CC 04-13-2023 Searchable Packet.pdf — Cupertino City Council, April 13, 2023 (part 2 of 2)

WHEREAS, on April 13, 2023, the City Council held a public hearing to consider the Project; and
WHEREAS, the City Council of the City of Cupertino is the decision-making body for this Resolution; and
WHEREAS, the applicant has met the burden of proof required to support the application for a Development Permit.

WHEREAS, the City Council finds as follows with regard to this application:

1. The proposed development, at the proposed location, will not be detrimental or injurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience; The project is consistent with the land use designations in the General Plan and Zoning Ordinance and has been designed to be compatible with and respectful of adjoining land uses, including but not limited to wide setbacks from Calabazas creek, Vallco Parkway, and Tantau Avenue, as well as providing landscaping along the building frontages to help mitigate any massing impacts. Further, the City’s environmental consultant, Placeworks, completed the VP1 Apple Office Project CEQA Guidelines Section 15183 Checklist to analyze whether the project would create any significant impacts beyond what was analyzed in the City’s General Plan EIR. The result was that the proposed project would also not result in potentially significant cumulative impacts which were not evaluated in the General Plan EIR, as would be expected for a project that is within the General Plan buildout and consistent with the General Plan land use designations and policies. Therefore, the project will not be detrimental or injurious to properties or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience.

2. The proposed development and/or use will be located and conducted in a manner in accord with the Cupertino Comprehensive General Plan, underlying zoning regulations, and the purpose of this title and complies with the California Environmental Quality Act (CEQA).

The General Plan land use designation for the property is Commercial/Office/Residential. The proposed use is consistent with the General Plan in terms of use, height, slope line setback, as well as allocation for Major Employers. Further, the development fits within many of land use strategies and policies for the South Vallco Park portion of the Heart of the City Special Area such as consistent mix of uses as well as activation of Vallco Parkway. The proposed development has met the applicable development standards of the Heart of the City Specific Plan, including outdoor open space and setbacks. The project is compliant with the Zoning Ordinance as it relates to the provision of parking and compliance with Bird Safe and Dark Sky regulations. The project is categorically exempt from the requirements of the California Environmental Quality Act (CEQA) under CEQA Guidelines section 15183 as it is consistent 141
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with development density established by the existing zoning, community plan, and general plan policies for which the General Plan’s Environmental Impact Report (EIR) was certified.

Municipal Code section 19.124.060(C) allows for the use of alternative parking standards if the following findings are made:

1. The literal enforcement of this chapter will result in restrictions inconsistent with the spirit and intent of this chapter.

CMC Table 19.124.040(F) Regulations for Off-Street Parking allows for parking requirements within that chapter to function as guidelines for projects in planned development zoning districts. As the project site is within the P(MP, CG), the project site may apply alternate parking standards. The planned development (P) zoning district is intended to provide for a greater flexibility of land use intensity and design because of accessibility, ownership patterns, topographical considerations, and community design objectives. The planned development zoning district is further intended to encourage creative approaches in land development; to provide a means of reducing the amount of improvements required in development through better design and land planning, to conserve natural features, to facilitate a more aesthetic and efficient use of open spaces, and to encourage the creation of public or private common open space by establishing a process to consider and approve conceptual and definitive plans that provide development standards and regulations to advance these goals. The alternate parking standards are set to encourage use of alternate modes of transportation while decreasing the reliance of single occupancy vehicles. Reducing the amount of parking also preserves the amount of open space on site as well as maintaining needed setbacks from Calabazas Creek, both of which are standards within parking lot design within CMC 19.124.

2. The granting of the exception will not be injurious to property or improvements in the area nor be detrimental to the public safety, health and welfare.

The alternate parking standards and the applicant’s Traffic Demand Management (TDM) program have been evaluated by the City’s environmental consultant, Placeworks, in their VP1 Apple Office Project CEQA Guidelines Section 15183 Checklist which concluded that the project would create any significant impacts beyond what was analyzed in the City’s General Plan EIR.

3. The exception to be granted is one that will require the least modification and the minimum variance to accomplish the purpose.

The reduction to the required parking required through the standard Office requirement compared to what is proposed is approximately a 9 percent reduction in spaces. The overall goal of the project’s TDM program is to achieve an alternate mode share of 34 percent, consistent with the programming on the Apple Campus 2 project. 142
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4. The proposed exception will not result in significant impacts to neighboring properties.

The project site is adjacent to similar Office type uses, including the majority being either owned by Apple, or leased by Apple. The Project is Conditioned in this resolution to ensure parking overflow can be prevented under the risk of monitoring by a third party selected by the City to be paid for by the applicant.

5. The applicant submits a detailed parking study which demonstrates that the proposed use is compatible with the proposed parking supply. Adjacent on-street parking may be included in the parking supply.

The City’s traffic consultant, Fehr & Peers, has evaluated the traffic demands of the proposed development in their report VP1 Apple Office Project Local Transportation Analysis, as well as Apple’s Project Description. The applicant proposes to implement an existing Traffic Demand Management (TDM) program that is currently in place for several of their office sites within the City, such as the Apple Campus 2 site.

6. The project is owned or managed by a single entity.

The project site is owned and occupied by Apple.

7. If adjacent properties are used to share parking, they are in close proximity to each other, and reciprocal parking and access easements and maintenance agreements are recorded on the applicable properties to run with the land.

No reciprocal parking and/or access easements are proposed between adjacent properties.

NOW, THEREFORE, BE IT RESOLVED:

That after careful consideration of maps, facts, exhibits, testimony and other evidence submitted in this matter, subject to the conditions which are enumerated in this Resolution beginning on PAGE 4 thereof, and those contained in all other Resolutions approved for this Project, the City Council hereby:

1. Finds the project categorically exempt in CEQA Guidelines section 15183 for the reasons set forth in the staff report dated March 28, 2023; and

2. Approve the adoption of alternative parking standards pursuant to Municipal Code section 19.124.060(C); and

3. Approves the application for a Development Permit, Application No. DP-2021- 001; and
That the subconclusions upon which the findings and conditions specified in this Resolution are based are contained in the Public Hearing record concerning Application 143
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no. DP-2021-001 as set forth in the Minutes of the City Council Meeting of April 13, 2023 and are incorporated by reference as though fully set forth herein.

SECTION III: CONDITIONS ADMINISTERED BY THE COMMUNITY
DEVELOPMENT DEPARTMENT.

1. APPROVED EXHIBITS
Approval is based on the plan set dated May 23, 2022 consisting of 61 sheets labeled as Apple VP01: 19191 Vallco Parkway, Cupertino, CA 95014, A01.0 – A11.0, C1.0 – C8.1, and L01.0 – L06.0, drawn by Studio Architects, Kier & Wright, and The Guzzardo Partnership, and the Project Description as submitted by Apple dated July, 2022, except as may be amended by conditions in this resolution.

2. ACCURACY OF PROJECT PLANS
The applicant/property owner is responsible to verify all pertinent property data including but not limited to property boundary locations, building setbacks, property size, building square footage, any relevant easements and/or construction records. Any misrepresentation of any property data may invalidate this approval and may require additional review.

3. CONCURRENT APPROVAL CONDITIONS
The conditions of approval contained in file nos. TR-2021-020, and ASA-2021-003 shall be applicable to this approval.

4. DEVELOPMENT ALLOCATION
139,796 square feet of Major Employee allocation will be allocated to this project.

Further, 2,300 s.f. of commercial allocation is allocated from the Heart of the City commercial allocation to this project.

5. ANNOTATION OF THE CONDITIONS OF APPROVAL
The conditions of approval set forth shall be incorporated into and annotated on the first page of the building plans.

6. CONSULTATION WITH OTHER DEPARTMENTS
The applicant is responsible to consult with other departments and/or agencies about the proposed project for additional conditions and requirements. Any misrepresentation of any submitted data may invalidate an approval by the Community Development Department.
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7. BELOW MARKET RATE PROGRAM
The applicant shall participate in the City’s Below Market Rate (BMR) Housing Program by paying the Below Market Rate linkage fee for Commercial use concurrent with issuance of building permits at the rate in effect at that time. The current fee is $13.52 per net new square feet (~2,300 sq.ft.) for commercial use and $32.06 per net new square feet (~139,796 sq.ft.) for office use.

8. TRAFFIC DEMAND MANAGEMENT
The applicant shall implement the transportation demand management (TDM) strategies currently employed at Apple Campus 2 buildings to achieve as described in Fehr & Peers’ VP1 Apple Office Project Local Transportation Analysis, dated January 10, 2022, and the project description provided by the applicant dated July 2022. The TDM program shall achieve an alternative mode share of 34 percent consistent with the Apple Campus 2 project.

9. PARKING
The applicant shall provide a minimum ratio 1 space for every 311.5 sq. ft. in conjunction with the implementation of a TDM Program pursuant to Condition 8 of this resolution. In the event of parking overflow, the City may require monitoring of the effectiveness of the TDM program, which may result in changes to the TDM program and/or other methods of achieving compliance with the Municipal Code Standards. Monitoring shall be provided by a third-party consultant retained by the City and paid for by the applicant.

Further, the applicant shall delineate 10 parking spaces for the commercial space.

10. BICYCLE PARKING
The applicant shall provide bicycle parking and bike racks for the proposed project in accordance with the City’s Parking Regulations under Chapter 19.124 of the Cupertino Municipal Code.

11. PUBLIC ART REQUIREMENT
Public art shall be provided for the project in accordance with General Plan Policy 2-66 and the City’s Public Art Ordinance (Chapter 19.148 of the Cupertino Municipal Code). The minimum expenditure for the artwork, including, but not limited to design, fabrication, and installation is one (1) percent of the construction valuation for the first $100 million on construction valuation, or 0.9% of construction valuation for valuation in excess of $100 million. The project pro forma shall be provided to the City to confirm the project budget. The public art plans (including location and design) shall be reviewed by the Fine Arts Commission during the building permit stage, in advance of final occupancy. 145
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Once approved by the Fine Arts Commission, the public artwork shall be installed to the satisfaction of the City prior to final occupancy. In the event the developer or property owner determines that the placement of artwork on a particular property may not be feasible, the developer or property owner may apply to the City for an in-lieu payment alternative as indicated in Chapter 19.148 of the Cupertino Municipal Code, subject to review of the Fine Arts Commission and the City Council. The in lieu payment shall be 1.25% of the construction valuation.

12. DEMOLITION REQUIREMENTS
All demolished building and site materials shall be recycled to the maximum extent feasible subject to the Building Official. The applicant shall provide evidence that materials were recycled prior to occupancy.

13. PRE-CONSTRUCTION MEETING AND CONSTRUCTION MANAGEMENT PLAN
A demolition and construction management plan shall be submitted and reviewed prior to building permit issuance. Prior to commencement of construction activities, the applicant shall arrange for a pre-construction meeting with the pertinent departments (Building, Planning, and Public Works) to review the prepared construction management plan, to ensure that construction complies with the conditions of approval, staging of construction equipment is appropriate, tree protection measures are in place, public access routes are identified, and noise and dust control measures are established. The plan shall include but not be limited to the following:
a. Compliance with CEQA Mitigation Measures
b. Appropriate construction staging area
c. Hours of construction
d. Compliance with the City noise ordinance
e. Best management practices
f. Staging of construction equipment shall not occur within 100 feet of any residential property.
g. Any other measures as determined to be appropriate by the Director of Community Development

14. GRADING AND CONSTRUCTION HOURS AND NOISE LIMITS
The applicant shall indicate compliance with the following grading and construction hours and noise limit requirements on all demolition, construction and grading permits, and in the construction management plan(s), unless otherwise indicated.
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a. All grading activities shall be limited to the dry season (April 15 to October 1), unless permitted otherwise by the Director of Public works. b. Construction hours and noise limits shall be compliant with all requirements of Chapter 10.48 of the Cupertino Municipal Code.
c. Grading, street construction, underground utility and demolition hours for work done more than 750 feet away from residential areas shall be limited to Monday through Friday, 7 a.m. to 8 p.m. and Saturday and Sunday, 9 a.m. to 6 p.m. Grading, street construction, demolition or underground utility work within 750 feet of residential areas shall not occur on Saturdays, Sundays, holidays, and during nighttime period as defined in Section 10.48.053(b) of the Municipal Code.
d. Construction activities shall be limited to Monday through Friday, 7 a.m. to 8 p.m. and Saturday and Sunday, 9 a.m. to 6 p.m. Construction activities are not allowed on holidays as defined in Chapter 10.48 of the Municipal Code.

Nighttime construction is allowed if compliant with nighttime standards of Section 10.48 of the Cupertino Municipal Code.
e. Rules and regulations pertaining to all construction activities and limitations identified in this permit, along with the name and telephone number of an applicant appointed disturbance coordinator, shall be posted in a prominent location at the entrance to the job site.
f. The applicant shall be responsible for educating all contractors and subcontractors of said construction restrictions.

15. GREEN BUILDING
The project shall be constructed in accordance with the City’s Green Building Ordinance (Chapter 16.58 of the Cupertino Municipal Code). The applicant shall obtain LEED Silver certification or an alternative reference standard in accordance with the ordinance since the building size is over 50,000 square feet. Third party LEED certification or alternative reference standard is required per the ordinance criteria.

16. BUILDING AND FIRE CODE
The applicant shall apply for and obtain building permits to allow the construction of the approved project. The applicant shall provide information and plans to allow the Building Official and the Fire Marshall or their designee that the proposed plans comply with Building and Fire Codes in effect at the time of application for a building permit.
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17. TRASH AND DELIVERY ACTIVITIES
A detailed refuse and truck delivery plan shall be prepared by the applicant. The plan shall specify locations of trash facilities, refuse pick up schedules and truck delivery schedules and routes. All trash facilities must be screened and enclosed to the satisfaction of the Public Works Department. The final plan shall be submitted to the City for review and approval prior to issuance of building permits.

18. EXTERIOR BUILDING MATERIALS/TREATMENTS
The final building exterior plan shall closely resemble the details shown on the original approved plans. Final building exterior treatment plan (including but not limited to details on exterior color, materials, architectural treatments, doors, windows, lighting fixtures, and/or embellishments) shall be reviewed and approved by the Director of Community Development prior to issuance of building permits to ensure quality and consistency. Any exterior changes determined to be substantial by the Director of Community Development shall either require a modification to this permit or a new permit based on the extent of the change.

19. ROOFTOP EQUIPMENT SCREENING
All mechanical and other equipment on the building or on the site shall be screened so they are not visible from public street areas or adjoining developments. The height of the screening shall be taller than the height of the mechanical equipment that it is designed to screen. A line of sight plan may be required to demonstrate that the equipment will not be visible from any public right-of-way. The location of the equipment and necessary screening shall be reviewed and approved by the Director of Community Development prior to issuance of building permits.

20. SITE IMPROVEMENTS
All proposed site improvements shall be completed prior to final occupancy of any structures approved in conjunction with the project.

21. EXTERIOR BUILDING MATERIALS/TREATMENTS
The final building exterior plan shall closely resemble the details shown on the original approved plans. Final building exterior treatment plan (including but not limited to details on exterior color, materials, architectural treatments, doors, windows, lighting fixtures, and/or embellishments) shall be reviewed and approved by the Director of Community Development prior to issuance of building permits to ensure quality and consistency. Any exterior changes determined to be substantial by the Director of Community Development shall 148
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either require a modification to this permit or a new permit based on the extent of the change.

Future changes to the exterior building materials/treatments must be reviewed and approved by the Property Owner’s Association. However, any changes to the building materials that do not match the approved materials shall require an amendment to this permit or a new permit.

22. BIRD SAFE FENESTRATION
Consistent with CMC 19.102.030, the development shall implement the bird safe fenestration and glass requirements. The applicant, prior to issuance of Building Permits, may submit for an Alternative Compliance Method in which the property owners/applicants may propose an alternate compliance method recommended by a qualified biologist to meet the requirements and intent of CMC 19.102.030.

The alternate compliance method shall be peer-reviewed by a third-party consultant, paid for by the applicant, and subject to the approval of the Director of Community Development.

23. DARK SKY COMPLIANCE AND BIRD SAFE COMPLIANCE
Prior to issuance of Building Permits, the applicant/property owner shall submit final plans in compliance with the approved lighting plans to comply with development standards of Cupertino Municipal Code Section 19.102.030 Bird-Safe Development Requirements and Section 19.102.040 Outdoor Lighting Requirements. In the event changes are proposed from the approved plans, said changes must be reviewed and approved by the Director of Community Development or their designee. The applicant shall provide all documentation required to determine compliance with the Municipal Code. The final lighting plan (including a detailed photometric plan) shall be reviewed and approved by the Director of Community Development, prior to building permit issuance. A report from a licensed lighting engineer may be required to confirm all exterior lighting throughout the site complies with the City’s Ordinance.

24. NOISE LEVELS AND ABATEMENT
Project uses and all equipment installed on the site shall comply with the City’s Community Noise Control Ordinance at all times. Installation of any mechanical or other equipment shall be evaluated to determine that the installation meets the City’s Community Noise Control Ordinance. Any documentation or studies required to determine this shall be provided by the applicant as his/her sole expense. Should the project exceed any of the stipulated maximum noise levels outlined in the City’s Community Noise Control Ordinance, an acoustical 149
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engineer may be required to submit noise attenuation measures to the satisfaction of the Director of Community Development at the applicant’s expense.

25. INDEMNIFICATION
As part of the application, to the fullest extent permitted by law, the applicant shall agree to indemnify, defend with the attorneys of the City’s choice, and hold harmless the City, its City Council, and its officers, employees, and agents (collectively, the “indemnified parties”) from and against any liability, claim, action, cause of action, suit, damages, judgment, lien, levy, or proceeding (collectively referred to as “proceeding”) brought by a third party against one or more of the indemnified parties or one or more of the indemnified parties and the applicant related to any Ordinance, Resolution, or action approving the project, the related entitlements, environmental review documents, finding or determinations, or any other permit or approval authorized for the project. The indemnification shall include but not be limited to damages, fees, and costs awarded against the City, if any, and cost of suit, attorneys’ fees, and other costs, liabilities, and expenses incurred in connection with such proceeding whether incurred by the Applicant, the City, or the parties initiating or bringing such proceeding.

The applicant shall agree to (without limitation) reimburse the City its actual attorneys’ fees and costs incurred in defense of the litigation. Such attorneys’ fees and costs shall include amounts paid to the City’s outside counsel and shall include City Attorney time and overhead costs and other City staff overhead costs and any costs directly related to the litigation reasonably incurred by City. The applicant shall likewise agree to indemnify, defend, and hold harmless the indemnified parties from and against any damages, attorneys’ fees, or costs awards, including attorneys’ fees awarded under Code of Civil Procedure section 1021.5, assessed or awarded against the indemnified parties. The Applicant shall cooperate with the City to enter a Reimbursement Agreement to govern any such reimbursement.

The Applicant shall agree to (without limitation) reimburse the City for all costs incurred in additional investigation or study of, or for supplementing, redrafting, revising, or amending, any document (such as an Environmental Impact Report, negative declaration, specific plan, or general plan amendment) if made necessary by proceedings challenging the project approvals and related environmental review, if the applicant desires to continue to pursue the project.

The Applicant shall agree that the City shall have no liability to the Applicant for business interruption, punitive, speculative, or consequential damages. 150
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26. NOTICE OF FEES, DEDICATIONS, RESERVATIONS OR OTHER EXACTIONS The Conditions of Project Approval set forth herein may include certain fees, dedication requirements, reservation requirements, and other exactions. Pursuant to Government Code Section 66020(d) (1), these Conditions constitute written notice of a statement of the amount of such fees, and a description of the dedications, reservations, and other exactions. You are hereby further notified that the 90-day approval period in which you may protest these fees, dedications, reservations, and other exactions, pursuant to Government Code Section 66020(a), has begun. If you fail to file a protest within this 90-day period complying with all of the requirements of Section 66020, you will be legally barred from later challenging such exactions.

SECTION IV: CONDITIONS ADMINISTERED BY THE PUBLIC WORKS

DEPARTMENT

1. STREAMSIDE PERMIT
The project may be subject to applying for a Streamside Modification Permit due to its proximity to Calabazas Creek. The purpose of this permit is to ensure that the project does not adversely impact the adjacent creek.

2. STREET IMPROVEMENTS
Frontage improvements along the project will be required to the satisfaction of the Director of Public Works. Street improvements, grading and drainage plans must be completed and approved prior to issuance of Building Permit.

Street improvements may include, but not be limited to, new detached sidewalk, new ADA ramp, driveways, storm drain lateral, street tree installations or replacements, street light and pedestrian push button relocations and/or upgrades, removal and replacement of broken or uplifted concrete and/or failed AC pavement, and the sawcut and removal of concrete within the parkstrip. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.

Additional comments will be provided and shall be incorporated prior to Building Permit approval.

3. ACCEPTANCE OF PROPERTY RIGHTS
The Public Works Director, or his/her designee, shall have the authority to accept all offers of dedications, easements, quitclaims and other property rights and interests on behalf of the City.
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4. CURB AND GUTTER IMPROVEMENTS
Curbs and gutters, sidewalks and related structures shall be installed in accordance with grades and standards as specified by the Director of Public Works. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.

5. PEDESTRIAN AND BICYCLE IMPROVEMENTS
Developer shall provide pedestrian and bicycle related improvements (e.g. walkway and bicycle racks, etc.) consistent with the Cupertino Bicycle Transportation Plan and the Pedestrian Transportation Plan, as designated and approved by the Director of Public Works. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.

6. STREET LIGHTING INSTALLATION
Street lighting shall be installed and shall be as approved by the Director of Public Works. Lighting fixtures shall be positioned so as to preclude glare and other forms of visual interference to adjoining properties and shall be no higher than the maximum height permitted by the zone in which the site is located.

7. GRADING
Grading shall be as approved and required by the Director of Public Works in accordance with Chapter 16.08 of the Cupertino Municipal Code. 401 Certifications and 404 permits maybe required. Please contact Army Corp of Engineers and/or Regional Water Quality Control Board as appropriate.

8. DRAINAGE
Drainage shall be provided to the satisfaction of the Director of Public Works and satisfy any requirements from the environmental analysis. Hydrology and pre- and post-development hydraulic calculations must be provided to indicate whether additional storm water control measures are to be constructed or renovated. The storm drain system may include, but is not limited to, subsurface storage of peak stormwater flows (as needed), bioretention basins, vegetated swales, and hydrodynamic separators to reduce the amount of runoff from the site and improve water quality. The storm drain system shall be designed to detain water on-site (e.g., via buried pipes, retention systems or other approved systems and improvements) as necessary to avoid an increase of the ten percent flood water surface elevation to the satisfaction of the Director of Public Works. Any storm water overflows or surface sheeting should be directed away from neighboring private properties and to the public right of way as much as reasonably possible.
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All storm drain inlets shall be clearly marked with the words “No Dumping – Flows to Creek” using permanently affixed metal medallions or equivalent, as approved by the Environmental Programs Division.

Additional comments will be provided and shall be incorporated prior to Final Map approval.

9. C.3 REQUIREMENTS
C.3 regulated improvements are required for all projects creating and/or replacing 10,000 S.F. or more of impervious surface (collectively over the entire project site). The developer shall reserve a minimum of 4% of developable surface area for the placement of low impact development measures, for storm water treatment, unless an alternative storm water treatment plan, that satisfies C.3 requirements, is approved by the Director of Public Works.

The developer must include the use and maintenance of site design, source control and storm water treatment Best Management Practices (BMPs), which must be designed per approved numeric sizing criteria. A Storm Water Management Plan and a Storm Water Facilities Operation, Maintenance and Easement Agreement, and certification of ongoing operation and maintenance of treatment BMPs are each required.

All storm water management plans are required to obtain certification from a City approved third party reviewer.

10. DEVELOPMENT FEES & BONDS
The project developer shall provide payment of fees, including but not limited to checking and inspection fees, storm drain fees, park dedication fees and fees for under grounding of utilities. Said fees shall be executed and paid prior to issuance of Building permit.

Fees:
a. Checking & Inspection Fees: Per current fee schedule ($9,254 or 6% of improvement costs)
b. Grading Permit: Per current fee schedule (greater of $3,683 or 6% of improvement costs)
c. Storm Drainage Fee: Per current fee schedule ($11,444 per AC) d. Transportation Impact Fee: Per current fee schedule: ($19.15 per sq ft new office + $10.94 per sq ft new retail)
e. Encroachment Permit Fee: Per current fee schedule ($3,304) f. Storm Management Plan Fee Per current fee schedule ($1,670) 153
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g. Streamside Permit Fee Per current fee schedule ($453) h. Street Tree Fee: By Developer or Per current fee schedule:
$481 per tree
Bonds:
a. Encroachment Bond: 100% of Off-site Improvements
b. On-site Grading Bond: 100% of site improvements.

The fees described above are imposed based upon the current fee schedule adopted by the City Council. However, the fees imposed herein may be modified at the time of recordation of a final map or issuance of a building permit in the event of said change or changes, the fees changed at that time will reflect the then current fee schedule.

11. TRANSPORTATION IMPACT FEES
The Project is subject to the payment of Transportation Impact Fees under City’s Transportation Impact Fee Program (Chapter 14.02 of the Cupertino Municipal Code).

12. SURVEYS
A Topographic & Boundary Survey and a horizontal control plan will be required for all new construction to ensure the proposed building will be set based on the boundary survey and setback requirements.

13. TRASH, RECYCLING AND COMPOST ENCLOSURES
Trash enclosure plans must be designed in accordance with the City’s “Public Works Guidelines posted at www.cupertino.org/nowaste , and to the satisfaction of the Environmental Programs Manager. Clearance by the Public Works Department is required prior to obtaining a building permit. (CMC 9.18.210 H & K) Applicant shall enter into an agreement with the City that indemnifies and holds harmless both the City and the refuse and recycling collection company (Recology) from and against any harm, damage or maintenance that may occur or become necessary to onsite paving stone driveway surfaces.

14. UNDERGROUND UTILITIES
Developer shall comply with the requirements of the Underground Utilities Ordinance No. 331 and other related Ordinances and regulations of the City of Cupertino, and shall coordinate with affected utility providers for installation of underground utility devices. Developer shall submit detailed plans showing utility underground provisions. Said plans shall be subject to prior approval of the affected Utility provider and the Director of Public Works.
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15. TRANSFORMERS & CABINETS
Electrical transformers, telephone cabinets and similar equipment shall be placed in underground vaults. The developer must receive written approval from both the Public Works Department and the Community Development Department prior to installation of any above ground equipment. Should above ground equipment be permitted by the City, equipment and enclosures shall be screened with fencing and landscaping such that said equipment is not visible from public street areas, as determined by the Community Development Department. Transformers shall not be located in the front or side building setback area.

