Cupertino City Council
February 7, 2023

CITY OF CUPERTINO
CI

TY COUNCIL
AGENDA
10350 Torre Avenue, Council Chamber and via Teleconference Tuesday, February 7, 2023
6:45 PM
Televised Regular City Council Meeting (6:45)

IN-PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION Mem
bers of the public wishing to observe the meeting may do so in one of the following ways:
1) Attend in person at Cupertino Community Hall, 10350 Torre Avenue. 2) Tune to Comcast Channel 26 and AT&T U-Verse Channel 99 on your TV. 3) The meeting will also be streamed live on and online at www.Cupertino.org/youtube and www.Cupertino.org/webcast
Members of the public wishing to comment on an item on the agenda may do so in the following ways:
1) Appear in person at Cupertino Community Hall. Members of the audience who address the City Council must come to the lectern/microphone, and are requested to complete a Speaker Card and identify themselves. Completion of Speaker Cards and identifying yourself is voluntary and not required to attend the meeting or provide comments. 2) E-mail comments by 4:30 p.m. on Tuesday, February 7 to the Council at [email protected]. These e-mail comments will also be forwarded to Councilmembers by the City Clerk’s office before the meeting and posted to the City’s website after the meeting.

Members of the public may provide oral public comments during the meeting as follows:

Oral public comments will be accepted during the meeting. Comments may be made during “oral communications” for matters not on the agenda, and during the public comment period for each agenda item.

Teleconferencing Instructions

1 CC 02-07-2023
1 of 491
City Council A genda February 7, 2023
To address the City Council, click on the link below to register in advance and access the m
eeting:

Online
Register in advance for this webinar:
https://cityofcupertino.zoom.us/webinar/register/WN_RLi30Ju3RPm1n5F5LJeC7A Phone
Dial: 669-900-6833 and enter Webinar ID: 970 0718 5599 (Type *9 to raise hand to speak, *6 to unmute yourself). Unregistered participants will be called on by the last four digits of their phone number.

Or an H.323/SIP room system:

H.323:
162.255.37.11 (US West)
162.255.36.11 (US East)
Meeting ID: 970 0718 5599
SIP: [email protected]
After registering, you will receive a confirmation email containing information about joining the webinar.

Please read the following instructions carefully:

1. You can directly download the teleconference software or connect to the meeting in your internet browser. If you are using your browser, make sure you are using a current and up-to-date browser: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+. Certain functionality may be disabled in older browsers, including Internet Explorer.

2. You will be asked to enter an email address and a name, followed by an email with instructions on how to connect to the meeting. Your email address will not be disclosed to the public. If you wish to make an oral public comment but do not wish to provide your name, you may enter “Cupertino Resident” or similar designation.

3. When the Mayor calls for the item on which you wish to speak, click on “raise hand,” or, if you are calling in, press *9. Speakers will be notified shortly before they are called to speak.

4. When called, please limit your remarks to the time allotted and the specific agenda topic.

5. Members of the public that wish to share a document must email [email protected]

2 CC 02-07-2023
2 of 491
City Council A genda February 7, 2023
prior to speaking.

PLEDGE OF ALLEGIANCE

ROLL CALL

CEREMONIAL MATTERS AND PRESENTATIONS

1. Subject: Consider a certificate of appreciation to West Valley Community Services Executive Director Josh Selo recognizing his years of service to the community Recommended Action: Present certificate to West Valley Community Services Executive Director Josh Selo recognizing his years of service to the community A - Certificate

POSTPONEMENTS AND ORDERS OF THE DAY
O

RAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Council on any matter within t
he jurisdiction of the Council and not on the agenda. The total time for Oral Communications will ordinarily be limited to one hour. Individual speakers are limited to three (3) minutes. As necessary, the Chair may further limit the time allowed to individual speakers, or reschedule remaining comments to the end of the meeting on a first come first heard basis, with priority given to students. In most cases, State law will prohibit the Council from discussing or making any decisions with respect to a matter not listed on the agenda. A councilmember may, however, briefly respond to statements made or questions posed by speakers. A councilmember may also ask a question for clarification, provide a reference for factual information, request staff to report back concerning a matter, or request that an item be added to a future City Council agenda in response to public comment.

REPORTS BY COUNCIL AND STAFF

2. S
ubject: Brief reports on councilmember activities and brief announcements Recommended Action: Receive brief reports on councilmember activities and brief announcements

3. S ubject: Report on Committee assignments
Recommended Action: R eport on Committee assignments

4. S ubject: Report on Subcommittee assignments
Recommended Action: R eport on Subcommittee assignments

5. S ubject: City Manager update
Recommended Action: R eceive City Manager update on City business

3 CC 02-07-2023
3 of 491
City Council A genda February 7, 2023
CONSENT CALENDAR (Items 6-15)
Unless there are separate discussions and/or actions requested by council, staff or a member of the pu
blic, it is requested that items under the Consent Calendar be acted on simultaneously.

6. S ubject: Consider approval of the January 17 City Council minutes Recommended Action: App rove the January 17 City Council minutes A - Draft Minutes

7. S ubject: Consider approval of the January 25 City Council minutes Recommended Action: App rove the January 25 City Council minutes A - Draft Minutes

8. Subject: Consider adopting a resolution authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361 Recommended Action: Adopt Resolution No. 23-022 authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361
Staff Report
A - Draft Resolution
B – Adopted Resolution No. 23-001

9. S ubject: Consider ratifying Accounts Payable for the period ending November 13, 2022 Recommended Action: A dopt Resolution No. 23-023 ratifying Accounts Payable for the period ending November 13, 2022
Staff Report
A – Draft Resolution
B - Weekly AP Payment Register for the Period Ending 11.13.22

10. S ubject: Consider the Monthly Treasurer's Report for December 2022 Recommended Action: R eceive the Monthly Treasurer's Report for December 2022 Staff Report
A - Report of City-wide Receipts, Disbursements, and Cash Balances December 2022 B - Report of City-wide Fund Balances December 2022

11. S ubject: Consider the Monthly Treasurer's Investment Report for December 2022 Recommended Action: Receive the Monthly Treasurer's Investment Report for December 2022

4 CC 02-07-2023
4 of 491
City Council A genda February 7, 2023
Staff Report
A - Chandler Investment Report December 2022
B - Chandler Custodial Report December 2022
C - PARS Pension and OPEB Account Statement December 2022 D - LAIF Account Statement December 2022

12. Subject: Consider the Treasurer's Investment Report for Quarter Ending December 31, 2022
Recommended Action: Receive the Treasurer's Investment Report for Quarter Ending December 31, 2022
Staff Report
A - Chandler Investment Report December 2022
B - Chandler Custodial Report December 2022
C - PARS Pension and OPEB Account Statement December 2022 D - OPEB Pension Section 115 Trust Performance Report for Quarter Ending December 31 2022 E - LAIF Account Statement December 2022

13. Subject: Consider adoption of a resolution establishing the Commemorative Bench Dedication Policy and waiving the commemorative fee for Marilyn Francesco Recommended Action: Adopt Resolution No. 23-024 (Attachment A) establishing the Commemorative Bench Dedication Policy and allow a one-time waiver of the policy for Marilyn Francesco
Staff Report
A - Draft Resolution
B - Draft Commemorative Bench Dedication Policy

14. Subject: Informational memorandum regarding retail square footage analysis of Main Street
Recommended Action: Receive the informational memorandum on the retail square footage analysis and the provisions for restaurant use at the Main Street Cupertino project
A - Memorandum

15. S ubject: Consider adopting Cupertino City Council Procedures Manual Recommended Action: Approve Resolution No. 23-021, adopting Cupertino City Council Procedures Manual
Staff Report
A - Draft Cupertino City Council Procedures Manual (Redline) B - Draft Resolution
SECOND READING OF ORDINANCES - None
P

UBLIC HEARINGS
Effective January 1, 2023, Government Code Section 65103.5 (SB 1214) limits the distribution of

5 CC 02-07-2023
5 of 491
City Council A genda February 7, 2023
copyrighted material associated with the review of development projects. Members of the public wishing t
o view plans that cannot otherwise be distributed under SB 1214 may make an appointment with the Planning Division to view them at City Hall by sending an email to [email protected]. Plans will also be made available digitally during the hearing to consider the proposal.

16. Subject: Consider an appeal of the Planning Commission’s decision to deny Sign Exception to allow three (3) wall signs where two (2) are permitted and to further allow two (2) of the three (3) wall signs to be oriented towards the freeway on two separate storage facility buildings. (Application No(s): EXC-2022-003; Applicant(s): David Ford, All Sign Services; Location: 20565 Valley Green Dr.; APN: 326-10-044) Recommended Action: Conduct a public hearing and adopt Resolution No. 23-025 (Attachment A) upholding the appeal in part, approve one of the two-requested freeway-oriented signs, and deny the requested Sign Exception Staff Report
A - Draft Resolution for EXC-2022-003
B - Appeal Form
C - Planning Commission Resolution 6962
D - Public Comments

ORDINANCES AND ACTION ITEMS

17. Subject: Consider approval of response to 2022 Civil Grand Jury of Santa Clara County Report entitled, “A House Divided"
Recommended Action: Approve response to 2022 Civil Grand Jury of Santa Clara County Report entitled, “A House Divided"
Staff Report
A - Civil Grand Jury of Santa Clara County Report
B - Draft Response to Grand Jury - House Divided

18. Subject: Consider scheduling a study session to refine research scope regarding placing a potential vacancy tax ballot measure in the upcoming election Recommended Action: Direct staff to 1) proceed or 2) not proceed with necessary research regarding preparing a study session on vacancy tax Staff Report
ORAL COMMUNICATIONS - CONTINUED (As necessary)
C

OUNCIL AND STAFF COMMENTS AND FUTURE AGENDA ITEMS

ADJOURNMENT
Lobbyist Registration and Reporting Requirements: Individuals who influence or attempt to influence l
egislative or administrative action may be required by the City of Cupertino’s lobbying ordinance (Cupertino Municipal Code Chapter 2.100) to register and report lobbying activity. Persons whose

6 CC 02-07-2023
6 of 491
City Council A genda February 7, 2023
communications regarding any legislative or administrative are solely limited to appearing at or s
ubmitting testimony for any public meeting held by the City are not required to register as lobbyists.

For more information about the lobbying ordinance, please contact the City Clerk’s Office at 10300 Torre Avenue, Cupertino, CA 94107; telephone (408) 777-3223; email [email protected]; and website: www.cupertino.org/lobbyist.

The City of Cupertino has adopted the provisions of Code of Civil Procedure §1094.6; litigation challenging a final decision of the City Council must be brought within 90 days after a decision is announced unless a shorter time is required by State or Federal law.

Prior to seeking judicial review of any adjudicatory (quasi-judicial) decision, interested persons must file a petition for reconsideration within ten calendar days of the date the City Clerk mails notice of the City’s decision. Reconsideration petitions must comply with the requirements of Cupertino Municipal Code §2.08.096. Contact the City Clerk’s office for more information or go to http://www.cupertino.org/cityclerk for a reconsideration petition form.

In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this meeting who is visually or hearing impaired or has any disability that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for assistance. In addition, upon request, in advance, by a person with a disability, meeting agendas and writings distributed for the meeting that are public records will be made available in the appropriate alternative format.

Any writings or documents provided to a majority of the Cupertino City Council after publication of the packet will be made available for public inspection in the City Clerk’s Office located at City Hall, 10300 Torre Avenue, Cupertino, California 95014, during normal business hours; and in Council packet archives linked from the agenda/minutes page on the Cupertino web site.

IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section

2.08.100 written communications sent to the Cupertino City Council, Commissioners or City staff concerning a matter on the agenda are included as supplemental material to the agendized item. These written communications are accessible to the public through the City’s website and kept in packet archives. Do not include any personal or private information in written communications to the City that you do not wish to make public, as written communications are considered public records and will be made publicly available on the City website.

7 CC 02-07-2023
7 of 491

CITY OF CUPERTINO
Agenda Item
23-11945 Agenda Date: 2/7/2023
Agenda #: 1.

Subject: Consider a certificate of appreciation to West Valley Community Services Executive Director Josh Selo recognizing his years of service to the community Present certificate to West Valley Community Services Executive Director Josh Selo recognizing his years of service to the community
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
8 CC 02-07-2023
8 of 491
I
I
I
. f n jtI) Q ? ' _
! -n -rl
I
l
I
I
I
.1!""- j)tl :) t) [j-8%)I ;) ] n-XXX n <1 U !: ]M )t7 :) ry [ XXX t
: . . ),"rl,l, :a'<'/z'ya,:,/;. ,;J"y/0':i//,"a"/"a-/'It/Ii/I g"/a/;11, ,,:: ,"z/"'c,ijY"/"/,F,,,,"i;/a""/'/'C,+J"" "7//ll;11,,1""] 'ia/a"41/I;'7"/ill,,14:"a"'i s,'i,.,11"a". . . 4 _ ( . a i , . . " . i i - a " . . , I ' - - l " i .' ) / I " , - . ' I 7 i , - a. ' ra ' - " - i - ' ,la a '-"y.,l;;t, ..a' " y;i'4,//r,, %".-:.'."/I/./?'. . '. -" ""; : ." - . "',a" lli/,l"' ; ' a' :_-ail . r / i -a a l/ " ' - a. ' i r " , 1, , r la - + - / ' , , - 7 .a , , l - . . . . _ I _aa ,4, aia ia l :.'..i.l,/, il//. aia " . 7 ,1.1,, i r . - .,i l'a a . ' ) . ( j . - '. . .,, , __ i __ ,I, . .' r f -" a / ' 0 a a / / - " ra a " ai ,l.l'/i/. .' - la. .," ' ' +/ a( , 'i
. y I / .a . a ; a a / - " . 0 .. - ) 7 / / . . I I / , 7' . I /. . .i ', a . + i .1 .r y' .' r / . ' _ a, i r n
'1,1,a.' /,l:(. aJ ' " " !: r.:.la' . _' :l. Il,,.1,:11"a,...,-..:l',J:l./:4}7<l/l(4,/a,ll'.:J , "./:,I" //4,1,.,1l:I'a-,,a,l?:I)/,I,/..I. i.a ::t:... i ,a ' . " " " ' -' / f a, . ' / / / - - ) / a ,-' _ - . + ,i 4 . . _ , at / . I - . . . ..
, l/--
' - a I / .. ." a _
/ ," , .aa ,/ ,k //,I ..,4'/],/'..x//1- 1, _i. S'r5,;r, r .:y . ' y :/" . " " ' - ' .' a " a a ' "/ a'//a" : a" aa' / / " " : l - :: -/"j '% "i " -,. ) . . t i . ' .' a /,/ a/.1' -.,, _,i. /;,,/, I l- ':+'j,r.,,,'a, .f a I . , . _ / i J l :# % I
i
IKW I
I
al,ai4,11,,"-4,,,',B'yl/"y01l,"'a':,l"-,,,"zl,[4," :,,"il_. , CUPERTINO -, 1,ll'ax.,I,4,,.'a,'<1,II/,'a"';II/X":.11,l'a'a/,//I,//II,/aa""'_4'_:.1,a)",. /. ' I ' I r ' I I " ' .
'. %-' 11, I' I, [' - a'Za, /"l//,. ,a" i r.. . ," . / ' . I i a 4 .r /,. .il I; g,- , -#o['*" ' ,-" , ,/,J/,,',li,,,,7'=),,)-",='-, 6 =-,.,';-==-,J/.-.:-= Presented to """a a a " /""- a '

1. : .4.::/=l,'<.11104(I,. -/'1111,4: . ,/a../77:117.11.,a. .1. . .' " j ':a . . . . 'I . a . ' _ a "):'/:""-" ra i: ./: ":"/- "' :_"-}t=.=,,r-::rail"=," Ad(4t, '=..,'I-'it'_l===,-/:;::='lt '. . : . a I y /, , . Ia , , . . i . . , , . _ _ . , ai , , , I , / , a ,' i" ' - "-" " I" aar ' - _ ' " ; ,' . - ' / i , ' " - ' a',/ / ". ' i I ' " r ," i . . a / I / - ,,"I r' i,o,:-;,5a., - .,,. February7,2023 . '.ar ';:/,-'/3 "-".t-_--t , - ,r '- .,a-o.,-:-,' :r'.7::k.,",-;,:,:-i:'ffiH,pr'eac!ation of your seven years of service and dedication to the Cupertino commuqi(yj:)a_o"Iz//",./a':1 "?'::"/.;:,:,' "(';",mhi:l@/q0:yi6g.at V%7e'st Valley Community Services. The City of Cupertino recognizes arid'.4p_pr$, iatesa/,.-:-, ',);,l.."laJ2"";.):6t;"Fi:ara"'#opk,a which has helped those most in need gain access to a wide variety of'Hq'g<li%(,';,-,)r'-' {)z:,-t, -;15y(,-',+',r;- '///
: I a:',i7,;: -.' //r'- ' - j-.,induaing food assistance, housing help, financial support, and much more.",a... -. a ',".a.,.;'.. '.':y:4:,,1: ". 41 r I , . . " a ' - - :'I//' " " - l a " /,' / a ' /' - ". ,'a ' "'l :' " i i " ' -. ." /' l', ," -. .,' " j 7 y , ]" a 1,1I_ <. . .i. '.. / / / -' .. z .,a' / ' a , ., ,i ; " - .- ,' " / I, aa . . / a , . . . i 1, , / y 71, II! a:a, ,,i ' _ yt; I/II, . _ , .11,, ; . . / I ' - y / / / . a " ' " ' - ' ;' / 1' ' , a t ,' i ', ' ,
a .' ra.l;" :, . _ _ .1,'a/1, /'a. ,,a,,"""'//::l-;.'al,." " a //a/ ,7 .a : : . r , . . ,'4.i._ ' 1, ,:"'arl"aai.,"' . '_ ." / I,"a " ' /!.1 : ta . ) / ' + _ ' a / ( " _ , a / l" , ' j l ) a " y I I a . . , =, "":':,,, ";,:?,.lg"-:,/.'i-);, ' --2(-=,f'li,.,Xi'..'t,l:'::2,,, a- I
I """"'f.'a":::/'o'a"iaJ"i"ri""aoi""":/a":I'::a'""/)':"a:'a;'Ia'y'l/"'l;I/i"/'aaa"7i,5a,,I,:.,i,,ial'%;l,a:t7m,e('Tf'-fl-,,/ji"a"/'o"':I'/"tl':/jlli:'i;:i/:/"':ala:4,"i/ill'V:::/):Sa,o'::'i;41laj:o'aat"':la'::' _ ' "" ,;)"a" ' a 'l)'r,":'r .' 7J ."'11/}"i a-, - a": ,,'{a//a'/,- , - .,aa'/l', i' r ,, . 1, , ,r 1, , ai , _ r ai _ .' ).1 , .', a : / l','i.," "" "0i./,r/'a .,,"'Sa i.,,'a '. '_ ' i.,/'/t:S. _ ) I, . . . . t#_ uJ uj(,!! !):] UUl JJ
!
U(#, uJ )[(a! UJ Juffl- uU
r l
JJ[0,U €
Il
:,: lll_
%-
9 CC 02-07-2023
9 of 491

CITY OF CUPERTINO
Agenda Item
22-11651 Agenda Date: 2/7/2023
Agenda #: 2.

Subject: Brief reports on councilmember activities and brief announcements Receive brief reports on councilmember activities and brief announcements CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
10 CC 02-07-2023
10 of 491

CITY OF CUPERTINO
Agenda Item
22-11663 Agenda Date: 2/7/2023
Agenda #: 3.

Subject: Report on Committee assignments
Report on Committee assignments
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
11 CC 02-07-2023
11 of 491

CITY OF CUPERTINO
Agenda Item
22-11674 Agenda Date: 2/7/2023
Agenda #: 4.

Subject: Report on Subcommittee assignments
Report on Subcommittee assignments
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
12 CC 02-07-2023
12 of 491

CITY OF CUPERTINO
Agenda Item
22-11687 Agenda Date: 2/7/2023
Agenda #: 5.

Subject: City Manager update
Receive City Manager update on City business
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
13 CC 02-07-2023
13 of 491

CITY OF CUPERTINO
Agenda Item
22-11697 Agenda Date: 2/7/2023
Agenda #: 6.

Subject: Consider approval of the January 17 City Council minutes Approve the January 17 City Council minutes
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
14 CC 02-07-2023
14 of 491

DRAFT MINUTES

CUPERTINO CITY COUNCIL
Tuesday, January 17, 2023

SPECIAL MEETING

At 5:0 1 p.m., Mayor Hung Wei called the Special City Council Meeting to order in the Cupertino Community Hall Council Chamber, 10350 Torre Avenue and via teleconference.

ROLL CALL

Present: Mayor Hung Wei, Vice Mayor Sheila Mohan, and Councilmembers Liang Chao, J.R.

Fruen and Kitty Moore. Absent: none.

STUDY SESSION

1. Subject: Consider adopting Cupertino City Council Procedures Manual Recommended Action: Provide input regarding Council procedures and approve Resolution No. 23-021, adopting Cupertino City Council Procedures Manual Presenter: Christopher Jensen, City Attorney

Written communications for this item included a staff presentation , supplemental staff report, and emails to Council.

City Attorney Christopher Jensen gave a presentation.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period and the following people spoke.

Jean Bedord supported the proposed procedures.

Caryl Gorska supporting delaying the vote to a future non-study session meeting.

Parks and Recreation Commissioner Carol Stanek (representing self) supported the proposed procedures.

15 CC 02-07-2023
15 of 491
City Council Minutes January 17, 2023

Peggy Griffin supported modifications to the proposed procedures.

Lisa Warren supported modifications and further discussion of the item.

San R supported including data points from other cities and modifications.

Housing Commissioner Tessa Parish (representing self) supported delaying the item , further noticing, and modifications.

Cathy Helgerson supported using a mediator to develop procedures and opposed voting on the item. (Submitted written comments).

Housing Commissioner Connie Cunningham (representing self) supported the proposed procedures and approval of the draft resolution.

Jennifer Griffin opposed voting on the item at a study session.

Jennifer Shearin supported approval of the proposed procedures with concerns.

Richard Lowenthal supported approval of the proposed procedures with clarifications.

Rhoda Fry supported modifications to the proposed procedures.

Mayor Wei closed the public comment period.

Councilmembers provided the following comments:

Councilmember Moore:
 Revise Section 1.1 to delete “and members of the public.”  Revise Section 2.1 to delete: “The Mayor and Vice Mayor shall not serve consecutive terms; provided, however, this provision shall not prevent the Vice Mayor from succeeding to the office of Mayor.”
 Remove Section 2.2 until we have determined a process.  Revise Section 3.1 as follows: “The Mayor shall appoint Councilmembers to standing committees and all Councilmembers may nominate any Councilmember to ad hoc committees and subcommittees established by the City Council, with consideration of Councilmember preference, equitable distribution, seniority, experience, and benefit to the committee, subject to ratification by the Council at its next regular meeting. It will be the responsibility of the committees and subcommittees to inform and submit recommendations to the Council.”  Revise Section 3.3 as follows: “Council committee and subcommittee members are 16 CC 02-07-2023
16 of 491
City Council Minutes January 17, 2023

to keep the Council informed of the work and progress of their committee or subcommittee. These reports or minutes shall be made in writing whenever a recommendation is made to the Council.”
 Revise Section 4.2 as follows: “At least one commission member, preferably the Chair or Vice Chair, must attend City Council meetings when the commission has an item of interest on the Council agenda, so as to be available to answer Council questions.”
 Revise Section 4.4 as follows: “. . . Former Councilmembers are not eligible for appointment to any commission or committee within four years of having served on the City Council. Commissioners and committee members shall not be employees of the City or companies which the City contracts with, or employees of subcontracted companies.”
 Delete “Individual Councilmembers and commissioners shall have the right to attend meetings of commissions and other Cupertino governmental bodies but shall refrain from speaking or becoming involved in deliberations.”  Revise Section 5.1 to add the following: “Council attendance will be noted in the agenda of the next regular meeting and thereafter for that calendar year, if three or more meetings are missed.”
 Revise Section 5.2 to add the following: “Official correspondence from any member of Council shall be provided to all members of Council.”  Revise Section 5.3 as follows: “Council representatives to such various boards shall keep the Council informed of ongoing business through brief oral or and written reports to the Council”; and add the following: “The Council representative shall provide a written report to Council consistent with Section 3.3.”

Councilmember Chao:
 Council did not request this item and Councilmembers and Commissioners were not consulted.
 There is insufficient time to review all Councilmember proposed revisions.  No action can be taken at a study session.
 Provide sources and documents used for the draft.
 Add: staff should make every effort to respond in a timely and professional manner to all information requests, as specified in the City Code; if request workload is too significant, then assign to staff through the collective direction of Council; City Manager will submit a significant workload request on a Council agenda, so Council can decide with public input.
 Oppose restricting Councilmembers from filing Public Records Act requests  Add: “Respect the Role of Council Members as Policy Makers for the City.

Staff is expected to provide its best professional recommendations on issues. Staff should not try to determine Council support for particular positions or recommendations in order to craft recommendations. The 17 CC 02-07-2023
17 of 491
City Council Minutes January 17, 2023

Council must be able to depend upon the staff to make independent recommendations. Staff should provide information about alternatives to staff recommendations as appropriate, as well as pros and cons for staff recommendations and alternatives.”
 Add: “Questions and all staff-prepared responses will be forwarded to all Councilmembers as well as put up on the special web page created for public review of Council agenda questions and staff responses. Staff will include the name of the Councilmember posing the questions in the ‘subject’ field of the e- mail response. Written copies of all Councilmember agenda questions and staff responses will be at Council places at the meeting; additionally copies will be made available in the Council Chambers for members of the public.”  Look at City of Palo Alto procedure that two Councilmembers may draft a memo proposing a potential policy or study, and Council decides whether to add to an agenda or refer to a commission.
 Agenda titles should be descriptive and include requested action.

Vice Mayor Mohan: Support moving forward with the proposed procedure’s manual, consider all comments received, include comments listed in presentation; and make revisions later if necessary.

Councilmember Fruen:
 Revise Section 5.7 to delete requirement that state-approved ethics education must be online.
 Delete Section 8.2.
 Revise Section 8.5.2 to allow Councilmembers to remove at most one item from the consent calendar without providing notice before the Council meeting begins.  Revise Section 8.6 to remove the 10-minute limit on total time for public comment by a single member of the public and to increase the length of time members of the public have to raise their hand or submit a blue card to speak to 9 minutes.  Replace Section 8.9.3 with the following: “Councilmembers may obtain the floor by seeking recognition from the Mayor. Following presentations to Council on an agenda item, Councilmembers shall each be given five minutes to ask questions of any presenter. The Mayor may allow additional time for questions where appropriate. Following public comment, the Mayor may request that a motion be made and seconded. After the motion has been stated to the Council and seconded, any member of the Council has a right to discuss the motion after obtaining the floor. A member who has been recognized shall limit their time to five minutes. The Mayor may allow additional time for questions where appropriate. This rule shall displace any conflicting rule in the City’s adopted rules of procedure.”
 Revise Section 8.10 to require only a majority of members present and voting to 18 CC 02-07-2023
18 of 491
City Council Minutes January 17, 2023

extend Council meetings past 11:30 p.m., instead of a 2/3 vote of the Council.  Revise Section 8.12 to clarify that a special meeting may be called during the recess period.

Mayor Wei: Support having Council procedures to follow and moving forward with process.

Council consented to collectively email a list of all recommended edits to the City Attorney and City Manager, and these comments would be included in a new draft.

Chao moved and Moore seconded to continue Study Session Item 1 regarding Council procedures to another future study session, with the Council action to be scheduled at a regularly scheduled meeting; and to continue Study Session Item 2 regarding composition and responsibilities of existing Commissions and Committees to another future study session. The motion carried unanimously.

2. Subject: Study Session to consider modifying Municipal Code Title 2 regarding compositions and responsibilities of existing Commissions and Committees Recommended Action: Direct staff to proceed with ordinance amendment to consolidate existing Commissions and Committees
Presenter: Pamela Wu, City Manager

Written communications for this item included a staff presentation and emails to Council.

As noted under Item 1, Council continued this item to a future study session date.

ADJOURNMENT

At 6:43 p.m., Mayor Wei adjourned the Special City Council Meeting.

REGULAR MEETING

At 6:48 p.m., Mayor Paul called the Regular City Council Meeting to order and led the Pledge of Allegiance in the Cupertino Community Hall Council Chamber, 10350 Torre Avenue and via teleconference.

ROLL CALL

Present: Mayor Hung Wei, Vice Mayor Sheila Mohan, and Councilmembers Liang Chao, J.R.

Fruen and Kitty Moore. Absent: none.
19 CC 02-07-2023
19 of 491
City Council Minutes January 17, 2023

CEREMONIAL MATTERS AND PRESENTATIONS

1. Subject: Certificate of appreciation to Captain Neil Valenzuela to welcome him back to the Cupertino Community as Captain of the West Valley Patrol Division of the Santa Clara County Sheriff’s Office
Recommended Action: Present certificate of appreciation to Captain Neil Valenzuela to welcome him back to the Cupertino Community as Captain of the West Valley Patrol Division of the Santa Clara County Sheriff’s Office

Captain Neil Valenzuela received the certificate of appreciation.

Mayor Wei presented the certificate of appreciation to Captain Neil Valenzuela welcome him back to the Cupertino Community as Captain of the West Valley Patrol Division of the Santa Clara County Sheriff’s Office.

POSTPONEMENTS AND ORDERS OF THE DAY
Wei moved and Mohan seconded to reorder the agenda to hear Item 27 Weed Abatement Program and Item 28 Elected Officials' Compensation Program after Oral Communications.

The motion carried unanimously.

ORAL COMMUNICATIONS
Wallis Alviar supported closure of Lehigh cement plan t and goals to revoke the plant’s permit, stop the mining, begin reclamation, and deny approval of a new landfill business.

Richard Adler supported permanent closure of Lehigh quarry and cement plant , including all mining activities, and beginning restoration.

Rose Grymes supported a Blackberry Farm plan option to transition Blackberry Farm from its current Golf Course operation to a natural habit.

Yuko Shima supported assisting unhoused residents , including providing mental health services and safe places to sleep.

Seema Lindskog supported considering the City’s climate goals and environmental impact s when planning a new Cupertino City Hall project.

Housing Commissioner Tessa Parish (representing self) was concerned about school sprinkler systems running during rainfall and supported a water waste public reporting tool.

20 CC 02-07-2023
20 of 491
City Council Minutes January 17, 2023

Lisa Warren supported in -person City Council meetings, closing Lehigh and reclaiming the site, and an option for Blackberry Farm Golf Course to coexist with a natural habitat setting.

Housing Commissioner Connie Cunningham (representing self) supported adding biodiversity and the planting of trees to Climate Action Plan 2.0. and restoring nature at Blackberry Golf Course.

Jennifer Griffin supported infrastructure upgrades to maintain roads during heavy rainfall and emergency preparedness plans.

Keith Kreft supported continuing the use of Blackberry Farm Golf Course and was concerned about the use analysis and survey results discussed at the September 9 joint meeting.

Kathy Stakey supported continuing the use of the golf course at Blackberry Fa rm and preserving the bird population onsite.

Don Halsey supported restoring Blackberry Farm Golf Course , preserving the existing natural habitat, and converting other areas into natural spaces. (Submitted written comments).

Helen Wiant supported converting Blackberry Farm Golf Course to a natural habitat and the considering the project value as an educational model for home and corporate landscapes.

John Kehoe supported converting Blackberry Farm Golf Course to natural habitat and preserving natural wildlife and maintaining biodiversity.

Rhoda Fry supported goals to close Lehigh cement plant and quarry and begin reclamation and opposed converting the land into for-profit landfill.

PUBLIC HEARINGS

27. Subject: Abatement of public nuisance from weeds or other fire hazards pursuant to provisions of Cupertino Municipal Code Chapter 9.08 and Resolution No. 22-138; hearing for impacted property owners to contest the matter of proposed abatement Recommended Action: Adopt Resolution No. 23-019 ordering abatement of public nuisance from weeds or other fire hazards pursuant to provisions of Cupertino Municipal Code Chapter 9.08 and Resolution No. 22-138; and conduct hearing for impacted property owners to contest the matter of proposed abatement

As noted under Postponements and Orders of the Day, this item was heard after Oral Communications.

Written communications for this item included a staff presentation. 21 CC 02-07-2023
21 of 491
City Council Minutes January 17, 2023

Councilmember Chao recused herself from this item and left the dais.

City Clerk Kirsten Squarcia gave a presentation.

Mayor Wei opened the public hearing and the following people spoke.

Xinglei Zhu said that he had been compliant in maintaining his lawn during the weed season and shared photos and requested an appeal for APN 375-32-026.

Fan Kong said his property on Loree Avenue APN 375-07-029 had been compliant for three years but was still listed in the report and requested removal from the program.

Mayor Wei closed the public hearing.

Councilmembers asked questions and made comments.

Moore moved and Fruen seconded to adopt Resolution No. 23-019 ordering abatement of public nuisance from weeds or other fire hazards pursuant to provisions of Cupertino Municipal Code Chapter 9.08 and Resolution No. 22-138 with a modification that APN 375-07-029 on Loree Avenue be stricken from the list. The motion carried unanimously with Chao absent (recused).

Councilmember Chao returned to the dais.

ORDINANCES AND ACTION ITEMS

28. Subject: Consider approving amendments to Elected Officials’ Compensation Program Recommended Action: Adopt Resolution No. 23-020 amending the Elected Employees' Compensation Program

As noted under Postponements and Orders of the Day, this item was heard after Item 27 which was moved after Oral Communications.

Written communications for this item included a staff presentation.

Director of Administrative Services Kristina Alfaro reviewed the staff report.

Mayor Wei opened the public comment period, and seeing no one, closed the public comment period.

22 CC 02-07-2023
22 of 491
City Council Minutes January 17, 2023

Councilmembers asked questions and made comments.

Mohan moved and Wei seconded to adopt Resolution No. 23 -020 amending the Elected Officials’ Compensation Program. The motion carried unanimously.

REPORTS BY COUNCIL AND STAFF

2. Subject: Brief reports on councilmember activities and brief announcements Recommended Action: Receive brief reports on councilmember activities and brief announcements

Council received brief reports on councilmember activities and brief announcements.

3. Subject: Report on Committee assignments
Recommended Action: Report on Committee assignments

Councilmembers highlighted the activities of their various committees.

