ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
McClellan Road
Separated Bike
Corridor, Phase
3 Improve pedestrian and
bicycle safety by
reconfiguring the intersection
and vehicle movements.
(Externally Funded, in part)
Construction Summer
2024
Construction will begin
in November 2023.
School Walk
Audit
Implementation
Construct infrastructure
related improvements around
schools that were identified as
part of the comprehensive
School Walk Audit study.
(Externally Funded, in part)
Ongoing/
Construction
Ongoing
Stevens Creek
Boulevard CL
IV Bikeway -
Phase 2 –
Design &
Construction
Design and Construction of
the separated bikeway along
Stevens Creek Blvd from
Wolfe Road to DeAnza Blvd
(2A) and De Anza Blvd to US85 (2B). This includes signal upgrades at Bandley Drive.
(Externally Funded, in part)
Bid 2024 Phase 2A Construction
will be posted for public
bid process once grant
funding is secured.
Phase 2B Design is
underway.
Tamien Innu
(Trail) – East &
Central
Segments
Design and construct an offstreet bicycle and pedestrian facility parallel to the I-280
HWY, from De Anza Blvd.
Wolfe Road (Central), from
Wolfe Rd. to Vallco Parkway
(East) (Externally Funded)
Design Late 2024 for
East
segment;
2025 for
Central
Segment
East segment will
continue into Final
Documentation once
Valley Water approves
the design. Design phase
for Central segment is
paused while the east
segment design is
finalized. The CEQA
process is complete.
ADA
Improvements
This is an ongoing program
funded annually to improve
accessibility at all public
facilities throughout the City.
(Multi-year funding)
Design Ongoing Undertaking
improvements at
Jollyman Park and
Creekside Park
City Hall and
Community
Hall
Improvements
(Programming
and Feasibility)
Programming, Feasibility and
Community Outreach to form
the basis of a renovation
strategy for the buildings.
Feasibility/
Report
N.A. Continuing to
investigate funding
sources.
427
CC 11-21-2023
427 of 598
ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
Citywide
Building
Condition
Assessment
Implementation
& Report
Update
Implement recommendations
identified as a priority in the
Comprehensive Facility
Condition and Use
Assessment.
Construction/
Ongoing,
1. Sports Center Fire
Panel Replacement:
work is complete,
awaiting final
inspection.
2. 2018 Report
Update/Dashboard
creation: report
complete,
dashboard
underway.
3. Senior Center Fire
Alarm System: RFP
will be issued for
Engineering in
November.
Electric Vehicle
Parking
Expansion
Expansion of the existing
level 2 charging ports at
municipal properties.
Procurement Project was defunded in
FY23. However, SCVE
grant funding is being
used to fund the
improvements required
at the Service Yard to
address new State
requirements on fleet
vehicles (50% of new
must be EV).
Library
Expansion
Project
Develop a design and
construct a 5600 SF addition
to the existing Library
building.
Building:
complete.
Landscaping:
Ready for
Bid
Courtyard and
Landscaping scope can
resume once Grant
funding ($1M) is
received.
Building construction is
complete. Donor Wall is
complete.
SV Hopper
EVCS
Provide electric vehicle
charging stations (EVCS) for
SV Hopper (formerly VIA)
fleet.
Engineering analysis
underway.
428
CC 11-21-2023
428 of 598
ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
All Inclusive
Play Area &
Adult Assistive
Bathroom
Facility
(Jollyman Park)
At Jollyman Park, Design
and construct an all-inclusive
playground and an adultassistive bathroom facility
adjacent to the new AIPG.
(Externally Funded, in part)
Design Fall 2024 Construction
documentation is
nearly complete.
Awaiting approval of
Art concepts (Nov.
2023) by Arts & Culture
Commission.
Annual
Playground
Replacement
Replacement of older
playground equipment that
is dated and worn. (Multiyear funding)
Procurement
– Various
locations
Ongoing Creekside School Age
Lot – Equipment
arrives in
February/March 2024.
RFP’s will be sent out
in November/December
for Little Rancho and
Canyon Oaks
playgrounds.
Blackberry
Farm Pool
Improvements
Make improvements to the
pools and facility related to
safety, accessibility, and
maintenance.
Construction
& Bid
Winter 2023 Pool scope:
Construction is
scheduled to begin in
November 2023. ADA
scope: will be put out
for Bid in November
2023, to begin
construction in
February 2024.
LawrenceMitty Park and
Trail Plan
Develop a Master Plan for a
neighborhood park located
on 7.8 acres adjacent to
Saratoga Creek, near
intersection of Lawrence
Expressway and Mitty Way.
Design TBD Environmental Review
is underway. Staff will
bring this to Council for
design final approval in
March 2024.
Memorial Park
- Specific Plan
Design
Following the findings of the
Master Plan process, develop
a conceptual design for Phase
One features and amenities.
Design Fall 2023 Environmental Reviews
are underway. Staff will
bring this to Council for
design final approval in
April 2024.
429
CC 11-21-2023
429 of 598
ACTIVE PROJECTS (continued)
Project Title Description Current
Phase
Scheduled
Completion
Status/Notes
Park Amenity
Improvements
Funding for various park
amenities such as benches,
hydration stations, outdoor
table tennis, cornhole, shade
structures, pickleball striping,
etc. (Multi-year funding)
Procurement Ongoing More benches and
picnic tables have been
installed at Jollyman
and Wilson parks. Staff
is working on list of
proposed DOLA
amenities.
City Bridge
Maintenance
Repairs
Repair 5 bridges as
recommended in the Caltrans
Bridge Report along with
additional improvements to
prolong the useful life of the
bridges. The work is partially
funded (80%) through the
Bridge Preventative
Maintenance Program, a
federally funded program.
Design Summer 2024 Construction
documents are
complete. Awaiting
response on the
additional funding
request documents
submitted to Caltrans
in September. Planning
to Re-Bid in early 2024
Pumpkin and
Fiesta Storm
Drain Project,
Phase 1 & 2
Design storm drainage
improvements at Pumpkin
Drive, Fiesta Lane, as
identified in the Storm Drain
Master Plan.
Construction Phase 1-
December
2023; Phase 2-
TBD
Construction is
underway.
City Lighting
LED
Improvements
Implement the transition of
City's streetlight
infrastructure from induction
and other fixtures to LED
fixtures to meet the "Dark
Sky" Ordinance requirements
and reduce light pollution
and energy cost.
Design Audit of existing
facilities is underway to
confirm scope of work.
Working on data
reconciliation and
construction bid
documents.
Regnart Road
Improvements,
Phase 1
Phase 1 will construct a
retaining wall to stabilize the
road slope to the creek from
Sta 28+40 to 29+80 (+/-140 LF).
Construction 2024 Construction activities
will begin after the
rainy season, in April
2024.
Stevens Creek
Bridge Repair
Stevens Creek Blvd Bridge
over Stevens Creek. Prepare
feasibility study to determine
appropriate scour
countermeasures, prepare
PS&E and install scour
countermeasure.
Design 2025 Awaiting Preliminary
Engineering (E-76)
approval from Caltrans,
by December 2024. RFP
for the design will be
issued after the E-76 is
approved.
430
CC 11-21-2023
430 of 598
QUEUED PROJECTS
Project Title Description Status/Notes
I-280 Trail - West Segment Design and construct an off-street bicycle and pedestrian facility
parallel to the I-280 HWY, from
the Don Burnett Bicycle –
Pedestrian Bridge to De Anza Blvd
This segment will be on hold until
the other segments are designed.
City Hall Annex (10455 Torre
Avenue Improvements)
Program, plan and build facility
improvements required for
interim facility to accommodate
staff while City Hall is remodeled,
as well as the long-term use of this
facility
Design documentation taken to
60% of completion. Cost analysis
shows that construction costs,
even with a very restricted scope,
will be 2-3 times greater than the
allotted funding. Staff will bring
this to Council for direction.
COMPLETED PROJECTS
Project Title Description Status/Notes
Blackberry Farm Golf Renovation /
Alternative Use Study
Study to determine options for the
BBF Golf Course: minor repairs or
alternative use (‘natural habitat’).
Brought to City Council on
October 17.
Citywide [Satellite] Community
Garden (Wilson Park)
Develop a program to establish
community gardens throughout
the City.
Construction completed. Facility is
open.
Full-sized Outdoor Basketball
Court (Wilson Park)
Install a full-size basketball court
at a park, following the Parks and
Recreation System Master Plan.
(Externally Funded, in part)
Construction completed. Facility is
open.
Street Light Installation - Annual
Infill
Replace fluted streetlight poles on
an as needed basis. (Multi-year
funding)
Installations for this fiscal year are
complete.
Stevens Creek Blvd./Calabazas
Creek Storm Drain Repair
Repair the storm drain that runs
under SCB at Calabazas Creek.
Emergency repairs completed,
under projected budget and
schedule.
431
CC 11-21-2023
431 of 598
DEFUNDED PROJECTS – FY23
Project Title Description
Civic Center Parking Analysis Analyze the parking requirement for the Civic Center. Implement mitigation measures identified in 2018 report
McClellan Road Separated Bike
Corridor - Byrne Ave to Imperial
Ave, Phase 4
Design and construct separated bike lanes on McClellan Rd. from Imperial Ave to Byrne Ave.
Bicycle Boulevard Interim
Improvements, Ph. 3 Improvements from 2016 Bicycle Transportation Plan.
Traffic Calming Funding to respond to citizen requests for traffic calming to reduce vehicle speeds, improve pedestrian and bike safety.
Interim City Hall Establish an interim facility to accommodate City Staff if existing City Hall were to be replaced or significantly remodeled.
QCC Multi-Site Sustainable
Infrastructure Upgrade
Develop recommendation for Council on a complete facility upgrade for heating and cooling system, emergency power system, and renewable energy.
Stocklmeir, Bryne and Blesch:
Inspection Reports and Analysis
Instigate property inspection reports and work with outside consultants to develop initial use and business strategies appropriate for the three residential properties owned by the City. * City Manager’s office will compile a report (not CIP).
Memorial Park - Amphitheater
Improvements
Design and construct Memorial Park improvements, specifically addressing the needs of the Amphitheater.
Stevens Creek Corridor Park
Chain Master Plan
Study the various uses of public lands along Stevens Creek for optimal public use and operation and develop a master plan.
432
CC 11-21-2023
432 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research Complete 1/5/23 5/23/23 Research complete 100
1.3 Outreach In Progress 3/5/23 1/24/24 Vision Zero website developed and made live in May. Will gather feedback to identify goals and strategies at various community meetings.
50 1.4 Procurement Complete 10/11/22 12/23/22 A consultant was selected in November and contract has been executed.
100
1.5 Execution Phase In Progress 1/5/23 2/19/24 Developing draft Vision Zero policy resolution and draft report.
Staff anticipating bringing the report to Council in February 2024. 60 1.6 Closing Processes Future 2/19/24 2/19/24 Project will be complete upon Council adoption. 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Bicycle Pedestrian
Commission
$100,000.00 $100,000.00 $79,800.00 $20,200 11/8/23 Public Works Vision Zero
Develop a Vision Zero Policy and Action Plan. The Plan will guide policies and programs with the goal of eliminating fatalities on Cupertino roadways. Special emphasis will be placed on routes to, and streets surrounding, Cupertino schools.
Transportation
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 1 433
CC 11-21-2023
433 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research Future 1/1/24 6/30/24 Project wil begin in 2024 after completion of the Housing Element 0
1.3 Execution Phase Future 1/1/24 6/30/24 0
1.4 Closing Processes Future 1/1/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $50,000.00 $50,000.00 $0.00 $50,000.00 11/8/23 Community Development
Tree List - Community Development
Review and revise development tree list (per Ch. 14.18: Protected Trees) with an emphasis on appropriate trees and native species.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 2 434
CC 11-21-2023
434 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Planning Phase Complete 4/30/23 7/30/23 Staff developed a plan to revise the City's street tree list. 100
1.3 Procurement Phase In Progress 7/30/23 3/28/24 Staff currently working on RFP with hopes to publish by December 2023.
30 1.4 Execution Phase Future 3/29/24 9/30/24 0
1.5 Closing Processes Future 9/30/24 9/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $60,000.00 $60,000.00 $0.00 $60,000.00 10/30/23 Public Works Tree List - Public Works
2) Review, revise, and communicate street tree list with an emphasis on appropriate trees and native species. 3) Develop an Urban Forest program scope and cost for future consideration.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 3 435
CC 11-21-2023
435 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research In Progress 7/1/22 12/30/23 Staff are researching best practices in other jurisdictions and analyzing organizational benefits of use. Including Saratoa and Los Altos Hills
90 1.3 Outreach In Progress 2/27/23 9/30/24 Staff have conducted public meetings with the TICC and Public Safety Commissions. Staff will develop outreach
events including return to Commissions as planning and
implemention begin.
40 1.4 Planning Phase In Progress 9/1/23 2/29/24 Staff are developing a project charter, scope and communication plan
20 1.6 Design Phase Future 5/1/24 8/30/24 Program draft will be developed based on results of research and outreach
0 1.5 Procurement Future 1/1/24 7/1/24 Request and evaluate proposals, select vendor and finalize contract
0 1.7 Execution Phase Future 2/1/24 9/30/24 0
1.8 Closing Processes Future 9/1/24 9/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Public Safety Commission $60,000.00 $60,000.00 $0.00 $60,000.00 10/25/23 City Manager's Office
License Plate Readers
Conduct research, engage in outreach, identify location for placement and estimate cost of implementing an Automated License Plate Reader (ALPR) system in Cupertino.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 4 436
CC 11-21-2023
436 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/23 1/31/24 Staff secured a grant opportunity with CA Volunteers to support expansion of the Block Leader program. Staff researched and submitted a proposal with best practices to encourage engagement with potential Block Leaders.
100
1.3 Planning Phase In Progress 7/1/23 6/1/24 Staff have developed a framework to engage with community members and encourge recruitment of the Block Leader Program.
Schedule development is in progress.
50 1.4 Design Phase In Progress 7/1/23 6/30/24 Staff continue to design recruitment strategies derived from best practices. As events occur, staff will adjust for constant improvement.
15 1.5 Execution Phase Future 11/30/23 6/30/24 Execution phase has been delayed due to grant funding requirements from CA Volunteers. Recruitment events begin in November. A grant extension is a possibility.
0 1.6 Closing Processes Future 6/1/24 6/30/24 Close out pending completion of execution phase. 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Public Safety Commission $10,000.00 $10,000.00 $0.00 $10,000.00 11/8/23 City Manager's Office
Public Safety - Block Leader and Neighborhood Watch
Strengthen Block Leader/Neighborhood Watch programs to ensure the leaders are active and expand the coverage of active neighborhoods.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 5 437
CC 11-21-2023
437 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research In Progress 10/1/23 1/31/24 Staff have begun research into best practices including academic journals.
15 1.3 Planning Phase Future 12/1/23 3/29/24 0
1.4 Design Phase Future 2/1/24 4/30/24 0
1.5 Execution Phase Future 2/1/24 6/30/24 0
1.6 Closing Processes Future 6/1/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Public Safety Commission $0.00 $0.00 $0.00 $0.00 11/8/23 City Manager's Office
Public Safety in Commercial Areas
Explore best practices to deter crime in commercial areas and bring options to Council.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 6 438
CC 11-21-2023
438 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Planning Phase In Progress 7/1/23 5/1/24 Develop a preliminary plan to present senior needs from the survey results and present to applicable parties
33 1.3 Closing Processes Future 6/1/24 6/30/24 Develop a plan to address identified priorities and perform ongoing research of existing resources to Seniors
0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Teen Commission $0.00 $0.00 $0.00 $0.00 10/31/23 Parks and Recreation Senior Survey Assessment
Assess Survey results and develop a plan to increase awareness of programs and services for seniors based on gaps identified by the survey.
Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 7 439
CC 11-21-2023
439 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Outreach Future 11/27/23 2/1/24 Outreach to youth volunteer groups and the school district regarding volunteer work
0 1.3 Planning Phase Future 1/1/24 1/31/24 Staff coordination on offered events/activities 0
1.4 Advertising In Progress 10/1/23 3/15/24 Information about intergenerational events posted on social media, schools, on the City's Winter/Spring Recreation Guides 24 1.5 Execution Phase In Progress 10/1/23 6/21/24 Staff to prepare and hold intergenerational events 25
1.6 Closing Processes Future 6/1/24 6/30/24 Continue developing and offer on-going programs at the Senior Center
0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Teen Commission $20,000.00 $20,000.00 $1,942.39 $18,057.61 11/1/23 Parks and Recreation Senior Services and Youth Engagement
Connect seniors with youth and their families with inclusive activities Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 8 440
CC 11-21-2023
440 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Planning Phase In Progress 7/1/23 2/1/24 Meet with DOLA groups to discuss transition of trial programs and continue researching similar programs
40 1.3 Execution Phase Future 3/1/24 5/30/24 Follow up with DOLA groups and update website with the standarized process
0 1.4 Closing Processes Future 6/3/24 6/30/24 Parks and Recreation will implement permitting process in house 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Parks and Recreation
Commission
$5,000.00 $5,000.00 $575.26 $4,424.74 10/31/23 Parks and Recreation
Dogs Off Leash Area (DOLA)
Transition successful trial DOLA programs to permanent programs with a staff level permitting process housed in Parks and Rec.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 9 441
CC 11-21-2023
441 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research In Progress 7/1/23 12/31/23 Review list of requests from DOLA groups 49
1.3 Planning Phase Future 1/1/24 3/1/24 Assess options and determine which improvements to prioritize 0
1.4 Execution Phase Future 3/1/24 6/30/24 Procure and install identified amenities at the Linda Vista and Jollyman DOLA locations
0 Details
Commission Estimated
Budget
Allocated Budget Budget Expended/
Encumbered
Budget Remaining Last
Updated
Lead Department
Parks and Rec Commission $200,000.00 $0.00 $0.00 $0.00 10/31/23 Parks and Recreation DOLA Amenities
Amenities for DOLA programs in City parks, e.g., water facilities for dogs, fencing, benches, etc.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 10 442
CC 11-21-2023
442 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/19 10/30/19 Researched need for ELI developmentally disabled housing and moderate income housing and determined possible City locations. 100
1.3 Planning Phase Complete 7/1/21 8/16/22 Scoped affordable housing project with non-profits/developers and worked with Public Works to determine feasibility of project on City sites. Had Council study session March 15. RFP was released in August .
100
1.4 Outreach Complete 10/1/21 8/16/22 Marketed City's capital housing funds for development of affordable housing.
100
1.5 Procurement Complete 2/9/21 1/31/23 Evaluated Notice of Financial Assistance (NOFA) applications.
One responses to the RFP was received in October and staff is evaluating next steps in the execution phase.
100
1.6 Execution Phase In Progress 1/31/23 4/30/24 Selected Developer for the Mary Avenue Site. Staff anticipates bringing update on Mary Avenue to the City Council in February. 75 1.7 Closing Processes Future 4/30/24 4/30/24 Report to Housing Commission and City Council on project status. 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Planning Commission $250,000.00 $250,000.00 $15,278.00 $234,722.00 11/8/23 Community Development
Preserve existing and develop new BMR/ELI Housing
Explore opportunities to preserve existing expiring BMR housing. Develop ELI (Extremely Low Income) and BMR housing units for Developmentally disabled individuals (IDD) on City-Owned property as well as the County-owned sites.
Housing
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 11 443
CC 11-21-2023
443 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research In Progress 7/1/23 3/30/24 Work on City Hall and Byrne is in progress. Other properties will begin in early 2024.
54 1.4 Outreach In Progress 7/1/23 12/30/24 Staff took options for City Hall (Oct 17) and Byrne (July 6) to the City Council.
25 1.3 Procurement In Progress 8/14/23 5/30/24 Byrne Ave Property Sale anticipated in May 2024 15
1.5 Closing Processes Future 4/29/24 5/31/24 Close Project 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $90,000.00 $90,000.00 $0.00 $90,000.00 11/8/23 City Manager's Office Study Session on City-Owned Properties
Inventory and assess existing facilities and prepare a long-range planning report for three City-owned properties (Blesch, Byrne, and Stocklemeir).
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 12 444
CC 11-21-2023
444 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Outreach In Progress 5/19/20 4/30/24 Conducted 31 study sessions/public hearings with Housing Commission/Planning Commission/City Council/CEP-Strategic Advisory Committee as of September 2023. Housing Element update presented to Council on July 25. Council dissolved the CEP- SAC on 1/25/23.
98 1.3 Procurement Complete 3/2/21 3/1/23 First consultant complete. Second consultant brought on board March 2023 and continues to be lead consultant.
100
1.4 Execution Phase In Progress 4/30/21 4/30/24 Draft Housing Elements submitted in February and October 2023.
Staff will receive comments from HCD in December and Final Housing Element document anticipated to be completed in January 2024.
71 1.5 Closing Processes Future 4/20/24 4/30/24 Housing Element to be taken to the City Council in April 2024. 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
Planning Commission $1,700,000.00 $1,069,248.00 $644,293.31 $424,954.69 11/7/23 Community Development
Housing Element Update
Review preliminary RHNA numbers. Look at strategies for RHNA compliance including evaluating sites for potential upzoning, and jobs-housing ratio and statistics. Identify Priority Housing sites, update Housing Element and complete rezoning by Sept. 2023.
Housing
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 13 445
CC 11-21-2023
445 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/23 6/30/24 Staff researched and drafted revised Ethics Policy 100
1.3 Execution Phase Complete 7/1/23 11/30/23 The City Attorney's Office and consultant presented a report on the investigation of violations to the City Council on September 19 and solicited Council input on revisions to the Ethics Policy. Revised Ethics Policy presented to Council on November 7.