16. WATER BACKFLOW PREVENTERS
Domestic and Fire Water Backflow preventers and similar above ground equipment shall be placed away from the public right of way and site driveways to a location approved by the Cupertino Planning Department, Santa Clara County Fire Department and the water company.

17. BEST MANAGEMENT PRACTICES
Utilize Best Management Practices (BMPs), as required by the State Water Resources Control Board, for construction activity, which disturbs soil. BMP plans shall be included in grading and street improvement plans.

18. NPDES CONSTRUCTION GENERAL PERMIT
When and where it is required by the State Water Resources Control Board (SWRCB), the developer must obtain a Notice of Intent (NOI) from the SWRCB, which encompasses preparation of a Storm Water Pollution Prevention Plan (SWPPP), use of construction Best Management Practices (BMPs) to control storm water runoff quality, and BMP inspection and maintenance.

19. EROSION CONTROL PLAN
Developer must provide an approved erosion control plan by a Registered Civil Engineer. This plan should include all erosion control measures used to retain materials on site. Erosion control notes shall be stated on the plans.

20. WORK SCHEDULE
Every 6 months, the developer shall submit a work schedule to the City to show the timetable for all grading/erosion control work in conjunction with this project.

21. TRAFFIC CONTROL PLAN
The developer must submit a traffic control plan by a Registered Traffic Engineer to be approved by the City. The plan shall include a temporary traffic control plan for work in the right of way as well as a routing plan for all vehicles used during 155
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construction. All traffic control signs must be reviewed and approved by the City prior to commencement of work. The City has adopted Manual on Uniform Traffic Control Devices (MUTCD) standards for all signage and striping work throughout the City.

22. STREET TREES
Street trees shall be planted within the Public Right of Way to the satisfaction of the Director of Public Works and shall be of a type approved by the City in accordance with Ordinance No. 125.

23. FIRE PROTECTION
Fire sprinklers shall be installed in any new construction to the approval of the City.

24. SANTA CLARA COUNTY FIRE DEPARTMENT
A letter of clearance for the project shall be obtained from the Santa Clara County Fire Department prior to issuance of building permits. Clearance should include written approval of the location of any proposed Fire Backflow Preventers, Fire Department Connections and Fire Hydrants (typically Backflow Preventers should be located on private property adjacent to the public right of way, and fire department connections must be located within 100’ of a Fire Hydrant).

25. FIRE HYDRANT
Fire hydrants shall be located as required by the City and Santa Clara County Fire Department as needed.

26. CALIFORNIA WATER SERVICE COMPANY CLEARANCE
Provide California Water Service Company approval for water connection, service capability and location and layout of water lines and backflow preventers before issuance of a building permit approval.

27. DEDICATION OF UNDERGROUND WATER RIGHTS
Developer shall “quit claim” to the City all rights to pump, take or otherwise extract water from the underground basin or any underground strata in the Santa Clara Valley.

SECTION IV: CONDITIONS ADMINISTERED BY THE SANTA CLARA COUNTY

FIRE DEPARTMENT
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1. FIRE SPRINKLERS REQUIRED:

An approved automatic sprinkler system shall be provided throughout all new buildings and structures. Exceptions: Buildings and structures that do not exceed 1,000 SF of building area.

2. FIRE HYDRANT SYSTEMS REQUIRED
Where a portion of the facility or building hereafter constructed or moved into or within the jurisdiction is more than 400 feet from a hydrant on a fire apparatus access road, as measured by an approved route around the exterior of the facility or building, onsite fire hydrants and mains shall be provided where required by the fire code official. Exception: For Group R-3 and Group U occupancies the distance requirement shall be 600 feet. For buildings equipped throughout with an approved automatic sprinkler system installed in accordance with Section 903.3.1.1, 903.3.1.2 or 903.3.1.3, the distance requirement shall be not more than 600 feet. [CFC, Section 507.5.1]

3. REQUIRED FIRE FLOW
The fire flow for this project is 8000 GPM at 20 psi residual pressure. If an automatic fire sprinkler system will be installed, the fire flow will be reduced by 75%, establishing a required adjusted fire flow of 2000 GPM at 20 psi residual pressure.

Note: The minimum required number and spacing of the hydrants shall be in accordance with CFC Table C102.1.

4. BUILDINGS AND FACILITIES ACCESS
Approved fire apparatus access roads shall be provided for every facility, building or portion of a building hereafter constructed or moved into or with the jurisdiction. The fire apparatus access road shall comply with the requirements of this section and shall extend to within 150 feet of all portions of the facility and all portions of the exterior walls of the first story of the building as measured by an approved route around the exterior of the building or facility. [CFC, Section 503.1.1].

5. STANDPIPES REQUIRED
Standpipe systems shall be provided in new buildings and structures in accordance with this section. Fire hose threads used in connection with standpipe systems shall be approved and shall be compatible with fire department hose threads. The location of fire department hose connections shall be approved. Standpipes shall be manual wet type. In buildings used for high-piled combustible storage, fire hose protection shall be in accordance with Chapter 32. Installation standard. Standpipe systems shall be installed in accordance with this section and NFPA 14 as amended in Chapter 47.

CFC Sec. 905
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6. WATER SUPPLY REQUIREMENTS
Potable water supplies shall be protected from contamination caused by fire protection water supplies. It is the responsibility of the applicant and any contractors and subcontractors to contact the water purveyor supplying the site of such project, and to comply with the requirements of that purveyor. Such requirements shall be incorporated into the design of any water-based fire protection systems, and/or fire suppression water supply systems or storage containers that may be physically connected in any manner to an appliance capable of causing contamination of the potable water supply of the purveyor of record. Final approval of the system(s) under consideration will not be granted by this office until compliance with the requirements of the water purveyor of record are documented by that purveyor as having been met by the applicant(s). 2019 CFC Sec. 903.3.5 and Health and Safety Code 13114.7.

7. REQUIRED SECONDARY FIRE DEPT. ACCESS
Commercial and Industrial Developments
a. Buildings exceeding three stories or 30 feet in height. Buildings or facilities exceeding 30 feet (9144 mm) or three stories in height shall have a least two means of fire apparatus access for each structure.
b. Buildings exceeding 62,000 square feet in area. Buildings or facilities having a gross building area of more than 62,000 square feet (5760 mm) shall be provided with two separate and approved fire apparatus access roads. c. Exception: Projects having a gross building area of up to 124,000 square feet (11520 mm) that have a single approved fire apparatus access road when all buildings are equipped throughout with approved automatic sprinkler systems. Multi-Family Residential Developments (R-1 & R-2 occupancies) 1. Multi-family residential projects having more than 100 dwelling units shall be equipped throughout with two separate and approved fire apparatus access roads. CFC Sec. Chp. 5 as adopted and amended by CUPMC.

8. REQUIRED AERIAL ACCESS
a. Where required: Buildings or portions of buildings or facilities exceeding 30 feet (9144 mm) in height above the lowest level of fire department vehicle access shall be provided with approved fire apparatus access roads capable of accommodating fire department aerial apparatus. Overhead utility and power lines shall not be located within the aerial fire apparatus access roadway. b. Width: Fire apparatus access roads shall have a minimum unobstructed width of 26 feet (7925) in the immediate vicinity of any building or portion of building more than 30 feet (9144 mm) in height.
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c. Proximity to building: At least one of the required access routes meeting this condition shall be located within a minimum of 15 feet (4572) and a maximum of 30 feet (9144mm) from the building, and shall be positioned parallel to one entire side of the building, as approved by the fire code official.

9. FIRE APPARATUS (LADDER TRUCK) ACCESS ROADWAY REQUIRED Provide an access roadway with a paved all-weather surface, a minimum unobstructed width of 20 feet, vertical clearance of 13 feet 6 inches, minimum circulating turning radius of 60 feet outside and 31 feet inside, and a maximum slope of 15%. Surface shall be capable of supporting 75K pounds. Installations shall conform to Fire Department Standard Details and Specifications sheet A-1. CFC Sec. 503.

10. FIRE DEPARTMENT (ENGINE) ROADWAY TURNAROUND
Provide an approved fire department engine roadway turnaround with a minimum radius of 36 feet outside and 23 feet inside. Installation shall conform to Fire Department Standard Details and Specification sheet A-1. Cul-de-sac. CFC Sec. 503 as adopted and amended by CUPMC. Circulating fire lane shown on Sheet C4 with conforming radii of turns for an aerial apparatus proximal to the structure exceeding 30-feet in height.

11. FIRE ALARM REQUIREMENTS
Refer to CFC Sec. 907 and the currently adopted edition of NFPA 72. Submit shop drawings (3 sets) and a permit application to the SCCFD for approval before installing or altering any system.

12. EMERGENCY RADIO RESPONDER COVERAGE
All new buildings shall have approved radio coverage for emergency responders within the building based upon the existing coverage levels of the public safety communication systems of the jurisdiction at the exterior of the building. This section shall not require improvement of the existing public safety communication systems. CFC Sec. 510.1 .

13. TWO-WAY COMMUNICATION SYSTEM
Two-way communication systems shall be designed and installed in accordance with NFPA 72 (2016 edition), the California Electrical Code (2013 edition), the California Fire Code (2016 edition), the California Building Code (2016 edition), and the city ordinances where two-way system is being installed, policies, and standards.

Other standards also contain design/installation criteria for specific life safety related equipment. These other standards are referred to in NFPA 72. Provide two-way communication system.
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14. CONSTRUCTION SITE FIRE SAFETY
All construction sites must comply with applicable provisions of the CFC Chapter 33 and our Standard Detail and Specification SI-7. Provide appropriate notations on subsequent plan submittals, as appropriate to the project. CFC Chp. 33.

15. ADDRESS IDENTIFICATION
New and existing buildings shall have approved address numbers, building numbers or approved building identification placed in a position that is plainly legible and visible from the street or road fronting the property. These numbers shall contrast with their background. Where required by the fire code official, address numbers shall be provided in additional approved locations to facilitate emergency response.

Address numbers shall be Arabic numbers or alphabetical letters. Numbers shall be a minimum of 4 inches (101.6 mm) high with a minimum stroke width of 0.5 inch (12.7 mm). Where access is by means of a private road and the building cannot be viewed from the public way, a monument, pole or other sign or means shall be used to identify the structure. Address numbers shall be maintained. CFC Sec. 505.1

16. KNOX KEY BOXES/LOCKS WHERE REQUIRED FOR ACCESS
Where access to or within a structure or an area is restricted because of secured openings or where immediate access is necessary for lifesaving or firefighting purposes, the fire code official is authorized to require a key box to be installed in an approved location. The Knox Key Box shall be a of an approved type and shall contain keys to gain necessary access as required by the fire code official.

17. LOCKS
An approved Knox Lock shall be installed on gates or similar barriers when required by the fire code official. Key box maintenance. The operator of the building shall immediately notify the fire code official and provide the new key when a lock is changed or re-keyed. The key to such lock shall be secured in the key box. [CFC Sec. 506].

18. FIRE DEPARTMENT CONNECTION
The fire department connection (FDC) shall be installed at the street on the street address side of the building. It shall be located within 100 feet of a public fire hydrant and within ten (10) feet of the main PIV (unless otherwise approved by the Chief due to practical difficulties). FDC's shall be equipped with a minimum of two (2), twoand-one-half (2- 1/2”) inch national standard threaded inlet couplings. Orientation of the FDC shall be such that hose lines may be readily and conveniently attached to the inlets without interference. FDC's shall be painted safety yellow. [SCCFD, SP-2 Standard].
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PASSED AND ADOPTED at a special meeting of the City Council of the City of Cupertino this 13th day of April, 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
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RESOLUTION NO. ____

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

APPROVING AN ARCHITECTURAL AND SITE APPROVAL FOR THE
PROPOSED DEVELOPMENT OF A BUILDING WITH 280,020- SQUARE- FOOT OFFICE SPACE AND 2,300 SQUARE FEET OF RETAIL SPACE, WITH A DETACHED PARKING STRUCTURE LOCATED AT 19191 VALLCO PARKWAY (APN: 316-20-117)
______________________________________________________________________________ ______________________________________________________________ SECTION I: PROJECT DESCRIPTION
Application No.: ASA-2021-003
Applicant: Apple, Inc
Property Owner: Apple, Inc
Location: 19191 Vallco Parkway (APN: 316-20-117)
SECTION II: FINDINGS FOR ARCHITECTURAL AND SITE APPROVAL:

WHEREAS, the Planning Commission of the City of Cupertino received an application for an Architectural and Site Approval Permit as described in Section I of this resolution; and
WHEREAS, pursuant to the provisions of the California Environmental Quality Act of 1970 (Public Resources Code section 21000 et seq.) (“CEQA”), together with the State CEQA Guidelines (California Code of Regulations, Title 14, Section 15000 et seq.) (hereinafter, "CEQA Guidelines"), the City staff has independently studied the proposed Project and has determined that the Project is exempt from environmental review pursuant to the categorical exemption in CEQA Guidelines section 15183 for the reasons set forth in the staff report dated March 28, 2023 and incorporated herein; and WHEREAS, on March 28, 2023 the Planning Commission recommended on a 3-0 (Fung, Lindskog recusing) vote that the City Council approve the Development Permit (DP2021-001) in substantially similar form to the Resolution presented (Resolution No.

XXXX), approve the Architectural and Site Approval Permit (ASA-2021-003) in substantially similar form to the Resolution presented(Resolution No. 2023-04), and approve the Tree Removal Permit (TR-2021-020) in substantially similar form to the Resolution presented (Resolution No. XXXX); and
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WHEREAS, all necessary public notices having been given as required by the City of Cupertino Municipal Code and the Government Code, and the Planning Commission held at least one public hearing in regard to this application, and WHEREAS, on April 13, 2023, the City Council held a public hearing to consider the Project; and
WHEREAS, the City Council of the City of Cupertino is the decision-making body for this Resolution; and
WHEREAS, the City Council finds as follows with regard to this application:

1. The proposal, at the proposed location, will not be detrimental or injurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience;
The project is consistent with the land use designations in the General Plan and Zoning Ordinance and has been designed to be compatible with and respectful of adjoining land uses, including but not limited to wide setbacks from Calabazas creek, Vallco Parkway, and Tantau Avenue, as well as providing landscaping along the building frontages to help mitigate any massing impacts. Further, the City’s environmental consultant Placeworks completed the VP1 Apple Office Project CEQA Guidelines Section 15183 Checklist to analyze whether the project would create any significant impacts beyond what was analyzed in the City’s General Plan EIR. The result was that the proposed project would also not result in potentially significant cumulative impacts which were not evaluated in the General Plan EIR, as would be expected for a project that is within the General Plan buildout and consistent with the General Plan land use designations and policies. Therefore, the project will not be detrimental or injurious to properties or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience.

2. The proposal is consistent with the purposes of Chapter 19.168, the General Plan, any specific plan, zoning ordinances, applicable planned development permit, conditional use permits, variances, subdivision maps or other entitlements to use which regulate the subject property including, but not limited to, adherence to the following specific criteria:
a) Abrupt changes in building scale should be avoided. A gradual transition related to height and bulk should be achieved between new and existing buildings.

The proposed project is a redevelopment of an existing single story Apple office building with a new four-story office building and six-level (two underground, four above ground) detached parking structure. The development is surrounded by multi-storied structures with the Apple Offices to the north across Highway 280, Main Street adjacent to the south across Vallco Parkway, Apple Offices to both east (across Tantau Avenue) and west (across Calabazas Creek). The multi-storied 19800 Mixed Use development is around 300 feet west 163
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of the development along Vallco Parkway. There is landscaping proposed at the perimeter which will help mask some of the bulk of the proposed buildings. b) In order to preserve design harmony between new and existing building and in order to preserve and enhance property values, the materials, textures and colors of new building should harmonize with adjacent development by being consistent or compatible with design and color schemes with the future character of the neighborhoods and purposes of the zone in which they are situated. The location, height and materials of walls, fencing, hedges and screen planting should harmonize with adjacent development. Unsightly storage areas, utility installations and unsightly elements of parking lots should be concealed. The planting of ground cover or various types of pavements should be used to prevent dust and erosion, and the unnecessary destruction of existing healthy trees should be avoided.

Lighting for development should be adequate to meet safety requirements as specified by the engineering and building departments, and provide shielding to prevent spill-over light to adjoining property owners.

The design quality of the development is consistent with the high-quality standards encouraged by City Staff. The mixed-use buildings meet the design qualities of a Modern design development. The architectural style is consistent throughout the development.

Further, the planting plan is consistent with the intent of the Heart of the City Specific Plan guidelines. Unsightly uses such as loading and trash pickup have been placed within the buildings away from view of neighboring uses. Utility installation has been designed to be screened by landscaping and or incorporated into the building design. The final lighting for the development will be reviewed as part of the review of the project construction documents to ensure that they meet safety requirements while avoiding spill-over light to adjacent properties. The windows and lighting have been proposed to be consistent with the City’s bird safe and dark sky ordinance as well.
c) The number, location, color, size, height, lighting and landscaping of outdoor advertising signs and structures shall minimize traffic hazards and shall positively affect the general appearance of the neighborhood and harmonize with adjacent development; and
Signage approval is not included in this application.
d) With respect to new projects within existing residential neighborhoods, new development should be designed to protect residents from noise, traffic, light and visually intrusive effects by use of buffering, setbacks, landscaping, walls and other appropriate design measures.

The project does not abut any existing residential development. The multi-family development to the south-west (The Loft Apartments at Main Street) of the project site, 164
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across Vallco Parkway, will be buffered from any impacts because the project has been designed to plant further street trees along the frontage and has been designed with adequate parking on-site. The buildings have been designed with setbacks from the curb line as required by the General Plan and Heart of the City Specific Plan.

NOW, THEREFORE, BE IT RESOLVED:

That after careful consideration of maps, facts, exhibits, testimony and other evidence submitted in this matter, subject to the conditions which are enumerated in this Resolution beginning on PAGE 5 thereof, and those contained in all other Resolutions approved for this Project, the City Council hereby:

1. Finds the project categorically exempt in CEQA Guidelines section 15183 for the reasons set forth in the staff report dated April 13, 2023; and

2. Approves the application for a Architectural and Site Approval, Application No.

ASA-2021-003
That the subconclusions upon which the findings and conditions specified in this Resolution are based are contained in the Public Hearing record concerning Application no. ASA-2021-003 as set forth in the Minutes of the City Council Meeting of April 13, 2023 and are incorporated by reference as though fully set forth herein.

SECTION III: CONDITIONS ADMINISTERED BY THE COMMUNITY
DEVELOPMENT DEPT.

1. APPROVED EXHIBITS
Approval is based on the plan set dated May 23, 2022 consisting of 61 sheets labeled as Apple VP01: 19191 Vallco Parkway, Cupertino, CA 95014, A01.0 – A11.0, C1.0 – C8.1, and L01.0 – L06.0, drawn by Studio Architects, Kier & Wright, and The Guzzardo Partnership, except as may be amended by conditions in this resolution.

3. CONCURRENT APPROVAL CONDITIONS
The conditions of approval contained in file nos. TR-2021-020, and DP-2021-001 shall be applicable to this approval.

4. ANNOTATION OF THE CONDITIONS OF APPROVAL
The conditions of approval set forth shall be incorporated into and annotated on the first page of the building plans.

5. FINAL ARCHITECTURAL DETAILS AND EXTERIOR BUILDING MATERIALS The final building exterior plan shall closely resemble the details shown on the original approved plans. The final building design and exterior treatment plans (including but not limited to details on exterior color, materials, architectural treatments, doors, windows, lighting fixtures, and/or embellishments) shall be reviewed and approved by the Director of Community Development prior to issuance of building permits and through an in-field mock-up of colors prior to application to ensure quality and consistency. Any exterior changes determined to be substantial by the Director of Community Development shall either require a modification to this permit or a new permit based on the extent of the change.

6. LANDSCAPE INSTALLATION REPORT
The project is subject to all provisions delineated in the Landscape Ordinance (CMC, Chapter 14.15). A landscape installation audit shall be conducted by a certified landscape professional after the landscaping and irrigation system have been installed. The findings of the assessment shall be consolidated into a landscape installation report.

The landscape installation report shall include, but is not limited to: inspection to confirm that the landscaping and irrigation system are installed as specified in the landscape and irrigation design plan, system tune-up, system test with distribution uniformity, reporting overspray or run-off that causes overland flow, and preparation of an irrigation schedule.

The landscape installation report shall include the following statement: “The landscape and irrigation system have been installed as specified in the landscape and irrigation design plan and complies with the criteria of the ordinance and the permit.”

7. LANDSCAPE AND IRRIGATION MAINTENANCE
Per the Landscape Ordinance (CMC, Chapter 14.15), a maintenance schedule shall be established and submitted to the Director of Community Development or his/her designee, either with the landscape application package, with the landscape installation report, or any time before the landscape installation report is submitted. 166
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a. Schedules should take into account water requirements for the plant establishment period and water requirements for established landscapes. b. Maintenance shall include, but not be limited to the following: routine inspection; pressure testing, adjustment and repair of the irrigation system; aerating and dethatching turf areas; replenishing mulch; fertilizing; pruning; replanting of failed plants; weeding; pest control; and removing obstructions to emission devices. c. Failed plants shall be replaced with the same or functionally equivalent plants that may be size-adjusted as appropriate for the stage of growth of the overall installation. Failing plants shall either be replaced or be revived through appropriate adjustments in water, nutrients, pest control or other factors as recommended by a landscaping professional.

8. LANDSCAPE PROJECT SUBMITTAL
Prior to issuance of building permits, the applicant shall submit a full Landscape Documentation Package, per sections 14.15.050 A, B, C, and D of the Landscape Ordinance, for projects with landscape area 500 square feet or more or elect to submit a Prescriptive Compliance Application per sections 14.15.040 A, B, and C for projects with landscape area between 500 square feet and 2,500 square feet. The Landscape Documentation Package or Prescriptive Compliance Application shall be reviewed and approved to the satisfaction of the Director of Community Development prior to issuance of building permits, and additional requirements per sections 14.15.040 D, E, F, and G or 14.15.050 E, F, G, H, and I will be required to be reviewed and approved prior to final inspections.

9. SOIL ANALYSIS REPORT
A soils analysis report shall document the various characteristics of the soil (e.g. texture, infiltration rate, pH, soluble salt content, percent organic matter, etc) and provide recommendations for amendments as appropriate to optimize the productivity and water efficiency of the soil.

The soil analysis report shall be made available to the professionals preparing the landscape and irrigation design plans in a timely manner either before or during the design process. A copy of the soils analysis report shall be submitted to the Director of Community Development as part of the landscape documentation package.

10. LANDSCAPE AND IRRIGATION PLANS
The applicant shall submit detailed landscape and irrigation plans to be reviewed and approved by Community Development prior to issuance of building permits. The landscape plan shall include water conservation and pesticide reduction measures in conformance with Chapter 14.15, Landscape Ordinance, and the pesticide control 167
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measures referenced in Chapter 9.18, Stormwater Pollution Prevention and Watershed Protection, of the Cupertino Municipal Code.

11. SIGN PROGRAM
A sign program is required for this project. The sign program shall be approved by the Director of Community Development prior to issuance of sign permits.

12. SITE IMPROVEMENTS
All proposed site improvements shall be completed prior to final occupancy of any structures approved in conjunction with the project.

13. TRANSFORMERS
Electrical transformers, telephone cabinets and similar equipment shall be placed in underground vaults. The developer must receive written approval from both the Public Works Department and the Community Development Department prior to installation of any above ground equipment. Should above ground equipment be permitted by the City, equipment and enclosures shall be screened with fencing and landscaping such that said equipment is not visible from public street areas, as determined by the Community Development Department. Transformers shall not be located in the front or side building setback area.

14. SCREENING
All mechanical and other equipment on the building or on the site shall be screened so they are not visible from public street areas or adjoining developments. Screening materials/colors shall match building features and materials. The height of the screening shall be taller than the height of the mechanical equipment that it is designed to screen. The location of equipment and necessary screening shall be reviewed and approved by the Director of Community Development prior to issuance of building permits.

15. TREE PROTECTION
As part of the demolition or building permit drawings, a tree protection plan shall be prepared by a certified arborist for the trees to be retained. In addition, the following measures shall be added to the protection plan:
• For trees to be retained, chain link fencing and other root protection shall be installed around the dripline of the tree prior to any project site work. • No parking or vehicle traffic shall be allowed under root zones, unless using buffers approved by the Project Arborist.
• No trenching within the critical root zone area is allowed. If trenching is needed in the vicinity of trees to be retained, the City’s consulting arborist shall be consulted before any trenching or root cutting beneath the dripline of the tree. 168
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• Wood chip mulch shall be evenly spread inside the tree projection fence to a fourinch depth. • Tree protection conditions shall be posted on the tree protection barriers. • Retained trees shall be watered to maintain them in good health. • A covenant on the property shall be recorded that identifies all the protected trees, prior to final occupancy.

The tree protection measures shall be inspected and approved by the certified arborist prior to issuance of building permits. The City’s consulting arborist shall inspect the trees to be retained and shall provide reviews prior to issuance of demolition, grading or building permits. A report ascertaining the good health of the trees mentioned above shall be provided prior to issuance of final occupancy.

16. UTILITY STRUCTURE PLAN
Prior to issuance of building permits, the applicant shall work with staff to provide a detailed utility plan to demonstrate screening or undergrounding of all new utility structures [including, but not limited to backflow preventers (BFP), fire department connections (FDC), post-indicator valves (PIV), and gas meters] to the satisfaction of the Director of Community Development, Public Works, Fire Department, and applicable utility agencies.

17. CONSULTATION WITH OTHER DEPARTMENTS
The applicant is responsible to consult with other departments and/or agencies with regard to the proposed project for additional conditions and requirements. Any misrepresentation of any submitted data may invalidate an approval by the Community Development Department.