4. Subject: Report on Subcommittee assignments
Recommended Action: Report on Subcommittee assignments

Councilmembers reported on Subcommittee assignments.

5. Subject: City Manager update
Recommended Action: Receive City Manager update on City business

Council received the City Manager update on City business.

CONSENT CALENDAR (Items 6-26)

Fruen moved and Moore seconded to approve the items on the Consent Calendar, except for Items 10, 13, 18, 19, 20, 23, 26 which w ere pulled for discussion. Ayes: Wei, Mohan, Chao, Fruen, and Moore. Noes: None. Abstain: None. Absent: None.

6. Subject: Consider approval of the December 13 City Council minutes Recommended Action: Approve the December 13 City Council minutes

7. Subject: Consider approval of the December 15 City Council minutes Recommended Action: Approve the December 15 City Council minutes

8. Subject: Consider approval of the December 20 City Council minutes 23 CC 02-07-2023
23 of 491
City Council Minutes January 17, 2023

Recommended Action: Approve the December 20 City Council minutes

Written Communications for this item included an amended Attachment A - Draft Minutes.

9. Subject: Consider adopting a resolution authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period January 17, 2023 through February 16, 2023 pursuant to the Brown Act, as amended by AB 361 Recommended Action: Adopt Resolution No. 23-001 authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period January 17, 2023 through February 16, 2023 pursuant to the Brown Act, as amended by AB 361

Written communications for this item included an amended Staff Report and Attachment A – Draft Resolution and a staff presentation.

10. Subject: Consider accepting Accounts Payable for the periods ending October 10, 2022; October 19, 2022; October 24, 2023; and October 31, 2022 Recommended Action: A. Adopt Resolution No. 23-002 accepting Accounts Payable for the Period ending October 10, 2022;
a. Adopt Resolution No. 23-003 accepting Accounts Payable for the Period ending October 19, 2022;
b. Adopt Resolution No. 23-004 accepting Accounts Payable for the Period ending October 24, 2022; and
c. Adopt Resolution No. 23-005 accepting Accounts Payable for the Period ending October 31, 2022

This item was pulled from the Consent Calendar for discussion.

Mayor Wei opened the public comment period and the following people spoke.

Peggy Griffin supported presenting Accounts Payable reports on a monthly basis.

Mayor Wei closed the public comment period.

Councilmembers asked questions and made comments.

Moore moved and Fruen seconded to:

A. Adopt Resolution No. 23-002 accepting Accounts Payable for the Period ending October 10, 2022;
B. Adopt Resolution No. 23-003 accepting Accounts Payable for the Period ending 24 CC 02-07-2023
24 of 491
City Council Minutes January 17, 2023

October 19, 2022;
C. Adopt Resolution No. 23-004 accepting Accounts Payable for the Period ending October 24, 2022; and
D. Adopt Resolution No. 23-005 accepting Accounts Payable for the Period ending October 31, 2022.

The motion carried unanimously.

11. Subject: Consider accepting Accounts Payable for the periods ending November 07, 2022; November 21, 2022; and November 28, 2022
Recommended Action: A. Adopt Resolution No. 23-006 accepting Accounts Payable for the Period ending November 07, 2022;
B. Adopt Resolution No. 23-007 accepting Accounts Payable for the Period ending November 21, 2022; and
C. Adopt Resolution No. 23-008 accepting Accounts Payable for the Period ending November 28, 2022

12. Subject: Consider accepting Accounts Payable for the periods ending December 05, 2022; December 12, 2022; December 19, 2022; and December 26, 2022 Recommended Action: A. Adopt Resolution No. 23-009 accepting Accounts Payable for the Period ending December 05, 2022;
a. Adopt Resolution No. 23-010 accepting Accounts Payable for the Period ending December 12, 2022;
b. Adopt Resolution No. 23-011 accepting Accounts Payable for the Period ending December 19, 2022: and
c. Adopt Resolution No. 23-012 accepting Accounts Payable for the Period ending December 26, 2022

13. Subject: Consider the Monthly Treasurer's Report for October 2022 Recommended Action: Receive the report

This item was pulled from the Consent Calendar for discussion.

Mayor Wei opened the public comment period and the following people spoke.

Peggy Griffin supported the availability of financial reports on the City website and regular review by the Audit Committee. (Submitted written comments).

Lisa Warren supported presenting financial reports on a regular basis.

Mayor Wei closed the public comment period.
25 CC 02-07-2023
25 of 491
City Council Minutes January 17, 2023

Councilmembers asked questions and made comments.

Council received the Monthly Treasurer's Report for October 2022.

14. Subject: Consider the Monthly Treasurer's Investment Report for October 2022 Recommended Action: Receive the report

15. Subject: Consider the Monthly Treasurer's Report for November 2022 Recommended Action: Receive the report

16. Subject: Consider the Monthly Treasurer's Investment Report for November 2022 Recommended Action: Receive the report

17. Subject: Consider a resolution establishing the City Council meeting calendar through January 2, 2024
Recommended Action: Adopt Resolution No. 23-013 establishing the City Council meeting calendar through January 2, 2024

18. Subject: Consider amending the 2023 Council Committee Assignments to designate a Council appointment to the Historical Society Advisory Council Recommended Action : Approve amendment to the 2023 Council Committee Assignments to designate Councilmember Moore as the primary and Councilmember Chao as the alternate to the Historical Society Advisory Council

This item was pulled from the Consent Calendar for discussion.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period and the following people spoke.

Jennifer Griffin supported preserving the Stocklmeir property and the farming history of Cupertino.

Kathy Stakey was concerned about Councilmembers joining advisory boards of non- profit organizations.

Mayor Wei closed the public comment period and the following people spoke.

Wei moved and Chao seconded to a pprove an amendment to the 2023 Council 26 CC 02-07-2023
26 of 491
City Council Minutes January 17, 2023

Committee Assignments to designate Councilmember Fruen as the primary and Councilmember Chao as the alternate to the Historical Society Advisory Council, pending Councilmember Fruen ’s resignation from the Historical Society B oard. The motion carried unanimously with Moore abstaining.

19. Subject: Consider approval of response to the 2022 Civil Grand Jury of Santa Clara County Report entitled “Show Me the Money: Financial Transparency Needed” Recommended Action: Approve the response to the 2022 Civil Grand Jury of Santa Clara County Report entitled “Show Me the Money: Financial Transparency Needed”

This item was pulled from the Consent Calendar for discussion.

Mayor Wei opened the public comment period.

Peggy Griffin supported producing monthly Treasurers Reports and Councilmember efforts to support City compliance.

Lisa Warren supported Councilmember and staff efforts to support City compliance and opposed negative community feedback.

Mayor Wei closed the public comment period

Councilmembers asked questions and made comments

Chao moved and Fruen seconded to approve the response to the 2022 Civil Grand Jury of Santa Clara County Report entitled “Show Me the Money: Financial Transparency Needed.” The motion carried unanimously.

20. Subject: Status update on the 6th Cycle Housing Element update Recommended Action: Receive the report on the status of the Housing Element update and the next steps identified in this report to expedite the Housing Element review process

This item was pulled from the Consent Calendar for discussion.

Acting Community Development Director Luke Connolly reviewed the staff report.

Mayor Wei opened the public comment period.

Jennifer Griffin was concerned about the Housing Element process and January 31 deadline and Housing and Community Development (HCD) management. 27 CC 02-07-2023
27 of 491
City Council Minutes January 17, 2023

Housing Commissioner Connie Cunningham (representing self) supported an ambitious Housing Element process, a tenant relocation assistance ordinance, and a rental preservation program.

Peggy Griffin supported the staff recommendation to submit a Housing E lement draft before the deadline.

Lisa Warren supported the staff recommendation to a Housing Element draft before the January 31 deadline.

Mayor Wei closed the public comment period.

Councilmembers asked questions and made comments.

Council received the report on the status of the Housing Element update and the next steps identified in this report to expedite the Housing Element review process.

Council recessed from 9:40 p.m. to 9:48 p.m.

21. Subject: Consider an amendment to the Cost Sharing Agreement between the City of Cupertino and the Santa Clara Valley Water District (Valley Water) for water conservation programs
Recommended Action: Authorize the City Manager to execute the Sixth Amendment to the Cost Sharing Agreement between the City of Cupertino and Valley Water, increasing the amount by $165,000, for a total amount not to exceed $395,500, and extending the Term of the Agreement to end on June 30, 20 24; and Adopt Resolution No. 23-014 approving budget modification #2222-252 increasing appropriations by $90,000 in City Manager, Sustainability budget

22. Subject: Consider a resolution authorizing the City of Cupertino to take all necessary steps to accept $1,000,000 in specified grant funds from the Budget Act of 2022 -2023 for the Jollyman Park All-Inclusive Playground
Recommended Action: 1. Adopt Resolution No. 23-015 (Attachment A) authorizing the City of Cupertino to take all necessary steps to accept $1,000,000 in specified grant funds from the Budget Act of 2022 -2023 for the Jollyman Park All -Inclusive Playground; and

2. Adopt Resolution No. 23 -016 (Attachment B) approving budget modification no. 2223-251 increasing revenue for Jollyman All -Inclusive Playground (420 -99-051, PVAR 007) by $1,000,000

28 CC 02-07-2023
28 of 491
City Council Minutes January 17, 2023

23. Subject: Consider authorizing the Director of Public Works to reject all bids received for the Blackberry Farm Pool Improvements Capital Improvement Program (CIP) Project
Recommended Action : Authorize the Director of Public Works to reject all bids received for the Blackberry Farm Pool Improvements Project

This item was pulled from the Consent Calendar for discussion.

CIP Manager Susan Michael reviewed the staff report.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period.

Peggy Griffin asked about grant funding for the project.

Mayor Wei closed the public comment period.

Chao moved and Mohan seconded to authorize the Director of Public Works to reject all bids received for the Blackberry Farm Pool Improvements Project . The motion carried unanimously.

24. Subject: Consider award of a construction contract for the Wilson Park Basketball Court Project (Project No. 2022 -11) for the construction of a new full -size outdoor basketball court, including associated improvements
Recommended Action: 1. Award a construction contract for the Wilson Park Basketball Court Project and authorize the City Manager to execute the contract in the amount of $299,474.00 with Guerra Construction Group;

2. Authorize the Director of Public Works to execute any necessary change orders up to a construction contingency amount of $29,947.40 (10 %) for a total authorized contract amount of $329,421.40; and

3. Adopt Resolution No. 23-017 approving budget modification #2223-248 increasing appropriations in the Capital Improvement Program Capital Projects Fund (budget unit 420-99-252) and the Capital Reserve (budget unit 420-99-001) by $160,000 including construction, contingency, construction management, inspection, and testing services

25. Subject: Consider award of a construction contract for the Wilson Park Community Garden Project (Project 2020 -01.1) for construction of a new community garden and associated improvements
Recommended Action : 1. Award a construction contract for the Wilson Park Community Garden Project and authorize the City Manager to execute a contract in the amount of $284,585 (including base bid of $245,085 plus $39,500 for bid alternatives 2, 3, 4, and 5) with Tyman Construction;
29 CC 02-07-2023
29 of 491
City Council Minutes January 17, 2023

2. Authorize the Director of Public Works to execute any necessary change orders up to the construction contingency amount of $28,458 (10%) for a total authorized contract amount of $313,043; and

3. Adopt Res olution No. 23 -018 approving budget modification #2223 -249 increasing appropriations in the Capital Improvement Program (budget unit 420 -99-083) and the Capital Projects Reserve (budget unit 420-90-001) by $90,000 to fully fund the remaining project costs, which include contingency, construction management, inspection, and testing services

26. Subject: Consider Lawrence -Mitty Park and Trail project design direction following community outreach results.

Recommended Action: Approve Lawrence -Mitty Park and Trail project design direction following community outreach results and proceed to Final Concept Design Development.

This item was pulled from the Consent Calendar for discussion.

CIP Manager Susan Michael reviewed the staff report.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period.

Jennifer Griffin supported the project and additional fencing.

Jennifer Shearin supported the project.

Peggy Griffin supported the project and was concerned about the safety of unhoused individuals in the area.

Lisa Warren was concerned about the safety of unhoused individuals in the area.

Mayor Wei closed the public comment period.

Chao moved and Fruen seconded to a pprove Lawrence -Mitty Park and Trail project design direction following community outreach results and proceed to Final Concept Design Development. The motion carried unanimously.

SECOND READING OF ORDINANCES - None
ORAL COMMUNICATIONS - CONTINUED (As necessary) - None

30 CC 02-07-2023
30 of 491
City Council Minutes January 17, 2023

COUNCIL AND STAFF COMMENTS AND FUTURE AGENDA ITEMS

Councilmembers requested the following future agenda items:

- Reconsider Council’s decision on City Hall on November 15, 2022 (Fruen/Wei) - Consider adding a vacancy tax as a future ballot measure (Moore/Chao)

Councilmembers also requested the following information to be provided via memo:

- Receive updated memo on Lehigh Cement Plant and Quarry activities (Chao/Moore) - Receive memo on sales tax audit being conducted by the California Department of Tax and Fee Administration (CDTFA) and upcoming legislation (Chao) - City Manager updates on milestones related to the Housing Element (Mohan)

ADJOURNMENT

At 10:43 p.m., Mayor Wei adjourned the Regular City Council Meeting.

________________________
Kirsten Squarcia, City Clerk

31 CC 02-07-2023
31 of 491

CITY OF CUPERTINO
Agenda Item
23-12024 Agenda Date: 2/7/2023
Agenda #: 7.

Subject: Consider approval of the January 25 City Council minutes Approve the January 25 City Council minutes
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
32 CC 02-07-2023
32 of 491

DRAFT MINUTES

CUPERTINO CITY COUNCIL
Wednesday, January 25, 2023

SPECIAL MEETING

At 4:00 p.m., Mayor Hung Wei called the Special City Council Meeting to order in the Cupertino Community Hall Council Chamber, 10350 Torre Avenue and via teleconference.

ROLL CALL

Present: Mayor Hung Wei, Vice Mayor Sheila Mohan, and Councilmembers Liang Chao, J.R.

Fruen and Kitty Moore. Absent: none.

STUDY SESSION

1. Subject: Consider adopting Cupertino City Council Procedures Manual, including a new Ceremonial Correspondence Policy (Continued from January 17, 2023) Recommended Action: Provide input regarding Council procedures and approve Resolution No. 23-021 adopting Cupertino City Council Procedures Manual, including a new Ceremonial Correspondence Policy
Presenter: Christopher Jensen, City Attorney

Written commu nications for this item included a staff presentation, City Council Procedures Manual - Supplemental Staff Report with Amended Attachment A, and emails to Council.

City Attorney Christopher Jensen gave a presentation.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period and the following people spoke.

Peggy Griffin opposed taking action at a study session and supported modifications to the draft procedures manual. (Submitted written comments).

Jennifer Griffin supported modifications to the draft procedures manual.

33 CC 02-07-2023
33 of 491
City Council Minutes January 25, 2023

Lisa Warren opposed taking action at a study session and supported modifications to the draft procedures manual.

Rhoda Fry opposed taking action at a study session and supported modifications to the draft procedures manual.

Donna Austin supported the draft procedures manual.

Louise Saadati supported the draft procedures manual.

Danessa Techmanski opposed taking action at a study session and supported modifications to the draft procedures manual.

Mayor Wei closed the public comment period.

Council took straw votes on whether to incorporate the suggested Councilmember revisions into the proposed Procedures Manual . Items with three or more votes were incorporated.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

1.1 (Moore) Purpose. Delete "and members of the
public."
No Yes No No No Noes
(4)

1.3 (Chao) Brown Act. Add a new Section 1.2 that
reads as follows: "Principle. The City Council
maintains control as the governing body. This
manual ensures free and fair access to the flow of
any information relative to the operation of the
City and free and fair access to public meetings.”
No Yes No Yes No Noes
(3)

2.1 (Moore) Selection of Mayor and Vice Mayor.

Delete: "The Mayor and Vice Mayor shall not
serve consecutive terms; provided, however, this
provision shall not prevent the Vice Mayor from
succeeding to the office of Mayor."
No Yes No No No Noes
(4)

2.2 (Mohan) Removal of Mayor and Vice Mayor. Add
“Removal for cause shall mean removal of a
Councilmember because of such member’s (a) willful
and continued failure substantially to perform their
duties, (b) conviction for, or guilty plea to, a felony, or a crime involving moral turpitude, (c) abuse of illegal drugs or other controlled substances or habitual
intoxication, or (d) other illegal activities. The removal should proceed with a formal warning, which states
with proven evidence of the member’s failure to
perform their duties and proposed corrective
measures..”
Yes No Yes Yes Yes Ayes
(4)
34 CC 02-07-2023
34 of 491
City Council Minutes January 25, 2023

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

3.1 (Chao) Replace Section 3.1 with the
following: "It will be the responsibility of the
committees and subcommittees to inform and
submit recommendations to the Council. The
purpose and scope of each standing or ad hoc
committee should be stated when it is formed
and re-stated when councilmembers are
appointed to the committee at a regular
meeting.
 The City Manager shall prepare a
report to Council about the anticipated
time commitment required for staff to
assist the Ad Hoc Committee.
 Information: The scope, membership, time
of creation and estimated number of
meetings for each Ad Hoc Committee
shall be posted to the City Council
website.
 Termination: A majority of the Council
may vote to terminate any Ad Hoc
Committee following a written report by
the committee.
 Ad Hoc Committees do not constitute
legislative bodies and are not subject to
the requirements of the Brown Act.

Standing committees that have a
continuing or indefinite jurisdiction are
subject to the Brown Act."
No Yes No Yes No Noes
(3)

3.3 (Moore) Reporting. "Council committee and
subcommittee members are to keep the Council
informed of the work and progress of their
committee or subcommittee. These reports or
minutes shall be made in writing , whenever a
recommendation is made to the Council."
No Yes Yes No No Noes
(3)

Council recessed from 5:55 p.m. to 6:00 p.m.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

4.2 (Wei) Attendance at Council Meetings. Staff
shall provide the commission with advance notice
for the commission to select a member to attend the
City Council
meeting.

Yes Yes Yes Yes Yes Ayes
(5)

4.2 (Moore) Attendance at Council Meetings. At least
one commission member, preferably the Chair or Vice
Chair, must attend City Council meetings when the
commission has an item of interest on the Council
Yes Yes Yes Yes Yes Ayes
(5)
35 CC 02-07-2023
35 of 491
City Council Minutes January 25, 2023

agenda, so as to be available to answer Council
questions.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

4.4 Appointment. (Multiple) “…Former
Councilmembers are not eligible for appointment
to service on any commission or committee
within four years of having served on the City
Council.

No No - - No Noes
(3)

4.4 (Chao) Delete the last sentence "Former
Councilmembers are not eligible for appointment
to any commission or committee within four
years of having served on the City Council.").

Add: "City staff should report communications
from former Councilmembers and former
commissioners on issues related to City business
through phone calls or in-person
communications."
No Yes No Yes No Noes
(3)

4.4 (Moore) "... Former Councilmembers are not
eligible for appointment to any commission or
committee within four years of having served on
the City Council. Commissioners and committee
members shall not be employees of the City or
companies which the City contracts with, or
employees of subcontracted companies."
No Yes No Yes No Noes
(3)

4.5 (Staff) Removal. The City Clerk shall remove
commission or committee members for failure to
comply with attendance policies adopted in the
Commission and Committee Handbook
Commissioner’s Handbook.

Yes Yes Yes - Yes Ayes
(4)

4.5 (Chao) “The City Clerk shall remove inform
the Council to consider removal of commission or
committee members for failure to comply with
attendance policies adopted in the Commission
and Committee Handbook…”
No - No Yes No Noes
(3)

4.6 (Staff) Undue Influence on Commissioners. Delete
and commissioners” from the last sentence of Section

4.6. Yes Yes Yes Yes - Ayes
(4)

4.6 (Moore) Individual Councilmembers and
commissioners shall have the right to attend meetings
of Cupertino commissions and other Cupertino
governmental bodies but shall refrain from speaking
or becoming involved in deliberations.

Yes Yes Yes Yes - Ayes
(4)

5.1 (Moore) Attendance. Council attendance will be
noted in the agenda of the next regular meeting and
thereafter for that calendar year, if five or more
regular meetings are missed.

Yes Yes Yes Yes Yes Ayes
(5)

5.2 (Moore) Correspondence. Official
correspondence from any member of Council
shall be provided to all members of Council."
No Yes No - No Noes
(3)
Staff to
36 CC 02-07-2023
36 of 491
City Council Minutes January 25, 2023

review
process
Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

5.2 (Chao) Add staff recommendation and urgent
correspondence will be added to Consent Calendar on
next Council agenda for public information.

Yes - No Yes No Staff to
review
process

5.3 (Chao) Regional Bodies. The Mayor makes the
recommendation which is then approved by the
Council.

No - No Yes No Noes
(3)

5.3 (Moore) "Council representatives to such various
boards shall keep the Council informed of ongoing
business through brief oral or and written reports
to the Council”; and add the following: The Council
representative shall provide a written report to
Council consi stent with Section 3.3.

No Yes No - No Noes
(3)

5.7 (Staff) Council Training. New members must
receive the training within their first year of service and shall comply with ongoing training requirements
imposed by state law. Members shall attend training
sessions that are offered locally in the immediate
vicinity of Santa Clara County or, by completing
online a state-approved public service ethics
education program, or through a state-approved
training which may be provided at a conference
attended by the member.

Yes Yes - Yes Yes Ayes
(4)

5.8 Mayor’s Initiative Budget. Keep this section. Yes No Yes No Yes Ayes (3)

6.6 (Staff/Chao) Councilmember Access to
Information. The City Manager shall place requests
that impose a significant workload on staff on the
Council agenda for review by the full Council, along
with a statement from that Councilmember as to why
the information is needed.

Yes Yes Yes Yes - Ayes
(4)

7.1 (Wei) Future Agenda Items: "The City Manager
shall provide a quarterly report to Council regarding
the status of future agenda items, which may include
a request to remove items that are outdated or
obsolete, from the list of future agenda items. Any
item Outdated or obsolete items may be removed for
the future agenda items list by a majority vote of the
City Council. The City Manager may ask Council to
reaffirm that items remain on the future
agenda items list with the support of two
councilmembers.

No - No No No Noes
(4)

7.1 (Multiple) Delete the sentence: Any item may be
removed for the future agenda items list by a majority
vote of the City Council.”
No - No No No Noes
(4)

7.1 (Chao) Adopt a Council procedures manual that
follows the “Colleagues Memo” process used by the
No,
add to
No,
add to
No,
add to
No,
add to
No,
add to
Noes
(4) add
37 CC 02-07-2023
37 of 491
City Council Minutes January 25, 2023

City of Palo Alto. future
agenda
future
agenda
future
agenda
future
agenda
future
agenda
to
future
agenda
Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

7.1 Future Agenda Items: Discuss this section further
on a future agenda.
- Yes - Yes Yes Ayes
(3)

7.5 (Staff) Agenda Publication. Agenda packets for a
regular meeting should be published and delivered to
Councilmembers no later than the Thursday
Wednesday prior to a Tuesday Council meeting.

Yes No Yes Yes Yes Ayes
(4)

7.6 (Chao) Supplemental Materials. Supplemental
reports and materials received by the City Clerk after
the agenda is published but before 12:00 p.m. on the
Monday prior to the City Council meeting shall be
published and delivered to Councilmembers at 5:00
p.m. on Monday. Supplemental reports and materials
received by the City Clerk after 12:00 p.m. on Monday
but before 4:00 p.m. on the day of the meeting shall be published and delivered to Councilmembers prior to
the Council meeting. Council questions and staff-
prepared responses will be included in supplemental
materials provided to Council and the public.

Yes Yes Yes Yes Yes Ayes
(5)

8.2 (staff) Seating of Councilmembers. For meetings
held in Council Chambers at Community Hall, the
Mayor shall be seated at the center of the dais and the Vice Mayor shall be seated immediately to the
Mayor’s left. The remaining Councilmembers shall be
seated in order of seniority as follows: (1) the seat
immediately to the right of the Mayor; (2) the last seat on left side of the dais; (3) the last seat on the right side of the dais. Seniority shall be based on the
number of consecutive years of service on the City
Council. If two members have equal seniority based
on service, the member with the higher vote count in
their most recent election is considered to have higher seniority.

Yes Yes Yes Yes Yes Ayes
(5)

8.4 (Chao) Order of Business.

1. Call to Order
 Pledge of Allegiance
 Roll Call
 Closed Session Report
 Ceremonial Items
 Postponements and Orders of the Day
 Oral Communications (public comment on non‐
agenda matters)
 Consent Calendar
 Public Hearings
 Action Calendar
 Items Removed from the Consent Calendar
Yes Yes Yes Yes Yes Ayes
(5)
38 CC 02-07-2023
38 of 491
City Council Minutes January 25, 2023

 Council Reports and Comments
 City Manager Report
 Oral Communications (continued)
 Informational Items
 Council and Staff Comments and the Future
Agenda Items

17. Adjournment

Council recessed from 8:44 p.m. to 8:50 p.m.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

8.5.1 (Chao) Adding Item to Consent Calendar. The
Mayor, the City Manager, the City Attorney, or the
City Clerk may recommend that items appearing on
the agenda be placed on the consent calendar for
action by the City Council. In addition, any item may
be placed on the consent calendar by a majority vote
of the City Council. All items placed on the consent
calendar shall appear together on the agenda with the
recommendation as to the action to be taken by the
City Council with respect to such item. Upon the
motion of any member of the City Council, all items
placed upon the consent calendar may be acted upon
together, and each shall be deemed to have received
the action recommended. Items may be removed from
the consent calendar only by a member of the City
Council.

No Yes Yes Yes Yes Ayes
(4)

8.5.2 (Fruen/Wei) Removing Item from Consent
Calendar. Revise to allow Councilmembers to remove
at most one item from the consent calendar without
providing notice before the Council meeting begins.

Items may be removed from the consent calendar only
by a member of the City Council. Any member of the
City Council who would like to remove any item from
the consent calendar shall notify the City Manager
and the City Clerk prior to the meeting; provided,
however, each Councilmember may remove one item
from the consent calendar without providing notice
before the Council meeting begins. Although
members of the City Council are encouraged to ask
questions and share concerns about the agenda item
with staff before the meeting, they are not required to do so. Items removed from the consent calendar shall
be placed at the end of the agenda for consideration.

Yes No Yes Yes Yes Ayes
(4)

8.5.2 (Moore) Delete Section 8.5.2. No Yes No No No Noes (4)

8.6 (Wei) Follow as recommended by staff to limit
public comment up to 10 minutes if the speaker is
representing five or more people and all other
- - - - - -
39 CC 02-07-2023
39 of 491
City Council Minutes January 25, 2023

procedures are the Mayor's discretion. No member of
the public may be allocated more than a combined
total of 10 minutes to speak during a Council meeting.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

8.6 (Moore) No member of the public may be
allocated more than a combined total of 10 minutes to
speak during a Council meeting.
- - - - - -

8.6 (Fruen) Public Comment. Remove the 10-minute
limit on total time for public comment by a single
member of the public and to increase the length of
time members of the public have to raise their hand or
submit a blue card to speak to 9 minutes or prior to
the close of public comment.

Yes Yes Yes - Yes Ayes
(4)

8.6 (Chao) Support a 5-minute time limit but add a
future agenda item on a better method of handling
both virtual in-person speaker cards.
- - - Yes - -

8.9.1 (Staff) Ex Parte Contacts. Councilmembers shall
disclose any ex parte contacts prior to deliberation on a quasi-adjudicative matter ex parte communications
prior to deliberation on a quasi-judicial matter. A
quasi-judicial matter is typically a hearing in which
the City Council hears evidence and makes findings
of fact to reach a conclusion based on the applicable
law. An ex parte communication occurs when a
Councilmember hearing a quasi-judicial matter
communicates directly or indirectly with any person
or party in connection with a matter before the
Council, without notice and the opportunity for all
parties to participate.

Yes Yes Yes Yes Yes Ayes
(5)

8.9.3 (Wei) Council Questions and Deliberations.

Add "...The Mayor may allow additional time
for deliberation where appropriate. ”
- Yes - Yes - -

8.9.3 (Fruen) Councilmembers may obtain the floor
by seeking recognition from the Mayor. Following
presentations to Council on an agenda item,
Councilmembers shall each be given 5 minutes to ask
questions of any presenter. The Mayor may allow
additional time for questions where appropriate.

Following public comment, the Mayor may request
that a motion be made and seconded. After the
motion has been stated to the Council and seconded,
any member of the Council has a right to discuss the
motion after obtaining the floor. A member who has
been recognized should limit their time to 5 minutes.

Councilmembers may obtain the floor by seeking
recognition from the Mayor. Following presentations
to Council on an agenda item, Councilmembers shall
each be given five minutes to ask questions of any
presenter. The Mayor may allow additional time for
Yes Yes - Yes Ayes
(3)
40 CC 02-07-2023
40 of 491
City Council Minutes January 25, 2023

questions where appropriate. Following public
comment, the Mayor may request that a motion be
made and seconded. After the motion has been stated
to the Council and seconded, any member of the
Council has a right to discuss the motion after
obtaining the floor. A member who has been
recognized shall limit their time to five minutes. The
Mayor may allow additional time for questions
where appropriate. This rule shall displace any
conflicting rule in the City’s adopted rules of
procedure.

Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

8.10 (Fruen) Meeting Length. If a meeting continues
past 11:00 p.m., it shall end at 11:30 p.m. All meetings shall be adjourned at 11:30 p.m. unless by a 2/3 vote of a majority of the City Council suspends this rule and
votes affirmatively to extend the meeting past 11:30
p.m.

Yes Yes - Yes Yes Ayes
(4)

8.11 (Moore) Public Hearing Procedures.

The order of proceeding where there is a
public hearing item (non-appeal items) before the
City Council shall be as
follows:

1. Open Public Hearing

2. Staff Report (preferably ≤ 10 minutes)

3. Applicant’s presentation (where applicable)
(preferably ≤ 8 minutes)

4. Questions from the Council

5. Public comment

6. Applicant’s response to public comment (where
applicable) (preferably 2 minutes)

7. Close Public Hearing and vote
Where the public hearing involves an appeal of a
decision to the City Council, the order of proceeding
shall be as follows:

1. Open Public Hearing

2. Staff Report (preferably ≤ 10 minutes)

3. Appellant’s statement (preferably ≤ 8 minutes)

4. Applicant’s statement (where applicable)
(preferably ≤ 8 minutes)

5. Questions from the Council

6. Public comment

7. Applicant’s response to public comment
(where applicable) (preferably 2 minutes)

8. Appellant’s response to public comment
(preferably 2 minutes)

9. Close Public Hearing

10. City Council discussion and vote
Yes Yes Yes Yes Yes Ayes
(5)
41 CC 02-07-2023
41 of 491
City Council Minutes January 25, 2023

8.12 (Staff) City Council Recess Period. The City
Council recess period shall begin the first Tuesday in
August at 12:00 a.m. and end the Tuesday following
Labor Day at 12:00 a.m. During any recess period, the
City Manager is authorized to take such ministerial
actions for matters of operational urgency, including
such emergency actions as are necessary for the
immediate preservation of the public peace, health, or
safety, as would normally be taken by the City
Council during the period of recess, except for those
duties specifically reserved to the Council by law. This authority extends throughout the period of recess
established by the City Council and includes the
authority to execute agreements and make
expenditures necessary for the exigent operational
matters. The City Manager shall make a full and
complete report to the City Council at its first
regularly scheduled meeting following the period of
recess of actions taken by the City Manager pursuant
to this section, at which time the City Council may
make such findings as may be required to ratify the
actions of the City Manager. Nothing in this Section
prevents the City Council from calling a special
meeting during the recess period.

Yes Yes - Yes - Ayes
(3)
Proposed Section Revision Fruen Moore Mohan Chao Wei Vote

8.13 (Chao) Add a new paragraph to Section 8 that
reads as follows: Study Sessions. Study Sessions are
meetings during which the Council receives
information about City business in an informal
setting. The informal study session
setting is intended to encourage in depth discussion
and detailed questioning and brainstorming by
Council on issues of significant interest including City policy matters, zoning applications, and major public
works projects. The Council may discuss the material
freely without following formal rules of
parliamentary procedure. Staff may be directed to
bring matters back for future Council consideration as
no action can be taken at a study session. The
Decorum rules still apply to the behavior of the
Council and public.

No - No - No Noes
(3)

10. (Moore) Revise “2/3 vote of the Council”” to state
“ three votes of the Council”
- Yes Yes Yes - Ayes
(3)

5.5 (Staff) Ceremonial Correspondence. Remove
policy and bring back for Council consideration at a
later date.
- - - - - -

42 CC 02-07-2023
42 of 491
City Council Minutes January 25, 2023

Chao moved to accept Council’s straw vote recommendations and direct staff to take Council’s input and return with a revised Council Procedures at the next regular City Council meeting; and bring back the future agenda items that were discussed. There was no second and Chao’s motion was not considered.

The following items will be provided to Council separately:
- Current Mayor’s Initiative Budget resolution and if Council desires to update the current resolution, this can be done at a future date.
- quarterly report on the To-Be-Determined (TBD) list of draft future agenda items - email to Council on exact times that Council questions will be provided as supplemental materials/desk items
- email to Council on what qualifies as a Consent Calendar agenda item - include examples of study session policies from other cities when future revisions are discussed for the adopted council procedures
- further discussion on the Colleagues Memo Policy

Wei moved and Chao seconded to provide direction to the City Manager and City Attorney to consolidate the straw vote recommendations and return to Council with a revised Procedures Manual that reflects the results of the straw poll votes, for consideration at the next regular City Council meeting; and provide more information to Council on the additional items discussed prior to adding to a future City Council agenda. The motion carried with Moore voting no.

2. Subject: Study Session to consider modifying Municipal Code Title 2 regarding compositions and responsibilities of existing Commissions and Committees (Continued from January 17, 2023)
Recommended Action: Direct staff to proceed with ordinance amendment to consolidate existing Commissions and Committees
Presenter: Pamela Wu, City Manager

Written communications for this item included a staff presentation and emails to Council.

City Manager Pamela Wu gave a presentation.

Councilmembers asked questions and made comments.

Mayor Wei opened the public comment period and the following people spoke.

Peggy Griffin opposed consolidating the Environmental Review Co mmittee ( ERC), Design Review Committee (DRC), Legislative Review Committee (LRC) , and Economic Development Committee (EDC).
43 CC 02-07-2023
43 of 491
City Council Minutes January 25, 2023

Jennifer Griffin opposed consolidating the ERC, LRC, and other Committees.