100
1.4 Closing Processes Complete 11/30/23 6/30/24 Project Complete 100 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $25,000.00 $25,000.00 $25,000.00 $0.00 11/8/23 City Manager's Office Council Governance Reform Package
1. Revised Ethics Policy consistent with City response to the Civil Grand Jury Report authorized on 2/21/2023 2. Investigate and report back on incidents of violations of the Municipal Code and Ethics Policy relative to the Council-staff relationship cited in the Civil Grand Jury Report
Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 14 446
CC 11-21-2023
446 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research In Progress 7/1/23 3/30/24 Staff reviewing previous Commissioners handbook and researching criterias from other cities.
15 1.3 Outreach Future 3/30/24 4/30/24 0
1.4 Execution Phase Future 3/30/24 4/30/24 0
1.5 Closing Processes Future 4/30/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $0.00 $0.00 $0.00 $0.00 11/8/23 City Manager's Office Commission Governance Reform Package
1. Revised Commissioner’s Handbook to align it with Council Procedures Manual 2. Investigate & report back on incidents of violations of the Muni Code re: the Commission-Staff relationship 3. Realignment of Commissioner terms of office 4. Establishment/revision of commissioner qualifications
Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 15 447
CC 11-21-2023
447 of 598
Power BI Desktop
Updates
#
Task Status Task Start Task End Update % Completed
1.2 Research In Progress 11/1/23 12/30/23 Gathered policies and submitted them to Internal Auditor Moss Adams for review
15 1.3 Execution Phase Future 1/5/24 6/30/24 Will be reviewing policy inventory with Audit Committee early 2024. Staff anticipating bringing this to Council in Spring 2024. 0 1.4 Closing Processes Future 6/30/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $10,000.00 $10,000.00 $10,000.00 $0.00 11/8/23 Administrative Services Whole City Policy Review
Repeat the 2013 process of compiling and reviewing all City Policies including 1) Administrative and 2) Council policies and provide recommendations/updates, e.g. Green Purchasing, Property Acquisition Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 16 448
CC 11-21-2023
448 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/22 5/15/23 Staff looked into consultants used by other cities 100
1.3 Procurement Complete 5/15/23 7/11/23 City contracted with UFI to analyze potential tax measures and revenue generation.
100
1.4 Execution Phase In Progress 6/1/23 1/30/24 Report on potential revenue tax measures will be taken to Council in January 2024.
95 1.5 Closing Processes Future 1/30/24 1/30/24 If revenue measure is adopted, it will be placed on 2024 ballot. 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $50,000.00 $50,000.00 $0.00 $50,000.00 11/8/23 Administrative Services Analyze Potential Revenue Resources
Analyze potential revenue measures, such as transient occupancy tax, sales tax, property tax, and utility users tax, to address possible future financing challenges.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 17 449
CC 11-21-2023
449 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Procurement Complete 7/1/23 7/18/23 City has partnered with Santa Clara County and West Valley Community Services in order to provide support for the Unhoused. 100
1.3 Execution Phase In Progress 7/18/23 6/30/24 Project is currently underway to assist Unhoused residents in Cupertino with their food needs, as well as with their vehicle needs, in partnership with Santa Clara County and West Valley
Community Services.
25 1.4 Closing Processes Future 6/30/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Housing Commission $50,000.00 $50,000.00 $0.00 $50,000.00 11/7/23 Community Development Support for the Unhoused
Collaborate and fund jointly with West Valley efforts to address regional needs and find workable support for the Unhoused.
Housing
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 18 450
CC 11-21-2023
450 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/23 8/30/23 Staff reviewed Internal Auditor (Moss Adams) report on fiscal policies and began making revisions and adding additional policies as recommended
100
1.3 Execution Phase In Progress 9/1/23 6/30/24 Staff is finalizing policy edits and new policies 50
1.4 Closing Processes Future 6/30/24 6/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
N/A $45,000.00 $45,000.00 $45,000.00 $0.00 11/8/23 Administrative Services Fiscal Procedures and Policies Handbook
Develop the handbook to ensure standardization of accounting, budget, investment, procurement policies, procedures, rules and regulations.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 19 451
CC 11-21-2023
451 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 10/1/22 12/1/22 Research performed by internal auditor Moss Adams 100
1.3 Execution Phase Complete 12/1/22 3/21/23 Audit results brought to the City Council on March 21, 2023 100
1.4 Closing Processes Complete 3/21/23 3/21/23 Project Complete 100 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last Updated Lead Department
N/A $15,000.00 $15,000.00 $15,000.00 $0.00 11/8/23 Administrative Services
Budget Audit
Audit the Budget and Budget Policies.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 20 452
CC 11-21-2023
452 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 11/10/22 2/9/23 Collected data and meeting with school staff 100
1.3 Outreach Complete 11/10/22 5/17/23 Held a total of three community meetings and presented to the Bike Ped Commission in May.
100
1.4 Planning Phase Complete 1/19/23 5/17/23 Developed alternatives 100
1.5 Design Phase Complete 5/17/23 7/19/23 Finalized memo summarizing alternative development process 100
1.6 Closing Processes Future 2/1/24 2/19/24 Will be presenting memo on alternatives to the City Council in February 2024
0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Bicycle Pedestrian Commission $40,000.00 $40,000.00 $40,000.00 $0.00 11/8/23 Public Works Lawson Middle School Bikeway FY 23
Retain consultant to prepare feasibility study which will evaluate alternatives that provide a separated bike path for students riding to Lawson Middle School. Feasibility cost will be $40,000.
Transportation
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 21 453
CC 11-21-2023
453 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 11/2/20 3/1/22 Researched Legal and other requirements if system is leased, sold or City Operated in the future.
100
1.3 Planning Phase In Progress 9/21/21 8/6/24 Original RFP issued on 12/14/21. RFP process was cancelled on 3/3/22 and then re-issued in July 2023. Staff is preparing to present the proposal to the City Council in January 2024.
75 1.4 Closing Processes Future 8/6/24 9/30/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
N/A $181,500.00 $181,500.00 $157,512.00 $23,988.00 10/30/23 Public Works Municipal Water System FY 23
To analyze and recommend options for the continued operation of the system currently and at the end of lease with San Jose Water Company in November 2022.
Sustainability and Fiscal Strategy
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 22 454
CC 11-21-2023
454 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 10/5/22 2/15/23 Research building code requirements and bike rack and installation requirements
100
1.3 Outreach Complete 10/19/22 2/15/23 Gathering feedback from Bicycle Pedestrian Commission on strategies for approaching businesses and locating bike racks in commercial areas.
100
1.4 Planning Phase Complete 10/5/22 4/19/23 Developing bike rack location list 100
1.6 Design Phase Future 12/1/23 3/30/24 Will design specification for bike rack installation 0
1.5 Procurement Future 12/1/23 3/30/24 Will hire contractor to install bike racks 0
1.7 Execution Phase Future 12/1/23 3/30/24 Install bike racks and develop recommendations for building code changes
0 1.8 Closing Processes Future 12/1/23 3/30/24 Project will be complete once bike racks are installed and recommendations are reviewed. This item will continue into FY 23-
24. 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Bicycle Pedestrian
Commission
$50,000.00 $50,000.00 $0.00 $50,000.00 11/8/23 Public Works Bicycle Facilities FY 23
Increase the inventory of bicycle facilities and amenities, such as bike racks, citywide.
Transportation
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 23 455
CC 11-21-2023
455 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/1/22 9/30/22 Researched 5G ordinance regulations in other cities. 100
1.3 Planning Phase In Progress 4/1/23 9/1/24 Staff is finalizing a municipal code update based on input from City Council at the 12/6/22 CC meeting. This update will govern the installation of wireless small cell facilities within the Public Right of Way. This will go to Council by Summer 2024.
15 1.4 Closing Processes Future 9/1/24 10/15/24 0
Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
N/A $0.00 $0.00 $0.00 $0.00 11/8/23 Public Works
5G Ordinance FY 23
Adopt regulations based on aesthetics.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 24 456
CC 11-21-2023
456 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Procurement In Progress 10/9/20 1/30/24 RFP sent out in Oct 2020. Proposals evaluated and RRM Design Group was selected for this project, but was put on hold in October 2023. Staff anticipates bringing new agreement with Placeworks to Council in January 2024.
80 1.3 Execution Phase In Progress 6/1/21 1/30/24 The project had been on hold due to work on the Housing Element.
Presently, there is a working draft document that will need to be completed concurrently with the Housing Element’s adoption in January 2024.
50 1.4 Closing Processes Future 1/30/24 4/30/24 Complete project 0 Details
Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Planning Commission $240,000.00 $240,000.00 $196,197.22 $43,802.78 11/8/23 Community Development
Residential and Mixed Use Residential Design Standards FY 23 Create objective design standards for residential and mixed-use residential projects, including ensuring adequate buffers from neighboring low-density residential development.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 25 457
CC 11-21-2023
457 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 8/3/22 3/1/23 TIC Subcommitte established. Peformed research on event type and possbile speakers
100
1.3 Outreach Complete 3/2/23 6/7/23 A community event aimed to provide cybersecurity education through panel presentations and high school student science fair. 100
1.4 Execution Phase Complete 6/21/23 9/16/23 Complete. Event was held on Sept 16 at Community Hall with roughly 50 attendees.
100
1.5 Closing Processes Complete 9/18/23 9/22/23 Project Complete 100 Details
Project Size Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Small Technology
Information and
Communications
Commission
$7,500.00 $7,500.00 $571.00 $6,929.00 11/8/23 Innovation Technology
Cybersecurity Public Education FY 23
Provide education on cybersecurity to City residents, guests and businesses.
Public Engagement and Transparency
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 26 458
CC 11-21-2023
458 of 598
Power BI Desktop
Updates
# Task Status Task Start Task End Update % Completed
1.2 Research Complete 7/7/20 12/15/20 Research existing documentation and processes of other jurisdictions.
100
1.3 Outreach Complete 7/7/20 11/5/20 Council Study Session on 7/7/2020 100
1.4 Execution Phase Complete 10/1/20 5/12/21 Prepared materials for hearings 100
1.5 Closing Processes Complete 12/8/20 6/30/23 PC hearing on 1/12/21 with recommendation presented to Council on 2/2/21. Went back to Council on 8/17/21. This item was not prioritized by Council and not continued to FY 23-24.
100
Details
Project Size Commission Estimated Budget Allocated Budget Budget Expended/ Encumbered
Budget Remaining Last
Updated
Lead Department
Small Planning
Commission
$6,500.00 $6,500.00 $1,145.00 $5,355.00 11/8/23 Community Development
General Plan Authorization Process FY 23
Evaluate the existing City Council authorization process for General Plan Amendment projects.
Quality of Life
K - FY 2023-24 City Work Program First Quarter Update ATTACHMENT K 27 459
CC 11-21-2023
459 of 598
Senior Housing Coordinator
Definition
Under general supervision and reporting to the Director of Community Development or Assistant Director of Community Development, this position performs work in the analysis, planning, and coordination of housing and grant programs; participates in the update of the City’s Housing Element; coordinates and provides support of the Association of Bay Area Governments (ABAG), Regional Housing Needs Assessment (RHNA), and Plan Bay Area 2050 process; coordinates the City’s Below Market Mate (BMR) Affordable Housing Program; assists with housing strategies, including preservation of the City’s housing portfolio; assist with the City’s homelessness prevention efforts; manage, through coordination and provision of direction, the formulation and implementation of all activities within assigned projects, and coordinates the City’s Housing and Human Services Grants Program, including the Community Development Block Grant (CDBG) Program.
This specialized, professional position will effectively coordinate with City staff, non-profits, developers, regional agencies, and consultants to achieve high quality housing projects and programs in a timely and efficient manner that is responsive to the public.
Distinguishing Characteristics
This advanced journey-level class is responsible for performing the most complex work assigned to the Housing Division. Incumbents regularly work on tasks which are varied and complex, requiring considerable discretion and independent judgment. Positions in the classification rely on experience and judgment to ensure efficient and effective servicing function of the assigned program area. Assignments are given with general guidelines, and incumbents are responsible for establishing objectives, timelines, and methods to deliver services and complete projects. Receives general direction from supervisory or management personnel. Depending on assignment, may exercise supervision over professional, technical, and clerical staff.
Essential Duties
Management reserves the right to add, modify, change, or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job.
Plan, develop, implement, and manage the most complex housing projects and programs; work with appropriate departments and staff in assuring that housing development projects meet applicable standards of affordable housing funding requirements; determine the scope of the project and develop strategies and policies; and coordinate staff and other resources. 460
CC 11-21-2023
460 of 598
Coordinate project planning and project delivery activities with City departments and other governmental, public, and private agencies; participate in assessment and prioritization of affordable housing projects under consideration; analyze, implement, and monitor goals and objectives to achieve assigned priorities; and perform project evaluations and assessments and report out results.
Prepare work plans, timelines, budgets, and funding recommendations for housing development projects; conduct financial analysis and develop project budgets; and recommend financing methods and plans for assigned projects.
Monitor and manage project progress and control project costs; negotiate, prepare, and manage contracts, loans, and other agreements for the City with a variety of consultants and housing developers.
Work with governmental and private agencies at all levels to secure funding for affordable housing development; and present funding/development applications to the Notice of Funding Availability review committee, which includes assisting in packaging bond issues and other large, complex funding sources.
Meet with developers, investors, and business organizations to promote affordable housing development in the City; and work with neighborhoods and development groups to identify development needs and explain projects and programs.
Utilize Federal funding as appropriate to financing affordable housing projects; ensure expenditures are within budget and comply with Federal and State housing regulations; prepare and administer grants; assemble grant agreements and prepare related files and reports; review quarterly and annual expenditure reports; review reports and process invoices and payments for related expenses; monitor and collect loan payments; and manage CDBG programs on implementation/administration of the Federal funding program.
Develop, prepare, and administer project budgets and staff requirements for all activities within assigned projects and programs in collaboration with department directors.
Monitor and report on status of programs and projects; recommend policy direction to the Assistant Director and/or Director of Community Development; and provide technical expertise to City staff on issues pertaining to affordable housing programs and assistance to low-to-moderate-income households.
Monitor proposed legislation and regulations applicable to projects and program areas and coordinate compliance; research, analyze, and make strategic recommendations supported by qualitative and quantitative data on policy matters related to housing and the applicability to City needs; prepare technical and complex reports; and prepare graphic presentations.
Support programs led by other division staff as needed; and provide input or analysis on key issues and assistance or collaboration on program implementation or modifications.
Represent the City and make presentations in community and professional meetings; and make presentations on assigned projects and programs to the City Council, Council committees, and/or advisory boards.
461
CC 11-21-2023
461 of 598
Work with outside government agencies, educational institutions, business organizations, investors, and other partners/sectors with whom the City partners in implementing Federally funded and privately funded housing.
Attend and participate in professional group meetings; and stay abreast of new trends and innovations in housing.
Provide support, coaching, training, mentoring, and direction to other staff as appropriate.
Perform other related duties as assigned.
Qualifications
Knowledge of:
Affordable housing financing; principles of budget administration; real estate practices; public review and entitlement process for affordable projects and the roles of City departments and outside agencies; principles and practices of project management and evaluation and policy/program development, implementation, and evaluation; effective public participation strategies; loan documents and the legal implications related to affordable housing and funding sources; presentation methods and tools; contract administration; applicable Federal, State, and local laws, ordinances, and regulations affecting assigned area of responsibility; rent stabilization and/or tenant-landlord programs, including policies related to and administration/implementation of such programs; techniques for providing a high level of customer service by effectively dealing with the public, vendors, contractors, and City staff; the structure and content of the English language, including the meaning and spelling of words, rules of composition, and grammar; and modern equipment and communication tools used for business functions and program, project, and task coordination, including computers and software programs relevant to work performed.
Ability to:
Plan, organize, assign, review, and evaluate the work of staff; train staff in work procedures; evaluate and develop improvements in operations, procedures, policies, or methods; manage, organize, and coordinate the various components of projects; direct and maintain multiple projects and programs simultaneously; understand, interpret, and apply all pertinent laws, codes, regulations, policies and procedures, and standards relevant to work performed; provide project-related direction through consensus-building and team leadership to a variety of technical/professional staff as a function of project management; analyze and compile technical and statistical information; make concise and informative presentations; negotiate with property owners, contractors, and developers; prepare appropriate agreements, contracts, and financial documents; organize and run meetings that result in useful public participation; coordinate and supervise consultants; identify existing or potential problems and apply effective solutions; organize, track, and implement the project entitlement process with attention to detail; prepare, review, and analyze loan documents and other legal contracts; independently organize work, set priorities, meet critical deadlines, and follow up on assignments; effectively use computer systems, software applications, and modern business equipment to perform a variety of work tasks; communicate clearly and concisely, both orally and in writing, using appropriate English grammar and syntax; use tact, initiative, prudence, and independent judgment within general 462
CC 11-21-2023
462 of 598
policy, procedural, and legal guidelines; and establish, maintain, and foster positive and effective working relationships with those contacted in the course of work.
Education and Experience
Any combination of experience and training that would provide the required knowledge and abilities is qualifying. A typical way to obtain the required qualifications would be:
Equivalent to graduation from an accredited four-year college or university with major coursework in planning, public policy, public or business administration, engineering, or a related field and four (4) years of increasingly responsible professional experience in Community Development Block Grant (CDBG) Program or HOME Investment Partnerships Program, affordable housing project management, housing public policy/administration, urban planning, or rent stabilization or tenant-landlord programs, including three years of performing increasingly responsible project management functions.
Licenses and Certifications
Possession of, or ability to obtain, a valid California Driver’s License by time of appointment.
FLSA: Non-Exempt
Est. 11/2023
463
CC 11-21-2023
463 of 598
Communications and Marketing Coordinator
Communication and Marketing Coordinator
Definition
Cupertino is looking for a creative communicator with superior writing and visual communications skills who thrives in a team-based, fast-paced environment. If you are someone who has the ability to tell a story through concise and compelling narrative, and your friends and colleagues use words such as creative, adaptable, engaging, and personable to describe you, we want to hear from you! Under the direction of the Deputy City Manager, the Communication and Marketing Coordinator works to enhance internal and external engagement in the development of communications across multiple projects.
This position requires a highly collaborative approach in facilitating positive outcomes through effective leadership, influence, credibility, experience, and expertise in all the strategic and operational aspects of public affairs within Cupertino.
Distinguishing Characteristics
Essential Duties
Management reserves the right to add, modify, change, or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job.
Lead, plan and organize public communications activities and operations such as community relations, Sister and Friendship Cities, internal communications, and social media programs.
Champion and promote City’s brand and voice by establishing messages, themes, and style across different projects.
Coordinate outreach and advocacy efforts including preparing and disseminating communications, composing and distribution to stakeholders.
Prepare, review, edit, and approve newsletters, website content, brochures, fact sheets, press releases, and presentations to create public awareness of City activities and events.
Prepare presentations, talking points, and speeches for the Mayor and City Councilmembers, City Manager, Assistant City Manager, and Deputy City Manager as needed. 464
CC 11-21-2023
464 of 598
Communications and Marketing Coordinator
Lead the development and implementation of marketing campaigns and materials (press releases, infographics, and communication-related plans and protocols).
Manage all aspects of City events of varying themes and scale.
Attend City and partner events as needed.
Qualifications
Knowledge of:
Principles and practices of communications and public information relative to public agencies.
Various forms of mass media including print, television, radio, Internet, and social media.
Structure and content of the English language including spelling, punctuation, grammar, and rules of composition.
Principles and techniques of contemporary communications channels, including social media, video production and storytelling, advertising, publications, public access broadcast operations, graphic concept and design, etc.
Consensus building, active listening, strategic planning, and performance measurement.
Pertinent local, State and Federal laws, rules, and regulations.
Organizational and management practices as applied to policy and program development.
Principles of supervision, training, and performance evaluation.
Ability to:
Establish and maintain effective working relationships with staff, elected officials, residents, interest groups, legislators, and other governmental officials; communicate technical information in a manner that is appropriate for the intended audience.
Prepare and present clear, concise, and accurate oral and written reports, statements, speeches, talking points and presentations.
Work in a team-based environment to achieve common goals.
Exercise good judgement and make sound decisions in changing environments.
Be a self-starter, team player, detail-oriented, proactive, with proven ability to organize work tasks, lead and manage staff, and meet multiple deadlines.
465
CC 11-21-2023
465 of 598
Communications and Marketing Coordinator
Demonstrate excellent problem-solving skills and the ability to adapt to fast-changing and competing circumstances.
Analyze problems, identify alternative solutions, project consequences of proposed actions and implement recommendations in support of goals.
Adapt to fast-changing and competing circumstances.
Organize work tasks, be detail oriented and meet multiple deadlines.
Take initiative and be proactive.
On a continuous basis, sit at a desk and in meetings for long periods of time. Intermittently, twist to reach equipment surrounding desk; perform simple grasping and fine manipulation; use telephone and communicate through written means; and lift or carry weight of 25 pounds or less.
Education and Experience
Any combination of experience and training that would provide the required knowledge and abilities is qualifying.
Bachelor’s Degree or coursework in communications, marketing, public relations, journalism or related field. Relevant work experience in strategic communication planning, implementation, and evaluation can be substituted for educational qualifications on a year-by-year basis.
Licenses and Certifications
This classification requires the ability to travel independently within and outside City limits and possession of a valid Class C California driver’s license.
This position may be required to work evenings and weekends or in situations of emergency for communications response, or when attending City or partner events.