18. INDEMNIFICATION
As part of the application, to the fullest extent permitted by law, the applicant shall agree to indemnify, defend with the attorneys of the City’s choice, and hold harmless the City, its City Council, and its officers, employees, and agents (collectively, the “indemnified parties”) from and against any liability, claim, action, cause of action, suit, damages, judgment, lien, levy, or proceeding (collectively referred to as “proceeding”) brought by a third party against one or more of the indemnified parties or one or more of the indemnified parties and the applicant related to any Ordinance, Resolution, or action approving the project, the related entitlements, environmental review documents, finding or determinations, or any other permit or approval authorized for the project. The indemnification shall include but not be limited to damages, fees, and costs awarded against the City, if any, and cost of suit, attorneys’ fees, and other costs, liabilities, and expenses incurred in connection with such proceeding whether 169
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incurred by the Applicant, the City, or the parties initiating or bringing such proceeding.

The Applicant shall agree that the City shall have no liability to the Applicant for business interruption, punitive, speculative, or consequential damages.

19. NOTICE OF FEES, DEDICATIONS, RESERVATIONS, OR OTHER EXACTIONS The Conditions of Project Approval set forth herein may include certain fees, dedication requirements, reservation requirements, and other exactions. Pursuant to Government Code Section 66020(d) (1), these Conditions constitute written notice of a statement of the amount of such fees, and a description of the dedications, reservations, and other exactions. You are hereby further notified that the 90-day approval period in which you may protest these fees, dedications, reservations, and other exactions, pursuant to Government Code Section 66020(a), has begun. If you fail to file a protest within this 90-day period complying with all of the requirements of Section 66020, you will be legally barred from later challenging such exactions.

PASSED AND ADOPTED at a special meeting of the City Council of the City of Cupertino this 13th day of April, 2023, by the following vote:

Members of the City Council
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AYES:

NOES:

ABSENT:

ABSTAIN:

A RESOLUTION OF THE CUPERTINO CITY COUNCIL

APPROVING A TREE REMOVAL PERMIT TO REMOVE, AND REPLACE ONE HUNDERED AND THIRTEEN (113) DEVELOPMENT TREES TO

ACCOMMODATE THE PROPOSED DEVELOPMENT OF A BUILDING WITH 280,020- SQUARE- FOOT OFFICE SPACE AND 2,300 SQUARE FEET OF RETAIL SPACE, WITH A DETACHED PARKING STRUCTURE LOCATED AT 19191 VALLCO PARKWAY (APN: 316-20-117)
______________________________________________________________________________ _____________________________________________________________ SECTION I: PROJECT DESCRIPTION
Application No.: TR-2021-020
Applicant: Apple, Inc
Property Owner: Apple, Inc
Location: 19191 Vallco Parkway (APN: 316-20-117)
SECTION II: FINDINGS FOR TREE REMOVAL:

WHEREAS, the Planning Commission of the City of Cupertino received an application for a Tree Removal Permit as described in Section I of this resolution; and WHEREAS, pursuant to the provisions of the California Environmental Quality Act of 1970 (Public Resources Code section 21000 et seq.) (“CEQA”), together with the State CEQA Guidelines (California Code of Regulations, Title 14, Section 15000 et seq.) (hereinafter, "CEQA Guidelines"), the City staff has independently studied the proposed Project and has determined that the Project is exempt from environmental review pursuant to the categorical exemption in CEQA Guidelines section 15183 for the reasons set forth in the staff report dated April 13, 2023 and incorporated herein; and WHEREAS, on March 28, 2023 the Planning Commission recommended on a 3-0 (Fung, Lindskog recusing) vote that the City Council approve the Development Permit (DP2021-001) in substantially similar form to the Resolution presented (Resolution No.

XXXX), approve the Architectural and Site Approval Permit (ASA-2021-003) in substantially similar form to the Resolution presented(Resolution No. XXXX), and approve the Tree Removal Permit (TR-2021-020) in substantially similar form to the Resolution presented (Resolution No. XXXX); and
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WHEREAS, all necessary public notices having been given as required by the City of Cupertino Municipal Code and the Government Code, and the Planning Commission held at least one public hearing in regard to this application, and WHEREAS, on April 13, 2023, the City Council held a public hearing to consider the Project; and
WHEREAS, the City Council of the City of Cupertino is the decision-making body for this Resolution; and
WHEREAS, the City Council finds as follows with regard to this application:
a) That the location of the trees restricts the economic enjoyment of the property by severely limiting the use of property in a manner not typically experienced by owners of similarly zoned and situated property, and the applicant has demonstrated to the satisfaction of the approval authority that there are no reasonable alternatives to preserve the tree(s).

In order to accommodate for the new development’s office and parking structures, walkways and internal street network to public open spaces, the existing trees cannot be preserved in their locations. The applicant proposes replacement trees throughout the site in conformance with the Municipal Code Ordinance requirements and proposes to locate the replacements where tree coverage is needed, while preserving virtually all of the trees that are not within the development area of the project site.

NOW, THEREFORE, BE IT RESOLVED:

That after careful consideration of maps, facts, exhibits, testimony and other evidence submitted in this matter, subject to the conditions which are enumerated in this Resolution beginning on PAGE 2 thereof, and those contained in all other Resolutions approved for this Project, the City Council hereby:

1. Finds the project categorically exempt in CEQA Guidelines section 15183 for the reasons set forth in the staff report dated April 13, 2023; and

2. Approves the application for a Tree Removal Permit No. TR-2021-020 That the subconclusions upon which the findings and conditions specified in this Resolution are based are contained in the Public Hearing record concerning Application no. TR-2021-020 as set forth in the Minutes of the City Council Meeting of April 13, 2023 and are incorporated by reference as though fully set forth herein.

SECTION III: CONDITIONS ADMINISTERED BY THE COMMUNITY
DEVELOPMENT DEPT.
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1. APPROVED EXHIBITS

2. Approval is based on the plan set dated May 23, 2022 consisting of 61 sheets labeled as Apple VP01: 19191 Vallco Parkway, Cupertino, CA 95014, A01.0 – A11.0, C1.0 – C8.1, and L01.0 – L06.0, drawn by Studio Architects, Kier & Wright, and The Guzzardo Partnership, except as may be amended by conditions in this resolution.

3. ACCURACY OF PROJECT PLANS
The applicant/property owner is responsible to verify all pertinent property data including but not limited to property boundary locations, building setbacks, property size, building square footage, any relevant easements and/or construction records. Any misrepresentation of any property data may invalidate this approval and may require additional review.

4. CONCURRENT APPROVAL CONDITIONS
The conditions of approval contained in file nos. ASA-2021-003, and DP-2021-001 shall be applicable to this approval.

5. ANNOTATION OF THE CONDITIONS OF APPROVAL
The conditions of approval set forth shall be incorporated into and annotated on the first page of the building plans.

6. TREE REPLACEMENT SIZE
The applicant shall provide adequate tree replacements for trees proposed to be removed in conformance with the replacement guidelines per Cupertino Municipal Code Section 14.18.160. The size of the proposed replacement trees shall be modified as follows to be consistent with the City’s Protected Tree Ordinance unless deemed infeasible by the City’s Consulting Arborist:
a. Diameter of trunk size of removed tree up to 12 inches shall be replaced with one 24-inch box tree;
b. Over 12 inches and up to 36 inches shall be replaced by two 24-inch box tree or one 36-inch box tree; and
c. Over 36 inches shall be replaced with one 36-inch box tree.

If it is determined that it is physically not feasible to plant the required replacements trees, the Applicant may pay in-lieu fees determined to be appropriate by the Community Development Director.

7. ARBORIST REVIEW
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Prior to building permit issuance, the number, location and species of trees shall be reviewed and approved by the City in consultation with the City’s Consulting Arborist.

The replacement trees shall be planted prior to building permit final. The Applicant shall provide the Department of Community Development adequate documentation, including, but not limited to, photographs, receipts or invoices, to verify that replacements have been planted. The City’s consulting arborist shall inspect the trees after planting and a report ascertaining the good health of the trees mentioned above shall be provided prior to issuance of final occupancy.

8. TREE PROTECTION
a. As part of the demolition or building permit drawings, a tree protection plan shall be prepared by a certified arborist for the trees to be retained. In addition, the following measures shall be added to the protection plan:
• For trees to be retained, chain link fencing and other root protection shall be installed around the dripline of the tree prior to any project site work. • No parking or vehicle traffic shall be allowed under root zones, unless using buffers approved by the Project Arborist.
• No trenching within the critical root zone area is allowed. If trenching is needed in the vicinity of trees to be retained, the City’s consulting arborist shall be consulted before any trenching or root cutting beneath the dripline of the tree.
• Wood chip mulch shall be evenly spread inside the tree projection fence to a four-inch depth.
• Tree protection conditions shall be posted on the tree protection barriers. • Retained trees shall be watered to maintain them in good health. • A covenant on the property shall be recorded that identifies all the protected trees, prior to final occupancy.
b. The tree protection measures shall be inspected and approved by the certified arborist prior to issuance of building permits.
c. The City’s consulting arborist shall inspect the trees to be retained and shall provide reviews prior to issuance of demolition, grading or building permits. d. A report ascertaining the good health of the trees mentioned above shall be provided prior to issuance of final occupancy.

9. NESTING BIRDS
Nests of raptors and other birds shall be protected when in active use, as required by the federal Migratory Bird Treaty Act and the California Department of Fish and Game Code.
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a) Construction and tree removal/pruning activities shall be scheduled to avoid the nesting season to the extent feasible. If feasible, tree removal and/or pruning shall be completed before the start of the nesting season to help preclude nesting. The nesting season for most birds and raptors in the San Francisco Bay area extends from February 1 through August 31. Preconstruction surveys (described below) are not required for tree removal or construction activities outside the nesting period.
b) If construction activities and any required tree removal occur during the nesting season (February 1 and August 31), a qualified ornithologist shall be required to conduct surveys prior to tree removal or construction activities. Preconstruction surveys shall be conducted no more than 14 days prior to the start of tree removal, pruning or construction. Preconstruction surveys shall be repeated at 14-day intervals until construction has been initiated in the area after which surveys can be stopped. During this survey, the ornithologist shall inspect all trees and other possible nesting habitats in and immediately adjacent to the construction areas for nests.
c) If the survey does not identify any nesting birds that would be affected by construction activities, no further mitigation is required. If an active nest containing viable eggs or young birds is found sufficiently close to work areas to be disturbed by these activities, their locations shall be documented and protective measures implemented under the direction of the qualified ornithologist until the nests no longer contain eggs or young birds.
d) Protective measures shall include establishment of clearly delineated exclusion zones (i.e. demarcated by identifiable fencing, such as orange construction fencing or equivalent) around each nest location as determined by the qualified ornithologist, taking into account the species of birds nesting, their tolerance for disturbance and proximity to existing development. In general, exclusion zones shall be a minimum of 300 feet for raptors and 75 feet for passerines and other birds. The active nest within an exclusion zone shall be monitored on a weekly basis throughout the nesting season to identify signs of disturbance and confirm nesting status. The radius of an exclusion zone may be increased by the qualified biologist, if project activities are determined to be adversely affecting the nesting birds. Exclusion zones may be reduced by the qualified biologist only in consultation with California Department of Fish and Wildlife. The protection measures and buffers shall remain in effect until the young have left the nest and are foraging independently or the nest is no longer active. e) A final report on nesting birds and raptors, including survey methodology, survey date(s), map of identified active nests (if any), and protection measures (if required), shall be submitted to the Planning Manager, through the building 176
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permit review process, and be completed to the satisfaction of the Community Development Director prior to the start of grading.

10. PROTECTED TREES
The applicant understands that the replacement trees may not be removed without a Tree Removal Permit and that they shall be responsible for ensuring the proper maintenance and care of the trees. The applicant shall also disclose the location and species of all replacement trees on site upon sale of the property.

11. CONSULTATION WITH OTHER DEPARTMENTS
The applicant is responsible to consult with other departments and/or agencies with regard to the proposed project for additional conditions and requirements. Any misrepresentation of any submitted data may invalidate an approval by the Community Development Department.

12. INDEMNIFICATION
As part of the application, to the fullest extent permitted by law, the applicant shall agree to indemnify, defend with the attorneys of the City’s choice, and hold harmless the City, its City Council, and its officers, employees, and agents (collectively, the “indemnified parties”) from and against any liability, claim, action, cause of action, suit, damages, judgment, lien, levy, or proceeding (collectively referred to as “proceeding”) brought by a third party against one or more of the indemnified parties or one or more of the indemnified parties and the applicant related to any Ordinance, Resolution, or action approving the project, the related entitlements, environmental review documents, finding or determinations, or any other permit or approval authorized for the project. The indemnification shall include but not be limited to damages, fees, and costs awarded against the City, if any, and cost of suit, attorneys’ fees, and other costs, liabilities, and expenses incurred in connection with such proceeding whether incurred by the Applicant, the City, or the parties initiating or bringing such proceeding.

The applicant shall agree to (without limitation) reimburse the City its actual attorneys’ fees and costs incurred in defense of the litigation. Such attorneys’ fees and costs shall include amounts paid to the City’s outside counsel and shall include City Attorney time and overhead costs and other City staff overhead costs and any costs directly related to the litigation reasonably incurred by City. The applicant shall likewise agree to indemnify, defend, and hold harmless the indemnified parties from and against any damages, attorneys’ fees, or costs awards, including attorneys’ fees awarded under Code of Civil Procedure section 177
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1021.5, assessed or awarded against the indemnified parties. The Applicant shall cooperate with the City to enter a Reimbursement Agreement to govern any such reimbursement.

The Applicant shall agree that the City shall have no liability to the Applicant for business interruption, punitive, speculative, or consequential damages.

13. NOTICE OF FEES, DEDICATIONS, RESERVATIONS, OR OTHER EXACTIONS The Conditions of Project Approval set forth herein may include certain fees, dedication requirements, reservation requirements, and other exactions. Pursuant to Government Code Section 66020(d) (1), these Conditions constitute written notice of a statement of the amount of such fees, and a description of the dedications, reservations, and other exactions. You are hereby further notified that the 90-day approval period in which you may protest these fees, dedications, reservations, and other exactions, pursuant to Government Code Section 66020(a), has begun. If you fail to file a protest within this 90-day period complying with all of the requirements of Section 66020, you will be legally barred from later challenging such exactions.

PASSED AND ADOPTED at a special meeting of the City Council of the City of Cupertino this 13th day of April, 2023, by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:
________
Hung Wei, Mayor
________________________
Date
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City of Cupertino
ATTEST:
________________________
Kirsten Squarcia, City Clerk
________________________
Date
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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CC 04-13-2023
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Project Number
350 CALIFORNIA ST, 21ST FLOOR ~ SAN FRANCISCO, CA 94104 ~ 415.398.7575 COPYRIGHT © 2021 by STUDIOS architecture
5/20/2022 1:52:05 PM
BIM 360://19536.01 - Apple VP01/CENTRAL_APPLE VP01_2019.rvt 19536.01

05.23.2022

PLANNING

RESUBMITTAL
APPLE | VP01
19191 Vallco Parkway,
Cupertino, CA 95014
* PROPOSED PROJECT ON LEFT LOOKING EAST ALONG VALLCO PARKWAY

TABLE OF CONTENTS - CIVIL

SHEET NUMBER SHEET NAME
C1.0 TOPOGRAPHIC SURVEY
C1.1 TOPOGRAPHIC SURVEY
C2.0 DETAILS
C2.1 DETAILS
C3.0 ENGINEERED SITE PLAN
C3.1 ENGINEERED SITE PLAN
C4.0 GRADING PLAN
C4.1 GRADING PLAN
C4.2 CROSS SECTIONS
C5.0 UTILITY PLAN
C5.1 UTILITY PLAN
C6.0 STORMWATER CONTROL PLAN
C6.1 STORMWATER CONTROL NOTES &

DETAILS
C7.0 COMPACTOR TRUCK TURNING
C7.2 TRASH TRUCK TURNING
C7.4 AERIAL APPARATUS ACCESS PLAN
C7.6 FIRE ACCESS PLAN
C8.0 EROSION CONTROL PLAN
C8.1 EROSION CONTROL PLAN
TOTAL SHEET COUNT: 22
APN: 316 20 117

TABLE OF CONTENTS - ARCH

SHEET NUMBER SHEET NAME
A01.0 DEMOLITION PLAN
A01.1 CONTEXTUAL PLAN
A01.2 SITE PLAN METRICS
A01.3 SITE SECTIONS
A01.4 BUILDING AXONOMETRIC
A02.1 LEVEL 1 PLAN
A02.2 LEVEL 2 PLAN
A02.3 LEVEL 3 PLAN
A02.4 LEVEL 4 PLAN
A02.5 ROOF PLAN
A03.0 3D ELEVATIONS
A03.1 BUILDING ELEVATIONS
A03.2 BUILDING ELEVATIONS
A04.0 BUILDING SECTIONS
A04.1 WALL SECTIONS
A05.0 GARAGE
A06.0 GARAGE PLANS
A07.0 GARAGE SECTIONS
A08.0 GARAGE ELEVATIONS
A09.0 GARAGE SECTIONS
A10.0 VALLCO PKWY RENDERING
A10.1 N TANTAU AVE RENDERING
A10.2 COMMERCIAL SPACE RENDERING
A10.3 MAIN ENTRANCE RENDERING
A11.0 MATERIALS BOARD
TOTAL SHEET COUNT: 25
CONSTRUCTION TYPE:

BUILDING: TYPE IIA - SPRINKLERED
GARAGE: TYPE IIB - SPRINKLERED.

TRASH ENCLOSURES - SPRINKLERED.

FIRE ALARM SHALL BE PROVIDED FOR OFFICE STRUCTURE.

TABLE OF CONTENTS - LANDSCAPE

SHEET NUMBER SHEET NAME
L01.0 SITE PLAN
L01.1 OPEN SPACE DIAGRAMS
L02.0 PLANTING PLAN
L02.1 PLANTING PLAN
L03.0 FENCE AND WALL PLAN
L03.1 FENCE AND WALL PLAN
L04.0 SITE LIGHTING PLAN
L04.1 SITE LIGHTING PLAN
L04.2 PHOTOMETRIC PLAN
L04.3 PHOTOMETRIC PLAN
L05.0 MATERIALS
L05.1 PLANTING IMAGERY
L05.2 PLANTING IMAGERY
L06.0 TREE DISPOSITION PLAN
TOTAL SHEET COUNT: 14
C7.1 COMPACTOR TRUCK TURNING
C7.3 TRASH TRUCK TURNING
C7.5 AERIAL ACCESS SECTIONS
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PEDESTRIAN

CROSSING
PARCEL
3 (438 M
12-13)
FF
STAIRS
DI
DI DI
DI
DI
DI
DI
DI
DI
DI
DI
DI
DI
CONC.

CONC.

REFER TO LANDSCAPE PLANS FOR

AREAS OF SITE PAVING AND
LANDSCAPE TO BE DEMOLISHED.

EXISTING SITE FENCE

TO REMAIN

EXISTING BUILDING TO BE
DEMOLISHED.

EXISTING UTILITIES TO BE

DEMOLISHED

VALLCO PKWY

N TANTAU AVE
FREEWAY I-280

CALABAZAS CREEK

EXISTING CURB CUT LOCATION TO REMAIN

EXISTING SITE FENCE TO REMAIN

EXISTING FDC TO BE

REMOVED
N
0 1 5 10 20
C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 1" = 40'-0" DEMOLITION PLANApple, Inc.09/01/2021
A01.0
SCALE: 1" = 40'-0"
1 DEMO PLAN - GROUND
VP01 EXISTING BUILDINGOFFICE
FLOOR 1:FLOOR 2:

TOTAL:
70,512 SF GFA70,512 SF GFA141,024 SF GFA
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VALLCO PKWY

N TANTAU
AVE
HWY 280

CALABAZAS CREEK COMMERCIAL / RESIDENTIAL P (MP, CG)

COMMERCIAL / OFFICE / RESIDENTIAL P (CG, OP, ML, RES)

COMMERCIAL / OFFICE / RESIDENTIAL P (CG, OP, ML, RES)
VP01PARKING GARAGE
VALLCO

TRAILHEAD
VP01
OFFICE

BUILDING
CORNER

COMMERCIAL
VP02
C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 12" = 1'-0" CONTEXTUAL PLANApple, Inc.
108309/01/2021 A01.1
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1 A01.3
2 A01.3
2,300 SF

COMMERCIAL
SPACE

LOADING
AREA

PROPERTY LINE

PEDESTRIAN / UTILITIES BRIDGE EASEMENT

PARKING GARAGE

ENTRANCE

SETBACK
FREEWAY I-280

TANTAU AVENUE

VALLCO PARKWAY

CALABAZAS CREEK

SECONDARY

ENTRANCE

OFFICE BUILDING
(4 FLOORS)

OUTDOOR
SPACE

PEDESTRIAN ENTRANCE

SECONDARY

ENTRANCE

CAR / VAN

DROP OFF
5 26' MIN.
' - 6"
3 2
1 4
79' -
8"
126' - 6"
94' - 4"
162' - 6"
58' - 4"
99' - 2"
131' - 0"
101' - 3"
BIKE

STORAGE

SETBACK

SETBACK
(22) L1 EV CHARGING SPACES
(22) L1 EV CHARGING SPACES
(27) EV CHARGING STATIONS - LEVEL 1
(46) EV CHARGING STATIONS - LEVEL 2 30' - 0"
30' - 0"
30' - 0"
150' - 0"
AMB
AMB
30' - 0"
3 A01.3
26' MIN.
35' -
0"
35' - 0"
20' - 0"
10' - 0"
26' MIN.
26' - 0" 26' - 0"
38' - 1"
A01.2
2 A01.2
3 COMMERCIAL

OUTDOOR
PLAZA
9,145 SF

FIRE TRUCK ACCESS

TURNING RADIUS

ACCESSIBLE PATH OF EGRESS

TO PUBLIC RIGHT OF WAY
SECURED GATES. FREE FOR EGRESS.

ACCESS PROVIDED IN KNOX BOX
SECURED GATES. FREE FOR EGRESS.

ACCESS PROVIDED IN KNOX BOX

ACCESSIBLE PATH OF EGRESS TO

PUBLIC RIGHT OF WAY
4CYD

RECYCLE
50" X 82"
4CYD

COMPOST
50" X 82"
1' - 4" 9' - 0" 2' - 0" 9' - 0" 1' - 4"
9' - 8"

COVERED TRASH
ENCLOSURE. ROOF TO BE
PAINTED. METAL DECKING,

WALLS TO BE STAINED
WOOD. SEE LANDSCAPE
SHEET L5.0 FOR MINOR
UTILITY SCREENING. HEIGHT

OF TRASH ENCLOSURE TO
BE 10'-0" MAX.
22' - 8"
10' - 0"
6” WIDE CONCRETE CURB

CONCRETE

COMPRESSION PAD
3CYD

RECYCLE
42” x 82”
3CYD
TRASH
42” x 82”
16' - 0"
3' - 4" 9' - 4" 3' - 4"
12' - 6" 10' - 0"
(2) 30"X26"

COMPOST BIN
6” WIDE

CONCRETE
CURB

CONCRETE

COMPRESSION
PAD

COVERED TRASH
ENCLOSURE. ROOF TO
BE PAINTED. METAL

DECKING, WALLS TO BE
STAINED WOOD. SEE
LANDSCAPE SHEET L5.0

FOR MINOR UTILITY
SCREENING. HEIGHT OF

TRASH ENCLOSURE TO
BE 10'-0" MAX.

N
C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: As indicated

SITE PLAN METRICS
Apple, Inc.
09/01/22
A01.2
SCALE: 1" = 40'-0"
1 SITE PLAN
SCALE: 1/4" = 1'-0"
2 ENLARGED PLAN - COVERED BUILDING TRASH ENCLOSURE
SCALE: 1/4" = 1'-0"
3 ENLARGED PLAN - COVERED COMMERCIAL TRASH ENCLOSURE
(26) L1 EV CHARGING SPACES
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale:

BUILDING AXONOMETRICApple, Inc.09/01/2021
A01.4

SOUTHEAST CORNERSOUTHWEST CORNER
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale:
3D ELEVATIONSApple, Inc.09/01/2021
A03.0
PERSPECTIVE | SOUTHEAST CORNERPERSPECTIVE | SOUTHWEST CORNER 1086
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 12" = 1'-0" GARAGEApple, Inc.09/01/2021
A05.0

PARKING GARAGE - VIEW FROM NORTH (FREEWAY)

PARKING GARAGE - VIEW FROM SOUTHWEST

PARKING GARAGE - VIEW TOWARD PEDESTRIANCONNECTION TO BUILDING

PARKING GARAGE - VIEW FROM NORTHWEST (FREEWAY)
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 1" = 160'-0" VALLCO PKWY RENDERINGApple, Inc.09/01/2021
A10.0

PROPOSED PROJECT ON LEFT, LOOKING EAST ALONG VALLCO PARKWAY 1088
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 1" = 160'-0"

N TANTAU AVE RENDERING
Apple, Inc.
09/01/2021
A10.1

PROPOSED PROJECT ON RIGHT, LOOKING WEST FROM TANTAU AVE 1089
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 1" = 160'-0"

COMMERCIAL SPACE RENDERING
Apple, Inc.
09/01/2021
A10.2

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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale:

N TANTAU AVE RENDERING
Apple, Inc.
02/26/2021
A10.2

PROPOSED PROJECT ON RIGHT, LOOKING WEST FROM TANTAU AVE 1091
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C O P Y R I G H T © 2 0 2 0 b y S T U D I O S a r c h i t e c t u r e Scale: 1" = 160'-0"

MAIN ENTRANCE RENDERING
Apple, Inc.
09/01/2021
A10.3

PROPOSED PROJECT ON LEFT, LOOKING NORTH-WEST FROM VALLCO PARKWAY 1092
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Apple
19191 Vallco Parkway
Cupertino CA 95014
19191 Vallco Parkway | Project Description | July 2022
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Sections
1 Project Team
2 Project Summary
3 Project Description
4 TDM Program
Exhibits
A Title Report
B Geotechnical Report
C Environmental Site Assessment
D Arborist Report
E Preliminary Trash Management Plan
19191 Vallco Parkway | Project Description | July 2022
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1 Project Team
Architect Studios Architecture
350 California St 21st Floor
San Francisco, CA 94104
Landscape
Architect
The Guzzardo Partnership, Inc.
181 Greenwich St
San Francisco, CA 94111
Civil
Engineer
Kier + Wright
3350 Scott Boulevard, Building 22
Santa Clara, CA 95054
19191 Vallco Parkway | Project Description | July 2022
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2 Project Summary
*With 2,300 sq. ft of ground floor commercial use and approximately 9,145 sq. ft. of outdoor plaza space for activation
APN 316 20 117
Site Acreage 7.9 +/-
Land Use Commercial/Office/Residential
Zoning P(MP,CG)
Specific Plan Heart of the City
Existing Proposed
Site Sqft 347,173 sqft -
Building Sqft 141,024 sqft *282,320 sqft
Office Building Levels 2 stories 4 stories
Office Building Height 35-0 58-6
Parking Structure Levels -
4 above ground
2 below grade
Parking Structure Height -
42-4
above grade
Parking 500 stalls 914 stalls
Bicycle Parking
(Class I) 42 70
19191 Vallco Parkway | Project Description | July 2022
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Min. Required Proposed
Front Setback 35 79-8
Side (Interior) Setback 10 58-4
Rear Setback 20 164-6
Corner Lot Side Setback (same as
front setback) 35 94-4
Massing Plane 1:1 1:1
19191 Vallco Parkway | Project Description | July 2022
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3 Project Description
The project proposes to replace the existing two-story research and development office building at 19191 Vallco Parkway, originally constructed in the 1970s, with a four-story, 282,320 square foot research and development office building including 2,300 square feet of ground floor commercial space. In addition, the project proposes 9,145 square feet of outdoor plaza that serves as an extension of the commercial use to create a lively and activated project frontage. A separate parking structure with a rooftop photovoltaic system will also be provided and will consist of four above ground levels and two levels below grade. The Project will be designed to LEED Gold equivalent and will be powered by 100% electricity to reduce greenhouse gas emissions associated with natural gas. For the 282,320 square foot building, the project would need only 139,796 square feet of office development allocations, which are currently available for major employers in the General Plan.

