150% Due 12/06/2024
885,000.00 12/01/2021

1.19%
884,088.45
884,285.09

94.42 3.65%
835,620.54
1,554.90

0.56%
(48,664.55)
Aa3 / AA-
AA-

2.35 2.28
89114TZL9 Toronto-Dominion Bank Note

1.450% Due 01/10/2025
700,000.00 03/15/2022

2.79%
674,737.00
678,097.22

95.43 3.42%
668,006.50
592.08

0.45%
(10,090.72)
A1 / A
NR

2.45 2.36
89236TJT3 Toyota Motor Credit Corp Note

1.450% Due 01/13/2025
1,215,000.00 01/10/2022

1.50%
1,213,371.90
1,213,669.00

95.72 3.28%
1,163,041.74
880.88

0.78%
(50,627.26)
A1 / A+
A+

2.46 2.37
64952WEK5 New York Life Global Note

1.450% Due 01/14/2025
1,680,000.00 01/11/2022

1.49%
1,678,185.60
1,678,515.04

95.07 3.57%
1,597,095.36
1,150.33

1.07%
(81,419.68)
Aaa / AA+
AAA

2.46 2.37
69371RR73 Paccar Financial Corp Note

2.850% Due 04/07/2025
885,000.00 03/31/2022

2.86%
884,769.90
884,794.25

98.86 3.30%
874,880.03
7,987.13

0.59%
(9,914.22)
A1 / A+
NR

2.69 2.54
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
1,049,650.14

99.28 3.65%
1,042,490.40
10,532.81

0.70%
(7,159.74)
A1 / A
AA-

2.71 2.53
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
1,369,825.19

99.74 3.45%
1,366,435.26
12,111.18

0.92%
(3,389.93)
A1 / A
AA-

2.74 2.50
06367WB85 Bank of Montreal Note

1.850% Due 05/01/2025
1,240,000.00 07/23/2021

0.85%
1,285,656.80
1,273,362.03

95.61 3.54%
1,185,550.36
5,735.00

0.79%
(87,811.67)
A2 / A-
AA-

2.75 2.63
As of July 31, 2022
26 187
CC 09-06-2022
187 of 281
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
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024

0.824% Due 06/01/2025
1,370,000.00 05/24/2021

0.78%
1,371,773.90
1,371,084.41

94.03 3.48%
1,288,237.03
1,881.47

0.86%
(82,847.38)
A2 / A-
AA-

2.84 2.75
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
655,257.11

94.06 3.53%
616,081.87
669.96

0.41%
(39,175.24)
A2 / A-
AA-

2.90 2.81
66815L2J7 Northwestern Mutual Glbl Note

4.000% Due 07/01/2025
1,170,000.00 06/27/2022

4.01%
1,169,602.20
1,169,613.45
101.15

3.58%
1,183,492.44
3,900.00

0.79%
13,878.99
Aaa / AA+
AAA

2.92 2.73
74153WCM9 Pricoa Global Funding Note

0.800% Due 09/01/2025
904,000.00 04/06/2022

3.26%
832,972.72
839,549.32

91.58 3.71%
827,919.36
3,013.33

0.55%
(11,629.96)
Aa3 / AA-
AA-

3.09 2.98
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
1,022,670.03
101.24

3.54%
1,012,363.00
8,009.72

0.68%
(10,307.03)
A1 / A
AA-

3.30 2.98
40139LBC6 Guardian Life Glob Fun Note

0.875% Due 12/10/2025
1,400,000.00 Various

1.12%
1,385,860.00
1,388,640.00

90.65 3.87%
1,269,055.20
1,735.42

0.85%
(119,584.80)
Aa2 / AA+
NR

3.36 3.25
66815L2A6 Northwestern Mutual Glbl Note

0.800% Due 01/14/2026
850,000.00 12/06/2021

1.47%
827,449.50
831,002.18

91.05 3.58%
773,904.60
321.11

0.52%
(57,097.58)
Aaa / AA+
AAA

3.46 3.35
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
614,316.32

94.66 3.90%
567,971.40
5,642.00

0.38%
(46,344.92)
A2 / A-
AA-

3.54 3.32
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
411,423.01

94.66 3.98%
379,599.03
2,297.03

0.25%
(31,823.98)
A2 / A-
AA-

3.73 3.51
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

2.188% Due 04/28/2026
650,000.00 05/23/2022

4.18%
615,699.50
617,326.02

95.22 3.92%
618,911.80
3,674.02

0.42%
1,585.78
A1 / A-
A

3.75 3.52
023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026

1.000% Due 05/12/2026
1,875,000.00 05/10/2021

1.09%
1,866,900.00
1,868,878.42

92.71 3.06%
1,738,359.38
4,114.58

1.16%
(130,519.04)
A1 / AA
AA-

3.78 3.65
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
1,026,447.78

93.00 3.12%
962,534.48
2,512.74

0.64%
(63,913.30)
A3 / A+
A

3.79 3.65
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
1,384,527.10

92.58 3.17%
1,282,166.52
1,861.09

0.86%
(102,360.58)
A1 / A+
A+

3.88 3.74
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
700,938.13

92.24 3.82%
645,680.00
1,077.18

0.43%
(55,258.13)
A2 / A-
AA-

3.89 3.71
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
1,001,802.21

91.17 3.61%
911,731.00
500.00

0.61%
(90,071.21)
Aa3 / AA+
AA+

3.96 3.80
As of July 31, 2022
27 188
CC 09-06-2022
188 of 281
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
58989V2D5 Met Tower Global Funding Note

1.250% Due 09/14/2026
770,000.00 09/07/2021

1.27%
769,291.60
769,416.13

90.08 3.88%
693,596.75
3,662.85

0.47%
(75,819.38)
Aa3 / AA-
AA-

4.13 3.93
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
349,453.70

93.15 2.82%
326,011.70
1,367.92

0.22%
(23,442.00)
Aa2 / AA
AA

4.13 3.97
59217GER6 Metlife Note

1.875% Due 01/11/2027
1,115,000.00 01/03/2022

1.90%
1,113,728.90
1,113,869.51

92.24 3.79%
1,028,477.12
1,161.46

0.69%
(85,392.39)
Aa3 / AA-
AA-

4.45 4.19
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
959,751.82

95.78 3.45%
919,487.04
9,669.33

0.62%
(40,264.78)
A2 / A
A

4.59 4.24
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
1,614,716.51

97.06 2.98%
1,567,552.92
14,032.56

1.06%
(47,163.59)
Aa2 / AA
A+

4.62 4.30
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
668,963.94
102.87

3.33%
689,211.58
6,030.00

0.46%
20,247.64
A2 / A+
A+

4.78 4.23
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
675,304.00
102.12

3.21%
689,335.65
4,925.63

0.46%
14,031.65
A3 / A+
A

4.79 4.27
TOTAL Corporate 42,840,000.00 1.91%
42,938,866.78
42,809,388.20 3.41%
41,108,241.77
158,767.29

27.54%
(1,701,146.43)
A1 / A+
AA-

2.97 2.81
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 505,105.42 Various

1.19%
505,105.42
505,105.42

1.00 1.19%
505,105.42

0.00 0.34%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 505,105.42 1.19%
505,105.42
505,105.42 1.19%
505,105.42

0.00 0.34%

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
762,613.71

98.13 3.30%
740,904.15
6,040.00

0.50%
(21,709.56)
Aa2 / AA-
AA

2.17 2.07
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
762,613.71 3.30%
740,904.15
6,040.00

0.50%
(21,709.56)
Aa2 / AA-
AA

2.17 2.07
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
2,795,792.69

96.80 2.80%
2,710,288.00
1,477.78

1.81%
(85,504.69)
Aaa / AAA
NR

1.29 1.27
As of July 31, 2022
28 189
CC 09-06-2022
189 of 281
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
45950KCT5 International Finance Corp Note

0.375% Due 07/16/2025
2,500,000.00 05/27/2021

0.66%
2,471,150.00
2,479,310.76

92.89 2.90%
2,322,225.00
390.63

1.55%
(157,085.76)
Aaa / AAA
NR

2.96 2.90
459058JL8 Intl. Bank Recon & Development Note

0.500% Due 10/28/2025
2,400,000.00 Various

0.60%
2,388,859.25
2,392,316.85

92.42 2.97%
2,218,012.80
3,100.00

1.48%
(174,304.05)
Aaa / AAA
AAA

3.25 3.17
4581X0DV7 Inter-American Dev Bank Note

0.875% Due 04/20/2026
2,460,000.00 04/13/2021

0.97%
2,448,733.20
2,451,620.86

92.80 2.93%
2,282,852.94
6,038.96

1.53%
(168,767.92)
Aaa / AAA
AAA

3.72 3.60
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,119,041.16 2.90%
9,533,378.74
11,007.37

6.37%
(585,662.42)
Aaa / AAA
Aaa

2.74 2.67
US Treasury
912828T91 US Treasury Note

1.625% Due 10/31/2023
650,000.00 Various

1.94%
641,405.27
647,577.54

98.39 2.94%
639,564.25
2,669.33

0.43%
(8,013.29)
Aaa / AA+
AAA

1.25 1.22
912828V23 US Treasury Note

2.250% Due 12/31/2023
1,500,000.00 06/21/2019

1.80%
1,529,472.66
1,509,229.17

99.00 2.97%
1,485,058.50
2,934.78

0.99%
(24,170.67)
Aaa / AA+
AAA

1.42 1.38
912828B66 US Treasury Note

2.750% Due 02/15/2024
2,000,000.00 Various

2.14%
2,053,613.28
2,017,944.29

99.69 2.96%
1,993,750.00
25,372.93

1.35%
(24,194.29)
Aaa / AA+
AAA

1.55 1.48
91282CBR1 US Treasury Note

0.250% Due 03/15/2024
1,450,000.00 03/30/2021

0.33%
1,446,488.28
1,448,075.06

95.74 2.96%
1,388,205.35
1,369.23

0.93%
(59,869.71)
Aaa / AA+
AAA

1.62 1.60
912828X70 US Treasury Note

2.000% Due 04/30/2024
1,700,000.00 06/10/2019

1.92%
1,705,976.56
1,702,136.16

98.40 2.94%
1,672,839.10
8,592.39

1.12%
(29,297.06)
Aaa / AA+
AAA

1.75 1.70
912828XX3 US Treasury Note

2.000% Due 06/30/2024
2,000,000.00 Various

1.80%
2,018,574.22
2,007,354.13

98.34 2.90%
1,966,718.00
3,478.27

1.31%
(40,636.13)
Aaa / AA+
AAA

1.92 1.86
912828D56 US Treasury Note

2.375% Due 08/15/2024
1,700,000.00 09/18/2019

1.71%
1,753,191.41
1,722,113.62

98.94 2.91%
1,682,003.80
18,626.04

1.13%
(40,109.82)
Aaa / AA+
AAA

2.04 1.95
912828YY0 US Treasury Note

1.750% Due 12/31/2024
2,100,000.00 03/15/2022

1.97%
2,087,203.13
2,088,932.78

97.40 2.87%
2,045,366.40
3,195.65

1.37%
(43,566.38)
Aaa / AA+
AAA

2.42 2.34
912828ZC7 US Treasury Note

1.125% Due 02/28/2025
1,500,000.00 03/18/2020

0.81%
1,523,144.53
1,512,065.38

95.71 2.86%
1,435,722.00
7,061.82

0.96%
(76,343.38)
Aaa / AA+
AAA

2.58 2.51
91282CED9 US Treasury Note

1.750% Due 03/15/2025
3,100,000.00 Various

2.23%
3,057,617.20
3,062,378.95

97.21 2.86%
3,013,417.00
20,491.16

2.02%
(48,961.95)
Aaa / AA+
AAA

2.62 2.52
912828ZL7 US Treasury Note

0.375% Due 04/30/2025
2,500,000.00 03/21/2022

2.24%
2,360,839.85
2,377,024.11

93.46 2.86%
2,336,620.00
2,369.23

1.56%
(40,404.11)
Aaa / AA+
AAA

2.75 2.70
91282CAB7 US Treasury Note

0.250% Due 07/31/2025
1,500,000.00 03/12/2021

0.72%
1,469,765.63
1,479,295.41

92.59 2.84%
1,388,907.00

10.19 0.93%
(90,388.41)
Aaa / AA+
AAA

3.00 2.95
91282CAM3 US Treasury Note

0.250% Due 09/30/2025
2,400,000.00 Various

0.56%
2,366,140.63
2,376,574.11

92.23 2.83%
2,213,532.00
2,016.40

1.48%
(163,042.11)
Aaa / AA+
AAA

3.17 3.11
As of July 31, 2022
29 190
CC 09-06-2022
190 of 281
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CAT8 US Treasury Note

0.250% Due 10/31/2025
2,450,000.00 Various

0.49%
2,422,492.19
2,431,283.91

92.07 2.82%
2,255,722.35
1,547.90

1.51%
(175,561.56)
Aaa / AA+
AAA

3.25 3.19
91282CAZ4 US Treasury Note

0.375% Due 11/30/2025
2,250,000.00 03/26/2021

0.77%
2,209,658.20
2,221,238.45

92.29 2.81%
2,076,592.50
1,429.30

1.39%
(144,645.95)
Aaa / AA+
AAA

3.34 3.27
91282CBH3 US Treasury Note

0.375% Due 01/31/2026
2,500,000.00 05/27/2021

0.75%
2,456,445.31
2,467,404.07

91.95 2.80%
2,298,827.50

25.48 1.53%
(168,576.57)
Aaa / AA+
AAA

3.51 3.43
91282CBW0 US Treasury Note

0.750% Due 04/30/2026
2,500,000.00 05/27/2021

0.80%
2,493,652.34
2,495,170.41

92.81 2.78%
2,320,215.00
4,738.45

1.55%
(174,955.41)
Aaa / AA+
AAA

3.75 3.64
91282CCZ2 US Treasury Note

0.875% Due 09/30/2026
1,400,000.00 10/18/2021

1.19%
1,379,054.68
1,382,369.77

92.66 2.75%
1,297,242.80
4,116.80

0.87%
(85,126.97)
Aaa / AA+
AAA

4.17 4.03
91282CDG3 US Treasury Note

1.125% Due 10/31/2026
1,400,000.00 11/15/2021

1.25%
1,391,468.75
1,392,680.76

93.52 2.75%
1,309,327.60
3,980.30

0.88%
(83,353.16)
Aaa / AA+
AAA

4.25 4.09
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
3,000,000.00 Various

3.12%
3,018,222.66
3,018,071.52
102.50

2.70%
3,075,000.00
8,478.26

2.06%
56,928.48
Aaa / AA+
AAA

4.92 4.52
TOTAL US Treasury 39,600,000.00 1.47%
39,384,426.78
39,358,919.60 2.85%
37,894,631.15
122,503.91