FLSA: Exempt
Est. 11/2023
466
CC 11-21-2023
466 of 598
RESOLUTION NO. 23-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO APPROVING THE CUPERTINO EMPLOYEES’ ASSOCIATION/ IFPTE LOCAL 21 CLASSIFICATION PLAN AND SALARY SCHEDULE
WHEREAS, the City Council desires to revise the classification plan and salary schedule in the Cupertino Employees’ Association (CEA) IFPTE Local 21 adopted by City Council Resolution No. ____.
NOW, THEREFORE, BE IT RESOLVED that
1. The City Council hereby adopts the revised classification plan and salary schedule for Cupertino Employees’ Association (CEA) IFPTE Local 21, as shown in Exhibit A.
2. The City Manager is hereby authorized to update the Cupertino Employees’ Association (CEA) IFPTE Local 21 classification plan and salary schedule.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 21st day of November 2023 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST: APPROVED:
_________________________ ___________________________________ Kirsten Squarcia, City Clerk Hung Wei, Mayor,
City of Cupertino
467
CC 11-21-2023
467 of 598
EXHIBIT A
SALARY SCHEDULE
Salaries Effective the First Full Pay Period of July, 2023:
Classification Step1 Step2 Step3 Step4 Step5
ACCOUNT CLERK I $34.56 $36.29 $38.11 $40.01 $42.01
ACCOUNT CLERK II $38.11 $40.01 $42.01 $44.11 $46.32
ASSISTANT CIVIL ENGINEER $58.47 $61.38 $64.45 $67.68 $71.06 ASSISTANT PLANNER $52.65 $55.28 $58.04 $60.94 $63.99
ASSOCIATE CIVIL ENGINEER $63.01 $66.15 $69.46 $72.94 $76.58 ASSOCIATE PLANNER $56.74 $59.57 $62.55 $65.68 $68.96
BUILDING INSPECTOR $55.70 $58.48 $61.41 $64.48 $67.70
CASE MANAGER $42.57 $44.70 $46.94 $49.28 $51.75
CODE ENFORCEMENT OFFICER $47.69 $50.07 $52.58 $55.21 $57.97 COMMUNITY OUTREACH SPECIALIST $44.09 $46.30 $48.61 $51.04 $53.59 ENGINEERING TECHNICIAN $45.95 $48.24 $50.66 $53.19 $55.85 ENV. PROG. COMPLIANCE TECHNICIAN $41.40 $43.47 $45.65 $47.93 $50.33 ENV. PROGRAMS SPECIALIST $53.37 $56.04 $58.85 $61.79 $64.88 ENVIRONMENTAL PROGRAMS ASSISTANT $46.27 $48.58 $51.01 $53.56 $56.24 FACILITY ATTENDANT $32.36 $33.97 $35.67 $37.46 $39.33
GIS TECHNICIAN $45.95 $48.24 $50.66 $53.19 $55.85
MULTIMEDIA COMMUNICATIONS SPEC $58.15 $61.06 $64.11 $67.32 $70.68 OFFICE ASSISTANT $32.51 $34.14 $35.85 $37.64 $39.52
PERMIT TECHNICIAN $42.79 $44.93 $47.18 $49.53 $52.01
PLAN CHECK ENGINEER $64.45 $67.66 $71.05 $74.60 $78.33
PUBLIC WORKS INSPECTOR $55.70 $58.48 $61.41 $64.48 $67.70 RECEPTIONIST/CLERK $29.28 $30.74 $32.28 $33.90 $35.59
RECREATION ASSISTANT $20.94 $21.99 $23.09 $24.24 $25.46 RECREATION COORDINATOR $42.33 $44.45 $46.67 $49.01 $51.46 SENIOR BUILDING INSPECTOR $59.51 $62.49 $65.61 $68.89 $72.34 SENIOR CODE ENFORCEMENT OFFICER $50.12 $52.63 $55.26 $58.02 $60.93 SENIOR ENGINEERING TECHNICIAN $49.52 $51.99 $54.59 $57.32 $60.19 SENIOR OFFICE ASSISTANT $36.10 $37.91 $39.80 $41.79 $43.88 SENIOR HOUSING COORDINATOR $60.84 $63.88 $67.07 $70.43 $73.95 SENIOR PLANNER $60.84 $63.88 $67.07 $70.43 $73.95
SENIOR TRAFFIC TECHNICIAN $49.52 $51.99 $54.59 $57.32 $60.19 SPECIAL PROGRAMS COORDINATOR $34.95 $36.70 $38.53 $40.46 $42.48 TRAFFIC SIGNAL TECH-APPRENTICE $44.51 $46.74 $49.08 $51.53 $54.11 TRAFFIC SIGNAL TECHNICIAN $51.53 $54.11 $56.81 $59.65 $62.64 TRAFFIC TECHNICIAN $45.95 $48.24 $50.66 $53.19 $55.85
468
CC 11-21-2023
468 of 598
RESOLUTION NO. 23-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO APPROVING THE REVISED UNREPRESENTED EMPLOYEES’
COMPENSATION PROGRAMS
WHEREAS, the City Council desires to revise the classification plan and salary schedule in the Unrepresented Employees’ Compensation Programs adopted by City Council Resolution No. ____.
NOW, THEREFORE, BE IT RESOLVED that
1. The City Council hereby adopts the revised classification plan and salary schedule for unrepresented employees, as shown in Exhibit A.
2. The City Manager is hereby authorized to update the Unrepresented Employees’ Compensation Programs to incorporate the revised classification plan and salary schedule.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 21st day of November 2023 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST: APPROVED:
_________________________ ___________________________________ Kirsten Squarcia, City Clerk Hung Wei, Mayor,
City of Cupertino
469
CC 11-21-2023
469 of 598
EXHIBIT A
SALARY SCHEDULE
Salary Effective First Full Pay Period of July, 2023
Classification Step1 Step2 Step3 Step4 Step5
ACCOUNTANT I $46.60 $48.93 $51.38 $53.95 $56.65
ACCOUNTANT II $51.37 $53.94 $56.64 $59.47 $62.44
ACCOUNTING TECHNICIAN $46.22 $48.53 $50.96 $53.51 $56.18 ADMINISTRATIVE ASSISTANT $40.65 $42.68 $44.82 $47.06 $49.41 ASSISTANT CITY ATTORNEY $92.83 $97.48 $102.35 $107.47 $112.84 ASSISTANT CITY MGR $126.92 $133.27 $139.93 $146.93 $154.27 ASSISTANT DIRECTOR COMM DEV $90.80 $95.34 $100.11 $105.12 $110.37 ASSISTANT TO THE CITY MANAGER $74.68 $78.41 $82.33 $86.45 $90.77 ASST DIR PUBLIC WORKS ENG $94.47 $99.19 $104.15 $109.36 $114.82 ASST DIR RECREATION COMM SVCS $90.80 $95.34 $100.11 $105.12 $110.37 BUDGET MANAGER $84.91 $89.15 $93.61 $98.29 $103.20
BUILDING OFFICIAL $85.34 $89.60 $94.08 $98.79 $103.73
BUSINESS SYSTEMS ANALYST $65.89 $69.18 $72.64 $76.28 $80.09 CAPITAL IMPV PROGRAM MGR $84.81 $89.05 $93.51 $98.18 $103.09 CHIEF TECHNOLOGY OFFICER $112.10 $117.71 $123.60 $129.78 $136.26 CITY CLERK $75.73 $79.51 $83.49 $87.66 $92.05
CITY ENGINEER $94.47 $99.19 $104.15 $109.36 $114.82
COMMUNICATIONS AND MARKETING
COORDINATOR $61.81 $64.90 $68.14 $71.55 $75.13
COMMUNITY RELATIONS COORDINATOR $46.86 $49.21 $51.67 $54.25 $56.96 DEPARTMENT HEAD $112.10 $117.71 $123.60 $129.78 $136.26 DEPUTY BUILDING OFFICIAL $73.82 $77.51 $81.39 $85.46 $89.73 DEPUTY CITY ATTORNEY $66.80 $70.14 $73.64 $77.33 $81.19 DEPUTY CITY CLERK $54.04 $56.74 $59.58 $62.55 $65.68
DEPUTY CITY MANAGER $90.80 $95.34 $100.11 $105.12 $110.37 DIRECTOR OF ADMIN SERVICES $112.10 $117.71 $123.60 $129.78 $136.26 DIRECTOR OF COMM DEVELOPMENT $112.10 $117.71 $123.60 $129.78 $136.26 DIRECTOR OF PARKS AND RECREATION $112.10 $117.71 $123.60 $129.78 $136.26 DIRECTOR OF PUBLIC WORKS $115.38 $121.15 $127.21 $133.57 $140.25 ECONOMIC DEVELOPMENT MANAGER $81.52 $85.59 $89.87 $94.37 $99.08 EMERGENCY SERVICES COORDINATOR $66.26 $69.57 $73.05 $76.71 $80.54 ENVIRONMENTAL PROGRAMS MANAGER $84.81 $89.05 $93.51 $98.18 $103.09 EXEC ASST TO CITY MANAGER $47.77 $50.15 $52.66 $55.30 $58.06 EXEC ASST TO THE CITY ATTNY $46.59 $48.93 $51.38 $53.94 $56.64 470
CC 11-21-2023
470 of 598
FINANCE MANAGER $84.91 $89.15 $93.61 $98.29 $103.20
GIS COORDINATOR $48.71 $51.15 $53.71 $56.39 $59.21
GIS PROGRAM MANAGER $83.91 $88.11 $92.52 $97.14 $102.00 HUMAN RESOURCE ANALYST I $56.06 $58.86 $61.80 $64.90 $68.14 HUMAN RESOURCES ANALYST II $61.81 $64.90 $68.14 $71.55 $75.12 HUMAN RESOURCES ASSISTANT $33.76 $35.45 $37.22 $39.08 $41.03 HUMAN RESOURCES MANAGER $84.91 $89.15 $93.61 $98.29 $103.20 HUMAN RESOURCES TECHNICIAN $46.22 $48.53 $50.96 $53.51 $56.18 I.T. ASSISTANT $45.46 $47.73 $50.12 $52.62 $55.25
INNOVATION AND TECHNOLOGY MGR $83.91 $88.11 $92.52 $97.14 $102.00 LEGAL SERVICES MANAGER $48.12 $50.53 $53.05 $55.71 $58.49 MANAGEMENT ANALYST $56.54 $59.37 $62.34 $65.45 $68.72
NETWORK SPECIALIST $58.16 $61.06 $64.12 $67.32 $70.69
PARK RESTORATION IMPV MGR $79.33 $83.29 $87.46 $91.83 $96.42 PERMIT CENTER MANAGER $73.82 $77.51 $81.39 $85.46 $89.73 PLANNING MANAGER $85.34 $89.60 $94.08 $98.79 $103.73
PUBLIC AFFAIRS MANAGER $72.94 $76.58 $80.41 $84.43 $88.66 PUBLIC INFORMATION OFFICER $72.86 $76.50 $80.33 $84.34 $88.56 PUBLIC WORKS PROJECT MANAGER $69.73 $73.22 $76.88 $80.72 $84.76 PUBLIC WORKS SUPERVISOR $58.78 $61.71 $64.80 $68.04 $71.44 PURCHASING MANAGER $84.91 $89.15 $93.61 $98.29 $103.20
RECREATION MANAGER $60.01 $63.01 $66.16 $69.46 $72.94
RECREATION SUPERVISOR $54.43 $57.15 $60.01 $63.01 $66.16 SENIOR ACCOUNTANT $59.48 $62.45 $65.57 $68.85 $72.30
SENIOR ASSISTANT CITY ATTORNEY $102.13 $107.24 $112.60 $118.23 $124.14 SENIOR CIVIL ENGINEER $79.66 $83.64 $87.82 $92.22 $96.83 SENIOR MANAGEMENT ANALYST $61.81 $64.90 $68.14 $71.55 $75.13 SENIOR PUBLIC WORKS PROJECT MGR $73.21 $76.88 $80.72 $84.76 $88.99 SERVICE CENTER SUPERINTENDENT $75.15 $78.91 $82.86 $87.00 $91.35 SPECIAL PROJECT EXECUTIVE $112.10 $117.71 $123.60 $129.78 $136.26 TRANSPORTATION MANAGER $84.81 $89.05 $93.51 $98.18 $103.09 WEB SPECIALIST $51.42 $53.99 $56.69 $59.53 $62.50
471
CC 11-21-2023
471 of 598
CITY OF CUPERTINO
Agenda Item
23-12292 Agenda Date:
11/21/2023 Agenda #:
12. Subject: Councilmember Reports
CITY OF CUPERTINO Page 1 of 1 Printed on 11/15/2023
powered by Legistar™472
CC 11-21-2023
472 of 598
1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, November 21, 2023
Reporting Councilmember: Councilmember J.R. Fruen
Report Activity Dates: 11/1/23 to 11/13/23
Event Date, Title, and Description:
Event 1. November 3, 2023 – Cupertino-Hsinchu Sister City Association Student Delegation Farewell Dinner – I joined Mayor Wei to help the CHSCA bid an official farewell to its 2023 visiting student delegation from Hsinchu, Taiwan. We assisted the CHSCA in distributing gifts to host families and visiting students. The students clearly seemed to have enjoyed the visit.
Event 2. November 5, 2023 – California Cricket Academy Awards Ceremony – In the absence of Mayor Wei and Vice-Mayor Mohan, I represented the City of Cupertino to present the CCA with a certificate in recognition of their annual awards event. This was the largest such awards event in the CCA’s two-decade long history. It was a remarkable evening celebrating the game of cricket and local cricket players.
Event 3. November 9, 2023 – VTA Policy Advisory Committee Meeting – I attended this meeting in my capacity as Cupertino’s representative to the Committee. The meeting consisted primarily of informational reports. The agenda packet is available here. Item 13 addressed Measure B-funded projects and a shifting of funds between two different Los Gatos-related projects. That item passed with one contrary vote (Tanaka).
Event 4. November 10, 2023 – Cupertino Chamber of Commerce Legislative Action Committee – This LAC meeting’s featured speaker was Lee Lambert, the new Chancellor of the Foothill-De Anza Community College District. Chancellor Lambert’s discussion was engaging.
Historic LAC meeting recordings can be found on the Chamber’s website.
Event 5. November 11, 2023 – Veterans’ Day Memorial Ceremony – Together with other councilmembers, I attended the annual memorial ceremony at the Veterans’ Memorial in 473
CC 11-21-2023
473 of 598
2 Memorial Park in honor of Veterans’ Day. The event was well-attended and included the family of Navy SEAL technician Matthew Axelson, a Monta Vista High School graduate and Cupertino resident who died in the line of duty serving in Afghanistan in 2005, and whose statute stands in the memorial. It was a moving ceremony.
Event 6. November 14, 2023 – Media Training – TI attended a city-sponsored media training session with a contract public communications specialist. I found it a useful and edifying experience.
*Event 7. October 23, 2023 – Audit Committee Meeting – I attended this meeting in my capacity as an appointee to the committee. The committee undertook regular review of its internal audit program, investments, and its pension fund investments. The agenda packet is available here.
474
CC 11-21-2023
474 of 598
1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, November 21, 2023
Reporting Councilmember: Vice Mayor Sheila Mohan
Report Activity Dates: 10/31/23 to 11/13/23
Event Date, Title, and Description:
10/31/23: Welcomed the Hsinchu Student Exchange Delegation at City Hall.
Councilmember Fruen and I spent time with the organizers and City staff put together a slide show for them about Cupertino – its history and its place in today’s high-tech environment.
11/08/23: Attended the SVCE November meeting at which the Board of Directors announced the appointment of its new CEO, Monica Padilla who currently serves as the agency’s Chief Operating Officer. She will assume the role on April 1, 2024 after current CEO, Girish Balachandran, retires. The SVCE Board also provided direction to update the agency’s clean power offers for 2024 to balance affordability while the energy market undergoes supply and cost constraints.
11/08/23: In place of Mayor Wei, I chaired the Mayor’s commissioner meeting.
Commissions provided updates on the top three issues that each were working on.
A vigorous discussion followed on public safety and traffic concerns. 11/09/23: Attended the Cities Association Board of Directors meeting. The formation of the JPA was announced after having received approval by the majority of cities in the association. Guest speakers, including County Supervisors Joe Simitian and Otto Lee, updated the group on the Health Clinic at De Anza College, and Veterans Housing initiatives.
11/10/23: In my capacity as Board member of the Santa Clara County Library District, I attended the ground-breaking of the Campbell Library. The new library is estimated to cost $ 23 million and is being financed by a general obligation bond, 475
CC 11-21-2023
475 of 598
2 Measure O, approved by the voters in 2018, a Silicon Valley Clean Energy decarbonization grant, State library grants, and a grant from the Santa Clara County Library District.
11/11/23: Along with Councilmembers Moore, Chao and Fruen, I attended the Cupertino Veterans Memorial Ceremony, at which I made welcoming remarks to the gathering of Veterans, their families, community groups, and guests. A very touching and humbling event at which words were not adequate to express the sacrifice and courage of those who fought for our nation. The presence of the Axelson family and the Suh family lent a special emotional touch to the ceremony. 476
CC 11-21-2023
476 of 598
1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, November 21, 2023
Reporting Councilmember: Councilmember Kitty Moore
Report Activity Dates: 10/30/23 to 11/13/23
Event Date, Title, and Description:
October 30, 2023. Closed Session City Council Meeting.
November 5, 2023. Ongoing Environmental Studies program class: Environmental Resource Management and Pollution Prevention. Week topic: Air and Water Pollution; Drinking Water Treatment. 7th course in the program, self-funded.
November 7, 2023. City Council Meeting.
November 8, 2023. Attended online MTC Faster Freeways public meeting. Public feedback opportunity regarding proposal to toll all freeway driving lanes.
November 9, 2023. Attended BMR tour of Quetzal Gardens, San Jose.
November 11, 2023. Cupertino Veteran’s Day Celebration at Memorial Park.
November 12, 2023. Ongoing Environmental Studies program class: Environmental Resource Management and Pollution Prevention. Week topic: Solid and Hazardous Waste, Land Pollution. 7th course in the program. Began 8th course: Environmental Resource Management and Pollution Prevention Lab. Week topic: Surface Water/Sediment & Drinking Water. Self-funded.
477
CC 11-21-2023
477 of 598
1 CITY COUNCIL ACTIVITY REPORT
Meeting: Tuesday, November 21, 2023
Reporting Councilmember: Mayor Hung Wei
Report Activity Dates: 11/1/23 to 11/14/23
Event Date, Title, and Description:
Event 1. Wednesday November 1, 2023, @ 5pm, Powerhouse AAPI Women Dinner Event
Attended an AAPI Women Leaders Dinner hosted by Assemblymember Evan Low, networked with women leaders in the region and shared experiences.
Event 2. Friday November 3, 2023, @ 10am, Stevens Corridor Steering Committee Meeting @ Santa Clara City Hall Council Chamber
Attended the Stevens Creek Steering Committee Meeting, received timeline and public outreach update, and future meeting scheduling.
Event 3. Friday November 3, 2023, @ noon, Santa Clara Mayors Gathering @ San Jose City Hall
Attended Silicon Valley Regional Mayor Meeting at San Jose City Hall, received information from staff of the United States Conference of Mayors (USCM) including ARPA Local Fiscal Recovery Fund, Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act Climate Provisions, Homeless and Housing Strategies, Workforce Development Funding Technology and Innovation, Mental Health and Treatment, and discussion of USCM Engagement .
Event 4. Friday November 3, 2023, @ 2pm, Cities Association of Santa Clara County Executive‐Board Meeting
Attended via ZOOM the E‐Board Meeting of the Cities Association of Santa Clara County, discussions including Joint Powers Agreement update, future topics, Holiday Party update, Santa Clara County City Managers Association update, Executive Director update, and future meeting dates. 478
CC 11-21-2023
478 of 598
2 Event 5. Friday November 3, 2023, @ 5pm, Hsinchu Exchange Students and Host Families Appreciation and Farewell Dinner
Attended the Appreciation and Farewell Dinner of Exchange Students from Cupertinoʹs Sister City Hsinchu with Councilmember JR Fruen and City Manager Pamela Wu, with student performances and presentation of Certificates of Appreciation from Cupertino City to the host families.
Event 6. Saturday November 4, 2023, @ 3pm, Cupertino TV Productions 40th Anniversary Celebration @ Cupertino Senior Center
Attended the 40th Anniversary Celebration of Cupertino TV Productions, celebrated 40 years of passion, talent, and dedication and presented a Proclamation congratulating the many seniors who have spent countless hours in creating video productions of memorable people, events, and milestones of Cupertino and surrounding neighborhoods.
Event 7. Saturday November 4, 2023, @ 5pm, Diwali Celebration at Rinconada Hills Club House
Attended the Diwali Celebration event at the Rinconada Hills Club House, delivered a speech highlighting light over darkness, good over evil, knowledge over ignorance, and peace over hate.
Event 8. Sunday November 5, 2023, @ 4pm, California Cricket Academy 2023 Annual Awards Ceremony @ Cupertino Library Field
Attended late at the CA Cricket Academyʹs Annual Award Ceremony at Cupertno Library Field, celebrating the achievements of local cricket players.
Event 9. Monday November 6, 2023, @ 1pm, Interview with Cupertino High School Students
Interviewed by student journalists from the Prospector, school newsletter of Cupertino High School regarding current Cupertino City challenges and issues.
Event 10. Tuesday November 7, 2023, @ 7:30am, Morning Chat w/Mayor @ Cupertino Holderʹs Country Inn
Hosted the monthly Morning Chat w/Mayor with 14 attendees and the following elected officials:
Fremont Union High School District Board Member Stanley Kou, Vice Mayor of Santa Clara City Kevin Park, & Foothill‐De Anza Community College District Board Chair Patrick Ahrens, and Cupertino City Parks and Recreation Director Rachelle Sander. Discussion topics included CDTFA online sales tax audit issues, Pickle Ball Courts, Vallco/the Rise, Block Leader Program, Regnart Creek Trail, Community College and Fremont Union High School District Adult and Community Education Programs, emergency road exit, etc.
