Cities Index.
CC 06-21-2023 Searchable Packet.pdf

Cupertino City Council
June 21, 2023

Document
CC 06-21-2023 Searchable Packet.pdf
Meeting
June 21, 2023
Body
Cupertino City Council
Pages
60
Original file
258.9 MB
Text extracted from the city's file for reading and search. Open the original on cupertino.legistar.com. That file is the official record.

Comment Response
shopping and/or recreational destinations. Implementing this program would encourage the use of transit, shared ride modes, bicycling, and walking, thereby reducing drive-alone vehicle trips.
 School Pool Program. Prior to issuance of certificate of occupancy, the project applicant shall prepare a School Pool Program to the satisfaction of the City of Cupertino to reduce VMT by matching parents of the proposed residential development who transport students to and from schools without a bussing program, including private schools, charter schools, and neighborhood schools where students cannot walk or bike, or where parents would rather their children not walk or bike.

The School Pool Program shall be:
 Included in resident welcome packets and clearly stated that the program is open to all residents. The building management would be responsible for preparing the welcome packet materials and distributing to all new residents; and,
 Provided via an online kiosk/webpage with current school pool program information available at all times. The online kiosk/webpage would provide resident and school information for residents interested in participating in the school carpool program. Those residents that register for the program online could connect with other residents participating in the program to schedule carpools. The building management would be responsible for creating the online kiosk/webpage so that it is up and running as soon as the residential development is ready for leasing. The building management (and/or website designer) would be responsible for adding new information to the website so that the online kiosk remains current and informative.
 Electric Bicycle Program. Prior to issuance of certificate of occupancy, the project applicant shall demonstrate to the satisfaction of the City of Cupertino that an adequate number of electric bicycles have been purchased and are available to be distributed to each resident so that each resident will receive one properly-sized electric bicycle upon move in. Electric bicycles serve as a low barrier to entry-level 1597
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TABLE 1 RESPONSES TO COMMENTS ON THE PUBLIC REVIEW DRAFT INITIAL STUDY AND MITIGATED NEGATIVE DECLARATION Comment
No.

Comment Response
bicycling for residents who may not otherwise consider bicycling as a viable mode of transportation and the electric assist allows users of all fitness levels to participate in biking and help users to reach farther away destinations that they may have previously considered too far to bike to. This strategy would promote bicycling as an alternative to driving, thereby reducing VMT. All residents would be eligible to receive an electric bicycle. Prior to the issuance of building permits, the project applicant shall submit a site-wide Electric Bicycle Program (EBP) to the Community Development Department, for review and approval. The EBP shall include the following:
 The project applicant shall initially purchase a total of 20 mid-range ($1,500 to $2,500), commuter/leisure electric bicycles (e-bikes), to form an e-bike pool.

These e-bikes shall be purchased prior to certificate of occupancy.  The e-bikes shall be available for use to any resident of the project (apartment units and townhomes) by advanced reservation on an hourly or daily basis.  The EBP shall identify how the reservation system will be managed and by whom.

For example, the reservation system could be a pen and paper sign up system, online, etc. and would be coordinated through the Transportation Coordinator.  The EBP shall identify where the secure e-bike parking will be located and how it will be accessed by future residents of the apartments and townhomes. For example, the e-bike parking area could be located in the covered parking area or on the roof and would be accessible by distributing electronic key cards or fobs to residents.
 The e-bike parking shall provide 20 charging stations so that each e-bike is fully charged each day, secure, and accessible to residents only.  The EBP shall identify who is responsible for coordinating the routine maintenance of the e-bike fleet by a professional e-bike service semi-annually or as needed when a bike is operational. For example, the Homeowners Association, or equivalent body, could be responsible for this task.  The EBP shall identify where the bike maintenance station would be provided on site to allow residents to perform basic maintenance and repairs on their own 1598
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TABLE 1 RESPONSES TO COMMENTS ON THE PUBLIC REVIEW DRAFT INITIAL STUDY AND MITIGATED NEGATIVE DECLARATION Comment
No.

Comment Response
personal bicycles (e-bikes and non-e-bikes) without having to purchase their own tools and also make basic adjustments to an e-bike from the e-bike pool for seat adjustments, etc.
 The bike maintenance station shall be in the e-bike storage location or in close proximity and shall include, at a minimum, a bicycle pump, wrenches, a chain tool, lubricants, tire levers, hex keys/Allen wrenches, torx keys, screwdrivers, and spoke wrenches. The bike repair station shall be available for residents to maintain and fix their bicycles without having to purchase their own tools.  The EBP shall identify who is responsible for maintaining the bike maintenance station. For example, the Homeowners Association, or equivalent body, could be responsible for this as part of their job assignment.
 The EBP shall include the procedures for implementing an annual e-bike program survey to be given to residents to gather information on the success of the program and ascertain information on how to make the program more successful.

The procedures shall state that first survey shall be conducted within six months of initiating the program, the second within 12 months, and then on an annual basis.
 The project applicant shall provide this program to residents of the project site at no cost for at least five years. If the annual e-bike program survey generates the need for more bikes, then it may be appropriate to add a fee structure at that time.
.
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Attachment:

Letters Received During the 20-day
Public Review Period
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From: Jourdan Alvarado <[email protected]>
Sent: Wednesday, November 2, 2022 9:54 AM
To: Gian Martire <[email protected]>
Cc: Colleen Haggerty <[email protected]>; Michael Martin <[email protected]> Subject: 1655 S De Anza Blvd Mixed-Use 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 Gian,
The Santa Clara Valley Water District (Valley Water) has reviewed the Initial Study/Mitigated Negative Declaration (IS/MND) for the proposed 1655 South De Anza Boulevard Mixed-Use Project in the City of Cupertino, received by Valley Water on October 18, 2022.

The proposed project is not located adjacent or within any Valley Water facilities or right-of-way; therefore, in accordance with Valley Water’s Water Resources Protection Ordinance, a Valley Water encroachment permit is not required for this project.

Valley Water has the following comments regarding the IS/MND:

1. The Introduction in Section 1 on page 2-1 should list APN 366-10-126, in addition to APN 366-10- 061 as the project area as shown on Figure 3-2 also includes this parcel.

2. Section 3.2.4 on page 3-16 and Figure 3-13 on page 3-17 propose the use of glossy privet. As this is an invasive species, it is recommended that glossy privet be deleted from the landscape plan.

3. The discussion of Existing Conditions in Section IX on page 4-48 should refer to Calabazas Creek as that is where the site drains.

4. Section IX on page 4-49 states that the “rest of the water used in the county is purchased from the Santa Clara Valley Water District.” While Valley Water is a wholesale water supplier for Santa Clara County, not all water retailers in the county rely solely on groundwater or Valley Water supplies. The text should be revised for accuracy.

5. Section IX on page 4-49 states that the “project site is not located in a FEMA-designated 100- year floodplain.” While this is true for most of the site, according to the FEMA Letter of Map Revision (LOMR) 13-09-1209P, effective April 11, 2013, a small portion of the site is located within Zone X (shaded), representing areas of 0.2% annual chance flood, areas of 1% annual chance flood with average depths of less than 1 foot and areas protected by levees from 1% annual chance flood. The text should be revised accordingly.

6. Part e of Section IX on page 4-52 incorrectly states that the “project site is not within the purview of a sustainable groundwater management plan.” In accordance with the 2014 Sustainable Groundwater Management Act, Valley Water as the local groundwater sustainability agency, prepared the 2021 Ground Water Management Plan which covers the project site. Part e should be revised to include a discussion of the 2021 Ground Water Management Plan. 1601
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7. The IS/MND concludes that the project is consistent with planned growth in Cupertino’s General Plan. The water supply analysis from the General Plan relied on the Urban Water Management Plans (UWMP) for the San Jose Water Company and for Valley Water, which both assume substantial increases in water conservation to manage future water demands. Consistent with Goal 3 of the Climate Action Plan, and to meet water conservation targets assumed in the UWMPs, Valley Water suggests that all new separate residential units be required to install a submeter to encourage efficient water use. Studies have shown that adding submeters can reduce water use 15 to 30 percent.

Thank you for the opportunity to review the IS/MND. If you have any questions, or need further information, you can reach me at (408) 596-4364, or by e-mail at [email protected]. Please reference Valley Water File No. 34799 on future correspondence regarding this project.

Sincerely,

JOURDAN ALVARADO, CFM
ASSISTANT ENGINEER II – CIVIL (TEMP)
Community Projects Review Unit
[email protected]
Tel. (408) 596-4364 CPRU Hotline (408) 630-2650

SANTA CLARA VALLEY WATER DISTRICT
5750 Almaden Expressway, San Jose CA 95118
www.valleywater.org
Clean Water . Healthy Environment . Flood Protection

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From: Gibson, Kelly <[email protected]>
Sent: Monday, October 31, 2022 12:59 PM
To: Gian Martire <[email protected]>
Subject: 1655 S De Anza Blvd

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.

Hi Gian Paolo Martire,

I reviewed the Development Permit, Architectural and Site Approval, Tentative Map, Tree Removal Permit, and Use for 1655 S De Anza Blvd, Cupertino 95014 (APN 366-10-061 and -126).

There are no impacts to the Countywide Trails Master Plan or County Parks, therefore the County Parks Department has no comments at this time.

Kelly Gibson
Associate Planner
Santa Clara County Parks
298 Garden Hill Drive
Los Gatos, CA 95032
parkhere.org

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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
03-29-2022
07-19-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL
4TH SUBMITTAL
5TH SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.1
1 2
3 4
1655 S DE ANZA BOULEVARD

ARCHITECTURAL PLANS
A.1 TITLE SHEET
A.2 PROJECT DATA
A.3 SITE AERIAL
A.4 SITE PHOTOS
A.5 SITE ACCESSIBLE PATHWAY
A.5.1 SITE PLAN - BMR UNIT DISTRIBUTION
A.5.2 BUILDING AREA AND HEIGHT
A.6 SITE PLAN - 1ST LEVEL
A.7 SITE PLAN - 2ND LEVEL
A.8 SITE PLAN - 3RD LEVEL
A.9 SITE PLAN - ROOF & COMMON OPEN SPACE
A.10 SITE SECTIONS
A.11 SITE PLAN - TRASH - MIXED USE
A.12 SITE PLAN - TRASH - TOWNHOMES
A.13 TOWNHOMES - UNIT A
A.14 TOWNHOMES - UNIT B
A.15 TOWNHOMES - 4-PLEX - 1ST & 2ND FLOOR PLANS
A.16 TOWNHOMES - 4-PLEX - 3RD FLOOR PLAN & ROOF PLAN
A.17 TOWNHOMES - 4-PLEX - BUILDING SECTIONS
A.18 TOWNHOMES - 4-PLEX - ELEVATIONS
A.19 TOWNHOMES - 7-PLEX - 1ST & 2ND FLOOR PLANS
A.20 TOWNHOMES - 7-PLEX - 3RD FLOOR PLAN & ROOF PLAN
A.21 TOWNHOMES - 7-PLEX - BUILDING SECTIONS
A.22 TOWNHOMES - 7-PLEX - ELEVATIONS
A.23 TOWNHOMES - MATERIALS AND FINISHES
A.24 TOWNHOMES - PERSPECTIVE VIEW
A.25 TOWNHOMES - PERSPECTIVE VIEW
A.26 TOWNHOMES - PERSPECTIVE VIEW
A.27 MIXED USE - UNIT 2A
A.28 MIXED USE - UNIT 2B
A.29 MIXED USE - UNIT 2C
A.30 MIXED USE - UNIT 2D
A.31 MIXED USE - UNIT 2E
A.32 MIXED USE - UNIT 3A
A.33 MIXED USE - UNIT 3B
A.34 MIXED USE - UNIT 3C
A.35 MIXED USE - 1ST & 2ND FLOOR PLANS
A.36 MIXED USE - 3RD FLOOR PLAN & ROOF PLAN
A.37 MIXED USE - BUILDING SECTIONS
A.38 MIXED USE - ELEVATIONS
A.39 MIXED USE - MATERIALS AND FINISHES
A.40 MIXED USE - PERSPECTIVE VIEW
SHEET INDEX:

TITLE SHEET
A.41 MIXED USE - PERSPECTIVE VIEW
A.42 MIXED USE - PERSPECTIVE VIEW
A.43 MIXED USE - PERSPECTIVE VIEW
A.44 SCCFD REQUIREMENTS - REVIEW 1
A.45 SCCFD REQUIREMENTS - REVIEW 2
A.46 MIXED USE - ALLOWABLE OPENINGS

CIVIL PLANS
C1.0 COVER SHEET
C2.0 TOPOGRAPHIC SURVEY
C3.0 EXISTING PARCEL PLAN
C4.0 PROPOSED PARCEL PLAN
C5.0 DEMOLITION PLAN
C6.0 GRADING PLAN
C6.1 SECTIONS
C7.0 UTILITY PLAN
C8.0 STORMWATER MANAGEMENT PLAN
C8.1 STORMWATER MANAGEMENT DETAILS
C9.0 FIRE ACCESS PLAN
C10.0 TRASH ACCESS PLAN

LANDSCAPE PLANS
L1 PRELIMINARY LANDSCAPE SITE PLAN
L2 COMMERCIAL SPACE AND COMMON OPEN SPACE

PLAN ENLARGMENTS
L3 PRELIMINARY LANDSCAPE SITE PLAN, ROOF DECK
L4 PRELIMINARY LANDSCAPE SITE PLAN, SITE DATA
L5 PRELIMINARY LANDSCAPE LIGHTING PLAN
L6 PRELIMINARY TREE MITIGATION PLAN

LIGHTING AND ELECTRICAL PLANS
E.000 COVER
E.001 NOTES
E.100 SITE LIGHTING
E.101 SITE PHOTOMETRICS
E.102 SITE POWER
E.103 COURTYARD LIGHTING
OWNER

PROPRIIS, LLC
2055 GATEWAY PLACE, SUITE 525
SAN JOSE, CA 95110
408-883-3884

ARCHITECT

DAHLIN GROUP
5865 OWENS DRIVE
PLEASANTON, CA 94588
925-251-7200

CIVIL ENGINEER
SANDIS
1700 S WINCHESTER BOULEVARD, SUITE 200
CAMPBELL, CA 95008
408-636-0962

LANDSCAPE ARCHITECT

RIPLEY DESIGN GROUP
1615 BONANZA STREET, SUITE 314
WALNUT CREEK, CA 94596
925-938-7377

STURUCTURAL ENGINEER
FTF ENGINEERING, INC.
1023 NIPOMO STREET, SUITE 210
SAN LUIS OBISPO, CA 93401
805-544-1216

MEP ENGINEER
EMERALD CITY ENGINEERS, INC.
6505 216TH STREET SW, SUITE 200
MOUNTLAKE TERRACE, WA 98043
425-741-1200
PROJECT DIRECTORY:

VICINITY MAP N

PROJECT SITE
1 3
4 2 1
2 1604
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1604 of 1675
5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.3
12 SITE AERIAL
N
SITE

PROSPECT RD

S DE ANZA BLVD
CA-85

S DE ANZA BLVD

JAMESTOWN DR

PROSPECT RD

BARNHART PL

JAMESTOWN CT

POPPY WAY

PRIMROSE WAY

VIA RONCOLE

MAUREEN WAY

RITANNA CT

VIA RONCOLE

MEADOW OAK RD

PLUM BLOSSOM DR

WILDFLOWER WAY JAMESTOWN DR

DONEGAL DR

LEEDS AVE

WATERFORD DR

NEWCASTLE DR

ROSE GARDEN WAY

NORMANDY WAY

HOOVER PARK

GALWAY DR

ASTER LN

SHARON DR

DUCKETT WAY

BROOKVALE DR CAROL LN

MERIDA DR

COVINA CT

KIRKBROOK DR

KIRKMONT DR

MARILLA DR
CA-85
CA-85
1605
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
03-29-2022
07-19-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL
4TH SUBMITTAL
5TH SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.5
1234

SITE ACCESSIBLE PATHWAY

PROSPECT RD

S DE ANZA BLVD

JAMESTOWN DR

JAMESTOWN CT
1 1
3 2
2 32
444
4 5
7 66
65432178

ACCESSIBLE LEGEND
ACCESSIBLE PATHWAY (*)

PUBLIC TRANSIT (BUS STOP)

ACCESSIBLE PARKING SPACE

ACCESSIBLE EV PARKING

COMMERCIAL ACCESSIBLE ENTRANCE

RESIDENT ACCESSIBLE ENTRANCE

TOWNHOME ACCESSIBLE ENTRANCE

RESIDENT ELEVATOR ACCESS

ACCESSIBLE ROUTE & THRESHOLD FROM PRIVATE

GARAGE TO GROUND LEVEL ACCESSIBLE TOWNHOME
(*) NOTE: PATH SHOWN INDICATES THE ACCESSIBLE

ROUTE FROM THE ADJACENT PUBLIC TRANSIT TO

BUILDING ENTRANCES AND ACCESSIBLE GUEST
PARKING SPACES.

ALL MIXED USE BUILDING RESIDENTIAL UNITS,

COMMON AREAS AND AMENITY SPACES WILL BE
LOCATED ON A CONTINUOUS ACCESSIBLE ROUTE.

VICINITY LEGEND

VALERO GAS STATION

SHELL GAS STATION

DIAMOND GAS STATION

BLUE HILLS MEDICAL OFFICES

CUPERTINO CORPORATE CENTER

GROWING TREE LEARNING CENTER

CHRISTIAN RIGHTEOUSNESS EDUCATION CENTER

GENIUS ACADEMY

TAMRA MEDITERRANEAN GRILL

LOS DOS COMPADRES

ORIENTAL GOURMET

SOGO TOFU

WONDERFUL FOOD COURT

SWIFT CLEANERS

JOU MUSIC INSTITUTE

ACC ACUPUNCTURE & CLEANSING CENTER

DE YOUNG BEAUTY SALON

COLDWELL BANKER REALTY

BANK OF AMERICA

CORNERSTONE TITLE COMPANY

GOLDEN ARROW TECHNOLOGY AMERICA

EXPLORING MUSIC
88 A
A
B
B
C
C
D
D
E
E
F
F
G
G
H
HH
I
I
J
J
K
K
L
L
M
M
N
N
O
O
P
P
Q
Q
R
R
S
S
T
TUV
V
U
N
4 1606
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
03-29-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL
4TH SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.6
1 2
3 5 5
SITE PLAN - 1ST LEVEL
N
4 07-08-2022
08-26-2022
5TH SUBMITTAL
6TH SUBMITTAL
4 5
1607
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1607 of 1675
5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.7
1 2
N
SITE PLAN - 2ND LEVEL
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.8
1 2
N
SITE PLAN - 3RD LEVEL
1609
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.9
1 2
N

SITE PLAN - ROOF & COMMON OPEN SPACE

RECREATION AREA
(PER THE HEART OF THE CITY SPECIFIC PLAN
SECTION 1.01.040, C.1 & C.2)
NET LOT AREA: 73,570 SQ.FT.

COMMON OPEN SPACE REQUIRED
TOWNHOMES: 150 SQ.FT./DU * 11 = 1,650 SQ.FT.

APARTMENTS: 150 SQ.FT./DU * 23 = 3,450 SQ.FT.

COMMERCIAL: 2.5% OF GROSS FLOOR AREA

0.025 * 7,482 SQ.FT. = 187 SQ.FT.

PRIVATE OPEN SPACE REQUIRED
TOWNHOMES: 60 SQ.FT./DU * 11 = 660 SQ.FT.

APARTMENTS: 60 SQ.FT./DU * 23 = 1,380 SQ.FT.

COMMON OPEN SPACE PROVIDED
TOWNHOMES: 1,673 SQ.FT. (2.3% NET LOT AREA)
APARTMENTS: 3,509 SQ.FT. (4.8% NET LOT AREA)
COMMERCIAL: 1,657 SQ.FT. (2.3% NET LOT AREA)

PRIVATE OPEN SPACE PROVIDED
TOWNHOMES: 7,415 SQ.FT. (10.0% NET LOT AREA)
TOWNHOME A (x7): 260 SQ.FT. DECK = 1,820 SQ.FT.
405 SQ.FT. YARD = 2,835 SQ.FT.

TOWNHOME B (x4): 368 SQ.FT. DECK = 1,472 SQ.FT.
322 SQ.FT. YARD = 1,288 SQ.FT.

APARTMENTS: 3,294 SQ.FT. (4.5% NET LOT AREA)
UNIT 2A (x2): 73 SQ.FT. DECK = 146 SQ.FT.

UNIT 2B (x2): 130 SQ.FT. DECK = 260 SQ.FT.

UNIT 2C (x6): 167 SQ.FT. DECK = 1,002 SQ.FT.

UNIT 2D (x4): 159 SQ.FT. DECK = 636 SQ.FT.

UNIT 2E (x2): 177 SQ.FT. DECK = 354 SQ.FT.

UNIT 3A (x4): 118 SQ.FT. DECK = 472 SQ.FT.

UNIT 3B (x1): 136 SQ.FT. DECK = 136 SQ.FT.

UNIT 3C (x2): 144 SQ.FT. DECK = 288 SQ.FT.
2 1610
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1610 of 1675
5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.24
1 2

TOWNHOMES - PERSPECTIVE VIEW
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.25
1 2

TOWNHOMES - PERSPECTIVE VIEW
1612
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.26
1 2

TOWNHOMES - PERSPECTIVE VIEW
1613
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.40
1 2

MIXED USE - PERSPECTIVE VIEW
1614
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.41
1 2

MIXED USE - PERSPECTIVE VIEW
1615
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1615 of 1675
5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.42
1 2

MIXED USE - PERSPECTIVE VIEW
1616
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5865 Owens Drive
Pleasanton, CA 94588
925-251-7200
1138.009
03-16-2021
10-22-2021
01-26-2022
JOB NO.
1ST SUBMITTAL
2ND SUBMITTAL
3RD SUBMITTAL

CUPERTINO, CALIFORNIA
1655 S DE ANZA BOULEVARD
A.43
1 2

MIXED USE - PERSPECTIVE VIEW
1617
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From: Ting Kao
To: Gian Martire
Cc: Feng Li; Glenn Serre; Yu Ning; [email protected]
Subject: Re: Development at 1655 S. DeAnza Blvd
Date: Sunday, March 19, 2023 11:01:29 AM
Attachments: image004.png
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Sorry, forgot the attachment
On Sun, Mar 19, 2023 at 10:59 AM Ting Kao <[email protected]> wrote:

Hello Gian
I want to ass to what Feng said. We have only two cypress trees in our backyard and it covers a small corner of our back fence. Please see attached picture. We will need a different solution to protect our privacy.

Thank you
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Ting
On Fri, Mar 17, 2023 at 8:23 AM Gian Martire <[email protected]> wrote:

I understand and will coordinate with the developer. Have a great weekend! Gian Martire
Senior Planner
Community Development
[email protected]
(408) 777-3319
From: Feng Li <[email protected]>
Sent: Thursday, March 16, 2023 5:55 PM
To: Gian Martire <[email protected]>
Cc: Ting Kao <[email protected]>; Yu Ning <[email protected]>; Glenn Serre <[email protected]>; [email protected]
Subject: Re: Development at 1655 S. DeAnza Blvd
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.