25.37%
(1,464,288.45)
Aaa / AA+
Aaa

2.89 2.79
TOTAL PORTFOLIO 155,207,328.61 1.49%
155,814,611.94
155,242,780.83 3.14%
149,400,308.59
449,558.48
100.00%
(5,842,472.24)
Aa1 / AA
Aaa

2.77 2.42
TOTAL MARKET VALUE PLUS ACCRUALS 149,849,867.07
As of July 31, 2022
30 191
CC 09-06-2022
191 of 281
SECTION |
Section 4 |
Transactions
31 192
CC 09-06-2022
192 of 281
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 05/10/2022 665859AW4 670,000.00 Northern Trust Company Callable Note Cont 4/10/2027
4% Due: 05/10/2027

99.838 4.04% 668,914.60 0.00 668,914.60 0.00
Purchase 05/18/2022
05602RAD3 530,000.00 BMW Vehicle Owner Trust 2022-A A3

3.21% Due: 08/25/2026

99.995 3.23% 529,972.44 0.00 529,972.44 0.00
Purchase 05/20/2022 91324PEG3 260,000.00 United Health Group Inc Callable Note Cont 4/15/2027

3.7% Due: 05/15/2027
100.077 3.68% 260,200.20 0.00 260,200.20 0.00
Purchase 05/20/2022
91324PEG3 260,000.00 United Health Group Inc Callable Note Cont 4/15/2027

3.7% Due: 05/15/2027
100.077 3.68% 260,200.20 0.00 260,200.20 0.00
Purchase 05/20/2022
91324PEG3 155,000.00 United Health Group Inc Callable Note Cont 4/15/2027

3.7% Due: 05/15/2027

99.946 3.71% 154,916.30 0.00 154,916.30 0.00
Purchase 05/24/2022
02582JJT8 1,375,000.00 American Express Credit Trust 2022-2 A

3.39% Due: 05/17/2027

99.978 3.42% 1,374,695.85 0.00 1,374,695.85 0.00
Purchase 05/25/2022 6174468Q5 650,000.00 Morgan Stanley Callable Note Cont 4/28/2025

2.188% Due: 04/28/2026

94.723 4.18% 615,699.50 1,066.65 616,766.15 0.00
Purchase 07/01/2022
66815L2J7 1,170,000.00 Northwestern Mutual Glbl Note 4% Due: 07/01/2025

99.966 4.01% 1,169,602.20 0.00 1,169,602.20 0.00
Purchase 07/15/2022
91282CEW7 1,500,000.00 US Treasury Note

3.25% Due: 06/30/2027
100.609 3.12% 1,509,140.63 1,987.09 1,511,127.72 0.00
Purchase 07/19/2022
91282CEW7 1,500,000.00 US Treasury Note

3.25% Due: 06/30/2027
100.605 3.12% 1,509,082.03 2,516.98 1,511,599.01 0.00
Purchase 07/20/2022
47800AAC4 655,000.00 John Deere Owner Trust 2022-B A3

3.74% Due: 02/16/2027

99.990 3.77% 654,937.45 0.00 654,937.45 0.00
Subtotal 8,725,000.00 8,707,361.40 5,570.72 8,712,932.12 0.00 TOTAL ACQUISITIONS 8,725,000.00 8,707,361.40 5,570.72 8,712,932.12 0.00 April 30, 2022 through July 31, 2022
As of July 31, 2022
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Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss

DISPOSITIONS
Sale 05/09/2022 931142EK5 1,000,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023

3.4% Due: 06/26/2023
100.893 2.80% 1,008,930.00 12,561.11 1,021,491.11 3,041.77 Sale 05/19/2022 3137EAEN5 550,000.00 FHLMC Note

2.75% Due: 06/19/2023
100.505 1.83% 552,777.50 6,302.08 559,079.58 -2,517.91
Sale 05/23/2022 02665WCQ2 700,000.00 American Honda Finance Note

3.625% Due: 10/10/2023
100.908 2.52% 706,356.00 3,030.90 709,386.90 -1,428.72
Sale 05/25/2022
02665WCQ2 600,000.00 American Honda Finance Note

3.625% Due: 10/10/2023
100.903 2.52% 605,418.00 2,718.75 608,136.75 -1,228.19
Sale 06/30/2022
45950KCP3 650,000.00 International Finance Corp Note

2.875% Due: 07/31/2023

99.751 0.31% 648,378.25 7,786.46 656,164.71 -19,605.66
Sale 07/15/2022
45950KCP3 2,050,000.00 International Finance Corp Note

2.875% Due: 07/31/2023

99.565 0.31% 2,041,074.30 27,013.02 2,068,087.32 -63,495.75 Sale 07/19/2022
3135G0U43 1,500,000.00 FNMA Note

2.875% Due: 09/12/2023

99.631 1.89% 1,494,465.00 15,213.54 1,509,678.54 -21,834.87 Subtotal 7,050,000.00 7,057,399.05 74,625.86 7,132,024.91 -107,069.33 TOTAL DISPOSITIONS 7,050,000.00 7,057,399.05 74,625.86 7,132,024.91 -107,069.33 April 30, 2022 through July 31, 2022
As of July 31, 2022
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Important Disclosures
2022 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures . Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC ("ICE"), used with permission. ICE permits use of the ICE indices and related data on an "as is" basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an "as is" basis and licensee's use it at licensee's own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.

This report i s 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.

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Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED

IRT - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075

CITY OF CUPERTINO -

CHANDLER ASSET MANAGEMENT

ACCOUNT NUMBER

MONTHLY STATEMENT
JULY 1, 2022 THROUGH JULY 31, 2022
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/CONNOR GAFKJEN
TELEPHONE NUMBER:

ADMINISTRATOR: LEEANN MICHAEL
TELEPHONE NUMBER: 254-262-3243
21122 SE
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Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the name Principal® Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.

ASSET VALUATION PRACTICES

VALUES REFLECTED FOR PUBLICLY-TRADED ASSETS ARE FROM UNAFFILIATED FINANCIAL INDUSTRY SOURCES BELIEVED TO BE RELIABLE VALUES FOR NON-PUBLICLY TRADED ASSETS MAY BE DETERMINED FROM OTHER UNAFFILIATED SOURCES. ASSETS FOR WHICH A CURRENT VALUE IS

UNAVAILABLE MAY BE REFLECTED AT THE LAST REPORTED PRICE, AT PAR, OR MAY BE SHOWN AS HAVING NOMINAL OR NO VALUE. REPORTED VALUES MAY NOT BE THE PRICE AT WHICH AN ASSET MAY BE SOLD. ASSET VALUES ARE UPDATED AS PRICING BECOMES AVAILABLE FROM EXTERNAL SOURCES, AND MAY BE UPDATED LESS FREQUENTLY THAN STATEMENTS ARE GENERATED. IN

SITUATIONS WHERE AN ASSET VALUE CANNOT BE PROVIDED BY UNAFFILIATED FINANCIAL INDUSTRY SOURCES, WE WILL RELY ON THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE TO PROVIDE US WITH THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES

NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED AND SHOULD NOT BE CONSIDERED TO BE CERTIFIED BY PRINCIPAL CUSTODY SOLUTIONS.

SPECIAL INVESTMENTS
"SPECIAL INVESTMENTS" ARE ASSETS NOT HELD IN CUSTODY BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY BUT WHOSE VALUE MAY BE SHOWN ON ACCOUNT STATEMENTS. EXAMPLES OF SPECIAL INVESTMENTS INCLUDE, BUT ARE NOT LIMITED TO, COMMON OR COLLECTIVE FUNDS NOT ADMINISTERED BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY (OR THEIR AFFILIATES), HEDGE FUNDS, LIMITED PARTNERSHIPS, AND OTHER UNREGISTERED SECURITIES.

AT THE DIRECTION OF AND AS A MATTER OF CONVENIENCE TO ITS CLIENTS, PRINCIPAL BANK/PRINCIPAL TRUST COMPANY MAY BE REPORT SPECIAL INVESTMENTS AS A RECORDKEEPING ITEM ON ACCOUNT STATEMENTS, AT NOMINAL VALUE OR SUCH OTHER VALUE PROVIDED BY CLIENTS/EXTERNAL SOURCES.

NEITHER PRINCIPAL BANK NOR PRINCIPAL TRUST COMPANY IS RESPONSIBLE FOR THE ACCURACY OF INFORMATION PROVIDED BY EXTERNAL SOURCES, AND

DOES NOT CERTIFY THAT INFORMATION PROVIDED BY THESE EXTERNAL SOURCES IS TRUE OR CORRECT FOR THE SPECIAL INVESTMENTS REFLECTED IN YOUR ACCOUNT.

TRADE CONFIRMS

PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER.

UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION

YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE.
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TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE

REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 199
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PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED

INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00
CASH EQUIVALENTS 455,486.67 455,486.67 0.30 0.00 5,278 1.16 309.57 BONDS AND NOTES 155,309,506.52 148,901,158.06 99.70 6,408,348.46- 2,418,402 1.62 503,501.70 TOTAL INVESTMENTS 155,764,993.19 149,356,644.73 100.00 6,408,348.46- 2,423,681 1.62 503,811.27 TOTAL ACCRUALS 503,811.27 503,811.27
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,268,804.46 149,860,456.00 6,408,348.46- 2,423,681 1.62 503,811.27 200
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PAGE 2

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH EQUIVALENTS
406,420.8 ALLSPRING 100% TREASURY 406,420.80 406,420.80 0.27 0.00 290.01 MONEY MARKET FUND - #008 1.0000 1.0000
49,065.87 PRINCIPAL PUBLIC DEPOSIT SWEEP 49,065.87 49,065.87 0.03 0.00 19.56 PROGRAM 1.0000 1.0000
TOTAL CASH EQUIVALENTS 455,486.67 455,486.67 0.30 0.00 309.57

BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,680,410.25 1.13 90,801.75- 28,212.12 DTD 07/31/14 3.350 07/31/2024 105.7440 100.3230
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,738,275.00 1.16 128,625.00- 4,114.58 DTD 05/12/21 1.000 05/12/2026 99.5680 92.7080
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,381,806.25 0.93 7,110.40 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 100.4950
DTD 05/24/2022 3.390% 05/17/2027

NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,502,821.50 1.01 21,538.27- 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 97.2700
DTD 03/18/2022 2.210% 03/15/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 02589BAA8
1,200,000 BANK OF AMERICA CORP 1,226,303.25 1,197,888.00 0.80 28,415.25- 17,276.67 DTD 03/05/18 03/05/2024 102.1920 99.8240
MOODY'S RATING A2
CUSIP 06051GHF9
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PAGE 3

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 600,000 BANK OF AMERICA CORP 620,988.00 568,008.00 0.38 52,980.00- 5,642.00 MED TERM NOTE 103.4980 94.6680
DTD 02/13/20 02/13/2026
MOODY'S RATING A2
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 645,729.00 0.43 55,545.00- 1,077.18 MED TERM NOTE 100.1820 92.2470
DTD 06/19/20 06/19/2026
MOODY'S RATING A2
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 568,122.00 0.38 14,094.00- 229.17 MED TERM NOTE 97.0360 94.6870
DTD 07/09/21 0.625 07/09/2024
MOODY'S RATING A2
CUSIP 06367TQW3
1,240,000 BANK OF MONTREAL 1,285,656.80 1,185,638.40 0.79 100,018.40- 5,735.00 MED TERM NOTE 103.6820 95.6160
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 1,012,320.00 0.68 12,590.00- 8,009.72 MED TERM NOTE 102.4910 101.2320
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,366,862.70 0.92 2,945.50- 12,111.18 DTD 04/26/2022 3.350% 04/25/2025 99.9860 99.7710

CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,567,179.85 1.05 47,513.30- 14,032.56 DTD 03/15/2022 2.300% 03/15/2027 99.9810 97.0390

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 450,000 BMW VEHICLE LEASE TRUST 449,932.73 436,842.00 0.29 13,090.73- 82.50 SER 2022-1 CL A3 *0 DAY DELAY* 99.9851 97.0760
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
425,000 BMW VEHICLE LEASE TRUST 424,956.14 413,287.00 0.28 11,669.14- 19.48 SER 2021-2 CL A3 *0 DAY DELAY* 99.9897 97.2440
DTD 09/15/21 0.330 12/26/2024

MOODY'S RATING AAA
CUSIP 09690AAC7
530,000 BMW VEHICLE OWNER TRUST 529,972.44 528,584.90 0.35 1,387.54- 283.55 ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.7330
DTD 05/18/2022 3.210% 08/25/2026

CALLABLE

MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 740,904.15 0.50 31,438.20- 6,040.00 TXBL-REF 102.2970 98.1330
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,079,342.00 0.72 32,175.00- 5,452.64 MED TERM NOTE 101.0470 98.1220
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 919,488.00 0.62 40,241.90- 9,669.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 95.7800

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
2,100,000 FED HOME LN BK 2,222,418.00 2,110,059.00 1.41 112,359.00- 10,434.38 DTD 12/09/13 3.375 12/08/2023 105.8294 100.4790

MOODY'S RATING AAA
CUSIP 3130A0F70
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 FED HOME LN BK 1,568,115.00 1,506,840.00 1.01 61,275.00- 19,364.58 DTD 02/12/14 3.250 03/08/2024 104.5410 100.4560

MOODY'S RATING AAA
CUSIP 3130A0XE5
1,500,000 FED HOME LN BK 1,564,890.20 1,497,630.00 1.00 67,260.20- 5,630.21 DTD 05/08/14 2.875 06/14/2024 104.3260 99.8420

MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 1,995,960.00 1.34 107,420.00- 22,041.67 DTD 08/15/14 2.875 09/13/2024 105.1690 99.7980

MOODY'S RATING AAA
CUSIP 3130A2UW4
2,000,000 FED HOME LN BK 2,066,320.00 1,986,380.00 1.33 79,940.00- 18,868.06 DTD 10/17/14 2.375 09/08/2023 103.3160 99.3190

MOODY'S RATING AAA
CUSIP 3130A3DL5
1,300,000 FED HOME LN MTG CORP 1,398,414.06 1,297,036.00 0.87 101,378.06- 3,435.25 SER KO41 CL A2 *24 DAY DELAY* 107.5703 99.7720
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
1,000,000 FED HOME LN MTG CORP 1,037,656.25 995,600.00 0.67 42,056.25- 2,550.00 SER K033 CL A2 *24 DAY DELAY* 103.7656 99.5600
DTD 10/01/13 07/25/2023

MOODY'S RATING AAA
CUSIP 3137B4WB8
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,285,654.25 1.53 77,524.70- 16,653.54 DTD 02/14/20 1.500 02/12/2025 99.9230 96.6450