Building & Landscape Design
The proposed building is a modern structure that draws upon the design language of the surrounding office architecture, with deep overhangs and an open design that avoids large expanses of solid walls. The massing and height of the building are proportionately scaled to fit the context of the neighborhood.

The south elevation curvature softens the building edge by responding to the curving Vallco Parkway, while deep recesses along the central axes reduce the scale of the building elevations into smaller pedestrian proportions. A four story atrium oriented north to south bisects the building and draws light into its core.

The atrium with mechanical and smoke exhaust fans integrated into the enclosure design provides functional building system operations and safety requirements without compromising design aesthetics. The building is designed to activate the Vallco Parkway frontage with ground floor commercial space and an outdoor plaza, as well as landscaped walkways that connect the site to surrounding commercial uses and the nearby future regional bike and pedestrian trailhead.

The project landscape design enhances the surrounding natural environment.

The development preserves existing trees along the project frontages, providing a natural buffer between the building and public way, and incorporates a variety of trees and plantings that provide foliage and shading for a more comfortable site experience. A Calabazas Creek overlook along the western edge of the property also offers additional open space onsite.

Site Layout & Parking
The office building is thoughtfully situated near the Vallco Parkway frontage which is lined with a double row of trees and new expansive landscaping. The 19191 Vallco Parkway | Project Description | July 2022
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streetscape design with parking to the rear creates an inviting and pedestrianfriendly environment to complement the existing commercial development in the area. The new four-story above grade parking structure, which includes two levels below grade, minimizes the view and extent of surface parking further enhancing the site layout. Decorative metal mesh along the parking structure exterior also provides a layer of screening to shield parked vehicles from view.

The project proposes a total of 914 parking stalls (314 surface parking and 600 garage spaces). The project will operate as part of the larger Apple Park Campus, and will benefit from existing campus amenities, services and programs offered, including Apples robust transportation demand management (TDM) program. As outlined in greater detail below, the TDM program promotes alternative modes of transportation to reduce the reliance on cars resulting in fewer employees driving to work and other destinations throughout the day, and lowering the demand for vehicle parking. The project is proposing a parking ratio of 311.5 SF per stall, consistent with the utilizations of the surrounding campus sites. To supplement vehicle parking, 128 bicycle parking will be provided onsite as part of the proposed TDM Program. This includes 58 class II bicycle parking to serve the ground floor commercial space and research and development office use and 70 class I bicycle parking spaces. The proposed bicycle parking will complement and build upon the existing bicycle facilities of the surrounding campus sites, further promoting cycling as a commute option. 4 TDM Program
Apples existing TDM program offers a host of services tailored to encourage employees to consider commute alternatives. The TDM program helps to reduce single-occupant automobile trips, lowers demand for vehicle parking, and mitigates congestion on local roads. The measures below are currently implemented at Apple Park and are proposed as part of the Vallco Parkway project.

Apple Commute Coaches
Apple offers over 20, Wi-Fi-enabled regional commuter coach lines carrying employees between various points of origin and the Apple campus. The current system is comprised of 50-seat buses providing 150+ service runs from different parts of the Bay Area to Cupertino.

Ride-share
The ride-share program matches riders with drivers originating from similar locales using an online tool to make participation easy and convenient for employees.
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Bicycling
Ongoing efforts promote cycling as a commute option, including participation in the regional bike to work day, discounts on select cycling products, bike subsidies, a bike share program, and a web site featuring cycling safety. Bicycle facilities such as secure storage and showers are also provided to make cycling a convenient option for employees. The facilities at 19191 Vallco Pkwy will include bike storage and shared bikes.

Walking
Apple is continuously upgrading access points to campus buildings to improve pedestrian connectivity. Onsite walkways and sidewalks are well-landscaped and maintained to enhance the walking experience, while pedestrian-scale lighting contributes to the safety and comfort for the pedestrian.

Public Transit
Apple collaborates closely with VTA, MUNI, and other regional transportation agencies to enhance connectivity, service, and access to the Apple Campus.

Apples own transit system complements public transit, and links Apple facilities with transportation hubs and transit stations.

Marketing and Communications
A comprehensive website is provided to Apple employees detailing alternative transportation options such as carpool, rail, shuttle, coach, and bikes. Apple also actively collaborates with employees and disseminates information to improve commute programs and increase participation.

TDM Support Services
Apple offers a wide variety of options to support employees who choose to use a commute alternative to reach their destination. These programs are designed to make non-auto commutes attractive and viable options by providing employees with mobility options while at work and access to needed services during the day.

Transit Subsidy
Apple employees who ride public transportation on a regular basis are eligible to receive a transit subsidy each month. Employees who commute to work by bicycle have the option of choosing a bicycle subsidy in lieu of a transit subsidy.

This subsidy can be used towards bike improvements, maintenance, storage, or the purchase of a bicycle.
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Campus Bike Share
Apples Campus Bike program offers bike sharing service for employees, with the primary goal of introducing employees to cycling as a form of transportation. The program reduces the number of intercampus or errand trips conducted with a vehicle during the day. The program provides safety training, a free helmet and headlight for each employee, and 150 bikes spread across the existing campus that participants can access during the day for campus or errand trips. Shared bikes will be available at 19191 Vallco Parkway.

Intercampus Shuttle
To further enable car-free mobility around Cupertino, Apple provides on-request and fixed-route intercampus shuttles that offer service between Apple buildings from 7 am to 7 pm each day.

Commuter Club
The Commuter Club is an opt-in program that offers employees the opportunity to receive Commute Program email updates about schedule updates, new service, events, and programs.

Commute Expert Program
This program provides people using a commute alternative an opportunity to meet other employees who are using the same mode who can mentor them by providing answers to questions about using that mode, stop locations, routes, or local transit options.

Emergency Ride Home
Apple offers a Guaranteed Ride Home program for anyone who uses a commute alternative which includes vouchers that can be used to pay for a cab ride home, in the event of an emergency.

On-Site Services
Amenities such as full-service cafeterias, coffee bars, a fitness center, and other convenience services are offered at the Apple Park Campus. These on-site services contribute to limiting the number of vehicular trips employees would otherwise need to make during the day.
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From: Connie Cunningham
To: City of Cupertino Planning Commission
Subject: 23-3-28 PC Agenda Item 2, 19191 Vallco Parkway by Apple, Inc.

Date: Tuesday, March 28, 2023 2:40:45 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Subject:Agenda Item 2, Consider the proposed
development at 19191 Vallco Parkway Project by Apple,
Inc.

Good evening, Chair Scharf and Commissioners,
My name is Connie Cunningham, Housing Commissioner,
speaking for myself only.

Thank you for this opportunity to speak on the Apple
project at 19191 Vallco Parkway.

Thank you for this Staff Report.The Senior Planner
advised that he or the applicant could respond to
questions on the Bird-safe Dark Skies Ordinance at
this meeting.

I am pleased that the applicant plans to abide by the
ordinance, and the project is conditioned in the
Development Permit.

The Santa Clara Valley Audubon Society (SCVAS)
letter addresses several issues. I hope that are
clarified this evening.
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I hope the Commission can answer another question
this evening. Calabazas Creek runs along the western
side of the property. Also, there is the Junipero
Serra Channel that runs along the northern side of
the property.

Can the applicant provide detail on the creek corridor
and, also, on the channel?
For example, what is the width of the creek setback,
and what structures and activities are permitted in the setback? Please provide the width of the channel setback, and
what structures and activities are permitted in the
setback?
Thank you for your attention to these questions.

Sincerely,
Connie Cunningham (self only)
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March 27, 2023
RE: 19191 Vallco Parkway Project
Dear Chair Scharf and Commissioners,
The Santa Clara Valley Audubon Society (SCVAS) is one of the largest National Audubon Society chapters in California. Our mission is to promote the enjoyment, understanding, and protection of birds and other wildlife by engaging people of all ages in birding, education, and conservation. We appreciate the opportunity to comment on the 19191 Vallco Parkway Project. The Project proposes to develop a 282,320-square-foot office building with a detached 213,080-square-foot parking structure and to remove and replace 113 trees. Not all project plans are available for public review, which limits our ability to comment on the project. We hope the Planning Commission will be able to clarify the following questions:

1. Trees
a. Many of the trees on the property seem to be newly planted. Were any of these trees initially planted at 19191 Vallco Parkway as mitigation for the loss of trees and/or canopy cover elsewhere?
b. The Project description proposes that 113 trees will be removed. The arborist report states that 96 tees will be removed. Can the applicant clarify the discrepancy?

2. Dark Sky and Bird Safety
a. We understand that the building must comply with Cupertino’s Bird Safe and Dark Sky Ordinance. Since the Project Description does not provide specific Bird-Safe and Dark Sky implementation details, can the applicant provide information on the anticipated bird safety treatment for the project?
We are concerned as the artist’s rendering makes it appear that the glass is untreated and has transparent corners. Effective bird safety measures are especially critical when glass facades are adjacent and face a riparian corridor, such as Calabazas Creek. i. The American Bird Conservancy has an updated product database with bird-friendly materials and their associated Threat Factors that provide a measure of the hazard level that glass poses to birds.
1 Can Cupertino ask for, and
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is the applicant amenable to, using a Threat Factor lower than 20, and avoiding UV treatments (UV treatments are ineffective)?
b. The Dark Sky Ordinance requires that the Correlated Color Temperature (CCT) of outdoor lighting not exceed 3000 Kelvin. This CCT still retains a large blue light component, which is unhealthy to humans and ecosystems. Newer recommendations as well as increased product availability supports using lower CCT for outdoor lighting. Is the applicant amenable to using CCT of 2700 or less, especially within 300 feet of the riparian corridor?
c. Can the applicant provide detail on the creek corridor? For example, what is the width of the creek setback, and what structures and activities are permitted in the setback? Thank you for your consideration. Please do not hesitate to contact us if you have questions.

Respectfully,
Annie Yang
Cupertino Resident
Environmental Action Committee Chair
Santa Clara Valley Audubon Society
22221 McClellan Rd
Cupertino, CA 95014
[email protected]
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From: Piu Ghosh (she/her)
To: Luke Connolly; Gian Martire
Subject: FW: Comments/Questions for the Apple VP01 Project Date: Tuesday, March 28, 2023 4:28:39 PM
Attachments: image009.png
image010.png
image011.png
image012.png
image013.png
image014.png
image015.png
image016.png
FYI…
Piu Ghosh (she/her)
Planning Manager
Community Development
[email protected]
(408) 777-3277
From: Larry Dean <[email protected]>
Sent: Tuesday, March 28, 2023 4:21 PM
To: City of Cupertino Planning Commission <[email protected]> Cc: 'Larry Dean' <[email protected]>
Subject: Comments/Questions for the Apple VP01 Project
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

Dear Cupertino Planning Commissioner,
I am a neo-native Cupertinian and have been a very active advocate for making it “Safe an Easy to Walk and Bike” in Cupertino.

Regarding the plans submitted for the Apple VP01 development project, my questions/comments below are mine alone. That said, the community is fortunate to have such a solid community partner like Apple Computer who wants to continue to improve its presence and growth in Cupertino- for all community stakeholders.

My current questions/comments regarding the Apple VP01 project are:

We understand that in addition to Apples’ business/office needs, the project will house some retail businesses that could include a bicycle shop and other retail amenities that the community would benefit from. This is great - but I wonder if the space allocated is large enough. I would think a bike shop would need 4K-5K square feet; In the submitted planning documents, there doesn’t appear to be any meaningful mention of the site plan’s integration with the existing Cupertino Master Bike and Pedestrian plans – and how they would integrate with any special issues - either physical or user volume related.

Currently, there are painted bike lanes on both sides of Vallco Parkway and on Tantau 1106
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Avenue , but I am concerned that the lanes on Vallco don’t appear wide enough to accommodate merging bike users entering/exiting from the Tamien Trail. The developer/planner might look/consider accessing right of way from Valley Water to the broaden access and use of the existing bike lanes. As you know, we recently sustained a cyclist’s death at the intersection of Vallco Parkway and Tantau Avenue. Since a report hasn’t yet been released by the Sheriff’s department, it’s unclear if any special adjustments/changes have or should be considered to the intra and extra-site design elements.

How the complex handles intra-site bike and “ped-ways”: There are parking garages as part of this project that will generate much traffic. Does the plan look and facilitate safe walking and cycling when entering/exiting the complex and walk/bike travel within the complex?
Thank you for your time and service to the community. On the surface the Apple VP01 project appears solid, but I urge you to clarify the project’s plans as it relates to safe cycling and walking on-site and in the broader community.

Best regards,
Larry Dean, Founder
Walk-Bike Cupertino
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From: Benjamin Fu
To: Gian Martire
Subject: Fwd: March 28, 2023 Agenda Item #2 Replacement Apple Building on Vallco Parkway Date: Tuesday, March 28, 2023 5:42:18 PM
Attachments: image001.png
image002.png
image003.png
Benjamin Fu
Director of Community Development
Community Development
[email protected]
(408) 777-3247
Begin forwarded message:

From: Lisa Warren <[email protected]>
Date: March 28, 2023 at 5:19:41 PM PDT
To: City Clerk <[email protected]>, City of Cupertino Planning Commission <[email protected]> Subject: RE : March 28, 2023 Agenda Item #2 Replacement Apple Building on Vallco Parkway CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

RE : March 28, 2023 Agenda Item #2 Replacement Apple Building on Vallco Parkway Planning Commission Chair, Vice Chair, and Members,
Retail for Height Unbalanced
I am asking for discussion for an increase in ground floor ‘commercial’ (should be ‘Retail’) square footage, and potential for more retail dedicated parking stalls at the Apple VP1 site.

Please be sure to have the ‘commercial’ designation in the project’s description and images be corrected to ‘retail’. As I understand it, that is how the GP requirement is written.

And it would be best to consider that there has been a long standing awareness that the city’s ordinance (19.08.030) is wholly inadequate because it does not provide a minimum amount (percentage) of Retail in the requirement that entitles property owners/developers to increase building height in areas from max 45 to 60 feet (Applicant is just shy of that max ht) in ‘trade’ for public retail.

It is truly off-putting that this project has just over 3 percent of the ground floor total square footage identified as ‘commercial’ (should be Retail) square footage.

My understanding is that Apple is considering a bicycle store in the proposed mere 2,300 square foot space. While this seems to satisfy the current general plan, as written, it is disappointing that the applicant isn’t providing a significantly larger square footage of publicly accessible useful retail offerings.

What is the mechanism used by the City to ensure that this ‘commercial’ (should be Retail) space acts and remains as Publicly accessible amenity, and with adequate public parking ?
Trees
While the applicant is reportedly following the GP requirements for tree replacement, I hope that they are encouraged to do better than that.

More trees on the property is much preferred for numerous reasons. The applicant has proven to be good stewards of trees, so that it comforting, but sticking to the minimum required feels wrong when building size/height, parking capacity, and ‘site population’ are all significantly increasing. Native tree species would be appreciated.

Bird Safe - Dark Sky
This project is conditioned with both Bird Safe and Dark Sky ‘requirements’. This is a great thing.

There are, however, issues with glass buildings that are not covered by those ordinaces.

Majority glass buildings create glare and light trespass. Santa Clara home owners/residents, Residence Inn and potentially loft apartments could all suffer from that.

Some older examples of this - attached photos show the occupied leased office building on SCBlvd. It’s ‘twin’ is not yet occupied. I was unable to find all of the photos I hoped to include
Future Exemptions or ‘Modifications’
Once this portion of the project is discussed, potentially modified, and approved, there may be any number of exemptions applied for. I ask that any future ‘exemption(s)’ on a project of this size NOT be ‘approved’ by staff, via ‘director’s approval’ or any other mechanism that bypasses Planning Commission and/or City Council.
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Thank you for your time and consideration.

Lisa Warren
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From: Rhoda Fry
To: City Clerk; City of Cupertino Planning Commission
Subject: Planning Commission 3/28 Agenda #2 New Apple building Date: Tuesday, March 28, 2023 11:56:42 AM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.

March 28, 2023
RE: Agenda Item #2 New Apple Building
Dear Planning Commission,
- - - Summary of Comments - - -

1. More trees on Tantau if possible

2. Increase bicycle store square footage from 2300 sq ft to 5000 sq ft - - - Details - - -
Regarding the new Apple building, it is good that they are doing a good job with tree replacement and providing shade on the Vallco Pkwy sidewalks. Would it be possible to do similar on Tantau? I do like that they have selected a different type of tree than surrounding developments. It would also be nice to see as many native trees as practical.

It is perplexing that a small amount of retail square footage entitles developers to raise their roofs from 45 to 65 feet (Apple is going to 58 feet). My understanding is that Apple is considering a bicycle store in its proposed 2300 square foot space, and I think that this is too small for a business to be viable as shown in the following table. I did some very crude measurements of a number of local bike stores using google earth and it seems to me that having a store of approximately 5000 square feet would be preferable in order for there to be room for different types of bikes, accessories, and a repair shop.

1. What will the City do to ensure that a retail tenant shall remain in that location?

2. Will there be sufficient parking in that location?

3. Will there be an area where customers can take bikes for a test ride? Approximate Square Footage of Bicycle Stores Near Cupertino Bicycle Store Square Feet
Bicycle Outfitter
963, 969, 971, 973 Fremont Avenue Los Altos
> 9000
Bike Connection Palo Alto
2011 El Camino Real Palo Alto, CA 94306
~ 5000
Wheel Away Cycle Center
402 E Hamilton Ave Campbell, CA 95008
~ 4300
Mike's Bikes of Los Gatos
201 N Santa Cruz Ave, Los Gatos, CA 95030
> 5000
Summit Bicycles
111 E Main St Los Gatos, CA 95030
> 4000
Palo Alto Bicycles
171 University Ave, Palo Alto, CA 94301
> 5000
Sincerely,
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Rhoda Fry
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CITY OF CUPERTINO
Agenda Item
23-12197 Agenda Date: 4/13/2023
Agenda #: 5.

Subject: Consider submitting a letter in support of, or otherwise regarding, Assembly Constitutional Amendment (“ACA”) 5, expressing the intent of the Legislature to amend the California Constitution to protect marriage equality
Consider submitting a letter in support of ACA 5
Presenter: Christopher Jensen, City Attorney
CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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CITY ATTORNEY’S OFFICE

CITY HALL
10300 TORRE AVENUE• CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3195 • FAX: (408) 777- 3366
EMAIL: [email protected]
1 CITY COUNCIL STAFF REPORT
Meeting: April 13, 2023
Subject
Consider submitting a letter in support of, or otherwise regarding, Assembly Constitutional Amendment (“ACA”) 5, expressing the intent of the Legislature to amend the California Constitution to protect marriage equality.

Recommended Action
Consider submitting a letter in support of ACA 5.

Reasons for Recommendation
In November 2008, 52 percent of Californians voted in favor of Proposition 8, which amended the California Constitution to state “only marriage between a man and a woman is valid or recognized in California.”
In August 2010, in Hollingsworth v. Perry, Chief U.S. District Court Judge Vaughn Walker ruled that Proposition 8 was unconstitutional under the due process and equal protection clauses of the Fourteenth Amendment to the U.S. Constitution. In February 2012, the U.S. Ninth Circuit Court of Appeals affirmed the District Court ruling. On June 26, 2013, the Supreme Court ruled that the appellants in Proposition 8 did not have standing to bring the case, which had the effect of upholding the District Court decision.

On June 26, 2015, the U.S. Supreme Court ruled, in Obergefell v. Hodges, that state bans on samesex marriage, as well as bans on recognizing same-sex marriages performed in other jurisdictions, were unconstitutional. The Court’s 5-4 ruling cited the due process and equal protection clauses of the Fourteenth Amendment to the U.S. Constitution. The decision provided protection for marriage equality under federal Constitution.

Last year, the U.S. Supreme Court published its decision in the case Dobbs v. Jackson Women’s Health Organization, which overturned the Court’s previous rulings in Roe v. Wade and Casey v.

Planned Parenthood of Pennsylvania. Justice Clarence Thomas concurring opinion alluded to the decision’s potential implications for marriage as well, stating in his concurrence to the decision, that the Court “should reconsider all of [its] substantive due process precedents, including . . . 1114
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2 Obergefell. Because any substantive due process decision is ‘demonstrably erroneous,’ we have a duty to ‘correct the error’ established in those precedents.” If the Supreme Court overturns Obergefell v. Hodges, same-sex marriage could potentially be put at risk in the State of California. While Hollingsworth v. Perry invalidated the section of the California Constitution stating marriage to be only recognized when between man and woman, that section remains in the Constitution and could be revisited if the Supreme Court were to reverse its ruling in Obergefell.

ACA 5 (Attachment A) would express the intent of the Legislature to amend the California Constitution relating to marriage equality, to protect equal rights to marry for LGBTQ+ people.

A draft letter of supporting ACA 5 is included for Council’s consideration as Attachment B. If Council elects to take a position in support of ACA 5, the letter will be finalized for the Mayor’s signature.

Sustainability Impact
Not applicable.

Fiscal Impact
No fiscal impact.

California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: Christopher D. Jensen, City Attorney
Approved for Submission by: Pamela Wu, City Manager
Attachments:

A – Assembly Constitutional Amendment 5
B – Draft Letter Re ACA 5
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california legislature—2023–24 regular session
Assembly Constitutional Amendment No. 5
Introduced by Assembly Member Low
(Principal coauthors: Assembly Members Cervantes, Jackson, Lee, Ward, and Zbur)
(Principal coauthors: Senators Atkins, Eggman, Laird, Menjivar, Padilla, and Wiener)
(Coauthors: Assembly Members Addis, Aguiar-Curry, Arambula, Bauer-Kahan, Berman, Boerner Horvath, Bonta, Calderon,
Connolly, Mike Fong, Friedman, Gabriel, Haney, Hart, Irwin, Jones-Sawyer, Lowenthal, Maienschein, McCarty, McKinnor, Muratsuchi, Stephanie Nguyen, Ortega, Pellerin, Petrie-Norris, Quirk-Silva, Luz Rivas, Robert Rivas, Blanca Rubio, Santiago, Ting, Wallis, Weber, Wicks, Wilson, and Wood)
(Coauthors: Senators Allen, Archuleta, Ashby, Becker, Blakespear, Bradford, Caballero, Cortese, Dodd, Durazo, Glazer, Gonzalez, Hurtado, Limón, McGuire, Min, Newman, Portantino, Roth, Rubio, Skinner, Smallwood-Cuevas, Stern, Umberg, and Wahab)
February 14, 2023
Assembly Constitutional Amendment No. 5—A resolution to propose to the people of the State of California an amendment to the Constitution of the State, relating to rights.
legislative counsel’s digest
ACA 5, as introduced, Low. Marriage equality.

The California Constitution declares that defending life and liberty, acquiring, possessing, and protecting property, and pursuing and obtaining safety, happiness, and privacy are inalienable rights, and that

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a person may not be deprived of life, liberty, or property without due process of law or equal protection of the laws.

This measure would express the intent of the Legislature to amend the Constitution of the State relating to marriage equality.

Vote: 2⁄3. Appropriation: no. Fiscal committee: no.

State-mandated local program: no.
line 1 Resolved by the Assembly, the Senate concurring, That the line 2 Legislature of the State of California at its 2023–24 Regular line 3 Session commencing on the fifth day of December 2022, two-thirds line 4 of the membership of each house concurring, hereby proposes to line 5 the people of the State of California, that the Constitution of the line 6 State be amended as follows:
line 7 It is the intent of the Legislature to amend the Constitution of line 8 the State relating to marriage equality.

O
99 ACA 5 — 2 —
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A HOUSE REPORTDIVIDED TITLE
1 April __, 2023
The Honorable Evan Low
California State Assembly
1021 O Street, Room 6110
Sacramento, CA 95814
RE: Support for ACA 5 – Marriage Equality
Dear Assemblymember Low:

The City of Cupertino is pleased to support Assembly Constitutional Amendment (ACA) 5, which would amend the California Constitution relating to marriage equality.

According to the 2020 census, California has the most same-sex couples living together than any state, almost 135,900, of which roughly 85,100 are married. In addition, with Senate Bill 179 (Chapter 853, Statutes of 2017) allowing for the third gender category of non-binary to be added to legal documents in the state since 2019, it is important to expand the legal definition of marriage within our constitution beyond that of only the union between man and woman.

LGBTQ+ individuals are already subjected to many forms of discrimination and marginalization, leading to heightened rates of mental illness, suicidality, hate crimes, homicides, homelessness, poverty, and more. In addition, since 2022, the LGBTQ+ community has remained the target of over 300 bills introduced across the country, intending to strip them of their rights and visibility.

Last year, the U.S. Supreme Court published its decision in the Dobbs v. Jackson Women’s Health Organization case, which overturned the court’s previous rulings in Roe v. Wade and Casey v. Planned Parenthood of Pennsylvania. If the Supreme Court rules to overturn the precedents set in Obergefell v. Hodges, same-sex marriages in California could be at risk. In addition, a constitutional provision that purports to deny a fundamental right to LGBTQ+ individuals is inconsistent with the values of equality and human dignity that the State of California should strives to uphold.
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A HOUSE REPORTDIVIDED TITLE
2 ACA 5 would amend the California Constitution relating to marriage equality to protect the rights of LGBTQ+ Californians. The California Constitution should recognize LGBTQ+ individuals in Cupertino and throughout the state as equal under the law.