Thanks Gian for all the considerations!
Maintaining the existing cypress tree is definitely a good idea, however, there are also a few gaps among the trees ( please see the attached photos) If the applicant also intends to keep them, can we request to grow a few additional to fill 1619
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the gaps? This will keep better privacy for both sides
Thanks
Feng
On Thu, Mar 16, 2023, 8:42 AM Gian Martire <[email protected]> wrote:

Good morning,
Thank you for your patience. I understand your concerns and will include this communication in our file for the project.

The project is subject to the California Environmental Quality Act (CEQA), its regulations, as well as the City’s Municipal Code Chapter 17.04.050 which in part states:

17.04.050 Standard Environmental Protection Permit Submittal Requirements.

Every project shall implement the following standard environmental protection permit submittal requirements prior to the issuance of permits by the City unless they are not applicable to the project as demonstrated by a written explanation of why any standard environmental protection permit submittal requirement is not applicable to the project, subject to the review and approval of the Director of Community Development and/or the City Engineer, or his or her designee, as appropriate:

A. Air Quality Permit Requirements

1. Control Fugitive Dust During Construction. Projects shall implement the Bay Area Air Quality Management District Basic Control Measures included in the latest version of BAAQMD’s CEQA Air Quality Guidelines, as subsequently revised, supplemented, or replaced, to control fugitive dust (i.e., particulate matter PM2.5 and PM10) during demolition, ground disturbing activities and/or construction. The project applicant shall include these measures in the applicable construction documents, prior to issuance of the first permit.
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2. Control Construction Exhaust. Projects that disturb more than oneacre and are more than two months in duration, shall implement the following measures and the project applicant shall include them in the applicable construction document, prior to issuance of the first permit:
a. Utilize off-road diesel-powered construction equipment that is rated by the U.S. Environmental Protection Agency (EPA) as Tier 4 or higher for equipment more than 25 horsepower. Any emissions control device used by the contractor shall achieve emissions reductions that are no less than what could be achieved by a Tier 4 interim emissions standard for a similarly sized engine, as defined by the California Air Resources Board’s (CARB) regulations. Applicable construction documents shall clearly show the selected emission reduction strategy for construction equipment over 25 horsepower.
b. Ensure that the construction contractor shall maintain a list of all operating equipment in use on the project site for verification by the City. The construction equipment list shall state the makes, models, and number of construction equipment on-site.
c. Ensure that all equipment shall be properly serviced and maintained in accordance with the manufacturer’s recommendations.

The developer would have to meet these standards during construction, as well as those within the City’s noise ordinance.

I understand your concern with the privacy issues. Staff is going to recommend that those mature Italian Cypresses are maintained. I believe that is also the intent of the applicant as well. I agree that privacy screenings can take multiple years to grow into effectiveness so maintaining those existing plantings should be the best option to maintain privacy.

Gian Martire
Senior Planner
Community Development
[email protected]
(408) 777-3319
From: Ting Kao <[email protected]>
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Sent: Tuesday, March 14, 2023 11:42 AM
To: Gian Martire <[email protected]>
Cc: Feng Li <[email protected]>; Yu Ning <[email protected]>; Glenn Serre <[email protected]>; [email protected]
Subject: Development at 1655 S. DeAnza Blvd
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.

Hello Gina,
My neighbor Feng at 1682 Jamestown Dr corresponded with you on Feb 4th in regards to the development proposed at 1655 S DeAnza Blvd. Since then, our little neighborhood which consists of the four houses that share backyard fences with the proposed development (1694, 1682, 1670, 1658 Jamestown Dr) have met and looked over the plans carefully. We have some shared concerns regarding the development that we would like to bring to the city's attention and would appreciate it if the city can provide appropriate mitigation to help address them. I am reaching out to you in the hopes that you are the right person to contact. If not, please let me know who it should be and I am happy to contact them instead.

In any case, our concerns are as follows:

1. We are concerned about the noise and dust during the potentially very long construction. We understand that the noise issues are bound by the city's ordinance but wanted to know if there will be any additional requirements since the construction is basically next to our backyards and will be ongoing for a very long time. We are also concerned about the dust as our households have children ranging from newborn to early teens. The dust and noise will have a pretty big negative impact on us, especially in our ability to enjoy our backyards during the day time when our young children will want to make use of those spaces. Are there any proposals to make sure that construction dust and potential chemicals will not be airborne and spread into our area? Will there be any additional requirements to mitigate the construction noise?

2. We are concerned that the second floor balconies in the proposed townhouses may have a direct line of sight into our second story windows which will greatly impact our privacy, especially given how close those balconies are to the back fence. 1622
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3. Even though the plan calls for privacy screening trees, we expect that it will take several years for the trees to reach maturity and provide the intended function. In the meantime, are there any proposals to ensure the privacy of our backyards? The second floor balconies are very close to the back fence and people using the balcony can easily look directly into our backyards without the help of mature screening trees. Are there any plans to address this issue?
Thank you for taking the time to read through our concerns. Our little neighborhood group looks forward to hearing from you soon.

The residences of Jamestown
Ting, Feng, Yu and Anuj
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CITY OF CUPERTINO
Agenda Item
23-12284 Agenda Date: 6/21/2023
Agenda #: 11.

Subject: Councilmember Reports
CITY OF CUPERTINO Page 1 of 1 Printed on 6/14/2023
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CITY COUNCIL ACTIVITY REPORT
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Reporting Councilmember:ȱȱ
Report Activity Dates:ȱȱȱ
Event ŠŽǰȱTitleǰ and Description:

June 21, 2023
Councilmember J.R. Fruen
5/31/23 6/12/23
Event 1. 5/31/23 - INTRODUCTION OF CITY MANAGER WU AS FEATURED SPEAKER AT CUPERTINO ROTARY - I had the honor of introducing City Manager Wu at the Cupertino Rotary Club's weekly meeting for a discussion of the conditions in the city, the city manager's role, and current initiatives in the city. Her talk featured the budget discussion, the city's sales tax shortfall, and the Housing Element update. She was well-received and fielded a variety of questions both simple and complex.

Event 2. 5/31/23 - AUDIT COMMITTEE MEETING (SPECIAL) - The Audit Committee took action to select the city's external auditor, the Pun Group, based on the review and advice of the subcommittee created to evaluate respondents to the city's RFP.

Event 3. 6/1/23 - CUPERTINO PRIDE FLAG RAISING CEREMONY - Along with the rest of council, I took part in the city's 4th Annual Pride Flag Raising Ceremony honoring Pride Month and the LGBTQ+ community. Councilmembers each offered comments, as did representatives of the offices of Supervisor Joe Simitian, Assemblymember Evan Low, Senator Dave Cortese, and Representative Ro Khanna. The event closed with comments from a young member of the community, Cupertino High School student Xinpei Liu. Councilmembers, in succession, helped crank the flag to the top of the flag pole. I was honored to be the final flag-raiser.

Event 4. 6/2/23 - BUDGET PREPARATORY SESSION - I attended a briefing with city staff from the Department of Finance in advance of the budget discussion at the June 6 city council meeting. The structured opportunity to review the documents and ask questions made the budget discussion flow more smoothly.

Event 5. 6/3/23 - FAREWELL DINNER FOR FHDA CHANCELLOR JUDY MINER - I attended a dinner alongside Mayor Wei and Councilmember Chao to honor Chancellor Judy Miner on the occasion of her retirement from several decades of service at the Foothill-De Anza Community College District.

Event 6. 6/5/23 - DE ANZA COLLEGE PRIDE FLAG RAISING CEREMONY - Along with Vice-Mayor Mohan, I attended De Anza College's first Pride and Trans Flag Raising Ceremony, honoring Pride Month and the LGBTQ+ community. I offered comments as a featured speaker at the invitation of the event organizers. I also toured the new Pride Center and provided interview comments for the Center's history capsule. 1625 CC 06-21-2023
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Event 7. 6/6/23 ‐ FHDA COMMUNITY COLLEGE DISTRICT INCLUSIVE FLAG RAISING CEREMONYAAPI MULTICULTURAL FESTIVAL ‐ Along with Mayor Wei, I offered comments as a featured speaker to honor the Districtʹs 2nd Annual commemoration of Pride Month and the LGBTQ+ community. I was honored to serve as the official flag‐raiser for this widely attended event.

Event 8. 6/7/23 ‐ INTRODUCTION OF SHERIFF BOB JONSEN AT CUPERTINO ROTARY ‐ I had the honor of introducing Santa Clara Countyʹs new sheriff, Bob Jonsen, for a discussion of the conditions on the force, how he sees his role as sheriff, and what initiatives he is focused on for the coming year. His talk strongly featured measures that avoid escalation and the use of deadly force.

Event 9. 6/9/23 ‐ WILSON PARK COMMUNITY GARDEN & BASKETBALL COURT RIBBON‐ CUTTING ‐ Together with Mayor Wei, Vice‐Mayor Mohan, and Councilmember Moore, I participated in the opening of the new Community Garden and full‐sized basketball court at Wilson Park. The event was well‐attended. The community garden will be available for reservation and use starting July 10. The basketball court is already open and was in‐use at the time of the ceremony.
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1 CITY COUNCIL ACTIVITY REPORT
Meeting: Wednesday, June 21, 2023
Reporting Councilmember: Councilmember Kitty Moore
Report Activity Dates: 4/5/2023 to 6/12/2023
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 by SCVW BOD member. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure. Course begins today.

April 8, 2023, Cupertino Big Bunny Fun Run! Participated in the 5K, helped Parks and Recreation Staff give out all of the prize medals, placed 3rd for age group : ) Great and healthy fun for the community!
April 10, 2023, CPUC meeting, voluntary attendance.

April 12, 2023, Santa Clara Valley Water Commission, Chair was unable to attend, as Vice Chair I ran the meeting. We had a robust discussion on the water rates and proposed rate hikes and recommended the BOD not approve the rate hike, elected to hold the August meeting and will hold it at the Advanced Water Purification Center.

April 13, 2023, Apple site visit RE Agenda item project on Vallco Parkway and Tantau. 1627
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April 16, 2023, Continuing Environmental Studies program: Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste April 20, 2023, Santa Clara Valley Water Water Ambassador Program, Moore initiatied – application approved by SCVW BOD member. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure. Deep dive into the water system.

April 22, 2023 Attended Cupertino Earth Day from 11-2:20pm and visited many booths and collected lots of information. Great to see the event growing from last year! Cupertino has a lot to be proud of regarding Bird Safe/Dark Skies, Single Use Plastics, Climate Action 2.0, Reach Codes, and more!
April 24, 2023 Attended Senator Josh Becker and San Jose Mayor Matt Mahan’s press conference in support of Transitional Housing SB 643 to help provide sites for transitional homeless housing as a step to permanent housing.

April 26, 2023 Attended Supervisor Simitian’s 8th Lehigh Cement Plant and Quarry Community meeting. Of note was the mention of a 15 M gallon spill of potable water in 2022. (That is equivalent to 46 acre-ft which is 46 times the amount of water an average family of 4 would use inside and outside in a year). Efforts underway to ensure that the plant is permanently closed and begin remediation.

April 27, 2023 Attended Santa Clara County Homelessness Prevention meeting by Destination Home. Santa Clara County Homelessness Prevention System (HPS). Emergency financial assistance was analyzed and found to be very effective. HPS has had to turn away about 2/3ds of the people seeking assistance due to lacking capacity. Since starting the Eviction Diversion and Settlement Program in April 2022, they have served 167 cases, $2.9 M award, $17,608 average award per household, demand is great. Average rent for HPS participants is $1,987/month which is an increase of 12% YOY. More than half of the households HPS serves were not earning enough income to cover their monthly rent. More cost effective to prevent homelessness than to provide for homeless. Needs more funding, Measure A does not apply to this program.