MOODY'S RATING AAA
CUSIP 3137EAEP0
1,350,000 FED HOME LN MTG CORP 1,349,433.00 1,323,310.50 0.89 26,122.50- 1,209.38 DTD 05/07/20 0.375 05/05/2023 99.9580 98.0230

MOODY'S RATING AAA
CUSIP 3137EAER6
204
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PAGE 6

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,161,587.50 0.78 82,187.50- 130.21 SER USD 99.5020 92.9270
DTD 07/23/20 0.375 07/21/2025

MOODY'S RATING AAA
CUSIP 3137EAEU9
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,314,750.00 1.55 174,612.80- 3,333.33 DTD 09/25/20 0.375 09/23/2025 99.5745 92.5900

MOODY'S RATING AAA
CUSIP 3137EAEX3
1,755,000 FED HOME LN MTG CORP 1,753,262.55 1,693,048.50 1.13 60,214.05- 694.69 DTD 12/04/20 0.250 12/04/2023 99.9010 96.4700

MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,469,970.00 0.98 14,925.00- 2,114.58 DTD 07/08/19 1.750 07/02/2024 98.9930 97.9980

MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,918,041.00 1.28 47,761.75- 9,449.83 DTD 10/18/19 1.625 10/15/2024 99.5343 97.1160

MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,255,191.70 0.84 54,762.25- 1,402.92 DTD 01/10/20 1.625 01/07/2025 101.1548 96.9260

MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,749,943.80 1.17 106,224.60- 3,196.88 DTD 04/24/20 0.625 04/22/2025 99.7940 94.0830

MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,337,325.00 1.56 161,902.30- 1,527.78 DTD 06/19/20 0.500 06/17/2025 99.9691 93.4930

MOODY'S RATING AAA
CUSIP 3135G04Z3
205
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PAGE 7

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 FED NATL MTG ASSN 2,487,983.75 2,316,950.00 1.55 171,033.75- 4,062.50 DTD 08/27/20 0.375 08/25/2025 99.5194 92.6780

MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,316,425.00 1.55 176,275.00- 2,916.67 DTD 11/12/20 0.500 11/07/2025 99.7080 92.6570

MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 991,950.00 0.66 87,737.50- 2,508.33 SER K049 CL A2 *24 DAY DELAY* 107.9688 99.1950
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 952,337.00 0.64 65,795.81- 2,639.42 SER K050 CL A2 *24 DAY DELAY* 107.1719 100.2460
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 440,158.40 0.29 12,921.29- 1,212.93 SER K051 CL A2 *24 DAY DELAY* 102.9727 100.0360
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 565,001.10 0.38 17,000.07- 1,422.63 SER K053 CL A2 *24 DAY DELAY* 102.1055 99.1230
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 636,961.00 0.43 50,490.17- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 97.9940
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,053,867.19 999,450.00 0.67 54,417.19- 2,942.50 SER K034 CL A2 *24 DAY DELAY* 105.3867 99.9450
DTD 11/01/13 07/25/2023
CUSIP 3137B5JM6
206
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PAGE 8

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,061,914.06 999,780.00 0.67 62,134.06- 2,939.17 SER K036 CL A2 *24 DAY DELAY* 106.1914 99.9780
DTD 02/01/14 10/25/2023

MOODY'S RATING AAA
CUSIP 3137B7MZ9
965,000 GM FINANCIAL AUTOMOBILE LEASIN 964,986.88 935,094.65 0.63 29,892.23- 104.54 SER 2021-3 CL A3 *0 DAY DELAY* 99.9987 96.9010
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
945,000 GM FINANCIAL AUTOMOBILE LEASIN 944,991.87 923,387.85 0.62 21,604.02- 534.19 SER 2022-1 CL A3 *0 DAY DELAY* 99.9992 97.7130
DTD 02/23/22 1.850 03/20/2025

MOODY'S RATING AAA
CUSIP 36265MAC9
350,000 GM FINANCIAL SECURITIZED TERM 349,991.08 333,865.00 0.22 16,126.08- 99.17 SER 2021-4 CL A3 *0 DAY DELAY* 99.9975 95.3900
DTD 10/21/21 0.680 09/16/2026

MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 387,172.50 0.26 2,745.99- 503.75 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.2750
DTD 04/13/2022 3.100% 02/16/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 362585AC5
295,000 GM FINANCIAL SECURITIZED TERM 294,974.36 284,264.95 0.19 10,709.41- 154.88 SER 2022-1 CL A3 *0 DAY DELAY* 99.9913 96.3610
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,269,170.00 0.85 116,690.00- 1,735.42 144A PRIV PLCMT 0.875 12/10/2025 98.9900 90.6550
MOODY'S RATING AA2
CUSIP 40139LBC6
207
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PAGE 9

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 94,588.2 HONDA AUTO RECEIVABLES OWNER T 94,580.76 93,452.20 0.06 1,128.56- 34.47 SER 2020-2 CL A3 *0 DAY DELAY* 99.9921 98.7990
DTD 05/27/20 0.820 07/15/2024

MOODY'S RATING AAA
CUSIP 43813DAC2
295,000 HONDA AUTO RECEIVABLES OWNER T 294,994.60 288,094.05 0.19 6,900.55- 22.13 SER 2021-1 CL A3 *0 DAY DELAY* 99.9982 97.6590
DTD 02/24/21 0.270 04/21/2025

MOODY'S RATING AAA
CUSIP 43813GAC5
445,900.47 HONDA AUTO RECEIVABLES OWNER T 445,834.97 437,370.39 0.29 8,464.58- 59.58 SER 2020-3 CL A3 *0 DAY DELAY* 99.9853 98.0870
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 717,585.40 0.48 22,303.30- 618.31 SER 2022-1 CL A3 *0 DAY DELAY* 99.9850 96.9710
DTD 02/23/22 1.000 05/15/2026

MOODY'S RATING AAA
CUSIP 43815BAC4
460,000 HONDA AUTO RECEIVABLES OWNER T 459,903.03 440,505.20 0.29 19,397.83- 112.44 SER 2021-4 CL A3 *0 DAY DELAY* 99.9789 95.7620
DTD 11/24/21 0.880 01/21/2026

MOODY'S RATING AAA
CUSIP 43815GAC3
153,661.98 HONDA AUTO RECEIVABLES OWNER T 153,403.67 153,357.73 0.10 45.94- 121.56 SER 2019-3 CL A3 *0 DAY DELAY* 99.8319 99.8020
DTD 08/27/19 1.780 08/15/2023

MOODY'S RATING AAA
CUSIP 43815NAC8
790,000 HYUNDAI AUTO LEASE SECURITIZAT 789,881.50 771,237.50 0.52 18,644.00- 101.38 SER 2021-B CL A3 *0 DAY DELAY* 99.9850 97.6250
144A PRIV PLCMT 0.330 06/17/2024

MOODY'S RATING AAA
CUSIP 44891VAC5
208
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PAGE 10

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 540,000 HYUNDAI AUTO LEASE SECURITIZAT 539,988.07 523,481.40 0.35 16,506.67- 278.40 SER 2022-A CL A3 *0 DAY DELAY* 99.9978 96.9410
144A PRIV PLCMT 1.160 01/15/2025

MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 982,457.30 0.66 27,503.82- 996.53 ASSET BCKD SEC SER 2022-A CL A3 99.9962 97.2730
DTD 03/16/2022 2.220% 10/15/2026

CALLABLE
CUSIP 448977AD0
515,000 HYUNDAI AUTO RECEIVABLES TRUST 514,945.82 499,586.05 0.33 15,359.77- 86.98 SER 2021-A CL A3 *0 DAY DELAY* 99.9895 97.0070
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,330,000 HYUNDAI AUTO RECEIVABLES TRUST 1,296,371.65 1,272,943.00 0.85 23,428.65- 437.42 SER 2021-C CL A3 *0 DAY DELAY* 97.4716 95.7100
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,710,288.00 1.81 82,012.00- 1,477.78 DTD 09/02/20 0.250 11/15/2023 99.7250 96.7960

MOODY'S RATING AAA
CUSIP 4581X0DP0
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,282,855.40 1.53 165,877.80- 6,038.96 DTD 04/20/21 0.875 04/20/2026 99.5420 92.7990

MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,218,200.00 1.49 170,659.25- 3,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 92.4250

MOODY'S RATING AAA
CUSIP 459058JL8
209
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PAGE 11

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 INTL FINANCE CORP 2,471,150.00 2,322,550.00 1.56 148,600.00- 390.63 DTD 07/16/20 0.375 07/16/2025 98.8460 92.9020

MOODY'S RATING AAA
CUSIP 45950KCT5
1,030,000 JOHN DEERE CAPITAL CORP 1,029,268.70 992,940.60 0.66 36,328.10- 180.25 MED TERM NOTE 99.9290 96.4020
DTD 03/04/21 0.450 01/17/2024
MOODY'S RATING A2
CUSIP 24422EVN6
450,000 JOHN DEERE OWNER TRUST 449,900.46 439,200.00 0.29 10,700.46- 464.00 ASSET BCKD SEC SER 2022-A CL A3 99.9779 97.6000
DTD 03/16/2022 2.320% 09/16/2026

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47787JAC2
151,984.27 JOHN DEERE OWNER TRUST 151,961.11 149,383.82 0.10 2,577.29- 34.45 SER 2020-B CL A3 *0 DAY DELAY* 99.9848 98.2890
DTD 07/22/20 0.510 11/15/2024

MOODY'S RATING AAA
CUSIP 47787NAC3
106,847.66 JOHN DEERE OWNER TRUST 107,836.84 106,698.07 0.07 1,138.77- 104.95 SER 2019-B CL A3 *0 DAY DELAY* 100.9258 99.8600
DTD 07/24/19 2.210 12/15/2023

MOODY'S RATING AAA
CUSIP 477870AC3
131,303.83 JOHN DEERE OWNER TRUST 131,295.80 129,956.65 0.09 1,339.15- 64.19 SER 2020-A CL A3 *0 DAY DELAY* 99.9939 98.9740
DTD 03/11/20 1.100 08/15/2024

MOODY'S RATING AAA
CUSIP 47789KAC7
580,000 JOHN DEERE OWNER TRUST 579,948.26 551,336.40 0.37 28,611.86- 125.67 SER 2021-B CL A3 *0 DAY DELAY* 99.9911 95.0580
DTD 07/21/21 0.520 03/16/2026

MOODY'S RATING AAA
CUSIP 47789QAC4
210
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PAGE 12

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 655,000 JOHN DEERE OWNER TRUST 654,937.45 657,718.25 0.44 2,780.80 748.52 ASSET BCKD SEC SER 2022-B CL A3 99.9905 100.4150
DTD 07/20/2022 3.740% 02/16/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47800AAC4
655,000 JPMORGAN CHASE & 655,406.85 616,079.90 0.41 39,326.95- 669.96 SER F2F 100.0621 94.0580
DTD 06/23/21 06/23/2025
MOODY'S RATING A2
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 379,626.70 0.25 36,342.63- 2,297.03 DTD 04/22/20 04/22/2026 103.7330 94.6700
MOODY'S RATING A2
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,288,238.40 0.86 83,535.50- 1,881.47 DTD 06/01/21 06/01/2025 100.1295 94.0320
MOODY'S RATING A2
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 911,730.00 0.61 90,500.00- 500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 91.1730
MOODY'S RATING AA3
CUSIP 57629WDE7
240,048.01 MERCEDES-BENZ AUTO LEASE TRUST 240,035.84 238,449.29 0.16 1,586.55- 42.68 SER 2020-B CL A3 *0 DAY DELAY* 99.9949 99.3340
DTD 09/23/20 0.400 11/15/2023
CUSIP 58769EAC2
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,028,476.00 0.69 85,252.90- 1,161.46 144A PRIV PLCMT 1.875 01/11/2027 99.8860 92.2400
MOODY'S RATING AA3
CUSIP 59217GER6
211
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PAGE 13

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 770,000 MET TOWER GLOBAL FUNDING 769,291.60 693,600.60 0.46 75,691.00- 3,662.85 144A PRIV PLCMT 1.250 09/14/2026 99.9080 90.0780
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 618,956.00 0.41 3,256.50 3,674.02 DTD 04/28/20 04/28/2026 94.7230 95.2240
MOODY'S RATING A1
CUSIP 6174468Q5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,597,209.60 1.07 80,976.00- 1,150.33 144A PRIV PLCMT 1.450 01/14/2025 99.8920 95.0720

MOODY'S RATING AAA
CUSIP 64952WEK5
412,712.73 NISSAN AUTO RECEIVABLES OWNER 414,760.12 410,909.18 0.28 3,850.94- 354.02 SER 2019-C CL A3 *0 DAY DELAY* 100.4961 99.5630
DTD 10/23/19 1.930 07/15/2024

MOODY'S RATING AAA
CUSIP 65479JAD5
670,000 NORTHERN TRUST CORP 668,914.60 689,208.90 0.46 20,294.30 6,030.00 DTD 05/10/2022 4.000% 05/10/2027 99.8380 102.8670

CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 773,908.00 0.52 53,541.50- 321.11 144A PRIV PLCMT 0.800 01/14/2026 97.3470 91.0480

MOODY'S RATING AAA
CUSIP 66815L2A6
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,183,583.70 0.79 13,981.50 3,900.00 DTD 07/01/2022 4.000% 07/01/2025 99.9660 101.1610

NON CALLABLE
144A PRIVATE PLACEMENT

MOODY'S RATING AAA
CUSIP 66815L2J7
212
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PAGE 14

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 370,000 PACCAR FINANCIAL CORP 369,182.30 361,316.10 0.24 7,866.20- 3,668.14 MED TERM NOTE 99.7790 97.6530
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 644,293.20 0.43 35,339.60- 1,624.44 MED TERM NOTE 99.9460 94.7490
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 874,946.40 0.59 9,823.50- 7,987.13 DTD 04/07/2022 2.850% 04/07/2025 99.9740 98.8640

NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 828,579.28 0.55 4,393.44- 3,013.33 144A PRIV PLCMT 0.800 09/01/2025 92.1430 91.6570
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 835,617.00 0.56 48,471.45- 1,554.90 144A PRIV PLCMT 1.150 12/06/2024 99.8970 94.4200
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,470,165.00 0.98 63,194.18- 1,593.75 DTD 07/16/19 2.550 07/16/2024 102.2240 98.0110
MOODY'S RATING A1
CUSIP 78013XZU5
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,042,576.50 0.70 7,035.00- 10,532.81 MEDIUM TERM NOTE 99.9630 99.2930

CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025

NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
213
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PAGE 15