Lisa Warren opposed discontinuing the City Hall Renovation Subcommittee and consolidating the ERC, DRC, LRC, and EDC.

Donna Austin supported consolidating existing Commissions and Committees and the staff recommendation.

Rhoda Fry opposed consolidating the ERC and DRC and delegating the EDC and LRC.

Louis Saadati supported consolidating existing Commissions and Committees and the Subcommittees.

Housing Commissioner Tessa Parish (representing self) opposed consolidating the ERC and DRC and delegating the LRC and EDC.

Mayor Wei closed the public comment period.

Fruen moved and Mohan seconded the staff recommendation to:
1) Consolidate certain Commissions and Committees; and
2) Discontinue all previously formed subcommittees; and 3) Proceed with preparation of necessary ordinance amendments.

Chao moved and Moore seconded a substitute motion to:

1. Combine the Environmental Review Committee (ERC) and Design Review Committee (DRC) into one committee but not merge with Planning Commission;

2. Remove the Legislative Review Committee (LRC);

3. Remove the Administrative Hearing Committee (AH) from the list;

4. Merge the Disaster Council with the City Council;

5. Retain the Economic Development Committee (EDC);

6. Follow the staff recommendation to discontinue the Subcommittees;

7. Follow the staff recommendation to proceed with preparation of necessary ordinance amendments.

The substitute motion failed with Chao and Moore voting yes.

Chao made a friendly amendment for staff to return with alternative suggestions for the current structure of the Economic Development Committee. (Fruen and Mohan accepted the friendly amendment).

44 CC 02-07-2023
44 of 491
City Council Minutes January 25, 2023

Moore moved and Chao seconded a second substitute motion to move the recommended action with the amendment to retain the Economic Development Committee as codified.

The second substitute motion failed with Chao and Moore voting yes.

Final motion:

Fruen moved and Mohan seconded the staff recommendation to:
1) Consolidate certain Commissions and Committees; and
2) Discontinue all previously formed subcommittees; and 3) Proceed with preparation of necessary ordinance amendments; and 4) Provide direction for staff to return with alternative suggestions for the current structure of the Economic Development Committee.

The motion carried with Moore voting no.

ADJOURNMENT

At 11:59 p.m., Mayor Wei adjourned the Special City Council Meeting.

________________________
Kirsten Squarcia, City Clerk

45 CC 02-07-2023
45 of 491

CITY OF CUPERTINO
Agenda Item
23-11881 Agenda Date: 2/7/2023
Agenda #: 8.

Subject: Consider adopting a resolution authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361
Adopt Resolution No. 23-022 authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361
CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
46 CC 02-07-2023
46 of 491

1 CITY COUNCIL STAFF REPORT
Meeting: February 7, 2023

Subject
Consider adopting a resolution authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361

Recommended Action
Consider adopting a resolution authorizing continued remote teleconference meetings of the legislative bodies of the City of Cupertino for the period February 7, 2023 through February 28, 2023 pursuant to the Brown Act, as amended by AB 361

Background
On March 2, 202 0, Governor Newsom declared a state of emergency due to the public health threat posed by COVID-19. On March 4, 2020, Governor Newsom issued Executive Order No -29-20, which suspended certain elements of the Brown Act and specifically allowed legislative bodies to hold meetings entirely electronically with no physical meeting. In accordance with the Executive Order , the City held its first teleconference meeting on March 24, 2020, to help stop the spread of COVID -19. On June 11, 2021, Governor Newsom issued Executive Order No-08-21, which stated that the provisions in Executive Order No-29-20, suspending certain elements of the Brown Act, would continue to apply through September 30, 2021. On October 17, 2022, Governor Newsom announced that the COVID-19 State of Emergency will end on February 28, 2023.

On September 15, 2021, Governor Newsom signed AB 361 into law, which allows state and local agencies to continue using teleconferencing during certain state -declared emergencies under modified Brown Act requirements. AB 361 became effective immediately after signing due to its emergency clause and is set to sunset on January 1, 2024. Under AB 361, teleconference meetings may be held during a state of emergency if (1) state or local officials have imposed or recommended measures to promote social distancing, or (2) a legislative body determines by a majority vote that meeting in person would present imminent risks to the hea lth or safety of attendees. (Gov. Code, § 54953(e)(1).)

47 CC 02-07-2023
47 of 491
2 To continue teleconference meetings beyond a 30-day period, AB 361 requires the Council to make a determination that either (i) "[t]he state of emergency continues to directly impact the ability of the members to meet safely in person, or (ii) “State or local officials continue to impose or recommend measures to promote social distancing.” (Gov. Code, § 54953(e)(3)(B).) That determination must be reviewed each 30 days thereafter to continue teleconference meetings. (Ibid.)

Discussion
AB 361 allows the City Council and other City legislative bodies to continue meeting exclusively via teleconference so long as a state emergency declaration remains in place and the statute’s conditions for permitting remote meetings are met. To continue meeting remotely, the City Council must find that state or local officials have imposed or recommend measures to support social distancing , or that the state of emergency continues to directly impact the ability of the members to meet safely in person.

On January 17, Council adopted Resolution No. 23-001 affirming findings related to AB 361 and authorizing the City Manager and legislative bodies of the City of Cupertino to meet exclusively by teleconference in accordance with Government Code section 54953(e)(3) and other applicable provisions of the Brown Act through February 17, 2023 (Attachment B). Council may make either or both of the permitted findings to extend the time to allow teleconference meetings to continue. The California Department of Industrial Relations Revised Emergency Temporary Standards, effective May 6, 2022, continue to require or recommend social distancing in the workplace in certain circumstances. It is therefore recommended that Council adopt the Draft R esolution authorizing continued teleconference meetings for the City of Cupertino’s legislative bodies in order to protect the health and safety of all attendees and participants , particularly those who ar e unvaccinated (Attachment A) . The authorization for teleconference meetings under AB 361 will end on February 28, consistent with Governor Newsom’s stated intent to terminate the COVID-19 State of Emergency on that date. This will be the last time Council is requested to consider authorizing meetings exclusively by teleconference. All Councilmembers have resumed in person attendance at City Council meetings, while members of the public will continue to be allowed to participate in person or via teleconference (hybrid model) going forward.

Sustainability Impact
Conducting meetings remotely has reduced paper consumption by providing electronic access to meeting materials instead of printed materials.

Fiscal Impact
No fiscal impact.
_____________________________________

Prepared by: Kirsten Squarcia, City Clerk
Approved for Submission by: Pamela Wu, City Manager
48 CC 02-07-2023
48 of 491
3 Attachments:

A – Draft Resolution
B – Adopted Resolution No. 23-001

49 CC 02-07-2023
49 of 491
RESOLUTION NO. 23-___

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

AUTHORIZING CONTINUED REMOTE TELECONFERENCE MEETINGS OF THE

LEGISLATIVE BODIES OF THE CITY OF CUPERTINO FOR THE PERIOD FEBRUARY 7, 2023 THROUGH FEBRUARY 28, 2023 PURSUANT TO BROWN ACT

PROVISIONS

WHEREAS, the City of Cupertino is committed to preserving and nurturing public access and participation in meetings of the City Council, commissions, and committees; and

WHEREAS, all meetings of the City of Cupertino’s legislative bodies are open and public, as required by the Ralph M. Brown Act (Government Code sections 54950–54963), so that any member of the public may attend, participate, and watch the City’s legislative bodies conduct their business; and

WHEREAS, the Brown Act, Government Code section 54953(e), makes provisions for remote teleconferencing participation in meetings by members of a legislative body, without compliance with the requirements of Government Code section 54953(b)(3), subject to the existence of certain conditions; and

WHEREAS, a required condition for holding meetings exclusively by teleconference is that a state of emergency is declared by the Governor pursuant to Government Code section 8625, proclaiming the existence of conditions of disaster or of extreme peril to the safety of persons and property within the state caused by conditions as described in Government Code section 8558; and

WHEREAS, Government Code section 54953(e) further requires that in order to authorize meetings exclusively by teleconference, a legislative body must determine that state or local officials have imposed or recommended measures to promote social distancing, or that meeting in person would present imminent risks to the health and safety of attendees; and

WHEREAS, on October 5, 2021, November 2, 2021, November 30, 2021, December 21, 2021, January 18, 2022, February 15, 2022, March 15, 2022, April 5, 2022, May 3, 2022, May 19, 2022, June 7, 2022, July 7, 2022, July 19, 2022, August 16, 2022, September 6, 2022, October 4, 2022, November 1, 2022, November 15, 2022, December 5, 2022, December 20, 2022, and January 17, 2023 the Cupertino City Council made the findings required under Government Code section 54953(e) and resolved that the legislative bodies of the City of 50 CC 02-07-2023
50 of 491
Resolution No. 23-___

Cupertino shall conduct their meetings without compliance with Government Code section 54953(b)(3), as authorized by Government Code section 54953(e), and that such legislative bodies should comply with the requirements to provide the public with access to the meetings as prescribed in section 54953(e)(2); and

WHEREAS, Government Code section 54593(e)(3) provides that to continue to holding meetings of legislative bodies exclusively by teleconference, the legislative body must reconsider the circumstances of the state of emergency every 30 days, and find that either (i) the state of emergency continues to directly impact the ability of the members to meet safely in person, or (ii) State or local officials continue to impose or recommend measures to promote social distancing; and

WHEREAS, the City Council has r econsidered the circumstances of the state of emergency that now exists , specifically defined in the County of Santa Clara proclamation of a local emergency beginning February 3, 2020, the City of Cupertino proclamation of a local emergency on March 11, 20 20, the Governor of the State of California proclamation of a state of emergency beginning on March 4, 2020, and the national emergency declaration in Proclamation 9994 of March 13, 2020, beginning March 1, 2020, concerning the COVID-19 pandemic; and

WHEREAS, the California Department of Industrial Relations Revised Emergency Temporary Standards, effective May 6, 2022, continue to require or recommend social distancing in the workplace in certain circumstances; and

WHEREAS, the Revised Emergency Temporary Standards, and evidence documenting the transmission of COVID-19 in indoor spaces establishes that the state of emergency continues to directly impact the ability of the members to meet safely in person; and

WHEREAS, based on the above findings, the Cupertino City Council hereby determines that the legislative bodies of the City of Cupertino shall continue to conduct their meetings without compliance with Government Code section 54953(b)(3), as authorized by Government Code section 54953(e), and that such legislative bodies shall comply with the requirements to provide the public with access to the meetings as prescribed in section 54953(e)(2); and

WHEREAS, the City has and will continue to provide access for the public to legislative meetings and procedures through video teleconference technologies.

51 CC 02-07-2023
51 of 491
Resolution No. 23-___

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cupertino, as follows:

1. Remote Teleconference Meetings. The City Manager and legislative bodies of the City of Cupertino are hereby authorized and directed to meet exclusively by teleconference and to take all actions necessary to carry out the intent and purpose of this Resolution , including conducting open and public meetings in accordance with Government Code section 54953(e) and other applicable provisions of the Brown Act.

2. Effective Date of Resolution. This Resolution shall take effect immediately upon its adoption and shall be effective through February 28, 2023, or such time as the City Council adopts a subsequent resolution in accordance with Government Code section 54953(e)(3) to extend the time during which th e City Council of the City of Cupertino may continue to teleconfe rence without compliance with Government Code section 54953(b)(3).

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 7th day of February 2023, by the following vote:

Members of the City Council

AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:

_______________ ________________
Hung Wei, Mayor
City of Cupertino

________________________
Date
ATTEST:

____________________ ___________
Kirsten Squarcia, City Clerk

________________________
Date

52 CC 02-07-2023
52 of 491
RESOLUTION NO. 23-001

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

AUTHORIZING CONTINUED REMOTE TELECONFERENCE MEETINGS OF THE

LEGISLATIVE BODIES OF THE CITY OF CUPERTINO FOR THE PERIOD JANUARY 17, 2023 THROUGH FEBRUARY 16, 2023 PURSUANT TO BROWN ACT

PROVISIONS

WHEREAS, the City of Cupertino is committed to preserving and nurturing public access and participation in meetings of the City Council, commissions, and committees; and

WHEREAS, all meetings of the City of Cupertino’s legislative bodies are open and public, as required by the Ralph M. Brown Act (Government Code sections 54950–54963), so that any member of the public may attend, participate, and watch the City’s legislative bodies conduct their business; and

WHEREAS, the Brown Act, Government Code section 54953(e), makes provisions for remote teleconferencing participation in meetings by members of a legislative body, without compliance with the requirements of Government Code section 54953(b)(3), subject to the existence of certain conditions; and

WHEREAS, a required condition for holding meetings exclusively by teleconference is that a state of emergency is declared by the Governor pursuant to Government Code section 8625, proclaiming the existence of conditions of disaster or of extreme peril to the safety of persons and property within the state caused by conditions as described in Government Code section 8558; and

WHEREAS, Government Code section 54953(e) further requires that in order to authorize meetings exclusively by teleconference, a legislative body must determine that state or local officials have imposed or recommended measures to promote social distancing, or that meeting in person would present imminent risks to the health and safety of attendees; and

WHEREAS, on October 5, 2021, November 2, 2021, November 30, 2021, December 21, 2021, January 18, 2022, February 15, 2022, March 15, 2022, April 5, 2022, May 3, 2022, May 19, 2022, June 7, 2022, July 7, 2022, July 19, 2022, August 16, 2022, September 6, 2022, October 4, 2022, November 1, 2022, November 15, 2022, December 5, 2022, and December 20, 2022 the Cupertino City Council made the findings required under Government Code section 54953(e) and resolved that the legislative bodies of the City of Cupertino shall 53 CC 02-07-2023
53 of 491
Resolution No. 23-001

conduct their meetings without compliance with Government Code section 54953(b)(3), as authorized by Government Code section 54953(e), and that such legislative bodies should comply with the requirements to provide the public with access to the meetings as prescribed in section 54953(e)(2); and

WHEREAS, Government Code section 54593(e)(3) provides that to continue to holding meetings of legislative bodies exclusively by teleconference, the legislative body must reconsider the circumstances of the state of emergency every 30 days, and find that either (i) the state of emergency continues to directly impact the ability of the members to meet safely in person, or (ii) State or local officials continue to impose or recommend measures to promote social distancing; and

WHEREAS, the City Council has reconside red the circumstances of the state of emergency that now exists , specifically defined in the County of Santa Clara proclamation of a local emergency beginning February 3, 2020, the City of Cupertino proclamation of a local emergency on March 11, 2020, the Governor of the State of California proclamation of a state of emergency beginning on March 4, 2020, and the national emergency declaration in Proclamation 9994 of March 13, 2020, beginning March 1, 2020, concerning the COVID-19 pandemic; and

WHEREAS, the California Department of Industrial Relations Revised Emergency Temporary Standards, effective May 6, 2022, continue to require or recommend social distancing in the workplace in certain circumstances; and

WHEREAS, the Revised Emergency Temporary Stan dards, and evidence documenting the transmission of COVID-19 in indoor spaces establishes that the state of emergency continues to directly impact the ability of the members to meet safely in person; and

WHEREAS, based on the above findings, the Cupertino City Council hereby determines that the legislative bodies of the City of Cupertino shall continue to conduct their meetings without compliance with Government Code section 54953(b)(3), as authorized by Government Code section 54953(e), and that such legislative bodies shall comply with the requirements to provide the public with access to the meetings as prescribed in section 54953(e)(2); and

WHEREAS, the City has and will continue to provide access for the public to legislative meetings and procedures through video teleconference technologies.

54 CC 02-07-2023
54 of 491
Resolution No. 23-001

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Cupertino, as follows:

1. Remote Teleconference Meetings. The City Manager and legislative bodies of the City of Cupertino are hereby authorized and directed to meet exclusively by teleconference and to take all actions necessary to carry out the intent and purpose of this Resolution , including conducting open and public meetings in accordance with Government Code section 54953(e) and other applicable provisions of the Brown Act.

2. Effective Date of Resolution. This Resolution shall take effect immediately upon its adoption and shall be effective through February 16, 2023, or such time as the City Council adopts a subsequent resolution in accordance with Government Code section 54953(e)(3) to extend the time during which th e City Council of the City of Cupertino may continue to teleconfe rence without compliance with Government Code section 54953(b)(3).

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 17th day of January 2023, by the following vote:

Members of the City Council

AYES: Wei, Mohan, Chao, Fruen, Moore
NOES: None
ABSENT: None
ABSTAIN: None

SIGNED:

_______________ ________________
Hung Wei, Mayor
City of Cupertino

________________________
Date
ATTEST:

____________________ ___________
Kirsten Squarcia, City Clerk

________________________
Date

1/30/2023
1/31/23
55 CC 02-07-2023
55 of 491

CITY OF CUPERTINO
Agenda Item
22-11711 Agenda Date: 2/7/2023
Agenda #: 9.

Subject: Consider ratifying Accounts Payable for the period ending November 13, 2022 Adopt Resolution No. 23-023 ratifying Accounts Payable for the period ending November 13, 2022 CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
56 CC 02-07-2023
56 of 491

CITY COUNCIL STAFF REPORT
Meeting: February 7, 2023

Subject
Consider ratifying Accounts Payable for the period ending November 13, 2022

Recommended Action
Adopt Resolution No. 2 3-XXX ratifying Accounts Payable for the period ending November 13, 2022

Discussion
As part of the January 17, 2023 City Council Meeting staff brought forward a report on November accounts payable. Staff subsequently reviewed the accounts payable provided and discovered that one week had been missed in the reporting. Staff further reviewed FY 2022 -23 accounts payable presented to Council to date to determine that no other weeks are missing. No missing reports were found as all reports have been brought forward to Council.

All four weeks of the November accounts payable reports were included in the January 23, 2023 Audit Committee meeting.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.
_____________________________________

Prepared by: Kristina Alfaro, Director of Administrative Services and City Treasurer Approved for Submission by: Pamela Wu, City Manager

A – Draft Resolution 11.13.22
B – Weekly AP Payment Register for the Period Ending 11.13.22

57 CC 02-07-2023
57 of 491
RESOLUTION NO. 23-XXX

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

RATIFYING CERTAIN CLAIMS AND DEMANDS PAYABLE IN THE

AMOUNTS AND FROM THE FUNDS AS HEREINAFTER DESCRIBED FOR

GENERAL AND MISCELLANEOUS EXPENDITURES FOR THE PERIOD
ENDING NOVEMBER 13, 2022

WHEREAS, the Director of Administrative Services or their designated representative has certified to accuracy of the following claims and demands and to the availability of funds for payment hereof; and

WHEREAS, the said claims and demands have been audited as required by law.

NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby ratify the following claims and demands in the amounts and from the funds as hereinafter set forth in the attached Payment Register.

PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 7th day of February, 2023 by the following vote:

Vote Members of the City Council

AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:

________
Hung Wei, Mayor
City of Cupertino

________________________
Date
ATTEST:

________
Kirsten Squarcia, City Clerk

________________________
Date

58 CC 02-07-2023
58 of 491
Resolution No. 23-XXX

CERTIFICATION

The Finance Manager hereby certifies to the accuracy of said records and to the availability of funds for payment.

CERTIFIED:

Kristina Alfaro, Director of Administrative Services

59 CC 02-07-2023
59 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Main Account - Main Checking Account
Check
731381 11/10/2022 Open Accounts Payable ALHAMBRA $543.84 Invoice Date Description Amount
21589707 102722 10/27/2022 Service Center - Employee Drinking Water $543.84 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$543.84
731382 11/10/2022 Open Accounts Payable American Assured Security, Inc. $308.00 Invoice Date Description Amount
49081 09/20/2022 Rental Security Services $308.00
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$308.00
731383 11/10/2022 Open Accounts Payable AT & T $124.44
Invoice Date Description Amount
5558-102822 10/28/2022 960 731-7142 555 8 $124.44
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$124.44
731384 11/10/2022 Open Accounts Payable Bowlmor Cupertino $3,197.27 Invoice Date Description Amount
705-26965 11/15/2022 2022 Holiday Party - Bowlmor - remaining amount due $3,197.27 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$3,197.27
731385 11/10/2022 Open Accounts Payable California Association of Code Enforcement Officer
$100.00
Invoice Date Description Amount
300016773 10/31/2022 CACEO Professional Membership Renewal $100.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$100.00
731386 11/10/2022 Open Accounts Payable CINTAS CORP $3,436.71 Invoice Date Description Amount
4135405307 10/25/2022 UNIFORMS SAFETY APPAREL $1,173.01 4133960415 10/11/2022 UNIFORMS SAFETY APPAREL $1,128.10 4133338449 10/04/2022 UNIFORMS SAFETY APPAREL $1,135.60 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$3,436.71
731387 11/10/2022 Open Accounts Payable County of Santa Clara $10,465.00 Invoice Date Description Amount
01 FY 2022 09/14/2022 Santa Clara County Weed Abatement Program fees $10,465.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$10,465.00
Monday, November 14, 2022Pages: 1 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 60 CC 02-07-2023
60 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
731388 11/10/2022 Open Accounts Payable County of Santa Clara -Office of the Sheriff
$1,379,979.83
Invoice Date Description Amount
1800083140 10/19/2022 LIVE SCAN - SEP 22 $130.00
1800083351 11/02/2022 Advance for Law Enforcement Svs - NOV 22 $1,379,849.83 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,379,979.83
731389 11/10/2022 Open Accounts Payable ELIVATE $180.06 Invoice Date Description Amount
8360026 10/31/2022 AEROBIC BAR RACK-H $180.06
Paying Fund Cash Account Amount
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$180.06
731390 11/10/2022 Open Accounts Payable EMPLOYMENT DEVELOPMENT

DEPARTMENT
$8,297.00
Invoice Date Description Amount
L0300547728 10/31/2022 Unemployment Insurance Benefit Charge Sept 30 2022 Q3
$8,297.00
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$8,297.00
731391 11/10/2022 Open Accounts Payable FEDEX $19.62
Invoice Date Description Amount
7-929-15006 10/28/2022 FEDEX SERVICES - IT $19.62
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$19.62
731392 11/10/2022 Open Accounts Payable Freyer & Laureta, Inc. $1,970.00 Invoice Date Description Amount
22-460 08/16/2022 Memorial Park Pond Removal through 070122-073122 $1,970.00 Paying Fund Cash Account Amount
280 - Park Dedication 280 100-100 (Cash & Investments Assets Operating Cash)
$1,970.00
731393 11/10/2022 Open Accounts Payable Got Gophers, Inc. $310.00 Invoice Date Description Amount
36580 10/31/2022 Trees/ROW - Oct 2022 Mary Bridge $310.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$310.00
731394 11/10/2022 Open Accounts Payable Government Finance Officers Association
$150.00
Invoice Date Description Amount
0271421 11/07/2022 Janet GFOA Membership 11/1/22-10/31/23 $150.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$150.00
Monday, November 14, 2022Pages: 2 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 61 CC 02-07-2023
61 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
731395 11/10/2022 Open Accounts Payable Granite Rock Company $66,347.75 Invoice Date Description Amount
1001582 10/31/2022 Trees/ROW - Memorial Park Mounds Removal $66,347.75 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$66,347.75
731396 11/10/2022 Open Accounts Payable Griffin Structures Inc. $3,237.50 Invoice Date Description Amount
GSI-CLEP-24 09/30/2022 Library Expansion Project through 09302022 $962.50 GSI-CLEP-23 08/31/2022 Cupertino Library Expansion Project through 0831202 $2,275.00 Paying Fund Cash Account Amount
420 - Capital Improvement Fund 420 100-100 (Cash & Investments Assets Operating Cash)
$3,237.50
731397 11/10/2022 Open Accounts Payable Hexagon Transportation Consultants, Inc.
$5,917.50
Invoice Date Description Amount
16058 11/03/2022 Lawson Middle School Feasibility Study through 10282022
$5,002.50
16057 11/03/2022 Cupertino TIF Peer Review through 09232022 $915.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$5,917.50
731398 11/10/2022 Open Accounts Payable INTERSTATE BATTERY SYSTEM SAN JOSE INC.
$677.62
Invoice Date Description Amount
10304819 10/18/2022 Fleet - MTP-67R $134.54
70268814 10/25/2022 Fleet - MTP-T4 $134.54
10305030 11/01/2022 Fleet - MTP65HD, MTP-78DT $269.09
10304683 10/11/2022 Fleet - MTP-65HD $139.45
Paying Fund Cash Account Amount
630 - Vehicle/Equip Replacement 630 100-100 (Cash & Investments Assets Operating Cash)
$677.62
731399 11/10/2022 Open Accounts Payable Interstate Sales $317.40 Invoice Date Description Amount
11792 10/28/2022 Streets - Impact K 3-3" No Base, Impact Based Fixed, Tape
$317.40
Paying Fund Cash Account Amount
270 - Transportation Fund 270 100-100 (Cash & Investments Assets Operating Cash)
$317.40
731400 11/10/2022 Open Accounts Payable KELLY-MOORE PAINT CO INC $379.70 Invoice Date Description Amount
808-00000859260 10/24/2022 Facilities - City Hall Fascia Painting $379.70 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$379.70
731401 11/10/2022 Open Accounts Payable Lori Baumgartner $180.50 Invoice Date Description Amount
LoriB11012022 11/01/2022 CASQA Conference 10.23.22-10.26.22- travel reimbursements
$180.50
Monday, November 14, 2022Pages: 3 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 62 CC 02-07-2023
62 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Paying Fund Cash Account Amount
230 - Env Mgmt Cln Crk Strm Drain 230 100-100 (Cash & Investments Assets Operating Cash)
$180.50
731402 11/10/2022 Open Accounts Payable Mahan and Sons Inc. $1,400.00 Invoice Date Description Amount
1914 11/03/2022 Grounds - Oct 2022 Varian Park Maint. $1,400.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,400.00
731403 11/10/2022 Open Accounts Payable Miracle Playsystems Inc. $1,405.29 Invoice Date Description Amount
F2022-0438 06/30/2022 Miracle Play Equipment Creekside Park $1,405.29 Paying Fund Cash Account Amount
420 - Capital Improvement Fund 420 100-100 (Cash & Investments Assets Operating Cash)
$1,405.29
731404 11/10/2022 Open Accounts Payable Mountain View Garden Center $93.74 Invoice Date Description Amount
111543 10/26/2022 Trees/ROW - 2yd Top Soil $93.74
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$93.74
731405 11/10/2022 Open Accounts Payable NAPA AUTO PARTS $76.21 Invoice Date Description Amount
765277 06/13/2022 Fleet - Ind Belt $8.56
782645 08/23/2022 Fleet - Connector $67.65
Paying Fund Cash Account Amount
630 - Vehicle/Equip Replacement 630 100-100 (Cash & Investments Assets Operating Cash)
$76.21
731406 11/10/2022 Open Accounts Payable Operating Engineers Local Union No. 3 $1,515.08
Invoice Date Description Amount
11042022 11/04/2022 Union Dues pp 10/22/22-11/4/22 $1,515.08 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,515.08
731407 11/10/2022 Open Accounts Payable Otis Elevator Company $1,837.08 Invoice Date Description Amount
100400947620 10/17/2022 Facilities - Sports Center Maintenance 11-1-22 to 10- 31-2023
$1,837.08
Paying Fund Cash Account Amount
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$1,837.08
731408 11/10/2022 Open Accounts Payable PG&E $45,594.69 Invoice Date Description Amount
0092-103122-0 10/31/2022 116367401 -Miller W/S N of Greenwood $18.25 0092-103122-1 10/31/2022 116367359 -Homestead and Heron, traffic control svc $63.99 0092-103122-2 10/31/2022 116367150 -Homestead and Wolfe Road, Sunnyvale $95.57 Monday, November 14, 2022Pages: 4 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 63 CC 02-07-2023
63 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
0092-103122-3 10/31/2022 116367155 -Homestead and Blaney, Cupertino Traffic Signal, Sunny
$66.30
0092-103122-4 10/31/2022 116367275 -Homestead and Tantau, Cupertino Traffic Signal, Sunny
$91.62
0092-103122-5 10/31/2022 116367013 -112017763 -11370 S Stelling Rd, Irrigation Control
($62.50)
0092-103122-6 10/31/2022 116644889 19500 Pruneridge ave pole TP16660 $6.57 0092-103122-7 10/31/2022 1110161867 - Wolfe Rd @ Apple Campus Driveway $69.67 0092-103122-8 10/31/2022 116367793 -101 Skyport Dr, DG A, San Jose, PGandE-Owned St/Highw
$738.10
0092-103122-9 10/31/2022 110958527 115145264 -Randy Lane & Larry Way- Streetlights
$57.88
0092-103122-10 10/31/2022 111736580 SF Cupertino 075 $3.98 0092-103122-11 10/31/2022 116367357 -N De Anza 188 FT N/Valley Green Dr, Irrig Controller
($62.25)
0092-103122-12 10/31/2022 116367907 -S/W Corner Stelling and Green leaf, Traffic Signal
$79.00
0092-103122-13 10/31/2022 116367113 -Miller E/S 100N off Calle De Barcelona $78.22 0092-103122-14 10/31/2022 116367836 -De Anza Blvd E/S S/O Lazaneo, Sprinkler Control
($69.00)
0092-103122-15 10/31/2022 116367677 -De Anza and Lazaneo, Sprinkler System ($68.98) 0092-103122-16 10/31/2022 116367025 -De Anza and Lazaneo, Traffic Signal $82.98 0092-103122-17 10/31/2022 110659172 -N De Anza 455FT S/O Mariani Dr, Irrig Control
($65.54)
0092-103122-18 10/31/2022 116367035 -De Anza Blvd and Mariani, Traffic Signal/Safety Lts
$103.15
0092-103122-19 10/31/2022 116367045 -De Anza Blvd and Hwy 280 S/Ramp, Traffic Signal
$100.78
0092-103122-20 10/31/2022 116367050 -NW Corner Stevens Crk, Traffic Signals $85.28 0092-103122-21 10/31/2022 116367055 -Saich Wy and Stevens Crk NE Corner, Traffic Signal
$68.75
0092-103122-22 10/31/2022 116367060 -E37R0 Stevens Creek and De Anza Blvd, Traffic Signal
$104.02
0092-103122-23 10/31/2022 116367065 -Stevens Creek Blvd E/Saich Wy, Sprinkler Control
($68.39)
0092-103122-24 10/31/2022 116367070 -Stevens Creek and Blaney Ave., Traffic Signal
$95.52
0092-103122-25 10/31/2022 116367075 -Vallco Pkwy and Perimeter Rd., Traffic Signals
$67.90
0092-103122-26 10/31/2022 116367090 -Wolfe and Vallco Pkwy, Traffic Signals $99.46 0092-103122-27 10/31/2022 116367100 -E37H3 Wolfe and 280 SB Loc B, Traffic Signal
$88.40
0092-103122-28 10/31/2022 116367105 -Stevens Crk and Wolfe Rd, Traffic Signals $127.94 0092-103122-29 10/31/2022 116367110 -SW Cor Stevens Crk and Portal, Traffic Signal
$86.30
0092-103122-30 10/31/2022 116367115 -Stevens Crk and Perimeter Rd, Traffic Control Signal
$83.14
0092-103122-31 10/31/2022 116367120 -Vallco Prky/Tantau Ave, Traffic Signal $95.25 0092-103122-32 10/31/2022 116367125 -Stevens Crk and Tantau, Traffic Signals $88.46 0092-103122-33 10/31/2022 116367130 -NW Corner Steven Crk and Torre, Traffic Signal
$84.29
Monday, November 14, 2022Pages: 5 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 64 CC 02-07-2023
64 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
0092-103122-34 10/31/2022 116367782 -N/S Stevens Creek Blvd in front of 20301, Irrigation
($69.07)
0092-103122-35 10/31/2022 116367001 -E37H4 Wolfe and Rte 280 NB Loc A $57.70 0092-103122-36 10/31/2022 116367165 -S/E Wolfe-Pruneridge, Sprinkler Control and Traffic S
$94.79
0092-103122-37 10/31/2022 116367170 -Tantau Ave and Tandem D/W, Traffic Signal
$90.04
0092-103122-38 10/31/2022 116367175 -S/E Corner Pruneridge and Tantau, Traffic Controller
$79.73
0092-103122-39 10/31/2022 116367180 -Finch and Stevens Creek, Traffic Signals $96.36 0092-103122-40 10/31/2022 116367185 -Wolfe Rd 500 Ft S/O Homestead, City/Sign Lighting
($44.22)
0092-103122-41 10/31/2022 116367195 -Corner Miller and Phil Ln, Traffic Signal $68.23 0092-103122-42 10/31/2022 116367200 -Homestead and De Anza Blvd, Traffic Signal/Dept Pub W
$108.46
0092-103122-43 10/31/2022 116367205 -Homestead Rd and Franco Ct, Traffic Signals
$69.27
0092-103122-44 10/31/2022 116367215 -N/Ramp De Anza Blvd, Traffic Signal $85.05 0092-103122-45 10/31/2022 116367220 -Homestead Rd and Bluejay Rd, Traffic Signals
$72.43
0092-103122-46 10/31/2022 118426656 -WS Portal Btw Amhurst-Wheaton , Portal Prk Ltg, Prk L
$119.99
0092-103122-47 10/31/2022 114321565 116367416 -22601 Voss Ave $487.90 0092-103122-48 10/31/2022 116367925 -22601 Voss Ave, Outdoor Lighting-MV Park
($54.09)
0092-103122-49 10/31/2022 116367245 -Stevens Creek Blvd and Janice Ave, Sprinkler Control
($61.47)
0092-103122-50 10/31/2022 116367269 -Cor/Lucille and Randy Ln, Sprinkler System (011095852
($67.34)
0092-103122-51 10/31/2022 116367255 -Lucille and Villa De Anza, Sprinkler Control
$255.46
0092-103122-52 10/31/2022 116367815 -19784 Wintergreen Dr $596.60 0092-103122-53 10/31/2022 116367280 -Stevens Creek Blvd and Fwy 85 East Ramp, Traffic Sign
$90.02
0092-103122-54 10/31/2022 116367290 -Stevens Creek and Mary Ave, Traffic Signals
$94.26
0092-103122-55 10/31/2022 116367408 -Stevens Creek Bl and Mary Avenue, Memorial Park Pump
($14.65)
0092-103122-56 10/31/2022 116367625 -Stevens Creek Blvd Orange S/W Cor, Irrigation Control
($69.07)
0092-103122-57 10/31/2022 116367902 -10246 Parkside Ln, Wilson Pk Sprinklers,Snack Shack,I
$298.33
0092-103122-58 10/31/2022 116367628 -N/W corner Alpine Dr and Foothill Blvd, Irrigation Co
($68.88)
0092-103122-59 10/31/2022 116367476 -Salem Ave and Foothill Blvd, Irrigation Control
($69.07)
0092-103122-60 10/31/2022 116367527 -Foothill Blvd 200' N/O Stevens Creek W/S, Irrigation
($69.00)
0092-103122-61 10/31/2022 116367740 -Carmen Rd and Stevens Creek S/E corner, Irrigation Co
($69.07)
0092-103122-62 10/31/2022 116367343 112570652 -Foothill Blvd 150' N/O Alpine E/S, Irrigati
($68.69)
Monday, November 14, 2022Pages: 6 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 65 CC 02-07-2023
65 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
0092-103122-63 10/31/2022 116367370 -Stevens Creek Blvd and Fwy 85 West Ramp, Traffic Sign
$14.29
0092-103122-64 10/31/2022 116367380 -NE Corner Peninsula and Stevens Creek, Traffic Signal
$83.23
0092-103122-65 10/31/2022 116367385 -End/Stokes W/Wilson Crt, Sprinkler Control
($66.99)
0092-103122-66 10/31/2022 116367395 -N/E corner Foothill and Starling Dr, Traffic Signals
$69.27
0092-103122-67 10/31/2022 116367067 -Stonydale Dr and Varian Park, walkway lighting and Ir
$25.77
0092-103122-68 10/31/2022 116367071 -Linda Vista Dr / Hillside Park, Hillside Park ($53.86) 0092-103122-69 10/31/2022 116367648 -Linda Vista Park/Linda Vista Dr, Irrigation Control
$91.46
0092-103122-70 10/31/2022 116367455 -E37R9 Rodriguez and De Anza Blvd, Traffic Signal
$91.11
0092-103122-71 10/31/2022 116367656 -Scofield and De Anza, 100HP ($66.79) 0092-103122-72 10/31/2022 116367465 -De Anza Blvd and Scofield Dr, Sprinkler Controller
($67.34)
0092-103122-73 10/31/2022 116367475 -Foothill and Stevens Creek, Traffic Signal $75.57 0092-103122-74 10/31/2022 116367447 -Stelling Rd Median 500' S/O Peppertree Ln, Landscape
($66.60)
0092-103122-75 10/31/2022 116367236 -Stelling Rd Median 450' S/O Stevens Crk, Landscape Ir
($66.90)
0092-103122-76 10/31/2022 116367505 -Stevens Crk and Stelling, Signal $45.33 0092-103122-77 10/31/2022 116367510 -Bubb Rd and Results Wy, Traffic Signal $61.65 0092-103122-78 10/31/2022 116367515 -Bubb Rd and McClellan Intersection, Traffic Signal
$92.43
0092-103122-79 10/31/2022 116367520 -Stelling Rd and Peppertree, Traffic Signal $69.52 0092-103122-80 10/31/2022 116367525 -Stelling and McClellan, Signals $94.00 0092-103122-81 10/31/2022 116367530 -Orange Ave and Stevens Creek N/E corner, Traffic Cont
$55.34
0092-103122-82 10/31/2022 116367493 -Dumas Dr/Jollyman Park, Jollyman Park Restroom
$460.03
0092-103122-83 10/31/2022 116367545 -Saratoga-Sunnyvale Rd, Traffic Signal $78.22 0092-103122-84 10/31/2022 116367550 -W/S Saratoga-Sunnyvale Rd @ RT85, Traffic Signal
$68.23
0092-103122-85 10/31/2022 116367560 -S/E corner De Anza and Pacifica, Traffic Signal
$84.54
0092-103122-86 10/31/2022 116367570 -De Anza Blvd, Sprinkler Controller * ($67.34) 0092-103122-87 10/31/2022 116367585 -Rainbow and Stelling, Traffic Signal $75.86 0092-103122-88 10/31/2022 116367559 -21011 Prospect Rd, Irrigation Control ($69.03) 0092-103122-89 10/31/2022 116367685 -Ruppell Pl and Moltzen Dr, Sprinkler Control
$10.62
0092-103122-90 10/31/2022 115211833 -10300 Anisworth Dr, Ball Park Stevens Creek SV
($68.90)
0092-103122-91 10/31/2022 116367630 -22100 Stevens Creek Blvd, Golf Pro Shop $229.45 0092-103122-92 10/31/2022 110081495 -10710 Stokes Ave, Somerset Park ($55.34) 0092-103122-93 10/31/2022 116367044 -10555 Mary Ave NEM $39.75 0092-103122-94 10/31/2022 116367568 -10555 Mary Ave, Corp Yard ($24.28) 0092-103122-95 10/31/2022 116367474 -10500 Ann Arbor Ave, Field-Garden Gate $48.52 Monday, November 14, 2022Pages: 7 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 66 CC 02-07-2023
66 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
0092-103122-96 10/31/2022 114315284 116367325 -21975 San Fernando Ave, Picnic Area
$2,062.34
0092-103122-97 10/31/2022 116367171 -10155 Barbara Ln, Irrigation and Scoreboard
$98.85
0092-103122-98 10/31/2022 116367587 -10430 S De Anza Blvd, Holiday Lighting ($30.84) 0092-103122-99 10/31/2022 116367449 -10350 Torre Ave, Community Hall $2,972.09 0092-103122-100 10/31/2022 111190735 119980351-10300 Torre Ave, City Hall $9,436.46 0092-103122-101 10/31/2022 116367437 -10455 Miller Ave, Creekside Park $384.18 0092-103122-102 10/31/2022 116367988 -21710 McClellan Rd, Playground Reception Area
($69.07)
0092-103122-103 10/31/2022 116367484 -20220 Suisun Dr, Parks and Rec Free Standing Panel
($69.07)
0092-103122-104 10/31/2022 116367763 -10630 S De Anza Blvd, Holiday Lighting ($24.23) 0092-103122-105 10/31/2022 116367332 -821 Bubb Rd #B/Building Concession ($36.49) 0092-103122-106 10/31/2022 116367274 -1170 Yorkshire Dr. ($68.80) 0092-103122-107 10/31/2022 116367941 -7548 Donegal Dr, Irrigation Control /Hoover Park
($68.85)
0092-103122-108 10/31/2022 116367840 -10185 N Stelling RD $9,798.79 0092-103122-109 10/31/2022 116971849 -21111 Stevens Creek Blvd, Sports Center $9,262.25 0092-103122-110 10/31/2022 116367477 -21121 Stevens Creek Blvd, Memorial Park $1,797.45 0092-103122-111 10/31/2022 (Old116367536) 113736756 ESP113428799 -Senior Center 21251 Steve
$4,126.71
0092-103122-112 10/31/2022 116367590 -Saratoga Sunnyvale Rd and Hwy 85, Traffic Signal
$72.60
0092-103122-113 10/31/2022 116367605 -E37C1 Prospect and Rte 85, Traffic Signal $83.47 0092-103122-114 10/31/2022 116367610 -E37R6 Kentwood/S. De Anza Blvd, Traffic Signal
$78.97
0092-103122-115 10/31/2022 116367615 -Fallenleaf Ln and S De Anza Blvd, Traffic Signal
$83.76
0092-103122-116 10/31/2022 116367620 -S De Anza Blvd and Sharon Dr , Irrigation Controller
($60.81)
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$36,102.99
560 - Blackberry Farm 560 100-100 (Cash & Investments Assets Operating Cash)
$229.45
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$9,262.25
731409 11/10/2022 Open Accounts Payable RPM EXTERMINATORS INC $1,275.00 Invoice Date Description Amount
0097471 10/28/2022 Facilities - Changed Bait Various Bldgs $1,275.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,020.00
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$255.00
731410 11/10/2022 Open Accounts Payable San Jose Water Company $13,753.21 Invoice Date Description Amount
Import - 899058 10/20/2022 0573900000-7 - 22120 Stevens Creek Blvd $86.61 Import - 899059 10/20/2022 3688120000-4 - Mary Ave Footbridge $178.22 Monday, November 14, 2022Pages: 8 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 67 CC 02-07-2023
67 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Import - 899060 10/20/2022 3872100000-8 - Park Canyon Oak Wy $611.65 Import - 899061 10/20/2022 5022148584-5 - 10301 Byrne Ave $128.75 Import - 899062 10/20/2022 6287875324-3 - 22241 McClellan Rd (Simms) $191.95 Import - 899063 10/20/2022 6875120000-4 - 21979 San Fernando Av $592.49 Import - 899064 10/20/2022 7112900000-7 - Oak Valley Rd $307.22 Import - 899065 10/20/2022 7523510000-7 - Oak Valley Road LS $295.28 Import - 899066 10/20/2022 9118810000-1 - 21121 Stevens Ck Bl Ls $323.72 Import - 899067 10/20/2022 4299057897-5 Alhambra Ave $455.71 Import - 899068 10/28/2022 3156700000-0 - Prospect Rd.LS $183.14 Import - 899069 10/28/2022 4676110000-0 - Rainbow Dr.LS $171.02 Import - 899070 10/28/2022 6756510000-4 - Yorkshire Dr.LS $6,197.00 Import - 899071 10/28/2022 7808300000-6 - Irrigation-Median (Westlynn Wy) $180.76 Import - 899072 10/28/2022 9511610000-9 - Donegal Dr. $101.38 Import - 899073 10/27/2022 0067500000-4 - Oro Grande PL LS $162.89 Import - 899074 10/27/2022 0879200000-5 - Stelling Rd. LS $742.26 Import - 899075 10/27/2022 1731610000-1 - De Anza Blvd.S. $458.93 Import - 899076 10/27/2022 4242600000-8 - Irrigation-Median (Bollinger Rd) $139.68 Import - 899077 10/27/2022 5280181221-6 - S De Anza Bl (median irrigation) $800.43 Import - 899078 10/27/2022 5461910000-8 - De Anza Blvd.S. $531.61 Import - 899079 10/27/2022 5949902723-9 - Creekline Dr $271.89 Import - 899080 10/27/2022 9705420000-7 - 10300 Torre Avenue Ls $640.62 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$13,429.49
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$323.72
731411 11/10/2022 Open Accounts Payable Santa Clara Valley Water District $39,185.00 Invoice Date Description Amount
GN102133 08/30/2022 Landscape/Graywater Rebate Program $39,185.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$39,010.00
230 - Env Mgmt Cln Crk Strm Drain 230 100-100 (Cash & Investments Assets Operating Cash)
$175.00
731412 11/10/2022 Open Accounts Payable Schaaf & Wheeler, Consulting Civil Engineers
$1,920.00
Invoice Date Description Amount
36542 09/30/2022 On-call Support Pumpkin Fiesta SD through 09302022 $1,920.00 Paying Fund Cash Account Amount
210 - Storm Drain Improvement 210 100-100 (Cash & Investments Assets Operating Cash)
$1,920.00
731413 11/10/2022 Open Accounts Payable Sherrill Inc. $1,309.47 Invoice Date Description Amount
INV-804977 10/28/2022 Trees/ROW - Cervino Wood Size 42-9 & 44.5-11 $1,309.47 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,309.47
Monday, November 14, 2022Pages: 9 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 68 CC 02-07-2023
68 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
731414 11/10/2022 Open Accounts Payable SUBURBAN PROPANE-1644 $4,730.84 Invoice Date Description Amount
172999 10/28/2022 Fleet - Propane $4,730.84
Paying Fund Cash Account Amount
630 - Vehicle/Equip Replacement 630 100-100 (Cash & Investments Assets Operating Cash)
$4,730.84
731415 11/10/2022 Open Accounts Payable SYSERCO, INC. $8,274.25 Invoice Date Description Amount
10789 08/01/2022 Facilities - Sports Center Preventative Maint. $4,061.00 11140 11/02/2022 Facilities - Sports Center Preventative Maint. $4,213.25 Paying Fund Cash Account Amount
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$8,274.25
731416 11/10/2022 Open Accounts Payable TPx Communications $2,183.14 Invoice Date Description Amount
163161261-0 10/31/2022 Telephone Service for new VoIP System Oct. 2022 $2,183.14 Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$2,183.14
731417 11/10/2022 Open Accounts Payable TransUnion Risk and Alternative $165.00 Invoice Date Description Amount
6110432-202210-1 11/01/2022 tlo 10/01/2022 - 10/31/2022 $165.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$165.00
731418 11/10/2022 Open Accounts Payable FIRST ELEMENT FUEL, INC. $5,000.00 Invoice Date Description Amount
308484 11/03/2022 REFUND 21530 STEVENS CREEK BLVD BLD-2020- 1927 TCO BOND
$5,000.00
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$5,000.00
731419 11/10/2022 Open Accounts Payable GLADIATOR REPIPE $289.28 Invoice Date Description Amount
316758 11/02/2022 REFUND 19847 BEEKMAN PLACE BLD-2022-1998