Event 11. Monday November 13, 2023, @ 11:30am, League of California Cities Peninsula Division E‐ Board Meeting via ZOOM
479
CC 11-21-2023
479 of 598
3 Attended via ZOOM Cal Cities Peninsula Division E‐Board Meeting, discussions including appointment of committee members by the Chair, planning for Officer Retreat on Wednesday December 13, dates for 4 events in 2023‐2024, event calendar including conferences, and future meeting dates. 480
CC 11-21-2023
480 of 598
CITY OF CUPERTINO
Agenda Item
22-11739 Agenda Date:
11/21/2023 Agenda #:
13. Subject: Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2023 Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 11/15/2023
powered by Legistar™481
CC 11-21-2023
481 of 598
CITY COUNCIL STAFF REPORT
Meeting: November 21, 2023
Subject
Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2023 Recommended Action
Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2023 Reasons for Recommendation
Background
On May 19, 2022, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment reports, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.
The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services also shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report."
Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly.
Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending September 30, 2023. The report is as of October 17, 2023. 482
CC 11-21-2023
482 of 598
2 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments.
While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report sub-committee.
The City's General Ledger cash and investments balance was $234.6 million, a $2.5 million decrease from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
June 30, 2023
Quarter Ending
September 30, 2023
General Fund 136,235,014 131,444,895
Special Revenue 42,500,471 42,765,040
Debt Service 6,850 2,684,450
Capital Projects 38,626,129 37,978,199
Enterprise 11,429,178 11,155,667
Internal Service 8,270,804 8,580,528
Total $237,068,447 $234,608,779
483
CC 11-21-2023
483 of 598
3 The $234.6 million in cash and investments includes $44.7 million in cash, $21.6 million in cash equivalents, $151.2 million in investments, and $17.2 million restricted for funding pension costs.
The City pools cash for all funds except restricted funds. However, the City accounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration. 484
CC 11-21-2023
484 of 598
4 Cash and Investments – General Ledger Balance
Quarter Ending
June 30, 2023
Quarter Ending
September 30,
2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 47,245,614 44,603,567 19% Workers' Compensation Checking (Wells Fargo) 35,998 50,161 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1(BNY Mellon) - - 0%
Petty Cash and Change 3,586 3,586 0%
Cash Equivalents
Local Agency Investment Fund 21,385,575 21,553,792 9%
Investments
Investments (Chandler) 151,157,622 151,157,622 64%
Restricted for Pension2(PARS) 17,240,051 17,240,051 7%
Total Cash and Investments3 $237,068,447 $234,608,779 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.
The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values.
Cash and Investments – Bank Balance
Quarter Ending
June 30, 2023
Quarter Ending
September 30,
2023
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 47,980,304 49,304,330 20% Workers' Compensation Checking (Wells Fargo) 38,002 45,984 0% Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1(BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 21,425,004 21,593,220 9%
Investments
Investments (Chandler) 149,161,767 150,093,752 63%
Restricted for Pension2(PARS) 19,088,859 18,500,105 8%
Total Cash and Investments3 $237,693,936 $239,537,391 100% 485
CC 11-21-2023
485 of 598
5 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits.
Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.
The City's LAIF account had a balance of $21.6 million. The quarterly interest rate was
3.59%. The City did not make any deposits or withdrawals in the quarter ending September 2023.
Investment Portfolio
In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide:
Safety to ensure the preservation of capital in the overall portfolio Sufficient liquidity for cash needs
A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in highquality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective.
The portfolio's market value was $150.1 million, compared to $149.2 million at the end of the previous quarter. The table below includes historical comparisons of the City's portfolio:
486
CC 11-21-2023
486 of 598
6 June 30, 2023 September
30, 2023
Market Value 149,161,767 150,093,752
Par Value 157,278,641 158,177,925
Book Value 156,959,650 157,776,718
Average Maturity 2.42 years 2.14 years
Average Modified Duration 2.06 1.83
Average Purchase Yield 1.95% 2.03%
Average Market Yield 5.11% 5.36%
Average Quality1 AA/Aa1 AA/Aa1
1 S&P and Moody's respectively
The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases.
In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre-fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs.
Contributions made to the trust can only be used to fund retirement plans.
Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 6, 2022, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies.
Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term time horizon. The strategic asset allocation ranges for this investment objective are:
487
CC 11-21-2023
487 of 598
7 Asset Class Range Target
Equities 50-70% 63%
Fixed Income 20-40% 29%
Real Estate 0-15% 5%
Commodities 0-10% 2%
Cash 0-10% 1%
The Section 115 Pension Trust had a balance of $18.5 million, a decrease of $0.6 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $33.6 million, a decrease of $1.1 million from the prior quarter due to investment gains.
The quarterly investment returns were -3.00% for both the Pension Trust and OPEB Trust.
Analysis
The City compares its portfolio to LAIF and one-year and two-year Treasury yields. Yield comparisons for the one-year Treasury, two-year Treasury, LAIF, and City average are presented below:
In June, one-year and two-year Treasury yields increased. The yield curve remained inverted and the spread between the two-year and 10-year Treasury yield became more inverted. The one-year and two-year Treasury yields were 5.46% and 5.03%, respectively.
The one-year Treasury yield increased by 6 basis points, and the two-year Treasury yield increased by 16 basis points from June 30, 2023. The yield of the City's investment portfolio 488
CC 11-21-2023
488 of 598
8 was 5.36%, lower than the one-year Treasury yield but higher than the two-year Treasury yield and LAIF.
Cash Flow History
Historical revenues, expenditures, and liquidity ratios are presented below:
489
CC 11-21-2023
489 of 598
9 As the City's portfolio becomes more or less liquid over time, the ratio of cash and cash equivalents to revenues and expenditures will increase or decrease, respectively. The portfolio's investment structure is complete, so the City anticipates the ratio of cash and cash equivalents to revenues and expenditures to continue to flatten out moving forward.
While a formal liquidity level has not been established, significant and consistent fluctuations in the ratio may indicate that additional funds should be invested or, conversely, that investments should be liquidated. In recent years, sufficient liquidity levels for operating revenues and expenditures have approximated a ratio of 1.0. In March 2022, the City transferred $15.0 million from the operating account to the investment portfolio, which reduced the March 2022 liquidity ratios.
As of September 30, 2023, the liquidity ratio was 4.5 and 2.5 for revenues and expenditures, respectively. The City will monitor inflows and outflows during FY 2023- 24 and bring recommendations for the City's investment portfolio as necessary and applicable.
As of September 30, 2023, the City had $70.9 million in cash and cash equivalents in the bank and on hand. Based on the cash flow forecast, the City maintains the ability to meet its expenditure requirements for the next six months.
490
CC 11-21-2023
490 of 598
10 Cash Flow Forecast
Applying three-year historical trend data for each of the City's revenue and expenditure line items to the FY 2023-24 Adopted Budget, the City estimated the following cash flow forecast for FY 2023-24:
491
CC 11-21-2023
491 of 598
11 The purpose of this cash flow and liquidity forecast is to illustrate the timing of the City's revenues and expenditures throughout a fiscal year using historical trend data. The first quarter of the fiscal year experiences expenditures exceeding revenues since the City begins receiving its property tax distributions in November and April of the respective fiscal year. In January and April, the City receives additional property tax revenues due to the Vehicle License Fee (VLF) swap. In June, the City tends to experience higher activities, particularly expenditures, due to the year-end close and accrual process. From one fiscal year to the next, the City typically incurs one-time special project or capital expenditure costs. The timing of these costs is more difficult to pinpoint in a particular month.
From a cash flow analysis perspective, the Adopted and Amended Budgets are efficient planning tools for determining cash flow needs for a single fiscal year. If a budget is adopted at a position in which revenues and expenditures are balanced, then it is reasonable to conclude cash flow is unlikely to be of concern. Beyond one fiscal year, a City prepares a long-term forward-looking forecast using historical and prospective assumptions. This forecast model is incorporated and presented to the City Council as part of the City's Adopted Budget.
Compliance
All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months.
Sustainability Impact
492
CC 11-21-2023
492 of 598
12 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 and City Treasurer
Approved for Submission by: __________________
Matt Morley
Assistant City Manager
Attachments:
A – Chandler Investment Report September 2023
B – Chandler Custodial Statement September 2023
C – PARS Pension and OPEB Account Statement September 2023 D – LAIF Account Statement September 2023
493
CC 11-21-2023
493 of 598
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending September 30, 2023
City of Cupertino
494
CC 11-21-2023
494 of 598
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of September 30, 2023
1 495
CC 11-21-2023
495 of 598
SECTION | Section 1 | Economic Update
2 496
CC 11-21-2023
496 of 598
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. Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.
As anticipated at the September meeting, the Federal Open Market Committee voted unanimously to maintain the target Federal Funds at the range of 5.25 - 5.50%. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. The Fed is continuing to focus on achieving price stability and bringing inflation down toward their 2% policy objective, while leaving the option open for the possibility of additional rate hikes in the future if needed.
The yield curve remained inverted in September. The 2-year Treasury yield increased 18 basis points to 5.05%, the 5-year Treasury yield rose 36 basis points to 4.61%, and the 10-year Treasury yield increased 46 basis points to 4.57%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August monthend. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -45 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists.
3 497
CC 11-21-2023
497 of 598
Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 187,000 jobs in August, exceeding consensus expectations, and the last two months were revised downward by 110,000 jobs. The pace of job growth is softening with the three-month moving average payrolls at 150,000 and the six-month moving average at 194,000. The unemployment rate rose to 3.8% in August from 3.5% in July, and the labor force participation rate increased to
62.8%, the highest level since February of 2020. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons, increased to 7.1% from the prior month at 6.7%. Average hourly earnings declined to 4.3% year-over-year in August from 4.4% in July. While the U.S. labor market is moderating, employment remains strong by historical standards.
Source: US Department of Labor Source: US Department of Labor 4 498
CC 11-21-2023
498 of 598
Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in August by 0.6% month-over-month and 3.7% year-over-year, accelerating from 3.2% year-overyear in July due to surging energy prices. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-overmonth and 4.3% year-over-year, decelerating from 4.7% last month. Shelter remained the largest contributor to the Core CPI increase. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-month and 3.5% year-over-year in August, up from a 3.4% yearover-year gain in July. Core PCE, the Federal Reserve’s preferred inflation gauge, increased just 0.1% month-over-month and 3.9% yearover-year in August, down from a 4.3% increase in July. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.9% in August from 4.1% in July. Inflation remains above the Fed's 2% target.
Source: US Department of Labor Source: US Department of Commerce 5 499
CC 11-21-2023
499 of 598
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
At the September meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Nonetheless, the Fed conveyed a consensus view that another rate hike is possible later in the year, along with its commitment to keeping rates at their current level until inflation subsides closer to its 2% target, endorsing a data-dependent 'higher-forlonger' strategy. The Fed’s Summary of Economic Projections (SEP) also revealed expectations of higher economic growth, reduced unemployment, and a gradual easing of inflation compared to earlier forecasts. We believe the resiliency of future economic data will determine if the Federal Reserve can stay on hold for or will tighten policy further to curb inflation. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1 trillion to $8.024T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
6 500
CC 11-21-2023
500 of 598
Bond Yields
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Sep-23
Jun-23
Sep-22
Yield (%)
At the end of September, the 2-year Treasury yield was 77 basis points higher, and the 10-Year Treasury yield was about 74 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -48 basis points at September month-end versus -76 basis points at August month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -88 basis points in September from -134 basis points in August. The shape of the yield curve indicates that the probability of recession persists. 7 501
CC 11-21-2023
501 of 598
Section 2| SECTION | Section 2 | Account Profile
8 502
CC 11-21-2023
502 of 598
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 September 30, 2023
9 503
CC 11-21-2023
503 of 598
Compliance As of September 30, 2023
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government Sponsored Enterprise obligations. Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB. Complies Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California, and any local agency within the State of California; Obligations of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.
Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S. Complies Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal Agency/GSE .
Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" shortterm rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 10 504
CC 11-21-2023
504 of 598
Compliance As of September 30, 2023
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 505
CC 11-21-2023
505 of 598
Portfolio Summary – City of Cupertino #10659 As of September 30, 2023 12 506
CC 11-21-2023
506 of 598
Purchase Yield as of 09/30/23 = 2.03%
0.00 0.50
1.00 1.50
2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of September 30, 2023
13 507
CC 11-21-2023
507 of 598
SECTION | Section 3 | Portfolio Holdings
14 508
CC 11-21-2023
508 of 598
Issue Name Investment Type % Portfolio
Government of United States US Treasury 37.21%
Federal National Mortgage Association Agency 8.82%
Federal Home Loan Mortgage Corp Agency 4.35%
Federal Home Loan Mortgage Corp CMO 3.77%
Inter-American Dev Bank Supranational 3.34%
Federal Home Loan Bank Agency 2.29%
American Express ABS ABS 1.87%
John Deere ABS ABS 1.69%
Royal Bank of Canada Corporate 1.66%
Toyota Motor Corp Corporate 1.60%
JP Morgan Chase & Co Corporate 1.55%
Bank of New York Corporate 1.54%
Bank of America Corp Corporate 1.54%
Hyundai Auto Receivables ABS 1.53%
International Finance Corp Supranational 1.53%
Intl Bank Recon and Development Supranational 1.46%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.27%
Paccar Financial Corporate 1.25%
Bank of Montreal Chicago Corporate 1.17%
Salesforce.com Inc Corporate 1.13%
Amazon.com Inc Corporate 1.13%
Metlife Inc Corporate 1.11%
Prudential Financial Inc Corporate 1.11%
Air Products & Chemicals Corporate 1.10%
New York Life Global Funding Corporate 1.06%
United Health Group Inc Corporate 1.06%
Berkshire Hathaway Corporate 0.99%
Guardian Life Global Funding Corporate 0.84%
Honda ABS ABS 0.83%
US Bancorp Corporate 0.81%
Toyota Lease Owner Trust ABS 0.72%
GM Financial Automobile Leasing Trust ABS 0.72%
Caterpillar Inc Corporate 0.71%
GM Financial Securitized Term Auto Trust ABS 0.63%
MasterCard Inc Corporate 0.63%
Mass Mutual Insurance Corporate 0.59%
Charles Schwab Corp/The Corporate 0.57%
Issuers
City of Cupertino – Account #10659
As of September 30, 2023
15 509
CC 11-21-2023
509 of 598
Issue Name Investment Type % Portfolio
State of California Municipal Bonds 0.49%
Toyota ABS ABS 0.46%
Northern Trust Corp Corporate 0.43%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.34%
Hyundai Auto Lease Securitization ABS 0.27%
BMW Vehicle Lease Trust ABS 0.21%
Wal-Mart Stores Corporate 0.21%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.17% Verizon Owner Trust ABS 0.00%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of September 30, 2023
16 510
CC 11-21-2023
510 of 598
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
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
68,329.04 09/22/2020
0.38%
68,319.00
68,328.62
99.16 6.01%
67,757.13
9.13 0.05%
(571.49)
NR / AAA
AAA
1.05 0.15
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
316,458.74 08/10/2021
0.39%
316,454.44
316,458.20
99.36 5.86%
314,421.06
37.71 0.21%
(2,037.14)
NR / AAA
AAA
1.06 0.12
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
6,102.55 07/14/2020
0.52%
6,101.62
6,102.47
99.78 5.99%
6,089.18
1.38 0.00%
(13.29)
Aaa / NR
AAA
1.13 0.04
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
80,650.65 09/08/2021
0.34%
80,642.32
80,649.80
99.43 5.99%
80,192.79
4.44 0.05%
(457.01)
Aaa / NR
AAA
1.24 0.10
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
38,748.02 10/06/2020
0.36%
38,740.80
38,745.83
99.47 6.23%
38,542.62
6.03 0.03%
(203.21)
NR / AAA
AAA
1.30 0.09
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
408,599.02 01/11/2022
1.16%
408,590.00
408,596.85
98.90 5.84%
404,104.84
210.66
0.27%
(4,492.01)
Aaa / AAA
NR
1.30 0.23
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
5,413.17 08/04/2020
0.48%
5,412.03
5,412.82
99.80 4.84%
5,402.16
0.78 0.00%
(10.66)
Aaa / NR
AAA
1.39 0.05
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
1,100,310.19 02/23/2022
1.98%
1,100,137.00
1,100,256.16
98.72 6.07%
1,086,187.71
658.96
0.72%
(14,068.45)
NR / AAA
AAA
1.39 0.31
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
779,035.85 02/15/2022
1.91%
779,029.15
779,034.13
98.72 6.18%
769,088.34
452.27
0.51%
(9,945.79)
Aaa / NR
AAA
1.47 0.30
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
242,643.65 01/11/2022
1.11%
242,607.39
242,635.63
98.83 6.13%
239,796.23
44.48 0.16%
(2,839.40)
NR / AAA
AAA
1.48 0.23
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
82,104.42 02/17/2021
0.27%
82,102.92
82,104.19
98.22 6.10%
80,642.80
6.16 0.05%
(1,461.39)
Aaa / NR
AAA
1.56 0.30
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
304,955.87 02/02/2021
0.27%
304,899.28
304,947.56
98.27 6.03%
299,692.94
35.24 0.20%
(5,254.62)
Aaa / NR
AAA
1.62 0.30
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
223,739.67 04/20/2021
0.38%
223,716.13
223,734.87
97.97 5.89%
219,199.99
37.79 0.15%
(4,534.88)
NR / AAA
AAA
1.96 0.37
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
394,284.05 11/16/2021
0.89%
394,200.93
394,248.35
96.10 6.44%
378,912.10
96.38 0.25%
(15,336.25)
Aaa / NR
AAA
2.31 0.70
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
428,221.60 07/13/2021
0.52%
428,183.40
428,206.38
96.59 5.88%
413,602.97
98.97 0.28%
(14,603.41)
Aaa / NR
AAA
2.46 0.64
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