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,760,000 SALESFORCE.COM INC 1,748,937.40 1,682,225.60 1.13 66,711.80- 488.89 DTD 07/12/21 0.625 07/15/2024 99.3715 95.5810
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,476,465.00 0.99 50,790.00- 5,410.42 MED TERM NOTE 101.8170 98.4310
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 668,052.00 0.45 6,685.00- 592.08 MED TERM NOTE SER FXD 96.3910 95.4360
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
342,804.68 TOYOTA AUTO RECEIVABLES OWNER 342,740.81 336,908.44 0.23 5,832.37- 53.33 SER 2020-D CL A3 *0 DAY DELAY* 99.9814 98.2800
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
430,000 TOYOTA AUTO RECEIVABLES OWNER 429,990.84 410,383.40 0.27 19,607.44- 135.69 SER 2021-D CL A3 *0 DAY DELAY* 99.9979 95.4380
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,049,214.79 TOYOTA AUTO RECEIVABLES OWNER 1,049,020.06 1,024,694.64 0.69 24,325.42- 121.24 SER 2021-A CL A3 *0 DAY DELAY* 99.9815 97.6630
DTD 02/08/21 0.260 05/15/2025

MOODY'S RATING AAA
CUSIP 89240BAC2
700,000 TOYOTA LEASE OWNER TRUST 686,000.00 685,447.00 0.46 553.00- 68.25 SER 2021-A CL A3 *0 DAY DELAY* 98.0000 97.9210
144A PRIV PLCMT 0.390 04/22/2024

MOODY'S RATING AAA
CUSIP 89238EAC0
214
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PAGE 16

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,150,000 TOYOTA LEASE OWNER TRUST 1,149,818.99 1,122,078.00 0.75 27,740.99- 688.72 ASSET BCKD SEC SER 2022-A CL A3 99.9843 97.5720
DTD 02/28/2022 1.960% 02/20/2025

CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,283,950.40 0.86 100,440.20- 1,861.09 MED TERM NOTE 99.9560 92.7040
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,215,000 TOYOTA MOTOR CREDIT CORP 1,213,371.90 1,163,301.75 0.78 50,070.15- 880.88 DTD 01/13/22 1.450 01/13/2025 99.8660 95.7450
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,013,665.00 2.02 43,952.20- 20,491.17 DTD 03/15/2022 1.750% 03/15/2025 98.6328 97.2150

MOODY'S RATING AAA
CUSIP 91282CED9
3,000,000 UNITED STATES TREASURY NOTES 3,018,222.66 3,075,000.00 2.06 56,777.34 8,478.26 DTD 06/30/2022 3.250% 06/30/2027 100.6074 102.5000

MOODY'S RATING AAA
CUSIP 91282CEW7
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 962,539.65 0.64 62,511.70- 2,512.75 DTD 05/19/21 1.150 05/15/2026 99.0388 92.9990
MOODY'S RATING A3
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 689,337.00 0.46 14,020.30 4,925.63 DTD 05/20/2022 3.700% 05/15/2027 100.0469 102.1240

CALLABLE
MOODY'S RATING A3
CUSIP 91324PEG3
215
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PAGE 17

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,250,000 US BANCORP 1,268,262.50 1,230,112.50 0.82 38,150.00- 15,083.33 DTD 07/29/19 2.400 07/30/2024 101.4610 98.4090
MOODY'S RATING A2
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,388,970.00 0.93 80,795.63- 1,885.19 DTD 07/31/20 0.250 07/31/2025 97.9844 92.5980

MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,213,712.00 1.48 152,428.63- 2,016.39 DTD 09/30/20 0.250 09/30/2025 98.5892 92.2380

MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,255,911.00 1.51 166,581.19- 1,547.89 DTD 10/31/20 0.250 10/31/2025 98.8772 92.0780

MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,076,862.50 1.39 132,795.70- 1,429.30 DTD 11/30/20 0.375 11/30/2025 98.2070 92.3050

MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,299,225.00 1.54 157,220.31- 4,712.98 DTD 02/01/21 0.375 01/31/2026 98.2578 91.9690

MOODY'S RATING AAA
CUSIP 91282CBH3
1,450,000 US TREASURY NOTE 1,446,488.28 1,388,143.00 0.93 58,345.28- 1,369.23 DTD 03/15/21 0.250 03/15/2024 99.7578 95.7340

MOODY'S RATING AAA
CUSIP 91282CBR1
2,500,000 US TREASURY NOTE 2,493,652.34 2,320,500.00 1.55 173,152.34- 4,738.45 DTD 04/30/21 0.750 04/30/2026 99.7461 92.8200

MOODY'S RATING AAA
CUSIP 91282CBW0
216
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PAGE 18

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,400,000 US TREASURY NOTE 1,379,054.68 1,297,408.00 0.87 81,646.68- 4,116.80 DTD 09/30/21 0.875 09/30/2026 98.5039 92.6720

MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,309,490.00 0.88 81,978.75- 3,980.30 DTD 11/01/21 1.125 10/31/2026 99.3906 93.5350
CUSIP 91282CDG3
2,000,000 US TREASURY NOTE 2,053,613.28 1,993,600.00 1.33 60,013.28- 25,372.93 DTD 02/18/14 2.750 02/15/2024 102.6807 99.6800

MOODY'S RATING AAA
CUSIP 912828B66
1,700,000 US TREASURY NOTE 1,753,191.41 1,681,946.00 1.13 71,245.41- 18,626.04 DTD 08/15/14 2.375 08/15/2024 103.1289 98.9380

MOODY'S RATING AAA
CUSIP 912828D56
650,000 US TREASURY NOTE 641,405.27 639,489.50 0.43 1,915.77- 2,669.33 DTD 10/31/16 1.625 10/31/2023 98.6777 98.3830

MOODY'S RATING AAA
CUSIP 912828T91
1,500,000 US TREASURY NOTE 1,529,472.66 1,484,940.00 0.99 44,532.66- 2,934.78 DTD 01/03/17 2.250 12/31/2023 101.9649 98.9960

MOODY'S RATING AAA
CUSIP 912828V23
2,000,000 US TREASURY NOTE 2,018,574.22 1,966,720.00 1.32 51,854.22- 3,478.26 DTD 06/30/17 2.000 06/30/2024 100.9287 98.3360

MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,672,715.00 1.12 33,261.56- 8,592.39 DTD 05/01/17 2.000 04/30/2024 100.3516 98.3950

MOODY'S RATING AAA
CUSIP 912828X70
217
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PAGE 19

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF JULY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,100,000 US TREASURY NOTE 2,087,203.13 2,045,442.00 1.37 41,761.13- 3,195.65 DTD 12/31/19 1.750 12/31/2024 99.3906 97.4020
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,435,845.00 0.96 87,299.53- 7,061.82 DTD 03/02/20 1.125 02/28/2025 101.5430 95.7230

MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,337,025.00 1.56 23,814.85- 2,369.23 DTD 04/30/20 0.375 04/30/2025 94.4336 93.4810

MOODY'S RATING AAA
CUSIP 912828ZL7
800,000 VERIZON OWNER TRUST 799,832.00 787,776.00 0.53 12,056.00- 114.89 SER 2020-B CL A *0 DAY DELAY* 99.9790 98.4720
DTD 08/12/20 0.470 02/20/2025

MOODY'S RATING AAA
CUSIP 92290BAA9
143,156.57 VERIZON OWNER TRUST 143,145.53 142,795.82 0.10 349.71- 84.86 SER 2019-C CL A1A *0 DAY DELAY* 99.9923 99.7480
144A PRIV PLCMT 1.940 04/22/2024
CUSIP 92348AAA3
350,000 WALMART INC 349,338.50 326,011.00 0.22 23,327.50- 1,367.92 DTD 09/17/21 1.050 09/17/2026 99.8110 93.1460
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 155,309,506.52 148,901,158.06 99.70 6,408,348.46- 503,501.70 ====================================================================================================================================== TOTAL INVESTMENTS 155,764,993.19 149,356,644.73 100.00 6,408,348.46- 503,811.27 TOTAL ACCRUALS 503,811.27 503,811.27
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,268,804.46 149,860,456.00 218
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PAGE 20

CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH SUMMARY

DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00

RECEIPTS
NET INTEREST COLLECTED 0.00 187,613.76
TRANSFER RECEIPTS 187,613.76 0.00
SALES 3,860,146.17 0.00
CASH MANAGEMENT SALES 2,833,380.31 0.00
TOTAL CASH RECEIPTS 6,881,140.24 187,613.76

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,127.72- 0.00
ADMINISTRATIVE EXPENSES 4,576.85- 0.00
TRANSFER DISBURSEMENTS 0.00 187,613.76-
PURCHASES 4,842,762.31- 0.00
CASH MANAGEMENT PURCHASES 2,024,673.36- 0.00
TOTAL CASH DISBURSEMENTS 6,881,140.24- 187,613.76-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 219
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PAGE 21

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 155,773,883.32
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH EQUIVALENTS
07/01/22 INTEREST RECEIVED 140.95
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 6/1/22 TO 6/30/22
07/01/22 INTEREST RECEIVED 10.08

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 6/1/22 TO 6/30/22
07/31/22 2,024,663.28 CASH SWEEP PURCHASES FOR STMT PERIOD 2,024,663.28- 2,024,663.28 AS 100% TREAS MM FD-SVC CL #008
14 TRANSACTIONS
07/31/22 10.08 CASH SWEEP PURCHASES FOR STMT PERIOD 10.08- 10.08

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
07/31/22 2,833,380.31- CASH SWEEP SALES FOR STMT PERIOD 2,833,380.31 2,833,380.31- AS 100% TREAS MM FD-SVC CL #008
7 TRANSACTIONS

BONDS & NOTES
07/15/22 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 7/15/22
07/18/22 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
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PAGE 22

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/11/22 INTEREST RECEIVED 1,875.00
BANK OF MONTREAL 0.625% 7/09/24
CUSIP 06367TQW3
INTEREST ON 600,000.000 UNITS
07/25/22 INTEREST RECEIVED 116.88
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00027/PV ON 425,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 412.50
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00092/PV ON 450,000.00 PV
DUE 7/25/22
07/13/22 REVERSAL 1,843.08-

INTEREST RECEIVED
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
AP10 INCORRECT POSTING
07/13/22 INTEREST RECEIVED 1,748.56
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00330/PV ON 530,000.00 PV
DUE 6/25/22
07/25/22 INTEREST RECEIVED 1,417.75
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
07/21/22 INTEREST RECEIVED 2,343.75
FED HOME LN MTG CORP 0.375% 7/21/25
CUSIP 3137EAEU9
INTEREST ON 1,250,000.000 UNITS
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PAGE 23

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/25/22 INTEREST RECEIVED 3,435.25
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00264/PV ON 1,300,000.00 PV
DUE 7/25/22
07/07/22 INTEREST RECEIVED 10,521.88
FED NATL MTG ASSN 1.625% 1/07/25
CUSIP 3135G0X24
INTEREST ON 1,295,000.000 UNITS
07/05/22 INTEREST RECEIVED 13,125.00
FED NATL MTG ASSN 1.750% 7/02/24
CUSIP 3135G0V75
INTEREST ON 1,500,000.000 UNITS
07/19/22 1,500,000- SOLD 1,494,465.00 1,559,805.00- 65,340.00- FED NATL MTG ASSN 2.875% 9/12/23
CUSIP 3135G0U43
AT $99.6310 ON TRADE DATE 07/18/2022
TO SETTLE ON 07/19/2022

MELLON BANK/CAPITAL MARKETS
07/19/22 ACCRUED INTEREST ON SALE 15,213.54
FED NATL MTG ASSN 2.875% 9/12/23
CUSIP 3135G0U43
07/25/22 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 7/25/22
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PAGE 24

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/25/22 INTEREST RECEIVED 2,508.33
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00251/PV ON 1,000,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 1,007.50
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
07/20/22 INTEREST RECEIVED 313.63
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00032/PV ON 965,000.00 PV
DUE 7/20/22
07/20/22 INTEREST RECEIVED 1,496.25
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00158/PV ON 945,000.00 PV
DUE 7/20/22
07/21/22 INTEREST RECEIVED 198.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00057/PV ON 350,000.00 PV
DUE 7/16/22
07/18/22 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00105/PV ON 295,000.00 PV
DUE 7/16/22
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PAGE 25

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/21/22 INTEREST RECEIVED 66.38
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00023/PV ON 295,000.00 PV
DUE 7/21/22
07/18/22 INTEREST RECEIVED 148.06
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00031/PV ON 480,194.03 PV
DUE 7/18/22
07/18/22 34,293.56- PAID DOWN 34,293.56 34,288.52- 5.04 HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
07/15/22 INTEREST RECEIVED 70.71
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00068/PV ON 103,485.10 PV
DUE 7/15/22
07/15/22 8,896.9- PAID DOWN 8,896.90 8,896.20- 0.70
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
AT $422.6407 ON TRADE DATE 07/15/2022
07/21/22 INTEREST RECEIVED 337.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00073/PV ON 460,000.00 PV
DUE 7/21/22
07/15/22 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 7/15/22
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PAGE 26

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 INTEREST RECEIVED 295.68
HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
$0.00148/PV ON 199,336.03 PV
DUE 7/15/22
07/15/22 45,674.05- PAID DOWN 45,674.05 45,597.27- 76.78 HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
AT $163.0068 ON TRADE DATE 07/15/2022
07/20/22 INTEREST RECEIVED 217.25
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00027/PV ON 790,000.00 PV
DUE 7/15/22
07/15/22 INTEREST RECEIVED 522.00
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00097/PV ON 540,000.00 PV
DUE 7/15/22
07/15/22 INTEREST RECEIVED 1,868.50
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00185/PV ON 1,010,000.00 PV
DUE 7/15/22
07/15/22 INTEREST RECEIVED 163.08
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00032/PV ON 515,000.00 PV
DUE 7/15/22
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STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 INTEREST RECEIVED 820.17
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00062/PV ON 1,330,000.00 PV
DUE 7/15/22
07/22/22 INTEREST RECEIVED 4,700.00
INTL FINANCE CORP 0.375% 7/16/25
CUSIP 45950KCT5
INTEREST ON 2,500,000.000 UNITS
07/19/22 2,050,000- SOLD 2,041,074.30 2,158,137.50- 117,063.20- INTL FINANCE CORP 2.875% 7/31/23
CUSIP 45950KCP3
AT $99.5646 ON TRADE DATE 07/13/2022
TO SETTLE ON 07/19/2022