WITHDRAWN
$289.28
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$289.28
731420 11/10/2022 Open Accounts Payable KDC CONSTRUCTION $5,000.00 Invoice Date Description Amount
277373 11/08/2022 REFUND 11010 N DE ANZA BLVD B-2018-0346 TCO BOND
$5,000.00
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$5,000.00
Monday, November 14, 2022Pages: 10 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 69 CC 02-07-2023
69 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
731421 11/10/2022 Open Accounts Payable NABIL A. IBRAHIM $335.50 Invoice Date Description Amount
316713 10/27/2022 REFUND 10555 S DE ANZA 105 BLD-2022-1995

WRONG PERMIT PAYMENT
$335.50
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$335.50
731422 11/10/2022 Open Accounts Payable NAKHODA, SHAZIA $103.36 Invoice Date Description Amount
S.NAKHODA101422 10/14/2022 reusable preschool trick or treat pumpkin tins. $103.36 Paying Fund Cash Account Amount
580 - Recreation Program 580 100-100 (Cash & Investments Assets Operating Cash)
$103.36
731423 11/10/2022 Open Accounts Payable NAKHODA, SHAZIA $4.98 Invoice Date Description Amount
S.NAKHODA102622 10/26/2022 Lima Beans for Preschool project $4.98 Paying Fund Cash Account Amount
580 - Recreation Program 580 100-100 (Cash & Investments Assets Operating Cash)
$4.98
731424 11/10/2022 Open Accounts Payable Patricia E Lee $155.00 Invoice Date Description Amount
Lee110222 11/02/2022 the applicant made two payments $155.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$155.00
731425 11/10/2022 Open Accounts Payable Thao Pham $184.70 Invoice Date Description Amount
Pham080222 08/02/2022 The applicant has an existing license $184.70 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$184.70
Type Check Totals: 45 Transactions $1,621,930.56
EFT
35636 11/07/2022 Open Accounts Payable USPS - EFT ONLY $4,174.59 Invoice Date Description Amount
237129196 11/07/2022 USPS - Shipping $4,174.59
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$4,174.59
35637 11/07/2022 Open Accounts Payable USPS - EFT ONLY $4,086.08 Invoice Date Description Amount
510532352 10/26/2022 CUPERTINO SCENE INC $4,086.08
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$4,086.08
35638 11/10/2022 Open Accounts Payable Colonial Life & Accident Insurance $29.16 Invoice Date Description Amount
11042022 11/04/2022 Colonial Products pp 10/22/22-11/4/22 $29.16 Monday, November 14, 2022Pages: 11 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 70 CC 02-07-2023
70 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$29.16
35639 11/10/2022 Open Accounts Payable Employment Development $7,699.71 Invoice Date Description Amount
11042022 11/04/2022 State Disability Insurance pp 10/22/22-11/4/22 $7,699.71 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$7,699.71
35640 11/10/2022 Open Accounts Payable National Deferred (ROTH) $2,865.66 Invoice Date Description Amount
11042022 11/04/2022 Nationwide Roth pp 10/22/22-11/4/22 $2,865.66 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$2,865.66
35641 11/10/2022 Open Accounts Payable National Deferred Compensatin $24,969.57 Invoice Date Description Amount
11042022 11/04/2022 Nationwide Deferred Compensation pp 10/22/22- 11/4/22
$24,969.57
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$24,969.57
35642 11/10/2022 Open Accounts Payable PERS-457K $15,892.29 Invoice Date Description Amount
11042022 11/04/2022 PERS Deferred Comp pp 10/22/22-11/4/22 $15,892.29 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$15,892.29
35643 11/10/2022 Open Accounts Payable State Disbursement Unit $231.23 Invoice Date Description Amount
11042022 11/04/2022 Child Support pp 10/22/22-11/4/22 $231.23 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$231.23
35644 11/10/2022 Open Accounts Payable California Public Employees' Retirement System
$386,533.81
Invoice Date Description Amount
7158-101422 10/14/2022 Health Premiums PERS 10/14/22 $386,533.81 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$275,064.83
642 - Retiree Medical 642 100-100 (Cash & Investments Assets Operating Cash)
$111,468.98
35645 11/07/2022 Open Accounts Payable USPS - EFT ONLY $1,036.53 Invoice Date Description Amount
511531202 11/01/2022 CUPERTINO SCENE INC $1,036.53
Paying Fund Cash Account Amount
Monday, November 14, 2022Pages: 12 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 71 CC 02-07-2023
71 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,036.53
35646 11/10/2022 Open Accounts Payable 4 PAWS GOOSE CONTROL $1,850.00 Invoice Date Description Amount
1777 11/02/2022 Grounds - Oct 2022 Goose Control Services $1,850.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,850.00
35647 11/10/2022 Open Accounts Payable 4LEAF, Inc. $8,630.00 Invoice Date Description Amount
J3872-01F 11/04/2022 Orange Ave. Sidewalk Improvements through 100122- 103122
$8,630.00
Paying Fund Cash Account Amount
270 - Transportation Fund 270 100-100 (Cash & Investments Assets Operating Cash)
$8,630.00
35648 11/10/2022 Open Accounts Payable ALEX WYKOFF $180.50 Invoice Date Description Amount
AlexW11012022 11/01/2022 CASQA Conference 10.23.22-10.26.22- travel reimbursements
$180.50
Paying Fund Cash Account Amount
230 - Env Mgmt Cln Crk Strm Drain 230 100-100 (Cash & Investments Assets Operating Cash)
$180.50
35649 11/10/2022 Open Accounts Payable Amazon Capital Services $240.64 Invoice Date Description Amount
1LHJ-DCWF-K34Y 11/07/2022 1x QualGear QG-PRO-PM-VCA-B Pro-AV Sloped Ceiling Adapter for 1.
$37.60
1LY4-9DRJ-JYT9 11/07/2022 1x Apple AirTag 4 Pack, Bike Airtag Case with Bell, 4 Pack) Wate
$172.10
1NMJ-7YVP-JQWN 11/07/2022 1x QualGear QG-PRO-PM-2FT-B Pro-AV 1.5" Npt Threaded Pipe, 2' Le
$30.94
Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$240.64
35650 11/10/2022 Open Accounts Payable Amazon Web Services, Inc. $3,734.43 Invoice Date Description Amount
1175082397 11/02/2022 AWS - October 1 - October 31 , 2022 Applications $1,428.19 1169072385 11/02/2022 AWS - October 1 - October 31, 2022 GIS $2,306.24 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,428.19
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$2,306.24
35651 11/10/2022 Open Accounts Payable ANDERSON'S TREE CARE

SPECIALISTS, INC
$38,975.00
Invoice Date Description Amount
16084 10/24/2022 Grounds - Three Oaks Park Tree Maintenance $38,975.00 Paying Fund Cash Account Amount
Monday, November 14, 2022Pages: 13 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 72 CC 02-07-2023
72 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$38,975.00
35652 11/10/2022 Open Accounts Payable Avocette Technologies Inc. $7,767.50 Invoice Date Description Amount
2210CU1 10/31/2022 Accela FY23 Configuration services - Oct. 2022 $7,767.50 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$7,767.50
35653 11/10/2022 Open Accounts Payable B&H PHOTO-VIDEO $8,830.88 Invoice Date Description Amount
206916383 10/25/2022 Aputure Lighting Package01 $8,830.88 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$8,830.88
35654 11/10/2022 Open Accounts Payable Boucher Law, PC $23,680.09 Invoice Date Description Amount
1178 11/04/2022 Finance Manager (2022) $2,210.09
1181 11/04/2022 Labor Negotiations (2022) $19,509.00
1177 11/04/2022 COVID-19 Matters $159.00
1180 11/04/2022 Labor & Employment Law Matters $1,802.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$23,680.09
35655 11/10/2022 Open Accounts Payable Community Health Charities HO $50.00 Invoice Date Description Amount
11042022 11/04/2022 Community Health Charities pp 10/22/22-11/4/22 $50.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$50.00
35656 11/10/2022 Open Accounts Payable CSG Consultants, Inc. $9,801.72 Invoice Date Description Amount
B221718 10/03/2022 Building Plan Review Services 9/1/2022 - 9/30/2022 $875.00 B221719 10/03/2022 Building Plan Review Services 9/1/2022 - 9/30/2022 $8,926.72 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$9,801.72
35657 11/10/2022 Open Accounts Payable David J. Powers & Associates, Inc. $962.50 Invoice Date Description Amount
28707 10/25/2022 Main Street Cupertino Modifications 2022/9 $962.50 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$962.50
35658 11/10/2022 Open Accounts Payable DLT Solutions, LLC $12,955.02 Invoice Date Description Amount
SI586020 11/04/2022 AutoCAD Licenses (1/10/23 - 1/9/26) $12,955.02 Paying Fund Cash Account Amount
Monday, November 14, 2022Pages: 14 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 73 CC 02-07-2023
73 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$12,955.02
35659 11/10/2022 Open Accounts Payable DOGGIE WALK BAGS INC $5,150.25 Invoice Date Description Amount
0103237-IN 10/20/2022 Grounds - Unscented Disp Green Bags $5,150.25 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$5,150.25
35660 11/10/2022 Open Accounts Payable Ecology Action of Santa Cruz $18,285.10 Invoice Date Description Amount
67731 03/31/2022 Ecology Action Project Allocation $18,285.10 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$18,285.10
35661 11/10/2022 Open Accounts Payable EDGES ELECTRICAL GROUP $2,689.91 Invoice Date Description Amount
S5704029.001 10/26/2022 Facilities - LED Flat Panel SC Mechanic Bay Lighting Upgrade
$2,392.13
S5706280.001 10/27/2022 Streets - Adjustable 20W LED Wall Pack, RAB HIDFA $297.78 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$2,689.91
35662 11/10/2022 Open Accounts Payable Eflex Group, Inc $3,403.61 Invoice Date Description Amount
11042022 11/04/2022 FSA Employee Health pp 10/22/22-11/4/22 $3,403.61 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$3,403.61
35663 11/10/2022 Open Accounts Payable Evelyn Moran $55.00 Invoice Date Description Amount
EvelynM10212022 10/21/2022 Cell Phone Reimbursement through 10212022 $55.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$55.00
35664 11/10/2022 Open Accounts Payable GEOTAB USA, INC. $2,810.15 Invoice Date Description Amount
IN321505 10/31/2022 Telematics Project - ProPlus Plan, Support Oct. 2022 $2,810.15 Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$2,810.15
35665 11/10/2022 Open Accounts Payable GOLDFARB & LIPMAN LLP $1,742.00 Invoice Date Description Amount
146262 08/12/2022 Housing Legal Review 2022/07 $892.00
458952 10/28/2022 Housing Legal Review 2022/09 $714.00
459229 10/31/2022 Housing Legal Review 2022/09 $136.00
Paying Fund Cash Account Amount
Monday, November 14, 2022Pages: 15 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 74 CC 02-07-2023
74 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
265 - BMR Housing 265 100-100 (Cash & Investments Assets Operating Cash)
$1,742.00
35666 11/10/2022 Open Accounts Payable GRAINGER INC $4,717.35 Invoice Date Description Amount
9493963459 10/27/2022 Facilities - Telescopic Pole $468.65 9499834308 11/02/2022 Facilities - Filtered Diffuser $271.99 9497164682 10/31/2022 Streets - Portable Strapping Tool Battery Heavy Duty $2,889.38 9496851222 10/31/2022 Trees/ROW - Rubber Boot Orange $144.80 9501676077 11/03/2022 Trees/ROW - Probe, Heater Element $593.46 9498235481 11/01/2022 Streets - Shade Cloth Green $349.07 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,478.90
270 - Transportation Fund 270 100-100 (Cash & Investments Assets Operating Cash)
$3,238.45
35667 11/10/2022 Open Accounts Payable HortScience I Bartlett Consulting $1,500.00 Invoice Date Description Amount
16093 10/28/2022 TR-2022-035 Arborist Peer Review - 10113 Senate Way
$1,500.00
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,500.00
35668 11/10/2022 Open Accounts Payable IFPTE LOCAL 21 $1,976.81 Invoice Date Description Amount
11042022 11/04/2022 Association Dues - CEA pp 10/22/22-11/4/22 $1,976.81 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$1,976.81
35669 11/10/2022 Open Accounts Payable IMPEC GROUP INC,. $760.41 Invoice Date Description Amount
2210139 10/31/2022 Facilities - Oct 2022 Linda Vista Trail Gate $760.41 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$760.41
35670 11/10/2022 Open Accounts Payable Independent Code Consultants, Inc. $16,675.26 Invoice Date Description Amount
1677 11/01/2022 Building Plan Review Services - 2022/10 $750.00 1676 11/01/2022 Building Plan Review Services - 2022/10 $15,925.26 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$16,675.26
35671 11/10/2022 Open Accounts Payable KIMBALL-MIDWEST $388.44 Invoice Date Description Amount
100448257 11/01/2022 Streets - 3/8x4 Screw Bolt, Cherry Blast White, 3/16 Aircraft
$388.44
Paying Fund Cash Account Amount
270 - Transportation Fund 270 100-100 (Cash & Investments Assets Operating Cash)
$388.44
Monday, November 14, 2022Pages: 16 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 75 CC 02-07-2023
75 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
35672 11/10/2022 Open Accounts Payable Law Office of Clare M. Gibson $269.50 Invoice Date Description Amount
1050 11/01/2022 Legal Services, October 2022 $269.50
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$269.50
35673 11/10/2022 Open Accounts Payable Marlon Aumentado $55.00 Invoice Date Description Amount
MarlonA10152022 10/15/2022 Cell Phone Reimbursement through 091622-101522 $55.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$55.00
35674 11/10/2022 Open Accounts Payable Mesiti-Miller Engineering, Inc. $754.50 Invoice Date Description Amount
1022024 10/31/2022 Wilson Park Basketball Court through 10252022 $754.50 Paying Fund Cash Account Amount
420 - Capital Improvement Fund 420 100-100 (Cash & Investments Assets Operating Cash)
$754.50
35675 11/10/2022 Open Accounts Payable Michael Baker International $12,551.25 Invoice Date Description Amount
1162341 10/31/2022 CDBG and CDBG-CV consultant 2022/09 $6,211.25 1154663 08/08/2022 CDBG and CDBG-CV consultant 2022/07 $3,600.00 1152508 07/15/2022 CDBG and CDBG-CV consultant 2022/06 $2,740.00 Paying Fund Cash Account Amount
260 - CDBG 260 100-100 (Cash & Investments Assets Operating Cash)
$12,551.25
35676 11/10/2022 Open Accounts Payable MissionSquare $12,614.38 Invoice Date Description Amount
11042022 11/04/2022 ICMA Deferred Comp pp 10/22/22-11/4/22 $12,614.38 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$12,614.38
35677 11/10/2022 Open Accounts Payable Moore Lacofano Goltsman, Inc. $2,506.00 Invoice Date Description Amount
0077603 10/18/2022 Blackberry Farm Golf Course Restoration through 080122-093022
$2,506.00
Paying Fund Cash Account Amount
560 - Blackberry Farm 560 100-100 (Cash & Investments Assets Operating Cash)
$2,506.00
35678 11/10/2022 Open Accounts Payable Nexinite, LLC $225.00 Invoice Date Description Amount
INV-001833 11/07/2022 Form Digitization Service for FY22 - Oct. 2022 $225.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$225.00
35679 11/10/2022 Open Accounts Payable NI Government Services Inc $79.04 Invoice Date Description Amount
22102907051 11/03/2022 Traffic Period 10/1/2022 - 10/31/2022 $79.04 Monday, November 14, 2022Pages: 17 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 76 CC 02-07-2023
76 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$79.04
35680 11/10/2022 Open Accounts Payable PARS/City of Cupertino $3,387.35 Invoice Date Description Amount
11042022 11/04/2022 PARS Employee pp 10/22/22-11/4/22 $3,387.35 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$3,387.35
35681 11/10/2022 Open Accounts Payable Professional Turf Management, Inc. $17,075.00 Invoice Date Description Amount
1255 10/20/2022 Golf Course Monthly Maintenance Fee - October 2022 $17,000.00 1256 10/25/2022 Monthly Gate Service - October 2022 $75.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$75.00
560 - Blackberry Farm 560 100-100 (Cash & Investments Assets Operating Cash)
$17,000.00
35682 11/10/2022 Open Accounts Payable QUARTIC SOLUTIONS LLC $22,275.03 Invoice Date Description Amount
3293 10/06/2022 FY23 GIS Support Services - September 2022 $11,270.00 3263 09/14/2022 FY23 GIS Support Services - August 2022 $11,005.03 Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$22,275.03
35683 11/10/2022 Open Accounts Payable R.THOMAS HECK & ASSOCIATES $19,878.00 Invoice Date Description Amount
104 11/07/2022 Winter 2023 Recreation Schedule $19,878.00 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$19,878.00
35684 11/10/2022 Open Accounts Payable Rincon Consultants, Inc $7,081.63 Invoice Date Description Amount
43041 10/17/2022 Climate Action & Adaptation Plan Updates $7,081.63 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$7,081.63
35685 11/10/2022 Open Accounts Payable Ross Recreation Equipment, Inc. $632.63 Invoice Date Description Amount
I21970 10/26/2022 Grounds - Jollyman Cycler Foot Pedals $632.63 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$632.63
35686 11/10/2022 Open Accounts Payable Sedgwick Claims Management Services, Inc.
$6,984.08
Invoice Date Description Amount
400000102680 08/01/2022 Workers' Compensation Claims 8/1/22-8/31/22 $2,343.33 400000105437 09/01/2022 Workers' Compensation Claims 9/1/22-9/30/22 $2,343.33 Monday, November 14, 2022Pages: 18 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 77 CC 02-07-2023
77 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
400000075264 11/01/2021 Workers' Compensation Claims 11/1/21-11/30/21 $2,297.42 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$6,984.08
35687 11/10/2022 Open Accounts Payable SUNSTATE EQUIPMENT CO., LLC $2,577.87 Invoice Date Description Amount
11114893-001 10/04/2022 Grounds - Mini Excavator $2,577.87 Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$2,577.87
35688 11/10/2022 Open Accounts Payable Uniguest, Inc. $4,914.66 Invoice Date Description Amount
INV288657 10/19/2022 1x 55" LG Display with integrated touch overlay $4,914.66 Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$4,914.66
35689 11/10/2022 Open Accounts Payable URSULA SYROVA $226.49 Invoice Date Description Amount
UrsulaS11012022 11/01/2022 CASQA Conference 10.23.22-10.26.22- travel reimbursements
$226.49
Paying Fund Cash Account Amount
230 - Env Mgmt Cln Crk Strm Drain 230 100-100 (Cash & Investments Assets Operating Cash)
$226.49
35690 11/10/2022 Open Accounts Payable US BANK $47,608.26 Invoice Date Description Amount
ShawnT101722 10/17/2022 7105 CC Charges $553.00
MelissaR0101722 10/17/2022 0572 CC Charges $1,003.77
SelbyM101722 10/17/2022 1711 CC Charges $540.64
TyB101722 10/17/2022 7739 cc charges $6,908.08
RicA101722 10/17/2022 9906 CC Charges $715.18
AndrewS101722 10/17/2022 9993 cc charges $2,632.62
BradA101722 10/17/2022 6013 cc charges $173.96
IkaP101722 10/17/2022 8108 cc charges $1,154.28
BrianG101722 10/17/2022 6202 cc charges $1,682.16
CesarG101722 10/17/2022 9076 cc charges $190.99
JerryA101722 10/17/2022 8636 cc charges $3,716.52
JindyG101722 10/17/2022 0175 cc charges $1,062.28
JonF101722 10/17/2022 3969 cc charges $129.48
RobG101722 10/17/2022 6980 cc charges $149.95
RudyL101722 10/17/2022 8736 cc charges $204.53
FrankV10172022 10/17/2022 5849 CC Charges $16.49
KimL10172022 10/17/2022 5169 CC Charges $142.05
ReiD101722 10/17/2022 1409CC Charges $1,460.02
CherieW10172022 10/17/2022 6916 CC Charges $4,250.19
JANETL101722 10/17/2022 9949 CC Charges $5,499.91
TravisW101722 10/17/2022 8746 CC Charges ($16.05)
MarilynM10172022 10/17/2022 6763 CC Charges $27.10
KevinG101722 10/17/2022 5856 cc charges $120.00
JennyK101722 10/17/2022 8829 CC Charges $173.37
Monday, November 14, 2022Pages: 19 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 78 CC 02-07-2023
78 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
Branton101722 10/17/2022 5320 CC Charges $1,398.30
KevinK101722 10/17/2022 8746 CC Charges $66.09
RobertK101722 10/17/2022 7858 CC Charges $415.26
CyrahC101722 10/17/2022 0363 CC Charges $1,638.28
SundariP101722 10/17/2022 9702 CC Charges $511.39
AlexC10172022 10/17/2022 5300 CC Charges $25.69
ChristL101722 10/17/2022 7456 CC Charges $22.66
ColleenF101722 10/17/2022 0798 cc charges $545.54
UrsulaS101722 10/17/2022 2512 CC Charges $32.73
BennyH101722 10/17/2022 1015 CC charges $1,764.10
SonyaL101722 10/17/2022 8808 CC Charges $143.55
RandyV101722 10/17/2022 9138 CC Charges $272.87
AmandaH101722 10/17/2022 9326 CC Charges $172.69
DanielM101722 10/17/2022 9167 CC Charges $454.12
LeungK101722 10/17/2022 1733 CC Charges $484.10
KrisG101722 10/17/2022 6959 CC Charges $992.09
KarenL101722 10/17/2022 9612 CC Charges $172.26
mariahg101722 10/17/2022 7882 CC CHARGES $1,793.48
RobertD101722 10/17/2022 6680 CC Charges $273.76
AlexG101722 10/17/2022 1741 CC Charges $684.94
KavithaA101722 10/17/2022 7567 CC Charges $116.36
DebraN101722 10/17/2022 1090 CC Charges $2,686.20
KennethE101722 10/17/2022 5954 CC Charges $451.28
Paying Fund Cash Account Amount
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$32,969.14
230 - Env Mgmt Cln Crk Strm Drain 230 100-100 (Cash & Investments Assets Operating Cash)
$32.73
265 - BMR Housing 265 100-100 (Cash & Investments Assets Operating Cash)
$9.95
270 - Transportation Fund 270 100-100 (Cash & Investments Assets Operating Cash)
$307.80
420 - Capital Improvement Fund 420 100-100 (Cash & Investments Assets Operating Cash)
$5,191.05
560 - Blackberry Farm 560 100-100 (Cash & Investments Assets Operating Cash)
$426.77
570 - Sports Center 570 100-100 (Cash & Investments Assets Operating Cash)
$324.76
580 - Recreation Program 580 100-100 (Cash & Investments Assets Operating Cash)
$1,858.61
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$2,509.56
630 - Vehicle/Equip Replacement 630 100-100 (Cash & Investments Assets Operating Cash)
$3,977.89
35691 11/10/2022 Open Accounts Payable WOWzy Creation Corp. dba First Place
$61.61
Invoice Date Description Amount
95704 11/03/2022 Poet Laureate Trophy Engraving 2023-2024 $61.61 Paying Fund Cash Account Amount
Monday, November 14, 2022Pages: 20 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 79 CC 02-07-2023
79 of 491
Number Date Status Void Reason
Reconciled/
Voided Date Source Payee Name
Transaction
Amount
Reconciled
Amount Difference
100 - General Fund 100 100-100 (Cash & Investments Assets Operating Cash)
$61.61
35692 11/10/2022 Open Accounts Payable ZAYO GROUP, LLC $2,669.97 Invoice Date Description Amount
2022110030583 11/01/2022 FY23 Disaster Recovery Telecom services Nov. 2022 $2,669.97 Paying Fund Cash Account Amount
610 - Innovation & Technology 610 100-100 (Cash & Investments Assets Operating Cash)
$2,669.97
Type EFT Totals: 57 Transactions $789,758.45
Main Account - Main Checking Account Totals
Checks Status Count Transaction Amount Reconciled Amount Open 45 $1,621,930.56 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 45 $1,621,930.56 $0.00
EFTs Status Count Transaction Amount Reconciled Amount
Open 57 $789,758.45 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Total 57 $789,758.45 $0.00
All Status Count Transaction Amount Reconciled Amount
Open 102 $2,411,689.01 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 102 $2,411,689.01 $0.00
Grand Totals:

Checks Status Count Transaction Amount Reconciled Amount Open 45 $1,621,930.56 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 45 $1,621,930.56 $0.00
EFTs Status Count Transaction Amount Reconciled Amount
Open 57 $789,758.45 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Total 57 $789,758.45 $0.00
All Status Count Transaction Amount Reconciled Amount
Open 102 $2,411,689.01 $0.00
Reconciled 0 $0.00 $0.00
Voided 0 $0.00 $0.00
Stopped 0 $0.00 $0.00
Total 102 $2,411,689.01 $0.00
Monday, November 14, 2022Pages: 21 of 21user: Vi Tran
Payment Register
**LIVE** Cupertino **LIVE**
From Payment Date: 11/5/2022 - To Payment Date: 11/10/2022 80 CC 02-07-2023
80 of 491

CITY OF CUPERTINO
Agenda Item
22-11712 Agenda Date: 2/7/2023
Agenda #: 10.