371,935.67 11/09/2021
0.71%
371,927.74
371,932.31
96.20 6.20%
357,795.79
117.37
0.24%
(14,136.52)
NR / AAA
AAA
2.54 0.69
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
739,944.02
96.48 5.78%
713,930.55
618.31
0.48%
(26,013.47)
Aaa / AAA
NR
2.62 0.91
As of September 30, 2023
17 511
CC 11-21-2023
511 of 598
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
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
1,139,633.54 Various
2.03%
1,110,818.51
1,126,432.12
96.64 5.94%
1,101,352.12
374.81
0.73%
(25,080.00)
NR / AAA
AAA
2.62 0.64
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
529,984.62
97.56 5.95%
517,042.03
283.55
0.34%
(12,942.59)
Aaa / AAA
NR
2.90 0.90
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
301,789.22 10/13/2021
0.68%
301,781.53
301,785.93
95.94 6.21%
289,531.75
85.51 0.19%
(12,254.18)
Aaa / AAA
NR
2.96 0.73
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
449,944.35
96.82 6.16%
435,667.95
464.00
0.29%
(14,276.40)
Aaa / NR
AAA
2.96 0.83
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
1,009,979.59
96.77 5.74%
977,341.64
996.53
0.65%
(32,637.95)
NR / AAA
AAA
3.04 0.92
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
292,304.20 01/11/2022
1.27%
292,278.79
292,291.78
96.63 5.58%
282,455.01
153.46
0.19%
(9,836.77)
NR / AAA
AAA
3.13 0.78
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
389,953.39
97.21 5.72%
379,106.52
503.75
0.25%
(10,846.87)
Aaa / AAA
NR
3.38 1.08
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
654,958.43
97.34 5.85%
637,595.34
1,088.76
0.43%
(17,363.09)
Aaa / NR
AAA
3.38 1.28
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
1,534,926.51
95.18 5.75%
1,470,461.48
1,517.53
0.98%
(64,465.03)
Aaa / NR
AAA
3.46 1.39
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
1,374,834.35
96.51 5.72%
1,326,969.88
2,071.67
0.89%
(47,864.47)
NR / AAA
AAA
3.63 1.53
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
1,049,939.70
98.93 5.85%
1,038,783.90
2,375.33
0.69%
(11,155.80)
Aaa / NR
AAA
3.71 1.51
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
570,000.00 08/02/2022
3.75%
569,974.92
569,985.22
99.36 4.97%
566,374.23
647.90
0.38%
(3,610.99)
NR / AAA
AAA
3.81 0.86
TOTAL ABS 14,900,259.12 2.35%
14,849,470.70
14,876,354.18 5.87%
14,498,041.05
12,998.86
9.67%
(378,313.13)
Aaa / AAA
AAA
2.73 0.87
Agency
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
855,000.00 12/02/2020
0.28%
854,153.55
854,950.53
99.11 5.27%
847,428.12
694.69
0.57%
(7,522.41)
Aaa / AA+
AA+
0.18 0.18
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,509,153.01
98.08 5.68%
1,471,263.00
12,817.70
0.99%
(37,890.01)
Aaa / AA+
NR
0.71 0.68
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,497,707.57
97.24 5.53%
1,458,543.00
6,489.58
0.98%
(39,164.57)
Aaa / AA+
AA+
0.76 0.73
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,019,723.82
97.56 5.54%
1,951,132.00
2,875.00
1.30%
(68,591.82)
Aaa / AA+
NR
0.96 0.92
As of September 30, 2023
18 512
CC 11-21-2023
512 of 598
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
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,973,031.96
96.15 5.48%
1,898,909.18
14,798.79
1.28%
(74,122.78)
Aaa / AA+
AA+
1.04 1.00
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,298,945.00
95.43 5.39%
1,235,850.88
4,910.21
0.83%
(63,094.12)
Aaa / AA+
AA+
1.27 1.22
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,501.08
95.05 5.30%
2,247,972.71
4,828.54
1.50%
(116,528.37)
Aaa / AA+
AA+
1.37 1.32
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,858,804.73
93.06 5.31%
1,730,997.84
5,134.38
1.16%
(127,806.89)
Aaa / AA+
AA+
1.56 1.51
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,807.58
92.46 5.15%
2,311,495.00
3,611.11
1.54%
(188,312.58)
Aaa / AA+
AA+
1.72 1.66
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,247,750.95
91.91 5.12%
1,148,878.75
911.46
0.77%
(98,872.20)
Aaa / AA+
AA+
1.81 1.76
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,495,296.26
91.47 5.14%
2,286,715.00
937.51
1.52%
(208,581.26)
Aaa / AA+
AA+
1.90 1.85
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,495,695.38
91.18 5.12%
2,279,402.50
208.33
1.52%
(216,292.88)
Aaa / AA+
AA+
1.98 1.93
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,496,920.36
90.94 5.10%
2,273,447.50
5,000.00
1.52%
(223,472.86)
Aaa / AA+
AA+
2.11 2.04
TOTAL Agency 24,600,000.00 1.03%
24,715,471.65
24,612,288.23 5.30%
23,142,035.48
63,217.30
15.46%
(1,470,252.75)
Aaa / AA+
AA+
1.43 1.39
CMO
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,294,917.17 07/01/2021
0.72%
1,392,946.45
1,325,271.41
97.40 5.77%
1,261,192.35
3,421.82
0.84%
(64,079.06)
Aaa / AAA
AAA
1.07 0.93
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,034,996.78
95.82 5.54%
958,229.33
2,508.33
0.64%
(76,767.45)
NR / NR
AAA
1.82 1.61
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
983,789.03
96.27 5.50%
914,528.90
2,639.42
0.61%
(69,260.13)
NR / NR
AAA
1.90 1.66
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
447,259.59
96.05 5.51%
422,627.48
1,212.93
0.28%
(24,632.11)
NR / NR
AAA
1.99 1.74
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
577,106.64
95.17 5.43%
542,474.70
1,422.63
0.36%
(34,631.94)
NR / NR
AAA
2.24 1.96
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
672,562.26
93.06 5.27%
604,858.15
1,437.04
0.40%
(67,704.11)
NR / NR
AAA
2.90 2.68
As of September 30, 2023
19 513
CC 11-21-2023
513 of 598
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
3137FBBX3 FHLMC K068 A2
3.244% Due 08/25/2027
1,000,000.00 09/28/2022
4.41%
950,664.06
960,822.28
93.53 5.10%
935,315.00
2,703.33
0.62%
(25,507.28)
Aaa / NR
NR
3.90 3.51
TOTAL CMO 5,904,917.17 1.74%
6,163,962.85
6,001,807.99 5.47%
5,639,225.91
15,345.50
3.77%
(362,582.08)
Aaa / AAA
AAA
2.18 1.94
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
1,504,008.09
97.71 6.03%
1,465,681.50
12,035.42
0.98%
(38,326.59)
A1 / A
AA0.700.67
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
594,294.55
96.00 5.98%
576,015.00
854.17
0.38%
(18,279.55)
A2 / AAA0.78
0.75 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
1,756,672.53
96.11 5.72%
1,691,558.88
2,322.23
1.13%
(65,113.65)
A2 / A+
NR
0.79 0.77
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.99%
1,533,359.18
1,506,415.80
97.36 6.00%
1,460,368.50
7,968.76
0.98%
(46,047.30)
A1 / A
AA0.790.77
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
1,252,880.76
97.14 5.97%
1,214,192.50
5,083.33
0.81%
(38,688.26)
A3 / A
A
0.83 0.80
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
1,686,817.46
98.18 5.61%
1,644,520.03
9,507.95
1.10%
(42,297.43)
A2 / A
NR
0.84 0.80
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,895.13
95.71 5.69%
650,811.00
491.11
0.43%
(29,084.13)
A1 / A+
NR
0.86 0.83
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,857.23
96.97 5.74%
358,797.88
1,016.47
0.24%
(11,059.35)
A1 / A+
NR
0.88 0.85
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,102,667.93
96.30 5.65%
1,059,282.40
9,394.31
0.71%
(43,385.53)
A2 / A
A+
1.11 1.06
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,640.05
94.62 5.92%
837,409.13
3,251.15
0.56%
(47,230.92)
Aa3 / AAAA1.19
1.14 89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
688,545.80
94.67 5.84%
662,675.30
2,283.75
0.44%
(25,870.50)
A1 / A
NR
1.28 1.23
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
1,214,301.82
94.95 5.57%
1,153,608.48
3,817.13
0.77%
(60,693.34)
A1 / A+
A+
1.29 1.24
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
1,679,220.27
94.76 5.72%
1,591,946.16
5,210.33
1.06%
(87,274.11)
Aaa / AA+
AAA
1.29 1.24
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,883.69
96.01 5.62%
849,727.44
12,190.88
0.57%
(35,156.25)
A1 / A+
NR
1.52 1.44
As of September 30, 2023
20 514
CC 11-21-2023
514 of 598
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
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
1,049,801.14
96.48 5.80%
1,013,028.45
16,439.06
0.69%
(36,772.69)
A1 / A
AA1.541.45
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
1,369,899.81
96.42 5.77%
1,320,974.55
19,887.83
0.89%
(48,925.26)
A1 / A
AA1.571.48
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,259,206.43
93.85 5.97%
1,163,738.76
9,558.33
0.78%
(95,467.67)
A2 / AAA1.59
1.51 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
1,370,394.91
96.27 6.23%
1,318,834.62
3,762.93
0.88%
(51,560.29)
A1 / AAA1.67
1.59 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
655,098.83
95.97 6.31%
628,592.37
1,727.78
0.42%
(26,506.46)
A1 / AAA1.73
1.64 66815L2J7 Northwestern Mutual Glbl Note
4.000% Due 07/01/2025
1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,768.07
97.09 5.76%
1,135,984.59
11,700.00
0.76%
(33,783.48)
Aaa / AA+
AAA
1.75 1.65
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
863,911.33
91.11 5.76%
823,603.66
602.67
0.55%
(40,307.67)
Aa3 / AAAA1.92
1.85 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
1,014,443.94
96.28 5.83%
962,794.00
14,593.06
0.65%
(51,649.94)
A1 / A
AA2.141.98
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,392,584.06
89.76 5.92%
1,256,670.80
3,777.08
0.84%
(135,913.26)
Aa1 / AA+
NR
2.20 2.11
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
837,415.07
89.65 5.69%
762,020.75
1,454.44
0.51%
(75,394.32)
Aaa / AA+
AAA
2.29 2.20
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
607,737.30
94.09 6.59%
564,559.80
1,612.00
0.38%
(43,177.50)
A1 / AAA2.38
1.31 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
406,960.50
93.86 6.27%
376,380.61
3,689.17
0.25%
(30,579.89)
A1 / AAA2.56
1.48 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due 04/28/2026
650,000.00 05/23/2022
4.93%
615,699.50
627,515.71
93.94 6.28%
610,605.45
6,044.35
0.41%
(16,910.26)
A1 / AA+2.58
1.50 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
1,870,768.13
89.91 5.17%
1,685,790.00
7,239.58
1.13%
(184,978.13)
A1 / AA
AA2.622.51
As of September 30, 2023
21 515
CC 11-21-2023
515 of 598
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
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
1,029,076.42
89.96 5.30%
931,046.67
4,496.50
0.62%
(98,029.75)
A2 / A+
A
2.62 2.51
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
1,384,669.27
89.30 5.41%
1,236,777.30
4,457.97
0.83%
(147,891.97)
A1 / A+
A+
2.72 2.60
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
700,558.60
91.71 6.49%
641,951.80
2,616.02
0.43%
(58,606.80)
A1 / AAA2.72
1.65 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
1,001,270.90
88.51 5.70%
885,126.00
2,500.00
0.59%
(116,144.90)
Aa3 / AA+
AA+
2.79 2.67
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,581.40
88.10 5.68%
678,407.73
454.51
0.45%
(91,173.67)
Aa3 / AAAA2.96
2.83 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
349,608.03
89.16 5.03%
312,071.55
142.92
0.21%
(37,536.48)
Aa2 / AA
AA
2.97 2.85
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,166.06
88.64 5.72%
988,342.69
4,645.83
0.66%
(125,823.37)
Aa3 / AAAA3.28
3.09 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
959,813.66
89.07 6.03%
855,113.28
1,829.34
0.57%
(104,700.38)
A2 / AA3.42
3.19 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
1,614,788.10
91.73 4.93%
1,481,494.41
1,650.89
0.99%
(133,293.69)
Aa2 / AA
A+
3.46 3.25
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026
3.559% Due 04/23/2027
1,150,000.00 Various
4.94%
1,114,222.54
1,122,961.76
93.82 6.20%
1,078,903.55
17,963.07
0.73%
(44,058.21)
A1 / AAA3.56
2.36 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
669,217.16
94.59 5.68%
633,772.43
10,496.67
0.43%
(35,444.73)
A2 / A+
A+
3.61 3.24
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
675,229.92
94.79 5.30%
639,814.28
9,435.00
0.43%
(35,415.64)
A2 / A+
A
3.62 3.28
As of September 30, 2023
22 516
CC 11-21-2023
516 of 598
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
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
944,186.71
99.25 5.07%
937,892.66
2,815.31
0.63%
(6,294.05)
Aa3 / A+
NR
4.44 3.93
TOTAL Corporate 42,705,000.00 2.08%
42,741,600.72
42,635,734.33 5.75%
40,140,886.96
241,019.30
26.90%
(2,494,847.37)
A1 / A+
AA1.971.79
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund
252,748.53 Various
4.91%
252,748.53
252,748.53
1.00 4.91%
252,748.53
0.00 0.17%
0.00 Aaa / AAA
NR
0.00 0.00
TOTAL Money Market Fund 252,748.53 4.91%
252,748.53
252,748.53 4.91%
252,748.53
0.00 0.17%
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
758,518.46
96.92 5.60%
731,739.21
9,060.00
0.49%
(26,779.25)
Aa2 / AAAA1.01
0.96 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
758,518.46 5.60%
731,739.21
9,060.00
0.49%
(26,779.25)
Aa2 / AAAA1.01
0.96 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
2,799,598.03
99.38 5.23%
2,782,662.40
2,644.44
1.86%
(16,935.63)
Aaa / AAA
NR
0.13 0.12
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,487,471.51
91.82 5.21%
2,295,397.50
1,953.13
1.53%
(192,074.01)
Aaa / AAA
NR
1.79 1.74
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,395,081.22
91.01 5.12%
2,184,132.01
5,100.01
1.46%
(210,949.21)
Aaa / AAA
AAA
2.08 2.01
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
2,454,249.37
90.23 4.99%
2,219,724.42
9,626.46
1.49%
(234,524.95)
Aaa / AAA
AAA
2.56 2.46
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,136,400.13 5.14%
9,481,916.33
19,324.04
6.33%
(654,483.80)
Aaa / AAA
AAA
1.55 1.50
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
1,493,483.33
99.57 5.08%
1,493,483.33
0.00 1.00%
0.00 P-1 / A-1+
F-1+
0.09 0.09
912796ZN2 US Treasury Bill
5.228% Due 12/28/2023
1,500,000.00 06/28/2023
5.44%
1,460,358.13
1,480,832.50
98.72 5.44%
1,480,832.50
0.00 0.99%
0.00 P-1 / A-1+
F-1+
0.24 0.24
As of September 30, 2023
23 517
CC 11-21-2023
517 of 598
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
1,700,709.82
98.03 5.47%
1,666,532.10
14,228.26
1.12%
(34,177.72)
Aaa / AA+
AA+
0.58 0.56
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,002,872.22
97.46 5.50%
1,949,140.00
10,108.69
1.31%
(53,732.22)
Aaa / AA+
AA+
0.75 0.73
912797GB7 US Treasury Bill
5.119% Due 07/11/2024
1,000,000.00 07/27/2023
5.39%
950,378.99
959,620.73
95.96 5.39%
959,620.73
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.78 0.76
912797GK7 US Treasury Bill
5.119% Due 08/08/2024
1,000,000.00 08/30/2023
5.39%
951,232.07
955,639.67
95.56 5.39%
955,639.67
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.86 0.84
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,709,468.78
97.36 5.51%
1,655,043.50
5,156.59
1.11%
(54,425.28)
Aaa / AA+
AA+
0.88 0.85
912797GL5 US Treasury Bill
5.162% Due 09/05/2024
1,000,000.00 09/25/2023
5.44%
950,526.04
951,243.05
95.12 5.44%
951,243.05
0.00 0.63%
0.00 P-1 / A-1+
F-1+
0.93 0.91
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,094,272.12
95.68 5.37%
2,009,273.70
9,287.36
1.34%
(84,998.42)
Aaa / AA+
AA+
1.25 1.20
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,506,609.06
94.39 5.28%
1,415,859.00
1,437.16
0.94%
(90,750.06)
Aaa / AA+
AA+
1.42 1.37
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,079,125.63
95.09 5.29%
2,947,907.80
2,384.61
1.97%
(131,217.83)
Aaa / AA+
AA+
1.46 1.41
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,429,255.15
92.71 5.23%
2,317,675.00
3,923.23
1.55%
(111,580.15)
Aaa / AA+
AA+
1.58 1.54
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,487,350.35
91.56 5.13%
1,373,437.50
631.79
0.92%
(113,912.85)
Aaa / AA+
AA+
1.84 1.78
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,385,206.84
91.00 5.04%
2,184,000.00
16.39 1.46%
(201,206.84)
Aaa / AA+
AA+
2.00 1.95
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,438,000.90
90.68 5.02%
2,221,557.10
2,563.18
1.48%
(216,443.80)
Aaa / AA+
AA+
2.09 2.03
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,231,306.17
90.61 5.00%
2,038,623.75
2,835.55
1.36%
(192,682.42)
Aaa / AA+
AA+
2.17 2.10
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,478,260.88
90.02 4.96%
2,250,487.50
1,579.48
1.50%
(227,773.38)
Aaa / AA+
AA+
2.34 2.27
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,496,674.36
90.08 4.88%
2,252,050.00
7,846.47
1.51%
(244,624.36)
Aaa / AA+
AA+
2.58 2.49
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,387,307.62
89.23 4.77%
1,249,281.60
33.47 0.83%
(138,026.02)
Aaa / AA+
AA+
3.00 2.90
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,394,689.78
89.60 4.79%
1,254,422.40
6,591.03
0.84%
(140,267.38)
Aaa / AA+
AA+
3.09 2.95
As of September 30, 2023
24 518
CC 11-21-2023
518 of 598
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
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
3,250,000.00 Various
3.18%
3,260,312.50
3,257,528.92
95.01 4.72%
3,087,880.25
26,693.27
2.08%
(169,648.67)
Aaa / AA+
AA+
3.75 3.44
91282CFB2 US Treasury Note
2.750% Due 07/31/2027
400,000.00 08/22/2022
3.12%
393,218.75
394,738.23
93.15 4.72%
372,609.20
1,853.26
0.25%
(22,129.03)
Aaa / AA+
AA+
3.84 3.56
91282CFH9 US Treasury Note
3.125% Due 08/31/2027
4,500,000.00 Various
3.28%
4,468,902.34
4,475,516.81
94.38 4.71%
4,247,050.50
11,976.30
2.84%
(228,466.31)
Aaa / AA+
AA+
3.92 3.62
91282CFM8 US Treasury Note
4.125% Due 09/30/2027
3,450,000.00 Various
4.31%
3,421,152.34
3,426,558.79
97.92 4.70%
3,378,171.00
388.83
2.25%
(48,387.79)
Aaa / AA+
AA+
4.00 3.64
91282CFZ9 US Treasury Note
3.875% Due 11/30/2027
850,000.00 12/05/2022
3.81%
852,656.25
852,219.87
96.94 4.69%
823,968.75
11,069.16
0.56%
(28,251.12)
Aaa / AA+
AA+
4.17 3.74
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
2,750,000.00 Various
3.67%
2,775,107.42
2,771,672.32
96.92 4.68%
2,665,245.00
26,930.20
1.79%
(106,427.32)
Aaa / AA+
AA+
4.25 3.83
91282CGH8 US Treasury Note
3.500% Due 01/31/2028
3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,963,367.82
95.43 4.67%
2,863,008.00
17,690.22
1.92%
(100,359.82)
Aaa / AA+
AA+
4.34 3.94
91282CGP0 US Treasury Note
4.000% Due 02/29/2028
3,700,000.00 Various
4.00%
3,699,113.28
3,699,334.68
97.41 4.65%
3,604,321.70
12,604.40
2.41%
(95,012.98)
Aaa / AA+
AA+
4.42 3.98
TOTAL US Treasury 58,900,000.00 2.59%
58,300,067.12
58,502,866.40 5.00%
55,668,364.63
177,828.90
37.21%
(2,834,501.77)
Aaa / AA+
AA+
2.52 2.35
TOTAL PORTFOLIO 158,177,924.82 2.03%
157,896,706.37
157,776,718.25 5.36%
149,554,958.10
538,793.90
100.00%
(8,221,760.15)
Aa1 / AA
AA+
2.14 1.83
TOTAL MARKET VALUE PLUS ACCRUALS 150,093,752.00
As of September 30, 2023
25 519
CC 11-21-2023
519 of 598
SECTION | Section 4 | Transactions
26 520
CC 11-21-2023
520 of 598
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 07/28/2023 912797GB7 1,000,000.00 US Treasury Bill
5.119% Due: 07/11/2024
95.038 5.39% 950,378.99 0.00 950,378.99 0.00
Purchase 08/31/2023 912797GK7 1,000,000.00 US Treasury Bill
5.119% Due: 08/08/2024
95.123 5.39% 951,232.07 0.00 951,232.07 0.00
Purchase 09/26/2023 912797GL5 1,000,000.00 US Treasury Bill
5.162% Due: 09/05/2024
95.053 5.44% 950,526.04 0.00 950,526.04 0.00
Subtotal 3,000,000.00 2,852,137.10 0.00 2,852,137.10 0.00 TOTAL ACQUISITIONS 3,000,000.00 2,852,137.10 0.00 2,852,137.10 0.00 June 30, 2023 through September 30, 2023
As of September 30, 2023
27 521
CC 11-21-2023
521 of 598
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 September 30, 2023
28 522
CC 11-21-2023
522 of 598
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
As of September 30, 2023
29 523
CC 11-21-2023
523 of 598
INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075
CITY OF CUPERTINO -
CHANDLER ASSET MANAGEMENT
ACCOUNT NUMBER
MONTHLY STATEMENT
SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DOE SLANGER
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
27323 SE
524
CC 11-21-2023
524 of 598
Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.
ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE
PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED. VALUES OBTAINED FROM THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE SHOULD NOT BE CONSIDERED TO BE CERTIFIED BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY, AS APPLICABLE.
SPECIAL INVESTMENTS
"SPECIAL INVESTMENTS" ARE ASSETS NOT HELD IN CUSTODY BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY BUT WHOSE VALUE MAY BE SHOWN ON ACCOUNT STATEMENTS. EXAMPLES OF SPECIAL INVESTMENTS INCLUDE, BUT ARE NOT LIMITED TO, COMMON OR COLLECTIVE FUNDS NOT ADMINISTERED BY PRINCIPAL BANK/PRINCIPAL TRUST COMPANY (OR THEIR AFFILIATES), HEDGE FUNDS, LIMITED PARTNERSHIPS, AND OTHER UNREGISTERED SECURITIES.
AT THE DIRECTION OF AND AS A MATTER OF CONVENIENCE TO ITS CLIENTS, PRINCIPAL BANK/PRINCIPAL TRUST COMPANY MAY BE REPORT SPECIAL INVESTMENTS AS A RECORDKEEPING ITEM ON ACCOUNT STATEMENTS, AT NOMINAL VALUE OR SUCH OTHER VALUE PROVIDED BY CLIENTS/EXTERNAL SOURCES.
NEITHER PRINCIPAL BANK NOR PRINCIPAL TRUST COMPANY IS RESPONSIBLE FOR THE ACCURACY OF INFORMATION PROVIDED BY EXTERNAL SOURCES, AND
DOES NOT CERTIFY THAT INFORMATION PROVIDED BY THESE EXTERNAL SOURCES IS TRUE OR CORRECT FOR THE SPECIAL INVESTMENTS REFLECTED IN YOUR ACCOUNT.
TRADE CONFIRMS
PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER.
UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION
YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE.