April 29, 2023 Attended Cherry Blossom Festival and toured all of the indoor exhibits. Very well-attended and organized!
April 29, 2023 Attended the Grand Opening of Berraco Coffee at Stevens Creek Blvd. and S.

Tantau across from Main Street Cupertino. This new shop is one-of-a-kind and features specialty coffee.
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April 30, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Provention: Energy, Chemicals and Waste, this week’s topic: Solid and Medical Waste Management: Legal and Technical Aspects. Very timely subject which included an overview of MRFs and Santa Clara County landfills with multiple videos on waste processing.

May 4, 2023 Santa Clara Valley Water Water Ambassador Program, Moore initiatied – application approved by SCVW BOD member. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure.

May 6, 2023 Attended Supervisor Simitian and the City of Mountain View’s Asian American Pacific Islander AAPI Heritage Month Celebration in Mountain View. Beautiful fusion of classical and contemporary music along with classic dance, fellowship, and community celebration of the founders of the local Asian Americans for Community Involvement and AACI’s 50 years of service to the community.

May 7, 2023 Continued Environmental Resource Management and Pollution Prevention course.

Waste: Current Topics & Issues.

May 8, 2023 2-hour Budget review with Senior City Staff, provided to all Councilmembers individually.

May 13, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste, this week’s topic: Chemical and Chemical Products: Legal and Management Aspects. Excellent overview of the Toxic Substances Control Act and its historical ineffectiveness (as compared to the FDA which requires drug testing prior to coming onto the market).

May 18, 2023 Santa Clara Valley Water Water Ambassador Program, Moore initiatied – application approved by SCVW BOD member. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure. This week’s course included Purified Water projects, Emergency Services, Racial Equity, diversity and Inclusion, Civic Engagement, Government Relations, and Communications. 1629
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May 20, 2023 National Creek Cleanup Day at Regnart Creek! Volunteers pulled out 300 pounds of trash. I am holding part of a shopping cart:

May 21, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste, this week’s topic: Evaluation and Design of Chemicals and Chemical Products, in depth look at TSCA and the Green Chemistry initiative.

May 23, 2023 Santa Clara Valley Water Salt Pond Restoration update May 24, 2023 Santa Clara Valley Water Anderson Dam update May 25, 2023 Cupertino CREST Awards to congratulate our community volunteers! May 26, 2023 Material Recover Facility Tour. Extensive tour of a MRF with Councilmember Chao and our Environmental Programs Manager: Ursula Syrova. Resource recovery has come a long way from the days of sending everything into an unlined open pit dump to optically sorting plastics, baling plastics, cardboard, aluminum, and grinding food waste to be dried and pelletized for animal feed.

May 28, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste, this week’s topic: Chemicals and Pesticides: Current Topics and Issues. Overview of PFAS, Paper making process using Green Chemistry, Paper recycling, Chemical Safety Board activities, Safer Choice labeling, Underground Storage Tanks, Right-to-Know Network’s Risk Mgmt Plan database etc. 1630
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June 1, 2023 LGBTQ+ Pride Flag Raising for the City of Cupertino. I shared a speech regarding one of my sibling’s experiences in the U.S. Army under DADT, the recording of the event is available on the City’s Youtube Channel.

June 3, 2023 Santa Clara Valley Water Water Ambassador Program, Moore initiatied – application approved by SCVW BOD member. Attending multi-week course on water challenges, role of Valley Water, Valley Water Projects, and Organizational structure. This was an all-day tour of various water facilities in Santa Clara Valley Water and included a view of one of the new murals, tour of the Anderson Dam seismic retrofit project (Anderson Dam fits all of the other 9 reservoirs in the district and will take about ten years to be rebuilt), Upper Llagas Creek Flood Protection Project, Penetencia Water Treatment Plant, Alviso Marina County Park Mural, San Francisco Bay Shoreline Project, and the Silicon Valley Advanced Water Purification Center. This was a fantastic tour and the SCVW Water Ambassador program is very educational and well-run, please apply! June 5, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste, this week’s topic: Non-renewable fuel sources (oil, coal, nuclear)
June 8, 2023 Santa Clara Valley Water Water Ambassador Graduation! Those who made it through the whole program graduated in a ceremony and we are officially Water Ambassadors!
June 9, 2023 Silicon Valley Leadership Group and Western Digital Energy and Sustainability Summit at the Oracle Conference Center. Guest speakers included Jennifer Granholm, Energy Secretary for the US DOE, Michael Regan, Administrator for the USEPA, Guest Panel on Transit including Darlene Gee, Sr. VP HNTB, Veronica Vaterpool, Deputy Admin. FTA, Carolyn Gonot, GM SCVTA, Jeff Tumlin, GM SFMTA, and Michelle Bouchard, Exec. Dir.

Caltrain, followed by Billionair Tom Styer, Co-Exec. Director Galvanize Climate Solutions.

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USEPA Administrator Michael Regan (right)
June 10, 2023 Wilson Park Ribbon Cutting for the new Community Garden and Basketball Court. Take note of the metal siding on the Community Garden to help keep the squirrels out, and the bioswale on the south side of the basketball court to help retain water.

June 11, 2023 Ongoing Environmental Studies Environmental Resource Management and Pollution Prevention: Energy, Chemicals and Waste, this week’s topic: Renewable Energy Sources (wind, solar, geothermal). When environmental costs of energy resources are included in market prices, wind energy is the least expensive and least polluting way to produce electricity (surpassing coal).

June 11, 2023 Attended Cupertino Library Foundation panel on drought and water in the beautiful Library Expansion. Sashi Begur moderated the panelists of water experts sharing information of the water system, drought status, and that our focus needs to be on outdoor watering conservation!
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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  Wednesday, June 21, 2023
Reporting Councilmember:  Vice Mayor Sheila Mohan
Report Activity Dates:  5/30/23 to 6/11/23
Event Date, Title, and Description:
5/30/23: Storm Drain Fee:   Met with Public Works staff to review Storm Drain Fee that on 6/6/23 agenda.  Subsequently, Council approved an average increase of $1.22 per year for property owners, the first increase since 1992.
5/31/23: Audit Committee: Chaired a special meeting of the Audit committee to decide the external auditors for the next three years.  The committee also approved an extension for Moss Adams, the internal audit firm, for an additional three‐year term. 6/1/23: Attended the Santa Clara County Library District JPA meeting.  I was appointed member of the Finance Committee. The JPA approved the Fiscal Year 2023‐24 Library Budget which assumes a small growth in property tax, the library’s primary source of revenue. Library staff proposed an overdose prevention plan to combat the opioid crisis.  A presentation to the City Council has been scheduled.
6/1/23: Celebrated the start of Pride Month by participating in a flag raising at the Civic Center Plaza, an event attended by the Council, city staff, community groups and members of the public.
6/3/23:  Represented the Mayor and City Council at the 11th anniversary of the Balaji Temple in San Jose.  A very well‐attended event by elected officials, including Representative Ash Kalra, Supervisor Otto Lee, and San Jose, Milpitas and Fremont councilmembers. 6/5/23:  Participated in the Pride Flag Raising at De Anza College, and toured the new Pride Center, and made brief remarks about the contribution of the LGBTQ+ community. 1634
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2 6/6/23:  Attended the flag raising ceremony at Foothill Hill College to honor and support the LGBTQ+ community of students and faculty of the college. 6/7/23: Assisted Mayor Wei at her monthly Coffee n Chat with constituents.   A well‐informed and enthusiastic group of Cupertino residents attended the meeting and provided feedback on City services impacted by the budget.
6/8/23: Attended the annual Silicon Valley Leadership Group’s summit on energy and sustainability held at Oracle in Redwood City.  US Secretary of Energy Jennifer Granholm and EPA Administrator Michael Regan were the keynote speakers.  Both expressed their excitement with California’s innovation in renewable energy and zero‐emission vehicles. 6/9/23: Along with members of the City Council, took part in the ribbon‐cutting ceremony for the basketball court and the community gardens at Wilson Park. An enjoyable event at which we got a chance to shoot the ball on a brand‐new basketball court and pick up seed packets from the community garden.

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1 CITY COUNCIL ACTIVITY REPORT
Meeting:  Wednesday, June 21, 2023
Reporting Councilmember:  Mayor Hung Wei
Report Activity Dates:  6/1/23 to 6/12/23
Event Date, Title, and Description:

Event 1.  June 1, 2023, Pride Flag Raising Ceremony
In recognition of June as Pride Month, the City of Cupertino raised the Rainbow Flag on June 1 at 4pm at the Civic Plaza with all five City Councilmembers present.  The City of Cupertino is committed to inclusion, love, and acceptance for all.

Event 2.  June 2, 2023, Cupertino Chamber of Commerce Legislative Committee Meeting
Keynote Speaker Charlene Nijmeh, the Chairwoman of the Muwekma Ohlone Tribe spoke about the history of the Muwekma Ohlone Tribe and advocated for federal recognition of the Muwekma Ohlone Tribe.

Event 3.  June 2, 2023, Budget Review with City Staff
Reviewed the proposed Budget with Kristina Alfaro and Thomas Leong to ask questions – thanks for the extra staff time provided to all Councilmembers for Q&A
Event 4.  June 3, 2023, Silicon Valley Korean School Graduation Attended the Graduation Ceremony of Silicon Valley Korean School at Cupertino High School, spoke to students encouraging them to pursue their passion, and enjoyed wonderful performances of various groups of graduating students. 1636
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Event 5.  June 3, 2023, Retirement Celebration of Judy Miner, Chancellor of Foothill De‐Anza Community College District
Attended the celebration of Judy Minor’s retirement for 40+ years of educational service to generations of students.  The event was well attended by leaders and members of the communities.

Event 6.  June 5, 2023, Worldwide Developers Conference 2023 at Apple Park Attended the annual WWDC23 (Worldwide Developers) Conference at Apple Park with City Manager Pamela Wu and received new Apple product announcements with the highlight being the Vision Pro, Apple’s first spatial computer headset.

Event 7.  June 5, 2023, Dinner Invitation by Consul General of Japan CG Noguchi

Enjoyed a gourmet Japanese dinner at the home of Consul General Noguchi in San Francisco with Fremont Union High School District Superintendent Graham Clark, Board President of the Fremont Union High School District Board of Trustees Rosa Kim, and the principal teacher of the Wafu School of Ikebana Fusako Hoyrup. We congratulated Mrs. Hoyrup for the 50th Anniversary of the Wafu School of Ikebana and exchanged ideas on the teaching and learning of the Japanese culture and language.

Event 8.  June 6, 2023, Foothill‐De Anza Community College District’s LGBTQ+ Inclusive Flag Raising Ceremony at Foothill College
Attended the Inclusive Rainbow Flag Raising Ceremony at Foothill College in recognition of June as Pride Month with many Staff, students, as well as community leaders & activities spoke at the Ceremony.

Event 9.  June 7, 2023, Local Agency Formation Commission of Santa Clara County (Santa Clara LAFCO) Celebration of 60th Anniversary at Santa Clara County Government Center
Attended the 60th Anniversary of Santa Clara LAFCO with City Manager Pamela Wu and Director of Community Development Ben Fu. LAFCO recognized 28 years of service Susan Vickland Wilson.
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Event 10.  June 7, 2023, Afternoon Chat with Mayor at Panera Bread in Cupertino Hosted an Afternoon Chat with Mayor at Panera Bread in Cupertino with 21 attendees. City Attorney Chris Jensen and Vice Mayor Sheila Mohan were also in attendance.  Comments/Concerns/Questions from attendees included the following: calling the Council to plan for Cupertino’s future; Chat with Mayor location outside was too noisy and hard to hear conversations; how to let residents know date/time changes of Chat with Mayor; budget concerns; Cupertino Scene events needed to be published before events happened; concerns over the orange trees at Stockmayer House stopped producing oranges; Cupertino needed to move forward instead of digging into the past; Blackberry Farm Golf Course, being the least expensive golf course in the surrounding communities, could raise its golf tee fees to increase City revenues.