For these reasons, the City of Cupertino supports ACA 5.

Sincerely,
Hung Wei
Mayor, City of Cupertino
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CITY OF CUPERTINO
Agenda Item
23-12198 Agenda Date: 4/13/2023
Agenda #: 6.

Subject: Consider the FY 2023-24 10-Year Budget Forecast Informational Update presentation Receive the FY 2023-24 10-Year Budget Forecast Informational Update presentation Presenters: Kristina Alfaro, Director of Administrative Services and Thomas Leung, Budget Manager
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April 13, 2023
10-Year Budget Forecast
FY 2023-24 Informational Update
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Key Forecast Drivers
Forecast Assumptions
Forecast
Budget-Balancing Strategies
Potential Service Impacts
Agenda
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Key Forecast Drivers
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• California Department of Tax and Fee
Administration (CDTFA) Audit
• Staffing
• Labor Negotiations
• Next Recession
• Post-COVID-19 Impacts
Key Forecast Drivers
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California Department of Tax and Fee
Administration (CDTFA) Audit
Letter received advising the
City of the audit
Dec. 2021
Letter received updating the
City on the years the audit is
covering
May 2022
CDTFA advised the City of their
decision verbally with dollar
impacts to follow in 4-6 months
Mar. 2023
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Sales Tax Collection Process
6 Business
collects sales
tax
Business
sends sales
tax to the
State
State
distributes
sales tax
City receives
sales tax
revenue from
State
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• Based on taxpayer reporting to the CDTFA
• Due to confidentiality regulations,
detailed reporting is not provided to the City
• 73% ongoing reduction in overall Sales Tax, which
includes a proportional reduction to County pools
• Potential payback of revenues already received
CDTFA Audit
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• Used to distribute use tax and any sales tax that
cannot be easily tied to a permanent place of sale
• The tax is first assigned to the county of use and
then distributed to each jurisdiction in that county
on a pro-rata share of taxable sales each quarter
• For example, if a city generated 8% of the county’s
total taxable sales, it would receive 8% of the
county pool
County Pools
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Forecast Assumptions
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• No additional development projects included
• Facility debt paid off in FY 2029-30
• Other Post Employment Benefits (OPEB/Retiree
Health) costs funded by the Section 115 OPEB Trust
starting FY 2022-23
• Recession (no growth) in FY 2024-25 and FY 2028-29
for all revenue categories
Forecast Assumptions
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• Sheriff’s contract expected to grow at the current
rate of CPI + 2%. Contract expires in FY 2023-24
• No cost-of-living adjustments (COLAS), excluding
payroll growth forecasted by CalPERS as part of
the annual actuarial valuation
• No payback of already received sales tax revenue
Forecast Assumptions
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Forecast Revenue Assumptions
Account Assumption Description
Sales Tax Conservative
(1.6% AAGR)
HdL’s forecast in FY 2023-24 with sales tax loss
Conservative trend after
Property Tax Moderate
(3.1% AAGR)
HdL’s forecast in FY 2023-24
Moderate trend after
Transient
Occupancy
Tax
Moderate
(1.9% AAGR)
Recovery to $7.5M in FY 2023-24
Moderate trend after
Note: Forecasts assume recession (no growth) in FY 2024-25 and FY 2028-29 for all revenue categories
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Forecast Expenditure Assumptions
Account Assumption Description
Compensation CalPERS
projections
No cost-of-living adjustments (COLAS), excluding
payroll growth forecasted by CalPERS
Benefits 0.6% AAGR Based on CalPERS projections
Materials 2.5% AAGR Average of State and County CPI
Contracts 6.2% AAGR Average of State and County CPI
Law enforcement contract = CPI + 2%
Special
Projects1 3.0% AAGR $0.5M base + CPI annually
Contingencies 2.5% AAGR 1.25% of Materials and Contracts Transfers Baseline +
CPI $8.1M base + CPI annually
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Forecast
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15 Category FY 2023-24
Status Quo
FY 2023-24
Forecast
Change
($)
Change
(%) Description
Sales Tax 42.1 11.4 (30.6) -73%
Other Revenues 69.0 69.0 - 0%
Total Revenues 111.1 80.4 (30.6) -28%
Compensation and
Benefits 42.1 35.8 (6.3) -15%
Position reductions through the elimination of
vacant positions (15 FTE in FY 2023-24 increasing
to 45 FTE by FY 2032-33)
Materials 8.2 4.9 (3.3) -40% 40% reduction
Contract Services 27.7 25.7 (2.0) -7% 20% reduction except for Law Enforcement Cost Allocation 10.4 10.4 - -
Transfers 12.2 8.1 (4.2) -34% reduction in transfers to other funds Other Expenditures 3.6 1.6 (2.0) -56% reduction to special projects + contingencies Total Expenditures 104.2 86.5 (17.8) -17%
Net Revenues -
Expenditures 6.8 (6.1) (12.8) Funded by Unassigned Fund Balance Expenditure Reduction Strategies
($ In Millions)
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$16.7M
-$6.1M
-$12.2M
-$7.0M -$8.1M -$6.7M
-$8.9M -$8.9M
-$6.3M -$6.3M -$6.5M
General Fund Annual Operating Surplus/(Deficit)
73% drop in sales tax revenue
Recessionary
assumption
Debt fully repaid
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$134.2M
$80.4M
$97.5M
$117.5M
$86.5M
$104.1M
General Fund Revenues and Expenses
Revenues Expenses
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162.75 164.75 169.75
179.75 185.75
192.75 196.75 197.75 198.75 203.75
225
210 207 204 201 198 195 192 188 184 180
Historical and Forecasted Staffing
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FY 2022-23 FY 2032-33 Change
General Fund
Unassigned 53.1 - (53.1)
Capital Projects Reserve 10.0 - (10.0)
Section 115 Pension Trust 17.2 5.4 (11.8)
Economic Uncertainty Reserve 24.0 24.0 -
Total $104.4 $29.4 $(75.0)
Capital Project Funds (420 & 429)
Unassigned $13.4 TBD TBD
Fund Balance Impacts -10 Years
($ In millions)
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Potential Budget Balancing
Strategies
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Budget Balancing Strategies
22 Strategy Description Potential Impact
Section 115 Pension Trust
In FY 2017-18, the City established a Section 115
Pension Trust to mitigate pension rate volatility
when CalPERS investment returns are below the
discount rate or when CalPERS changes
assumptions. The City can also use it to offset
pension costs in any given year.

The fund has a balance of $17.2
million.1
Section 115 OPEB Trust
In FY 2009-10, the City established a Section 115
OPEB Trust to help fund its retiree health
obligations, also known as other post-employment
benefits (OPEB).

The OPEB plan is fully funded. Starting in FY 2022-
23, retiree health costs will be funded by the OPEB
Trust rather than the General Fund.

The fund has a balance of $33.3
million.
1 Capital Projects Reserve The City has $10 million in its Capital Projects Reserve (General Fund). The fund is currently at $10 million.

Economic Uncertainty Reserve The City has $24 million in its Economic Uncertainty Reserve (General Fund). The fund is currently at $24 million. 1 As of June 30, 2022 1141
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Expenditure Reduction Strategies
23 Strategy Description Potential Impact
No new positions Cost containment strategy $0
Vacancy control Keep non-essential positions unfilled as they become vacant.

Approximately $186,000 savings
per position on average
Employee cost-sharing of increases
to CalPERS
Negotiate to share costs of increases to CalPERS
employer rates with employees.

Approximately $250,000 savings
approximate based on a 5% rate
increase
Defer or eliminate negotiated
increases
Deferring or eliminating negotiated increases
would be subject to bargaining unit agreement.

Approximately $0.3 million savings
based on a 1% decrease
Furloughs
Employees would take up to a 10% decrease in
pay in exchange for 1 unpaid furlough day per
pay period.

Approximately $3 million savings
based on a 10% decrease
Reduction in force Identify positions to be reduced (laid off) based on MOU provisions and service level needs.

Approximately $186,000 savings
per position on average
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Expenditure Reduction Strategies
24 Strategy Description Potential Impact
Reduction in capital outlays and
special projects Cost containment strategy Up to $4 million Reduction in contingencies Cost containment strategy Up to $0.4 million Defer or cancel capital projects Cost reduction strategy Varies Reduction of Community Funding
and Historical Society Funding Cost reduction strategy Up to $110,000 Reduction of festival fee waivers Cost reduction strategy Varies 1143
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Revenue Generation Strategies
25 Strategy Description Potential Impact
Increase fees and cost-recovery
Matrix Consulting Group has been contracted to
conduct a fee study, which is scheduled to take
place from April to July 2023. The study aims to
assess the potential for fee increases and cost
recovery.

Varies
Sale of City-owned Properties or
Assets
The sale of city-owned assets would generate
one-time revenue. Some examples of assets that
could be sold are:
• City Hall Annex (10445 Torre Avenue)
• Byrne House
• Municipal Water System
• Blackberry Farm Golf Course
Varies
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Strategy Voter Approval Additional Revenue Pros Cons
¼ Cent Transaction
and Use Tax (TUT)
2/3 vote (special);
majority vote
(general)
• $5.2M annually
• Fairly proportional to
surrounding areas
• Burden spread across
residents, businesses, and
visitors
• Not applicable to
business to busines sales
when purchaser located
outside City
Parcel Tax 2/3 vote (special)
• $3.5M flat rate
per parcel
• $3.6M variable
rate per SF
• City can define specific
purpose(s) for revenue
use
• Flexibility in design
• Requires 2/3 vote
• Flat rate tax considered
regressive
Transient Occupancy
Tax (2% increase)
2/3 vote (special);
majority vote
(general)
• $1.7M @ $10M
base
• $1.25M at $7.5M
base
• $833k at $5M
base
• Paid by non-residents
• Historically strong
approval rates in the
State
• A 2% increase to the TOT
rate would place it
second to Palo Alto in
the region and among
the highest in the State
Revenue Generation Strategies
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Potential Service Impacts and Next
Steps
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• Fewer festivals and events
• Fewer innovation and technology
initiatives
• Lower pavement condition index (PCI)
• Reduced maintenance for facilities and
grounds
Examples of Potential Service Impacts
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• Proposed Budget available May 1st
• Proposed Budget study session May 17th
• Final Budget Adoption June 2023
Next Steps
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Questions?
Thank you!
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CITY OF CUPERTINO
Agenda Item
23-12227 Agenda Date: 4/13/2023
Agenda #: 7.

Subject: Councilmember Reports
CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  Thursday, April 13, 2023
Reporting Councilmember:  Councilmember J.R. Fruen
Report Activity Dates:  3/28/23 to 4/6/23
Event Date, Title, and Description:

Event 1. 3/31/2023 ‐ CHEFS OF COMPASSION. This annual fundraiser to benefit West Valley Community Services has returned to its in‐person form, this time hosted at the Computer History Museum in Mountain View. The event was sold out and resulted in tens of thousands of donation commitments to WVCS.

Event 2. 4/1/2024 ‐ SAN JOSE HOLI FESTIVAL. This year’s festival of colors occurred at History Park in San Jose and was organized by WomenNowSV. I attended along with Assemblymember Ash Kalra, San Jose Mayor Matt Mahan, our own Mayor Hung Wei, and Saratoga Vice‐Mayor Yan Zhao.

Event 3. 4/2/2024 – CUPERTINO HOLI FESTIVAL. The Chamber of Commerce put on its annual and widely attended festival of colors in Memorial Park on the field behind the Quinlan Center. Despite the colder weather, revelers clearly enjoyed themselves and covering each other in color.

Event 4. 4/4/2024 – MEETING WITH WATER DISTRICT BOARD MEMBER JIM BEALL. I had a brief meeting with fmr. Sen. Beall to discuss AB 1469 and the Water District’s commitment to addressing the needs of the unhoused living in encampments on District land.

Event 5. 4/6/2023 – MEETING WITH SEN. JOSH BECKER. I met separately over coffee with Sen. Josh Becker, into whose senatorial district Cupertino is moving. 1151
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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  Thursday, April 13, 2023
Reporting Councilmember:  Vice Mayor Sheila Mohan
Report Activity Dates:  3/22/23 to 4/4/23
Event Date, Title, and Description:
3/25/2023:  Volunteer Appreciation Event at Senior Center:  Met with seniors and volunteers and thanked them for their service to the community. Enjoyed participating in games centered around the general theme of the event: “Out of this World”

3/25/2023: Along with Mayor Wei, attended the packed town hall meeting at Garden Gate Elementary with Rep. Ro Khanna. Mayor Wei received a Woman of the Year award.

3/27/2023:   Met with representatives of the India Community Center who wanted to explore ideas for expanding their Senior programs currently operating out of the Union Church building.
3/27/2023: Chaired the Audit Committee meeting in place of Chairperson Chen who was attending another City event.   The Annual Comprehensive Financial Report (ACFR) for FY21‐22  prepared by the City’s Finance Department, and audited by Crowe LLP, independent auditors was received by the committee. The committee also reviewed the Monthly Treasurer’s Investment Report, prepared by Finance and Chandler Asset Management for February 2023 and the Monthly Treasurer’s Report for February 2023.
3/31/2023:  Attended the 12th Annual Chefs of Compassion fundraising event hosted by the West Valley Community Services.  It was a sell‐out event attended by hundreds of community supporters who came together to fight hunger and homelessness.
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2 4/1/2023:  Attended the Odisha Day at Centerville Elementary School in Fremont.

Spoke to the attendees of the special relationship Cupertino has with Odisha, a State in India whose capital is Bhubaneshwar, one of our sister cities. Fremont City Council members and Assemblymember Alex Lee were among those who also attended.
4/2/2023: Participated in the Cupertino Holi Festival of Colors at Memorial Park. A well‐attended fun event for families, especially children. Cupertino City Council, City staff, volunteers, FUHSD, CUSD and several community organizations were well represented.
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: Thursday, April 13, 2023
Reporting Councilmember: Councilmember Kitty Moore
Report Activity Dates: 4/5/23 to 4/6/23
Event Date, Title, and Description:

April 5, 2023, Discover Stanford for You: Preventing Housing Displacement – One Family at a Time. End of COVID protections: funds and arguments which protected families struggling with rent payments resulting in housing displacement. Discussion of how Legal Aid Society of San Mateo County (and Law Foundation of Silicon Valley) help with housing displacement.

April 6, 2023, Santa Clara Valley Water Water Ambassador Program, Moore initiatied – application approved. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure. Course begins today. 1154
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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  Thursday, April 13, 2023
Reporting Councilmember:  Mayor Hung Wei
Report Activity Dates:  3/31/23 to 4/5/23
Event Date, Title, and Description:

Event 1. March 31, 2023, AAPI Small Business Roundtable Attended Asian American Pacific Islander Small Business Roundtable to listen to challenges from small business owners, especially during and after COVID

Event 2. March 31, 2023, Chefs of Compassion hosted by West Valley Community Services This was an amazing fundraiser with a sold‐out crowd of community members who support the much‐needed services of West Valley Community Services across cities including Cupertino, Saratoga, and Los Gatos

Event 3. April 1, 2023, WomenNow Hoi Celebration
Attended the Holi Celebration hosted by WomenNow at San Jose History Park with amazing performances and a lot of colors!
Event 4. April 1, 2023, Elimination Fundraiser hosted by the Rotary Club of Niles Fremont This was a Fun‐raiser supporting the many community service projects championed by Rotarians of Niles Fremont Rotary. Fremont Mayor Lily Mei and Saratoga Vice Mayor Yan Zhao were also attending

Event 5. April 2, 2023, Holi at Memorial Park
Celebrating Holi, the Festival of Colors, Compassion, and Love hosted by the Cupertino Chamber of Commerce at Memorial Park – what a happy crowd! Thanks to the Cupertino Chamber of Commerce staff who volunteered and provided Cupertino residents and friends a safe relaxed and happy occasion to celebrate Holi
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2 Event 6. April 3, 2023, Meeting with Representatives from the Governor’s Office Attended a meeting with Marjon Saulon and Antonio Isais, Northern California Regional Coordinators, External Affairs of the Office of Governor Gavin Newson to establish communication regarding the Governor’s priorities and local challenges.

The following topics were discussed: CARE Court, Behavioral Health, Housing, Homelessness/The Unhoused, regional transportation issues, and future meeting schedules
Event 7. April 4, 2023, Morning Chat with Cupertino Mayor City Manager Pamela Wu joined the Morning Chat. There were ten residents. The following topic were presented: Blackberry Farm and Stocklmeir House; Fence down in McClellan Ranch; Creek maintenance by Valley Water; Vallco land pollution issue; homeless woman by Target; Steven Creek/Wolfe Road interaction; Annual Lehigh Meeting on April 26; Broken Curbs/Gutters issue; the city‐owned house by Byrne and San Fernando; Wilson Park Basketball Court; Parking issue on Regnart Road near Fremont Older Trail; City Inspection and Permit Process; Industries bring employees, which brings housing needs but also traffic concerns; Improve the bus system; Cupertino 311 is a code enforcement tool, not for emergency reports; need more people to support local restaurants and retails; City inter‐department communication issue; Contact information at Cal Train to advocate for tree planting; New Sunnyvale City Hall/desire for a new Cupertino City Hall;
Event 8, April 6, 2023, Meet & Greet with Senator Josh Becker Met with Senator Becher with Vice Mayor Mohan and City Manager Wu. Senator Becher discussed recent bills in Sacramento and inquired about Cupertino priorities.
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CITY OF CUPERTINO
Agenda Item
22-11719 Agenda Date: 4/13/2023
Agenda #: 8.

Subject: Consider the Monthly Treasurer's Report for February 2023 Receive the Monthly Treasurer's Report for February 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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1 CITY COUNCIL STAFF REPORT
Meeting: April 13, 2023
Subject
Consider the Monthly Treasurer's Report for February 2023 Recommended Action
Receive the Monthly Treasurer's Report for February 2023 Reasons for Recommendation
Background
California Government Code Section 41004 states:

Regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances.

The city treasurer shall file a copy with the legislative body.

The City's Municipal Code Section 2.24.030 Monthly Reports states:

The Treasurer shall make monthly reports which conform to the requirements of Government Code Section 41004. Said reports shall be delivered to the City Council, the City Manager and made available for review by such other persons who may so request.

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 Report (report and accounting of all receipts, disbursements, and fund balances) shall be submitted to the Audit Committee and City Council every month.
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2 Cash vs. Accrual Basis Accounting
Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing.

Under cash basis accounting, revenues are recorded when payment is received, and expenses are recorded when payment is made. This method of accounting recognizes transactions only when cash changes hands. In contrast, accrual basis accounting recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid). This method of accounting recognizes transactions as they occur, regardless of whether cash has been exchanged.

Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance shows the total cash and investments in the City's accounts. The ending balance is the beginning balance plus receipts minus disbursements. Journal adjustments generally include transactions recorded in other systems and imported into New World, Councilapproved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.

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

Treasurer's Report
The report provides an update on the City's cash and fund balances for February 2023.

The report is as of March 22, 2023.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $121.3 million, decreasing by $2.8 million from the prior month. Receipts were $2.3 million, disbursements were $(5.1) million, and journal adjustments were $50,848 for the month.

The City's total ending cash and investment balance was $227.0 million, decreasing by $3.0 million from the prior month. Receipts were $3.0 million, disbursements were $(6.7) million, and journal adjustments were $0.6 million for the month.

Journal adjustments included the following:
 Parks and Recreation transactions imported from Active Network into New World  Workers’ Compensation transactions
Fund Balance/Net Position
The City's General Fund ending fund balance was $106.5 million, decreasing by $2.7 million from the prior month due to revenues of $2.2 million and expenditures of $4.8 million.
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3 The City's total ending fund balance was $206.6 million, decreasing by $3.4 million from the prior month due to revenues of $2.9 million and expenditures of $6.3 million.

In February 2023, the City's revenue was lower than usual because the California Department of Tax and Fee Administration (CDTFA) did not issue the City a sales tax payment. Typically, for the fourth quarter of the calendar year, the CDTFA issues two advance payments to the City in December and January. The advance payments are based on the previous year's revenues since actual revenues are unknown at that time.

Subsequently, in February, the CDTFA issues the City a clean-up payment to account for any differences between estimated and actual sales tax revenues. However, the City did not receive the usual clean-up payment in February because the CDTFA had overestimated the City's sales tax revenues when issuing the advance payment.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Thomas Leung
Budget Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services
Approved for Submission by: __________________
Pamela Wu
City Manager
Attachments:

A – Report of City-wide Receipts, Disbursements, and Cash Balances February 2023 B – Report of City‐wide Fund Balances/Net Position February 2023 1160
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February 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of January 31, 2023 Receipts Disbursements Journal Adjustments as of February 28, 2023 General Fund 100 General Fund 124,055,314 2,257,903 (5,088,916) 50,848 121,275,149 General Fund 130 Investment Fund 189,996 ‐ ‐ ‐ 189,996
Special Revenue Funds 210 Storm Drain Improvement 2,159,495 ‐ (3,132) ‐ 2,156,363 Special Revenue Funds 215 Storm Drain AB1600 1,830,919 4,558 ‐ ‐ 1,835,477Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,230,857 30,628 (120,948) ‐ 1,140,537 Special Revenue Funds 260 CDBG 638,758 ‐ (32,433) ‐ 606,325 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,529,188 6,000 (37,267) ‐ 5,497,920 Special Revenue Funds 270 Transportation Fund 11,742,901 111,177 (262,443) ‐ 11,591,636Special Revenue Funds 271 Traffic Impact 763,167 ‐ ‐ ‐ 763,167 Special Revenue Funds 280 Park Dedication 19,750,770 ‐ (12,340) ‐ 19,738,430 Special Revenue Funds 281 Tree Fund 73,077 962 ‐ ‐ 74,039Debt Service Funds 365 Public Facilities Corp 2,322,250 ‐ ‐ ‐ 2,322,250 Capital Project Funds 420 Capital Improvement Fund 26,932,708 462,480 (287,064) ‐ 27,108,125Capital Project Funds 427 Stevens Creek Corridor Park 161,884 ‐ (1,245) ‐ 160,639 Capital Project Funds 429 Capital Reserve* 11,637,046 ‐ ‐ ‐ 11,637,046 Enterprise Funds 520 Resource Recovery 5,588,112 119,834 (149,983) ‐ 5,557,963Enterprise Funds 560 Blackberry Farm 1,101,906 698 (44,796) 31,143 1,088,951Enterprise Funds 570 Sports Center 1,726,402 ‐ (98,483) 343,946 1,971,864Enterprise Funds 580 Recreation Program 3,312,233 38,181 (51,576) 226,530 3,525,369Internal Service Funds 610 Innovation & Technology 3,880,335 ‐ (326,384) ‐ 3,553,950 Internal Service Funds 620 Workersʹ Compensation 3,750,513 ‐ (3,370) (8,417) 3,738,725 Internal Service Funds 630 Vehicle/Equip Replacement 1,159,400 ‐ (62,705) ‐ 1,096,695 Internal Service Funds 641 Compensated Absence/LTD 1,039,922 ‐ 795 ‐ 1,040,717 Internal Service Funds 642 Retiree Medical (778,819) ‐ (118,580) ‐ (897,399)Total $ 230,020,633 $ 3,032,422 $ (6,700,870) $ 644,050 $ 226,996,235 * For reporting purposes, this fund rolls up/combines with Fund 420Printed March 22, 2023For more information on funds, please see cupertino.org/fund‐structure 1162
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February 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of January 31, 2022 Revenues Expenditures as of February 28, 2023 General Fund 100 General Fund 109,126,018 2,167,441 4,833,947 106,459,513 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,159,420 ‐ 3,057 2,156,363 Special Revenue Funds 215 Storm Drain AB1600 1,830,919 4,558 ‐ 1,835,477 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,218,558 51,350 97,449 1,172,458 Special Revenue Funds 260 CDBG 1,164,236 ‐ 32,433 1,131,803 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,527,823 6,000 36,103 5,497,720 Special Revenue Funds 270 Transportation Fund 11,742,286 110,890 270,410 11,582,766 Special Revenue Funds 271 Traffic Impact 763,167 ‐ ‐ 763,167 Special Revenue Funds 280 Park Dedication 19,750,770 ‐ 12,340 19,738,430 Special Revenue Funds 281 Tree Fund 73,077 962 ‐ 74,039 Debt Service Funds 365 Public Facilities Corp 2,322,250 ‐ ‐ 2,322,250 Capital Project Funds 420 Capital Improvement Fund 24,336,425 ‐ 337,353 23,999,072 Capital Project Funds 427 Stevens Creek Corridor Park 161,884 ‐ 1,245 160,639Capital Project Funds 429 Capital Reserve* 11,637,046 ‐ ‐ 11,637,046 Enterprise Funds 520 Resource Recovery 4,638,195 119,834 67,311 4,690,718 Enterprise Funds 560 Blackberry Farm 808,869 35,841 80,264 764,446 Enterprise Funds 570 Sports Center 2,090,659 236,674 73,825 2,253,508 Enterprise Funds 580 Recreation Program 2,957,559 140,433 67,913 3,030,080 Internal Service Funds 610 Innovation & Technology 2,528,710 ‐ 203,118 2,325,592 Internal Service Funds 620 Workersʹ Compensation 2,121,317 ‐ 11,787 2,109,529 Internal Service Funds 630 Vehicle/Equip Replacement 2,372,741 ‐ 61,779 2,310,962 Internal Service Funds 641 Compensated Absence/LTD 1,039,922 8,851 8,056 1,040,717 Internal Service Funds 642 Retiree Medical (778,819) ‐ 118,580 (897,399) Total $ 210,044,756 $ 2,882,836 $ 6,316,971 $ 206,610,621 * For reporting purposes, this fund rolls up/combines with Fund 420 Printed March 22, 2023For more information on funds, please see cupertino.org/fund‐structure 1163
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CITY OF CUPERTINO
Agenda Item
23-12150 Agenda Date: 4/13/2023
Agenda #: 9.