Subject: Consider the Monthly Treasurer's Report for December 2022 Receive the Monthly Treasurer's Report for December 2022 CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
81 CC 02-07-2023
81 of 491
1 CIT

Y COUNCIL STAFF REPORT
Meeting: February 7, 2023
Subject
Consider the Monthly Treasurer's Report for December 2022 Recommended Action
Receive the Monthly Treasurer's Report for December 2022 Discussion
Background
California Government Code Section 41004 states:

Re
gularly, 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 Tre
asurer 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.

Lastl
y, 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 t
he 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.
82 CC 02-07-2023
82 of 491

2 Cash vs. Accrual Basis Accounting
Cash and accrual basis accounting differ in the timing when revenues and expenses are recognized and recorded. C ash basis accounting recognizes revenues when payment is received and expenses when payment is paid. A ccrual 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 i n the City 's accounts. The ending balance is the beginning balance plus receipts minus disbursements. J ournal adjustments generally include transactions recorded in other systems and imported into New World, Council - approved budget adjustments, quarterly Cost Allocatio n Plan (CAP) charges, and quarterly interest earnings.

Revenues, expenditures, and fund balance are measured on an accrual basis. As a result, the amount in fund balance does not mean the City has that much cash on hand. Instead, fund balance is the difference between assets and liabilities . The ending balance is the beginning balance plus revenues minus expenditures.

Treasurer's Report
The report provides an update on the City's cash and fund balances for December 2022.

The report is as of January 18, 2023.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $ 115.0 million, a n increase of $5.4 million from the prior month. Receipts were $12.2 million, disbursements were $(6.9) million, and journal adjustments were $41,618 for the month.

The City's total ending cash and investment balance was $220.1 million, an increase of $2.0 million from the prior mo nth. Receipts were $ 12.9 million, disbursements were $(10.7 ) million, and journal adjustments were $(0.1) million for the month.

In December 2022, the journal adjustments included the following:
• Parks and Recreation transactions imported from Active Network into New World • Workers’ Compensation transactions
• BNY Mellon debt service payment

Fund Balance/Net Position
The City's General Fund ending fund balance was $ 100.1 million, increasing by $22,284 from the prior month due to revenues of $5.7 million and expenditures of $5.7 million.

The City's total ending fund balance was $202.4 million, decreasing by $2.2 million from the prior month due to revenues of $6.7 million and expenditures of $8.9 million.

83 CC 02-07-2023
83 of 491

3 Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.
_____________________________________

Prepared by: __________________
Thomas Leung
Budget Manager

Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services

Approved for Submission by: __________________
Pamela Wu
City Manager

Attachments:

A – Report of City-wide Receipts, Disbursements, and Cash Balances December 2022 B
– Report of City
-w
ide Fund Balances/Net Position December 2022

84 CC 02-07-2023
84 of 491
December 2022 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance   Ending Balance
Fund Type Fund Number/Name as of November 30, 2022 Receipts Disbursements Journal  Adjustments as  of December 31, 2022 General Fund 100  General Fund 109,610,504                                     12,237,054              (6,863,434)                 41,618                                  115,025,742 General Fund 130  Investment Fund 189,996                                            ‐                               ‐                                 ‐                                           189,996 Special Revenue Funds 210  Storm Drain Improvement 2,205,701                                         ‐                               (56,875)                      ‐                                           2,148,825 Special Revenue Funds 215  Storm Drain AB1600 1,814,201                                         3,164                       ‐                                 ‐                                           1,817,365 Special Revenue Funds 230  Env Mgmt Cln Crk Strm Drain 641,164                                            25,795                     (123,700)                    ‐                                           543,259 Special Revenue Funds 260  CDBG 651,564                                            28,239                     (29,294)                      ‐                                           650,509 Special Revenue Funds 261  HCD Loan Rehab 221,894                                            ‐                               ‐                                 ‐                                           221,894 Special Revenue Funds 265  BMR Housing 5,687,886                                         4,650                       (127,647)                    ‐                                           5,564,889 Special Revenue Funds 270  Transportation Fund 12,433,320                                       378,304                   (1,506,167)                 ‐                                           11,305,456 Special Revenue Funds 271  Traffic Impact 759,489                                            ‐                               ‐                                 ‐                                           759,489 Special Revenue Funds 280  Park Dedication 20,017,767                                       15,000                     (302,492)                    ‐                                           19,730,274 Special Revenue Funds 281  Tree Fund 71,648                                              481                          ‐                                 ‐                                           72,129 Debt Service Funds 365  Public Facilities Corp 2,682,650                                         ‐                               ‐                                 (360,400)                              2,322,250 Capital Project Funds 420  Capital Improvement Fund 27,609,475                                       ‐                               (248,615)                    ‐                                           27,360,860 Capital Project Funds 427  Stevens Creek Corridor Park 161,581                                            ‐                               ‐                                 ‐                                           161,581 Capital Project Funds 429  Capital Reserve* 11,620,392                                       ‐                               ‐                                 ‐                                            11,620,392 Enterprise Funds 520  Resource Recovery 5,702,469                                         119,834                   (130,969)                    ‐                                           5,691,335 Enterprise Funds 560  Blackberry Farm 1,154,549                                         1,195                       (56,426)                      24,565                                  1,123,883 Enterprise Funds 570  Sports Center 1,891,166                                         ‐                               (351,022)                    131,899                                1,672,043 Enterprise Funds 580  Recreation Program 3,472,502                                         48,311                     (230,321)                    41,823                                  3,332,314 Internal Service Funds 610  Innovation & Technology 3,943,097                                         ‐                               (358,757)                    ‐                                           3,584,340 Internal Service Funds 620  Workersʹ Compensation 3,666,283                                         ‐                               (5,408)                        (15,880)                                3,644,995 Internal Service Funds 630  Vehicle/Equip Replacement 1,034,267                                         ‐                               (192,376)                    ‐                                           841,891 Internal Service Funds 641  Compensated Absence/LTD 1,549,379                                         ‐                               9,606                          ‐                                           1,558,985 Internal Service Funds 642  Retiree Medical (693,469)                                          ‐                               (113,551)                    ‐                                           (807,020) Total 218,099,474$                                   12,862,026$            (10,687,448)$             (136,374)$                            220,137,678$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed January 18, 2023
For more information on funds, please see cupertino.org/fund‐structure 85 CC 02-07-2023
85 of 491
December 2022 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of November 30, 2022 Revenues Expenditures as  of December 31, 2022 General Fund 100  General Fund 100,060,445                                      5,718,123                            5,695,839                            100,082,729 General Fund 130  Investment Fund 229,425                                             ‐                                           ‐                                           229,425 Special Revenue Funds 210  Storm Drain Improvement 2,150,265                                          ‐                                           1,440                                   2,148,825 Special Revenue Funds 215  Storm Drain AB1600 1,814,201                                          3,164                                   ‐                                           1,817,365 Special Revenue Funds 230  Env Mgmt  Cln Crk Strm Drain 675,504                                             53,037                                 113,355                               615,186 Special Revenue Funds 260  CDBG 1,165,131                                          27,745                                 15,895                                 1,176,980 Special Revenue Funds 261  HCD Loan Rehab 221,894                                             ‐                                           ‐                                           221,894 Special Revenue Funds 265  BMR Housing 5,603,544                                          3,000                                   41,655                                 5,564,889 Special Revenue Funds 270  Transportation Fund 12,496,273                                        377,624                               1,227,856                            11,646,041 Special Revenue Funds 271  Traffic Impact 759,489                                             ‐                                           ‐                                           759,489 Special Revenue Funds 280  Park Dedication 20,017,429                                        15,000                                 302,155                               19,730,274 Special Revenue Funds 281  Tree Fund 71,648                                               481                                      ‐                                           72,129 Debt Service Funds 365  Public Facilities Corp 2,322,250                                          ‐                                           ‐                                           2,322,250 Capital Project Funds 420  Capital Improvement Fund 24,446,682                                        ‐                                           95,095                                 24,351,587 Capital Project Funds 427  Stevens Creek Corridor Park 161,581                                             ‐                                           ‐                                           161,581 Capital Project Funds 429  Capital Reserve* 11,620,392                                        ‐                                           ‐                                           11,620,392 Enterprise Funds 520  Resource Recovery 5,063,595                                          119,834                               116,071                               5,067,358 Enterprise Funds 560  Blackberry Farm 878,827                                             25,743                                 54,796                                 849,774 Enterprise Funds 570  Sports Center 2,495,425                                          181,059                               394,468                               2,282,016 Enterprise Funds 580  Recreation Program 3,268,346                                          123,912                               222,545                               3,169,713 Internal Service Funds 610  Innovation & Technology 3,535,558                                          ‐                                           285,253                               3,250,306 Internal Service Funds 620  Workersʹ Compensation 2,045,612                                          ‐                                           21,287                                 2,024,325 Internal Service Funds 630  Vehicle/Equip Replacement 2,639,025                                          ‐                                           167,625                               2,471,400 Internal Service Funds 641  Compensated Absence/LTD 1,549,379                                          17,803                                 8,197                                   1,558,985 Internal Service Funds 642  Retiree Medical (693,469)                                            ‐                                           113,551                               (807,020) Total 204,598,451$                                     6,666,524$                         8,877,084$                         202,387,891$ * For reporting purposes, this fund rolls up/combines with Fund 420 Printed January 18, 2023
For more information on funds, please see cupertino.org/fund‐structure 86 CC 02-07-2023
86 of 491

CITY OF CUPERTINO
Agenda Item
22-11713 Agenda Date: 2/7/2023
Agenda #: 11.

Subject: Consider the Monthly Treasurer's Investment Report for December 2022 Receive the Monthly Treasurer's Investment Report for December 2022 CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
87 CC 02-07-2023
87 of 491

1 CITY COUNCIL STAFF REPORT
Meeting: February 7, 2023

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

Recommended Action
Receive the Monthly Treasurer's Investment Report for December 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 December 31, 2022. The report is as of January 18, 2023.

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 88 CC 02-07-2023
88 of 491

2 Services (PARS) Section 115 Trusts are also attached per a request fro m the Monthly Treasurer's Report Subcommittee.

The City's General Ledger cash and investments balance was $220.1 million, a $2.0 million increase from the prior month due to receipts of $12.9 million, disbursements of $(10.7) million, and journal adjustments of $0.1 million.

Cash and Investments – General Ledger Balance
Fund Type
Month Ending
November 30,
2022
Receipts Disbursements Journal
Adjustments*
Month Ending
December 31,
2022
General Fund 109,800,500 12,237,054 (6,863,434) 41,618 115,215,738 Special Revenue 44,504,633 455,633 (2,146,175) - 42,814,091 Debt Service 2,682,650 - - (360,400) 2,322,250
Capital Projects 39,391,448 - (248,615) - 39,142,833 Enterprise 12,220,686 169,340 (768,738) 198,288 11,819,575 Internal Service 9,499,557 - (660,486) (15,880) 8,823,191 Total $218,099,474 $12,862,026 $(10,687,448) $(136,374) $220,137,678 *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.

89 CC 02-07-2023
89 of 491

3 The $220.1 million in cash and investments includes $33.0 million in cash, $21.1 million in cash equivalents, $148.8 million in investments, and $ 17.2 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.

90 CC 02-07-2023
90 of 491

4 Cash and Investments – General Ledger Balance

Month Ending
November 30,
2022
Month Ending
December 31,
2022
% of
Portfolio
Cash in banks and on hand

Operating Checking (Wells Fargo) 30,469,390 32,883,874 15% Workers' Compensation Checking (Wells Fargo) 47,333 31,453 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 360,400 - 0% Petty Cash and Change 5,000 5,000 0%
Cash Equivalents
Local Agency Investment Fund 21,131,545 21,131,545 10% Investments
Investments (Chandler) 148,845,755 148,845,755 68%
Restricted for Pension2 (PARS) 17,240,051 17,240,051 8% Total Cash and Investments3 $218,099,474 $220,137,678 100% 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 C ity 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
November 30,
2022
Month Ending
December 31,
2022
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 30,474,316 33,821,218 15% Workers' Compensation Checking (Wells Fargo) 54,027 33,538 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 360,400 8,333 0% Cash Equivalents
Local Agency Investment Fund 21,170,973 21,170,973 10% Investments
Investments (Chandler) 147,091,668 147,282,846 67%
Restricted for Pension2 (PARS) 18,054,973 17,395,501 8% Total Cash and Investments3 $217,206,356 $219,712,409 100% 91 CC 02-07-2023
91 of 491

5 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the 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.

The City 's LAIF account had a balance of $21. 2 million, no change from the previous month. The interest rate was 2.07%. The City did not make any deposits o r withdrawals in December 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.

The portfolio's market value was $147.3 million, compared to $147.1 million at the end of the pr evious month. The table below includes historical comparisons of the City's portfolio.

92 CC 02-07-2023
92 of 491

6 October 31,
2022
November 30,
2022
December 31,
2022
Market Value 145,375,884 147,091,668 147,282,846
Par Value 155,796,034 155,927,174 156,155,965
Book Value 155,563,286 155,696,350 155,929,700
Average Maturity 2.82 years 2.74 years 2.62 years
Average Modified
Duration 2.43 2.34 2.28
Average Purchase Yield 1.68% 1.69% 1.70%
Average Market Yield 4.81% 4.56% 4.63%
Average Quality1 AA/Aa1 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 value do not affect the City's investment principal. A decrease in market value creates an unrealized loss. The loss will only be realized if the City sells its investments before maturity. 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 c an only be used to fund retirement plans.

The Section 115 Trusts are not governed by the City's Investment Policy but by separate investment policies. On December 6, 202 2, 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:

93 CC 02-07-2023
93 of 491

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

The Section 115 Pension Trust had a balance of $17.4 million, a decrease of $0.7 million from the prior month due to investment losses. The Section 115 OPEB Trust had a balance of $31.6 million, a decrease of $1.2 million from the prior month due to investment losses.

The one-month investment returns were -3.62% for both the Pension Trust and 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
Budget Manager

Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services

Approved for Submission by: __________________
Pamela Wu
City Manager

Attachments:

A – Chandler Investment Report December 2022
B – Chandler Custodial Statement December 2022
C – PARS Pension and OPEB Account Statement December 2022 D – LAIF Account Statement December 2022
94 CC 02-07-2023
94 of 491
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending December 31, 2022
City of Cupertino
95 CC 02-07-2023
95 of 491
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2022
1 96
CC 02-07-2023
96 of 491
SECTION |
Section 1 |
Economic Update
2 97
CC 02-07-2023
97 of 491
Economic Update



Market volatility has i ntensified as global central banks pursue monetary policies to combat persistently high inflation.

Although the pace of job growth is moderating, the strength of the labor market has sustained economic growth. Inflation metrics are trending downward but remain significantly higher than the Fed’s target. While evidence of slower economic conditions has begun to mount, we expect the Federal Reserve to continue to raise rates to battle inflation, albeit at a less aggressive pace. Over the near-term, we expect financial market volatility to remain intensified with persistent inflation, geopolitical risk, and the Fed's hawkish monetary policy.

As expected at the December 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

In December, yields rose, and the curve became less inverted. The 2-year Treasury yield increased 12 basis points to 4.43%, the 5-year Treasury yield rose 27 basis points to 4.01%, and the 10-year Treasury yield climbed 27 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month- end versus -71 basis points at November month-end. The spread was a positive 78 basis points one year ago. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The year 2022 saw a dramatic shift in the Federal Reserve’s policy from highly accommodative to aggressive tightening, resulting in significantly higher rates and an inverted yield curve. The shape of the yield curve indicates that the probability of recession is increasing.
3 98
CC 02-07-2023
98 of 491
Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 223,000 jobs in December, slightly higher than market expectations of 205,000, but a decline from November’s revised increase of 256,000. T rends in employment remain healthy, with the three-month moving average payrolls at 247,000and the six-month moving average at 307,000. Jobs in the goods producing sector were surprisingly strong, and leisure and hospitality employment growth remained solid. The unemployment rate dipped to 3.5%, returning to its pre-pandemic level. The labor participation rate increased only slightly to 62.3% in December from 62.1% in November, indicating the supply of labor remains challenging for employers. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 6.5% from the prior month at 6.7%. Average hourly earnings rose 4.6% year-over-year in December, down from a revised 4.8% increase in November. Overall, the December employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate, but perhaps at a slower pace. -200
-100
0 100
200
300
400
500
600
700
800
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 99
CC 02-07-2023
99 of 491
Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased 6.5% year-over-year in December, down from a 7.1% year-over-year increase in November. The Core CPI, which excludes volatile food and energy components, rose 5.7% year-over-year in December, down from 6.0% in November. Gasoline prices decelerated materially, while shelter prices continued to rise. A shift in spending from goods to services continues to dampen merchandise prices. The Personal Consumption Expenditures (PCE) index rose 5.5% year-over-year in November, versus an upwardly revised

6.1% year-over-year gain in October. Core PCE increased 4.7% year-over-year in November versus a 5.0% year-over-year gain in October.

Declining inflationary trends should provide the Federal Reserve room to reduce the pace and magnitude of future federal funds rate hikes.

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
5 100
CC 02-07-2023
100 of 491
Advance Retail Sales declined more than expected in November at -0.6% month-over-month and +6.5% year-over-year, possibly suggesting some loss of momentum in consumer demand for goods amid high inflation and shifting preferences toward services. Additionally, Amazon’s Prime Day may have pulled some holiday spending activity forward into October from November. The Conference Board’s Consumer Confidence Index jumped more than expected to 108.3 in December from an upwardly revised 101.4 in November. Views of current conditions and the future outlook for the economy both improved as inflation expectations declined.

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
6 101
CC 02-07-2023
101 of 491
Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the ninth consecutive month at a worse than expected -1.0% in November, following a downwardly revised -0.9% in October. The LEI was down 4.5% year-over-over in November versus down 2.9% in October. The Conference Board cited a "lack of economic growth momentum in the near term." The Chicago Fed National Activity Index (CFNAI) decreased to -0.05 in October from +0.17 in September indicating below trend growth over the month. On a 3-month moving average basis, the CFNAI moved down to +0.09 in October from an upwardly revised +0.19 in September. -0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
3 Month Average
-1.5%
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%
Leading Economic Indicators (LEI)
MOM ( %) Change
7 102
CC 02-07-2023
102 of 491
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 0.5% in November to 1,427,000units after an upward revision to 1,434,000units in October. Single-family home starts fell 4.1%, whereas multi-family starts rose 4.9% month-over-month. On a year-over-year basis, total housing starts decreased 16.4% reflecting a shift from single-family units to more affordable multi-family units as homebuyers struggle with a combination of elevated prices and higher mortgage rates. The 30-year mortgage rate has edged up to 6.4% according to Freddie Mac but remains below recent highs which topped 7%. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +8.6% in October from +10.4% in September, clearly displaying the impact of higher mortgage rates which have reduced demand for homebuying as affordability has declined.
8 103
CC 02-07-2023
103 of 491
Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Supply M anagement (ISM) manufacturing index declined to 48.4 in December from 49.0 in November. This is the second consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector. The declining trend reflects sluggish demand amid economic uncertainty and easing price pressures in the goods sector. Industrial production was down 0.2% in November after an unrevised decline of 0.1% in October. The decrease was led by weakness in the manufacturing and mining indices. This equates to a 2.5% increase from the prior year. Capacity utilization fell to 79.7%in November from 79.9%in October and continues to run slightly above the 1972- 2021 average of 79.6%.
40 42
44 46
48 50
52 54
56 58
60 62
64 66
Institute of Supply Management Purchasing Manager Index

EXPANDING

CONTRACTING
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Industrial Production
YOY( %) Change
9 104
CC 02-07-2023
104 of 491
Source: US Department of Commerce Source: US Department of Commerce 12/21 3/22 6/22 9/22

2.1% 0.9% 1.4% 1.5%

5.1% 1.0% -2.8% -1.8%
-0.2% -3.1% 1.2% 2.9%

0.0% -0.4% -0.2% 0.2%
-0.2% 0.0% -0.1% 0.4%

7.0% -1.6% -0.6% 3.2%
Net Exports and Imports
Total
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Federal Government Expenditures
State and Local (Consumption and Gross
Investment) -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%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the third e stimate, GDP increased at an annualized rate of 3.2% in the third quarter, revised up from 2.9%. The upward revision reflects stronger personal consumption expenditures which rose 2.3% in the third quarter, up from 1.7% in the previous estimate, primarily due to continued strength in services spending. Business investment, state and local government spending, and net exports also contributed to the upward revision. The consensus estimate calls for 1.1% growth in the fourth quarter and 1.9% growth for the full year 2022. 10 105
CC 02-07-2023
105 of 491
Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at the D ecember 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. The Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023and no rate cuts until 2024;however, the market consensus diverged, implying rate cuts in the second half of 2023. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%
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
11 106
CC 02-07-2023
106 of 491
Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%
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%

4.0%

4.5%

5.0%
US Treasury Yield Curve
Dec-22
Sep-22
Dec-21
Yield (%)
Bond Yields
At the end of December, the 2-year Treasury yield was 370 basis points higher, and the 10-Year Treasury yield was about 237 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month-end versus -71 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The shape of the yield curve indicates that the probability of recession is increasing. 12 107
CC 02-07-2023
107 of 491
Section 2|SECTION |
Section 2 |
Account Profile
13 108
CC 02-07-2023
108 of 491
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 December 31, 2022
14 109
CC 02-07-2023
109 of 491
Compliance As of December 31, 2022
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.

Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE .

Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short- term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.

Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.

Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.

Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 15 110
CC 02-07-2023
110 of 491
Compliance As of December 31, 2022
Category Standard Comment
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.

Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 16 111
CC 02-07-2023
111 of 491
Portfolio Summary As of December 31, 2022
17 112
CC 02-07-2023
112 of 491
Portfolio Characteristics
City of Cupertino
12/31/22 09/30/22
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.61 2.67 2.76
Average Modified Duration 2.48 2.28 2.38
Average Purchase Yield n/a 1.70% 1.58%
Average Market Yield 4.35% 4.63% 4.49%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 147,282,846 145,810,488
*ICE BofA 1-5 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of December 31, 2022
18 113
CC 02-07-2023
113 of 491
City of Cupertino
Sector Distribution
ABS

13.4%
Agency

17.2%
CMO

3.9%
Corporate

27.2%
Money Market
Fund

0.5%
Municipal Bonds

0.5%
Supranational

6.3%
US Treasury

31.0%
December 31, 2022 September 30, 2022
ABS

13.7%
Agency

18.7%
CMO

5.3%
Corporate

27.3%
Money Market
Fund

0.2%
Municipal Bonds

0.5%
Supranational

6.4%
US Treasury

28.0%
As of December 31, 2022
19 114
CC 02-07-2023
114 of 491
Duration Allocation As of December 31, 2022
City of Cupertino
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 12/31/22 0.7% 1.9% 6.8% 31.1% 35.6% 14.9% 9.0% 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
CMO
Corporate
Money Market Fund
Municipal Bonds
Supranational
US Treasury
20 115
CC 02-07-2023
115 of 491
Portfolio Allocation & Duration Changes
City of Cupertino
As of December 31, 2022
Benchmark: ICE BofA 1-5 Yr US Treasury & Agency Index

92.2%

96.2%95.6%

98.6%100.8%99.3%

96.2%

98.4%

80.0%

85.0%

90.0%

95.0%
100.0%
105.0%
110.0%
12/31/2209/30/2206/30/2203/31/2212/31/2109/30/2106/30/2103/31/21 Duration as a % of the Benchmark

0.2%

0.5%

5.3%

6.4%

13.7%

18.7%

27.3%

28.0%

0.5%

0.5%

3.9%

6.3%

13.4%

17.2%

27.2%

31.0%
Money Market
Fund
Municipal Bonds
CMO
Supranational
ABS
Agency
Corporate
US Treasury
Portfolio Allocation
12/31/22
09/30/22
21 116
CC 02-07-2023
116 of 491
Issue Name Investment Type % Portfolio
Government of United States US Treasury 30.99%
Federal National Mortgage Association Agency 8.87%
Federal Home Loan Mortgage Corp Agency 4.97%
Federal Home Loan Mortgage Corp CMO 3.86%
Federal Home Loan Bank Agency 3.34%
Inter-American Dev Bank Supranational 3.33%
John Deere ABS ABS 1.93%
American Express ABS ABS 1.90%
Hyundai Auto Receivables ABS 1.83%
Royal Bank of Canada Corporate 1.69%
Toyota Motor Corp Corporate 1.61%
Bank of New York Corporate 1.58%
Bank of America Corp Corporate 1.55%
International Finance Corp Supranational 1.54%
JP Morgan Chase & Co Corporate 1.54%
Intl Bank Recon and Development Supranational 1.47%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.31%
GM Financial Automobile Leasing Trust ABS 1.26%
Paccar Financial Corporate 1.25%
Bank of Montreal Chicago Corporate 1.17%
Honda ABS ABS 1.14%
Metlife Inc Corporate 1.13%
Amazon.com Inc Corporate 1.13%
Air Products & Chemicals Corporate 1.13%
Toyota Lease Owner Trust ABS 1.13%
Salesforce.com Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
United Health Group Inc Corporate 1.08%
New York Life Global Funding Corporate 1.07%
Berkshire Hathaway Corporate 1.02%
Toyota ABS ABS 0.91%
Hyundai Auto Lease Securitization ABS 0.88%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.82%
Caterpillar Inc Corporate 0.72%
GM Financial Securitized Term Auto Trust ABS 0.67%
Deere & Company Corporate 0.67%
Issuers
City of Cupertino – Account #10659
As of December 31, 2022
22 117
CC 02-07-2023
117 of 491
Issue Name Investment Type % Portfolio
Mass Mutual Insurance Corporate 0.60%
Charles Schwab Corp/The Corporate 0.60%
BMW Vehicle Lease Trust ABS 0.57%
State of California Municipal Bonds 0.50%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.49% Northern Trust Corp Corporate 0.45%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.35%
Verizon Owner Trust ABS 0.31%
Wal-Mart Stores Corporate 0.21%
Nissan ABS ABS 0.11%
Mercedes-Benz Auto Lease Trust ABS 0.04%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of December 31, 2022
23 118
CC 02-07-2023
118 of 491
AAA AA A <A NR
12/31/22 16.0% 57.1% 18.8% 0.0% 8.0%
09/30/22 16.3% 55.6% 18.9% 0.0% 9.2%
Source: S&P Ratings
December 31, 2022 vs. September 30, 2022

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
AAA AA A <A NR
12/31/22 09/30/22
Quality Distribution
City of Cupertino
As of December 31, 2022
24 119
CC 02-07-2023
119 of 491

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Cupertino ICE BofA 1-5 Yr US Treasury & Agency Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 0.7% 1.9% 6.8% 31.1% 35.6% 14.9% 9.0% 0.0%
Benchmark* 0.0% 0.0% 1.8% 36.4% 27.8% 20.9% 13.2% 0.0%
*ICE BofA 1-5 Yr US Treasury & Agency Index
Duration Distribution
City of Cupertino
As of December 31, 2022
25 120
CC 02-07-2023
120 of 491
Total Rate of Return Annualized Since Inception January 31, 2019 Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment Performance
City of Cupertino
-6.00%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%

0.00%

1.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Cupertino ICE BofA 1-5 Yr US Treasury & Agency Index Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino 1.04% -4.99% -2.97% -0.49% N/A N/A 0.50% ICE BofA 1-5 Yr US Treasury & Agency Index 0.94% -5.25% -3.19% -0.78% N/A N/A 0.37% As of December 31, 2022
26 121
CC 02-07-2023
121 of 491
Purchase Yield as of 12/31/22 = 1.70%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of December 31, 2022
27 122
CC 02-07-2023
122 of 491
SECTION |
Section 3 |
Portfolio Holdings
28 123
CC 02-07-2023
123 of 491
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
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3

0.400% Due 11/15/2023
61,876.91 09/15/2020

0.40%
61,873.77
61,876.86

99.76 5.09%
61,730.85

11.00 0.04%
(146.01)

NR / AAA
AAA

0.87 0.05
92348AAA3 Verizon Owner Trust 2019-C A1A

1.940% Due 04/22/2024
17,978.39 10/01/2019

1.95%
17,977.00
17,977.99

99.82 4.57%
17,946.90

10.66 0.01%
(31.09)

NR / AAA
AAA

1.31 0.07
89238EAC0 Toyota Lease Owner Trust 2021-A A3

0.390% Due 04/22/2024
554,864.60 03/23/2022

2.16%
543,767.31
549,519.95

98.63 5.13%
547,252.30

66.12 0.37%
(2,267.65)
Aaa / AAA
NR

1.31 0.29
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
789,962.91

98.47 5.00%
777,947.21
115.87

0.53%
(12,015.70)
Aaa / AAA
NR

1.46 0.32
65479JAD5 Nissan Auto Receivables Owner 2019-C A3

1.930% Due 07/15/2024
162,453.92 Various

1.70%
163,259.83
162,746.75

99.64 5.03%
161,872.56
139.35

0.11%
(874.19)
Aaa / AAA
NR

1.54 0.11
43813DAC2 Honda Auto Receivables 2020-2 A3

0.820% Due 07/15/2024
55,080.52 05/18/2020

0.83%
55,076.19
55,078.91

98.53 5.51%
54,271.03

20.07 0.04%
(807.88)
Aaa / AAA
NR

1.54 0.31
47789KAC7 John Deere Owner Trust 2020-A A3

1.100% Due 08/15/2024
59,731.79 03/04/2020

1.11%
59,728.14
59,730.45

99.13 4.89%
59,209.94

29.20 0.04%
(520.51)
Aaa / NR
AAA

1.62 0.23
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
288,408.17 09/22/2020

0.38%
288,365.80
288,396.29

97.82 5.31%
282,106.62

38.53 0.19%
(6,289.67)

NR / AAA
AAA

1.80 0.44
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
964,994.31

97.16 5.38%
937,565.53
115.00

0.64%
(27,428.78)

NR / AAA
AAA

1.81 0.57
47787NAC3 John Deere Owner Trust 2020-B A3

0.510% Due 11/15/2024
98,707.84 07/14/2020

0.52%
98,692.79
98,703.36

98.46 5.34%
97,191.46

22.37 0.07%
(1,511.90)
Aaa / NR
AAA

1.88 0.32
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
414,211.71 09/08/2021

0.34%
414,168.96
414,193.29

97.72 5.25%
404,747.97

22.78 0.27%
(9,445.32)
Aaa / NR
AAA

1.99 0.46
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
216,428.62 10/06/2020

0.36%
216,388.30
216,409.30

98.25 4.95%
212,633.07

33.67 0.14%
(3,776.23)

NR / AAA
AAA

2.04 0.38
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
539,993.14

96.51 5.20%
521,134.83
278.40

0.35%
(18,858.31)
Aaa / AAA
NR

2.04 0.87
92290BAA9 Verizon Owner Trust 2020-B A

0.470% Due 02/20/2025
449,373.02 08/04/2020

0.48%
449,278.65
449,328.43

98.49 5.05%
442,603.93

64.53 0.30%
(6,724.50)
Aaa / NR
AAA

2.14 0.33
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
1,149,884.91

96.45 5.25%
1,109,160.05
688.72

0.75%
(40,724.86)