Event 11.  June 8, 2023, Food and Wine Stroll hosted by the Cupertino Chamber of Commerce at Main Street Cupertino
Attended and enjoyed a wonderful evening at Main Street Cupertino with fine wine from various local wineries and finger food provided by multiple restaurants at Main Street Cupertino and Nineteen800 Vallco Parkway. The Food and Wine Stroll was a popular community event for family and friends to spend a gourmet evening together.

Event 12.  June 9, 2023, Ribbon‐Cutting for the Community Garden and Basketball Court at Wilson Park
City Councilmembers, City staff, Design and Construction Representatives, as well as community members/residents gathered at the newly constructed Community Garden at Wilcon Park for a Ribbon‐Cutting Ceremony. Then the crowd moved to the newly constructed basketball court to shoot a few hoops! 1638
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CITY OF CUPERTINO
Agenda Item
22-11727 Agenda Date: 6/21/2023
Agenda #: 12.

Subject: Receive the Monthly Treasurer's Report for May 2023 Receive the Monthly Treasurer's Report for May 2023
CITY OF CUPERTINO Page 1 of 1 Printed on 6/14/2023
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1 CITY COUNCIL STAFF REPORT
Meeting: June 21, 2023
Subject
Receive the Monthly Treasurer's Report for May 2023
Recommended Action
Receive the Monthly Treasurer's Report for May 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.

Per the referenced code provisions, a Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) shall be submitted to the 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 May 2023. The report is as of June 7, 2023.

Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $134.7 million, increasing by $0.4 million from the prior month. Receipts were $5.7 million, disbursements were $(5.0) million, and journal adjustments were $(296,098) for the month.

The City's total ending cash and investment balance was $234.6 million, decreasing by $3.5 million from the prior month. Receipts were $6.1 million, disbursements were $(6.9) million, and journal adjustments were $(2.7) million for the month.

Journal adjustments included the following:
 Parks and Recreation transactions imported from Active Network into New World
 Defunding of CIP projects and transfers to Capital Reserve  Worker’s Compensation transfers
 Public Art in Lieu transfer to Jollyman AIPG
 Revenue recognition from ADA Curb ramp work completed at I-280/Junipero Serra Channel Trail
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3  Revenue recognition from deposit after completion of work at 10394 Orange Avenue
Fund Balance/Net Position
The City's General Fund ending fund balance was $126.8 million, decreasing by $3.1 million from the prior month due to revenues of $2.0 million and expenditures of $5.1 million.

The City's total ending fund balance was $223.7 million, decreasing by $3.9 million from the prior month due to revenues of $6.3 million and expenditures of $10.2 million.

Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.

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

A – Report of City-wide Receipts, Disbursements, and Cash Balances May 2023 B – Report of City‐wide Fund Balances/Net Position May 2023 1642
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May 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of April 30, 2023 Receipts Disbursements Journal Adjustments as of May 31, 2023 General Fund 100 General Fund 134,332,212 5,667,529 (4,998,046) (296,098) 134,705,597 General Fund 130 Investment Fund 189,996 ‐ ‐ ‐ 189,996
Special Revenue Funds 210 Storm Drain Improvement 2,159,182 ‐ (19,083) ‐ 2,140,100 Special Revenue Funds 215 Storm Drain AB1600 1,864,750 6,625 ‐ ‐ 1,871,375Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 938,896 2,620 (96,754) ‐ 844,761 Special Revenue Funds 260 CDBG 633,563 30,564 (45,444) ‐ 618,683 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,386,226 713 (55,191) ‐ 5,331,748 Special Revenue Funds 270 Transportation Fund 11,703,255 189,552 (307,027) (179,431) 11,406,350Special Revenue Funds 271 Traffic Impact 766,576 ‐ ‐ ‐ 766,576 Special Revenue Funds 280 Park Dedication 19,850,494 15,000 (36,617) (1,150,000) 18,678,878 Special Revenue Funds 281 Tree Fund 74,856 962 ‐ ‐ 75,818Debt Service Funds 365 Public Facilities Corp 2,322,250 ‐ ‐ ‐ 2,322,250 Capital Project Funds 420 Capital Improvement Fund 26,601,630 ‐ (335,806) (1,325,925) 24,939,898 Capital Project Funds 427 Stevens Creek Corridor Park 159,394 ‐ (1,247) ‐ 158,146 Capital Project Funds 429 Capital Reserve* 10,837,046 ‐ ‐ ‐ 10,837,046 Enterprise Funds 520 Resource Recovery 5,528,604 124,674 (186,866) ‐ 5,466,411 Enterprise Funds 560 Blackberry Farm 1,015,051 2,464 (187,437) 59,345 889,423 Enterprise Funds 570 Sports Center 1,687,054 ‐ (68,059) 162,926 1,781,921 Enterprise Funds 580 Recreation Program 3,595,022 ‐ (70,958) 47,976 3,572,040Internal Service Funds 610 Innovation & Technology 3,398,037 ‐ (217,021) ‐ 3,181,017Internal Service Funds 620 Workersʹ Compensation 3,830,076 ‐ (3,302) ‐ 3,826,774 Internal Service Funds 630 Vehicle/Equip Replacement 1,367,095 12,980 (139,715) ‐ 1,240,360 Internal Service Funds 641 Compensated Absence/LTD 789,775 ‐ 790 ‐ 790,565 Internal Service Funds 642 Retiree Medical (1,136,068) ‐ (114,742) ‐ (1,250,810) Total $ 238,117,273 $ 6,053,683 $ (6,882,524) $ (2,681,207) $ 234,607,225 * For reporting purposes, this fund rolls up/combines with Fund 420Printed June 07, 2023For more information on funds, please see cupertino.org/fund‐structure 1643
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May 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of April 30, 2023 Revenues Expenditures as of May 31, 2023 General Fund 100 General Fund 129,878,200 2,016,526 5,143,016 126,751,710 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,156,275 ‐ 16,176 2,140,100 Special Revenue Funds 215 Storm Drain AB1600 1,864,750 6,625 ‐ 1,871,375 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 943,204 651 86,958 856,897 Special Revenue Funds 260 CDBG 1,158,043 30,564 45,444 1,143,163 Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,386,178 713 55,143 5,331,748 Special Revenue Funds 270 Transportation Fund 11,735,214 207,612 495,650 11,447,177 Special Revenue Funds 271 Traffic Impact 766,576 ‐ ‐ 766,576 Special Revenue Funds 280 Park Dedication 19,850,494 15,000 1,186,617 18,678,878Special Revenue Funds 281 Tree Fund 74,856 962 ‐ 75,818 Debt Service Funds 365 Public Facilities Corp 2,322,250 ‐ ‐ 2,322,250 Capital Project Funds 420 Capital Improvement Fund 23,592,212 339,629 2,001,215 21,930,625 Capital Project Funds 427 Stevens Creek Corridor Park 159,394 ‐ 1,247 158,146Capital Project Funds 429 Capital Reserve* 10,837,046 3,116,164 ‐ 13,953,210 Enterprise Funds 520 Resource Recovery 4,632,556 124,674 158,812 4,598,417 Enterprise Funds 560 Blackberry Farm 725,002 59,353 206,494 577,862 Enterprise Funds 570 Sports Center 1,822,647 224,531 71,289 1,975,890 Enterprise Funds 580 Recreation Program 2,964,144 119,375 180,052 2,903,468 Internal Service Funds 610 Innovation & Technology 2,056,412 ‐ 243,699 1,812,713 Internal Service Funds 620 Workersʹ Compensation 2,200,880 ‐ 3,302 2,197,578 Internal Service Funds 630 Vehicle/Equip Replacement 2,293,707 12,980 134,661 2,172,026 Internal Service Funds 641 Compensated Absence/LTD 789,775 8,880 8,091 790,565 Internal Service Funds 642 Retiree Medical (1,136,068) ‐ 114,742 (1,250,810) Total $ 227,525,473 $ 6,284,240 $ 10,152,607 $ 223,657,107* For reporting purposes, this fund rolls up/combines with Fund 420Printed June 07, 2023For more information on funds, please see cupertino.org/fund‐structure 1644
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CITY OF CUPERTINO
Agenda Item
23-12371 Agenda Date: 6/21/2023
Agenda #: 13.

Subject: Receive the Monthly Treasurer's Investment Report for May 2023 Receive the Monthly Treasurer's Investment Report for May 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 6/14/2023
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CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com

INVESTMENT REPORT
Period Ending May 31, 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 May 31, 2023
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SECTION | Section 1 | Economic Update
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Economic Update



Recent economic data continues to suggest positive but below trend growth this year. Although the pace of job growth is moderating, labor markets remain solid, and the U.S. consumer has demonstrated resiliency. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the Federal Reserve is likely near a pause in their rate hiking campaign. If moderate growth continues, we believe the Fed will likely maintain the Federal Funds rate in restrictive territory until inflationary pressures subside.

At the May meeting, the Federal Open Market Committee voted unanimously to raise the target federal funds rate by 0.25% to a range of 5.00 - 5.25%. Notably, the committee omitted a line from its March statement referencing that “some additional policy firming may be appropriate.” Instead, the FOMC will determine “the extent to which additional policy firming may be appropriate”, implying a potential pause that is data dependent. Fed Chair Powell reiterated the committee’s focus on bringing down inflation to their 2% target and indicated that their outlook did not support rate cuts, contrary to the market consensus. The statement also emphasized that the U.S. banking system is “sound and resilient” and acknowledged the tightening of financial conditions. Considering the totality of economic data, the Chandler team continues to believe the Fed is likely near a pause in their rate hiking cycle and will maintain higher rates for some time.

In May, the yield curve inversion widened. The 2-year Treasury yield increased 40 basis points to 4.41%, the 5-year Treasury yield increased 27 basis points to 3.76%, and the 10-year Treasury yield increased 22 basis points to 3.65%. The inversion between the 2-year Treasury yield and 10-year Treasury yield increased to -76 basis points at May month-end versus -58 basis points at April month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +28 basis points. The inversion between 3-month and 10-year Treasuries widened to -175 basis points in May from -163 in April.

The shape of the yield curve indicates that the probability of recession is increasing. 3 1649
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Source: US Department of Labor Source: US Department of Labor Employment
The latest US jobs report showed mixed signals regarding the state of the labor market in May. The U.S. economy added 339,000 jobs in May, following an upward revision of 41,000 to 294,000 jobs for the month of April. The pace of job growth remains healthy with the three-month moving average payrolls at 283,000 and the six-month moving average at 302,000. The unemployment rate increased to 3.7% on a decline in household employment, while the labor force participation rate remained at 62.6% in May. 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 6.7% from the prior month at

6.6%. Average hourly earnings decelerated to 4.3% year-over-year in May, down from a 4.4% increase in March. Job Openings in April edged up to 10.1 million and separations decreased to 5.7 million, indicating continuing demand for labor. While the overall pace of hiring is slowing, levels remain consistent with a solid labor market.
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 (%)
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Source: US Department of Labor Source: US Department of Commerce Inflation
The Consumer Price Index (CPI) increased in March 0.1% month-over-month and 5.0% year-over-year, down from 6.0% in February. The Core CPI, which excludes volatile food and energy components, rose 0.4% month-over-month and 5.6% year-over-year, accelerating from 5.5% in February. Housing remained the largest factor in headline CPI representing 60% of the increase. The Personal Consumption Expenditures (PCE) index rose 4.2% year-over-year in March, improving from a 5.1% year-over-year gain in February. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 4.6% year-over-year in March, down slightly from a 4.7% increase in February. Inflationary trends are declining, but the return to the Fed's 2% target remains uneven with high service-sector inflation and strong wage growth as headwinds.