Subject: Consider the Monthly Treasurer's Investment Report for February 2023 Receive the Monthly Treasurer's Investment Report for February 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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1 CITY COUNCIL STAFF REPORT
Meeting: April 13, 2023
Subject
Consider the Monthly Treasurer's Investment Report for February 2023 Recommended Action
Receive the Monthly Treasurer's Investment Report for February 2023 Reasons for Recommendation
Background
On May 19, 2022, the City Council approved the 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 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 February 28, 2023. The report is as of March 22, 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 1165
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2 Services (PARS) Section 115 Trusts are also attached per a request from the Monthly Treasurer's Report Subcommittee.

The City's General Ledger cash and investments balance was $227.0 million, a $3.0 million decrease from the prior month due to receipts of $3.0 million, disbursements of $(6.7) million, and journal adjustments of $0.6 million.

Cash and Investments – General Ledger Balance
Fund Type
Month Ending
January 31,
2023
Receipts Disbursements Journal
Adjustments*
Month Ending
February 28,
2023
General Fund 124,245,311 2,257,903 (5,088,916) 50,848 121,465,145 Special Revenue 43,941,431 153,325 (468,563) - 43,626,194 Debt Service 2,322,250 - - - 2,322,250
Capital Projects 38,731,638 462,480 (288,309) - 38,905,809 Enterprise 11,728,653 158,713 (344,838) 601,620 12,144,148 Internal Service 9,051,351 - (510,244) (8,417) 8,532,690 Total $230,020,633 $3,032,422 $(6,700,870) $644,050 $226,996,235 *Journal adjustments include transactions recorded in other systems and imported into the financial system, Council-approved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.
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3 The $227.0 million in cash and investments includes $38.8 million in cash, $21.2 million in cash equivalents, $149.7 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. 1167
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4 Cash and Investments – General Ledger Balance
Month Ending
January 31, 2023
Month Ending
February 28, 2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 41,789,796 38,744,116 17% Workers' Compensation Checking (Wells Fargo) 20,262 41,845 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1(BNY Mellon) - - 0%
Petty Cash and Change 5,000 4,700 0%
Cash Equivalents
Local Agency Investment Fund 21,242,141 21,242,141 9%
Investments
Investments (Chandler) 149,723,383 149,723,383 66%
Restricted for Pension2(PARS) 17,240,051 17,240,051 8%
Total Cash and Investments3 $230,020,633 $226,996,235 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.

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

Cash and Investments – Bank Balance
Month Ending
January 31, 2023
Month Ending
February 28, 2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 42,673,289 39,316,220 17% Workers' Compensation Checking (Wells Fargo) 25,873 42,812 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1(BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 21,281,569 21,281,569 9%
Investments
Investments (Chandler) 148,742,480 147,258,241 65%
Restricted for Pension2(PARS) 18,507,647 18,035,635 8%
Total Cash and Investments3 $231,230,858 $225,934,478 100% 1 Cash held by fiscal agent for bond repayments
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5 2
In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the 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 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 $21.3 million. Interest is deposited quarterly.

The December interest rate was 2.07%.

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 highquality 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 $148.7 million at the end of the previous month. The table below includes historical comparisons of the City's portfolio.
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6 December 31,
2022
January 31,
2023
February 28,
2023
Market Value 147,282,846 148,742,480 147,258,241
Par Value 156,155,965 156,310,484 156,479,011
Book Value 155,929,700 156,105,058 156,193,550
Average Maturity 2.62 years 2.66 years 2.71 years
Average Modified Duration 2.28 2.28 2.32
Average Purchase Yield 1.70% 1.73% 1.81%
Average Market Yield 4.63% 4.39% 4.89%
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, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio 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. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs.

Contributions made to the trust can only be used to fund retirement plans.

Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 6, 2022, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved 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. This type of investment strategy is generally recommended for investors with a long-term time horizon. The strategic asset allocation ranges for this investment objective are:
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7 Asset Class Range Target
Equities 50-70% 63%
Fixed Income 20-40% 29%
Real Estate 0-15% 5%
Commodities 0-10% 2%
Cash 0-10% 1%
The Section 115 Pension Trust had a balance of $18.0 million, a decrease of $0.5 million from the prior month due to investment loss. The Section 115 OPEB Trust had a balance of $32.8 million, a decrease of $0.9 million from the prior month due to investment loss.

The one-month investment returns were -2.52% 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.

A – Chandler Investment Report February 2023
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8 B – Chandler Custodial Statement February 2023
C – PARS Pension and OPEB Account Statement February 2023 D – LAIF Account Statement February 2023
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending February 28, 2023
City of Cupertino
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of February 28, 2023
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SECTION | Section 1 | Economic Update
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Economic Update



Market volatility has been heightened by financial stress in the U.S. regional banking sector and the global banking system.

Both domestically and abroad, risks were addressed in an expeditious manner by government regulators, providing liquidity and financial support to the banking system. The recent financial stress when combined with getting inflation under control present a major challenge for the Federal Open Market Committee in determining the appropriate path for monetary policy. Labor markets remain strong, and the U.S. consumer has demonstrated resiliency. However, recent financial market stress has resulted in significant changes in market expectations for Fed policy and significantly lower rate levels across the curve.

As expected at the February 1st meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 25 basis points to a range of 4.50 - 4.75%, in a continuing downshift from previous hikes. The decision was unanimous and the statement reflects inflation is easing “somewhat.” The sentiment was hawkish, indicating that the extent of “ongoing increases” in the fed funds rate will be data dependent. We believe the FOMC will continue to implement tighter monetary policy at a slower pace and hold rates at restrictive levels forsome time until inflationary pressures subside and remain in the Fed’s target range.

In February, the yield curve inversion widened. The 2-year Treasury yield surged 62 basis points to 4.82%, the 5-year Treasury yield increased 57 basis points to 4.18%, and the 10-year Treasury yield rose 41 basis points to 3.92%. The inversion between the 2-year Treasury yield and 10-year Treasury yield increased to -90 basis points at February month-end versus - 69 basis points at January month-end. The spread was a positive 39 basis points one year ago. The inversion between 3- month and 10-year treasuries narrowed to -89 basis points in February from -115 basis points in January. The shape of the yield curve indicates that the probability of recession is increasing. 3 1176
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Source: US Department of Labor Source: US Department of Labor Employment
The U.S. economy added 311,000 jobs in February, continuing to surpass market expectations of 225,000, on the heels of a very strong January jobs report of 504,000 jobs. Trends in employment remain strong, with the three-month moving average payrolls at 351,000 and the six-month moving average at 336,000. There were broad gains in employment, led by roles in the private sector with leisure and hospitality employment growth remaining solid. The unemployment rate rose to 3.6% due to more workers entering the labor force as the participation rate increased to 62.5% from 62.4% in January, the highest level since March 2020. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 6.8% from the prior month at 6.6%. Average hourly earnings rose 4.6% year-over-year in February from a 4.4% increase in January. Job Openings decreased to 10.8 million. Overall, the February employment report demonstrates a strong demand for labor and supports the case for the Fed to continue raising the federal funds rate at a slower pace.
0 100
200
300
400
500
600
700
800
900
1,000
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%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
4 1177
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Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased in February 0.4% month-over-month and 6.0% year-over-year, down from 6.4% in January. The Core CPI, which excludes volatile food and energy components, rose 0.5% month-over-month and 5.5% year-over-year, decelerating from 5.6% in January. Shelter costs were the primary factor in the headline CPI representing 70% of the increase. Of note, used car prices experienced a significant drop of 13.6% when compared to a year ago, the largest decline since 1960. The Personal Consumption Expenditures (PCE) index accelerated more than expected in January, increasing 5.4% year-over-year versus an upwardly revised 5.3% year-over-year gain in December.

Core PCE increased 4.7% in January versus an upwardly revised 4.6% year-over-year gain in December. Inflationary trends are declining but remain well above the Fed's 2% target.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
YOY( %) Change

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY( %) Change
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Federal Reserve
Source: Federal Reserve Source: Bloomberg
As expected at the February 1st meeting, the Federal Open Market Committee (FOMC) raised the fed funds target rate by 25 basis points to a range of 4.50 – 4.75%, in a continuing downshift from previous hikes. The decision was unanimous, and the statement reflects inflation easing “somewhat”. The sentiment was hawkish, indicating that the extent of “ongoing increases” in the fed funds rate will be data dependent on labor market conditions, inflation expectations, and financial and international developments. The December Summary of Economic Projections indicated a peak median forecast of 5.1% in 2023 and 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 implement tighter monetary policy at a slower pace and hold rates at restrictive levels until inflationary pressures subside and remain in the Fed’s target range for some time.

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%
Effective Federal Funds Rate
Yield (%)
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
In $ millions
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Source: Bloomberg Source: Bloomberg

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Yield Curve
Feb-23
Nov-22
Feb-22
Yield (%)
Bond Yields
At the end of February, the 2-year Treasury yield was 339 basis points higher, and the 10-Year Treasury yield was about 210 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield increased to -90 basis points at February monthend versus -69 basis points at January month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year treasuries narrowed to -89 basis points in February from -115 basis points in January. The shape of the yield curve indicates that the probability of recession is increasing. 7 1180
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Section 2| SECTION | Section 2 | Account Profile
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Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Investment Objectives
The City of Cupertino’s investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code.

As of February 28, 2023
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Compliance As of February 28, 2023
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.

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

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

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

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

Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 10 1183
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Compliance As of February 28, 2023
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.

Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 1184
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Portfolio Summary – City of Cupertino #10659 As of February 28, 2023 12 1185
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Purchase Yield as of 02/28/23 = 1.81%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of February 28, 2023
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SECTION | Section 3 | Portfolio Holdings
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Issue Name Investment Type % Portfolio
Government of United States US Treasury 33.78%
Federal National Mortgage Association Agency 8.84%
Federal Home Loan Mortgage Corp Agency 4.36%
Federal Home Loan Mortgage Corp CMO 3.85%
Inter-American Dev Bank Supranational 3.33%
Federal Home Loan Bank Agency 2.33%
American Express ABS ABS 1.89%
John Deere ABS ABS 1.89%
Hyundai Auto Receivables ABS 1.79%
Royal Bank of Canada Corporate 1.68%
Toyota Motor Corp Corporate 1.61%
Bank of New York Corporate 1.57%
Bank of America Corp Corporate 1.56%
JP Morgan Chase & Co Corporate 1.55%
International Finance Corp Supranational 1.54%
Intl Bank Recon and Development Supranational 1.47%
Toronto Dominion Holdings Corporate 1.44%
Northwestern Mutual Glbl Corporate 1.29%
GM Financial Automobile Leasing Trust ABS 1.26%
Paccar Financial Corporate 1.25%
Bank of Montreal Chicago Corporate 1.17%
Amazon.com Inc Corporate 1.13%
Metlife Inc Corporate 1.13%
Salesforce.com Inc Corporate 1.12%
Air Products & Chemicals Corporate 1.11%
Prudential Financial Inc Corporate 1.11%
Honda ABS ABS 1.07%
United Health Group Inc Corporate 1.07%
New York Life Global Funding Corporate 1.07%
Toyota Lease Owner Trust ABS 1.03%
Berkshire Hathaway Corporate 1.03%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.82%
Toyota ABS ABS 0.82%
Hyundai Auto Lease Securitization ABS 0.78%
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 February 28, 2023
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Issue Name Investment Type % Portfolio
Mass Mutual Insurance Corporate 0.60%
Charles Schwab Corp/The Corporate 0.60%
BMW Vehicle Lease Trust ABS 0.52%
State of California Municipal Bonds 0.50%
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 0.21%
Wal-Mart Stores Corporate 0.21%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.11% Nissan ABS ABS 0.05%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of February 28, 2023
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Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
89238EAC0 Toyota Lease Owner Trust 2021-A A3

0.390% Due 04/22/2024
406,975.24 03/23/2022

2.16%
398,835.73
403,937.89

98.94 3.93%
402,660.90

48.50 0.27%
(1,276.99)
Aaa / AAA
NR

1.15 0.30
44891VAC5 Hyundai Auto Lease Trust 2021-B A3

0.330% Due 06/17/2024
626,456.51 06/08/2021

0.34%
626,362.54
626,433.85

98.83 4.42%
619,144.01

91.88 0.42%
(7,289.84)
Aaa / AAA
NR

1.30 0.28
65479JAD5 Nissan Auto Receivables Owner 2019-C A3

1.930% Due 07/15/2024
74,774.12 Various

1.70%
75,145.07
74,894.73

99.79 2.25%
74,618.15

64.14 0.05%
(276.58)
Aaa / AAA
NR

1.38 0.70
43813DAC2 Honda Auto Receivables 2020-2 A3

0.820% Due 07/15/2024
41,317.49 05/18/2020

0.83%
41,314.24
41,316.41

98.88 2.43%
40,855.61

15.06 0.03%
(460.80)
Aaa / AAA
NR

1.38 0.70
47789KAC7 John Deere Owner Trust 2020-A A3

1.100% Due 08/15/2024
37,608.01 03/04/2020

1.11%
37,605.71
37,607.25

99.35 1.99%
37,361.82

18.39 0.03%
(245.43)
Aaa / NR
AAA

1.46 0.74
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
232,437.33 09/22/2020

0.38%
232,403.18
232,429.52

98.05 5.60%
227,915.10

31.06 0.15%
(4,514.42)

NR / AAA
AAA

1.64 0.37
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2

0.390% Due 10/21/2024
954,985.74 08/10/2021

0.39%
954,972.76
954,980.97

97.72 5.36%
933,241.38
113.80

0.63%
(21,739.59)

NR / AAA
AAA

1.65 0.46
47787NAC3 John Deere Owner Trust 2020-B A3

0.510% Due 11/15/2024
70,156.18 07/14/2020

0.52%
70,145.48
70,153.49

98.65 3.51%
69,211.37

15.90 0.05%
(942.12)
Aaa / NR
AAA

1.72 0.45
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
339,486.60 09/08/2021

0.34%
339,451.56
339,473.99

98.02 4.91%
332,762.93

18.67 0.23%
(6,711.06)
Aaa / NR
AAA

1.83 0.43
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
172,260.09 10/06/2020

0.36%
172,228.00
172,245.93

98.32 2.17%
169,358.58

26.80 0.12%
(2,887.35)

NR / AAA
AAA

1.88 0.93
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
539,994.00

96.96 5.15%
523,607.60
278.40

0.36%
(16,386.40)
Aaa / AAA
NR

1.88 0.77
92290BAA9 Verizon Owner Trust 2020-B A

0.470% Due 02/20/2025
317,826.06 08/04/2020

0.48%
317,759.31
317,796.90

98.82 1.65%
314,078.86

45.64 0.21%
(3,718.04)
Aaa / NR
AAA

1.98 1.00
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
1,149,897.58

96.76 5.32%
1,112,757.48
688.72

0.76%
(37,140.10)

NR / AAA
AAA

1.98 0.98
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
944,995.70

97.00 5.61%
916,620.04
548.63

0.62%
(28,375.66)
Aaa / NR
AAA

2.06 0.82
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
449,967.04

97.26 5.43%
437,683.55

82.50 0.30%
(12,283.49)

NR / AAA
AAA

2.07 0.63
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
176,319.93 02/17/2021

0.27%
176,316.71
176,318.82

97.13 5.59%
171,260.20

13.22 0.12%
(5,058.62)
Aaa / NR
AAA

2.15 0.54
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
641,680.32 02/02/2021

0.27%
641,561.23
641,640.31

97.26 5.48%
624,126.90

74.15 0.42%
(17,513.41)
Aaa / NR
AAA

2.21 0.52
As of February 28, 2023
17 1190
CC 04-13-2023
1190 of 1243
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
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
421,138.95 04/20/2021

0.38%
421,094.64
421,121.39

97.07 5.23%
408,819.67

71.13 0.28%
(12,301.72)

NR / AAA
AAA

2.55 0.60
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
459,940.84

94.96 5.72%
436,823.77
112.44

0.30%
(23,117.07)
Aaa / NR
AAA

2.90 1.05
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
579,971.08

95.40 4.80%
553,314.14
134.04

0.38%
(26,656.94)
Aaa / NR
AAA

3.05 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
429,994.47

94.64 5.93%
406,968.21
135.69

0.28%
(23,026.26)

NR / AAA
AAA

3.13 1.04
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
739,923.78

95.27 5.41%
705,003.55
618.31

0.48%
(34,920.23)
Aaa / AAA
NR

3.21 1.36
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
1,307,608.17

94.95 5.65%
1,262,867.32
437.42

0.86%
(44,740.85)

NR / AAA
AAA

3.21 1.04
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
529,979.42

97.17 5.94%
515,002.96
283.55

0.35%
(14,976.46)
Aaa / AAA
NR

3.49 1.06
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
349,994.64

94.62 5.36%
331,154.57

99.17 0.22%
(18,840.07)
Aaa / AAA
NR

3.55 1.16
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
449,927.70

95.63 5.28%
430,314.89
464.00

0.29%
(19,612.81)
Aaa / NR
AAA

3.55 1.51
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
1,009,972.58

95.51 5.41%
964,687.06
996.53

0.66%
(45,285.52)

NR / AAA
AAA

3.63 1.43
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
294,982.94

94.99 5.07%
280,206.93
154.88

0.19%
(14,776.01)

NR / AAA
AAA

3.72 1.33
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
389,939.45

96.65 5.27%
376,936.87
503.75

0.26%
(13,002.58)
Aaa / AAA
NR

3.97 1.58
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
654,948.18

96.74 5.54%
633,664.88
1,088.76

0.43%
(21,283.30)
Aaa / NR
AAA

3.97 1.87
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
1,530,866.75

94.27 5.23%
1,456,537.47
1,517.53

0.99%
(74,329.28)
Aaa / NR
AAA

4.04 1.94
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
1,374,774.48

96.42 5.17%
1,325,798.79
2,071.67

0.90%
(48,975.69)

NR / AAA
AAA

4.22 2.07
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
1,049,926.64

99.92 5.20%
1,049,123.15
2,375.33

0.71%
(803.49)
Aaa / NR
AAA

4.30 2.14
As of February 28, 2023
18 1191
CC 04-13-2023
1191 of 1243
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
569,979.92

98.63 5.39%
562,182.74
647.90

0.38%
(7,797.18)

NR / AAA
AAA

4.39 0.85
TOTAL ABS 19,358,422.57 1.99%
19,294,634.76
19,317,936.81 5.19%
18,706,671.45
13,887.56

12.71%
(611,265.36)
Aaa / AAA
AAA

2.99 1.17
Agency
3137EAFA2 FHLMC Note

0.250% Due 12/04/2023
855,000.00 12/02/2020

0.28%
854,153.55
854,785.10

96.21 5.35%
822,634.83
516.56

0.56%
(32,150.27)
Aaa / AA+
AAA

0.76 0.75
3130A1XJ2 FHLB Note

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

1.96%
1,564,890.20
1,516,774.58

97.02 5.28%
1,455,292.51
9,223.96

0.99%
(61,482.07)
Aaa / AA+
NR

1.29 1.24
3135G0V75 FNMA Note

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

1.96%
1,484,895.00
1,495,923.65

95.66 5.13%
1,434,859.50
4,302.08

0.98%
(61,064.15)
Aaa / AA+
AAA

1.34 1.30
3130A2UW4 FHLB Note

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

1.79%
2,103,380.00
2,031,852.83

96.81 5.05%
1,936,246.00
26,833.33

1.33%
(95,606.83)
Aaa / AA+
AAA

1.54 1.46
3135G0W66 FNMA Note

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

1.73%
1,965,802.75
1,971,923.64

94.79 4.99%
1,872,114.35
12,124.31

1.28%
(99,809.29)
Aaa / AA+
AAA

1.63 1.57
3135G0X24 FNMA Note

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

1.38%
1,309,953.95
1,300,764.46

94.30 4.87%
1,221,152.63
3,156.56

0.83%
(79,611.83)
Aaa / AA+
AAA

1.86 1.79
3137EAEP0 FHLMC Note

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

1.52%
2,363,178.95
2,364,287.55

93.87 4.82%
2,220,098.82
1,872.29

1.51%
(144,188.73)
Aaa / AA+
AAA

1.96 1.89
3135G03U5 FNMA Note

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

0.67%
1,856,168.40
1,858,355.18

91.57 4.80%
1,703,231.76
4,165.63

1.16%
(155,123.42)
Aaa / AA+
AAA

2.15 2.08
3135G04Z3 FNMA Note

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

0.50%
2,499,227.30
2,499,741.69

90.88 4.73%
2,272,017.50
2,569.44

1.54%
(227,724.19)
Aaa / AA+
AAA

2.30 2.24
3137EAEU9 FHLMC Note

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

0.48%
1,243,775.00
1,247,020.60

90.26 4.72%
1,128,281.25
520.83

0.77%
(118,739.35)
Aaa / AA+
AAA

2.39 2.33
3135G05X7 FNMA Note

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

0.48%
2,487,983.75
2,493,845.83

89.92 4.71%
2,247,967.51
156.25

1.53%
(245,878.32)
Aaa / AA+
AAA

2.49 2.42
3137EAEX3 FHLMC Note

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

0.46%
2,489,362.80
2,494,421.27

89.87 4.60%
2,246,767.50
4,114.58

1.53%
(247,653.77)
Aaa / AA+
AAA

2.57 2.50
3135G06G3 FNMA Note

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

0.56%
2,492,700.00
2,496,062.23

89.65 4.63%
2,241,360.00
3,958.33

1.52%
(254,702.23)
Aaa / AA+
AAA

2.69 2.61
TOTAL Agency 24,600,000.00 1.03%
24,715,471.65
24,625,758.61 4.86%
22,802,024.16
73,514.15

15.53%
(1,823,734.45)
Aaa / AA+
AAA

2.02 1.95
As of February 28, 2023
19 1192
CC 04-13-2023
1192 of 1243
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
CMO
3137BFE98 FHLMC K041 A2

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

0.72%
1,398,414.06
1,348,291.16

96.94 5.15%
1,260,182.30
3,435.25

0.86%
(88,108.86)
Aaa / AAA
AAA

1.66 1.47
3137BLMZ8 FHLMC K049 A2

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

0.87%
1,079,687.50
1,046,717.14

95.70 4.97%
957,049.33
2,508.33

0.65%
(89,667.81)

NR / NR
AAA

2.41 2.15
3137BLW95 FHLMC K050 A2

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

1.17%
1,018,132.81
994,581.35

96.22 5.01%
914,070.88
2,639.42

0.62%
(80,510.47)

NR / NR
AAA

2.49 2.19
3137BM7C4 FHLMC K051 A2

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

2.21%
453,079.69
449,475.78

96.09 4.98%
422,804.01
1,212.93

0.29%
(26,671.77)

NR / NR
AAA

2.58 2.27
3137BN6G4 FHLMC KO53

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

2.29%
582,001.17
578,970.40

95.16 4.92%
542,428.19
1,422.63

0.37%
(36,542.21)

NR / NR
AAA

2.82 2.49
3137BSP72 FHLMC K058 A2

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

1.35%
687,451.17
677,227.31

93.30 4.76%
606,468.98
1,437.04

0.41%
(70,758.33)

NR / NR
AAA

3.49 3.20
3137FBBX3 FHLMC K068 A2

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

4.41%
950,664.06
954,833.69

94.51 4.62%
945,054.90
2,703.33

0.64%
(9,778.79)
Aaa / NR
NR

4.49 4.01
TOTAL CMO 5,910,000.00 1.73%
6,169,430.46
6,050,096.83 4.93%
5,648,058.59
15,358.93

3.85%
(402,038.24)
Aaa / AAA
AAA

2.77 2.47
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
1,029,775.52

95.90 5.24%
987,776.18
566.50

0.67%
(41,999.34)
A2 / A
A+

0.88 0.86
89114QCA4 Toronto Dominion Bank Note

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

2.24%
1,527,255.00
1,507,371.74

96.69 5.34%
1,450,329.00
8,722.92

0.99%
(57,042.74)
A1 / A
AA1.291.24
06367TQW3 Bank of Montreal Note

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

1.89%
582,216.00
589,964.89

93.85 5.36%
563,084.40
541.67

0.38%
(26,880.49)
A2 / AAA1.36

1.32 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
1,754,200.04

93.98 5.20%
1,654,083.20
1,405.56

1.12%
(100,116.84)
A2 / A+
NR

1.38 1.34
78013XZU5 Royal Bank of Canada Note

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

1.98%
1,533,359.18
1,511,166.60

96.30 5.36%
1,444,500.00
4,781.26

0.98%
(66,666.60)
A1 / A
AA1.381.33
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
1,255,155.60

96.05 5.32%
1,200,651.25
2,583.33

0.82%
(54,504.35)
A2 / A+
A+

1.42 1.37
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
1,698,746.41

97.48 5.22%
1,632,781.63
4,831.91

1.11%
(65,964.78)
A2 / A
NR

1.42 1.36
As of February 28, 2023
20 1193
CC 04-13-2023
1193 of 1243
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
69371RR40 Paccar Financial Corp Note

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

0.52%
679,632.80
679,823.44

93.35 5.33%
634,788.84
207.78

0.43%
(45,034.60)
A1 / A+
NR

1.45 1.41
69371RQ25 Paccar Financial Corp Note

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

2.20%
369,182.30
369,761.45

95.66 5.27%
353,959.02
353.56

0.24%
(15,802.43)
A1 / A+
NR

1.46 1.41
14913Q3B3 Caterpillar Finl Service Note

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

1.92%
1,111,517.00
1,104,081.14

95.34 5.05%
1,048,757.60
7,423.47

0.72%
(55,323.54)
A2 / A
A

1.70 1.62
74153WCQ0 Pricoa Global Funding Note

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

1.19%
884,088.45
884,461.74

92.71 5.52%
820,483.50
2,403.02

0.56%
(63,978.24)
Aa3 / AAAA1.77

1.71 89114TZL9 Toronto-Dominion Bank Note

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

2.79%
674,737.00
683,296.99

93.35 5.24%
653,435.30
1,437.92

0.44%
(29,861.69)
A1 / A
NR

1.87 1.80
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
1,213,983.92

93.60 5.07%
1,137,224.20
2,349.00

0.77%
(76,759.72)
A1 / A+
A+

1.88 1.81
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
1,678,866.00

93.19 5.31%
1,565,555.04
3,180.33

1.07%
(113,310.96)
Aaa / AA+
AAA

1.88 1.81
69371RR73 Paccar Financial Corp Note

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

2.86%
884,769.90
884,838.76

95.48 5.14%
845,037.83
10,089.00

0.58%
(39,800.93)
A1 / A+
NR

2.11 1.99
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
1,049,725.29

96.19 5.29%
1,010,017.05
13,485.94

0.70%
(39,708.24)
A1 / A
AA2.131.99
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
1,369,862.32