525
CC 11-21-2023
525 of 598
TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE
REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 526
CC 11-21-2023
526 of 598
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00
CASH EQUIVALENTS 5,948,917.20 6,011,622.28 4.02 62,705.08 317,415 5.28 1,632.09 BONDS AND NOTES 151,867,507.92 143,461,507.84 95.98 8,406,000.08- 2,831,122 1.97 619,174.79 TOTAL INVESTMENTS 157,816,425.12 149,473,130.12 100.00 8,343,295.00- 3,148,536 2.11 620,806.88 TOTAL ACCRUALS 620,806.88 620,806.88
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 158,437,232.00 150,093,937.00 8,343,295.00- 3,148,536 2.11 620,806.88 527
CC 11-21-2023
527 of 598
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
122,463.91 ALLSPRING 100% TREASURY 122,463.91 122,463.91 0.08 0.00 1,515.01 MONEY MARKET FUND - #008 1.0000 1.0000
50,003.37 PRINCIPAL PUBLIC DEPOSIT SWEEP 50,003.37 50,003.37 0.03 0.00 117.08 PROGRAM 1.0000 1.0000
1,500,000 UNITED STATES TREASURY BILLS 1,463,954.69 1,493,175.00 1.00 29,220.31 0.00 DTD 11/03/2022 DUE 11/02/2023 97.5970 99.5450
CUSIP 912796YT0
1,500,000 UNITED STATES TREASURY BILLS 1,460,358.13 1,480,710.00 0.99 20,351.87 0.00 DTD 12/29/2022 DUE 12/28/2023 97.3572 98.7140
CUSIP 912796ZN2
1,000,000 UNITED STATES TREASURY BILLS 950,378.99 959,050.00 0.64 8,671.01 0.00 DTD 07/13/2023 DUE 07/11/2024 95.0379 95.9050
CUSIP 912797GB7
1,000,000 UNITED STATES TREASURY BILLS 951,232.07 955,060.00 0.64 3,827.93 0.00 DTD 08/10/2023 DUE 08/08/2024 95.1232 95.5060
CUSIP 912797GK7
1,000,000 UNITED STATES TREASURY BILLS 950,526.04 951,160.00 0.64 633.96 0.00 DTD 09/07/2023 DUE 09/05/2024 95.0526 95.1160
CUSIP 912797GL5
TOTAL CASH EQUIVALENTS 5,948,917.20 6,011,622.28 4.02 62,705.08 1,632.09
BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,644,515.00 1.10 126,697.00- 9,507.95 DTD 07/31/14 3.350 07/31/2024 105.7440 98.1800
MOODY'S RATING A2
CUSIP 009158AV8
528
CC 11-21-2023
528 of 598
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,875,000 AMAZON.COM INC 1,866,900.00 1,685,793.75 1.13 181,106.25- 7,239.58 DTD 05/12/21 1.000 05/12/2026 99.5680 89.9090
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,326,971.25 0.89 47,724.60- 2,071.67 ASSET BCKD SEC SER 2022-2 CL A 99.9779 96.5070
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,470,453.75 0.98 53,906.02- 1,517.53 ASSET BCKD SEC SER 2022-1 CL A 98.6641 95.1750
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,150,000 BANK OF AMERICA CORP 1,114,222.54 1,078,907.00 0.72 35,315.54- 17,963.06 MED TERM NOTE 96.8889 93.8180
DTD 04/23/19 04/23/2027
MOODY'S RATING A1
CUSIP 06051GHT9
600,000 BANK OF AMERICA CORP 620,988.00 564,558.00 0.38 56,430.00- 1,612.00 MED TERM NOTE 103.4980 94.0930
DTD 02/13/20 02/13/2026
MOODY'S RATING A1
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 641,949.00 0.43 59,325.00- 2,616.02 MED TERM NOTE 100.1820 91.7070
DTD 06/19/20 06/19/2026
MOODY'S RATING A1
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 576,018.00 0.39 6,198.00- 854.17 MED TERM NOTE 97.0360 96.0030
DTD 07/09/21 0.625 07/09/2024
MOODY'S RATING A2
CUSIP 06367TQW3
529
CC 11-21-2023
529 of 598
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,240,000 BANK OF MONTREAL 1,285,656.80 1,163,740.00 0.78 121,916.80- 9,558.33 MED TERM NOTE 103.6820 93.8500
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 962,790.00 0.64 62,120.00- 14,593.06 MED TERM NOTE 102.4910 96.2790
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,320,981.40 0.88 48,826.80- 19,887.83 DTD 04/26/2022 3.350% 04/25/2025 99.9860 96.4220
CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,481,487.95 0.99 133,205.20- 1,650.89 DTD 03/15/2022 2.300% 03/15/2027 99.9810 91.7330
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
242,643.65 BMW VEHICLE LEASE TRUST 242,607.39 239,797.44 0.16 2,809.95- 44.48 SER 2022-1 CL A3 *0 DAY DELAY* 99.9851 98.8270
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
80,650.65 BMW VEHICLE LEASE TRUST 80,642.32 80,192.55 0.05 449.77- 3.70 SER 2021-2 CL A3 *0 DAY DELAY* 99.9897 99.4320
DTD 09/15/21 0.330 12/26/2024
MOODY'S RATING AAA
CUSIP 09690AAC7
530,000 BMW VEHICLE OWNER TRUST 529,972.44 517,041.50 0.35 12,930.94- 283.55 ASSET BCKD SEC SER 2022-A CL A3 99.9948 97.5550
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
530
CC 11-21-2023
530 of 598
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 755,000 CALIFORNIA ST 772,342.35 731,738.45 0.49 40,603.90- 9,060.00 TXBL-REF 102.2970 96.9190
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,059,278.00 0.71 52,239.00- 9,394.31 MED TERM NOTE 101.0470 96.2980
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 855,110.40 0.57 104,619.50- 1,829.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 89.0740
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,500,000 FED HOME LN BK 1,564,890.20 1,471,260.00 0.98 93,630.20- 12,817.71 DTD 05/08/14 2.875 06/14/2024 104.3260 98.0840
MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 1,951,140.00 1.31 152,240.00- 2,875.00 DTD 08/15/14 2.875 09/13/2024 105.1690 97.5570
MOODY'S RATING AAA
CUSIP 3130A2UW4
1,294,917.17 FED HOME LN MTG CORP 1,392,946.45 1,261,197.53 0.84 131,748.92- 3,421.82 SER KO41 CL A2 *24 DAY DELAY* 107.5703 97.3960
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,247,979.80 1.50 115,199.15- 4,828.54 DTD 02/14/20 1.500 02/12/2025 99.9230 95.0520
MOODY'S RATING AAA
CUSIP 3137EAEP0
531
CC 11-21-2023
531 of 598
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,148,875.00 0.77 94,900.00- 911.46 SER USD 99.5020 91.9100
DTD 07/23/20 0.375 07/21/2025
MOODY'S RATING AAA
CUSIP 3137EAEU9
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,279,400.00 1.52 209,962.80- 208.33 DTD 09/25/20 0.375 09/23/2025 99.5745 91.1760
MOODY'S RATING AAA
CUSIP 3137EAEX3
855,000 FED HOME LN MTG CORP 854,153.55 847,424.70 0.57 6,728.85- 694.69 DTD 12/04/20 0.250 12/04/2023 99.9010 99.1140
MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,458,540.00 0.98 26,355.00- 6,489.58 DTD 07/08/19 1.750 07/02/2024 98.9930 97.2360
MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,898,903.25 1.27 66,899.50- 14,798.78 DTD 10/18/19 1.625 10/15/2024 99.5343 96.1470
MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,235,857.35 0.83 74,096.60- 4,910.21 DTD 01/10/20 1.625 01/07/2025 101.1548 95.4330
MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,730,990.40 1.16 125,178.00- 5,134.38 DTD 04/24/20 0.625 04/22/2025 99.7940 93.0640
MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,311,500.00 1.55 187,727.30- 3,611.11 DTD 06/19/20 0.500 06/17/2025 99.9691 92.4600
MOODY'S RATING AAA
CUSIP 3135G04Z3
532
CC 11-21-2023
532 of 598
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 FED NATL MTG ASSN 2,487,983.75 2,286,725.00 1.53 201,258.75- 937.50 DTD 08/27/20 0.375 08/25/2025 99.5194 91.4690
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,273,450.00 1.52 219,250.00- 5,000.00 DTD 11/12/20 0.500 11/07/2025 99.7080 90.9380
MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 958,230.00 0.64 121,457.50- 2,508.33 SER K049 CL A2 *24 DAY DELAY* 107.9688 95.8230
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 914,527.00 0.61 103,605.81- 2,639.42 SER K050 CL A2 *24 DAY DELAY* 107.1719 96.2660
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 422,628.80 0.28 30,450.89- 1,212.93 SER K051 CL A2 *24 DAY DELAY* 102.9727 96.0520
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 542,474.70 0.36 39,526.47- 1,422.63 SER K053 CL A2 *24 DAY DELAY* 102.1055 95.1710
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 604,857.50 0.40 82,593.67- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 93.0550
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 935,320.00 0.63 15,344.06- 2,703.33 SER K068 CL A2 *24 DAY DELAY* 95.0664 93.5320
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
533
CC 11-21-2023
533 of 598
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 316,458.74 GM FINANCIAL AUTOMOBILE LEASIN 316,454.44 314,420.75 0.21 2,033.69- 34.28 SER 2021-3 CL A3 *0 DAY DELAY* 99.9987 99.3560
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
779,035.85 GM FINANCIAL AUTOMOBILE LEASIN 779,029.15 769,087.56 0.51 9,941.59- 440.37 SER 2022-1 CL A3 *0 DAY DELAY* 99.9992 98.7230
DTD 02/23/22 1.850 03/20/2025
MOODY'S RATING AAA
CUSIP 36265MAC9
301,789.22 GM FINANCIAL SECURITIZED TERM 301,781.53 289,530.54 0.19 12,250.99- 85.51 SER 2021-4 CL A3 *0 DAY DELAY* 99.9975 95.9380
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 379,107.30 0.25 10,811.19- 503.75 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 97.2070
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
292,304.2 GM FINANCIAL SECURITIZED TERM 292,278.79 282,453.55 0.19 9,825.24- 153.46 SER 2022-1 CL A3 *0 DAY DELAY* 99.9913 96.6300
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,256,668.00 0.84 129,192.00- 3,777.08 144A PRIV PLCMT 0.875 12/10/2025 98.9900 89.7620
MOODY'S RATING AA1
CUSIP 40139LBC6
82,104.42 HONDA AUTO RECEIVABLES OWNER T 82,102.92 80,642.96 0.05 1,459.96- 6.16 SER 2021-1 CL A3 *0 DAY DELAY* 99.9982 98.2200
DTD 02/24/21 0.270 04/21/2025
MOODY'S RATING AAA
CUSIP 43813GAC5
534
CC 11-21-2023
534 of 598
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 68,329.04 HONDA AUTO RECEIVABLES OWNER T 68,319.00 67,757.13 0.05 561.87- 9.13 SER 2020-3 CL A3 *0 DAY DELAY* 99.9853 99.1630
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 713,929.80 0.48 25,958.90- 618.31 SER 2022-1 CL A3 *0 DAY DELAY* 99.9850 96.4770
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
394,284.05 HONDA AUTO RECEIVABLES OWNER T 394,200.93 378,910.91 0.25 15,290.02- 96.38 SER 2021-4 CL A3 *0 DAY DELAY* 99.9789 96.1010
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
408,599.02 HYUNDAI AUTO LEASE SECURITIZAT 408,590.00 404,104.43 0.27 4,485.57- 210.66 SER 2022-A CL A3 *0 DAY DELAY* 99.9978 98.9000
144A PRIV PLCMT 1.160 01/15/2025
MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 977,336.60 0.65 32,624.52- 996.53 ASSET BCKD SEC SER 2022-A CL A3 99.9962 96.7660
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
223,739.67 HYUNDAI AUTO RECEIVABLES TRUST 223,716.13 219,199.99 0.15 4,516.14- 37.79 SER 2021-A CL A3 *0 DAY DELAY* 99.9895 97.9710
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,139,633.54 HYUNDAI AUTO RECEIVABLES TRUST 1,110,818.51 1,101,353.25 0.74 9,465.26- 374.81 SER 2021-C CL A3 *0 DAY DELAY* 97.4716 96.6410
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
535
CC 11-21-2023
535 of 598
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,782,668.00 1.86 9,632.00- 2,644.44 DTD 09/02/20 0.250 11/15/2023 99.7250 99.3810
MOODY'S RATING AAA
CUSIP 4581X0DP0
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,219,731.80 1.49 229,001.40- 9,626.46 DTD 04/20/21 0.875 04/20/2026 99.5420 90.2330
MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,184,144.00 1.46 204,715.25- 5,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 91.0060
MOODY'S RATING AAA
CUSIP 459058JL8
2,500,000 INTL FINANCE CORP 2,471,150.00 2,295,400.00 1.54 175,750.00- 1,953.13 DTD 07/16/20 0.375 07/16/2025 98.8460 91.8160
MOODY'S RATING AAA
CUSIP 45950KCT5
450,000 JOHN DEERE OWNER TRUST 449,900.46 435,667.50 0.29 14,232.96- 464.00 ASSET BCKD SEC SER 2022-A CL A3 99.9779 96.8150
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
6,102.55 JOHN DEERE OWNER TRUST 6,101.62 6,089.19 0.00 12.43- 1.38 SER 2020-B CL A3 *0 DAY DELAY* 99.9848 99.7810
DTD 07/22/20 0.510 11/15/2024
MOODY'S RATING AAA
CUSIP 47787NAC3
428,221.6 JOHN DEERE OWNER TRUST 428,183.40 413,602.11 0.28 14,581.29- 92.78 SER 2021-B CL A3 *0 DAY DELAY* 99.9911 96.5860
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
536
CC 11-21-2023
536 of 598
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 655,000 JOHN DEERE OWNER TRUST 654,937.45 637,596.65 0.43 17,340.80- 1,088.76 ASSET BCKD SEC SER 2022-B CL A3 99.9905 97.3430
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
1,050,000 JOHN DEERE OWNER TRUST 1,049,918.52 1,038,786.00 0.69 11,132.52- 2,375.33 ASSET BCKD SEC SER 2022-C CL A3 99.9923 98.9320
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
655,000 JPMORGAN CHASE & 655,406.85 628,590.40 0.42 26,816.45- 1,727.78 SER F2F 100.0621 95.9680
DTD 06/23/21 06/23/2025
MOODY'S RATING A1
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 376,382.61 0.25 39,586.72- 3,689.17 DTD 04/22/20 04/22/2026 103.7330 93.8610
MOODY'S RATING A1
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,318,830.50 0.88 52,943.40- 3,762.93 DTD 06/01/21 06/01/2025 100.1295 96.2650
MOODY'S RATING A1
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 885,130.00 0.59 117,100.00- 2,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 88.5130
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 937,893.60 0.63 6,189.75- 2,815.31 DTD 03/09/2023 4.875% 03/09/2028 99.9030 99.2480
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
537
CC 11-21-2023
537 of 598
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 988,347.15 0.66 125,381.75- 4,645.83 144A PRIV PLCMT 1.875 01/11/2027 99.8860 88.6410
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 678,408.50 0.45 90,883.10- 454.51 144A PRIV PLCMT 1.250 09/14/2026 99.9080 88.1050
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 610,603.50 0.41 5,096.00- 6,044.35 DTD 04/28/20 04/28/2026 94.7230 93.9390
MOODY'S RATING A1
CUSIP 6174468Q5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,591,951.20 1.07 86,234.40- 5,210.33 144A PRIV PLCMT 1.450 01/14/2025 99.8920 94.7590
MOODY'S RATING AAA
CUSIP 64952WEK5
670,000 NORTHERN TRUST CORP 668,914.60 633,773.10 0.42 35,141.50- 10,496.67 DTD 05/10/2022 4.000% 05/10/2027 99.8380 94.5930
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 762,025.00 0.51 65,424.50- 1,454.44 144A PRIV PLCMT 0.800 01/14/2026 97.3470 89.6500
MOODY'S RATING AAA
CUSIP 66815L2A6
1,170,000 NORTHWESTERN MUTUAL GLBL 1,169,602.20 1,135,988.10 0.76 33,614.10- 11,700.00 DTD 07/01/2022 4.000% 07/01/2025 99.9660 97.0930
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AAA
CUSIP 66815L2J7
538
CC 11-21-2023
538 of 598
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 370,000 PACCAR FINANCIAL CORP 369,182.30 358,796.40 0.24 10,385.90- 1,016.47 MED TERM NOTE 99.7790 96.9720
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 650,814.40 0.44 28,818.40- 491.11 MED TERM NOTE 99.9460 95.7080
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 849,723.90 0.57 35,046.00- 12,190.88 MEDIUM TERM NOTE 99.9740 96.0140
DTD 04/07/2022 2.850% 04/07/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 823,607.28 0.55 9,365.44- 602.67 144A PRIV PLCMT 0.800 09/01/2025 92.1430 91.1070
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 837,413.55 0.56 46,674.90- 3,251.15 144A PRIV PLCMT 1.150 12/06/2024 99.8970 94.6230
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,460,370.00 0.98 72,989.18- 7,968.75 DTD 07/16/19 2.550 07/16/2024 102.2240 97.3580
MOODY'S RATING A1
CUSIP 78013XZU5
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,013,029.50 0.68 36,582.00- 16,439.06 MEDIUM TERM NOTE 99.9630 96.4790
CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
539
CC 11-21-2023
539 of 598
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,760,000 SALESFORCE.COM INC 1,748,937.40 1,691,553.60 1.13 57,383.80- 2,322.22 DTD 07/12/21 0.625 07/15/2024 99.3715 96.1110
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,465,680.00 0.98 61,575.00- 12,035.42 MED TERM NOTE 101.8170 97.7120
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 662,676.00 0.44 12,061.00- 2,283.75 MED TERM NOTE SER FXD 96.3910 94.6680
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
38,748.02 TOYOTA AUTO RECEIVABLES OWNER 38,740.80 38,542.66 0.03 198.14- 6.03 SER 2020-D CL A3 *0 DAY DELAY* 99.9814 99.4700
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
371,935.67 TOYOTA AUTO RECEIVABLES OWNER 371,927.74 357,794.68 0.24 14,133.06- 117.37 SER 2021-D CL A3 *0 DAY DELAY* 99.9979 96.1980
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
304,955.87 TOYOTA AUTO RECEIVABLES OWNER 304,899.28 299,692.33 0.20 5,206.95- 35.24 SER 2021-A CL A3 *0 DAY DELAY* 99.9815 98.2740
DTD 02/08/21 0.260 05/15/2025
MOODY'S RATING AAA
CUSIP 89240BAC2
1,100,310.19 TOYOTA LEASE OWNER TRUST 1,100,137.00 1,086,193.21 0.73 13,943.79- 658.96 ASSET BCKD SEC SER 2022-A CL A3 99.9843 98.7170
DTD 02/28/2022 1.960% 02/20/2025
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
540
CC 11-21-2023
540 of 598
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,236,777.30 0.83 147,613.30- 4,457.97 MED TERM NOTE 99.9560 89.2980
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,215,000 TOYOTA MOTOR CREDIT CORP 1,213,371.90 1,153,606.05 0.77 59,765.85- 3,817.13 DTD 01/13/22 1.450 01/13/2025 99.8660 94.9470
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 2,947,914.00 1.97 109,703.20- 2,384.62 DTD 03/15/2022 1.750% 03/15/2025 98.6328 95.0940
MOODY'S RATING AAA
CUSIP 91282CED9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,087,890.00 2.07 172,422.50- 26,693.27 DTD 06/30/2022 3.250% 06/30/2027 100.3173 95.0120
MOODY'S RATING AAA
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 372,608.00 0.25 20,610.75- 1,853.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 93.1520
MOODY'S RATING AAA
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,247,055.00 2.84 221,847.34- 11,976.30 DTD 08/31/2022 3.125% 08/31/2027 99.3090 94.3790
MOODY'S RATING AAA
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,378,171.00 2.26 42,981.34- 71,545.08 DTD 09/30/2022 4.125% 09/30/2027 99.1639 97.9180
MOODY'S RATING AAA
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 823,973.00 0.55 28,683.25- 11,069.16 DTD 11/30/2022 3.875% 11/30/2027 100.3125 96.9380
MOODY'S RATING AAA
CUSIP 91282CFZ9
541
CC 11-21-2023
541 of 598
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,665,245.00 1.78 109,862.42- 26,930.20 DTD 12/31/2022 3.875% 12/31/2027 100.9130 96.9180
MOODY'S RATING AAA
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,863,020.00 1.92 94,909.69- 17,690.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 95.4340
MOODY'S RATING AAA
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,604,318.00 2.41 94,795.28- 12,604.40 DTD 02/28/2023 4.000% 02/29/2028 99.9760 97.4140
MOODY'S RATING AAA
CUSIP 91282CGP0
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 931,044.60 0.62 94,006.75- 4,496.50 DTD 05/19/21 1.150 05/15/2026 99.0388 89.9560
MOODY'S RATING A2
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 639,812.25 0.43 35,504.45- 9,435.00 DTD 05/20/2022 3.700% 05/15/2027 100.0469 94.7870
CALLABLE
MOODY'S RATING A2
CUSIP 91324PEG3
1,250,000 US BANCORP 1,268,262.50 1,214,187.50 0.81 54,075.00- 5,083.33 DTD 07/29/19 2.400 07/30/2024 101.4610 97.1350
MOODY'S RATING A3
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,373,445.00 0.92 96,320.63- 631.79 DTD 07/31/20 0.250 07/31/2025 97.9844 91.5630
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,184,000.00 1.46 182,140.63- 3,016.39 DTD 09/30/20 0.250 09/30/2025 98.5892 91.0000
MOODY'S RATING AAA
CUSIP 91282CAM3
542
CC 11-21-2023
542 of 598
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,450,000 US TREASURY NOTE 2,422,492.19 2,221,562.00 1.49 200,930.19- 2,563.18 DTD 10/31/20 0.250 10/31/2025 98.8772 90.6760
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,038,635.00 1.36 171,023.20- 2,835.55 DTD 11/30/20 0.375 11/30/2025 98.2070 90.6060
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,250,500.00 1.51 205,945.31- 1,579.48 DTD 02/01/21 0.375 01/31/2026 98.2578 90.0200
MOODY'S RATING AAA
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,252,050.00 1.51 241,602.34- 7,846.47 DTD 04/30/21 0.750 04/30/2026 99.7461 90.0820
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,249,276.00 0.84 129,778.68- 6,158.47 DTD 09/30/21 0.875 09/30/2026 98.5039 89.2340
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,254,428.00 0.84 137,040.75- 6,591.03 DTD 11/01/21 1.125 10/31/2026 99.3906 89.6020
CUSIP 91282CDG3
1,700,000 US TREASURY NOTE 1,753,191.41 1,655,052.00 1.11 98,139.41- 5,156.59 DTD 08/15/14 2.375 08/15/2024 103.1289 97.3560
MOODY'S RATING AAA
CUSIP 912828D56
2,000,000 US TREASURY NOTE 2,018,574.22 1,949,140.00 1.30 69,434.22- 10,108.70 DTD 06/30/17 2.000 06/30/2024 100.9287 97.4570
MOODY'S RATING AAA
CUSIP 912828XX3
543
CC 11-21-2023
543 of 598
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,700,000 US TREASURY NOTE 1,705,976.56 1,666,527.00 1.11 39,449.56- 14,228.26 DTD 05/01/17 2.000 04/30/2024 100.3516 98.0310
MOODY'S RATING AAA
CUSIP 912828X70
2,100,000 US TREASURY NOTE 2,087,203.13 2,009,280.00 1.34 77,923.13- 9,287.36 DTD 12/31/19 1.750 12/31/2024 99.3906 95.6800
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,415,865.00 0.95 107,279.53- 1,559.10 DTD 03/02/20 1.125 02/28/2025 101.5430 94.3910
MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,317,675.00 1.55 43,164.85- 3,923.23 DTD 04/30/20 0.375 04/30/2025 94.4336 92.7070
MOODY'S RATING AAA
CUSIP 912828ZL7
570,000 VERIZON MASTER TRUST 569,974.92 566,374.80 0.38 3,600.12- 647.90 ASSET BCKD SEC SER 2022-5 CL A1A 99.9956 99.3640
DTD 08/11/2022 VAR CPN 07/20/2027
CALLABLE
CUSIP 92348KAV5
5,413.17 VERIZON OWNER TRUST 5,412.03 5,402.18 0.00 9.85- 0.78 SER 2020-B CL A *0 DAY DELAY* 99.9790 99.7970
DTD 08/12/20 0.470 02/20/2025
MOODY'S RATING AAA
CUSIP 92290BAA9
350,000 WALMART INC 349,338.50 312,070.50 0.21 37,268.00- 142.92 DTD 09/17/21 1.050 09/17/2026 99.8110 89.1630