NR / AAA
AAA

2.14 1.09
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
944,995.09

96.62 5.32%
913,099.64
548.63

0.62%
(31,895.45)
Aaa / NR
AAA

2.22 1.00
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
449,962.05

96.74 5.29%
435,347.87

82.50 0.30%
(14,614.18)

NR / AAA
AAA

2.23 0.78
As of December 31, 2022
29 124
CC 02-07-2023
124 of 491
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
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
206,866.51 02/17/2021

0.27%
206,862.73
206,865.01

96.73 6.22%
200,103.11

15.51 0.14%
(6,761.90)
Aaa / NR
AAA

2.31 0.55
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
748,729.92 02/02/2021

0.27%
748,590.96
748,675.98

97.42 4.82%
729,422.57

86.52 0.50%
(19,253.41)
Aaa / NR
AAA

2.37 0.56
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
481,215.39 04/20/2021

0.38%
481,164.76
481,192.65

96.71 5.51%
465,380.52

81.27 0.32%
(15,812.13)

NR / AAA
AAA

2.71 0.64
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
459,936.01

94.91 5.11%
436,566.50
112.44

0.30%
(23,369.51)
Aaa / NR
AAA

3.06 1.22
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
579,968.79

94.91 5.29%
550,465.07
134.04

0.37%
(29,503.72)
Aaa / NR
AAA

3.21 1.08
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
429,994.02

94.21 5.70%
405,103.00
135.69

0.28%
(24,891.02)

NR / AAA
AAA

3.29 1.18
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
739,918.20

95.03 5.03%
703,221.56
618.31

0.48%
(36,696.64)
Aaa / AAA
NR

3.37 1.60
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

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

2.03%
1,296,371.65
1,305,682.35

94.47 5.54%
1,256,392.61
437.42

0.85%
(49,289.74)

NR / AAA
AAA

3.37 1.17
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
529,977.98

97.40 4.96%
516,240.72
283.55

0.35%
(13,737.26)
Aaa / AAA
NR

3.65 1.51
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
349,994.22

94.48 5.54%
330,684.34

99.17 0.22%
(19,309.88)
Aaa / AAA
NR

3.71 1.15
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
449,923.11

95.91 5.12%
431,611.07
464.00

0.29%
(18,312.04)
Aaa / NR
AAA

3.71 1.48
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
1,009,970.65

95.56 5.13%
965,202.46
996.53

0.66%
(44,768.19)

NR / AAA
AAA

3.79 1.55
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
294,981.69

94.55 5.35%
278,917.43
154.88

0.19%
(16,064.26)

NR / AAA
AAA

3.88 1.35
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
389,935.61

96.88 5.05%
377,834.88
503.75

0.26%
(12,100.73)
Aaa / AAA
NR

4.13 1.63
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
654,945.35

97.70 4.93%
639,940.11
1,088.76

0.44%
(15,005.24)
Aaa / NR
AAA

4.13 1.99
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
1,529,747.48

94.33 4.99%
1,457,465.54
1,517.53

0.99%
(72,281.94)
Aaa / NR
AAA

4.21 2.09
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
1,374,757.97

97.14 4.72%
1,335,647.91
2,071.67

0.91%
(39,110.06)

NR / AAA
AAA

4.38 2.22
47800BAC2 John Deere Owner Trust 2022-C A3

5.090% Due 06/15/2027
1,050,000.00 10/12/2022

5.15%
1,049,918.52
1,049,923.04
100.38

4.97%
1,053,956.31
2,375.33

0.72%
4,033.27
Aaa / NR
AAA

4.46 2.15
As of December 31, 2022
30 125
CC 02-07-2023
125 of 491
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
92348KAV5 Verizon Master Trust 2022-5 A1A

3.720% Due 07/20/2027
570,000.00 08/02/2022

3.75%
569,974.92
569,978.46

98.48 5.00%
561,355.30
647.90

0.38%
(8,623.16)

NR / AAA
AAA

4.55 1.54
TOTAL ABS 20,415,927.31 1.93%
20,349,502.17
20,370,122.56 5.15%
19,731,332.77
14,111.67

13.41%
(638,789.79)
Aaa / AAA
AAA

3.08 1.23
Agency
3137EAFA2 FHLMC Note

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

0.28%
1,753,262.55
1,754,465.28

95.86 4.88%
1,682,332.24
329.06

1.14%
(72,133.04)
Aaa / AA+
AAA

0.93 0.90
3130A0XE5 FHLB Note

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

2.27%
1,568,115.00
1,516,293.29

98.21 4.81%
1,473,219.41
15,302.08

1.01%
(43,073.88)
Aaa / AA+
NR

1.19 1.13
3130A1XJ2 FHLB Note

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

1.96%
1,564,890.20
1,518,875.85

97.72 4.51%
1,465,796.10
2,036.46

1.00%
(53,079.75)
Aaa / AA+
NR

1.45 1.40
3135G0V75 FNMA Note

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

1.96%
1,484,895.00
1,495,431.82

95.76 4.70%
1,436,473.89
13,052.08

0.98%
(58,957.93)
Aaa / AA+
AAA

1.50 1.44
3130A2UW4 FHLB Note

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

1.79%
2,103,380.00
2,035,196.81

97.12 4.65%
1,942,425.74
17,250.00

1.33%
(92,771.07)
Aaa / AA+
AAA

1.70 1.62
3135G0W66 FNMA Note

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

1.73%
1,965,802.75
1,971,618.07

95.05 4.54%
1,877,175.82
6,775.35

1.28%
(94,442.25)
Aaa / AA+
AAA

1.79 1.72
3135G0X24 FNMA Note

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

1.38%
1,309,953.95
1,301,266.09

94.54 4.48%
1,224,344.58
10,171.14

0.84%
(76,921.51)
Aaa / AA+
AAA

2.02 1.93
3137EAEP0 FHLMC Note

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

1.52%
2,363,178.95
2,364,228.67

94.29 4.35%
2,230,048.91
13,697.29

1.52%
(134,179.76)
Aaa / AA+
AAA

2.12 2.03
3135G03U5 FNMA Note

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

0.67%
1,856,168.40
1,858,231.25

91.94 4.33%
1,710,175.83
2,228.13

1.16%
(148,055.42)
Aaa / AA+
AAA

2.31 2.24
3135G04Z3 FNMA Note

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

0.50%
2,499,227.30
2,499,723.52

91.07 4.37%
2,276,628.38
486.11

1.55%
(223,095.14)
Aaa / AA+
AAA

2.46 2.40
3137EAEU9 FHLMC Note

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

0.48%
1,243,775.00
1,246,819.24

90.57 4.31%
1,132,151.11
2,083.33

0.77%
(114,668.13)
Aaa / AA+
AAA

2.56 2.49
3135G05X7 FNMA Note

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

0.48%
2,487,983.75
2,493,445.94

90.27 4.30%
2,256,705.40
3,281.25

1.53%
(236,740.54)
Aaa / AA+
AAA

2.65 2.58
3137EAEX3 FHLMC Note

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

0.46%
2,489,362.80
2,494,069.99

90.07 4.27%
2,251,749.32
2,552.08

1.53%
(242,320.67)
Aaa / AA+
AAA

2.73 2.66
As of December 31, 2022
31 126
CC 02-07-2023
126 of 491
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
3135G06G3 FNMA Note

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

0.56%
2,492,700.00
2,495,825.64

90.01 4.26%
2,250,267.55
1,875.00

1.53%
(245,558.09)
Aaa / AA+
AAA

2.85 2.77
TOTAL Agency 27,000,000.00 1.08%
27,182,695.65
27,045,491.46 4.47%
25,209,494.28
91,119.36

17.18%
(1,835,997.18)
Aaa / AA+
AAA

2.08 2.01
CMO
3137BFE98 FHLMC K041 A2

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

0.72%
1,398,414.06
1,353,203.54

96.89 4.99%
1,259,585.99
3,435.25

0.86%
(93,617.55)
Aaa / AAA
AAA

1.82 1.63
3137BLMZ8 FHLMC K049 A2

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

0.87%
1,079,687.50
1,049,948.45

96.08 4.67%
960,783.33
2,508.33

0.65%
(89,165.12)

NR / NR
AAA

2.57 2.30
3137BLW95 FHLMC K050 A2

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

1.17%
1,018,132.81
997,556.80

96.75 4.67%
919,078.90
2,639.42

0.63%
(78,477.90)

NR / NR
AAA

2.65 2.35
3137BM7C4 FHLMC K051 A2

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

2.21%
453,079.69
450,086.79

96.63 4.65%
425,160.91
1,212.93

0.29%
(24,925.88)

NR / NR
AAA

2.74 2.42
3137BN6G4 FHLMC KO53

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

2.29%
582,001.17
579,484.23

95.68 4.60%
545,369.27
1,422.63

0.37%
(34,114.96)

NR / NR
AAA

2.99 2.64
3137BSP72 FHLMC K058 A2

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

1.35%
687,451.17
678,513.46

93.79 4.52%
609,624.34
1,437.04

0.41%
(68,889.12)

NR / NR
AAA

3.65 3.36
3137FBBX3 FHLMC K068 A2

3.244% Due 08/25/2027
1,000,000.00 09/28/2022

4.41%
950,664.06
953,182.63

95.10 4.42%
950,992.90
2,703.33

0.65%
(2,189.73)
Aaa / NR
NR

4.65 4.16
TOTAL CMO 5,910,000.00 1.73%
6,169,430.46
6,061,975.90 4.68%
5,670,595.64
15,358.93

3.86%
(391,380.26)
Aaa / AAA
AAA

2.93 2.62
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
1,029,734.39

95.64 4.78%
985,089.65
2,111.50

0.67%
(44,644.74)
A2 / A
A

1.05 1.02
89114QCA4 Toronto Dominion Bank Note

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

2.24%
1,527,255.00
1,508,299.10

96.77 4.99%
1,451,605.86
2,097.92

0.99%
(56,693.24)
A1 / A
AA-

1.45 1.39
06367TQW3 Bank of Montreal Note

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

1.89%
582,216.00
588,771.19

93.49 5.12%
560,955.88
1,791.67

0.38%
(27,815.31)
A2 / A-
AA-

1.52 1.47
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
1,753,518.36

93.84 4.83%
1,651,599.77
5,072.23

1.12%
(101,918.59)
A2 / A+
NR

1.54 1.49
78013XZU5 Royal Bank of Canada Note

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

1.98%
1,533,359.18
1,512,476.40

96.41 4.99%
1,446,221.18
17,531.26

0.99%
(66,255.22)
A1 / A
AA-

1.54 1.47
As of December 31, 2022
32 127
CC 02-07-2023
127 of 491
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
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
1,255,782.77

96.17 4.94%
1,202,186.60
12,583.33

0.82%
(53,596.17)
A2 / A+
A+

1.58 1.51
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
1,702,035.24

97.76 4.83%
1,637,538.12
23,536.08

1.13%
(64,497.12)
A2 / A
NR

1.58 1.50
69371RR40 Paccar Financial Corp Note

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

0.52%
679,632.80
679,803.67

93.14 5.00%
633,364.16
1,341.11

0.43%
(46,439.51)
A1 / A+
NR

1.61 1.56
69371RQ25 Paccar Financial Corp Note

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

2.20%
369,182.30
369,735.04

95.47 5.09%
353,242.38
3,005.22

0.24%
(16,492.66)
A1 / A+
NR

1.62 1.55
14913Q3B3 Caterpillar Finl Service Note

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

1.92%
1,111,517.00
1,104,470.76

95.45 4.74%
1,049,986.87
3,481.81

0.72%
(54,483.89)
A2 / A
A

1.86 1.78
74153WCQ0 Pricoa Global Funding Note

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

1.19%
884,088.45
884,412.58

92.56 5.25%
819,126.25
706.77

0.56%
(65,286.33)
Aa3 / AA-
AA-

1.93 1.86
89114TZL9 Toronto-Dominion Bank Note

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

2.79%
674,737.00
681,849.88

93.16 5.04%
652,144.27
4,821.25

0.45%
(29,705.61)
A1 / A
NR

2.03 1.94
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
1,213,896.28

93.69 4.74%
1,138,367.18
8,221.50

0.78%
(75,529.10)
A1 / A+
A+

2.04 1.95
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
1,678,768.33

93.22 4.99%
1,566,093.48
11,300.33

1.07%
(112,674.85)
Aaa / AA+
AAA

2.04 1.95
69371RR73 Paccar Financial Corp Note

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

2.86%
884,769.90
884,826.38

95.96 4.75%
849,230.85
5,885.25

0.58%
(35,595.53)
A1 / A+
NR

2.27 2.14
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
1,049,704.37

96.70 4.91%
1,015,390.60
7,579.69

0.69%
(34,313.77)
A1 / A
AA-

2.29 2.15
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
1,369,851.99

96.89 4.78%
1,327,454.62
8,414.08

0.91%
(42,397.37)
A1 / A
AA-

2.32 2.18
06367WB85 Bank of Montreal Note

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

0.85%
1,285,656.80
1,268,277.97

93.33 4.91%
1,157,326.31
3,823.33

0.79%
(110,951.66)
A2 / A-
AA-

2.33 2.23
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024

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

0.78%
1,371,773.90
1,370,836.77

93.23 5.28%
1,277,219.13
940.73

0.87%
(93,617.64)
A1 / A-
AA-

2.42 2.32
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
655,200.27

93.21 5.28%
610,553.83
141.05

0.41%
(44,646.44)
A1 / A-
AA-

2.48 2.38
66815L2J7 Northwestern Mutual Glbl Note

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

4.01%
1,169,602.20
1,169,668.98

98.11 4.81%
1,147,896.00
23,400.00

0.80%
(21,772.98)
Aaa / AA+
AAA

2.50 2.30
As of December 31, 2022
33 128
CC 02-07-2023
128 of 491
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
74153WCM9 Pricoa Global Funding Note

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

3.26%
832,972.72
848,299.06

89.56 5.03%
809,595.23
2,410.67

0.55%
(38,703.83)
Aa3 / AA-
AA-

2.67 2.57
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
1,019,715.59

97.93 4.72%
979,298.28
4,718.06

0.67%
(40,417.31)
A1 / A
AA-

2.88 2.67
40139LBC6 Guardian Life Glob Fun Note

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

1.12%
1,385,860.00
1,390,056.53

88.37 5.19%
1,237,114.10
714.58

0.84%
(152,942.43)
Aa1 / AA+
NR

2.95 2.83
66815L2A6 Northwestern Mutual Glbl Note

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

1.47%
827,449.50
833,305.40

88.56 4.90%
752,790.18
3,154.44

0.51%
(80,515.22)
Aaa / AA+
AAA

3.04 2.92
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
611,953.43

92.76 5.63%
556,551.72
4,634.50

0.38%
(55,401.71)
A2 / A-
AA-

3.12 2.92
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
409,820.28

92.78 5.44%
372,059.44
1,600.96

0.25%
(37,760.84)
A1 / A-
AA-

3.31 2.20
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

4.68%
615,699.50
620,985.70

93.00 5.43%
604,480.09
2,488.85

0.41%
(16,505.61)
A1 / A-
A+

3.33 2.21
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
1,869,557.12

88.68 4.68%
1,662,697.54
2,552.08

1.13%
(206,859.58)
A1 / AA
AA-

3.36 3.23
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
1,027,391.87

89.43 4.57%
925,633.54
1,520.88

0.63%
(101,758.33)
A3 / A+
A

3.37 3.23
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
1,384,578.16

88.46 4.78%
1,225,234.00
562.66

0.83%
(159,344.16)
A1 / A+
A+

3.47 3.32
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
700,801.82

90.23 5.45%
631,640.46
307.77

0.43%
(69,161.36)
A2 / A-
AA-

3.47 3.29
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
1,001,611.39

88.13 4.89%
881,251.44
5,500.00

0.60%
(120,359.95)
Aa3 / AA+
AA+

3.54 3.37
58989V2D5 Met Tower Global Funding Note

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

1.27%
769,291.60
769,475.49

87.00 5.15%
669,907.70
2,860.76

0.46%
(99,567.79)
Aa3 / AA-
AA-

3.71 3.52
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
349,509.13

88.67 4.39%
310,329.45
1,061.67

0.21%
(39,179.68)
Aa2 / AA
AA

3.72 3.55
59217GER6 Metlife Note

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

1.90%
1,113,728.90
1,113,976.02

88.58 5.04%
987,681.92
9,872.40

0.68%
(126,294.10)
Aa3 / AA-
AA-

4.03 3.76
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
959,774.03

91.31 4.77%
876,617.66
7,709.34

0.60%
(83,156.37)
A2 / A
A

4.17 3.86
As of December 31, 2022
34 129
CC 02-07-2023
129 of 491
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
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
1,614,742.22

92.41 4.29%
1,492,385.94
10,937.14

1.02%
(122,356.28)
Aa2 / AA
A+

4.21 3.91
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026

3.559% Due 04/23/2027
1,150,000.00 Various

4.77%
1,114,222.54
1,117,283.74

93.80 5.63%
1,078,725.13
7,730.94

0.74%
(38,558.61)
A2 / A-
AA-

4.31 3.04
665859AW4 Northern Trust Company Callable Note Cont 4/10/2027

4.000% Due 05/10/2027
670,000.00 05/05/2022

4.04%
668,914.60
669,054.88

97.78 4.57%
655,097.14
3,796.67

0.45%
(13,957.74)
A2 / A+
A+

4.36 3.93
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
675,277.39

96.84 4.50%
653,645.39
3,191.25

0.45%
(21,632.00)
A3 / A+
A

4.37 3.96
TOTAL Corporate 42,790,000.00 1.97%
42,826,786.07
42,719,089.97 4.92%
39,895,329.34
225,111.73

27.24%
(2,823,760.63)
A1 / A+
AA-

2.63 2.44
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 725,037.45 Various

3.48%
725,037.45
725,037.45

1.00 3.48%
725,037.45

0.00 0.49%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 725,037.45 3.48%
725,037.45
725,037.45 3.48%
725,037.45

0.00 0.49%

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
761,142.88

96.43 4.54%
728,054.05
4,530.00

0.50%
(33,088.83)
Aa2 / AA-
AA

1.75 1.68
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
761,142.88 4.54%
728,054.05
4,530.00

0.50%
(33,088.83)
Aa2 / AA-
AA

1.75 1.68
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
2,797,159.40

96.06 4.92%
2,689,764.00
894.44

1.83%
(107,395.40)
Aaa / AAA
NR

0.87 0.85
45950KCT5 International Finance Corp Note

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

0.66%
2,471,150.00
2,482,241.73

90.50 4.36%
2,262,525.00
4,296.88

1.54%
(219,716.73)
Aaa / AAA
NR

2.54 2.47
459058JL8 Intl. Bank Recon & Development Note

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

0.60%
2,388,859.25
2,393,309.69

89.92 4.33%
2,158,139.50
2,100.01

1.47%
(235,170.19)
Aaa / AAA
AAA

2.83 2.75
As of December 31, 2022
35 130
CC 02-07-2023
130 of 491
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
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
2,452,564.90

89.58 4.29%
2,203,569.60
4,245.21

1.50%
(248,995.30)
Aaa / AAA
AAA

3.30 3.19
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,125,275.72 4.50%
9,313,998.10
11,536.54

6.33%
(811,277.62)
Aaa / AAA
AAA

2.31 2.24
US Treasury
912828V23 US Treasury Note

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

1.80%
1,529,472.66
1,506,497.91

97.55 4.78%
1,463,320.50

93.23 0.99%
(43,177.41)
Aaa / AA+
AAA

1.00 0.97
912828B66 US Treasury Note

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

2.14%
2,053,613.28
2,013,067.78

97.86 4.72%
1,957,188.00
20,774.45

1.34%
(55,879.78)
Aaa / AA+
AAA

1.13 1.08
91282CBR1 US Treasury Note

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

0.33%
1,446,488.28
1,448,572.55

94.84 4.71%
1,375,177.10
1,081.49

0.93%
(73,395.45)
Aaa / AA+
AAA

1.21 1.17
912828X70 US Treasury Note

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

1.92%
1,705,976.56
1,701,623.88

96.52 4.73%
1,640,765.20
5,823.20

1.12%
(60,858.68)
Aaa / AA+
AAA

1.33 1.29
912828XX3 US Treasury Note

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

1.80%
2,018,574.22
2,005,744.43

96.21 4.64%
1,924,218.00
110.49

1.31%
(81,526.43)
Aaa / AA+
AAA

1.50 1.45
912828D56 US Treasury Note

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

1.71%
1,753,191.41
1,717,572.16

96.52 4.62%
1,640,897.80
15,250.34

1.12%
(76,674.36)
Aaa / AA+
AAA

1.62 1.55
912828YY0 US Treasury Note

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

1.97%
2,087,203.13
2,090,850.43

94.98 4.40%
1,994,508.60
101.52

1.35%
(96,341.83)
Aaa / AA+
AAA

2.00 1.93
912828ZC7 US Treasury Note

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

0.81%
1,523,144.53
1,510,105.72

93.42 4.35%
1,401,270.00
5,733.77

0.96%
(108,835.72)
Aaa / AA+
AAA

2.16 2.09
91282CED9 US Treasury Note

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

2.23%
3,057,617.20
3,068,393.61

94.56 4.36%
2,931,437.50
16,185.08

2.00%
(136,956.11)
Aaa / AA+
AAA

2.21 2.11
912828ZL7 US Treasury Note

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

2.24%
2,360,839.85
2,395,783.15

91.34 4.32%
2,283,397.50
1,605.66

1.55%
(112,385.65)
Aaa / AA+
AAA

2.33 2.27
91282CAB7 US Treasury Note

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

0.72%
1,469,765.63
1,482,188.38

90.31 4.25%
1,354,629.00
1,569.29

0.92%
(127,559.38)
Aaa / AA+
AAA

2.58 2.52
91282CAM3 US Treasury Note

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

0.56%
2,366,140.63
2,379,674.60

89.88 4.19%
2,157,093.60
1,532.96

1.47%
(222,581.00)
Aaa / AA+
AAA

2.75 2.68
91282CAT8 US Treasury Note

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

0.49%
2,422,492.19
2,433,696.35

89.51 4.22%
2,192,941.10
1,049.03

1.49%
(240,755.25)
Aaa / AA+
AAA

2.84 2.76
91282CAZ4 US Treasury Note

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

0.77%
2,209,658.20
2,224,854.32

89.54 4.23%
2,014,542.00
741.76

1.37%
(210,312.32)
Aaa / AA+
AAA

2.92 2.84
91282CBH3 US Treasury Note

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

0.75%
2,456,445.31
2,471,303.35

89.06 4.19%
2,226,465.00
3,923.23

1.51%
(244,838.35)
Aaa / AA+
AAA

3.09 3.00
As of December 31, 2022
36 131
CC 02-07-2023
131 of 491
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
91282CBW0 US Treasury Note

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

0.80%
2,493,652.34
2,495,710.56

89.50 4.16%
2,237,500.00
3,211.33

1.52%
(258,210.56)
Aaa / AA+
AAA

3.33 3.22
91282CCZ2 US Treasury Note

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

1.19%
1,379,054.68
1,384,143.22

88.91 4.10%
1,244,797.40
3,129.81

0.85%
(139,345.82)
Aaa / AA+
AAA

3.75 3.61
91282CDG3 US Treasury Note

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

1.25%
1,391,468.75
1,393,402.31

89.56 4.10%
1,253,875.00
2,697.51

0.85%
(139,527.31)
Aaa / AA+
AAA

3.84 3.67
91282CEW7 US Treasury Note

3.250% Due 06/30/2027
3,250,000.00 Various

3.18%
3,260,312.50
3,259,031.41

96.84 4.02%
3,147,293.50
291.78

2.14%
(111,737.91)
Aaa / AA+
AAA

4.50 4.13
91282CFB2 US Treasury Note

2.750% Due 07/31/2027
400,000.00 08/22/2022

3.12%
393,218.75
393,711.45

94.76 4.01%
379,046.80
4,603.26

0.26%
(14,664.65)
Aaa / AA+
AAA

4.58 4.19
91282CFH9 US Treasury Note

3.125% Due 08/31/2027
4,500,000.00 Various

3.28%
4,468,902.34
4,470,842.74

96.34 3.99%
4,335,115.50
47,781.42

2.98%
(135,727.24)
Aaa / AA+
AAA

4.67 4.24
91282CFM8 US Treasury Note

4.125% Due 09/30/2027
3,450,000.00 Various

4.31%
3,421,152.34
3,422,175.61
100.54

4.00%
3,468,464.40
36,360.06

2.38%
46,288.79
Aaa / AA+
AAA

4.75 4.23
91282CFZ9 US Treasury Note

3.875% Due 11/30/2027
850,000.00 12/05/2022

3.81%
852,656.25
852,618.30

99.62 3.96%
846,746.20
2,895.60

0.58%
(5,872.10)
Aaa / AA+
AAA

4.92 4.42
TOTAL US Treasury 48,400,000.00 1.90%
48,121,041.03
48,121,564.22 4.28%
45,470,689.70
176,546.27

30.99%
(2,650,874.52)
Aaa / AA+
AAA

2.95 2.78
TOTAL PORTFOLIO 156,155,964.76 1.70%
156,247,877.63
155,929,700.16 4.63%
146,744,531.33
538,314.50
100.00%
(9,185,168.83)
Aa1 / AA
AAA

2.67 2.28
TOTAL MARKET VALUE PLUS ACCRUALS 147,282,845.83
As of December 31, 2022
37 132
CC 02-07-2023
132 of 491
SECTION |
Section 4 |
Transactions
38 133
CC 02-07-2023
133 of 491
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 10/03/2022 3137FBBX3 1,000,000.00 FHLMC K068 A2

3.244% Due: 08/25/2027

95.066 4.41% 950,664.06 180.22 950,844.28 0.00
Purchase 10/03/2022 91282CEW7 250,000.00 US Treasury Note

3.25% Due: 06/30/2027

96.836 3.99% 242,089.84 2,097.49 244,187.33 0.00
Purchase 10/06/2022
91282CFM8 1,000,000.00 US Treasury Note

4.125% Due: 09/30/2027
100.656 3.98% 1,006,562.50 679.95 1,007,242.45 0.00
Purchase 10/19/2022
47800BAC2 1,050,000.00 John Deere Owner Trust 2022-C A3

5.09% Due: 06/15/2027

99.992 5.15% 1,049,918.52 0.00 1,049,918.52 0.00
Purchase 10/25/2022 91282CFM8 2,450,000.00 US Treasury Note

4.125% Due: 09/30/2027

98.555 4.45% 2,414,589.84 6,941.11 2,421,530.95 0.00
Purchase 12/06/2022
91282CFZ9 850,000.00 US Treasury Note

3.875% Due: 11/30/2027
100.313 3.81% 852,656.25 542.93 853,199.18 0.00
Subtotal 6,600,000.00 6,516,481.01 10,441.70 6,526,922.71 0.00 TOTAL ACQUISITIONS 6,600,000.00 6,516,481.01 10,441.70 6,526,922.71 0.00

DISPOSITIONS
Sale 10/03/2022
3137B5JM6 999,609.65 FHLMC K034 A2

3.531% Due: 07/25/2023

99.277 4.20% 992,385.91 196.09 992,582.00 -18,626.91
Sale 10/06/2022 3137B4WB8 1,000,000.00 FHLMC K033 A2 Due: 07/25/2023

98.883 5.02% 988,828.13 425.00 989,253.13 -18,813.03
Sale 10/19/2022
3137B7MZ9 1,000,000.00 FHLMC K036 A2
Due: 10/25/2023

98.629 5.30% 986,289.06 1,763.50 988,052.56 -28,773.31
September 30, 2022 through December 31, 2022
As of December 31, 2022
39 134
CC 02-07-2023
134 of 491
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 10/21/2022 3130A0F70 2,100,000.00 FHLB Note

3.375% Due: 12/08/2023

98.379 1.31% 2,065,959.00 26,184.38 2,092,143.38 -71,274.17 Subtotal 5,099,609.65 5,033,462.10 28,568.97 5,062,031.07 -137,487.42 TOTAL DISPOSITIONS 5,099,609.65 5,033,462.10 28,568.97 5,062,031.07 -137,487.42 September 30, 2022 through December 31, 2022
As of December 31, 2022
40 135
CC 02-07-2023
135 of 491
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.

As of December 31, 2022
41 136
CC 02-07-2023
136 of 491
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

As of December 31, 2022
42 137
CC 02-07-2023
137 of 491
INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY• NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE• SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED

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

CITY OF CUPERTINO -

CHANDLER ASSET MANAGEMENT

ACCOUNT NUMBER

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

ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
36522 SE
138
CC 02-07-2023
138 of 491
Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.

ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE

PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED. VALUES OBTAINED FROM THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE SHOULD NOT BE CONSIDERED TO BE CERTIFIED BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY, AS APPLICABLE.

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.
139
CC 02-07-2023
139 of 491

TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD DECEMBER 1, 2022 THROUGH DECEMBER 31, 2022 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE

REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 140
CC 02-07-2023
140 of 491
PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF DECEMBER 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 616,974.95 616,974.95 0.42 0.00 21,369 3.46 1,258.75 BONDS AND NOTES 155,522,840.18 145,918,494.78 99.58 9,604,345.40- 2,604,767 1.79 646,313.41 TOTAL INVESTMENTS 156,139,815.13 146,535,469.73 100.00 9,604,345.40- 2,626,136 1.79 647,572.16 TOTAL ACCRUALS 647,572.16 647,572.16
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,787,387.29 147,183,041.89 9,604,345.40- 2,626,136 1.79 647,572.16 141
CC 02-07-2023
141 of 491
PAGE 2

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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
567,678.09 ALLSPRING 100% TREASURY 567,678.09 567,678.09 0.39 0.00 1,170.97 MONEY MARKET FUND - #008 1.0000 1.0000
49,296.86 PRINCIPAL PUBLIC DEPOSIT SWEEP 49,296.86 49,296.86 0.03 0.00 87.78 PROGRAM 1.0000 1.0000
TOTAL CASH EQUIVALENTS 616,974.95 616,974.95 0.42 0.00 1,258.75

BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,636,843.50 1.12 134,368.50- 23,536.08 DTD 07/31/14 3.350 07/31/2024 105.7440 97.7220
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,660,650.00 1.13 206,250.00- 2,552.08 DTD 05/12/21 1.000 05/12/2026 99.5680 88.5680
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,334,726.25 0.91 39,969.60- 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 97.0710
DTD 05/24/2022 3.390% 05/17/2027

NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,456,486.95 0.99 67,872.82- 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 94.2710
DTD 03/18/2022 2.210% 03/15/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 02589BAA8
1,150,000 BANK OF AMERICA CORP 1,114,222.54 1,077,400.50 0.74 36,822.04- 7,730.94 MED TERM NOTE 96.8889 93.6870
DTD 04/23/19 04/23/2027
MOODY'S RATING A2
CUSIP 06051GHT9
142
CC 02-07-2023
142 of 491
PAGE 3

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 620,988.00 556,932.00 0.38 64,056.00- 4,634.50 MED TERM NOTE 103.4980 92.8220
DTD 02/13/20 02/13/2026
MOODY'S RATING A2
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 630,350.00 0.43 70,924.00- 307.77 MED TERM NOTE 100.1820 90.0500
DTD 06/19/20 06/19/2026
MOODY'S RATING A2
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 560,724.00 0.38 21,492.00- 1,791.67 MED TERM NOTE 97.0360 93.4540
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 1,158,296.40 0.79 127,360.40- 3,823.33 MED TERM NOTE 103.6820 93.4110
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 978,590.00 0.67 46,320.00- 4,718.06 MED TERM NOTE 102.4910 97.8590
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 1,326,242.20 0.91 43,566.00- 8,414.08 DTD 04/26/2022 3.350% 04/25/2025 99.9860 96.8060

CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,490,951.85 1.02 123,741.30- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 92.3190

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
143
CC 02-07-2023
143 of 491
PAGE 4

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 449,932.73 435,348.00 0.30 14,584.73- 82.50 SER 2022-1 CL A3 *0 DAY DELAY* 99.9851 96.7440
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
414,211.71 BMW VEHICLE LEASE TRUST 414,168.96 404,746.97 0.28 9,421.99- 18.98 SER 2021-2 CL A3 *0 DAY DELAY* 99.9897 97.7150
DTD 09/15/21 0.330 12/26/2024

MOODY'S RATING AAA
CUSIP 09690AAC7
530,000 BMW VEHICLE OWNER TRUST 529,972.44 516,119.30 0.35 13,853.14- 283.55 ASSET BCKD SEC SER 2022-A CL A3 99.9948 97.3810
DTD 05/18/2022 3.210% 08/25/2026

CALLABLE

MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 728,054.05 0.50 44,288.30- 4,530.00 TXBL-REF 102.2970 96.4310
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 1,049,466.00 0.72 62,051.00- 3,481.81 MED TERM NOTE 101.0470 95.4060
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 875,164.80 0.60 84,565.10- 7,709.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 91.1630

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,500,000 FED HOME LN BK 1,568,115.00 1,472,970.00 1.01 95,145.00- 15,302.08 DTD 02/12/14 3.250 03/08/2024 104.5410 98.1980

MOODY'S RATING AAA
CUSIP 3130A0XE5
144
CC 02-07-2023
144 of 491
PAGE 5

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 1,564,890.20 1,465,350.00 1.00 99,540.20- 2,036.46 DTD 05/08/14 2.875 06/14/2024 104.3260 97.6900

MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 1,941,540.00 1.32 161,840.00- 17,250.00 DTD 08/15/14 2.875 09/13/2024 105.1690 97.0770

MOODY'S RATING AAA
CUSIP 3130A2UW4
1,300,000 FED HOME LN MTG CORP 1,398,414.06 1,259,141.00 0.86 139,273.06- 3,435.25 SER KO41 CL A2 *24 DAY DELAY* 107.5703 96.8570
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,228,492.20 1.52 134,686.75- 13,697.29 DTD 02/14/20 1.500 02/12/2025 99.9230 94.2280

MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,131,187.50 0.77 112,587.50- 2,083.33 SER USD 99.5020 90.4950
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 2,249,700.00 1.54 239,662.80- 2,552.08 DTD 09/25/20 0.375 09/23/2025 99.5745 89.9880