96.23 5.22%
1,318,318.12
16,063.25

0.91%
(51,544.20)
A1 / A
AA2.162.02
06367WB85 Bank of Montreal Note

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

0.85%
1,285,656.80
1,266,317.46

92.79 5.41%
1,150,558.80
7,646.67

0.79%
(115,758.66)
A2 / AAA2.17

2.07 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
1,370,741.28

93.81 5.66%
1,285,227.14
2,822.20

0.87%
(85,514.14)
A1 / AAA2.26

2.15 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
655,178.35

93.84 5.62%
614,672.96
1,198.87

0.42%
(40,505.39)
A1 / AAA2.32

2.21 66815L2J7 Northwestern Mutual Glbl Note

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

4.01%
1,169,602.20
1,169,690.40

97.24 5.27%
1,137,669.39
7,800.00

0.78%
(32,021.01)
Aaa / AA+
AAA

2.34 2.19
74153WCM9 Pricoa Global Funding Note

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

3.26%
832,972.72
851,673.14

89.42 5.36%
808,374.88
3,616.00

0.55%
(43,298.26)
Aa3 / AAAA2.51

2.41 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
1,018,576.29

96.94 5.17%
969,359.00
11,301.39

0.67%
(49,217.29)
A1 / A
AA2.722.51
As of February 28, 2023
21 1194
CC 04-13-2023
1194 of 1243
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
40139LBC6 Guardian Life Glob Fun Note

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

1.12%
1,385,860.00
1,390,602.77

88.15 5.53%
1,234,122.40
2,756.26

0.84%
(156,480.37)
Aa1 / AA+
NR

2.78 2.67
66815L2A6 Northwestern Mutual Glbl Note

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

1.47%
827,449.50
834,193.57

88.66 5.09%
753,601.50
887.78

0.51%
(80,592.07)
Aaa / AA+
AAA

2.88 2.77
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
611,042.25

93.04 5.80%
558,239.40
604.50

0.38%
(52,802.85)
A2 / AAA2.96

2.78 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
409,202.23

92.86 5.67%
372,359.78
2,993.10

0.25%
(36,842.45)
A1 / AAA3.15

2.03 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

4.74%
615,699.50
622,396.95

93.21 5.57%
605,840.30
4,859.18

0.41%
(16,556.65)
A1 / AA+3.16

2.05 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
1,869,818.84

88.53 4.91%
1,660,010.63
5,677.08

1.13%
(209,808.21)
A1 / AA
AA3.203.07
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
1,027,755.92

88.66 5.01%
917,615.48
3,504.62

0.63%
(110,140.44)
A3 / A+
A

3.21 3.07
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
1,384,597.85

88.29 5.01%
1,222,768.03
3,159.53

0.83%
(161,829.82)
A1 / A+
A+

3.30 3.16
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
700,749.25

90.71 5.68%
634,956.00
1,846.60

0.43%
(65,793.25)
A2 / AAA3.31

2.21 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
1,001,537.80

88.12 5.07%
881,165.00
1,500.00

0.60%
(120,372.80)
Aa3 / AA+
AA+

3.38 3.23
58989V2D5 Met Tower Global Funding Note

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

1.27%
769,291.60
769,498.38

86.95 5.34%
669,540.41
4,464.93

0.46%
(99,957.97)
Aa3 / AAAA3.55

3.36 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
349,530.50

87.83 4.82%
307,419.35
1,674.17

0.21%
(42,111.15)
Aa2 / AA
AA

3.55 3.39
59217GER6 Metlife Note

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

1.90%
1,113,728.90
1,114,017.09

88.42 5.22%
985,855.13
2,903.65

0.67%
(128,161.96)
Aa3 / AAAA3.87

3.64 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
959,782.59

90.69 5.04%
870,664.32
11,629.33

0.60%
(89,118.27)
A2 / A
A

4.01 3.69
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
1,614,752.13

92.43 4.36%
1,492,763.88
17,127.97

1.03%
(121,988.25)
Aa2 / AA
A+

4.04 3.75
As of February 28, 2023
22 1195
CC 04-13-2023
1195 of 1243
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
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026

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

4.80%
1,114,222.54
1,118,510.86

93.98 5.68%
1,080,735.50
14,552.35

0.74%
(37,775.36)
A2 / AAA4.15

2.88 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
669,089.95

96.86 4.83%
648,986.79
8,263.33

0.45%
(20,103.16)
A2 / A+
A+

4.20 3.76
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
675,267.14

95.39 4.92%
643,872.38
7,353.76

0.44%
(31,394.76)
A3 / A+
A

4.21 3.80
TOTAL Corporate 42,790,000.00 1.97%
42,826,786.07
42,719,604.84 5.23%
39,827,160.61
210,569.69

27.19%
(2,892,444.23)
A1 / A+
AA2.472.27
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 155,588.22 Various

4.06%
155,588.22
155,588.22

1.00 4.06%
155,588.22

0.00 0.11%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 155,588.22 4.06%
155,588.22
155,588.22 4.06%
155,588.22

0.00 0.11%

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
760,575.70

96.22 4.90%
726,453.45
7,550.00

0.50%
(34,122.25)
Aa2 / AAAA1.59

1.52 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
760,575.70 4.90%
726,453.45
7,550.00

0.50%
(34,122.25)
Aa2 / AAAA1.59

1.52 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
2,797,686.43

96.55 5.23%
2,703,486.80
2,061.11

1.84%
(94,199.63)
Aaa / AAA
NR

0.71 0.70
45950KCT5 International Finance Corp Note

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

0.66%
2,471,150.00
2,483,371.98

90.49 4.64%
2,262,175.00
1,171.88

1.54%
(221,196.98)
Aaa / AAA
NR

2.38 2.32
459058JL8 Intl. Bank Recon & Development Note

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

0.60%
2,388,859.25
2,393,692.55

89.77 4.62%
2,154,518.40
4,100.00

1.47%
(239,174.15)
Aaa / AAA
AAA

2.67 2.59
As of February 28, 2023
23 1196
CC 04-13-2023
1196 of 1243
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
2,452,928.94

89.26 4.58%
2,195,773.86
7,832.71

1.50%
(257,155.08)
Aaa / AAA
AAA

3.14 3.03
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,127,679.90 4.79%
9,315,954.06
15,165.70

6.34%
(811,725.84)
Aaa / AAA
AAA

2.14 2.08
US Treasury
91282CBR1 US Treasury Note

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

0.33%
1,446,488.28
1,448,764.39

95.08 5.16%
1,378,632.45
1,672.31

0.94%
(70,131.94)
Aaa / AA+
AAA

1.04 1.01
912828X70 US Treasury Note

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

1.92%
1,705,976.56
1,701,426.34

96.46 5.16%
1,639,835.30
11,364.64

1.12%
(61,591.04)
Aaa / AA+
AAA

1.17 1.12
912828XX3 US Treasury Note

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

1.80%
2,018,574.22
2,005,123.69

95.99 5.14%
1,919,766.00
6,629.84

1.31%
(85,357.69)
Aaa / AA+
AAA

1.34 1.29
912828D56 US Treasury Note

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

1.71%
1,753,191.41
1,715,820.88

96.23 5.08%
1,635,918.50
1,561.46

1.11%
(79,902.38)
Aaa / AA+
AAA

1.46 1.41
912828YY0 US Treasury Note

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

1.97%
2,087,203.13
2,091,589.91

94.56 4.88%
1,985,812.50
6,091.16

1.35%
(105,777.41)
Aaa / AA+
AAA

1.84 1.77
912828ZC7 US Treasury Note

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

0.81%
1,523,144.53
1,509,350.03

93.05 4.81%
1,395,703.50

45.86 0.95%
(113,646.53)
Aaa / AA+
AAA

2.00 1.94
91282CED9 US Treasury Note

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

2.23%
3,057,617.20
3,070,712.98

94.10 4.82%
2,917,149.60
25,026.93

2.00%
(153,563.38)
Aaa / AA+
AAA

2.04 1.95
912828ZL7 US Treasury Note

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

2.24%
2,360,839.85
2,403,017.02

91.10 4.74%
2,277,540.00
3,133.63

1.55%
(125,477.02)
Aaa / AA+
AAA

2.17 2.11
91282CAB7 US Treasury Note

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

0.72%
1,469,765.63
1,483,303.97

90.09 4.62%
1,351,407.00
300.41

0.92%
(131,896.97)
Aaa / AA+
AAA

2.42 2.36
91282CAM3 US Treasury Note

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

0.56%
2,366,140.63
2,380,870.21

89.65 4.54%
2,151,561.60
2,505.49

1.46%
(229,308.61)
Aaa / AA+
AAA

2.59 2.52
91282CAT8 US Treasury Note

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

0.49%
2,422,492.19
2,434,626.64

89.30 4.55%
2,187,965.15
2,047.30

1.49%
(246,661.49)
Aaa / AA+
AAA

2.67 2.60
91282CAZ4 US Treasury Note

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

0.77%
2,209,658.20
2,226,248.68

89.33 4.54%
2,009,882.25
2,109.38

1.37%
(216,366.43)
Aaa / AA+
AAA

2.76 2.68
91282CBH3 US Treasury Note

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

0.75%
2,456,445.31
2,472,806.99

88.83 4.50%
2,220,800.00
751.04

1.51%
(252,006.99)
Aaa / AA+
AAA

2.93 2.84
91282CBW0 US Treasury Note

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

0.80%
2,493,652.34
2,495,918.86

89.14 4.46%
2,228,612.50
6,267.27

1.52%
(267,306.36)
Aaa / AA+
AAA

3.17 3.06
91282CCZ2 US Treasury Note

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

1.19%
1,379,054.68
1,384,827.10

88.46 4.39%
1,238,452.60
5,115.38

0.84%
(146,374.50)
Aaa / AA+
AAA

3.59 3.44
As of February 28, 2023
24 1197
CC 04-13-2023
1197 of 1243
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
91282CDG3 US Treasury Note

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

1.25%
1,391,468.75
1,393,680.56

89.08 4.38%
1,247,093.40
5,264.50

0.85%
(146,587.16)
Aaa / AA+
AAA

3.67 3.51
91282CEW7 US Treasury Note

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

3.18%
3,260,312.50
3,258,706.70

95.95 4.28%
3,118,349.00
17,506.91

2.13%
(140,357.70)
Aaa / AA+
AAA

4.34 3.97
91282CFB2 US Treasury Note

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

3.12%
393,218.75
393,933.36

93.95 4.27%
375,781.20
881.22

0.26%
(18,152.16)
Aaa / AA+
AAA

4.42 4.09
91282CFH9 US Treasury Note

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

3.28%
4,468,902.34
4,471,852.88

95.43 4.25%
4,294,512.00
382.14

2.92%
(177,340.88)
Aaa / AA+
AAA

4.51 4.14
91282CFM8 US Treasury Note

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

4.31%
3,421,152.34
3,423,122.90

99.48 4.25%
3,431,942.70
59,427.19

2.37%
8,819.80
Aaa / AA+
AAA

4.59 4.07
91282CFZ9 US Treasury Note

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

3.81%
852,656.25
852,532.19

98.57 4.21%
837,880.70
8,234.38

0.57%
(14,651.49)
Aaa / AA+
AAA

4.76 4.25
91282CGC9 US Treasury Note

3.875% Due 12/31/2027
2,750,000.00 Various

3.67%
2,775,107.42
2,774,660.64

98.54 4.21%
2,709,825.25
17,662.29

1.85%
(64,835.39)
Aaa / AA+
AAA

4.84 4.33
91282CGH8 US Treasury Note

3.500% Due 01/31/2028
3,000,000.00 02/07/2023

3.81%
2,957,929.69
2,958,415.65

96.96 4.19%
2,908,827.00
8,411.60

1.98%
(49,588.65)
Aaa / AA+
AAA

4.93 4.45
91282CGP0 US Treasury Note

4.000% Due 02/29/2028
2,100,000.00 02/23/2023

4.16%
2,084,988.28
2,084,996.50

99.26 4.17%
2,084,413.80
228.26

1.42%
(582.70)
Aaa / AA+
AAA

5.01 4.49
TOTAL US Treasury 52,750,000.00 2.19%
52,355,980.48
52,436,309.07 4.53%
49,547,664.00
192,620.59

33.78%
(2,888,645.07)
Aaa / AA+
AAA

3.24 3.02
TOTAL PORTFOLIO 156,479,010.79 1.81%
156,391,276.44
156,193,549.98 4.89%
146,729,574.54
528,666.62
100.00%
(9,463,975.44)
Aa1 / AA
AAA

2.71 2.32
TOTAL MARKET VALUE PLUS ACCRUALS 147,258,241.16
As of February 28, 2023
25 1198
CC 04-13-2023
1198 of 1243
SECTION | Section 4 | Transactions
26 1199
CC 04-13-2023
1199 of 1243
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount InterestPur/Sold Total Amount Gain/Loss

ACQUISITIONS
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
Purchase 01/06/2023 91282CGC9 750,000.00 US Treasury Note

3.875% Due: 12/31/2027

99.660 3.95% 747,451.17 481.70 747,932.87 0.00
Purchase 01/26/2023 91282CGC9 2,000,000.00 US Treasury Note

3.875% Due: 12/31/2027
101.383 3.57% 2,027,656.25 5,566.30 2,033,222.55 0.00
Purchase 02/08/2023 91282CGH8 3,000,000.00 US Treasury Note

3.5% Due: 01/31/2028

98.598 3.81% 2,957,929.69 2,320.44 2,960,250.13 0.00
Purchase 02/28/2023 91282CGP0 2,100,000.00 US Treasury Note 4% Due: 02/29/2028

99.285 4.16% 2,084,988.28 0.00 2,084,988.28 0.00
Subtotal 8,700,000.00 8,670,681.64 8,911.37 8,679,593.01 0.00 TOTAL ACQUISITIONS 8,700,000.00 8,670,681.64 8,911.37 8,679,593.01 0.00

DISPOSITIONS
Sale 01/26/2023 912828V23 1,500,000.00 US Treasury Note

2.25% Due: 12/31/2023

97.762 1.80% 1,466,425.78 2,424.03 1,468,849.81 -39,625.84 Sale 02/08/2023 3137EAFA2 900,000.00 FHLMC Note

0.25% Due: 12/04/2023

96.198 0.28% 865,782.00 400.00 866,182.00 -33,974.70
Sale 02/08/2023 912828B66 2,000,000.00 US Treasury Note

2.75% Due: 02/15/2024

97.910 1.96% 1,958,203.13 26,453.80 1,984,656.93 -53,653.49 Sale 02/24/2023 3130A0XE5 1,500,000.00 FHLB Note

3.25% Due: 03/08/2024

98.041 2.27% 1,470,615.00 22,479.17 1,493,094.17 -43,641.63 Subtotal 5,900,000.00 5,761,025.91 51,757.00 5,812,782.91 -170,895.66 TOTAL DISPOSITIONS 5,900,000.00 5,761,025.91 51,757.00 5,812,782.91 -170,895.66 November 30, 2022 through February 28, 2023
As of February 28, 2023
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Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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

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

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

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

This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.

Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.

Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P, Moody’s and Fitch respectively.

As of February 28, 2023
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Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

As of February 28, 2023
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED

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
FEBRUARY 1, 2023 THROUGH FEBRUARY 28, 2023
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
06023 SE
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Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the 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.
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TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD FEBRUARY 1, 2023 THROUGH FEBRUARY 28, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE

REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 1205
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PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF FEBRUARY 28, 2023 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 155,588.22 155,588.22 0.11 0.00 6,244 4.01 1,589.87 BONDS AND NOTES 156,235,688.22 146,574,166.13 99.89 9,661,522.09- 2,754,818 1.88 528,610.79 TOTAL INVESTMENTS 156,391,276.44 146,729,754.35 100.00 9,661,522.09- 2,761,062 1.88 530,200.66 TOTAL ACCRUALS 530,200.66 530,200.66
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,921,477.10 147,259,955.01 9,661,522.09- 2,761,062 1.88 530,200.66 1206
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PAGE 2

STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF FEBRUARY 28, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

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

CASH EQUIVALENTS
149,690.73 ALLSPRING 100% TREASURY 149,690.73 149,690.73 0.10 0.00 1,579.31 MONEY MARKET FUND - #008 1.0000 1.0000
5,897.49 PRINCIPAL PUBLIC DEPOSIT SWEEP 5,897.49 5,897.49 0.00 0.00 10.56 PROGRAM 1.0000 1.0000
TOTAL CASH EQUIVALENTS 155,588.22 155,588.22 0.11 0.00 1,589.87

BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,632,790.00 1.11 138,422.00- 4,831.91 DTD 07/31/14 3.350 07/31/2024 105.7440 97.4800
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,660,012.50 1.13 206,887.50- 5,677.08 DTD 05/12/21 1.000 05/12/2026 99.5680 88.5340
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,325,802.50 0.90 48,893.35- 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 96.4220
DTD 05/24/2022 3.390% 05/17/2027

NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,456,533.30 0.99 67,826.47- 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 94.2740
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 1,080,735.50 0.74 33,487.04- 14,552.36 MED TERM NOTE 96.8889 93.9770
DTD 04/23/19 04/23/2027
MOODY'S RATING A2
CUSIP 06051GHT9
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PAGE 3

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 620,988.00 558,240.00 0.38 62,748.00- 604.50 MED TERM NOTE 103.4980 93.0400
DTD 02/13/20 02/13/2026
MOODY'S RATING A2
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 634,956.00 0.43 66,318.00- 1,846.60 MED TERM NOTE 100.1820 90.7080
DTD 06/19/20 06/19/2026
MOODY'S RATING A2
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 563,082.00 0.38 19,134.00- 541.67 MED TERM NOTE 97.0360 93.8470
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 1,150,558.80 0.78 135,098.00- 7,646.67 MED TERM NOTE 103.6820 92.7870
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 969,360.00 0.66 55,550.00- 11,301.39 MED TERM NOTE 102.4910 96.9360
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 1,318,323.60 0.90 51,484.60- 16,063.25 DTD 04/26/2022 3.350% 04/25/2025 99.9860 96.2280

CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,492,760.65 1.02 121,932.50- 17,127.97 DTD 03/15/2022 2.300% 03/15/2027 99.9810 92.4310

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 09690AAC7
530,000 BMW VEHICLE OWNER TRUST 529,972.44 515,001.00 0.35 14,971.44- 283.55 ASSET BCKD SEC SER 2022-A CL A3 99.9948 97.1700
DTD 05/18/2022 3.210% 08/25/2026

CALLABLE

MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 726,453.45 0.50 45,888.90- 7,550.00 TXBL-REF 102.2970 96.2190
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 1,048,762.00 0.71 62,755.00- 7,423.47 MED TERM NOTE 101.0470 95.3420
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 870,662.40 0.59 89,067.50- 11,629.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 90.6940

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,500,000 FED HOME LN BK 1,564,890.20 1,455,300.00 0.99 109,590.20- 9,223.96 DTD 05/08/14 2.875 06/14/2024 104.3260 97.0200

MOODY'S RATING AAA
CUSIP 3130A1XJ2
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 3130A2UW4
1,300,000 FED HOME LN MTG CORP 1,398,414.06 1,260,181.00 0.86 138,233.06- 3,435.25 SER KO41 CL A2 *24 DAY DELAY* 107.5703 96.9370
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,220,096.45 1.51 143,082.50- 1,872.29 DTD 02/14/20 1.500 02/12/2025 99.9230 93.8730

MOODY'S RATING AAA
CUSIP 3137EAEP0
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,128,287.50 0.77 115,487.50- 520.83 SER USD 99.5020 90.2630
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 2,246,775.00 1.53 242,587.80- 4,114.58 DTD 09/25/20 0.375 09/23/2025 99.5745 89.8710

MOODY'S RATING AAA
CUSIP 3137EAEX3
855,000 FED HOME LN MTG CORP 854,153.55 822,638.25 0.56 31,515.30- 516.56 DTD 12/04/20 0.250 12/04/2023 99.9010 96.2150

MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,434,855.00 0.98 50,040.00- 4,302.08 DTD 07/08/19 1.750 07/02/2024 98.9930 95.6570

MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,872,122.25 1.28 93,680.50- 12,124.31 DTD 10/18/19 1.625 10/15/2024 99.5343 94.7910

MOODY'S RATING AAA
CUSIP 3135G0W66
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,703,239.20 1.16 152,929.20- 4,165.62 DTD 04/24/20 0.625 04/22/2025 99.7940 91.5720

MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,272,025.00 1.55 227,202.30- 2,569.44 DTD 06/19/20 0.500 06/17/2025 99.9691 90.8810

MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,247,975.00 1.53 240,008.75- 156.25 DTD 08/27/20 0.375 08/25/2025 99.5194 89.9190

MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,241,350.00 1.53 251,350.00- 3,958.33 DTD 11/12/20 0.500 11/07/2025 99.7080 89.6540

MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 957,050.00 0.65 122,637.50- 2,508.33 SER K049 CL A2 *24 DAY DELAY* 107.9688 95.7050
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 914,071.00 0.62 104,061.81- 2,639.42 SER K050 CL A2 *24 DAY DELAY* 107.1719 96.2180
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 422,804.80 0.29 30,274.89- 1,212.93 SER K051 CL A2 *24 DAY DELAY* 102.9727 96.0920
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 3137FBBX3
954,985.74 GM FINANCIAL AUTOMOBILE LEASIN 954,972.76 933,240.71 0.64 21,732.05- 103.46 SER 2021-3 CL A3 *0 DAY DELAY* 99.9987 97.7230
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
945,000 GM FINANCIAL AUTOMOBILE LEASIN 944,991.87 916,621.65 0.62 28,370.22- 534.19 SER 2022-1 CL A3 *0 DAY DELAY* 99.9992 96.9970
DTD 02/23/22 1.850 03/20/2025

MOODY'S RATING AAA
CUSIP 36265MAC9
350,000 GM FINANCIAL SECURITIZED TERM 349,991.08 331,156.00 0.23 18,835.08- 99.17 SER 2021-4 CL A3 *0 DAY DELAY* 99.9975 94.6160
DTD 10/21/21 0.680 09/16/2026

MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 376,935.00 0.26 12,983.49- 503.75 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 96.6500
DTD 04/13/2022 3.100% 02/16/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 362585AC5
1212
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 43813DAC2
176,319.93 HONDA AUTO RECEIVABLES OWNER T 176,316.71 171,259.55 0.12 5,057.16- 13.22 SER 2021-1 CL A3 *0 DAY DELAY* 99.9982 97.1300
DTD 02/24/21 0.270 04/21/2025

MOODY'S RATING AAA
CUSIP 43813GAC5
232,437.33 HONDA AUTO RECEIVABLES OWNER T 232,403.18 227,914.10 0.16 4,489.08- 31.06 SER 2020-3 CL A3 *0 DAY DELAY* 99.9853 98.0540
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 705,005.40 0.48 34,883.30- 618.31 SER 2022-1 CL A3 *0 DAY DELAY* 99.9850 95.2710
DTD 02/23/22 1.000 05/15/2026

MOODY'S RATING AAA
CUSIP 43815BAC4
460,000 HONDA AUTO RECEIVABLES OWNER T 459,903.03 436,825.20 0.30 23,077.83- 112.44 SER 2021-4 CL A3 *0 DAY DELAY* 99.9789 94.9620
DTD 11/24/21 0.880 01/21/2026

MOODY'S RATING AAA
CUSIP 43815GAC3
1213
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 626,456.51 HYUNDAI AUTO LEASE SECURITIZAT 626,362.54 619,145.76 0.42 7,216.78- 80.40 SER 2021-B CL A3 *0 DAY DELAY* 99.9850 98.8330
144A PRIV PLCMT 0.330 06/17/2024

MOODY'S RATING AAA
CUSIP 44891VAC5
540,000 HYUNDAI AUTO LEASE SECURITIZAT 539,988.07 523,605.60 0.36 16,382.47- 278.40 SER 2022-A CL A3 *0 DAY DELAY* 99.9978 96.9640
144A PRIV PLCMT 1.160 01/15/2025

MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 964,691.40 0.66 45,269.72- 996.53 ASSET BCKD SEC SER 2022-A CL A3 99.9962 95.5140
DTD 03/16/2022 2.220% 10/15/2026

CALLABLE
CUSIP 448977AD0
421,138.95 HYUNDAI AUTO RECEIVABLES TRUST 421,094.64 408,820.64 0.28 12,274.00- 71.13 SER 2021-A CL A3 *0 DAY DELAY* 99.9895 97.0750
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,330,000 HYUNDAI AUTO RECEIVABLES TRUST 1,296,371.65 1,262,861.60 0.86 33,510.05- 437.42 SER 2021-C CL A3 *0 DAY DELAY* 97.4716 94.9520
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,703,484.00 1.84 88,816.00- 2,061.11 DTD 09/02/20 0.250 11/15/2023 99.7250 96.5530

MOODY'S RATING AAA
CUSIP 4581X0DP0
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,195,771.40 1.50 252,961.80- 7,832.71 DTD 04/20/21 0.875 04/20/2026 99.5420 89.2590

MOODY'S RATING AAA
CUSIP 4581X0DV7
1214
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,262,175.00 1.54 208,975.00- 1,171.88 DTD 07/16/20 0.375 07/16/2025 98.8460 90.4870

MOODY'S RATING AAA
CUSIP 45950KCT5
1,030,000 JOHN DEERE CAPITAL CORP 1,029,268.70 987,780.30 0.67 41,488.40- 566.50 MED TERM NOTE 99.9290 95.9010
DTD 03/04/21 0.450 01/17/2024
MOODY'S RATING A2
CUSIP 24422EVN6
450,000 JOHN DEERE OWNER TRUST 449,900.46 430,317.00 0.29 19,583.46- 464.00 ASSET BCKD SEC SER 2022-A CL A3 99.9779 95.6260
DTD 03/16/2022 2.320% 09/16/2026

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47787JAC2
70,156.18 JOHN DEERE OWNER TRUST 70,145.48 69,211.18 0.05 934.30- 15.90 SER 2020-B CL A3 *0 DAY DELAY* 99.9848 98.6530
DTD 07/22/20 0.510 11/15/2024

MOODY'S RATING AAA
CUSIP 47787NAC3

0.01 JOHN DEERE OWNER TRUST 0.00 0.01 0.00 0.01 0.00
SER 2019-B CL A3 *0 DAY DELAY* 0.0000 99.9820
DTD 07/24/19 2.210 12/15/2023