TORONTO DOMINION BANK
07/19/22 ACCRUED INTEREST ON SALE 27,013.02
INTL FINANCE CORP 2.875% 7/31/23
CUSIP 45950KCP3
07/18/22 INTEREST RECEIVED 2,317.50
JOHN DEERE CAPITAL 0.450% 1/17/24
CUSIP 24422EVN6
INTEREST ON 1,030,000.000 UNITS
07/15/22 INTEREST RECEIVED 870.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00193/PV ON 450,000.00 PV
DUE 7/15/22
07/20/22 655,000 PURCHASED 654,937.45- 654,937.45
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
AT $99.9905 ON TRADE DATE 07/12/2022
TO SETTLE ON 07/20/2022
RBC DAIN RAUSCHER INC.
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PAGE 28

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 INTEREST RECEIVED 68.72
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00042/PV ON 161,692.64 PV
DUE 7/15/22
07/15/22 9,708.37- PAID DOWN 9,708.37 9,706.89- 1.48
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
07/15/22 INTEREST RECEIVED 251.33
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00043/PV ON 580,000.00 PV
DUE 7/15/22
07/15/22 INTEREST RECEIVED 131.75
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
$0.00092/PV ON 143,725.01 PV
DUE 7/15/22
07/15/22 12,421.18- PAID DOWN 12,421.18 12,420.42- 0.76 JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
AT $302.7242 ON TRADE DATE 07/15/2022
07/15/22 INTEREST RECEIVED 237.24
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
$0.00184/PV ON 128,817.76 PV
DUE 7/15/22
07/15/22 21,970.1- PAID DOWN 21,970.10 22,173.49- 203.39- JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
227
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PAGE 29

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 INTEREST RECEIVED 90.85
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
$0.00033/PV ON 272,540.50 PV
DUE 7/15/22
07/15/22 32,492.49- PAID DOWN 32,492.49 32,490.84- 1.65 MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
AT $115.7250 ON TRADE DATE 07/15/2022
07/15/22 INTEREST RECEIVED 759.21
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
$0.00161/PV ON 472,049.18 PV
DUE 7/15/22
07/15/22 59,336.45- PAID DOWN 59,336.45 59,630.81- 294.36- NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
AT $683.9602 ON TRADE DATE 07/15/2022
07/01/22 1,170,000 PURCHASED 1,169,602.20- 1,169,602.20 NW MUTUAL GLOBAL 4.000% 7/01/25
CUSIP 66815L2J7
AT $99.9660 ON TRADE DATE 06/27/2022
TO SETTLE ON 07/01/2022
J.P. MORGAN SECURITIES INC., -
07/18/22 INTEREST RECEIVED 6,000.00
P/P MASSMUTUAL GLOBA 1.200% 7/16/26
CUSIP 57629WDE7
INTEREST ON 1,000,000.000 UNITS
07/11/22 INTEREST RECEIVED 10,453.13
P/P MET LIFE GLOB FU 1.875% 1/11/27
CUSIP 59217GER6
INTEREST ON 1,115,000.000 UNITS
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PAGE 30

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/14/22 INTEREST RECEIVED 12,180.00
P/P NEW YORK LIFE GL 1.450% 1/14/25
CUSIP 64952WEK5
INTEREST ON 1,680,000.000 UNITS
07/14/22 INTEREST RECEIVED 3,400.00
P/P NORTHWESTERN MUT 0.800% 1/14/26
CUSIP 66815L2A6
INTEREST ON 850,000.000 UNITS
07/18/22 INTEREST RECEIVED 19,125.00
ROYAL BANK OF CANADA 2.550% 7/16/24
CUSIP 78013XZU5
INTEREST ON 1,500,000.000 UNITS
07/15/22 INTEREST RECEIVED 5,500.00
SALESFORCE.COM INC 0.625% 7/15/24
CUSIP 79466LAG9
INTEREST ON 1,760,000.000 UNITS
07/11/22 INTEREST RECEIVED 5,018.61
TORONTO-DOMINION BAN 1.450% 1/10/25
CUSIP 89114TZL9
INTEREST ON 700,000.000 UNITS
07/15/22 INTEREST RECEIVED 236.17
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00022/PV ON 1,090,000.00 PV
DUE 7/15/22
07/15/22 40,785.21- PAID DOWN 40,785.21 40,777.64- 7.57 TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
229
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PAGE 31

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 INTEREST RECEIVED 108.27
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00029/PV ON 371,225.19 PV
DUE 7/15/22
07/15/22 28,420.51- PAID DOWN 28,420.51 28,415.22- 5.29 TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
07/15/22 INTEREST RECEIVED 254.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00059/PV ON 430,000.00 PV
DUE 7/15/22
07/20/22 INTEREST RECEIVED 1,878.33
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
$0.00163/PV ON 1,150,000.00 PV
DUE 7/20/22
07/20/22 INTEREST RECEIVED 227.50
TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
$0.00032/PV ON 700,000.00 PV
DUE 7/20/22
07/13/22 INTEREST RECEIVED 8,808.75
TOYOTA MOTOR CREDIT 1.450% 1/13/25
CUSIP 89236TJT3
INTEREST ON 1,215,000.000 UNITS
07/15/22 1,500,000 PURCHASED 1,509,140.63- 1,509,140.63 U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
AT $100.6094 ON TRADE DATE 07/13/2022
TO SETTLE ON 07/15/2022
BARCLAYS CAPITAL INC. FIXED IN
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PAGE 32

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/15/22 ACCRUED INTEREST ON PURCHASE 1,987.09-
U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
07/19/22 1,500,000 PURCHASED 1,509,082.03- 1,509,082.03 U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
AT $100.6055 ON TRADE DATE 07/18/2022
TO SETTLE ON 07/19/2022

CITADEL DERIVATIVES GROUP LLC
07/19/22 ACCRUED INTEREST ON PURCHASE 2,516.98-
U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
07/20/22 INTEREST RECEIVED 313.33
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00039/PV ON 800,000.00 PV
DUE 7/20/22
07/20/22 INTEREST RECEIVED 280.92
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
$0.00162/PV ON 173,764.62 PV
DUE 7/20/22
07/20/22 30,608.05- PAID DOWN 30,608.05 30,605.69- 2.36 VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
AT $1,706.1910 ON TRADE DATE 07/20/2022
07/25/22 INTEREST RECEIVED 2,550.00
VR FED HOME LN MTG 3.060% 7/25/23
CUSIP 3137B4WB8
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PAGE 33

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/25/22 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 2,939.17
VR FHLMC MULTIFAMILY 3.527% 10/25/23
CUSIP 3137B7MZ9
$0.00294/PV ON 1,000,000.00 PV
DUE 7/25/22
07/25/22 INTEREST RECEIVED 2,942.50
VR FHLMC MULTIFAMILY 3.531% 7/25/23
CUSIP 3137B5JM6
$0.00294/PV ON 1,000,000.00 PV
DUE 7/25/22

TRANSFER RECEIPTS
07/01/22 ADDITION TO ACCOUNT 151.03

TRANSFER FROM INCOME
07/05/22 ADDITION TO ACCOUNT 13,125.00

TRANSFER FROM INCOME
07/07/22 ADDITION TO ACCOUNT 10,521.88

TRANSFER FROM INCOME
07/11/22 ADDITION TO ACCOUNT 17,346.74

TRANSFER FROM INCOME
07/13/22 ADDITION TO ACCOUNT 8,808.75

TRANSFER FROM INCOME
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PAGE 34

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 07/14/22 ADDITION TO ACCOUNT 15,485.48

TRANSFER FROM INCOME
07/15/22 ADDITION TO ACCOUNT 43,585.61

TRANSFER FROM INCOME
07/18/22 ADDITION TO ACCOUNT 31,288.44

TRANSFER FROM INCOME
07/20/22 ADDITION TO ACCOUNT 20,863.40

TRANSFER FROM INCOME
07/21/22 ADDITION TO ACCOUNT 3,192.21

TRANSFER FROM INCOME
07/25/22 ADDITION TO ACCOUNT 20,018.53

TRANSFER FROM INCOME
07/26/22 ADDITION TO ACCOUNT 3,226.69

TRANSFER FROM INCOME

INVESTMENT MANAGEMENT EXPENSES
07/07/22 INVESTMENT MGMT FEE 9,127.72-

PAID TO BRIDGE BANK

CHANDLER ASSET MGMT FEE INV
2206CUPERTIN

ADMINISTRATIVE EXPENSES
07/20/22 ADMINISTRATIVE FEE/EXPENSE 4,576.85-

CUSTODIAN FEE-PRIN
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 35

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD JULY 1, 2022 THROUGH JULY 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

TRANSFER DISBURSEMENTS
07/01/22 TRANSFER TO PRINCIPAL 151.03-
07/05/22 TRANSFER TO PRINCIPAL 13,125.00-
07/07/22 TRANSFER TO PRINCIPAL 10,521.88-
07/11/22 TRANSFER TO PRINCIPAL 17,346.74-
07/13/22 TRANSFER TO PRINCIPAL 8,808.75-
07/14/22 TRANSFER TO PRINCIPAL 15,485.48-
07/15/22 TRANSFER TO PRINCIPAL 43,585.61-
07/18/22 TRANSFER TO PRINCIPAL 31,288.44-
07/20/22 TRANSFER TO PRINCIPAL 20,863.40-
07/21/22 TRANSFER TO PRINCIPAL 3,192.21-
07/25/22 TRANSFER TO PRINCIPAL 20,018.53-
07/26/22 TRANSFER TO PRINCIPAL 3,226.69-
================================================================================================================= ENDING BALANCE 0.00 155,764,993.19
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 7/1/2022 to 7/31/2022

Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.

Cupertino, CA 95014
Account Summary
Source 7/1/2022 Contributions Earnings Expenses Distributions Transfers 7/31/2022 OPEB 1001 $31,339,861.08 $0.00 $1,965,702.21 $9,446.81 $0.00 $0.00 $33,296,116.48 PENSION 1002 $17,240,050.93 $0.00 $1,075,662.06 $4,886.67 $0.00 $0.00 $18,310,826.32 Totals $48,579,912.01 $0.00 $3,041,364.27 $14,333.48 $0.00 $0.00 $51,606,942.80 Investment Selection
Source
OPEB

PENSION
Investment Objective
Source
OPEB

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB 6.27% -0.99% -12.49% 4.67% 5.19% 6.25% 6/21/2010
PENSION 6.24% -0.99% -12.48% 5.90% - - 3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.

Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.

Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.

Income production and longer term growth of capital.

Account Report for the Period
Balance as of
City of Cupertino - OPEB
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.

Income production and longer term growth of capital.

City of Cupertino - PEN
Plan's Inception Date
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8/2/22, 9:19 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
August 02, 2022
LAIF Home
PMIA Average Monthly
Yields

CITY OF CUPERTINO

FINANCE MANAGER
10300 TORRE A VENUE
CUPERTINO, CA 95014
Account Number:

July 2022 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
7/15/2022 7/15/2022 QRD 1709974 N/A SYSTEM 39,428 27
Account Summary
Total Deposit: 39,428.27 Beginning Balance: 21,059,751.91 Total Withdrawal 0.00 Ending Balance 21,099,180 18
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CITY OF CUPERTINO
Agenda Item
22-11357 Agenda Date: 9/6/2022
Agenda #: 14.

Subject: Consider accepting $1,000,000 in grant funding from the State of California for construction of the Jollyman All-Inclusive Playground project
Adopt Resolution No. 22-115 accepting $1,000,000 in grant funding from the State of California for construction of the Jollyman All-Inclusive Playground project and authorize the City Manager to execute all documentation necessary to accept the grant funding CITY OF CUPERTINO Printed on 8/31/2022Page 1 of 1
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CITY COUNCIL STAFF REPORT
Meeting: September 6, 2022

Subject
Consider accepting $1,000,000 in grant funding from the State of California for construction of the Jollyman All-Inclusive Playground project.

Recommended Action
Adopt Resolution No. 22-XXX accepting $1,000,000 in grant funding from the State of California for construction of the Jollyman All-Inclusive Playground project and authorize the City Manager to execute all documentation necessary to accept the grant funding.

Background
In 2018, a Feasibility Study was undertaken to assess the City of Cupertino’s park sites to determine which ones would be suitable for a playground. The Study identified and evaluated feasible sites, concluding that Jollyman Park was the top choice for this location.

The Parks and Recreation Commission unanimously agreed with this conclusion . The completed study included potential concepts to create a playground at Jollyman Park by replacing the existing play area.

The County of Santa Clara (County) created a matching grant program -- the “All - Inclusive Playground Grant” (AIPG) Program -- to help fund the creation of All-Inclusive Playgrounds in our County. In October 2018, the City Council authorized staff to apply for the AIPG grant funding for a playground at Jollyman Park. The City’s application scored highly and was selected for a $1.448 million AIPG grant award. In May 2019, the City Council authorized staff to:
 Accept the grant award
 Execute associated documents, including a Funding Agreement  Allocate $1.2 million in City funds toward the project  Conduct fundraising for the balance of the cost

The Funding Agreement was executed thereafter, and the associated Capital Improvement Project (CIP) was included in the adopted Fiscal Year (FY) 2019-20 CIP.

Discussion
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A Request for Proposals (RFP) was issued in December 2019 for professional fundraising services for the Jollyman Park Playground, and the City selected Netzel Grigsby Associates to aid with these efforts. Upon evaluation of the fundraising goal, the consultant concluded that the original $2 million goal for the Playground was too high.

The City then modified the project by reducing the scope to reduce the fundraising goal to $1 million. A revised budget for the project was approved in March by the City Council as part of the FY 2021-22 Mid-Year Financial Report.

The City’s fundraising consultant indicated that the $1 million fundraising effort would be difficult to achieve through community donations alone, therefore the City sought other opportunities to help bridge the estimated funding gap. The grant secured by Assemblymember Low is a significant achievement towards the City exceeding the fundraising goal. These funds will be utilized to help complete the All-Inclusive Playground project in a timely manner, and to achieve the fundraising campaign efforts.

Sustainability Impact
Implementation of the Playground is consistent with the City’s sustainability goals. The project increases the level and diversity of services within walking distance of many homes. Increasing amenities that are accessed by walkers, people with strollers, and having wheelchair access is con sistent with the Climate Action Plan Goal 2 – Encourage Alternative Transportation.

Fiscal Impact
The total budgeted cost of the project is $4,532,235. The City spent $230,495 to date, leaving a remaining budget of $4,301,740 in the current fiscal year. The City is the recipient of $1,448,201 in grant funds for Jollyman All-Inclusive Playground from a Santa Clara County AIPG grant. The City has also budgeted $2,084,034 for the project.

With approval of the recommended action, the City would receive an additional $1,000,000 for construction of the playground.

SOURCE AMOUNT
City funds $2,084,034
County of Santa Clara AIPG $1,448,201
State Allocation – Assemblymember Low $1,000,000
TOTAL $4,532,235

The City anticipates the project completion costs to increase due to increases in construction costs. Increased project costs will be brought to City Council for approval and these increases will have no net fiscal impacts. It is anticipated that the remaining fundraising efforts will be enough to cover the increased project costs.