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 May meeting, the Federal Open Market Committee voted unanimously to raise the target federal funds rate by 0.25% to a range of 5.00 - 5.25%. Notably, the committee omitted a line from its March statement referencing that “some additional policy firming may be appropriate.” Instead, the FOMC will determine “the extent to which additional policy firming may be appropriate,” implying a potential pause that will be data dependent. Fed Chair Powell reiterated the committee’s focus on bringing down inflation to their 2% target and indicated that their outlook did not support rate cuts, contrary to the market consensus. The statement also emphasized that the U.S. banking system is “sound and resilient” and acknowledged the tightening of financial conditions. The March Summary of Economic Projections indicated little change, with the consensus target federal funds rate rising to 5.1% with no rate cuts in 2023, falling to 4.3% in 2024 (up from 4.1% previously), and declining to 3.1% by the end of 2025. Considering the totality of economic data, the Chandler team continues to believe the Fed is likely near a pause in their rate hiking cycle and will maintain higher rates 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%

5.50%
Effective Federal Funds Rate
Yield (%)
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
In $ millions
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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
May-23
Feb-23
May-22
Yield (%)
Bond Yields
At the end of May, the 2-year Treasury yield was 185 basis points higher, and the 10-Year Treasury yield was about 80 basis points higher, yearover-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield widened to -76 basis points at May month-end versus - 58 basis points at April month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries widened to -176 basis points in May from -163 in April. The shape of the yield curve indicates that the probability of recession is increasing.
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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 May 31, 2023
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Compliance As of May 31, 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
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 10 1656
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Compliance As of May 31, 2023
Category Standard Comment
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgagederived, 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
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Portfolio Summary – City of Cupertino #10659 As of May 31, 2023 12 1658
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Purchase Yield as of 05/31/23 = 1.92%

0.00 0.50

1.00 1.50

2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of May 31, 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 34.92%
Federal National Mortgage Association Agency 8.82%
Federal Home Loan Mortgage Corp Agency 4.35%
Federal Home Loan Mortgage Corp CMO 3.82%
Inter-American Dev Bank Supranational 3.32%
Federal Home Loan Bank Agency 2.30%
American Express ABS ABS 1.87%
John Deere ABS ABS 1.79%
Hyundai Auto Receivables ABS 1.71%
Royal Bank of Canada Corporate 1.66%
Toyota Motor Corp Corporate 1.61%
JP Morgan Chase & Co Corporate 1.54%
Bank of America Corp Corporate 1.54%
Bank of New York Corporate 1.53%
International Finance Corp Supranational 1.53%
Intl Bank Recon and Development Supranational 1.47%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.29%
Paccar Financial Corporate 1.24%
Bank of Montreal Chicago Corporate 1.16%
Amazon.com Inc Corporate 1.14%
Metlife Inc Corporate 1.13%
Salesforce.com Inc Corporate 1.12%
Air Products & Chemicals Corporate 1.11%
Prudential Financial Inc Corporate 1.11%
GM Financial Automobile Leasing Trust ABS 1.08%
United Health Group Inc Corporate 1.07%
New York Life Global Funding Corporate 1.07%
Berkshire Hathaway Corporate 1.02%
Honda ABS ABS 0.97%
Toyota Lease Owner Trust ABS 0.86%
Guardian Life Global Funding Corporate 0.84%
US Bancorp Corporate 0.81%
Caterpillar Inc Corporate 0.71%
Toyota ABS ABS 0.67%
GM Financial Securitized Term Auto Trust ABS 0.66%
MasterCard Inc Corporate 0.65%
Mass Mutual Insurance Corporate 0.60%
Issuers
City of Cupertino – Account #10659
As of May 31, 2023
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Issue Name Investment Type % Portfolio
Charles Schwab Corp/The Corporate 0.58%
Hyundai Auto Lease Securitization ABS 0.58%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.54% State of California Municipal Bonds 0.49%
Northern Trust Corp Corporate 0.44%
BMW Vehicle Lease Trust ABS 0.42%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.34%
Wal-Mart Stores Corporate 0.21%
Verizon Owner Trust ABS 0.10%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of May 31, 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
173,196.70 03/23/2022

2.16%
169,732.76
172,489.90

99.45 5.84%
172,249.49

20.64 0.12%
(240.41)
Aaa / AAA
NR

0.90 0.10
44891VAC5 Hyundai Auto Lease Trust 2021-B A3

0.330% Due 06/17/2024
338,772.61 06/08/2021

0.34%
338,721.79
338,766.05

99.20 5.78%
336,068.87

49.69 0.22%
(2,697.18)
Aaa / AAA
NR

1.05 0.14
43813DAC2 Honda Auto Receivables 2020-2 A3

0.820% Due 07/15/2024
21,609.87 05/18/2020

0.83%
21,608.17
21,609.41

99.32 5.42%
21,462.36

7.88 0.01%
(147.05)
Aaa / AAA
NR

1.13 0.15
47789KAC7 John Deere Owner Trust 2020-A A3

1.100% Due 08/15/2024
9,551.14 03/04/2020

1.11%
9,550.56
9,550.98

99.82 5.24%
9,533.62

4.67 0.01%
(17.36)
Aaa / NR
AAA

1.21 0.04
43813KAC6 Honda Auto Receivables Trust 2020-3 A3

0.370% Due 10/18/2024
156,079.61 09/22/2020

0.38%
156,056.68
156,076.21

98.37 5.94%
153,536.45

20.85 0.10%
(2,539.76)

NR / AAA
AAA

1.39 0.29
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2

0.390% Due 10/21/2024
698,702.49 08/10/2021

0.39%
698,693.00
698,699.99

98.31 5.80%
686,915.38

83.26 0.46%
(11,784.61)

NR / AAA
AAA

1.39 0.31
47787NAC3 John Deere Owner Trust 2020-B A3

0.510% Due 11/15/2024
31,500.09 07/14/2020

0.52%
31,495.29
31,499.23

99.10 5.15%
31,216.08

7.14 0.02%
(283.15)
Aaa / NR
AAA

1.46 0.19
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3

0.330% Due 12/26/2024
229,453.89 09/08/2021

0.34%
229,430.20
229,447.99

98.47 6.14%
225,953.11

12.62 0.15%
(3,494.88)
Aaa / NR
AAA

1.58 0.26
89236XAC0 Toyota Auto Receivables 2020-D A3

0.350% Due 01/15/2025
110,948.03 10/06/2020

0.36%
110,927.36
110,940.13

98.65 6.12%
109,452.56

17.26 0.07%
(1,487.57)

NR / AAA
AAA

1.63 0.23
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
539,995.34

97.80 5.88%
528,136.20
278.40

0.35%
(11,859.14)
Aaa / AAA
NR

1.63 0.46
92290BAA9 Verizon Owner Trust 2020-B A

0.470% Due 02/20/2025
156,953.55 08/04/2020

0.48%
156,920.58
156,940.98

99.10 5.59%
155,535.32

22.54 0.10%
(1,405.66)
Aaa / NR
AAA

1.73 0.17
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
1,149,917.33

97.33 6.05%
1,119,257.05
688.72

0.75%
(30,660.28)

NR / AAA
AAA

1.73 0.66
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
944,996.65

97.66 5.90%
922,887.00
548.63

0.62%
(22,109.65)
Aaa / NR
AAA

1.81 0.59
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3

1.100% Due 03/25/2025
412,445.09 01/11/2022

1.11%
412,383.44
412,422.01

97.94 6.15%
403,940.88

75.61 0.27%
(8,481.13)

NR / AAA
AAA

1.82 0.41
43813GAC5 Honda Auto Receivables Trust 2021-1 A3

0.270% Due 04/21/2025
133,366.83 02/17/2021

0.27%
133,364.40
133,366.19

97.44 6.07%
129,954.11

10.00 0.09%
(3,412.08)
Aaa / NR
AAA

1.89 0.44
89240BAC2 Toyota Auto Receivables Owners 2021-A A3

0.260% Due 05/15/2025
489,800.99 02/02/2021

0.27%
489,710.09
489,777.84

97.26 6.65%
476,370.65

56.60 0.32%
(13,407.19)
Aaa / NR
AAA

1.96 0.43
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3

0.380% Due 09/15/2025
333,348.94 04/20/2021

0.38%
333,313.87
333,337.94

97.28 5.74%
324,279.18

56.30 0.22%
(9,058.76)

NR / AAA
AAA

2.30 0.51
As of May 31, 2023
17 1663
CC 06-21-2023
1663 of 1675
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
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
459,948.36

95.64 5.81%
439,921.00
112.44

0.29%
(20,027.36)
Aaa / NR
AAA

2.65 0.89
47789QAC4 John Deere Owner Trust 2021-B A3

0.520% Due 03/16/2026
532,107.31 07/13/2021

0.52%
532,059.84
532,084.06

95.73 5.90%
509,381.01
122.98

0.34%
(22,703.05)
Aaa / NR
AAA

2.79 0.79
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
429,995.18

95.61 5.79%
411,143.64
135.69

0.27%
(18,851.54)

NR / AAA
AAA

2.88 0.87
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
739,932.48

95.71 5.44%
708,285.08
618.31

0.47%
(31,647.40)
Aaa / AAA
NR

2.96 1.22
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
1,310,611.16

95.75 5.82%
1,273,518.90
437.42

0.85%
(37,092.26)

NR / AAA
AAA

2.96 0.84
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
529,981.65

97.03 5.97%
514,256.35
283.55

0.34%
(15,725.30)
Aaa / AAA
NR

3.24 1.09
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
349,995.30

95.28 5.93%
333,463.90

99.17 0.22%
(16,531.40)
Aaa / AAA
NR

3.30 0.90
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
449,934.86

96.10 5.82%
432,463.95
464.00

0.29%
(17,470.91)
Aaa / NR
AAA

3.30 1.12
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
1,009,975.60

95.97 5.55%
969,298.02
996.53

0.65%
(40,677.58)

NR / AAA
AAA

3.38 1.22
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
294,984.89

95.34 5.74%
281,239.14
154.88

0.19%
(13,745.75)

NR / AAA
AAA

3.47 1.05
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
389,945.44

96.84 5.52%
377,681.07
503.75

0.25%
(12,264.37)
Aaa / AAA
NR

3.72 1.33
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
654,952.58

97.44 5.42%
638,260.82
1,088.76

0.43%
(16,691.76)
Aaa / NR
AAA

3.72 1.56
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
1,532,612.07

94.98 5.21%
1,467,444.09
1,517.53

0.98%
(65,167.98)
Aaa / NR
AAA

3.79 1.71
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
1,374,800.22

97.20 4.95%
1,336,523.38
2,071.67

0.89%
(38,276.84)

NR / AAA
AAA

3.96 1.84
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
1,049,932.25
100.03

5.13%
1,050,330.75
2,375.33

0.70%
398.50
Aaa / NR
AAA

4.04 1.74
92348KAV5 Verizon Master Trust 2022-5 A1A

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

3.75%
569,974.92
569,982.20

98.64 5.27%
562,234.89
647.90

0.38%
(7,747.31)

NR / AAA
AAA

4.14 1.17
TOTAL ABS 17,642,837.14 2.12%
17,583,525.64
17,609,502.47 5.65%
17,112,194.30
13,590.72

11.43%
(497,308.17)
Aaa / AAA
AAA

2.86 1.02
As of May 31, 2023
18 1664
CC 06-21-2023
1664 of 1675
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
Agency
3137EAFA2 FHLMC Note