MOODY'S RATING AAA
CUSIP 477870AC3
37,608.01 JOHN DEERE OWNER TRUST 37,605.71 37,361.68 0.03 244.03- 18.39 SER 2020-A CL A3 *0 DAY DELAY* 99.9939 99.3450
DTD 03/11/20 1.100 08/15/2024

MOODY'S RATING AAA
CUSIP 47789KAC7
1215
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PAGE 11

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

MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JOHN DEERE OWNER TRUST 654,937.45 633,666.65 0.43 21,270.80- 1,088.76 ASSET BCKD SEC SER 2022-B CL A3 99.9905 96.7430
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 1,049,118.00 0.72 800.52- 2,375.33 ASSET BCKD SEC SER 2022-C CL A3 99.9923 99.9160
DTD 10/19/2022 5.090% 06/15/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 47800BAC2
655,000 JPMORGAN CHASE & 655,406.85 614,671.65 0.42 40,735.20- 1,198.87 SER F2F 100.0621 93.8430
DTD 06/23/21 06/23/2025
MOODY'S RATING A1
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 372,360.58 0.25 43,608.75- 2,993.10 DTD 04/22/20 04/22/2026 103.7330 92.8580
MOODY'S RATING A1
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,285,224.40 0.88 86,549.50- 2,822.20 DTD 06/01/21 06/01/2025 100.1295 93.8120
MOODY'S RATING A1
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 881,170.00 0.60 121,060.00- 1,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 88.1170
MOODY'S RATING AA3
CUSIP 57629WDE7
1216
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PAGE 12

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

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 985,860.70 0.67 127,868.20- 2,903.65 144A PRIV PLCMT 1.875 01/11/2027 99.8860 88.4180
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 669,538.10 0.46 99,753.50- 4,464.93 144A PRIV PLCMT 1.250 09/14/2026 99.9080 86.9530
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 605,839.00 0.41 9,860.50- 4,859.18 DTD 04/28/20 04/28/2026 94.7230 93.2060
MOODY'S RATING A1
CUSIP 6174468Q5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,565,558.40 1.07 112,627.20- 3,180.33 144A PRIV PLCMT 1.450 01/14/2025 99.8920 93.1880

MOODY'S RATING AAA
CUSIP 64952WEK5
74,774.12 NISSAN AUTO RECEIVABLES OWNER 75,145.07 74,617.84 0.05 527.23- 64.14 SER 2019-C CL A3 *0 DAY DELAY* 100.4961 99.7910
DTD 10/23/19 1.930 07/15/2024

MOODY'S RATING AAA
CUSIP 65479JAD5
670,000 NORTHERN TRUST CORP 668,914.60 648,988.80 0.44 19,925.80- 8,263.33 DTD 05/10/2022 4.000% 05/10/2027 99.8380 96.8640

CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 753,601.50 0.51 73,848.00- 887.78 144A PRIV PLCMT 0.800 01/14/2026 97.3470 88.6590

MOODY'S RATING AAA
CUSIP 66815L2A6
1217
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PAGE 13

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

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,137,672.90 0.78 31,929.30- 7,800.00 DTD 07/01/2022 4.000% 07/01/2025 99.9660 97.2370

NON CALLABLE
144A PRIVATE PLACEMENT

MOODY'S RATING AAA
CUSIP 66815L2J7
370,000 PACCAR FINANCIAL CORP 369,182.30 353,960.50 0.24 15,221.80- 353.56 MED TERM NOTE 99.7790 95.6650
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 634,786.80 0.43 44,846.00- 207.78 MED TERM NOTE 99.9460 93.3510
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 845,042.25 0.58 39,727.65- 10,089.00 DTD 04/07/2022 2.850% 04/07/2025 99.9740 95.4850

NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 808,374.88 0.55 24,597.84- 3,616.00 144A PRIV PLCMT 0.800 09/01/2025 92.1430 89.4220
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 820,483.50 0.56 63,604.95- 2,403.02 144A PRIV PLCMT 1.150 12/06/2024 99.8970 92.7100
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,444,500.00 0.98 88,859.18- 4,781.25 DTD 07/16/19 2.550 07/16/2024 102.2240 96.3000
MOODY'S RATING A1
CUSIP 78013XZU5
1218
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

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 1,654,083.20 1.13 94,854.20- 1,405.56 DTD 07/12/21 0.625 07/15/2024 99.3715 93.9820
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,450,335.00 0.99 76,920.00- 8,722.92 MED TERM NOTE 101.8170 96.6890
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 653,436.00 0.45 21,301.00- 1,437.92 MED TERM NOTE SER FXD 96.3910 93.3480
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
172,260.09 TOYOTA AUTO RECEIVABLES OWNER 172,228.00 169,359.23 0.12 2,868.77- 26.80 SER 2020-D CL A3 *0 DAY DELAY* 99.9814 98.3160
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
430,000 TOYOTA AUTO RECEIVABLES OWNER 429,990.84 406,969.20 0.28 23,021.64- 135.69 SER 2021-D CL A3 *0 DAY DELAY* 99.9979 94.6440
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
641,680.32 TOYOTA AUTO RECEIVABLES OWNER 641,561.23 624,123.95 0.43 17,437.28- 74.15 SER 2021-A CL A3 *0 DAY DELAY* 99.9815 97.2640
DTD 02/08/21 0.260 05/15/2025

MOODY'S RATING AAA
CUSIP 89240BAC2
1219
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PAGE 15

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

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 406,975.24 TOYOTA LEASE OWNER TRUST 398,835.73 402,661.30 0.27 3,825.57 39.68 SER 2021-A CL A3 *0 DAY DELAY* 98.0000 98.9400
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 1,112,763.00 0.76 37,055.99- 688.72 ASSET BCKD SEC SER 2022-A CL A3 99.9843 96.7620
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 1,222,774.95 0.83 161,615.65- 3,159.53 MED TERM NOTE 99.9560 88.2870
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 1,137,227.85 0.78 76,144.05- 2,349.00 DTD 01/13/22 1.450 01/13/2025 99.8660 93.5990
MOODY'S RATING A1
CUSIP 89236TJT3
2,100,000 UNITED STATES TREASURY BONDS 2,084,988.28 2,084,418.00 1.42 570.28- 228.26 DTD 02/28/2023 4.000% 02/29/2028 99.2852 99.2580

MOODY'S RATING AAA
CUSIP 91282CGP0
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 2,917,162.00 1.99 140,455.20- 25,026.93 DTD 03/15/2022 1.750% 03/15/2025 98.6328 94.1020

MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,118,342.50 2.13 141,970.00- 17,506.91 DTD 06/30/2022 3.250% 06/30/2027 100.3173 95.9490

MOODY'S RATING AAA
CUSIP 91282CEW7
1220
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PAGE 16

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

MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,294,530.00 2.93 174,372.34- 382.13 DTD 08/31/2022 3.125% 08/31/2027 99.3090 95.4340

MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,431,956.50 2.34 10,804.16 59,427.20 DTD 09/30/2022 4.125% 09/30/2027 99.1639 99.4770

MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 837,879.00 0.57 14,777.25- 8,234.38 DTD 11/30/2022 3.875% 11/30/2027 100.3125 98.5740

MOODY'S RATING AAA
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,709,822.50 1.85 65,284.92- 17,662.29 DTD 12/31/2022 3.875% 12/31/2027 100.9130 98.5390

MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,908,830.00 1.98 49,099.69- 8,411.60 DTD 01/31/2023 3.500% 01/31/2028 98.5977 96.9610

MOODY'S RATING AAA
CUSIP 91282CGH8
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 917,620.65 0.63 107,430.70- 3,504.62 DTD 05/19/21 1.150 05/15/2026 99.0388 88.6590
MOODY'S RATING A3
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 643,875.75 0.44 31,440.95- 7,353.75 DTD 05/20/2022 3.700% 05/15/2027 100.0469 95.3890

CALLABLE
MOODY'S RATING A3
CUSIP 91324PEG3
1221
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PAGE 17

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

MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,151,552.00 1.47 214,588.63- 2,505.49 DTD 09/30/20 0.250 09/30/2025 98.5892 89.6480

MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,187,972.50 1.49 234,519.69- 2,047.31 DTD 10/31/20 0.250 10/31/2025 98.8772 89.3050

MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,009,880.00 1.37 199,778.20- 2,109.38 DTD 11/30/20 0.375 11/30/2025 98.2070 89.3280

MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,220,800.00 1.51 235,645.31- 751.04 DTD 02/01/21 0.375 01/31/2026 98.2578 88.8320

MOODY'S RATING AAA
CUSIP 91282CBH3
1,450,000 US TREASURY NOTE 1,446,488.28 1,378,631.00 0.94 67,857.28- 1,672.31 DTD 03/15/21 0.250 03/15/2024 99.7578 95.0780

MOODY'S RATING AAA
CUSIP 91282CBR1
2,500,000 US TREASURY NOTE 2,493,652.34 2,228,625.00 1.52 265,027.34- 6,267.27 DTD 04/30/21 0.750 04/30/2026 99.7461 89.1450

MOODY'S RATING AAA
CUSIP 91282CBW0
1222
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PAGE 18

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

MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,247,092.00 0.85 144,376.75- 5,264.50 DTD 11/01/21 1.125 10/31/2026 99.3906 89.0780
CUSIP 91282CDG3
1,700,000 US TREASURY NOTE 1,753,191.41 1,635,927.00 1.11 117,264.41- 1,561.46 DTD 08/15/14 2.375 08/15/2024 103.1289 96.2310

MOODY'S RATING AAA
CUSIP 912828D56
2,000,000 US TREASURY NOTE 2,018,574.22 1,919,760.00 1.31 98,814.22- 6,629.83 DTD 06/30/17 2.000 06/30/2024 100.9287 95.9880

MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,639,837.00 1.12 66,139.56- 11,364.64 DTD 05/01/17 2.000 04/30/2024 100.3516 96.4610

MOODY'S RATING AAA
CUSIP 912828X70
2,100,000 US TREASURY NOTE 2,087,203.13 1,985,823.00 1.35 101,380.13- 6,091.16 DTD 12/31/19 1.750 12/31/2024 99.3906 94.5630
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,395,705.00 0.95 127,439.53- 46.62 DTD 03/02/20 1.125 02/28/2025 101.5430 93.0470

MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,277,550.00 1.55 83,289.85- 3,133.63 DTD 04/30/20 0.375 04/30/2025 94.4336 91.1020

MOODY'S RATING AAA
CUSIP 912828ZL7
1223
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PAGE 19

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

CALLABLE
CUSIP 92348KAV5
317,826.06 VERIZON OWNER TRUST 317,759.31 314,078.89 0.21 3,680.42- 45.64 SER 2020-B CL A *0 DAY DELAY* 99.9790 98.8210
DTD 08/12/20 0.470 02/20/2025

MOODY'S RATING AAA
CUSIP 92290BAA9
350,000 WALMART INC 349,338.50 307,419.00 0.21 41,919.50- 1,674.17 DTD 09/17/21 1.050 09/17/2026 99.8110 87.8340
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 156,235,688.22 146,574,166.13 99.89 9,661,522.09- 528,610.79 ====================================================================================================================================== TOTAL INVESTMENTS 156,391,276.44 146,729,754.35 100.00 9,661,522.09- 530,200.66 TOTAL ACCRUALS 530,200.66 530,200.66
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 156,921,477.10 147,259,955.01 1224
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PAGE 20

CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD FEBRUARY 1, 2023 THROUGH FEBRUARY 28, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH SUMMARY

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

RECEIPTS
NET INTEREST COLLECTED 0.00 225,911.73
TRANSFER RECEIPTS 225,911.73 0.00
SALES 4,810,668.73 0.00
CASH MANAGEMENT SALES 2,071,971.69 0.00
TOTAL CASH RECEIPTS 7,108,552.15 225,911.73

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,067.30- 0.00
TRANSFER DISBURSEMENTS 0.00 225,911.73-
PURCHASES 5,042,917.97- 0.00
CASH MANAGEMENT PURCHASES 2,056,566.88- 0.00
TOTAL CASH DISBURSEMENTS 7,108,552.15- 225,911.73-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 1225
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PAGE 21

STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD FEBRUARY 1, 2023 THROUGH FEBRUARY 28, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
02/01/23 INTEREST RECEIVED 922.71
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 1/1/23 TO 1/31/23
02/01/23 INTEREST RECEIVED 32.66

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 1/1/23 TO 1/31/23
02/28/23 2,056,534.22 CASH SWEEP PURCHASES FOR STMT PERIOD 2,056,534.22- 2,056,534.22 AS 100% TREAS MM FD-SVC CL #008
9 TRANSACTIONS
02/28/23 32.66 CASH SWEEP PURCHASES FOR STMT PERIOD 32.66- 32.66

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
02/28/23 2,071,971.69- CASH SWEEP SALES FOR STMT PERIOD 2,071,971.69 2,071,971.69- AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS

BONDS & NOTES
02/15/23 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 2/15/23
02/15/23 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 2/15/23
1226
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PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/27/23 INTEREST RECEIVED 103.45
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00027/PV ON 376,184.66 PV
DUE 2/25/23
02/27/23 36,698.06- PAID DOWN 36,698.06 36,694.27- 3.79 BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
TO SETTLE ON 02/27/2023
02/27/23 INTEREST RECEIVED 412.50
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00092/PV ON 450,000.00 PV
DUE 2/25/23
02/27/23 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 2/25/23
02/24/23 1,500,000- SOLD 1,470,615.00 1,568,115.00- 97,500.00- FED HOME LN BK 3.250% 3/08/24
CUSIP 3130A0XE5
AT $98.0410 ON TRADE DATE 02/23/2023
TO SETTLE ON 02/24/2023
WACHOVIA CAPITAL MARKETS, LLC.
02/24/23 ACCRUED INTEREST ON SALE 22,479.17
FED HOME LN BK 3.250% 3/08/24
CUSIP 3130A0XE5
02/08/23 900,000- SOLD 865,782.00 899,109.00- 33,327.00- FED HOME LN MTG CORP 0.250% 12/04/23
CUSIP 3137EAFA2
AT $96.1980 ON TRADE DATE 02/07/2023
TO SETTLE ON 02/08/2023

PERSHING LLC
1227
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PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/08/23 ACCRUED INTEREST ON SALE 400.00
FED HOME LN MTG CORP 0.250% 12/04/23
CUSIP 3137EAFA2
02/13/23 INTEREST RECEIVED 17,737.50
FED HOME LN MTG CORP 1.500% 2/12/25
CUSIP 3137EAEP0
INTEREST ON 2,365,000.000 UNITS
02/27/23 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 2/25/23
02/27/23 INTEREST RECEIVED 4,687.50
FED NATL MTG ASSN 0.375% 8/25/25
CUSIP 3135G05X7
INTEREST ON 2,500,000.000 UNITS
02/27/23 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 2/25/23
02/27/23 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 2/25/23
02/27/23 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 2/25/23
1228
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PAGE 24

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/27/23 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 2/25/23
02/27/23 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 2/25/23
02/16/23 INTEREST RECEIVED 1,007.50
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00258/PV ON 390,000.00 PV
DUE 2/16/23
02/21/23 INTEREST RECEIVED 313.63
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00032/PV ON 965,000.00 PV
DUE 2/20/23
02/21/23 10,014.26- PAID DOWN 10,014.26 10,014.12- 0.14 GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
TO SETTLE ON 02/21/2023
02/21/23 INTEREST RECEIVED 1,496.25
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00158/PV ON 945,000.00 PV
DUE 2/20/23
1229
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PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/16/23 INTEREST RECEIVED 198.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00057/PV ON 350,000.00 PV
DUE 2/16/23
02/16/23 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00105/PV ON 295,000.00 PV
DUE 2/16/23
02/21/23 INTEREST RECEIVED 43.08
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00023/PV ON 191,446.33 PV
DUE 2/21/23
02/21/23 15,126.4- PAID DOWN 15,126.40 15,126.12- 0.28
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
02/21/23 INTEREST RECEIVED 80.13
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00031/PV ON 259,883.67 PV
DUE 2/18/23
02/21/23 27,446.34- PAID DOWN 27,446.34 27,442.31- 4.03 HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
TO SETTLE ON 02/21/2023
02/15/23 INTEREST RECEIVED 32.94
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00068/PV ON 48,206.24 PV
DUE 2/15/23
1230
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PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/15/23 6,888.75- PAID DOWN 6,888.75 6,888.21- 0.54
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
02/21/23 INTEREST RECEIVED 337.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00073/PV ON 460,000.00 PV
DUE 2/21/23
02/15/23 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 2/15/23
02/15/23 INTEREST RECEIVED 196.17
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00027/PV ON 713,351.18 PV
DUE 2/15/23
02/15/23 86,894.67- PAID DOWN 86,894.67 86,881.64- 13.03 HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
02/15/23 INTEREST RECEIVED 522.00
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00097/PV ON 540,000.00 PV
DUE 2/15/23
02/15/23 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 2/15/23
1231
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PAGE 27

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/15/23 INTEREST RECEIVED 142.93
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00032/PV ON 451,348.32 PV
DUE 2/15/23
02/15/23 30,209.37- PAID DOWN 30,209.37 30,206.19- 3.18 HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
02/15/23 INTEREST RECEIVED 820.17
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00062/PV ON 1,330,000.00 PV
DUE 2/15/23
02/15/23 INTEREST RECEIVED 4,453.75
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00424/PV ON 1,050,000.00 PV
DUE 2/15/23
02/15/23 INTEREST RECEIVED 870.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00193/PV ON 450,000.00 PV
DUE 2/15/23
02/15/23 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 2/15/23
02/15/23 INTEREST RECEIVED 37.15
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00042/PV ON 87,422.64 PV
DUE 2/15/23
1232
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PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/15/23 17,266.46- PAID DOWN 17,266.46 17,263.83- 2.63 JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
02/15/23 INTEREST RECEIVED 251.33
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00043/PV ON 580,000.00 PV
DUE 2/15/23
02/15/23 INTEREST RECEIVED 45.29
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
$0.00092/PV ON 49,408.28 PV
DUE 2/15/23
02/15/23 11,800.27- PAID DOWN 11,800.27 11,799.55- 0.72 JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
02/15/23 INTEREST RECEIVED 5.52
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
$0.00033/PV ON 16,551.04 PV
DUE 2/15/23
02/15/23 16,551.04- PAID DOWN 16,551.04 16,550.20- 0.84 MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
02/15/23 INTEREST RECEIVED 190.96
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
$0.00161/PV ON 118,729.00 PV
DUE 2/15/23
1233
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PAGE 29

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/15/23 43,954.88- PAID DOWN 43,954.88 44,172.93- 218.05- NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
02/09/23 INTEREST RECEIVED 1,700.00
PACCAR FINANCIAL COR 0.500% 8/09/24
CUSIP 69371RR40
INTEREST ON 680,000.000 UNITS
02/15/23 INTEREST RECEIVED 3,977.50
PACCAR FINANCIAL COR 2.150% 8/15/24
CUSIP 69371RQ25
INTEREST ON 370,000.000 UNITS
02/15/23 INTEREST RECEIVED 150.78
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00022/PV ON 695,916.59 PV
DUE 2/15/23
02/15/23 54,236.27- PAID DOWN 54,236.27 54,226.20- 10.07 TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
02/15/23 INTEREST RECEIVED 56.62
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00029/PV ON 194,135.56 PV
DUE 2/15/23
02/15/23 21,875.47- PAID DOWN 21,875.47 21,871.39- 4.08 TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
02/15/23 INTEREST RECEIVED 254.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00059/PV ON 430,000.00 PV
DUE 2/15/23
1234
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PAGE 30

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/21/23 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 2/20/23
02/21/23 INTEREST RECEIVED 156.35
TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
$0.00033/PV ON 481,084.45 PV
DUE 2/20/23
02/21/23 74,109.21- PAID DOWN 74,109.21 72,627.03- 1,482.18 TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
TO SETTLE ON 02/21/2023
02/28/23 INTEREST RECEIVED 70,312.50
U.S. TREASURY NOTES 3.125% 8/31/27
CUSIP 91282CFH9
INTEREST ON 4,500,000.000 UNITS
02/08/23 3,000,000 PURCHASED 2,957,929.69- 2,957,929.69 U.S. TREASURY NOTES 3.500% 1/31/28
CUSIP 91282CGH8
AT $98.5977 ON TRADE DATE 02/07/2023
TO SETTLE ON 02/08/2023

CITADEL DERIVATIVES GROUP LLC
02/08/23 ACCRUED INTEREST ON PURCHASE 2,320.44-
U.S. TREASURY NOTES 3.500% 1/31/28
CUSIP 91282CGH8
02/28/23 2,100,000 PURCHASED 2,084,988.28- 2,084,988.28 U.S. TREASURY NOTES 4.000% 2/29/28
CUSIP 91282CGP0
AT $99.2852 ON TRADE DATE 02/23/2023
TO SETTLE ON 02/28/2023
J.P. MORGAN SECURITIES INC., -
1235
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PAGE 31

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/28/23 INTEREST RECEIVED 8,437.50
US TREASURY NOTE 1.125% 2/28/25
CUSIP 912828ZC7
INTEREST ON 1,500,000.000 UNITS
02/15/23 INTEREST RECEIVED 20,187.50
US TREASURY NOTE 2.375% 8/15/24
CUSIP 912828D56
INTEREST ON 1,700,000.000 UNITS
02/08/23 2,000,000- SOLD 1,958,203.13 2,053,613.28- 95,410.15- US TREASURY NOTE 2.750% 2/15/24
CUSIP 912828B66
AT $97.9102 ON TRADE DATE 02/07/2023
TO SETTLE ON 02/08/2023
WACHOVIA CAPITAL MARKETS, LLC.
02/08/23 ACCRUED INTEREST ON SALE 26,453.80
US TREASURY NOTE 2.750% 2/15/24
CUSIP 912828B66
02/21/23 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 2/20/23
02/21/23 INTEREST RECEIVED 149.05
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00039/PV ON 380,548.91 PV
DUE 2/20/23
02/21/23 62,722.85- PAID DOWN 62,722.85 62,709.68- 13.17 VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
TO SETTLE ON 02/21/2023
1236
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PAGE 32

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/21/23 INTEREST RECEIVED 0.44
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
$0.00162/PV ON 274.30 PV
DUE 2/20/23
02/21/23 274.3- PAID DOWN 274.30 274.28- 0.02
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
TO SETTLE ON 02/21/2023
02/13/23 INTEREST RECEIVED 6,045.00
VR BANK OF AMERICA 2.015% 2/13/26
CUSIP 06051GHY8
INTEREST ON 600,000.000 UNITS
02/27/23 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 2/25/23

TRANSFER RECEIPTS
02/01/23 ADDITION TO ACCOUNT 955.37

TRANSFER FROM INCOME
02/08/23 ADDITION TO ACCOUNT 24,533.36

TRANSFER FROM INCOME
02/09/23 ADDITION TO ACCOUNT 1,700.00

TRANSFER FROM INCOME
02/13/23 ADDITION TO ACCOUNT 23,782.50

TRANSFER FROM INCOME
1237
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PAGE 33

STATEMENT OF TRANSACTIONS

REALIZED

TRANSFER FROM INCOME
02/16/23 ADDITION TO ACCOUNT 1,717.27

TRANSFER FROM INCOME
02/21/23 ADDITION TO ACCOUNT 6,221.59

TRANSFER FROM INCOME
02/24/23 ADDITION TO ACCOUNT 22,479.17

TRANSFER FROM INCOME
02/27/23 ADDITION TO ACCOUNT 4,687.50

TRANSFER FROM INCOME
02/28/23 ADDITION TO ACCOUNT 96,042.62

TRANSFER FROM INCOME

INVESTMENT MANAGEMENT EXPENSES
02/07/23 INVESTMENT MGMT FEE 9,067.30-

PAID TO CHANDLER ASSET MANAGEMENT INC
INV# 2301CUPERTIN CHANDLER ASSET
MGMT FEE 2/6/23

TRANSFER DISBURSEMENTS
02/01/23 TRANSFER TO PRINCIPAL 955.37-
02/08/23 TRANSFER TO PRINCIPAL 24,533.36-
02/09/23 TRANSFER TO PRINCIPAL 1,700.00-
02/13/23 TRANSFER TO PRINCIPAL 23,782.50-
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INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 34

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 02/15/23 TRANSFER TO PRINCIPAL 43,792.35-
02/16/23 TRANSFER TO PRINCIPAL 1,717.27-
02/21/23 TRANSFER TO PRINCIPAL 6,221.59-
02/24/23 TRANSFER TO PRINCIPAL 22,479.17-
02/27/23 TRANSFER TO PRINCIPAL 4,687.50-
02/28/23 TRANSFER TO PRINCIPAL 96,042.62-
================================================================================================================= ENDING BALANCE 0.00 156,391,276.44
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 2/1/2023 to 2/28/2023 Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.

Cupertino, CA 95014
Account Summary
Source 2/1/2023 Contributions Earnings Expenses Distributions Transfers 2/28/2023 OPEB 1001 $33,651,241.02 $0.00 -$848,358.81 $9,880.22 $0.00 $0.00 $32,793,001.99 PENSION 1002 $18,507,646.57 $0.00 -$466,577.57 $5,433.94 $0.00 $0.00 $18,035,635.06 Totals $52,158,887.59 $0.00 -$1,314,936.38 $15,314.16 $0.00 $0.00 $50,828,637.05 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 -2.52% -0.02% -8.32% 3.86% 3.64% 5.29% 6/21/2010
PENSION -2.52% -0.02% -8.31% 5.09% - - 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
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3/2/23, 8:54 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
March 02, 2023
LAIF Home
PMIA Average Monthly
Yields

CITY OF CUPERTINO

FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:

February 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit: 0.00 Beginning Balance: 21,281,569.38
Total Withdrawal 0 00 Ending Balance 21,281,569.38
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CITY OF CUPERTINO
Agenda Item
23-12171 Agenda Date: 4/13/2023
Agenda #: 10.

Subject: Conference with legal counsel - initiation of litigation pursuant to Government Code § 54956.9(c) (two cases) CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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CITY OF CUPERTINO
Agenda Item
23-12172 Agenda Date: 4/13/2023
Agenda #: 11.

Subject: Conference with Labor Negotiators pursuant to Government Code § 54957.6 (Kristina Alfaro and Christopher Boucher)
CITY OF CUPERTINO Page 1 of 1 Printed on 4/6/2023
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Cupertino City CouncilApril 13, 2023

Cupertino City Council
April 13, 2023