_____________________________________

Prepared by: Evelyn Moran, Public Works Project Manager 239
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Reviewed by: Matt Morley, Director of Public Works
Approved for Submission by: Pamela Wu, City Manager
Attachments:

A – Draft Resolution
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Attachment A
RESOLUTION NO. 22-xxxx

A RESOLUTION OF THE CUPERTINO CITY COUNCIL
Accepting $1 Million in State Funding Secured for the Jollyman All-Inclusive Playground Capital Improvement Project

WHEREAS, The City submitted a request to the office of Assemblymember Evan Low for assistance in securing a one-time budget allocation of $1 million to support the City of Cupertino’s efforts to construct an all-inclusive playground at Jollyman Public Park; and

WHEREAS, Assemblymember Evan Low was able to secure through the State Budget $1 million in grant funding for the project; and

WHEREAS, the $1 million will be utilized to construct and complete the Jollyman All-Inclusive Playground project; and

NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby accept the $1 million grant funding for the purpose of constructing and completing the Jollyman All-Inclusive Playground project; and furthermore

BE IT FURTHER RESOLVED that the City Council does hereby authorize the City Manager to execute any and all documentation necessary to accept the grant funding.

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 6th day of September 2022, by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:

________
Darcy Paul, Mayor
City of Cupertino

________________________
Date
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Resolution No. __________________

ATTEST:

________
Kirsten Squarcia, City Clerk

________________________
Date

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CITY OF CUPERTINO
Agenda Item
22-11358 Agenda Date: 9/6/2022
Agenda #: 15.

Subject: Consider accepting $5,000,000 in grant funding from the State of California for renovation of the McClellan Road Bridge over Stevens Creek
Adopt Resolution No. 22-116 accepting $5,000,000 in grant funding from the State of California for renovation of the McClellan Road Bridge over Stevens Creek and authorize the City Manager to execute all documentation necessary to accept the grant funding CITY OF CUPERTINO Printed on 8/31/2022Page 1 of 1
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CITY COUNCIL STAFF REPORT
Meeting: September 6, 2022

Subject
Consider accepting $5,000,000 in grant funding from the State of California for renovation of the McClellan Road Bridge over Stevens Creek.

Recommended Action
Adopt Resolution No. 22-XXX accepting $5,000,000 in grant funding from the State of California for renovation of the McClellan Road Bridge over Stevens Creek and authorize the City Manager to execute all documentation necessary to accept the grant funding.

Background
The McClellan Road Bridge over Stevens Creek was constructed in 1920 (over 100 years ago) and has a low sufficiency rating (46.5) with numerous deficiencies identified in the latest Caltrans bridge inspection report.

The Bridge is along one of the City of Cupertino’s main collector streets and is one of only three east-west connections over Stevens Creek within the City’s jurisdiction. The nearest east-west connection is the Stevens Creek Boulevard bridge approximately one mile to the north. The Stevens Creek Boulevard bridge was also constructed in the 1920’s and needs repairs along its foundation. The City is currently attempting to acquire funding from the Federal Highway Administration (FHWA) to address the needed repairs of Stevens Creek Boulevard bridge.

Although not in a critical state, due to the age of the McClellan Road Bridge, its importance for connectivity within the City, concerns over recent bridge collapses (notably the bridge collapse in Pittsburgh, PA,) being situated at an elevation that obstructs flood waters, and the environmental sensitivity of Stevens Creek due to it hosting a population of the federally threatened steelhead trout, this bridge warrants reconstruction. The bridge has not conveyed traffic volumes significant enough to qualify for Federal grant applications and therefore has been low on the opportunity list for grant funding. However, with windfall revenues in the last budget cycle, the State, through Assemblymember Low’s office, asked for projects that needed funding. 244
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Knowing the imminent need for this bridge reconstruction, staff proactively provided the project for consideration.

The United States Geological Survey (USGS) currently predicts a more than 50% chance of a magnitude 7 earthquake within the next 30 years. For comparison, the 1989 Loma Prieta earthquake was measured at magnitude 6.9, and caused widespread damage throughout the Bay Area. Since the bridge was constructed in 1920, many years prior to the current building codes that govern structures and seismic design, the City is concerned the bridge would not withstand a major event. The loss of the bridge during a catastrophe would restrict and limit emergency access within the City, eliminate one potential evacuation route for residents in the area, and could cause significant environmental damage to the sensitive Stevens Creek habitat.

The McClellan Road Bridge also is built at an elevation that obstructs flood waters from a 100-year event, meaning that flood waters could potentially impact the integrity of the bridge, or could result in flows that inundate McClellan Road and result in the inability of the public and emergency responders use during an emergency event. The City intends to address this issue, if feasible, with the reconstruction project.

While the bridge is not currently considered unsound or structurally deficient by Caltrans, the reconstruction of the bridge would help to enhance public safety, emergency access, environmental conservation, and community resiliency in the face of a catastrophic event.

Discussion
The City submitted a request to the office of Assemblymember Evan Low requesting his support for a one-time State budget allocation of $7.5 million to facilitate reconstruction of the McClellan Road Bridge over Stevens Creek and enhance public safety and resiliency in the event of an emergency. Assemblymember Low was able to secure for the City an allocation of $5 million for the project. This money will be utilized to begin the design and environmental clearance process, as well as to help secure any additional grant funding necessary to complete the project since many grant opportunities require matching funds.

The collection of these grant funds is the initial step in initiating the reconstruction process of the bridge. Beginning reconstruction of the bridge at this time will help to ensure City infrastructure is rejuvenated in a timely manner.

Sustainability Impact
The draft update to the Cupertino Climate Action Plan 2.0 identifies a goal of increasing resilience of the community infrastructure for the expected increase in climate-related hazards such as flooding. Reconstruction of the McClellan Road Bridge would help to ensure resiliency of City infrastructure and continued use of public facilities in the face of natural disaster, thus helping achieve the City’s sustainability goals. 245
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Fiscal Impact
The recommended action would provide the City with $5,000,000 for reconstruction of the McClellan Road Bridge. The City’s preliminary estimate for this project is approximately $7,500,000. The City intends to seek other funding opportunities to cover the remaining project costs, and as these funds are provided to the City without restrictions, it could serve as a significant match for other funding opportunities. _____________________________________

Prepared by: Chad Mosley, Assistant Director of Public Works, City Engineer Reviewed by: Matt Morley, Director of Public Works
Approved for Submission by: Pamela Wu, City Manager
Attachments:

A – Draft Resolution

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Attachment A
RESOLUTION NO. 22-xx

A RESOLUTION OF THE CUPERTINO CITY COUNCIL
Accepting $5 Million in State Funding
Secured for Renovation of McClellan Road Bridge over Stevens Creek

WHEREAS, The City submitted a request to the office of Assemblymember Evan Low for assistance in securing a one-time budget allocation of $7.5 million to support the City of Cupertino’s efforts to renovate the McClellan Road Bridge over Stevens Creek; and

WHEREAS, Assemblymember Evan Low was able to secure through the State Budget $5 million in grant funding for the project; and

WHEREAS, the $5 million will be utilized to renovate the McClellan Road Bridge over Stevens Creek; and

NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby accept the $5 million grant funding for the purpose of renovating the McClellan Road Bridge over Stevens Creek; and furthermore,

BE IT FURTHER RESOLVED, that the City Council does hereby authorize the City Manager to execute all documentation necessary to accept the grant funding.

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 6th day of September 2022, by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:

________
Darcy Paul, Mayor
City of Cupertino

________________________
Date
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Resolution No. __________________

ATTEST:

________
Kirsten Squarcia, City Clerk

________________________
Date

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CITY OF CUPERTINO
Agenda Item
22-10915 Agenda Date: 9/6/2022
Agenda #: 16.

Subject: Consider conducting the second reading of an Ordinance related to regulation of single-use plastic foodware and single-use carryout bags
Conduct the second reading and enact Ordinance No. 22-2239: “An Ordinance of the City Council of the City of Cupertino amending City Code to change the name of Chapter 9.15, adopt new sections

9.15.090 and 9.15.125, and amend sections 9.15.100, 9.15.110, 9.15.120, 9.15.130, 9.17.130 and 9.17.140 to regulate the use of single-use food service ware by food providers and regulate the sale of single- use food service ware and expanded polystyrene foam coolers, and regulate single-use carryout bags” (Attachment A,) which includes a finding that adoption of the Ordinance is exempt from the California Environmental Quality Act
Presenter: Ursula Syrova, Environmental Programs Manager CITY OF CUPERTINO Printed on 8/31/2022Page 1 of 1
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Attachment A
1 ORDINANCE NO. 22-2239

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AMENDING CITY CODE TO CHANGE THE NAME OF CHAPTER 9.15, ADOPT NEW SECTIONS 9.15.090 AND 9.15.125, AND AMEND SECTIONS 9.15.100, 9.15.110,

9.15.120, 9.15.130, 9.17.130 AND 9.17.140 TO REGULATE THE USE OF SINGLE-USE

FOOD SERVICE WARE BY FOOD PROVIDERS AND REGULATE THE SALE OF

SINGLE-USE FOOD SERVICE WARE AND EXPANDED POLYSTYRENE FOAM

COOLERS, AND REGULATE SINGLE-USE CARRYOUT BAGS

1. The City Council of the City of Cupertino finds that:

WHEREAS, on February 5 , 2014, the City of Cupertino adopted an ordinance to prohibit food vendors from providing prepared food using food packaging containing polystyrene foam, currently codified as Chapter 9.15 of the City Code; and WHEREAS, this ordinance continues to prohibit the sale and use of polystyrene foam food service ware and also further regulates single-use food service ware and food service ware accessories in Cupertino; and
WHEREAS, the State adopted AB 619 in July 2019, which allows consumers to supply their own reusable containers for filling or refilling and requires that food establishments have an established procedure for safely accepting reusable containers; and
WHEREAS, the State recently adopted Assembly Bill 1200, which prohibits the sale or distribution of food packaging made primarily from paper, paperboard, or other natural fiber that contains per- and polyfluoroalkyl substances (PFAS) in California beginning January 1, 2023; and
WHEREAS, Assembly Bill 1200 does not include a verification mechanism to assist food providers in identifying whether the food packaging contains PFAS; and WHEREAS, this ordinance requires that food service ware used by a food provider in Cupertino be certified as PFAS -free by an independent third -party certifying organization to assist Cupertino food providers in identifying PFAS-free food service ware; and
WHEREAS, the State also recently adopted Assembly Bill 1276, which prohibits the distribution of single -use food service ware accessories and standard condiments packaged for single use by food providers except upon request by the consumer; and 250
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Ordinance No. __________

WHEREAS, this ordinance is consistent with the City of Cupertino’s Zero Waste Policy and Climate Action Plan that seek to reduce solid waste at its source and reduce single-use food service ware and packaging;
WHEREAS, the State adopted SB 270 on November 8, 2016 which requires certain retail stores to charge 10 cents for a reusable grocery bag or recycled paper bag and thus requiring an update to the language in Cupertino’s municipal code; and WHEREAS, t he City Council of the City of Cupertino held a duly noticed public hearing on [date], and after considering all testimony and written materials provided in connection with that hearing introduced this ordinance and waived the reading thereof;

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CUPERTINO DOES ORDAIN AS FOLLOWS:

SECTION 1. Adoption.

The Cupertino Municipal Code is hereby amended as set forth in Attachment A.

SECTION 2: Severability and Continuity.

The City Council declares that each section, sub -section, paragraph, sub -paragraph, sentence, clause and phrase of this ordinance is severable and independent of every other section, sub -section, paragraph, sub -paragraph, sentence, clause and phrase of thi s ordinance. If any section, sub -section, paragraph, sub -paragraph, sentence, clause or phrase of this ordinance is held invalid, or its application to any person or circumstance, be determined by a court of competent jurisdiction to be unlawful, unenforce able or otherwise void, the City Council declares that it would have adopted the remaining provisions of this ordinance irrespective of such portion, and further declares its express intent that the remaining portions of this ordinance should remain in eff ect after the invalid portion has been eliminated. To the extent the provisions of this Ordinance are substantially the same as previous provisions of the Cupertino Municipal Code, these provisions shall be construed as continuations of those provisions a nd not as an amendment to or readoption of the earlier provisions.

SECTION 3: California Environmental Quality Act.

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Ordinance No. __________

This Ordinance is not a project under the requirements of the California Environmental Quality Act, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment. In the event that this Ordinance is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action to regulate the use of single -use foodware by food providers would have no or only a de minimis effect on the environment because reducing disposable plastic foodware items such as straws, utensils, and stirrer sticks and having compostable alternatives offered only upon request and other provisions of the ordinance would not have the potential for causing a significant effect on the environment . The foregoing determination is made by the City Council in its independent judgment.

SECTION 4: Effective Date.

This Ordinance shall take effect thirty days after adoption as provided by Government Code Section 36937.

SECTION 5: Publication.

The City Clerk shall give notice of adoption of this Ordinance as required by law.

Pursuant to Government Code Section 36933, a summary of this Ordinance may be prepared by the City Clerk and published in lieu of publication of the entire text. The City Clerk shall post in the office of the City Clerk a certified copy of the full text o f the Ordinance listing the names of the City Council members voting for and against the ordinance.

INTRODUCED at a special meeting of the Cupertino City Council on August 16, 2022 and ENACTED at a regular meeting of the Cupertino City Council on September 6, 2022 by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

ABSTAIN:
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Ordinance No. __________

SIGNED:

______________________

Darcy Paul, Mayor
City of Cupertino

________________________

Date
ATTEST:

_______________________

Kirsten Squarcia, City Clerk

________________________

Date
APPROVED AS TO FORM:

_______________________

Christopher D. Jensen, City Attorney

________________________

Date

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Attachment A – Page 1

Attachment B – AN ORDINANCE OF THE CITY OF CUPERTINO TO REGULATE

THE USE OF SINGLE-USE FOOD SERVICE WARE BY FOOD PROVIDERS AND

REGULATE THE SALE OF SINGLE-USE FOOD SERVICE WARE AND EXPANDED

POLYSTYRENE FOAM COOLERS AND REGULATE THE PROVISION OF

SINGLE-USE CARRYOUT BAGS

SECTION 1. ADDITION OF SECTION 9.15. 090 CONCERNING THE PURPOSES OF

REGULATION OF THE USE AND SALE OF SINGLE-USE FOOD SERVICE WARE AND

EXPANDED POLYSTYRENE FOAM COOLERS

9.15.090 Purpose of Chapter

A. This chapter is determined and declared to be a health, sanitary , and safety measure for the promotion, protection and preservation of the health, safety and general welfare of the people and environment of the City of Cupertino.