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

0.28%
854,153.55
854,856.22

97.38 5.56%
832,563.95
1,050.94

0.56%
(22,292.27)
Aaa / AA+
AAA

0.51 0.49
3130A1XJ2 FHLB Note

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

1.96%
1,564,890.20
1,513,498.01

97.73 5.15%
1,465,975.51
20,005.21

0.99%
(47,522.50)
Aaa / AA+
NR

1.04 0.99
3135G0V75 FNMA Note

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

1.96%
1,484,895.00
1,496,690.57

96.77 4.84%
1,451,527.50
10,864.58

0.98%
(45,163.07)
Aaa / AA+
AAA

1.09 1.05
3130A2UW4 FHLB Note

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

1.79%
2,103,380.00
2,026,638.49

97.59 4.83%
1,951,854.00
12,458.33

1.31%
(74,784.49)
Aaa / AA+
AAA

1.29 1.23
3135G0W66 FNMA Note

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

1.73%
1,965,802.75
1,972,400.12

95.80 4.82%
1,892,142.83
4,100.87

1.27%
(80,257.29)
Aaa / AA+
AAA

1.38 1.33
3135G0X24 FNMA Note

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

1.38%
1,309,953.95
1,299,982.26

95.30 4.70%
1,234,197.16
8,417.50

0.83%
(65,785.10)
Aaa / AA+
AAA

1.61 1.54
3137EAEP0 FHLMC Note

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

1.52%
2,363,178.95
2,364,379.35

94.96 4.62%
2,245,900.97
10,741.04

1.51%
(118,478.38)
Aaa / AA+
AAA

1.71 1.64
3135G03U5 FNMA Note

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

0.67%
1,856,168.40
1,858,548.45

93.01 4.52%
1,729,915.32
1,259.38

1.16%
(128,633.13)
Aaa / AA+
AAA

1.90 1.84
3135G04Z3 FNMA Note

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

0.50%
2,499,227.30
2,499,770.02

92.34 4.46%
2,308,505.00
5,694.44

1.54%
(191,265.02)
Aaa / AA+
AAA

2.05 1.99
3137EAEU9 FHLMC Note

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

0.48%
1,243,775.00
1,247,334.58

91.69 4.49%
1,146,181.25
1,692.71

0.77%
(101,153.33)
Aaa / AA+
AAA

2.14 2.08
3135G05X7 FNMA Note

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

0.48%
2,487,983.75
2,494,469.38

91.46 4.44%
2,286,380.00
2,500.00

1.53%
(208,089.38)
Aaa / AA+
AAA

2.24 2.18
3137EAEX3 FHLMC Note

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

0.46%
2,489,362.80
2,494,969.02

91.26 4.39%
2,281,605.00
1,770.83

1.52%
(213,364.02)
Aaa / AA+
AAA

2.32 2.25
3135G06G3 FNMA Note

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

0.56%
2,492,700.00
2,496,431.15

91.20 4.35%
2,279,987.50
833.33

1.52%
(216,443.65)
Aaa / AA+
AAA

2.44 2.37
TOTAL Agency 24,600,000.00 1.03%
24,715,471.65
24,619,967.62 4.64%
23,106,735.99
81,389.16

15.48%
(1,513,231.63)
Aaa / AA+
AAA

1.77 1.71
CMO
3137BFE98 FHLMC K041 A2

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

0.72%
1,398,414.06
1,340,631.19

97.22 5.29%
1,263,845.70
3,435.25

0.85%
(76,785.49)
Aaa / AAA
AAA

1.41 1.24
3137BLMZ8 FHLMC K049 A2

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

0.87%
1,079,687.50
1,041,678.48

96.61 4.72%
966,107.33
2,508.33

0.65%
(75,571.15)

NR / NR
AAA

2.15 1.92
As of May 31, 2023
19 1665
CC 06-21-2023
1665 of 1675
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
3137BLW95 FHLMC K050 A2

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

1.17%
1,018,132.81
989,941.66

97.17 4.70%
923,071.30
2,639.42

0.62%
(66,870.36)

NR / NR
AAA

2.24 1.97
3137BM7C4 FHLMC K051 A2

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

2.21%
453,079.69
448,523.03

97.07 4.67%
427,120.32
1,212.93

0.29%
(21,402.71)

NR / NR
AAA

2.32 2.05
3137BN6G4 FHLMC KO53

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

2.29%
582,001.17
578,169.16

96.38 4.55%
549,353.46
1,422.63

0.37%
(28,815.70)

NR / NR
AAA

2.57 2.27
3137BSP72 FHLMC K058 A2

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

1.35%
687,451.17
675,221.77

94.77 4.40%
615,991.35
1,437.04

0.41%
(59,230.42)

NR / NR
AAA

3.24 2.99
3137FBBX3 FHLMC K068 A2

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

4.41%
950,664.06
957,408.22

95.81 4.33%
958,065.00
2,703.33

0.64%
656.78
Aaa / NR
NR

4.24 3.80
TOTAL CMO 5,910,000.00 1.74%
6,169,430.46
6,031,573.51 4.72%
5,703,554.46
15,358.93

3.82%
(328,019.05)
Aaa / AAA
AAA

2.52 2.25
Corporate
89114QCA4 Toronto Dominion Bank Note

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

2.24%
1,527,255.00
1,505,925.68

97.07 5.61%
1,456,050.00
18,660.42

0.98%
(49,875.68)
A1 / A
AA1.040.98
06367TQW3 Bank of Montreal Note

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

1.89%
582,216.00
591,826.24

94.70 5.63%
568,222.20
1,479.17

0.38%
(23,604.04)
A2 / AAA1.11

1.07 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
1,755,262.98

95.12 5.15%
1,674,157.76
4,155.56

1.12%
(81,105.22)
A2 / A+
NR

1.13 1.09
78013XZU5 Royal Bank of Canada Note

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

1.99%
1,533,359.18
1,509,124.20

96.67 5.64%
1,450,099.50
14,343.76

0.98%
(59,024.70)
A1 / A
AA1.131.08
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
1,254,177.63

96.14 5.87%
1,201,776.25
10,083.33

0.81%
(52,401.38)
A3 / A
A+

1.17 1.12
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
1,693,618.08

98.10 5.05%
1,643,104.65
18,860.03

1.11%
(50,513.43)
A2 / A
NR

1.17 1.11
69371RR40 Paccar Financial Corp Note

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

0.52%
679,632.80
679,854.26

94.70 5.15%
643,953.88
1,057.78

0.43%
(35,900.38)
A1 / A+
NR

1.19 1.16
69371RQ25 Paccar Financial Corp Note

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

2.20%
369,182.30
369,802.62

96.51 5.17%
357,069.61
2,342.31

0.24%
(12,733.01)
A1 / A+
NR

1.21 1.16
14913Q3B3 Caterpillar Finl Service Note

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

1.92%
1,111,517.00
1,103,473.59

96.14 4.97%
1,057,530.10
1,510.97

0.71%
(45,943.49)
A2 / A
A+

1.44 1.39
74153WCQ0 Pricoa Global Funding Note

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

1.19%
884,088.45
884,538.39

93.65 5.58%
828,784.80
4,947.40

0.56%
(55,753.59)
Aa3 / AAAA1.52

1.46 As of May 31, 2023
20 1666
CC 06-21-2023
1666 of 1675
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
89114TZL9 Toronto-Dominion Bank Note

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

2.79%
674,737.00
685,553.49

94.41 5.11%
660,859.50
3,975.42

0.44%
(24,693.99)
A1 / A
NR

1.62 1.55
89236TJT3 Toyota Motor Credit Corp Note

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

1.50%
1,213,371.90
1,214,120.59

94.61 4.96%
1,149,528.51
6,753.38

0.77%
(64,592.08)
A1 / A+
A+

1.62 1.56
64952WEK5 New York Life Global Note

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

1.49%
1,678,185.60
1,679,018.30

94.54 5.00%
1,588,344.24
9,270.33

1.07%
(90,674.06)
Aaa / AA+
AAA

1.63 1.56
69371RR73 Paccar Financial Corp Note

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

2.86%
884,769.90
884,858.08

96.37 4.92%
852,901.05
3,783.38

0.57%
(31,957.03)
A1 / A+
NR

1.85 1.76
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
1,049,757.90

96.76 5.21%
1,016,014.65
4,626.56

0.68%
(33,743.25)
A1 / A
AA1.871.77
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
1,369,878.44

96.32 5.41%
1,319,541.53
4,589.50

0.88%
(50,336.91)
A1 / A
AA1.901.80
06367WB85 Bank of Montreal Note

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

0.85%
1,285,656.80
1,263,260.38

93.68 5.36%
1,161,615.88
1,911.67

0.78%
(101,644.50)
A2 / AAA1.92

1.84 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
1,370,592.38

95.00 5.88%
1,301,552.06
5,644.40

0.87%
(69,040.32)
A1 / AAA2.01

1.91 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
655,144.16

95.10 5.77%
622,872.25
2,785.61

0.42%
(32,271.91)
A1 / AAA2.07

1.89 66815L2J7 Northwestern Mutual Glbl Note

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

4.01%
1,169,602.20
1,169,723.79

97.69 5.18%
1,142,997.57
19,500.00

0.78%
(26,726.22)
Aaa / AA+
AAA

2.09 1.94
74153WCM9 Pricoa Global Funding Note

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

3.26%
832,972.72
856,934.42

90.75 5.21%
820,342.94
1,808.00

0.55%
(36,591.48)
Aa3 / AAAA2.26

2.17 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
1,016,799.77

96.91 5.30%
969,092.00
1,426.39

0.65%
(47,707.77)
A1 / A
AA2.472.31
40139LBC6 Guardian Life Glob Fun Note

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

1.12%
1,385,860.00
1,391,454.54

89.35 5.44%
1,250,944.80
5,818.76

0.84%
(140,509.74)
Aa1 / AA+
NR

2.53 2.42
66815L2A6 Northwestern Mutual Glbl Note

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

1.47%
827,449.50
835,578.52

89.70 5.05%
762,422.80
2,587.78

0.51%
(73,155.72)
Aaa / AA+
AAA

2.63 2.52
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
609,621.43

93.78 5.90%
562,657.20
3,627.00

0.38%
(46,964.23)
A1 / AAA2.71

1.62 As of May 31, 2023
21 1667
CC 06-21-2023
1667 of 1675
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
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
408,238.49

94.02 5.44%
377,032.23
904.89

0.25%
(31,206.26)
A1 / AAA2.90

1.81 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025

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

4.87%
615,699.50
624,597.54

94.41 5.30%
613,674.10
1,303.68

0.41%
(10,923.44)
A1 / AA+2.91

1.83 023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026

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

1.09%
1,866,900.00
1,870,226.94

90.68 4.41%
1,700,302.50
989.58

1.14%
(169,924.44)
A1 / AA
AA2.952.85
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
1,028,323.62

91.05 4.41%
942,387.17
529.00

0.63%
(85,936.45)
A3 / A+
A

2.96 2.85
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
1,384,628.55

90.01 4.68%
1,246,585.87
7,054.84

0.84%
(138,042.68)
A1 / A+
A+

3.05 2.92
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
700,667.29

91.73 5.64%
642,097.40
4,154.85

0.43%
(58,569.89)
A1 / AAA3.05

1.96 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
1,001,423.06

89.30 4.94%
893,014.00
4,500.00

0.60%
(108,409.06)
Aa3 / AA+
AA+

3.13 2.98
58989V2D5 Met Tower Global Funding Note

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

1.27%
769,291.60
769,534.07

88.43 5.12%
680,900.22
2,058.68

0.46%
(88,633.85)
Aa3 / AAAA3.29

3.14 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
349,563.83

90.11 4.30%
315,376.60
755.42

0.21%
(34,187.23)
Aa2 / AA
AA

3.30 3.17
59217GER6 Metlife Note

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

1.90%
1,113,728.90
1,114,081.13

89.43 5.12%
997,172.38
8,130.21

0.67%
(116,908.75)
Aa3 / AAAA3.62

3.39 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
959,795.94

89.49 5.59%
859,077.12
5,749.33

0.58%
(100,718.82)
A2 / AA3.76

3.48 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
1,614,767.59

94.58 3.85%
1,527,447.62
7,841.72

1.02%
(87,319.97)
Aa2 / AA
A+

3.79 3.56
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026

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

4.91%
1,114,222.54
1,120,424.33

94.86 5.50%
1,090,914.15
4,320.23

0.73%
(29,510.18)
A1 / AAA3.90

2.69 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
669,144.64

97.22 4.78%
651,359.93
1,563.33

0.44%
(17,784.71)
A2 / A+
A+

3.95 3.59
As of May 31, 2023
22 1668
CC 06-21-2023
1668 of 1675
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
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
675,251.13