MOODY'S RATING AAA
CUSIP 3137EAEX3
1,755,000 FED HOME LN MTG CORP 1,753,262.55 1,682,237.70 1.15 71,024.85- 329.06 DTD 12/04/20 0.250 12/04/2023 99.9010 95.8540

MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,435,875.00 0.98 49,020.00- 13,052.08 DTD 07/08/19 1.750 07/02/2024 98.9930 95.7250

MOODY'S RATING AAA
CUSIP 3135G0V75
145
CC 02-07-2023
145 of 491
PAGE 6

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,975,000 FED NATL MTG ASSN 1,965,802.75 1,876,230.25 1.28 89,572.50- 6,775.35 DTD 10/18/19 1.625 10/15/2024 99.5343 94.9990

MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,223,308.80 0.83 86,645.15- 10,171.15 DTD 01/10/20 1.625 01/07/2025 101.1548 94.4640

MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,708,856.40 1.17 147,312.00- 2,228.13 DTD 04/24/20 0.625 04/22/2025 99.7940 91.8740

MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,274,775.00 1.55 224,452.30- 486.11 DTD 06/19/20 0.500 06/17/2025 99.9691 90.9910

MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,254,725.00 1.54 233,258.75- 3,281.25 DTD 08/27/20 0.375 08/25/2025 99.5194 90.1890

MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,248,125.00 1.53 244,575.00- 1,875.00 DTD 11/12/20 0.500 11/07/2025 99.7080 89.9250

MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 960,080.00 0.66 119,607.50- 2,508.33 SER K049 CL A2 *24 DAY DELAY* 107.9688 96.0080
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 918,393.50 0.63 99,739.31- 2,639.42 SER K050 CL A2 *24 DAY DELAY* 107.1719 96.6730
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
146
CC 02-07-2023
146 of 491
PAGE 7

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 424,828.80 0.29 28,250.89- 1,212.93 SER K051 CL A2 *24 DAY DELAY* 102.9727 96.5520
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 544,885.80 0.37 37,115.37- 1,422.63 SER K053 CL A2 *24 DAY DELAY* 102.1055 95.5940
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 608,894.00 0.42 78,557.17- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 93.6760
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 949,500.00 0.65 1,164.06- 2,703.33 SER K068 CL A2 *24 DAY DELAY* 95.0664 94.9500
DTD 10/01/17 3.244 08/25/2027

MOODY'S RATING AAA
CUSIP 3137FBBX3
965,000 GM FINANCIAL AUTOMOBILE LEASIN 964,986.88 937,565.05 0.64 27,421.83- 104.54 SER 2021-3 CL A3 *0 DAY DELAY* 99.9987 97.1570
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
945,000 GM FINANCIAL AUTOMOBILE LEASIN 944,991.87 913,077.90 0.62 31,913.97- 534.19 SER 2022-1 CL A3 *0 DAY DELAY* 99.9992 96.6220
DTD 02/23/22 1.850 03/20/2025

MOODY'S RATING AAA
CUSIP 36265MAC9
350,000 GM FINANCIAL SECURITIZED TERM 349,991.08 330,680.00 0.23 19,311.08- 99.17 SER 2021-4 CL A3 *0 DAY DELAY* 99.9975 94.4800
DTD 10/21/21 0.680 09/16/2026

MOODY'S RATING AAA
CUSIP 362554AC1
147
CC 02-07-2023
147 of 491
PAGE 8

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 377,715.00 0.26 12,203.49- 503.75 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 96.8500
DTD 04/13/2022 3.100% 02/16/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 362585AC5
295,000 GM FINANCIAL SECURITIZED TERM 294,974.36 278,887.10 0.19 16,087.26- 154.88 SER 2022-1 CL A3 *0 DAY DELAY* 99.9913 94.5380
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,236,424.00 0.84 149,436.00- 714.58 144A PRIV PLCMT 0.875 12/10/2025 98.9900 88.3160
MOODY'S RATING AA1
CUSIP 40139LBC6
55,080.52 HONDA AUTO RECEIVABLES OWNER T 55,076.19 54,270.84 0.04 805.35- 20.07 SER 2020-2 CL A3 *0 DAY DELAY* 99.9922 98.5300
DTD 05/27/20 0.820 07/15/2024

MOODY'S RATING AAA
CUSIP 43813DAC2
206,866.51 HONDA AUTO RECEIVABLES OWNER T 206,862.73 200,104.04 0.14 6,758.69- 15.51 SER 2021-1 CL A3 *0 DAY DELAY* 99.9982 96.7310
DTD 02/24/21 0.270 04/21/2025

MOODY'S RATING AAA
CUSIP 43813GAC5
288,408.17 HONDA AUTO RECEIVABLES OWNER T 288,365.80 282,106.45 0.19 6,259.35- 38.53 SER 2020-3 CL A3 *0 DAY DELAY* 99.9853 97.8150
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 703,074.00 0.48 36,814.70- 618.31 SER 2022-1 CL A3 *0 DAY DELAY* 99.9850 95.0100
DTD 02/23/22 1.000 05/15/2026

MOODY'S RATING AAA
CUSIP 43815BAC4
148
CC 02-07-2023
148 of 491
PAGE 9

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 460,000 HONDA AUTO RECEIVABLES OWNER T 459,903.03 436,535.40 0.30 23,367.63- 112.44 SER 2021-4 CL A3 *0 DAY DELAY* 99.9789 94.8990
DTD 11/24/21 0.880 01/21/2026

MOODY'S RATING AAA
CUSIP 43815GAC3
790,000 HYUNDAI AUTO LEASE SECURITIZAT 789,881.50 777,944.60 0.53 11,936.90- 101.38 SER 2021-B CL A3 *0 DAY DELAY* 99.9850 98.4740
144A PRIV PLCMT 0.330 06/17/2024

MOODY'S RATING AAA
CUSIP 44891VAC5
540,000 HYUNDAI AUTO LEASE SECURITIZAT 539,988.07 521,132.40 0.36 18,855.67- 278.40 SER 2022-A CL A3 *0 DAY DELAY* 99.9978 96.5060
144A PRIV PLCMT 1.160 01/15/2025

MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 964,974.20 0.66 44,986.92- 996.53 ASSET BCKD SEC SER 2022-A CL A3 99.9962 95.5420
DTD 03/16/2022 2.220% 10/15/2026

CALLABLE
CUSIP 448977AD0
481,215.39 HYUNDAI AUTO RECEIVABLES TRUST 481,164.76 465,378.59 0.32 15,786.17- 81.27 SER 2021-A CL A3 *0 DAY DELAY* 99.9895 96.7090
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,330,000 HYUNDAI AUTO RECEIVABLES TRUST 1,296,371.65 1,256,251.50 0.86 40,120.15- 437.42 SER 2021-C CL A3 *0 DAY DELAY* 97.4716 94.4550
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,689,820.00 1.84 102,480.00- 894.44 DTD 09/02/20 0.250 11/15/2023 99.7250 96.0650

MOODY'S RATING AAA
CUSIP 4581X0DP0
149
CC 02-07-2023
149 of 491
PAGE 10

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,200,962.00 1.50 247,771.20- 4,245.21 DTD 04/20/21 0.875 04/20/2026 99.5420 89.4700

MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,156,112.00 1.47 232,747.25- 2,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 89.8380

MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,260,600.00 1.54 210,550.00- 4,296.88 DTD 07/16/20 0.375 07/16/2025 98.8460 90.4240

MOODY'S RATING AAA
CUSIP 45950KCT5
1,030,000 JOHN DEERE CAPITAL CORP 1,029,268.70 984,813.90 0.67 44,454.80- 2,111.50 MED TERM NOTE 99.9290 95.6130
DTD 03/04/21 0.450 01/17/2024
MOODY'S RATING A2
CUSIP 24422EVN6
450,000 JOHN DEERE OWNER TRUST 449,900.46 431,509.50 0.29 18,390.96- 464.00 ASSET BCKD SEC SER 2022-A CL A3 99.9779 95.8910
DTD 03/16/2022 2.320% 09/16/2026

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47787JAC2
98,707.84 JOHN DEERE OWNER TRUST 98,692.79 97,191.69 0.07 1,501.10- 22.37 SER 2020-B CL A3 *0 DAY DELAY* 99.9848 98.4640
DTD 07/22/20 0.510 11/15/2024

MOODY'S RATING AAA
CUSIP 47787NAC3
59,731.79 JOHN DEERE OWNER TRUST 59,728.14 59,209.73 0.04 518.41- 29.20 SER 2020-A CL A3 *0 DAY DELAY* 99.9939 99.1260
DTD 03/11/20 1.100 08/15/2024

MOODY'S RATING AAA
CUSIP 47789KAC7
150
CC 02-07-2023
150 of 491
PAGE 11

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 580,000 JOHN DEERE OWNER TRUST 579,948.26 550,437.40 0.38 29,510.86- 125.67 SER 2021-B CL A3 *0 DAY DELAY* 99.9911 94.9030
DTD 07/21/21 0.520 03/16/2026

MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JOHN DEERE OWNER TRUST 654,937.45 639,574.75 0.44 15,362.70- 1,088.76 ASSET BCKD SEC SER 2022-B CL A3 99.9905 97.6450
DTD 07/20/2022 3.740% 02/16/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47800AAC4
1,050,000 JOHN DEERE OWNER TRUST 1,049,918.52 1,053,255.00 0.72 3,336.48 2,375.33 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.3100
DTD 10/19/2022 5.090% 06/15/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 47800BAC2
655,000 JPMORGAN CHASE & 655,406.85 610,571.35 0.42 44,835.50- 141.04 SER F2F 100.0621 93.2170
DTD 06/23/21 06/23/2025
MOODY'S RATING A1
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 372,248.30 0.25 43,721.03- 1,600.96 DTD 04/22/20 04/22/2026 103.7330 92.8300
MOODY'S RATING A1
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,277,045.50 0.87 94,728.40- 940.73 DTD 06/01/21 06/01/2025 100.1295 93.2150
MOODY'S RATING A1
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 880,140.00 0.60 122,090.00- 5,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 88.0140
MOODY'S RATING AA3
CUSIP 57629WDE7
151
CC 02-07-2023
151 of 491
PAGE 12

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 61,876.91 MERCEDES-BENZ AUTO LEASE TRUST 61,873.77 61,730.88 0.04 142.89- 11.00 SER 2020-B CL A3 *0 DAY DELAY* 99.9949 99.7640
DTD 09/23/20 0.400 11/15/2023
CUSIP 58769EAC2
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 986,295.55 0.67 127,433.35- 9,872.40 144A PRIV PLCMT 1.875 01/11/2027 99.8860 88.4570
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 670,161.80 0.46 99,129.80- 2,860.76 144A PRIV PLCMT 1.250 09/14/2026 99.9080 87.0340
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 604,025.50 0.41 11,674.00- 2,488.85 DTD 04/28/20 04/28/2026 94.7230 92.9270
MOODY'S RATING A1
CUSIP 6174468Q5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,565,037.60 1.07 113,148.00- 11,300.33 144A PRIV PLCMT 1.450 01/14/2025 99.8920 93.1570

MOODY'S RATING AAA
CUSIP 64952WEK5
162,453.92 NISSAN AUTO RECEIVABLES OWNER 163,259.83 161,872.33 0.11 1,387.50- 139.35 SER 2019-C CL A3 *0 DAY DELAY* 100.4961 99.6420
DTD 10/23/19 1.930 07/15/2024

MOODY'S RATING AAA
CUSIP 65479JAD5
670,000 NORTHERN TRUST CORP 668,914.60 654,429.20 0.45 14,485.40- 3,796.67 DTD 05/10/2022 4.000% 05/10/2027 99.8380 97.6760

CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
152
CC 02-07-2023
152 of 491
PAGE 13

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 751,969.50 0.51 75,480.00- 3,154.44 144A PRIV PLCMT 0.800 01/14/2026 97.3470 88.4670

MOODY'S RATING AAA
CUSIP 66815L2A6
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,146,974.40 0.78 22,627.80- 23,400.00 DTD 07/01/2022 4.000% 07/01/2025 99.9660 98.0320

NON CALLABLE
144A PRIVATE PLACEMENT

MOODY'S RATING AAA
CUSIP 66815L2J7
370,000 PACCAR FINANCIAL CORP 369,182.30 353,087.30 0.24 16,095.00- 3,005.22 MED TERM NOTE 99.7790 95.4290
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 633,256.80 0.43 46,376.00- 1,341.11 MED TERM NOTE 99.9460 93.1260
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 848,874.30 0.58 35,895.60- 5,885.25 DTD 04/07/2022 2.850% 04/07/2025 99.9740 95.9180

NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 808,881.12 0.55 24,091.60- 2,410.67 144A PRIV PLCMT 0.800 09/01/2025 92.1430 89.4780
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 818,695.80 0.56 65,392.65- 706.77 144A PRIV PLCMT 1.150 12/06/2024 99.8970 92.5080
MOODY'S RATING AA3
CUSIP 74153WCQ0
153
CC 02-07-2023
153 of 491
PAGE 14

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ROYAL BANK OF CANADA 1,533,359.18 1,447,155.00 0.99 86,204.18- 17,531.25 DTD 07/16/19 2.550 07/16/2024 102.2240 96.4770
MOODY'S RATING A1
CUSIP 78013XZU5
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,014,636.00 0.69 34,975.50- 7,579.69 MEDIUM TERM NOTE 99.9630 96.6320

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

NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
1,760,000 SALESFORCE.COM INC 1,748,937.40 1,650,915.20 1.13 98,022.20- 5,072.22 DTD 07/12/21 0.625 07/15/2024 99.3715 93.8020
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,451,040.00 0.99 76,215.00- 2,097.92 MED TERM NOTE 101.8170 96.7360
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 651,826.00 0.44 22,911.00- 4,821.25 MED TERM NOTE SER FXD 96.3910 93.1180
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
216,428.62 TOYOTA AUTO RECEIVABLES OWNER 216,388.30 212,632.46 0.15 3,755.84- 33.67 SER 2020-D CL A3 *0 DAY DELAY* 99.9814 98.2460
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
430,000 TOYOTA AUTO RECEIVABLES OWNER 429,990.84 405,085.80 0.28 24,905.04- 135.69 SER 2021-D CL A3 *0 DAY DELAY* 99.9979 94.2060
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
154
CC 02-07-2023
154 of 491
PAGE 15

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 748,729.92 TOYOTA AUTO RECEIVABLES OWNER 748,590.96 729,420.18 0.50 19,170.78- 86.52 SER 2021-A CL A3 *0 DAY DELAY* 99.9815 97.4210
DTD 02/08/21 0.260 05/15/2025

MOODY'S RATING AAA
CUSIP 89240BAC2
554,864.6 TOYOTA LEASE OWNER TRUST 543,767.31 547,251.86 0.37 3,484.55 54.10 SER 2021-A CL A3 *0 DAY DELAY* 98.0000 98.6280
144A PRIV PLCMT 0.390 04/22/2024

MOODY'S RATING AAA
CUSIP 89238EAC0
1,150,000 TOYOTA LEASE OWNER TRUST 1,149,818.99 1,109,094.50 0.76 40,724.49- 688.72 ASSET BCKD SEC SER 2022-A CL A3 99.9843 96.4430
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 1,223,592.10 0.84 160,798.50- 562.66 MED TERM NOTE 99.9560 88.3460
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 1,137,592.35 0.78 75,779.55- 8,221.50 DTD 01/13/22 1.450 01/13/2025 99.8660 93.6290
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 2,929,252.00 2.00 128,365.20- 16,185.08 DTD 03/15/2022 1.750% 03/15/2025 98.6328 94.4920

MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,142,457.50 2.14 117,855.00- 53,104.28 DTD 06/30/2022 3.250% 06/30/2027 100.3173 96.6910

MOODY'S RATING AAA
CUSIP 91282CEW7
155
CC 02-07-2023
155 of 491
PAGE 16

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 400,000 UNITED STATES TREASURY NOTES 393,218.75 378,452.00 0.26 14,766.75- 4,603.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 94.6130

MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,328,100.00 2.95 140,802.34- 47,781.42 DTD 08/31/2022 3.125% 08/31/2027 99.3090 96.1800

MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,462,937.50 2.36 41,785.16 36,360.06 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.3750

MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 845,350.50 0.58 7,305.75- 2,895.60 DTD 11/30/2022 3.875% 11/30/2027 100.3125 99.4530

MOODY'S RATING AAA
CUSIP 91282CFZ9
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 924,337.80 0.63 100,713.55- 1,520.88 DTD 05/19/21 1.150 05/15/2026 99.0388 89.3080
MOODY'S RATING A3
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 652,934.25 0.45 22,382.45- 3,191.25 DTD 05/20/2022 3.700% 05/15/2027 100.0469 96.7310

CALLABLE
MOODY'S RATING A3
CUSIP 91324PEG3
1,250,000 US BANCORP 1,268,262.50 1,201,675.00 0.82 66,587.50- 12,583.33 DTD 07/29/19 2.400 07/30/2024 101.4610 96.1340
MOODY'S RATING A2
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,353,570.00 0.92 116,195.63- 1,569.29 DTD 07/31/20 0.250 07/31/2025 97.9844 90.2380

MOODY'S RATING AAA
CUSIP 91282CAB7
156
CC 02-07-2023
156 of 491
PAGE 17

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,400,000 US TREASURY NOTE 2,366,140.63 2,154,936.00 1.47 211,204.63- 1,532.97 DTD 09/30/20 0.250 09/30/2025 98.5892 89.7890

MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,190,741.00 1.50 231,751.19- 1,049.03 DTD 10/31/20 0.250 10/31/2025 98.8772 89.4180

MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,012,512.50 1.37 197,145.70- 741.76 DTD 11/30/20 0.375 11/30/2025 98.2070 89.4450

MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,224,325.00 1.52 232,120.31- 3,923.23 DTD 02/01/21 0.375 01/31/2026 98.2578 88.9730

MOODY'S RATING AAA
CUSIP 91282CBH3
1,450,000 US TREASURY NOTE 1,446,488.28 1,374,614.50 0.94 71,873.78- 1,081.49 DTD 03/15/21 0.250 03/15/2024 99.7578 94.8010

MOODY'S RATING AAA
CUSIP 91282CBR1
2,500,000 US TREASURY NOTE 2,493,652.34 2,234,875.00 1.53 258,777.34- 3,211.33 DTD 04/30/21 0.750 04/30/2026 99.7461 89.3950

MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,243,102.00 0.85 135,952.68- 3,129.81 DTD 09/30/21 0.875 09/30/2026 98.5039 88.7930

MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,252,174.00 0.85 139,294.75- 2,697.51 DTD 11/01/21 1.125 10/31/2026 99.3906 89.4410
CUSIP 91282CDG3
157
CC 02-07-2023
157 of 491
PAGE 18

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 US TREASURY NOTE 2,053,613.28 1,956,720.00 1.34 96,893.28- 20,774.46 DTD 02/18/14 2.750 02/15/2024 102.6807 97.8360

MOODY'S RATING AAA
CUSIP 912828B66
1,700,000 US TREASURY NOTE 1,753,191.41 1,640,228.00 1.12 112,963.41- 15,250.34 DTD 08/15/14 2.375 08/15/2024 103.1289 96.4840

MOODY'S RATING AAA
CUSIP 912828D56
1,500,000 US TREASURY NOTE 1,529,472.66 1,463,040.00 1.00 66,432.66- 16,968.23 DTD 01/03/17 2.250 12/31/2023 101.9649 97.5360

MOODY'S RATING AAA
CUSIP 912828V23
2,000,000 US TREASURY NOTE 2,018,574.22 1,923,520.00 1.31 95,054.22- 20,110.50 DTD 06/30/17 2.000 06/30/2024 100.9287 96.1760

MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,640,228.00 1.12 65,748.56- 5,823.20 DTD 05/01/17 2.000 04/30/2024 100.3516 96.4840

MOODY'S RATING AAA
CUSIP 912828X70
2,100,000 US TREASURY NOTE 2,087,203.13 1,993,362.00 1.36 93,841.13- 18,476.52 DTD 12/31/19 1.750 12/31/2024 99.3906 94.9220
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,400,220.00 0.96 122,924.53- 5,733.77 DTD 03/02/20 1.125 02/28/2025 101.5430 93.3480

MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,281,650.00 1.56 79,189.85- 1,605.66 DTD 04/30/20 0.375 04/30/2025 94.4336 91.2660

MOODY'S RATING AAA
CUSIP 912828ZL7
158
CC 02-07-2023
158 of 491
PAGE 19

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF DECEMBER 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 570,000 VERIZON MASTER TRUST 569,974.92 561,347.40 0.38 8,627.52- 647.90 ASSET BCKD SEC SER 2022-5 CL A1A 99.9956 98.4820
DTD 08/11/2022 VAR CPN 07/20/2027

CALLABLE
CUSIP 92348KAV5
449,373.02 VERIZON OWNER TRUST 449,278.65 442,605.46 0.30 6,673.19- 64.53 SER 2020-B CL A *0 DAY DELAY* 99.9790 98.4940
DTD 08/12/20 0.470 02/20/2025

MOODY'S RATING AAA
CUSIP 92290BAA9
17,978.39 VERIZON OWNER TRUST 17,977.00 17,946.93 0.01 30.07- 10.66 SER 2019-C CL A1A *0 DAY DELAY* 99.9923 99.8250
144A PRIV PLCMT 1.940 04/22/2024
CUSIP 92348AAA3
350,000 WALMART INC 349,338.50 309,946.00 0.21 39,392.50- 1,061.67 DTD 09/17/21 1.050 09/17/2026 99.8110 88.5560
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 155,522,840.18 145,918,494.78 99.58 9,604,345.40- 646,313.41 ====================================================================================================================================== TOTAL INVESTMENTS 156,139,815.13 146,535,469.73 100.00 9,604,345.40- 647,572.16 TOTAL ACCRUALS 647,572.16 647,572.16
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,787,387.29 147,183,041.89 159
CC 02-07-2023
159 of 491
PAGE 20

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

CASH SUMMARY

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

RECEIPTS
NET INTEREST COLLECTED 0.00 132,361.95
OTHER CASH RECEIPTS 1.17 0.00
TRANSFER RECEIPTS 132,361.95 0.00
SALES 446,840.84 0.00
CASH MANAGEMENT SALES 857,166.05 0.00
TOTAL CASH RECEIPTS 1,436,370.01 132,361.95

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 8,978.36- 0.00
TRANSFER DISBURSEMENTS 0.00 132,361.95-
PURCHASES 852,656.25- 0.00
CASH MANAGEMENT PURCHASES 574,735.40- 0.00
TOTAL CASH DISBURSEMENTS 1,436,370.01- 132,361.95-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 160
CC 02-07-2023
160 of 491
PAGE 21

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 156,015,128.99
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH EQUIVALENTS
12/01/22 INTEREST RECEIVED 1,294.76
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 11/1/22 TO 11/30/22
12/01/22 INTEREST RECEIVED 77.26

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 11/1/22 TO 11/30/22
12/31/22 574,658.14 CASH SWEEP PURCHASES FOR STMT PERIOD 574,658.14- 574,658.14 AS 100% TREAS MM FD-SVC CL #008
12 TRANSACTIONS
12/31/22 77.26 CASH SWEEP PURCHASES FOR STMT PERIOD 77.26- 77.26

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
12/31/22 857,166.05- CASH SWEEP SALES FOR STMT PERIOD 857,166.05 857,166.05- AS 100% TREAS MM FD-SVC CL #008
3 TRANSACTIONS

BONDS & NOTES
12/15/22 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 12/15/22
12/15/22 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
$0.00283/PV ON 1,375,000.00 PV
DUE 12/15/22
161
CC 02-07-2023
161 of 491
PAGE 22

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/27/22 INTEREST RECEIVED 116.88
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00027/PV ON 425,000.00 PV
DUE 12/25/22
12/27/22 10,788.29- PAID DOWN 10,788.29 10,787.18- 1.11 BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
TO SETTLE ON 12/27/2022
12/27/22 INTEREST RECEIVED 412.50
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
12/27/22 INTEREST RECEIVED 1,417.75
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00268/PV ON 530,000.00 PV
DUE 12/25/22
12/14/22 INTEREST RECEIVED 21,562.50
FED HOME LN BK 2.875% 6/14/24
CUSIP 3130A1XJ2
INTEREST ON 1,500,000.000 UNITS
12/05/22 INTEREST RECEIVED 2,193.75
FED HOME LN MTG CORP 0.250% 12/04/23
CUSIP 3137EAFA2
INTEREST ON 1,755,000.000 UNITS
12/27/22 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 12/25/22
162
CC 02-07-2023
162 of 491
PAGE 23

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/19/22 INTEREST RECEIVED 6,250.00
FED NATL MTG ASSN 0.500% 6/17/25
CUSIP 3135G04Z3
INTEREST ON 2,500,000.000 UNITS
12/27/22 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 12/25/22
12/27/22 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 12/25/22
12/27/22 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 12/25/22
12/27/22 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 12/25/22
12/27/22 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 12/25/22
163
CC 02-07-2023
163 of 491
PAGE 24

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/22 INTEREST RECEIVED 1,007.50
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00258/PV ON 390,000.00 PV
DUE 12/16/22
12/20/22 INTEREST RECEIVED 313.63
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00032/PV ON 965,000.00 PV
DUE 12/20/22
12/20/22 INTEREST RECEIVED 1,496.25
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00158/PV ON 945,000.00 PV
DUE 12/20/22
12/16/22 INTEREST RECEIVED 198.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00057/PV ON 350,000.00 PV
DUE 12/16/22
12/16/22 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00105/PV ON 295,000.00 PV
DUE 12/16/22
12/21/22 INTEREST RECEIVED 50.08
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00023/PV ON 222,564.82 PV
DUE 12/21/22
164
CC 02-07-2023
164 of 491
PAGE 25

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/21/22 15,698.31- PAID DOWN 15,698.31 15,698.02- 0.29 HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
12/19/22 INTEREST RECEIVED 97.78
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00031/PV ON 317,128.71 PV
DUE 12/18/22
12/19/22 28,720.54- PAID DOWN 28,720.54 28,716.32- 4.22 HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
TO SETTLE ON 12/19/2022
12/15/22 INTEREST RECEIVED 42.41
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00068/PV ON 62,059.95 PV
DUE 12/15/22
12/15/22 6,979.43- PAID DOWN 6,979.43 6,978.88- 0.55
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
12/21/22 INTEREST RECEIVED 337.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00073/PV ON 460,000.00 PV
DUE 12/21/22
12/15/22 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 12/15/22
165
CC 02-07-2023
165 of 491
PAGE 26

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/22 INTEREST RECEIVED 217.25
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00027/PV ON 790,000.00 PV
DUE 12/15/22
12/15/22 INTEREST RECEIVED 522.00
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00097/PV ON 540,000.00 PV
DUE 12/15/22
12/15/22 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 12/15/22
12/15/22 INTEREST RECEIVED 161.94
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00032/PV ON 511,389.56 PV
DUE 12/15/22
12/15/22 30,174.17- PAID DOWN 30,174.17 30,171.00- 3.17 HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
12/15/22 INTEREST RECEIVED 820.17
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00062/PV ON 1,330,000.00 PV
DUE 12/15/22
12/15/22 INTEREST RECEIVED 8,313.67
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00792/PV ON 1,050,000.00 PV
DUE 12/15/22
166
CC 02-07-2023
166 of 491
PAGE 27

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/22 INTEREST RECEIVED 870.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00193/PV ON 450,000.00 PV
DUE 12/15/22
12/15/22 INTEREST RECEIVED 2,041.42
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00312/PV ON 655,000.00 PV
DUE 12/15/22
12/15/22 INTEREST RECEIVED 45.89
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00043/PV ON 107,984.82 PV
DUE 12/15/22
12/15/22 9,276.98- PAID DOWN 9,276.98 9,275.57- 1.41
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
12/15/22 INTEREST RECEIVED 251.33
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00043/PV ON 580,000.00 PV
DUE 12/15/22
12/15/22 INTEREST RECEIVED 65.06
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
$0.00092/PV ON 70,972.34 PV
DUE 12/15/22
12/15/22 11,240.55- PAID DOWN 11,240.55 11,239.86- 0.69 JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
167
CC 02-07-2023
167 of 491
PAGE 28

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/22 INTEREST RECEIVED 4.29
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
$0.00184/PV ON 2,330.73 PV
DUE 12/15/22
12/16/22 0.01 SHARE ADJUSTMENT
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
12/16/22 2,330.74- PAID DOWN 2,330.74 2,352.31- 21.57-
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
TO SETTLE ON 12/16/2022
12/15/22 INTEREST RECEIVED 34.05
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
$0.00033/PV ON 102,158.02 PV
DUE 12/15/22
12/15/22 40,281.11- PAID DOWN 40,281.11 40,279.07- 2.04 MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
12/15/22 INTEREST RECEIVED 334.77
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
$0.00161/PV ON 208,142.54 PV
DUE 12/15/22
12/15/22 45,688.62- PAID DOWN 45,688.62 45,915.27- 226.65- NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
168
CC 02-07-2023
168 of 491
PAGE 29

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/12/22 INTEREST RECEIVED 6,125.00
P/P GUARDIAN LIFE GL 0.875% 12/10/25
CUSIP 40139LBC6
INTEREST ON 1,400,000.000 UNITS
12/06/22 INTEREST RECEIVED 5,088.75
P/P PRICOA GLOBAL FU 1.150% 12/06/24
CUSIP 74153WCQ0
INTEREST ON 885,000.000 UNITS
12/12/22 INTEREST RECEIVED 19,875.00
TORONTO-DOMINION BAN 2.650% 6/12/24
CUSIP 89114QCA4
INTEREST ON 1,500,000.000 UNITS
12/15/22 INTEREST RECEIVED 174.24
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00022/PV ON 804,167.17 PV
DUE 12/15/22
12/15/22 55,437.25- PAID DOWN 55,437.25 55,426.96- 10.29 TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
12/15/22 INTEREST RECEIVED 69.90
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00029/PV ON 239,650.17 PV
DUE 12/15/22
12/15/22 23,221.55- PAID DOWN 23,221.55 23,217.22- 4.33 TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
169
CC 02-07-2023
169 of 491
PAGE 30

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/22 INTEREST RECEIVED 254.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00059/PV ON 430,000.00 PV
DUE 12/15/22
12/20/22 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 12/20/22
12/20/22 INTEREST RECEIVED 204.79
TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
$0.00032/PV ON 630,109.48 PV
DUE 12/20/22
12/20/22 75,244.88- PAID DOWN 75,244.88 73,739.98- 1,504.90 TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
12/19/22 INTEREST RECEIVED 7,790.63
TOYOTA MOTOR CREDIT 1.125% 6/18/26
CUSIP 89236TJK2
INTEREST ON 1,385,000.000 UNITS
12/06/22 850,000 PURCHASED 852,656.25- 852,656.25
U.S. TREASURY NOTES 3.875% 11/30/27
CUSIP 91282CFZ9
AT $100.3125 ON TRADE DATE 12/05/2022
TO SETTLE ON 12/06/2022
BARCLAYS CAPITAL INC. FIXED IN
12/06/22 ACCRUED INTEREST ON PURCHASE 542.93-
U.S. TREASURY NOTES 3.875% 11/30/27
CUSIP 91282CFZ9
170
CC 02-07-2023
170 of 491
PAGE 31

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/20/22 INTEREST RECEIVED 1,767.00
VERIZON MAST ABS V-M 3.720% 7/20/27
CUSIP 92348KAV5
$0.00310/PV ON 570,000.00 PV
DUE 12/20/22
12/20/22 INTEREST RECEIVED 204.07
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00039/PV ON 521,030.91 PV
DUE 12/20/22
12/20/22 71,657.89- PAID DOWN 71,657.89 71,642.84- 15.05 VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
12/20/22 INTEREST RECEIVED 61.56
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
$0.00162/PV ON 38,078.92 PV
DUE 12/20/22
12/20/22 20,100.53- PAID DOWN 20,100.53 20,098.98- 1.55 VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
12/19/22 INTEREST RECEIVED 4,616.50
VR BANK OF AMERICA 1.319% 6/19/26
CUSIP 06051GJD2
INTEREST ON 700,000.000 UNITS
12/27/22 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 12/25/22
171
CC 02-07-2023
171 of 491
PAGE 32

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/01/22 INTEREST RECEIVED 5,644.40
VR JPMORGAN CHASE & 0.824% 6/01/25
CUSIP 46647PCH7
INTEREST ON 1,370,000.000 UNITS
12/23/22 INTEREST RECEIVED 3,173.48
VR JPMORGAN CHASE & 0.969% 6/23/25
CUSIP 46647PCK0
INTEREST ON 655,000.000 UNITS

OTHER CASH RECEIPTS
12/23/22 ADDITION TO ACCOUNT 1.17

COMP DUE TO UNINVESTED FUNDS

FOR DELAYED INCOME POSTINGS

TRANSFER RECEIPTS
12/01/22 ADDITION TO ACCOUNT 7,016.42

TRANSFER FROM INCOME
12/05/22 ADDITION TO ACCOUNT 2,193.75

TRANSFER FROM INCOME
12/06/22 ADDITION TO ACCOUNT 4,545.82

TRANSFER FROM INCOME
12/12/22 ADDITION TO ACCOUNT 26,000.00

TRANSFER FROM INCOME
12/14/22 ADDITION TO ACCOUNT 21,562.50

TRANSFER FROM INCOME
12/15/22 ADDITION TO ACCOUNT 20,116.19

TRANSFER FROM INCOME
172
CC 02-07-2023
172 of 491
PAGE 33

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/16/22 ADDITION TO ACCOUNT 5,379.79

TRANSFER FROM INCOME
12/19/22 ADDITION TO ACCOUNT 18,754.91

TRANSFER FROM INCOME
12/20/22 ADDITION TO ACCOUNT 5,925.63

TRANSFER FROM INCOME
12/21/22 ADDITION TO ACCOUNT 387.41

TRANSFER FROM INCOME
12/23/22 ADDITION TO ACCOUNT 3,173.48

TRANSFER FROM INCOME
12/27/22 ADDITION TO ACCOUNT 16,893.55

TRANSFER FROM INCOME
12/28/22 ADDITION TO ACCOUNT 412.50

TRANSFER FROM INCOME

INVESTMENT MANAGEMENT EXPENSES
12/05/22 INVESTMENT MGMT FEE 8,978.36-

PAID TO CHANDLER ASSET MANAGEMENT INC

CHANDLER ASSET MGMT FEE INV
2211CUPERTIN

TRANSFER DISBURSEMENTS
12/01/22 TRANSFER TO PRINCIPAL 7,016.42-
12/05/22 TRANSFER TO PRINCIPAL 2,193.75-
12/06/22 TRANSFER TO PRINCIPAL 4,545.82-
173
CC 02-07-2023
173 of 491
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 34

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

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/12/22 TRANSFER TO PRINCIPAL 26,000.00-
12/14/22 TRANSFER TO PRINCIPAL 21,562.50-
12/15/22 TRANSFER TO PRINCIPAL 20,116.19-
12/16/22 TRANSFER TO PRINCIPAL 5,379.79-
12/19/22 TRANSFER TO PRINCIPAL 18,754.91-
12/20/22 TRANSFER TO PRINCIPAL 5,925.63-
12/21/22 TRANSFER TO PRINCIPAL 387.41-
12/23/22 TRANSFER TO PRINCIPAL 3,173.48-
12/27/22 TRANSFER TO PRINCIPAL 16,893.55-
12/28/22 TRANSFER TO PRINCIPAL 412.50-
================================================================================================================= ENDING BALANCE 0.00 156,139,815.13
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
174
CC 02-07-2023
174 of 491

CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 12/1/2022 to 12/31/2022

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

Cupertino, CA 95014
Account Summary
Source 12/1/2022 Contributions Earnings Expenses Distributions Transfers 12/31/2022 OPEB 1001 $32,828,174.78 $0.00 -$1,189,346.78 $9,741.76 $0.00 $0.00 $31,629,086.24 PENSION 1002 $18,054,972.51 $0.00 -$654,113.96 $5,357.78 $0.00 $0.00 $17,395,500.77 Totals $50,883,147.29 $0.00 -$1,843,460.74 $15,099.54 $0.00 $0.00 $49,024,587.01 Investment Selection
Source
OPEB

PENSION
Investment Objective
Source
OPEB

PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB -3.62% 6.26% -17.99% 0.86% 2.90% 5.22% 6/21/2010
PENSION -3.62% 6.26% -17.98% 2.05% - - 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 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
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
175
CC 02-07-2023
175 of 491
1/3/23, 2:07 PM 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
January 03, 2023
LAIF Home
PMIA Average Monthly
Yields

CITY OF CUPERTINO

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

December 2022 Statement
Tran Type Definitions
Account Summary
Total Deposit: 0.00 Beginning Balance: 21,170,972.93
Total Withdrawal 0 00 Ending Balance 21,170,972.93
176
CC 02-07-2023
176 of 491

CITY OF CUPERTINO
Agenda Item
22-11714 Agenda Date: 2/7/2023
Agenda #: 12.