B. Single-use disposable food service ware and beverage packaging - including plates, cutlery, cups, straws, “clamshells” and other containers - are major contributors to street litter, ocean pollution, marine and other wildlife harm, depletion of natural resources, and greenhouse gas emissions.

C. Plastic litter breaks down into smaller pieces that are not biodegradable, persist in the environment on land and sea, and are present in most of the world’s oceans.

D. Among other hazards, plastic debris attracts and concentrates ambient pollutants, such as endocrine disrupters and persistent organic pollutants, in seawater and freshwater that can transfer to fish, other seafood, and salt that is eventually consumed. Nine of the top ten most common debris items found on beaches in the U.S. during International Coastal Cleanup Day are single-use food and beverage plastic packaging items.

E. Discharge of litter into waters of the United States is prohibited by the Federal Clean Water Act and the City’s stormwater pollution prevention permit as issued by the San Francisco Bay Regional Water Quality Control Board.

F. Even if certain types of single -use plastic food service ware are accepted as recyclable by the City of Cupertino’s approved recyclables processor, when those 254
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items have food and grease residue on them, they become a contaminant to the recycling stream.

G. Natural fiber -based food service ware items can be diverted from landfill and processed into compost even when they have food and grease residue on them.

H. Certain synthetic chemicals known as Per- and Polyfluoroalkyl Substances (PFAS), which are commonly used in disposable food service ware to repel water and grease, pose a public health risk as they have been linked to serious health effects.

I. Polystyrene foam food service ware and other items made from unencapsulated foamed materials are a distinctive litter concern because they are lightweight, break apart easily, are windblown into streets and waterways, and float in water until it reaches the San Francisco Bay and ocean.

J. The City of Cupertino intends to reduce solid waste at its source and maximize recycling and composting in accordance with Cupertino’s Climate Action Plan, Zero Waste Policy, and stormwater pollution prevention permit.

K. Reducing disposable packaging by eliminating unnecessary items and transitioning to reusable products provides greater environmental benefits than managing the products that become waste, even when recycled or composted.

SECTION 2. AMENDMENTS TO SECTION 9.15.100 CONCERNING DEFINITIONS

9.15.100 Definitions

For the purposes of this chapter, the following words and phrases shall have the meanings ascribed to them by this section, unless the context or the provision clearly requires otherwise:

1. "Beverage Provider" means any business, organization, entity, group, or person that offers liquid, slurry, frozen, semi -frozen, or other forms of beverages to the public for consumption. Beverage Provider also includes any organization, entity, group or person that regularly provides beverages to its members or the general public as a part of its activities or services.
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2. “Biodegradable Products Institute (BPI)” refers to a certification program that ensures that products and packaging displaying the BP I logo have been independently tested and verified according to scientifically based standards to successfully break down in professionally managed industrial composting facilities. BPI-certified products meet the standards of the American Society for Testing Materials (ASTM) D6400 or D6868 for compostability. As of January 1, 2020, all BPI -certified products are required to have (1) a limit of 100 parts per million (ppm) total Fluorinated Chemicals as the upper threshold for acceptance and (2) no intentionally added Fluorinated Chemicals.

3. “City” means the City of Cupertino.

4. “City Facility” means any building, structure, or vehicle owned or operated by the City.

5. “City Facility Food Provider” means an entity that provides, but does not sell, Prepared Food in City Facilities.

6. “City Manager” means the City of Cupertino’s City Manager or their designee.

7. “County” means the County of Santa Clara.

8. “Compostable” means that an item or material is (1) accepted in City’s available composting collection program as fully compostable; (2) is listed, described, or referenced on the City’s website as compostable; and (3) is certified compostable by the Biodegradable Product Institute or other third party recognized by the Director, or his or her designee.

9. “Contractors and Lessees” means any person or entity that has a contract with the City of Cupertino for public works or improvements to be performed, for a franchise, concession, or lease of property, for grant monies or goods and services or supplies to be purchased at the expense of the City of Cupertino.

10. “Director” means the City of Cupertino’s Director of Public Works or their designee.

11. “Distribute” means the sale, offer for sale, or other transfer of possession of an item for compensation, either as a separate transactio n or as part of the sale, offer for sale, or other transfer of possession of another item for compensation. 256
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12. “Fluorinated Chemical” means a class of fluorinated organic compounds containing at least one fully fluorinated carbon atom, also known as per - and polyfluoroalkyl substances, or PFAS chemicals.

13. “Food Container” means a container, bowl, plate, tray, or other vessel used to hold Prepared Food.

14. “Food Provider” means any establishment, provider, non-profit vendor, or business, operating within the City that sells Prepared Food (1) to the public for consumption on or off its premises, at a catered event, and/or (2) at cafeterias and places of employment, whether or not such establishments are open to the general public. Food Provider includes but is not limited to, restaurants, retail food establishments, caterers, cafeterias, stores, shops, retail sales outlets, grocery stores, delicatessens serving the public, mobile or temporary food providers, vehicles or carts, or roadside stands.

15. “Food Service Ware” means any products used for serving or consuming prepared food and includes, but is not limited to, cups, bowls, plates, trays, cartons, boxes, wrapper or liners, hinged or lidded containers (clamshells), and other items used as part of food or beverage service or in which Prepared Food is placed or packaged on a Prepared Food Provider’s premises.

16. “Food Service Ware Accessory” means any type of accessory or accompanying items usually provided alongside Prepared Food in plates, containers, bowls, or cups, including but not limited to utensils, chopsticks, napkins, cup sleeves, food or beverage trays, condiment packets and saucers, straws, stirrers, splash sticks, spill plugs, cocktail sticks, and toothpicks.

17. “Person” means an individual, trust, firm, joint stock company, corporation including a government corporation, partnership, or association.

18. “Per- and Polyfluoroalkyl Substances” means, for the purposes of food packaging, a class of fluorinated organic chemicals containing at least one fully fluorinated carbon atom.

19. "Polystyrene Foam" means a thermoplastic petrochemical material made from a styrene monomer and expanded or blown using a gaseous agent (expanded polystyrene) including, but not limited to, fusion of polymer spheres (expandable bead polystyrene), injection molding, form molding, and extrusion-blow molding (extruded foam polystyrene).
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20. “Prepared Food” means food or beverages that are served, packaged, cooked, chopped, sliced, mixed, brewed, fro zen, squeezed or otherwise prepared on the premises of a food provider for consumption, including, but not limited to, ready- to-eat, dine-in, take-out or complimentary food or beverage. “Prepared food” does not include: (1) raw eggs and raw, butchered meat, fish or poultry that is sold from a butcher case or a similar retail method; (2) prepackaged food that is delivered to the food provider wholly encased, contained or packaged in a container or wrapper, and sold or otherwise provided by the food provider in the same container or packaging; or (3) nonpolystyrene foam prepackaged items prepared on-site, which are not made to order and sold as “grocery items.”

21. “Raw Food” means any uncooked meat, fish, poultry, vegetable, fruit, or egg.

22. “Recyclable” means material that can be sorted, cleansed, and reconstituted and accepted by the City’s available recycling collection programs for the purpose of using the altered form in the manufacture of a new product.

23. “Reusable Food Service Ware” means all food service war e, including plates, bowls, cups, trays, glasses, straws, stirrers, condiment cups and utensils, that is manufactured of durable materials and that is specifically designed and manufactured to be washed and sanitized and to be used repeatedly over an extended period of time, and is safe for washing and sanitizing according to applicable regulations.

24. “Single-use” means not meeting the definition of Reusable in these definitions.

25. “Standard Condiments and Spices” means relishes, spices, sauces, confections, or seasonings that require no additional preparation and that are usually used on a food item after preparation, including ketchup, mustard, mayonnaise, soy sauce, hot sauce, salsa, salt, pepper, sugar, and sugar substitutes or others as determined by the City.

26. “State” means the State of California.

27. “Takeout Food” means Prepared Food requiring no further preparation, which is purchased to be consumed off a Prepared Food Provider’s premises. Takeout Food includes Prepared Food delivered by a Food Provider or by a third-party Takeout Food Delivery Service.

28. “Takeout Food Delivery Service” is a service that delivers Takeout Food from a Food Provider to a customer for consumption off the premises. This service can be provided directly by the Food Provider or by a third-party. 258
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29. “Third Party Food Delivery Platform” means a business engaged in the service of online food ordering and/or delivery from a Prepared Food Provider to a consumer.

SECTION 3. AMENDMENTS TO SECTION 9.15.110 CONCERNING REGULATION OF

FOOD SERVICE WARE AND POLYSTYRENE FOAM COOLERS USED BY FOOD

PROVIDERS AND SOLD BY RETAILERS

9.15.110 Regulation of Food Service Ware and Polystyrene Foam Coolers Used by Food Providers and Sold by Retailers

A. ACCESSORIES ONLY UPON CUSTOMER REQUEST
On or after October 6, 2022:

1. Food Providers shall p rovide Single-use Food Service Ware Accessories and Standard Condiments in single serve packets only upon request by customers during on-premises dining or when using a third -party food delivery platform.

Single-use Food Service Ware Accessories and Standard Condiments packaged for single use provided by Prepared Food Providers for use by consumers shall not be bundled or packaged in a manner that requires a consumer to take a different type of Single-use Food Service Ware Accessory or Standard Condiment

2. Food Providers and Beverage Provide rs, as well as City facilities, City -managed concessions, City -sponsored events, and City -permitted events, may provide plastic straws as an accommodation to people with disabilities who request them to enjoy equal access to food and beverage services within the City.

3. Prepared Food Providers offering Standard Condiments and Spices are encouraged to use dispensers or bulk containers rather than pre -packaged individual serving packets.

4. Takeout Food Delivery Services that utilize digital ordering/point of sale platforms, including but not limited to the internet and smart -phone, shall only offer Single-Use Food Service Ware Accessories by providing clear options for customers to affirmatively request these items separate from orders for food and beverages. The default option on the digital ordering/point of sale platforms shall be that no Single-Use Food Service Ware Accessories are requested. Each individual Single-Use Food Service Ware Accessory (e.g., each fork, knife, 259
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condiment packet, napkin, etc.) provided with Prepared Food must be specifically requested by the customer in order for a Food Provider to provide it.

5. A Prepared Food Provider may ask a drive -through consumer if the consumer wants a Single-use Food Service Ware Accessory if the Single-use Food Service Ware Accessory is necessary for the consumer to consume ready-to-eat food, or to prevent spills of or safely transport ready-to-eat food.

6. For delivery orders, Prepared Food Providers may choose to include specific accessories, such as cup lids, spi ll plugs, and trays, in order to prevent spills and deliver food and beverages safely.

B. USE OF NON-COMPLIANT FOOD SERVICE WARE PROHIBITED
On or after September 6, 2023:

1. Prepared Food or Beverage Providers, including City Facility Prepared Food Providers, and City Contractors and Lessees may not sell, offer for sale, or otherwise distribute Prepared Food prepared or packaged in Cupertino using:
a. Single-use Food Service Ware or Food Ware Accessories made, in whole or in part, from Polystyrene Foam;
b. Single-use Food Service Ware made, or Food Ware Accessories made , in whole or in part, from plastic including polyethylene, polyethylene terephthalate, polypropylene, polystyrene, even if accepted as recyclable by the City’s approved recyclables processing facility;
c. Single-use Food Service Ware or Food Ware Accessories that are Compostable and not certified free of Fluorinated Chemicals by an independent third-party certifying organization approved by the Director, or their designee;
d. Single-Use Food Service Ware or Food Ware Accessories made in whole or in part from bio - or plant -based or other “compostable” plastic even if labeled or certified as compostable.

2. The Director, or their designee, may adopt a list, or reference an approved list, of suitable alternative Compostable or Recyclable aluminum Single-use Food Service Ware products, which means Single-use Food Service Ware products that serve the same intended purpose as non -compliant products, meet the standards for what is Compostable and/or Recyclable aluminum under this Chapter, and are reasonably affordable. If a product is not included or referenced on an approved list, the person using the product as Single-use Food Service Ware will have the 260
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burden of establishing to the Director’s satisfaction that the product complies with this Section.

3. It shall not be a violation of this Section to sell, provide, or purchase Prepared Food or Raw Food or Beverage packaged in Single-Use Food Service Ware otherwise prohibited by subsection ( 1) if the Prepared Food or Raw Food or Beverage is packaged outside the City and is sold or otherwise provided to the consumer in the same Single-use Food Service Ware in which it originally was packaged.

Businesses packaging Prepared Food outside the City are encouraged to use Single-use Food Service Ware that is Compostable or Recyclable aluminum, is Compostable and free of Fluorinated Chemicals, and is not made, in whole or in part, from Polystyrene.

C. REUSABLE FOOD SERVICE WARE FOR DINING ON PREMISES
On or after September 6, 2023:

1. Prepared Food served for consumption on the Prepared Food Provider’s premises shall be served only on Reusable Food Service Ware, except that disposable paper food wrappers, sleeves, and bags , foil wrappers, paper napkins, paper tray and plate liners, and straws shall be permitted, so long as they meet the requirements set forth elsewhere in this Chapter.

2. Condiments, such as sauces, ketchup, or mustard, provided for on -site consumption, shall not be served in disposable, individual-serving packets.

3. Consumption is considered on -premises if it takes place at tables and/or seating provided by the Prepared Food Provider either on its own or in conjunction with another Prepared Food Provider.

4. New building permits and new or renewed business licenses for Food Service Providers applied for, and/or deemed complete after 6/1/2023 shall only be granted to P repared Food Providers that can demonstrate adequate capacity to comply with subsection C.1.

5. This requirement does not prohibit a Prepared Food Provider from providing, upon a customer’s request, Single-use Food Service Ware compliant with subsection B.1 for the customer to take away leftover Prepared Food after dining on the premises.

6. Prepared Food Providers subject to the requirements of subsection C.1 that do not have onsite or off-site dishwashing capacity, or are unable to contract for services 261
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to wash, rinse, and sanitize Reusable Food Service Ware, in order to comply with applicable provisions of the California Health and Safety Code, may petition the Director for an exemption or extension under 9.15.120.

D. SALE OR DISTRIBUTION OF NON -COMPLIANT FOOD SERVICE WARE AND

EXPANDED POLYSTYRENE FOAM COOLERS PROHIBITED
On or after September 6, 2023:

1. No Person may sell, offer for sale, or otherwise Distribute within the City any Single-use Food Service Ware prohibited under Sections B.1.a. or B.1.d.

2. No person may sell, offer for sale, or otherwise distribute for compensation within the City coolers, ice chests, or similar containers made, in whole or in part, from Polystyrene Foam that is not wholly encapsulated or encased within a more durable material.