97.67 4.35%
659,263.73
1,110.01

0.44%
(15,987.40)
A3 / A+
A

3.96 3.63
57636QAW4 MasterCard Inc Callable Note Cont 2/9/28

4.875% Due 03/09/2028
945,000.00 03/06/2023

4.90%
944,083.35
944,125.49
102.48

4.28%
968,477.58
10,493.44

0.65%
24,352.09
Aa3 / A+
NR

4.78 4.12
TOTAL Corporate 42,705,000.00 2.08%
42,741,600.72
42,634,693.50 5.14%
40,227,518.33
217,008.12

27.00%
(2,407,175.17)
A1 / A+
AA2.322.11
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 802,939.44 Various

4.51%
802,939.44
802,939.44

1.00 4.51%
802,939.44

0.00 0.54%

0.00 Aaa / AAA
NR

0.00 0.00
TOTAL Money Market Fund 802,939.44 4.51%
802,939.44
802,939.44 4.51%
802,939.44

0.00 0.54%

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
759,691.28

96.25 5.35%
726,693.54
3,020.00

0.49%
(32,997.74)
Aa2 / AAAA1.34

1.28 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
759,691.28 5.35%
726,693.54
3,020.00

0.49%
(32,997.74)
Aa2 / AAAA1.34

1.28 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
2,798,508.24

97.66 5.53%
2,734,351.20
311.11

1.83%
(64,157.04)
Aaa / AAA
NR

0.46 0.44
45950KCT5 International Finance Corp Note

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

0.66%
2,471,150.00
2,485,134.40

91.50 4.62%
2,287,495.00
3,515.63

1.53%
(197,639.40)
Aaa / AAA
NR

2.13 2.07
459058JL8 Intl. Bank Recon & Development Note

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

0.60%
2,388,859.25
2,394,289.55

91.50 4.25%
2,195,884.80
1,100.00

1.47%
(198,404.75)
Aaa / AAA
AAA

2.41 2.35
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
2,453,496.60

91.08 4.19%
2,240,550.78
2,451.46

1.50%
(212,945.82)
Aaa / AAA
AAA

2.89 2.79
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,131,428.79 4.69%
9,458,281.78
7,378.20

6.32%
(673,147.01)
Aaa / AAA
AAA

1.89 1.83
US Treasury
912796YT0 US Treasury Bill

4.888% Due 11/02/2023
1,500,000.00 05/08/2023

5.08%
1,463,954.69
1,468,638.54

97.91 5.08%
1,468,638.54

0.00 0.98%

0.00 P-1 / A-1+
F-1+

0.42 0.41
As of May 31, 2023
23 1669
CC 06-21-2023
1669 of 1675
Holdings Report
City of Cupertino - Account #10659
CUSIP Security Description Par Value/Units Purchase Date Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
912828X70 US Treasury Note

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

1.92%
1,705,976.56
1,701,118.30

97.08 5.30%
1,650,394.00
2,956.52

1.10%
(50,724.30)
Aaa / AA+
AAA

0.92 0.89
912828XX3 US Treasury Note

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

1.80%
2,018,574.22
2,004,155.77

96.70 5.17%
1,934,062.00
16,795.59

1.30%
(70,093.77)
Aaa / AA+
AAA

1.08 1.04
912828D56 US Treasury Note

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

1.71%
1,753,191.41
1,713,090.07

96.95 5.00%
1,648,202.70
11,822.51

1.11%
(64,887.37)
Aaa / AA+
AAA

1.21 1.16
912828YY0 US Treasury Note

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

1.97%
2,087,203.13
2,092,743.01

95.54 4.71%
2,006,239.20
15,430.94

1.35%
(86,503.81)
Aaa / AA+
AAA

1.59 1.52
912828ZC7 US Treasury Note

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

0.81%
1,523,144.53
1,508,171.67

94.25 4.58%
1,413,750.00
4,264.61

0.95%
(94,421.67)
Aaa / AA+
AAA

1.75 1.69
91282CED9 US Treasury Note

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

2.23%
3,057,617.20
3,074,329.63

95.20 4.57%
2,951,054.30
11,498.64

1.98%
(123,275.33)
Aaa / AA+
AAA

1.79 1.72
912828ZL7 US Treasury Note

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

2.24%
2,360,839.85
2,414,296.96

92.56 4.47%
2,314,062.50
815.22

1.55%
(100,234.46)
Aaa / AA+
AAA

1.92 1.87
91282CAB7 US Treasury Note

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

0.72%
1,469,765.63
1,485,043.54

91.66 4.32%
1,374,961.50
1,253.45

0.92%
(110,082.04)
Aaa / AA+
AAA

2.17 2.12
91282CAM3 US Treasury Note

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

0.56%
2,366,140.63
2,382,734.56

91.33 4.19%
2,191,968.00
1,016.39

1.46%
(190,766.56)
Aaa / AA+
AAA

2.34 2.28
91282CAT8 US Treasury Note

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

0.49%
2,422,492.19
2,436,077.25

90.99 4.21%
2,229,213.35
532.61

1.49%
(206,863.90)
Aaa / AA+
AAA

2.42 2.36
91282CAZ4 US Treasury Note

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

0.77%
2,209,658.20
2,228,422.93

91.06 4.18%
2,048,818.50

23.05 1.37%
(179,604.43)
Aaa / AA+
AAA

2.50 2.44
91282CBH3 US Treasury Note

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

0.75%
2,456,445.31
2,475,151.65

90.64 4.11%
2,266,015.00
3,133.63

1.51%
(209,136.65)
Aaa / AA+
AAA

2.67 2.60
91282CBW0 US Treasury Note

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

0.80%
2,493,652.34
2,496,243.65

90.98 4.06%
2,274,512.50
1,630.43

1.52%
(221,731.15)
Aaa / AA+
AAA

2.92 2.83
91282CCZ2 US Treasury Note

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

1.19%
1,379,054.68
1,385,893.50

90.43 3.97%
1,265,961.20
2,075.14

0.85%
(119,932.30)
Aaa / AA+
AAA

3.34 3.22
91282CDG3 US Treasury Note

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

1.25%
1,391,468.75
1,394,114.43

90.97 3.98%
1,273,617.80
1,369.57

0.85%
(120,496.63)
Aaa / AA+
AAA

3.42 3.29
91282CEW7 US Treasury Note

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

3.18%
3,260,312.50
3,258,200.37

97.57 3.90%
3,171,161.50
44,350.82

2.15%
(87,038.87)
Aaa / AA+
AAA

4.08 3.73
91282CFB2 US Treasury Note

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

3.12%
393,218.75
394,279.38

95.64 3.89%
382,562.40
3,676.80

0.26%
(11,716.98)
Aaa / AA+
AAA

4.17 3.85
91282CFH9 US Treasury Note

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

3.28%
4,468,902.34
4,473,428.02

97.07 3.88%
4,368,163.50
35,538.39

2.94%
(105,264.52)
Aaa / AA+
AAA

4.25 3.90
As of May 31, 2023
24 1670
CC 06-21-2023
1670 of 1675
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
91282CFM8 US Treasury Note

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

4.31%
3,421,152.34
3,424,600.01
100.98

3.88%
3,483,827.25
24,107.58

2.34%
59,227.24
Aaa / AA+
AAA

4.34 3.91
91282CFZ9 US Treasury Note

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

3.81%
852,656.25
852,397.92
100.16

3.84%
851,361.70

89.99 0.57%
(1,036.22)
Aaa / AA+
AAA

4.50 4.09
91282CGC9 US Treasury Note

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

3.67%
2,775,107.42
2,773,375.95
100.15

3.84%
2,754,081.00
44,744.48

1.87%
(19,294.95)
Aaa / AA+
AAA

4.59 4.10
91282CGH8 US Treasury Note

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

3.81%
2,957,929.69
2,960,544.62

98.64 3.82%
2,959,218.00
35,096.69

2.00%
(1,326.62)
Aaa / AA+
AAA

4.67 4.21
91282CGP0 US Treasury Note

4.000% Due 02/29/2028
3,700,000.00 Various

4.00%
3,699,113.28
3,699,284.33
100.88

3.79%
3,732,519.30
37,402.17

2.52%
33,234.97
Aaa / AA+
AAA

4.75 4.25
TOTAL US Treasury 54,400,000.00 2.37%
53,987,571.89
54,096,336.06 4.22%
52,014,365.74
299,625.22

34.92%
(2,081,970.32)
Aaa / AA+
AAA

3.04 2.82
TOTAL PORTFOLIO 156,975,776.58 1.92%
156,873,924.60
156,686,132.67 4.75%
149,152,283.58
637,370.35
100.00%
(7,533,849.09)
Aa1 / AA
AAA

2.51 2.14
TOTAL MARKET VALUE PLUS ACCRUALS 149,789,653.93
As of May 31, 2023
25 1671
CC 06-21-2023
1671 of 1675
SECTION | Section 4 | Transactions
26 1672
CC 06-21-2023
1672 of 1675
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 03/09/2023 57636QAW4 945,000.00 MasterCard Inc Callable Note Cont 2/9/28

4.875% Due: 03/09/2028

99.903 4.90% 944,083.35 0.00 944,083.35 0.00
Purchase 03/17/2023 91282CGP0 1,600,000.00 US Treasury Note 4% Due: 02/29/2028
100.883 3.80% 1,614,125.00 2,956.52 1,617,081.52 0.00
Purchase 05/09/2023 912796YT0 1,500,000.00 US Treasury Bill

4.888% Due: 11/02/2023

97.597 5.08% 1,463,954.69 0.00 1,463,954.69 0.00
Subtotal 4,045,000.00 4,022,163.04 2,956.52 4,025,119.56 0.00 TOTAL ACQUISITIONS 4,045,000.00 4,022,163.04 2,956.52 4,025,119.56 0.00

DISPOSITIONS
Sale 03/09/2023 24422EVN6 830,000.00 John Deere Capital Corp Note

0.45% Due: 01/17/2024

95.959 0.47% 796,459.70 539.50 796,999.20 -33,363.90
Sale 03/15/2023 91282CBR1 1,450,000.00 US Treasury Note

0.25% Due: 03/15/2024

95.648 0.33% 1,386,902.34 0.00 1,386,902.34 -61,907.58
Sale 03/16/2023 24422EVN6 200,000.00 John Deere Capital Corp Note

0.45% Due: 01/17/2024

96.120 0.47% 192,240.00 147.50 192,387.50 -7,718.44
Subtotal 2,480,000.00 2,375,602.04 687.00 2,376,289.04 -102,989.92 TOTAL DISPOSITIONS 2,480,000.00 2,375,602.04 687.00 2,376,289.04 -102,989.92 February 28, 2023 through May 31, 2023
As of May 31, 2023
27 1673
CC 06-21-2023
1673 of 1675
Important Disclosures
2023 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

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

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

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

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

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

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

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

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

Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

As of May 31, 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 May 31, 2023
29 1675
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