Subject: Consider the Treasurer's Investment Report for Quarter Ending December 31, 2022 Receive the Treasurer's Investment Report for Quarter Ending December 31, 2022 CITY OF CUPERTINO Printed on 2/1/2023Page 1 of 1
powered by Legistar™
177
CC 02-07-2023
177 of 491

CITY COUNCIL STAFF REPORT
Meeting: February 7, 2023

Subject
Consider the Treasurer's Investment Report for Quarter Ending December 31, 2022

Recommended Action
Receive the Treasurer's Investment Report for Quarter Ending December 31, 2022

Discussion
Background
On May 19, 2022, the City Council approved the City Investment Policy . Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment report s, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.

The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. Lastly, the City's Municipal Code Section 2.88.100 Duties –Powers–Responsibilities lists one of the powers and functions of the Audit Committee is "to review the 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 December 31, 2022. The report is as of January 18, 2023.

The attached statements include balances and transactions of the City's investments with the Local Agency Invest ment Fund (LAIF) and Chandler Asset Management. The Chandler investment rep ort provides information on the investment type, issuer, 178
CC 02-07-2023
178 of 491

2 purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments.

While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report sub-committee.

The City's General Ledger cash and investments balance was $220.1 million, a $3.6 million increase from the prior quarter.

Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
September 30, 2022
Quarter Ending
December 31, 2022
General Fund 105,329,003 115,215,738
Special Revenue 45,588,397 42,814,091
Debt Service 2,682,650 2,322,250
Capital Projects 40,034,177 39,142,833
Enterprise 12,476,572 11,819,575
Internal Service 10,453,792 8,823,191
Total $216,564,592 $220,137,678

179
CC 02-07-2023
179 of 491

3 The $220.1 million in cash and investments includes $33.0 million in cash, $21.1 million in cash equivalents, $148.8 million in investments, and $17.2 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.

Cash and Investments – General Ledger Balance

Quarter Ending
September 30,
2022
Quarter Ending
December 31,
2022
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 29,966,945 32,883,874 15% Workers' Compensation Checking (Wells Fargo) 25,305 31,453 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 8,333 - 0% Petty Cash and Change 5,000 5,000 0%
Cash Equivalents
180
CC 02-07-2023
180 of 491

4 Local Agency Investment Fund 21,059,752 21,131,545 10% Investments
Investments (Chandler) 148,259,206 148,845,755 68%
Restricted for Pension2 (PARS) 17,240,051 17,240,051 8% Total Cash and Investments3 $216,564,592 $220,137,678 100% 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 an d deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values.

Cash and Investments – Bank Balance

Quarter Ending
September 30,
2022
Quarter Ending
December 31,
2022
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 31,613,882 33,821,218 15% Workers' Compensation Checking (Wells Fargo) 25,694 33,538 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1 (BNY Mellon) 8,333 8,333 0% Cash Equivalents
Local Agency Investment Fund 21,099,180 21,170,973 10% Investments
Investments (Chandler) 145,810,488 147,282,846 67%
Restricted for Pension2 (PARS) 16,385,602 17,395,501 8% Total Cash and Investments3 $214,943,179 $219,712,409 100% 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.

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 with draw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.

The City's LAIF account had a balance of $21.1 million . The interest rate was 2.07%. The City did not make any deposits or withdrawals in the quarter ending December 2022. 181
CC 02-07-2023
181 of 491

5 Investment Portfolio
In FY 2018-19, the City selected Chandler Asset Management for investment management services through a Request for Proposal (RFP). Chandler began their work with the City in the winter of 2018, conducting multiple meetings with staff to determine an investment structure and strategy. Starting in March 2019, Chandler invested the City's portfolio by purchasing agency issues, corporate medium -term notes, and negotiable certificates of deposit.

Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio per the City's investment objectives. The City's investment objectives, in order of priority, are to provide:

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

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

The portfolio's market value was $147.3 million, compared to $145.8 million at the end of the previous quarter. The table below includes historical comparisons of the City's portfolio:

September 30, 2022 December 31, 2022
Market Value 145,810,488 147,282,846
Par Value 155,548,714 156,155,965
Book Value 155,475,533 155,929,700
Average Maturity 2.76 years 2.62 years
Average Modified Duration 2.38 2.28
Average Purchase Yield 1.58% 1.70%
Average Market Yield 4.49% 4.63%
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 182
CC 02-07-2023
182 of 491

6 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 Trust s 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 governm ents 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 separate 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 and targets for this objective are:

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

The Section 115 Pension Trust had a balance of $ 17.4 million, a decrease of $ 0.7 million from the prior month due to investment losses. The Section 115 OPEB Trust had a balance of $31.6 million, a decrease of $1.2 million from the prior month due to investment losses.

The quarterly investment returns were 6.26% for both the Pension Trust and OPEB Trust.

Analysis
The City compares its portfolio to LAIF and one-year and two-year Treasury yields. Yield comparisons for the one-year Treasury, two-year Treasury, LAIF, and City average are presented below:

183
CC 02-07-2023
183 of 491

7 In December, yields rose significantly across the curve. The yield curve remained inverted and the spread between the two-year and 10-year Treasury yield became more inverted.

The one-year and two-year Treasury yields were 4.73% and 4.41%, respectively. The one- year Treasury yield increased by 68 basis points , and the two-year Treasury yield increased by 19 basis points from September 30, 2022. The yield of the City's investment portfolio was 4.63%, lower than the one -year Treasury yield but higher than LAIF and two-year Treasury yield.

Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:

184
CC 02-07-2023
184 of 491

8 As the City's portfolio becomes more or less liquid over time, the ratio of cash and cash equivalents to revenues and expenditures will increase or decrease, respectively. The portfolio's investment structure is complete, so the City anticipates the ratio of cash and cash equivalents to revenues and expenditures to continue to flatten out moving forward.

While a formal liquidity level has not been established, significant and consistent fluctuations in the ratio may indicate that additional funds should be invested or , conversely, that investments should be liquidated. In recent years, sufficient liquidity 185
CC 02-07-2023
185 of 491

9 levels for operating revenues and expenditures have approximated a ratio of 1.0. In March 2022, the City transferred $15.0 million from the operating account to the investment portfolio, which reduced the March 2022 liquidity ratios.

As of December 31, 2022, the liquidity ratio was 2.5 and 1.6 for revenues and expenditures, respectively. The City will monitor inflows and outflows during the second quarter of FY 2022-23 and bring recommendations for the City's investment portfolio as necessary and applicable.

As of December 31, 2022, the City had $54.0 million in cash and cash equivalents in the bank and on hand. Based on the cash flow forecast, the City maintains the ability to meet its expenditure requirements for the next six months.

Cash Flow Forecast
Applying three-year historical trend data for each of the City 's revenue and expenditure line items to the FY 2022-23 Adopted Budget, the City estimated the following cash flow forecast for FY 2022-23:

186
CC 02-07-2023
186 of 491

10 The purpose of this cash flow and liquidity forecast is to illustrate the timing of the City's revenues and expenditures throughout a fiscal year using historical trend data. The first quarter of the fiscal year experiences expenditures exceeding revenues since the City begins receiving its property tax distributions in November and April of the respective fiscal year. In January and April, the City receives additional property tax revenues due to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher 187
CC 02-07-2023
187 of 491

11 activities, particularly expenditures, due to the year-end close and accrual process. From one fiscal year to the next, the City typically incurs one-time special project or capital expenditure costs. The timing of these costs is more difficult to pinpoint to a particular month.

From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient planning tools for determining cas h flow needs for a single fiscal year. If a budget is adopted at a position in which revenues and expenditures are balanced, then it is reasonable to conclude cash flow is unlikely to be of concern. Beyond one fiscal year, a City prepares a twenty -year forward-looking forecast using historical a nd prospective assumptions. This forecast model is incorporated and presented to the City Council as part of the City's Adopted Budget.

Compliance
All of the City's investments comply with state law and the City's I nvestment 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: __________________
Janet Liang
Acting Management Analyst

Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer

Approved for Submission by: __________________
Pamela Wu
City Manager

Attachments:

A – Chandler Investment Report December 2022
B – Chandler Custodial Statement December 2022
C – PARS Pension and OPEB Account Statement December 2022 D – Pension and OPEB Performance Report for Quarter Ending December 31, 2022 E – LAIF Account Statement December 2022
188
CC 02-07-2023
188 of 491
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending December 31, 2022
City of Cupertino
189
CC 02-07-2023
189 of 491
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of December 31, 2022
1 190
CC 02-07-2023
190 of 491
SECTION |
Section 1 |
Economic Update
2 191
CC 02-07-2023
191 of 491
Economic Update



Market volatility has i ntensified as global central banks pursue monetary policies to combat persistently high inflation.

Although the pace of job growth is moderating, the strength of the labor market has sustained economic growth. Inflation metrics are trending downward but remain significantly higher than the Fed’s target. While evidence of slower economic conditions has begun to mount, we expect the Federal Reserve to continue to raise rates to battle inflation, albeit at a less aggressive pace. Over the near-term, we expect financial market volatility to remain intensified with persistent inflation, geopolitical risk, and the Fed's hawkish monetary policy.

As expected at the December 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

In December, yields rose, and the curve became less inverted. The 2-year Treasury yield increased 12 basis points to 4.43%, the 5-year Treasury yield rose 27 basis points to 4.01%, and the 10-year Treasury yield climbed 27 basis points to 3.88%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month- end versus -71 basis points at November month-end. The spread was a positive 78 basis points one year ago. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The year 2022 saw a dramatic shift in the Federal Reserve’s policy from highly accommodative to aggressive tightening, resulting in significantly higher rates and an inverted yield curve. The shape of the yield curve indicates that the probability of recession is increasing.
3 192
CC 02-07-2023
192 of 491
Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 223,000 jobs in December, slightly higher than market expectations of 205,000, but a decline from November’s revised increase of 256,000. T rends in employment remain healthy, with the three-month moving average payrolls at 247,000and the six-month moving average at 307,000. Jobs in the goods producing sector were surprisingly strong, and leisure and hospitality employment growth remained solid. The unemployment rate dipped to 3.5%, returning to its pre-pandemic level. The labor participation rate increased only slightly to 62.3% in December from 62.1% in November, indicating the supply of labor remains challenging for employers. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons declined to 6.5% from the prior month at 6.7%. Average hourly earnings rose 4.6% year-over-year in December, down from a revised 4.8% increase in November. Overall, the December employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate, but perhaps at a slower pace. -200
-100
0 100
200
300
400
500
600
700
800
MOM Change In (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 193
CC 02-07-2023
193 of 491
Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased 6.5% year-over-year in December, down from a 7.1% year-over-year increase in November. The Core CPI, which excludes volatile food and energy components, rose 5.7% year-over-year in December, down from 6.0% in November. Gasoline prices decelerated materially, while shelter prices continued to rise. A shift in spending from goods to services continues to dampen merchandise prices. The Personal Consumption Expenditures (PCE) index rose 5.5% year-over-year in November, versus an upwardly revised

6.1% year-over-year gain in October. Core PCE increased 4.7% year-over-year in November versus a 5.0% year-over-year gain in October.

Declining inflationary trends should provide the Federal Reserve room to reduce the pace and magnitude of future federal funds rate hikes.

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
5 194
CC 02-07-2023
194 of 491
Advance Retail Sales declined more than expected in November at -0.6% month-over-month and +6.5% year-over-year, possibly suggesting some loss of momentum in consumer demand for goods amid high inflation and shifting preferences toward services. Additionally, Amazon’s Prime Day may have pulled some holiday spending activity forward into October from November. The Conference Board’s Consumer Confidence Index jumped more than expected to 108.3 in December from an upwardly revised 101.4 in November. Views of current conditions and the future outlook for the economy both improved as inflation expectations declined.

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
6 195
CC 02-07-2023
195 of 491
Source: The Conference Board Source: Federal Reserve Bank of Chicago Economic Activity
The Conference Board’s Leading Economic Index (LEI) remained in negative territory for the ninth consecutive month at a worse than expected -1.0% in November, following a downwardly revised -0.9% in October. The LEI was down 4.5% year-over-over in November versus down 2.9% in October. The Conference Board cited a "lack of economic growth momentum in the near term." The Chicago Fed National Activity Index (CFNAI) decreased to -0.05 in October from +0.17 in September indicating below trend growth over the month. On a 3-month moving average basis, the CFNAI moved down to +0.09 in October from an upwardly revised +0.19 in September. -0.50
-0.25

0.00 0.25

0.50 0.75

1.00 Chicago Fed National Activity Index (CFNAI)
3 Month Average
-1.5%
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%
Leading Economic Indicators (LEI)
MOM ( %) Change
7 196
CC 02-07-2023
196 of 491
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 0.5% in November to 1,427,000units after an upward revision to 1,434,000units in October. Single-family home starts fell 4.1%, whereas multi-family starts rose 4.9% month-over-month. On a year-over-year basis, total housing starts decreased 16.4% reflecting a shift from single-family units to more affordable multi-family units as homebuyers struggle with a combination of elevated prices and higher mortgage rates. The 30-year mortgage rate has edged up to 6.4% according to Freddie Mac but remains below recent highs which topped 7%. According to the Case-Shiller 20-City Home Price Index, the year-over-year increase continued its declining rate of gain to +8.6% in October from +10.4% in September, clearly displaying the impact of higher mortgage rates which have reduced demand for homebuying as affordability has declined.
8 197
CC 02-07-2023
197 of 491
Source: Institute for Supply Management Source: Federal Reserve Manufacturing
The Institute for Supply M anagement (ISM) manufacturing index declined to 48.4 in December from 49.0 in November. This is the second consecutive month of readings below 50.0,which is indicative of contraction in the manufacturing sector. The declining trend reflects sluggish demand amid economic uncertainty and easing price pressures in the goods sector. Industrial production was down 0.2% in November after an unrevised decline of 0.1% in October. The decrease was led by weakness in the manufacturing and mining indices. This equates to a 2.5% increase from the prior year. Capacity utilization fell to 79.7%in November from 79.9%in October and continues to run slightly above the 1972- 2021 average of 79.6%.
40 42
44 46
48 50
52 54
56 58
60 62
64 66
Institute of Supply Management Purchasing Manager Index

EXPANDING

CONTRACTING
-10.0%
-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%
Industrial Production
YOY( %) Change
9 198
CC 02-07-2023
198 of 491
Source: US Department of Commerce Source: US Department of Commerce 12/21 3/22 6/22 9/22

2.1% 0.9% 1.4% 1.5%

5.1% 1.0% -2.8% -1.8%
-0.2% -3.1% 1.2% 2.9%

0.0% -0.4% -0.2% 0.2%
-0.2% 0.0% -0.1% 0.4%

7.0% -1.6% -0.6% 3.2%
Net Exports and Imports
Total
Gross Private Domestic Investment
Personal Consumption Expenditures
Components of GDP
Federal Government Expenditures
State and Local (Consumption and Gross
Investment) -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%

40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Gross Domestic Product (GDP)
According to the third e stimate, GDP increased at an annualized rate of 3.2% in the third quarter, revised up from 2.9%. The upward revision reflects stronger personal consumption expenditures which rose 2.3% in the third quarter, up from 1.7% in the previous estimate, primarily due to continued strength in services spending. Business investment, state and local government spending, and net exports also contributed to the upward revision. The consensus estimate calls for 1.1% growth in the fourth quarter and 1.9% growth for the full year 2022. 10 199
CC 02-07-2023
199 of 491
Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at the D ecember 14th meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 50 basis points to a range of 4.25 – 4.50%, in a downshift from four consecutive 75 basis point hikes. The decision was unanimous, and there was no change to the November statement. The sentiment was hawkish, indicating that “ongoing increases” in the fed funds rate are likely appropriate and citing continued labor market imbalances. The Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023and no rate cuts until 2024;however, the market consensus diverged, implying rate cuts in the second half of 2023. FOMC members forecasted a higher fed funds rate, slower GDP growth, higher inflation, and higher unemployment in 2023 than in the September projections. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels for some time until inflationary pressures subside and remain in the Fed’s target range.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%
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
11 200
CC 02-07-2023
200 of 491
Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%
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%

4.0%

4.5%

5.0%
US Treasury Yield Curve
Dec-22
Sep-22
Dec-21
Yield (%)
Bond Yields
At the end of December, the 2-year Treasury yield was 370 basis points higher, and the 10-Year Treasury yield was about 237 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -55 basis points at December month-end versus -71 basis points at November month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -50 basis points in December from -74 basis points in November. The shape of the yield curve indicates that the probability of recession is increasing. 12 201
CC 02-07-2023
201 of 491
Section 2|SECTION |
Section 2 |
Account Profile
13 202
CC 02-07-2023
202 of 491
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 December 31, 2022
14 203
CC 02-07-2023
203 of 491
Compliance As of December 31, 2022
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.

Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE .

Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short- term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.

Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.

Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.

Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 15 204
CC 02-07-2023
204 of 491
Compliance As of December 31, 2022
Category Standard Comment
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.

Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 16 205
CC 02-07-2023
205 of 491
Portfolio Summary As of December 31, 2022
17 206
CC 02-07-2023
206 of 491
Portfolio Characteristics
City of Cupertino
12/31/22 09/30/22
Benchmark* Portfolio Portfolio
Average Maturity (yrs) 2.61 2.67 2.76
Average Modified Duration 2.48 2.28 2.38
Average Purchase Yield n/a 1.70% 1.58%
Average Market Yield 4.35% 4.63% 4.49%
Average Quality** AAA AA/Aa1 AA/Aa1
Total Market Value 147,282,846 145,810,488
*ICE BofA 1-5 Yr US Treasury & Agency Index
**Benchmark is a blended rating of S&P, Moody’s, and Fitch. Portfolio is S&P and Moody’s respectively.

As of December 31, 2022
18 207
CC 02-07-2023
207 of 491
City of Cupertino
Sector Distribution
ABS

13.4%
Agency

17.2%
CMO

3.9%
Corporate

27.2%
Money Market
Fund

0.5%
Municipal Bonds

0.5%
Supranational

6.3%
US Treasury

31.0%
December 31, 2022 September 30, 2022
ABS

13.7%
Agency

18.7%
CMO

5.3%
Corporate

27.3%
Money Market
Fund

0.2%
Municipal Bonds

0.5%
Supranational

6.4%
US Treasury

28.0%
As of December 31, 2022
19 208
CC 02-07-2023
208 of 491
Duration Allocation As of December 31, 2022
City of Cupertino
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ 12/31/22 0.7% 1.9% 6.8% 31.1% 35.6% 14.9% 9.0% 0.0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0 - 0.25 Years 0.25 - 0.5 Years 0.5 - 1 Years 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years 5+ Years ABS
Agency
CMO
Corporate
Money Market Fund
Municipal Bonds
Supranational
US Treasury
20 209
CC 02-07-2023
209 of 491
Portfolio Allocation & Duration Changes
City of Cupertino
As of December 31, 2022
Benchmark: ICE BofA 1-5 Yr US Treasury & Agency Index

92.2%

96.2%95.6%

98.6%100.8%99.3%

96.2%

98.4%

80.0%

85.0%

90.0%

95.0%
100.0%
105.0%
110.0%
12/31/2209/30/2206/30/2203/31/2212/31/2109/30/2106/30/2103/31/21 Duration as a % of the Benchmark

0.2%

0.5%

5.3%

6.4%

13.7%

18.7%

27.3%

28.0%

0.5%

0.5%

3.9%

6.3%

13.4%

17.2%

27.2%

31.0%
Money Market
Fund
Municipal Bonds
CMO
Supranational
ABS
Agency
Corporate
US Treasury
Portfolio Allocation
12/31/22
09/30/22
21 210
CC 02-07-2023
210 of 491
Issue Name Investment Type % Portfolio
Government of United States US Treasury 30.99%
Federal National Mortgage Association Agency 8.87%
Federal Home Loan Mortgage Corp Agency 4.97%
Federal Home Loan Mortgage Corp CMO 3.86%
Federal Home Loan Bank Agency 3.34%
Inter-American Dev Bank Supranational 3.33%
John Deere ABS ABS 1.93%
American Express ABS ABS 1.90%
Hyundai Auto Receivables ABS 1.83%
Royal Bank of Canada Corporate 1.69%
Toyota Motor Corp Corporate 1.61%
Bank of New York Corporate 1.58%
Bank of America Corp Corporate 1.55%
International Finance Corp Supranational 1.54%
JP Morgan Chase & Co Corporate 1.54%
Intl Bank Recon and Development Supranational 1.47%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.31%
GM Financial Automobile Leasing Trust ABS 1.26%
Paccar Financial Corporate 1.25%
Bank of Montreal Chicago Corporate 1.17%
Honda ABS ABS 1.14%
Metlife Inc Corporate 1.13%
Amazon.com Inc Corporate 1.13%
Air Products & Chemicals Corporate 1.13%
Toyota Lease Owner Trust ABS 1.13%
Salesforce.com Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.11%
United Health Group Inc Corporate 1.08%
New York Life Global Funding Corporate 1.07%
Berkshire Hathaway Corporate 1.02%
Toyota ABS ABS 0.91%
Hyundai Auto Lease Securitization ABS 0.88%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.82%
Caterpillar Inc Corporate 0.72%
GM Financial Securitized Term Auto Trust ABS 0.67%
Deere & Company Corporate 0.67%
Issuers
City of Cupertino – Account #10659
As of December 31, 2022
22 211
CC 02-07-2023
211 of 491
Issue Name Investment Type % Portfolio
Mass Mutual Insurance Corporate 0.60%
Charles Schwab Corp/The Corporate 0.60%
BMW Vehicle Lease Trust ABS 0.57%
State of California Municipal Bonds 0.50%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.49% Northern Trust Corp Corporate 0.45%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.35%
Verizon Owner Trust ABS 0.31%
Wal-Mart Stores Corporate 0.21%
Nissan ABS ABS 0.11%
Mercedes-Benz Auto Lease Trust ABS 0.04%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of December 31, 2022
23 212
CC 02-07-2023
212 of 491
AAA AA A <A NR
12/31/22 16.0% 57.1% 18.8% 0.0% 8.0%
09/30/22 16.3% 55.6% 18.9% 0.0% 9.2%
Source: S&P Ratings
December 31, 2022 vs. September 30, 2022

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%
AAA AA A <A NR
12/31/22 09/30/22
Quality Distribution
City of Cupertino
As of December 31, 2022
24 213
CC 02-07-2023
213 of 491

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ City of Cupertino ICE BofA 1-5 Yr US Treasury & Agency Index Portfolio Compared to the Benchmark
0 - 0.25 0.25 - 0.50 0.50 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5+ Portfolio 0.7% 1.9% 6.8% 31.1% 35.6% 14.9% 9.0% 0.0%
Benchmark* 0.0% 0.0% 1.8% 36.4% 27.8% 20.9% 13.2% 0.0%
*ICE BofA 1-5 Yr US Treasury & Agency Index
Duration Distribution
City of Cupertino
As of December 31, 2022
25 214
CC 02-07-2023
214 of 491
Total Rate of Return Annualized Since Inception January 31, 2019 Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Investment Performance
City of Cupertino
-6.00%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%

0.00%

1.00%
12 months 2 years 3 years 5 years 10 years Since Inception City of Cupertino ICE BofA 1-5 Yr US Treasury & Agency Index Annualized
TOTAL RATE OF RETURN 3 months 12 months 2 years 3 years 5 years 10 years Since Inception
City of Cupertino 1.04% -4.99% -2.97% -0.49% N/A N/A 0.50% ICE BofA 1-5 Yr US Treasury & Agency Index 0.94% -5.25% -3.19% -0.78% N/A N/A 0.37% As of December 31, 2022
26 215
CC 02-07-2023
215 of 491
Purchase Yield as of 12/31/22 = 1.70%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of December 31, 2022
27 216
CC 02-07-2023
216 of 491
SECTION |
Section 3 |
Portfolio Holdings
28 217
CC 02-07-2023
217 of 491
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
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3

0.400% Due 11/15/2023
61,876.91 09/15/2020

0.40%
61,873.77
61,876.86

99.76 5.09%
61,730.85

11.00 0.04%
(146.01)

NR / AAA
AAA

0.87 0.05
92348AAA3 Verizon Owner Trust 2019-C A1A

1.940% Due 04/22/2024
17,978.39 10/01/2019

1.95%
17,977.00
17,977.99

99.82 4.57%
17,946.90

10.66 0.01%
(31.09)

NR / AAA
AAA

1.31 0.07
89238EAC0 Toyota Lease Owner Trust 2021-A A3

0.390% Due 04/22/2024
554,864.60 03/23/2022

2.16%
543,767.31
549,519.95

98.63 5.13%
547,252.30

66.12 0.37%
(2,267.65)
Aaa / AAA
NR

1.31 0.29
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
789,962.91

98.47 5.00%
777,947.21
115.87

0.53%
(12,015.70)
Aaa / AAA
NR

1.46 0.32
65479JAD5 Nissan Auto Receivables Owner 2019-C A3

1.930% Due 07/15/2024
162,453.92 Various

1.70%
163,259.83
162,746.75

99.64 5.03%
161,872.56
139.35

0.11%
(874.19)
Aaa / AAA
NR

1.54 0.11
43813DAC2 Honda Auto Receivables 2020-2 A3

0.820% Due 07/15/2024
55,080.52 05/18/2020

0.83%
55,076.19
55,078.91

98.53 5.51%
54,271.03

20.07 0.04%
(807.88)
Aaa / AAA
NR

1.54 0.31
47789KAC7 John Deere Owner Trust 2020-A A3

1.100% Due 08/15/2024
59,731.79 03/04/2020

1.11%
59,728.14
59,730.45

99.13 4.89%
59,209.94

29.20 0.04%
(520.51)
Aaa / NR
AAA

1.62 0.23
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
288,408.17 09/22/2020

0.38%
288,365.80
288,396.29

97.82 5.31%
282,106.62

38.53 0.19%
(6,289.67)

NR / AAA
AAA

1.80 0.44
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
964,994.31

97.16 5.38%
937,565.53
115.00

0.64%
(27,428.78)

NR / AAA
AAA

1.81 0.57
47787NAC3 John Deere Owner Trust 2020-B A3

0.510% Due 11/15/2024
98,707.84 07/14/2020

0.52%
98,692.79
98,703.36

98.46 5.34%
97,191.46

22.37 0.07%
(1,511.90)
Aaa / NR
AAA

1.88 0.32
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
414,211.71 09/08/2021

0.34%
414,168.96
414,193.29

97.72 5.25%
404,747.97

22.78 0.27%
(9,445.32)
Aaa / NR
AAA

1.99 0.46
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
216,428.62 10/06/2020

0.36%
216,388.30
216,409.30

98.25 4.95%
212,633.07

33.67 0.14%
(3,776.23)

NR / AAA
AAA

2.04 0.38
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
539,993.14

96.51 5.20%
521,134.83
278.40

0.35%
(18,858.31)
Aaa / AAA
NR

2.04 0.87
92290BAA9 Verizon Owner Trust 2020-B A

0.470% Due 02/20/2025
449,373.02 08/04/2020

0.48%
449,278.65
449,328.43

98.49 5.05%
442,603.93

64.53 0.30%
(6,724.50)
Aaa / NR
AAA

2.14 0.33
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
1,149,884.91

96.45 5.25%
1,109,160.05
688.72

0.75%
(40,724.86)

NR / AAA
AAA

2.14 1.09
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
944,995.09

96.62 5.32%
913,099.64
548.63

0.62%
(31,895.45)
Aaa / NR
AAA

2.22 1.00
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
449,962.05

96.74 5.29%
435,347.87

82.50 0.30%
(14,614.18)

NR / AAA
AAA

2.23 0.78
As of December 31, 2022
29 218
CC 02-07-2023
218 of 491
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
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
206,866.51 02/17/2021

0.27%
206,862.73
206,865.01

96.73 6.22%
200,103.11

15.51 0.14%
(6,761.90)
Aaa / NR
AAA

2.31 0.55
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
748,729.92 02/02/2021

0.27%
748,590.96
748,675.98

97.42 4.82%
729,422.57

86.52 0.50%
(19,253.41)
Aaa / NR
AAA

2.37 0.56
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
481,215.39 04/20/2021

0.38%
481,164.76
481,192.65

96.71 5.51%
465,380.52

81.27 0.32%
(15,812.13)

NR / AAA
AAA

2.71 0.64
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
459,936.01

94.91 5.11%
436,566.50
112.44

0.30%
(23,369.51)
Aaa / NR
AAA

3.06 1.22
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
579,968.79

94.91 5.29%
550,465.07
134.04

0.37%
(29,503.72)
Aaa / NR
AAA

3.21 1.08
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
429,994.02

94.21 5.70%
405,103.00
135.69

0.28%
(24,891.02)

NR / AAA
AAA

3.29 1.18
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
739,918.20

95.03 5.03%
703,221.56
618.31

0.48%
(36,696.64)
Aaa / AAA
NR

3.37 1.60
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3

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

2.03%
1,296,371.65
1,305,682.35

94.47 5.54%
1,256,392.61
437.42

0.85%
(49,289.74)

NR / AAA
AAA

3.37 1.17
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
529,977.98

97.40 4.96%
516,240.72
283.55

0.35%
(13,737.26)
Aaa / AAA
NR

3.65 1.51
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
349,994.22

94.48 5.54%
330,684.34

99.17 0.22%
(19,309.88)
Aaa / AAA
NR

3.71 1.15
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
449,923.11

95.91 5.12%
431,611.07
464.00

0.29%
(18,312.04)
Aaa / NR
AAA

3.71 1.48
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
1,009,970.65

95.56 5.13%
965,202.46
996.53

0.66%
(44,768.19)

NR / AAA
AAA

3.79 1.55
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
294,981.69

94.55 5.35%
278,917.43
154.88

0.19%
(16,064.26)

NR / AAA
AAA

3.88 1.35
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
389,935.61

96.88 5.05%
377,834.88
503.75

0.26%
(12,100.73)
Aaa / AAA
NR

4.13 1.63
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
654,945.35

97.70 4.93%
639,940.11
1,088.76

0.44%
(15,005.24)
Aaa / NR
AAA

4.13 1.99
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
1,529,747.48

94.33 4.99%
1,457,465.54
1,517.53

0.99%
(72,281.94)
Aaa / NR
AAA

4.21 2.09
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
1,374,757.97

97.14 4.72%
1,335,647.91
2,071.67

0.91%
(39,110.06)

NR / AAA
AAA

4.38 2.22
47800BAC2 John Deere Owner Trust 2022-C A3

5.090% Due 06/15/2027
1,050,000.00 10/12/2022

5.15%
1,049,918.52
1,049,923.04
100.38

4.97%
1,053,956.31
2,375.33

0.72%
4,033.27
Aaa / NR
AAA

4.46 2.15
As of December 31, 2022
30 219
CC 02-07-2023
219 of 491
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
92348KAV5 Verizon Master Trust 2022-5 A1A

3.720% Due 07/20/2027
570,000.00 08/02/2022

3.75%
569,974.92
569,978.46

98.48 5.00%
561,355.30
647.90

0.38%
(8,623.16)

NR / AAA
AAA

4.55 1.54
TOTAL ABS 20,415,927.31 1.93%
20,349,502.17
20,370,122.56 5.15%
19,731,332.77
14,111.67

13.41%
(638,789.79)
Aaa / AAA
AAA

3.08 1.23
Agency
3137EAFA2 FHLMC Note

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

0.28%
1,753,262.55
1,754,465.28

95.86 4.88%
1,682,332.24
329.06

1.14%
(72,133.04)
Aaa / AA+
AAA

0.93 0.90
3130A0XE5 FHLB Note

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

2.27%
1,568,115.00
1,516,293.29

98.21 4.81%
1,473,219.41
15,302.08

1.01%
(43,073.88)
Aaa / AA+
NR

1.19 1.13
3130A1XJ2 FHLB Note

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

1.96%
1,564,890.20
1,518,875.85

97.72 4.51%
1,465,796.10
2,036.46

1.00%
(53,079.75)
Aaa / AA+
NR