3. Pursuant to Section B.3, t he Director may adopt, maintain, or reference a list of compliant products.

SECTION 4. AMENDMENTS TO SECTION 9.15.120 CONCERNING EXEMPTIONS A. A Food Provider may seek an exemption from the requirements under Section

9.15.110 due to a "unique packaging hardship" under Subsection B of this section, "unused inventory" under Subsection C of this section , “significant economic hardship” under Subsection D, or request a temporary exemption to request extra time for compliance under Subsection E.

B. The Food Provider must demonstrate that no reasonably feasible alternative exists for a specific and necessary prohibited Single-Use food service ware item to qualify for a "unique packaging hardship" exemption.

C. The Food Provider must demonst rate that before [new effective date of this ordinance], it purchased the prohibited food service ware which cannot be returned to the distributor and, despite the food vendor's best efforts, will remain in inventory on [date], to qualify for an "unused inventory" exemption.

D. The Food Provider must demonstrate that the provisions of this Chapter would cause significant economic hardship. “Significant economic hardship” may be based on, but not limited to, demonstrating that suitable Single-use Food Service Ware is not available at a commercially reasonable price and the additional cost 262
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10 associated with providing the Single-Use Food Service Ware is particularly burdensome to the Food Provider based on the type of operation(s) affected, the overall size of the business/operation, the number, type and location of its facilities, the impact on the overall financial resources of the Food Provider, and other factors. Reasonable added cost for an item required by this Chapter shall not by itself constit ute adequate grounds to support an exemption for such item. In determining whether a significant economic hardship has been established, the Director shall consider the following information: ability of the Food Provider to recover the additional expense by increasing its prices, outside funding, and other options.

E. The Food Provider must demonstrate that for other reasons not already stated it needs additional time to comply with the provisions of this Chapter.

F. The Food Provider may submit a written applica tion for an exemption to the Environmental Programs Division. The Director may require the applicant to submit additional information or documentation to make a determination regarding the exemption request. A request for exemption shall be reviewed on a case by case basis, and may be granted in whole or in part, with or without conditions, for a period of up to one year. The determination of the Director shall be final and is not subject to appeal.

G. Prepackaged Food delivered from outside the City is exempt from the provisions of this Chapter.

H. Disposable Food Service Ware that is entirely Aluminum Foil-based including, but not limited to, aluminum trays, aluminum foil wrappers and aluminum foil baskets, is exempt from the provisions of this Chapter.

I. Temporary exemptions due to an emergency are automatic without the submission of a request for an exemption. An emergency is defined as a sudden, unexpected occurrence posing a clear and imminent danger that requires immediate action to prevent or mitigate the loss or impairment of life, health, property, or essential public services. Examples of an emergency include, but are not limited to natural disasters, emergencies due to the release of hazardous materials, emergencies associated with loss of power and/or water, or emergency medical response.

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11 SECTION 5. ADDITION OF NEW SECTION 9.15.125 CONCERNING

RECORDKEEPING AND INSPECTION

9.15.125 Recordkeeping and inspection.

A. Food Providers shall keep a complete and accurate record or documents of the purchase of Single-use Food Service Ware evidencing compliance with this Chapter.

B. The record shall be made available for inspection at no cost during regular business hours to City employees or City-designated agents authorized to enforce this Chapter. Unless an alternative location or method of review is mutually agreed upon, the records or documents shall be made available at the Food Provider address.

C. The provision of false or incomplete information, records or documents to the city shall be a violation of this Chapter.

SECTION 6. AMENDMENTS TO SECTION 9.15.130 CONCERNING ADMINISTRATIVE

CITATIONS AND FINES

9.15.130 Administrative citations and fines.

A. Grounds for an administrative citation. An administrative citation may be issued upon findings made by the City Manager, or his or her designee, for violation of any provision of this Chapter.

B. Administrative citation fine amounts. Upon findings made under subsection ( A), the Person, Beverage Provider, or Food Provider shall be subject to an administrative citation pursuant to Chapter 1.10 of this Code. Fines for the administrative citation are as follows:
(1) First citation: One hundred dollars ($100.00).
(2) Second citation for the same violation within the same twelve month period: Two hundred dollars ($200.00)
(3) Third or any subsequent citation for the same violation within the same twelve month period: Five hundred dollars ($500.00)
(4) Each day that any person or food vendor violates the provisions of this Chapter is a new and separate violation.
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12 (c) Administrative citation appeals and disposition shall be processed in accordance with Chapter 1.10 of this Code.

SECTION 7. AMENDMENTS TO SECTION 9.17.130 CONCERNING REGULATION OF

SINGLE-USE CARRYOUT BAGS

9.17.130 Single-Use Carryout Bags
A. No person or retail establishment shall provide a Single-Use Carryout Bag to a customer, at the check stand, cash register, point of sale or other point of departure for the purpose of transporting food or merchandise out of the establishment except as provided in this section or in section 9.17.140.

B. A retail establishment may only make recycled paper or reusable bags available to customers if the retailer charges a minimum of ten cents.

C. Notwithstanding this section, no retail establishment may make available for sale a recycled paper or reusable bag unless the amount of the sale of such bag is separately itemized on the sale receipt.

D. A retail establishment may provide one or more recycled paper or reusable bags at no cost to any of the following individuals: a customer participating in the California Special Supplement Food Program for Women, Infants, and Children pursuant to Article 2 (commencing with Section 123275) of Chapter 1 of Part 2 of Division 106 of the Health and Safety Code; a customer participating in the Supplemental Food Program pursuant to Chapter 10 (commencing with Section 15500) of Part 3 of Division 9 of the California Welfare and Institutions Code; and a customer participating in Calfresh pursuant to Chapter 10 (commencing with Section 18900) of Part 6 of Division 9 of the California Welfare and Institutions Code.

9.17.140 Exemptions

1. A plastic or paper carryout bag with or without handles may be provided by a public eating establishment to transport prepared food; Beginning September 6, 2023, a public eating establishment may no longer provide single-use plastic carryout bags but may provide a recycled paper or reusable bag to transport prepared food at no charge.

2. A plastic or paper bag with or without handles may be provided by a nonprofit charitable reuser;
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13 3. A plastic or paper bag without handles may be provided to transport prepared food, produce, bulk food, or meat from a department within a store to the point of sale;

4. A plastic or paper bag without handles may be provided to hold prescription medication dispensed from a pharmacy;

5. A plastic or paper bag without handles may be used to segregate food or merchandise that could damage or contaminate other food or merchandise when placed together in a reusable bag or recycled bag;

6. A garment bag or garment cover may be used to protect and transport clothing or other textiles.

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CITY OF CUPERTINO
Agenda Item
22-11429 Agenda Date: 9/6/2022
Agenda #: 17.

Subject: Appointment of Council subcommittee to identify opportunities for housing development in the Bubb Road Special Area
Consider the appointment of two Councilmembers to serve on an ad hoc subcommittee to identify opportunities for housing development in the Bubb Road Special Area
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CITY OF CUPERTINO
Agenda Item
22-11305 Agenda Date: 9/6/2022
Agenda #: 18.

Subject: Consider approving the FY 2022-23 Internal Audit Program (Continued on July 19, 2022) Approve the FY 2022-23 Internal Audit Program
Presenter: Thomas Leung, Senior Management Analyst
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CITY COUNCIL STAFF REPORT
Meeting: September 6, 2022

Subject
Consider approving the FY 2022-23 Internal Audit Program

Recommended Action
Approve the FY 2022-23 Internal Audit Program

Discussion
Background
In Fiscal Year (FY) 2019-20, the City began an internal audit program and issued a Request for Proposal ( RFP) for internal audit services . After reviewing the proposals, the evaluation committee selected Moss Adams as the City’s Internal Auditor. Moss Adams serves as the City’s designated Internal Auditor and conducts projects focusing on:

 Risks
 Internal controls
 Efficiency and effectiveness
 Best practices
 Compliance

Moss Adams reports to the City Council’s Audit Committee, wh ich oversees the work and approves the annual internal audit work plan.

Enterprise Risk Assessment
In 2020, Moss Adams conducted an Enterprise Risk Assessment (ERA) to analyze the City’s risk areas . For each risk category assessed, the risk assessment include d an overview of the risk condition in the City, including the current risk level, likelihood, impact, preparedness, and trajectory.

Internal Audit Work Plan
In 2021, Moss Adams developed an inte rnal audit work plan to guide activities for FY 2021-22. The Audit Committee and City Council approved the FY 2021-22 internal audit work plan, which included the following projects:

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 Procurement Operational Review
 Policy Inventory and Plan
 Capital Program Effectiveness Study
 Fraud, Waste, and Abuse Program

For FY 2022 -23, Moss Adams recommended the following internal audit work plan, in chronological order:

 Ongoing Internal Audit Services: Attend Audit Committee and Council meetings; prepare status reports, manage internal audit program, and prepare FY 23 -24 internal audit plan. (52 weeks)
 Policy Review Ongoing Support: As the City updates and develops draft financial policies based on the prioritized inventory, review drafts and provide recommendations to align policies with best practice. (52 weeks)  Library Construction Audit: Perform audit of library construction to review reporting, project accounting consistency controls, and related construction controls; identify non -compliant project charges a nd change orders and control improvement opportunities. (8 weeks)
 Budget Process Review: Document and review the City’s budget process, compare to best practice, and provide recommendations for improvements in efficiency and effectiveness. (6 weeks)
 Enterprise Leadership Effectiveness Study: Assess the effectiveness of the City’s management and governance collaboration framework and provide recommendations to strengthen and streamline procedures to align with best practices for municipal leadership. (15 weeks)

Audit Committee Recommendation
On June 27, 2022, Moss Adams presented the proposed FY 2022-23 program to the Audit Committee. After discussion, the Audit Committee carried a motion to recommend the following program:

 FY 2022-23 Program:
o Ongoing Support:
 Ongoing Internal Audit Services
 Policy Review Ongoing Support
o Budget Process Review
o Enterprise Leadership Effectiveness Study
o Library Construction Audit

 Potential Future Internal Audit Projects:
o Grants Management Performance Audit
o IT General Controls Review
o Cybersecurity Review

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Next Steps
As noted in the ERA, there are many potential internal audits across several risk areas .

However, time and resources are important considerations when developing and approving an internal audit work plan. Adding additional projects to the proposed plan would impact the availability of budget as well as the timing of completion for the recommended projects listed above. If a potential project identified by Moss Adams, the Audit Committee, or the City Council is not included in the FY 2022 -23 internal audit work plan, it does not mean it will not be completed; instead, it will be considered as part of the FY 2023-24 internal audit work plan.

If City Council approves the internal audit program, Moss Adams will complete the recommended projects and present the audit reports to the Audit Committee for review and City Council for acceptance. The audit reports will be available on the City’s website at cupertino.org/budget under Internal Audit.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact. In the FY 2022-23 Adopted Budget, the City has budgeted $100,000 for the internal audit contract in the contracts category of the accounting program. _____________________________________

Prepared by: Thomas Leung, Senior Management Analyst
Reviewed by: Kristina Alfaro, Director of Administrative Services Approved for Submission by: Pamela Wu, City Manager
Attachments:

A – FY 22-23 Internal Audit Program
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City of Cupertino
FY 22-23 Internal Audit Program
City Council Committee Meeting
July 19, 2022
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Overview

1. Introduction

2. Internal Audit Program Components

3. Internal Audit Program Review

4. Internal Audit Departments Covered

5. Recommended Internal Audit Plan

6. Recommended Internal Audit Plan Timing

7. Audit Committee Prioritization
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3 1. Introduction
• The City retained Moss Adams to serve as the designated Internal Au
ditor and conduct projects focusing on:
o Risks
o Internal controls
o Efficiency and effectiveness
o Best practices
o Compliance
• Work is being completed under appropriate industry standards 3 274
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4 2. Internal Audit Program Components
4 Internal Audit Plan
Risks Internal
Controls Compliance Performance
Accounting and financial reporting, asset management, capital programs, compliance, economics and funding, fraud, governance, human resources, internal controls, maintenance and operations, management, operations and service delivery, organization and staffing, processes and procedures, procurement, public safety, risk management, and technology
Functions Components Plan
City Internal Audit Annual
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5 3. Internal Audit Program Review
Focus Accomplishments
• Enterprise Risk Assessments 20 21
• Internal Controls Projects Completed 1
• Performance/Efficiency Projects Completed 2
• Policies Reviewed To Come
• Recommendations Delivered 27
• Ethics Hotline To Come
• Recommendations Validated To Come
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6 4. Internal Audit Departments Covered
Department Projects
Administrative Services Procurement (22), Finance P&Ps (22) City Clerk
City Manager’s Office FWA Program (22)
Community Development
Communications
Innovation & Technology
Parks & Recreation
Public Works Capital Program (22)
Enterprise Projects: Risk Assessment (21)
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7 5. Recommended Internal Audit Plan: Chronological Order • Ongoing Internal Audit Services: Attend Audit Committee and Council meetings; prepare st
atus reports, manage internal audit program, and prepare FY 23-24 internal audit plan. (52 weeks)
• Policy Review Ongoing Support: As the City updates and develops draft financial policies b
ased on the prioritized inventory, review drafts and provide recommendations to align policies with best practice. (52 weeks)
• Library Construction Audit: P erform audit of library construction to review reporting, project accounting consistency controls, and related construction controls; identify non- compliant project charges and change orders and control improvement opportunities. (8 weeks)
• Budget Process Review: Document and review the City’s budget process, compare to best p
ractice, and provide recommendations for improvements in efficiency and effectiveness. (6 weeks)
• Enterprise Leadership Effectiveness Study: Assess the effectiveness of the City’s ma
nagement and governance collaboration framework and provide recommendations to strengthen and streamline procedures to align with best practices for municipal leadership. (15 weeks)
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8 6. Recommended Internal Audit Plan Timing
Project 7-9/22 10-12/22 1-3/23 4-6/23
Fraud, Waste, & Abuse Program (FY 22-23
carryover)
Library Construction Audit
Budget Process Review
Enterprise Leadership Effectiveness Study
Policy Review Ongoing Support
Ongoing Internal Audit Services
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9 7. Audit Committee Prioritization
9 Fiscal Year 2022-2023 Program:
• Ongoing Support:
o Ongoing Internal Audit Services
o Policy Review Ongoing Support
• Budget Process Review
• Enterprise Leadership Effectiveness Study
• Library Construction Audit
Po
tential Future Internal Audit Projects:
• Grants Management Performance Audit
• IT General Controls Review
• Cybersecurity Review
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The material appearing in this presentation is for informational purposes only and is not legal or accounting advice. Communication of this information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials may have been prepared by professionals, they should not be used as a substitute for professional services. If legal, accounting, or other professional advice is required, the services of a professional should be sought.
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