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 151,867,507.92 143,461,507.84 95.98 8,406,000.08- 619,174.79 544
CC 11-21-2023
544 of 598
PAGE 19
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF SEPTEMBER 30, 2023 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ====================================================================================================================================== TOTAL INVESTMENTS 157,816,425.12 149,473,130.12 100.00 8,343,295.00- 620,806.88 TOTAL ACCRUALS 620,806.88 620,806.88
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 158,437,232.00 150,093,937.00 545
CC 11-21-2023
545 of 598
PAGE 20
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 169,136.12
TRANSFER RECEIPTS 169,136.12 0.00
SALES 807,140.67 0.00
CASH MANAGEMENT SALES 959,810.33 0.00
TOTAL CASH RECEIPTS 1,936,087.12 169,136.12
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,164.80- 0.00
TRANSFER DISBURSEMENTS 0.00 169,136.12-
PURCHASES 950,526.04- 0.00
CASH MANAGEMENT PURCHASES 976,396.28- 0.00
TOTAL CASH DISBURSEMENTS 1,936,087.12- 169,136.12-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 546
CC 11-21-2023
546 of 598
PAGE 21
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 157,654,572.07
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
09/01/23 INTEREST RECEIVED 1,755.02
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 8/1/23 TO 8/31/23
09/01/23 INTEREST RECEIVED 119.49
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 8/1/23 TO 8/31/23
09/26/23 1,000,000 PURCHASED 950,526.04- 950,526.04
U.S. TREASURY BILLS 9/05/24
CUSIP 912797GL5
AT $95.0526 ON TRADE DATE 09/25/2023
TO SETTLE ON 09/26/2023
NOMURA SECURITIES INTERNATIONA
09/30/23 976,276.79 CASH SWEEP PURCHASES FOR STMT PERIOD 976,276.79- 976,276.79 AS 100% TREAS MM FD-SVC CL #008
15 TRANSACTIONS
09/30/23 119.49 CASH SWEEP PURCHASES FOR STMT PERIOD 119.49- 119.49
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
09/30/23 959,810.33- CASH SWEEP SALES FOR STMT PERIOD 959,810.33 959,810.33- AS 100% TREAS MM FD-SVC CL #008
3 TRANSACTIONS
BONDS & NOTES
09/15/23 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 9/15/23
547
CC 11-21-2023
547 of 598
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/23 INTEREST RECEIVED 3,884.38
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
$0.00283/PV ON 1,375,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
09/25/23 INTEREST RECEIVED 32.99
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00008/PV ON 119,970.30 PV
DUE 9/25/23
09/25/23 39,319.65- PAID DOWN 39,319.65 39,315.59- 4.06 BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
09/25/23 INTEREST RECEIVED 262.64
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00058/PV ON 286,510.99 PV
DUE 9/25/23
09/25/23 43,867.34- PAID DOWN 43,867.34 43,860.78- 6.56 BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
09/25/23 INTEREST RECEIVED 1,417.75
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
$0.00268/PV ON 530,000.00 PV
DUE 9/25/23
548
CC 11-21-2023
548 of 598
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/05/23 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
09/13/23 INTEREST RECEIVED 28,750.00
FED HOME LN BK 2.875% 9/13/24
CUSIP 3130A2UW4
INTEREST ON 2,000,000.000 UNITS
09/25/23 INTEREST RECEIVED 4,687.50
FED HOME LN MTG CORP 0.375% 9/23/25
CUSIP 3137EAEX3
INTEREST ON 2,500,000.000 UNITS
09/25/23 INTEREST RECEIVED 3,429.24
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00264/PV ON 1,297,727.29 PV
DUE 9/25/23
09/25/23 2,810.12- PAID DOWN 2,810.12 3,022.85- 212.73- FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
09/25/23 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 9/25/23
09/25/23 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 9/25/23
549
CC 11-21-2023
549 of 598
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/23 INTEREST RECEIVED 2,508.33
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00251/PV ON 1,000,000.00 PV
DUE 9/25/23
09/25/23 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 9/25/23
09/25/23 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 9/25/23
09/18/23 INTEREST RECEIVED 1,007.50
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00258/PV ON 390,000.00 PV
DUE 9/16/23
09/20/23 INTEREST RECEIVED 137.72
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00014/PV ON 423,751.45 PV
DUE 9/20/23
09/20/23 107,292.71- PAID DOWN 107,292.71 107,291.25- 1.46 GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
09/20/23 INTEREST RECEIVED 1,387.79
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00147/PV ON 876,497.04 PV
DUE 9/20/23
550
CC 11-21-2023
550 of 598
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/20/23 97,461.19- PAID DOWN 97,461.19 97,460.35- 0.84 GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
09/18/23 INTEREST RECEIVED 181.42
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00052/PV ON 320,144.87 PV
DUE 9/16/23
09/18/23 18,355.65- PAID DOWN 18,355.65 18,355.18- 0.47 GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
TO SETTLE ON 09/18/2023
09/18/23 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00105/PV ON 295,000.00 PV
DUE 9/16/23
09/18/23 2,695.8- PAID DOWN 2,695.80 2,695.57- 0.23
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
TO SETTLE ON 09/18/2023
09/21/23 INTEREST RECEIVED 21.20
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00007/PV ON 94,218.23 PV
DUE 9/21/23
09/21/23 12,113.81- PAID DOWN 12,113.81 12,113.59- 0.22 HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
551
CC 11-21-2023
551 of 598
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/18/23 INTEREST RECEIVED 27.51
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00005/PV ON 89,228.39 PV
DUE 9/18/23
09/18/23 20,899.35- PAID DOWN 20,899.35 20,896.28- 3.07 HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
09/14/23 0.01 SHARE ADJUSTMENT
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
09/15/23 INTEREST RECEIVED 2.84
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00002/PV ON 4,151.78 PV
DUE 9/15/23
09/15/23 4,151.78- PAID DOWN 4,151.78 4,151.44- 0.34
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
AT $86,164.2992 ON TRADE DATE 09/15/2023
09/21/23 INTEREST RECEIVED 308.96
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00067/PV ON 421,306.25 PV
DUE 9/21/23
09/21/23 27,022.2- PAID DOWN 27,022.20 27,016.50- 5.70
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
552
CC 11-21-2023
552 of 598
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/23 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 18.72
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00002/PV ON 68,055.90 PV
DUE 9/15/23
09/15/23 68,055.9- PAID DOWN 68,055.90 68,045.69- 10.21 HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
AT $5,256.4908 ON TRADE DATE 09/15/2023
09/15/23 INTEREST RECEIVED 456.62
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00085/PV ON 472,369.49 PV
DUE 9/15/23
09/15/23 63,770.47- PAID DOWN 63,770.47 63,769.06- 1.41 HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
09/15/23 INTEREST RECEIVED 1,868.50
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00185/PV ON 1,010,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 79.19
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00015/PV ON 250,062.56 PV
DUE 9/15/23
553
CC 11-21-2023
553 of 598
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/23 26,322.89- PAID DOWN 26,322.89 26,320.12- 2.77 HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
AT $238.9643 ON TRADE DATE 09/15/2023
09/15/23 INTEREST RECEIVED 752.25
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00057/PV ON 1,219,856.64 PV
DUE 9/15/23
09/15/23 80,223.1- PAID DOWN 80,223.10 78,194.70- 2,028.40 HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
AT $5,930.8084 ON TRADE DATE 09/15/2023
09/15/23 INTEREST RECEIVED 4,453.75
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00424/PV ON 1,050,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 870.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00193/PV ON 450,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 2,041.42
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00312/PV ON 655,000.00 PV
DUE 9/15/23
09/15/23 INTEREST RECEIVED 4.93
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00002/PV ON 11,591.52 PV
DUE 9/15/23
554
CC 11-21-2023
554 of 598
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/23 5,488.97- PAID DOWN 5,488.97 5,488.13- 0.84
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
09/15/23 INTEREST RECEIVED 195.30
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00034/PV ON 450,686.42 PV
DUE 9/15/23
09/15/23 22,464.82- PAID DOWN 22,464.82 22,462.82- 2.00 JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
09/11/23 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
09/14/23 INTEREST RECEIVED 4,812.50
P/P MET TOWER GLOBAL 1.250% 9/14/26
CUSIP 58989V2D5
INTEREST ON 770,000.000 UNITS
09/01/23 INTEREST RECEIVED 3,616.00
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
INTEREST ON 904,000.000 UNITS
09/15/23 INTEREST RECEIVED 75.59
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00007/PV ON 348,879.00 PV
DUE 9/15/23
555
CC 11-21-2023
555 of 598
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/23 43,923.13- PAID DOWN 43,923.13 43,914.98- 8.15 TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
AT $8,144.5747 ON TRADE DATE 09/15/2023
09/15/23 INTEREST RECEIVED 16.29
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00004/PV ON 55,867.64 PV
DUE 9/15/23
09/15/23 17,119.62- PAID DOWN 17,119.62 17,116.43- 3.19 TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
09/15/23 INTEREST RECEIVED 234.58
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00055/PV ON 396,481.44 PV
DUE 9/15/23
09/15/23 24,545.77- PAID DOWN 24,545.77 24,545.25- 0.52 TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
AT $14,574.2103 ON TRADE DATE 09/15/2023
09/20/23 49,689.81- PAID DOWN 49,689.81 49,681.99- 7.82 TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
09/25/23 INTEREST RECEIVED 1,878.33
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
09/15/23 INTEREST RECEIVED 27,125.00
U.S. TREASURY NOTES 1.750% 3/15/25
CUSIP 91282CED9
INTEREST ON 3,100,000.000 UNITS
556
CC 11-21-2023
556 of 598
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/20/23 INTEREST RECEIVED 1,767.00
VERIZON MAST ABS V-M 3.720% 7/20/27
CUSIP 92348KAV5
$0.00310/PV ON 570,000.00 PV
DUE 9/20/23
09/20/23 INTEREST RECEIVED 13.69
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00002/PV ON 34,959.76 PV
DUE 9/20/23
09/20/23 29,546.59- PAID DOWN 29,546.59 29,540.39- 6.20 VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
AT $5,148.9080 ON TRADE DATE 09/20/2023
09/25/23 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 9/25/23
09/18/23 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
TRANSFER RECEIPTS
09/01/23 ADDITION TO ACCOUNT 1,874.51
TRANSFER FROM INCOME
09/05/23 ADDITION TO ACCOUNT 15,376.00
TRANSFER FROM INCOME
557
CC 11-21-2023
557 of 598
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/11/23 ADDITION TO ACCOUNT 23,034.38
TRANSFER FROM INCOME
09/13/23 ADDITION TO ACCOUNT 28,750.00
TRANSFER FROM INCOME
09/14/23 ADDITION TO ACCOUNT 4,812.50
TRANSFER FROM INCOME
09/15/23 ADDITION TO ACCOUNT 64,656.57
TRANSFER FROM INCOME
09/18/23 ADDITION TO ACCOUNT 3,182.26
TRANSFER FROM INCOME
09/19/23 ADDITION TO ACCOUNT 181.42
TRANSFER FROM INCOME
09/20/23 ADDITION TO ACCOUNT 3,659.02
TRANSFER FROM INCOME
09/21/23 ADDITION TO ACCOUNT 1,855.67
TRANSFER FROM INCOME
09/25/23 ADDITION TO ACCOUNT 21,458.16
TRANSFER FROM INCOME
09/26/23 ADDITION TO ACCOUNT 295.63
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
09/07/23 INVESTMENT MGMT FEE 9,164.80-
PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2308CUPERTIN AUG 2023 CITY OF
CUPERTINO
558
CC 11-21-2023
558 of 598
INVESTMENT AND INSURANCE PRODUCTS ARE:
• NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE • SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD SEPTEMBER 1, 2023 THROUGH SEPTEMBER 30, 2023 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
TRANSFER DISBURSEMENTS
09/01/23 TRANSFER TO PRINCIPAL 1,874.51-
09/05/23 TRANSFER TO PRINCIPAL 15,376.00-
09/11/23 TRANSFER TO PRINCIPAL 23,034.38-
09/13/23 TRANSFER TO PRINCIPAL 28,750.00-
09/14/23 TRANSFER TO PRINCIPAL 4,812.50-
09/15/23 TRANSFER TO PRINCIPAL 64,656.57-
09/18/23 TRANSFER TO PRINCIPAL 3,182.26-
09/19/23 TRANSFER TO PRINCIPAL 181.42-
09/20/23 TRANSFER TO PRINCIPAL 3,659.02-
09/21/23 TRANSFER TO PRINCIPAL 1,855.67-
09/25/23 TRANSFER TO PRINCIPAL 21,458.16-
09/26/23 TRANSFER TO PRINCIPAL 295.63-
================================================================================================================= ENDING BALANCE 0.00 157,816,425.12
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
559
CC 11-21-2023
559 of 598
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 9/1/2023 to 9/30/2023 Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 9/1/2023 Contributions Earnings Expenses Distributions Transfers 9/30/2023 OPEB 1001 $34,916,710.81 $0.00 -$1,269,109.23 $10,091.93 $0.00 $0.00 $33,637,509.65 PENSION 1002 $19,203,643.85 $0.00 -$697,988.87 $5,550.39 $0.00 $0.00 $18,500,104.59 Totals $54,120,354.66 $0.00 -$1,967,098.10 $15,642.32 $0.00 $0.00 $52,137,614.24 Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB -3.63% -3.00% 13.30% 2.73% 3.65% 5.07% 6/21/2010
PENSION -3.63% -3.00% 13.30% 2.69% - - 3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
City of Cupertino - PEN
Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
Account Report for the Period
Balance as of
City of Cupertino - OPEB
560
CC 11-21-2023
560 of 598
10/2/23, 8:16 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1 Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
October 02, 2023
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
September 2023 Statement
Tran Type Definitions
Account Summary
Total Deposit 0 00 Beginning Balance 21,593,220 02
Total Withdrawal: 0.00 Ending Balance: 21,593,220.02
561
CC 11-21-2023
561 of 598
CITY OF CUPERTINO
Agenda Item
23-12110 Agenda Date:
11/21/2023 Agenda #:
14. Subject: Receive the Monthly Treasurer's Investment Report for October 2023 Receive the Monthly Treasurer's Investment Report for October 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 11/15/2023
powered by Legistar™562
CC 11-21-2023
562 of 598
CHANDLER ASSET MANAGEMENT, INC. | 800.317.4747 | www.chandlerasset.com
INVESTMENT REPORT
Period Ending October 31, 2023
City of Cupertino
563
CC 11-21-2023
563 of 598
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of October 31, 2023
1 564
CC 11-21-2023
564 of 598
SECTION | Section 1 | Economic Update
2 565
CC 11-21-2023
565 of 598
Economic Update
Recent economic data has shown above trend growth fueled by a rise in consumer spending and a continuing healthy US job market.
Inflationary trends are subsiding, but core levels remain well above the Fed’s target. Given the cumulative effects of restrictive monetary policy and tighter financial conditions, we believe the economy will gradually soften and the Fed will remain data dependent as they tread cautiously going forward.
As expected at the November meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Market participants interpreted the FOMC statement as somewhat dovish, with the formal statement noting “tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.” Federal Reserve Chair Jerome Powell also noted the stance of policy is restrictive, the full effects of the tightening have yet to be felt, and the process of getting inflation to 2% has a long way to go. We believe monetary policy will remain restrictive for longer, but further tightening will not be required for the Federal Reserve to eventually achieve their policy objectives.
The yield curve inversion narrowed considerably in October. The 2-year Treasury yield increased 4 basis points to 5.09%, the 5-year Treasury yield rose 24 basis points to 4.86%, and the 10-year Treasury yield increased 36 basis points to 4.93%. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -16 basis points at October month-end versus -48 basis points at September month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was -44 basis points. The inversion between 3- month and 10-year Treasuries narrowed to -54 basis points in October from -88 basis points in September. The shape of the yield curve indicates that the probability of recession persists.
3 566
CC 11-21-2023
566 of 598
Employment
-400
-200
0 200
400
600
800
1,000 MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3 month average (000's)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The U.S. economy added 150,000 jobs in October, versus consensus expectations of 180,000, and the last two months were revised downward by 101,000 jobs. The largest gains came from education and health services, while the United Auto Workers strike contributed to the softer results for the month. The trajectory of job creation is moderating, with the three-month moving average payrolls at 204,000 and the six-month moving average at 206,000. The unemployment rate ticked up 0.1% to 3.9%, and the labor participation rate fell slightly to 62.7%. The U-6 underemployment rate, which includes those who are marginally attached to the labor force and employed part time for economic reasons rose to 7.2% from 7.0% last month. Average hourly earnings declined to 4.1% year-over-year in October from 4.3% in September. Employment remains strong by historical standards, but data are trending toward a less robust labor market outlook.
Source: US Department of Labor Source: US Department of Labor 4 567
CC 11-21-2023
567 of 598
Inflation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator YOY % Change
PCE Core Deflator YOY % Change
Fed Target
YOY (%) Change
The Consumer Price Index (CPI) increased in September by 0.4% month-over-month and 3.7% year-over-year, slightly higher than expected. Gains in shelter and energy costs accounted for a large part of the monthly increase. The Core CPI, which excludes volatile food and energy components, was up 0.3% month-over-month and 4.1% year-over-year, decelerating from 4.3% last month. The Personal Consumption Expenditures (PCE) index rose 0.4% month-over-month and 3.4% year-over-year in September, unchanged from August. Core PCE, the Federal Reserve’s preferred inflation gauge, increased 0.3% month-over-month and decelerated to 3.7% year-over-year in September from a 3.8% increase in August. Personal income and spending remained relatively healthy, but the personal savings rate continued its declining trend to 3.4% in September from 4.0% in August. Inflation remains above the Fed's 2% target.
Source: US Department of Labor Source: US Department of Commerce 5 568
CC 11-21-2023
568 of 598
Federal Reserve
Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
As expected at the November meeting, the Federal Open Market Committee voted unanimously to leave the Federal Funds rate unchanged at a target range of 5.25 - 5.50%. Market participants interpreted the FOMC statement as somewhat dovish, with the formal statement noting “tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation.” During the press conference concluding the meeting, Federal Reserve Chair Jerome Powell also noted the stance of policy is restrictive, the full effects of the tightening have yet to be felt, and the process of getting inflation to 2% has a long way to go. We believe monetary policy needs to remain restrictive for longer to continue to put downward pressure on inflation; however we do not believe further tightening will be required for the Federal Reserve to eventually achieve their 2% policy objective. Since the Federal Reserve began its Quantitative Tightening campaign in June 2022, securities holdings have declined by over $1.1 trillion to approximately $7.9T.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
6 569
CC 11-21-2023
569 of 598
Bond Yields
Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Oct-23
Jul-23
Oct-22
Yield (%)
At the end of October, the 2-year Treasury yield was 60 basis points higher, and the 10-Year Treasury yield was about 88 basis points higher, year-over-year. The inversion between the 2-year Treasury yield and 10-year Treasury yield narrowed to -16 basis points at October month-end versus -48 basis points at September month-end. The average historical spread (since 2003) is about +130 basis points. The inversion between 3-month and 10-year Treasuries narrowed to -54 basis points in October from -88 basis points in September. The shape of the yield curve indicates that the probability of recession persists. 7 570
CC 11-21-2023
570 of 598
Section 2| SECTION | Section 2 | Account Profile
8 571
CC 11-21-2023
571 of 598
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 October 31, 2023
9 572
CC 11-21-2023
572 of 598
Compliance As of October 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" short-term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state-licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in accordance with California Government Code. Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5% max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum; 5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets > $500 million; 10% max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized.
Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 10 573
CC 11-21-2023
573 of 598
Compliance As of October 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, Mortgage-derived, Interest-only strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy. 11 574
CC 11-21-2023
574 of 598
Portfolio Summary – City of Cupertino #10659 As of October 31, 2023 12 575
CC 11-21-2023
575 of 598
Purchase Yield as of 10/31/23 = 2.05%
0.00 0.50
1.00 1.50
2.00 2.50
Percent (%)
Historical Average Purchase Yield
City of Cupertino
As of October 31, 2023
13 576
CC 11-21-2023
576 of 598
SECTION | Section 3 | Portfolio Holdings
14 577
CC 11-21-2023
577 of 598
Issue Name Investment Type % Portfolio
Government of United States US Treasury 37.14%
Federal National Mortgage Association Agency 8.82%
Federal Home Loan Mortgage Corp Agency 4.36%
Federal Home Loan Mortgage Corp CMO 3.75%
Inter-American Dev Bank Supranational 3.34%
Federal Home Loan Bank Agency 2.30%
American Express ABS ABS 1.86%
John Deere ABS ABS 1.66%
Royal Bank of Canada Corporate 1.66%
Toyota Motor Corp Corporate 1.60%
JP Morgan Chase & Co Corporate 1.55%
International Finance Corp Supranational 1.53%
Bank of New York Corporate 1.53%
Bank of America Corp Corporate 1.52%
Hyundai Auto Receivables ABS 1.46%
Intl Bank Recon and Development Supranational 1.46%
Toronto Dominion Holdings Corporate 1.43%
Northwestern Mutual Glbl Corporate 1.28%
Paccar Financial Corporate 1.24%
Bank of Montreal Chicago Corporate 1.17%
Salesforce.com Inc Corporate 1.13%
Amazon.com Inc Corporate 1.13%
Prudential Financial Inc Corporate 1.11%
Metlife Inc Corporate 1.10%
Air Products & Chemicals Corporate 1.10%
New York Life Global Funding Corporate 1.07%
United Health Group Inc Corporate 1.06%
Berkshire Hathaway Corporate 0.98%
Guardian Life Global Funding Corporate 0.84%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.82% US Bancorp Corporate 0.81%
Honda ABS ABS 0.79%
Caterpillar Inc Corporate 0.71%
Toyota Lease Owner Trust ABS 0.64%
MasterCard Inc Corporate 0.62%
GM Financial Securitized Term Auto Trust ABS 0.61%
GM Financial Automobile Leasing Trust ABS 0.59%
Mass Mutual Insurance Corporate 0.59%
Issuers
City of Cupertino – Account #10659
As of October 31, 2023
15 578
CC 11-21-2023
578 of 598
Issue Name Investment Type % Portfolio
Charles Schwab Corp/The Corporate 0.57%
State of California Municipal Bonds 0.49%
Northern Trust Corp Corporate 0.43%
Toyota ABS ABS 0.41%
Morgan Stanley Corporate 0.41%
Verizon Master Trust ABS 0.38%
BMW ABS ABS 0.34%
Hyundai Auto Lease Securitization ABS 0.23%
Wal-Mart Stores Corporate 0.21%
BMW Vehicle Lease Trust ABS 0.16%
TOTAL 100.00%
Issuers
City of Cupertino – Account #10659
As of October 31, 2023
16 579
CC 11-21-2023
579 of 598
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
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
48,665.77 09/22/2020
0.38%
48,658.62
48,665.66
99.37 5.96%
48,357.52
6.50 0.03%
(308.14)
NR / AAA
AAA
0.97 0.11
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
216,445.50 08/10/2021
0.39%
216,442.56
216,445.23
99.52 6.06%
215,407.65
25.79 0.14%
(1,037.58)
NR / AAA
AAA
0.98 0.08
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
1,481.58 07/14/2020
0.52%
1,481.35
1,481.57
99.79 6.39%
1,478.49
0.34 0.00%
(3.08)
Aaa / NR
AAA
1.04 0.03
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
46,013.75 09/08/2021
0.34%
46,009.00
46,013.44
99.65 5.41%
45,851.92
2.53 0.03%
(161.52)
Aaa / NR
AAA
1.16 0.07
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
23,440.64 10/06/2020
0.36%
23,436.27
23,439.40
99.66 6.02%
23,360.17
3.65 0.02%
(79.23)
NR / AAA
AAA
1.21 0.06
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
347,347.72 01/11/2022
1.16%
347,340.05
347,346.16
98.96 6.25%
343,727.31
179.08
0.23%
(3,618.85)
Aaa / AAA
NR
1.21 0.20
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
970,743.28 02/23/2022
1.98%
970,590.48
970,701.23
98.87 6.02%
959,812.71
581.37
0.64%
(10,888.52)
NR / AAA
AAA
1.31 0.28
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
686,759.18 02/15/2022
1.91%
686,753.27
686,757.90
98.89 6.29%
679,140.27
398.70
0.45%
(7,617.63)
Aaa / NR
AAA
1.39 0.25
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
202,962.66 01/11/2022
1.11%
202,932.33
202,957.14
99.05 6.00%
201,024.98
37.21 0.13%
(1,932.16)
NR / AAA
AAA
1.40 0.19
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
70,658.90 02/17/2021
0.27%
70,657.61
70,658.74
98.39 5.98%
69,521.36
5.30 0.05%
(1,137.38)
Aaa / NR
AAA
1.47 0.28
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
264,302.42 02/02/2021
0.27%
264,253.37
264,296.57
98.46 6.04%
260,240.62
30.54 0.17%
(4,055.95)
Aaa / NR
AAA
1.54 0.26
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
197,567.45 04/20/2021
0.38%
197,546.66
197,563.79
98.09 6.11%
193,797.27
33.37 0.13%
(3,766.52)
NR / AAA
AAA
1.88 0.33
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
369,033.52 11/16/2021
0.89%
368,955.72
369,002.14
96.59 5.91%
356,454.27
90.21 0.24%
(12,547.87)
Aaa / NR
AAA
2.23 0.68
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
405,620.43 07/13/2021
0.52%
405,584.25
405,606.86
96.54 6.26%
391,580.28
93.74 0.26%
(14,026.58)
Aaa / NR
AAA
2.38 0.60
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
348,905.62 11/09/2021
0.71%
348,898.18
348,902.66
96.35 6.22%
336,183.13
110.10
0.22%
(12,719.53)
NR / AAA
AAA
2.46 0.66
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
739,946.95
96.50 5.99%
714,115.55
618.31
0.48%
(25,831.40)
Aaa / AAA
NR
2.54 0.85
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
1,062,714.41 Various
2.03%
1,035,844.24
1,051,212.53
96.71 6.10%
1,027,710.71
349.51
0.68%
(23,501.82)
NR / AAA
AAA
2.54 0.61
As of October 31, 2023
17 580
CC 11-21-2023
580 of 598
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
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
529,985.37
97.63 6.09%
517,414.62
283.55
0.34%
(12,570.75)
Aaa / AAA
NR
2.82 0.83
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
284,478.20 10/13/2021
0.68%
284,470.95
284,475.28
96.13 6.11%
273,463.20
80.60 0.18%
(11,012.08)
Aaa / AAA
NR
2.88 0.71
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
442,714.64 03/10/2022
2.34%
442,616.71
442,662.27
97.04 6.14%
429,598.33
456.49
0.29%
(13,063.94)
Aaa / NR
AAA
2.88 0.78
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
1,009,980.61
96.60 6.27%
975,667.08
996.53
0.65%
(34,313.53)
NR / AAA
AAA
2.96 0.84
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
276,305.34 01/11/2022
1.27%
276,281.32
276,294.21
96.27 6.24%
265,985.34
145.06
0.18%
(10,308.87)
NR / AAA
AAA
3.05 0.75
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
389,955.40
97.29 5.82%
379,414.23
503.75
0.25%
(10,541.17)
Aaa / AAA
NR
3.30 1.01
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
654,959.91
97.14 6.13%
636,236.22
1,088.76
0.42%
(18,723.69)
Aaa / NR
AAA
3.30 1.22
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
1,535,514.60
95.20 5.94%
1,470,827.64
1,517.53
0.98%
(64,686.96)
Aaa / NR
AAA
3.37 1.31
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
1,374,843.03
96.53 5.82%
1,327,321.88
2,071.67
0.88%
(47,521.15)
NR / AAA
AAA
3.55 1.45
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
1,049,941.59
98.88 5.92%
1,038,262.05
2,375.33
0.69%
(11,679.54)
Aaa / NR
AAA
3.62 1.44
92348KAV5 Verizon Master Trust 2022-5 A1A
3.720% Due 07/20/2027
570,000.00 08/02/2022
3.75%
569,974.92
569,985.99
99.49 4.93%
567,096.42
647.90
0.38%
(2,889.57)
NR / AAA
AAA
3.72 0.78
TOTAL ABS 14,131,161.01 2.42%
14,082,380.20
14,109,596.23 6.00%
13,749,051.22
12,733.42
9.15%
(360,545.01)
Aaa / AAA
AAA
2.70 0.84
Agency
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
855,000.00 12/02/2020
0.28%
854,153.55
854,974.49
99.50 5.73%
850,725.00
872.81
0.57%
(4,249.49)
Aaa / AA+
AA+
0.09 0.09
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,508,048.95
98.39 5.55%
1,475,865.00
16,411.46
0.99%
(32,183.95)
Aaa / AA+
NR
0.62 0.60
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,497,965.99
97.56 5.51%
1,463,428.50
8,677.08
0.98%
(34,537.49)
Aaa / AA+
AA+
0.67 0.65
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,017,966.81
97.82 5.48%
1,956,366.00
7,666.67
1.31%
(61,600.81)
Aaa / AA+
NR
0.87 0.84
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,973,192.51
96.43 5.51%
1,904,549.78
1,426.39
1.27%
(68,642.73)
Aaa / AA+
AA+
0.96 0.93
As of October 31, 2023
18 581
CC 11-21-2023
581 of 598
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
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,298,681.44
95.74 5.38%
1,239,867.97
6,663.86
0.83%
(58,813.47)
Aaa / AA+
AA+
1.19 1.14
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,532.02
95.31 5.34%
2,254,088.60
7,784.79
1.50%
(110,443.42)
Aaa / AA+
AA+
1.29 1.24
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,858,869.85
93.51 5.26%
1,739,267.40
290.63
1.16%
(119,602.45)
Aaa / AA+
AA+
1.48 1.43
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,817.12
92.75 5.20%
2,318,730.00
4,652.78
1.54%
(181,087.12)
Aaa / AA+
AA+
1.63 1.58
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,247,856.74
92.28 5.11%
1,153,493.75
1,302.08
0.77%
(94,362.99)
Aaa / AA+
AA+
1.72 1.67
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,495,506.37
91.75 5.19%
2,293,670.00
1,718.75
1.53%
(201,836.37)
Aaa / AA+
AA+
1.82 1.76
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,495,879.96
91.47 5.16%
2,286,847.50
989.58
1.52%
(209,032.46)
Aaa / AA+
AA+
1.90 1.84
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,497,044.67
91.22 5.14%
2,280,490.00
6,041.67
1.52%
(216,554.67)
Aaa / AA+
AA+
2.02 1.95
TOTAL Agency 24,600,000.00 1.03%
24,715,471.65
24,610,336.92 5.32%
23,217,389.50
64,498.55
15.48%
(1,392,947.42)
Aaa / AA+
AA+
1.35 1.30
CMO
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,291,940.79 07/01/2021
0.72%
1,389,744.75
1,319,660.19
97.59 5.77%
1,260,748.16
3,413.95
0.84%
(58,912.03)
Aaa / AAA
AAA
0.99 0.86
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,033,298.97
95.99 5.55%
959,901.33
2,508.33
0.64%
(73,397.64)
NR / NR
AAA
1.73 1.53
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
982,225.66
96.36 5.55%
915,373.52
2,639.42
0.61%
(66,852.14)
NR / NR
AAA
1.82 1.59
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
446,938.55
96.14 5.55%
422,997.96
1,212.93
0.28%
(23,940.59)
NR / NR
AAA
1.90 1.67
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
576,836.66
95.23 5.49%
542,782.50
1,422.63
0.36%
(34,054.16)
NR / NR
AAA
2.15 1.88
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
671,886.48
92.93 5.40%
604,046.95
1,437.04
0.40%
(67,839.53)
NR / NR
AAA
2.82 2.60
As of October 31, 2023
19 582
CC 11-21-2023
582 of 598
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
3137FBBX3 FHLMC K068 A2
3.244% Due 08/25/2027
1,000,000.00 09/28/2022
4.41%
950,664.06
961,689.79
92.73 5.39%
927,295.00
2,703.33
0.62%
(34,394.79)
Aaa / NR
NR
3.82 3.43
TOTAL CMO 5,901,940.79 1.74%
6,160,761.15
5,992,536.30 5.55%
5,633,145.42
15,337.63
3.75%
(359,390.88)
Aaa / AAA
AAA
2.09 1.86
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
1,503,520.83
97.93 6.14%
1,468,881.00
15,347.92
0.99%
(34,639.83)
A1 / A
AA0.620.59
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
594,921.75
96.35 6.11%
578,121.60
1,166.67
0.39%
(16,800.15)
A2 / AAA0.69
0.67 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
1,757,030.69
96.51 5.74%
1,698,590.08
3,238.88
1.13%
(58,440.61)
A2 / A+
NR
0.71 0.68
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.99%
1,533,359.18
1,505,727.60
97.66 5.97%
1,464,892.50
11,156.26
0.98%
(40,835.10)
A1 / A
AA0.710.68
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
1,252,551.22
97.21 6.27%
1,215,075.00
7,583.33
0.81%
(37,476.22)
A3 / A
A
0.75 0.72
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
1,685,089.44
98.30 5.69%
1,646,483.13
14,183.99
1.10%
(38,606.31)
A2 / A
NR
0.75 0.72
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,905.52
96.12 5.71%
653,607.16
774.44
0.43%
(26,298.36)
A1 / A+
NR
0.78 0.75
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,871.10
97.33 5.65%
360,121.37
1,679.39
0.24%
(9,749.73)
A1 / A+
NR
0.79 0.76
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,102,463.21
96.55 5.68%
1,062,074.20
11,365.14
0.71%
(40,389.01)
A2 / A
A+
1.02 0.98
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,665.88
94.82 6.10%
839,185.32
4,099.27
0.56%
(45,480.56)
Aa3 / AAAA1.10
1.06 89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
689,306.15
95.03 5.83%
665,192.50
3,129.58
0.44%
(24,113.65)
A1 / A
NR
1.20 1.15
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
1,214,347.87
95.19 5.65%
1,156,565.79
5,285.25
0.77%
(57,782.08)
A1 / A+
A+
1.21 1.16
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
1,679,271.59
95.01 5.81%
1,596,104.16
7,240.33
1.07%
(83,167.43)
Aaa / AA+
AAA
1.21 1.16
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,890.20
96.28 5.58%
852,093.05
1,681.50
0.57%
(32,797.15)
A1 / A+
NR
1.44 1.37
As of October 31, 2023
20 583
CC 11-21-2023
583 of 598
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
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
1,049,812.13
96.50 5.92%
1,013,225.85
1,673.44
0.67%
(36,586.28)
A1 / A
AA1.451.39
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
1,369,905.24
96.57 5.80%
1,322,993.93
764.92
0.88%
(46,911.31)
A1 / A
AA1.481.42
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,258,176.32
93.98 6.11%
1,165,364.40
11,470.00
0.78%
(92,811.92)
A2 / AAA1.50
1.43 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
1,370,344.75
96.63 6.28%
1,323,769.36
4,703.67
0.88%
(46,575.39)
A1 / AAA1.59
1.51 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
655,087.31
96.33 6.35%
630,989.67
2,256.70
0.42%
(24,097.64)
A1 / AAA1.65
1.56 66815L2J7 Northwestern Mutual Glbl Note
4.000% Due 07/01/2025
1,170,000.00 06/27/2022
4.01%
1,169,602.20
1,169,779.32
97.27 5.74%
1,138,012.20
15,600.00
0.77%
(31,767.12)
Aaa / AA+
AAA
1.67 1.56
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
865,684.16
91.53 5.73%
827,414.02
1,205.33
0.55%
(38,270.14)
Aa3 / AAAA1.84
1.77 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
1,013,845.33
95.99 6.05%
959,949.00
17,884.72
0.65%
(53,896.33)
A1 / A
AA2.051.89
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,392,871.07
90.02 5.98%
1,260,271.60
4,797.92
0.84%
(132,599.47)
Aa1 / AA+
NR
2.11 2.02
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
837,881.74
89.78 5.81%
763,162.30
2,021.11
0.51%
(74,719.44)
Aaa / AA+
AAA
2.21 2.12
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
607,258.54
94.30 6.59%
565,821.60
2,619.50
0.38%
(41,436.94)
A1 / AAA2.29
2.15 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
406,635.76
93.98 6.41%
376,869.83
208.82
0.25%
(29,765.93)
A1 / AAA2.48
1.42 6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due 04/28/2026
650,000.00 05/23/2022
4.94%
615,699.50
628,257.21
94.06 6.42%
611,385.45
118.52
0.41%
(16,871.76)
A1 / AA+2.49
1.43 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
1,870,905.64
89.94 5.30%
1,686,431.25
8,802.08
1.13%
(184,474.39)
A1 / AA
AA2.532.43
As of October 31, 2023
21 584
CC 11-21-2023
584 of 598
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
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
1,029,267.69
90.28 5.29%
934,432.16
5,488.37
0.62%
(94,835.53)
A2 / A+
A
2.54 2.43
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
1,384,679.61
89.43 5.49%
1,238,612.43
5,756.41
0.83%
(146,067.18)
A1 / A+
A+
2.63 2.52
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
700,530.98
91.90 6.61%
643,314.00
3,385.43
0.43%
(57,216.98)
A1 / AAA2.64
2.48 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
1,001,232.24
88.66 5.78%
886,606.00
3,500.00
0.59%
(114,626.24)
Aa3 / AA+
AA+
2.71 2.59
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,593.43
88.07 5.82%
678,125.91
1,256.60
0.45%
(91,467.52)
Aa3 / AAAA2.87
2.74 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
349,619.26
89.13 5.16%
311,961.65
449.17
0.21%
(37,657.61)
Aa2 / AA
AA
2.88 2.76
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,114,187.64
87.54 6.24%
976,092.19
6,388.02
0.65%
(138,095.45)
Aa3 / AAAA3.20
3.00 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
959,818.15
88.16 6.44%
846,383.04
3,789.33
0.57%
(113,435.11)
A2 / AA3.34
3.10 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
1,614,793.30
91.19 5.18%
1,472,687.82
4,746.31
0.98%
(142,105.48)
Aa2 / AA
A+
3.37 3.17
06051GHT9 Bank of America Corp Callable Note 1X 4/23/2026
3.559% Due 04/23/2027
1,150,000.00 Various
4.94%
1,114,222.54
1,123,606.52
93.40 6.48%
1,074,133.35
909.53
0.71%
(49,473.17)
A1 / AAA3.48
2.32 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
669,235.58
93.99 5.91%
629,759.80
12,730.00
0.43%
(39,475.78)
A2 / A+
A+
3.53 3.16
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
675,224.52
94.21 5.52%
635,948.55
11,516.25
0.43%
(39,275.97)
A2 / A+
A
3.54 3.20
As of October 31, 2023
22 585
CC 11-21-2023
585 of 598
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
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
944,202.26
98.38 5.30%
929,649.42
6,654.38
0.62%
(14,552.84)
Aa3 / A+
NR
4.36 3.84
TOTAL Corporate 42,705,000.00 2.08%
42,741,600.72
42,635,998.75 5.86%
40,160,353.64
228,628.48
26.85%
(2,475,645.11)
A1 / A+
AA1.881.73
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund
1,229,906.07 Various
4.95%
1,229,906.07
1,229,906.07
1.00 4.95%
1,229,906.07
0.00 0.82%
0.00 Aaa / AAA
NR
0.00 0.00
TOTAL Money Market Fund 1,229,906.07 4.95%
1,229,906.07
1,229,906.07 4.95%
1,229,906.07
0.00 0.82%
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
758,220.45
97.13 5.66%
733,296.02
1,510.00
0.49%
(24,924.43)
Aa2 / AAAA0.92
0.89 TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
758,220.45 5.66%
733,296.02
1,510.00
0.49%
(24,924.43)
Aa2 / AAAA0.92
0.89 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
2,799,874.94
99.80 5.42%
2,794,377.60
3,227.78
1.86%
(5,497.34)
Aaa / AAA
NR
0.04 0.04
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,488,065.37
92.13 5.25%
2,303,300.00
2,734.38
1.53%
(184,765.37)
Aaa / AAA
NR
1.71 1.66
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,395,282.39
91.28 5.16%
2,190,806.40
100.00
1.46%
(204,475.99)
Aaa / AAA
AAA
1.99 1.93
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
2,454,440.64
90.34 5.09%
2,222,386.14
657.71
1.48%
(232,054.50)
Aaa / AAA
AAA
2.47 2.39
TOTAL Supranational 10,160,000.00 0.64%
10,101,042.45
10,137,663.34 5.24%
9,510,870.14
6,719.87
6.33%
(626,793.20)
Aaa / AAA
AAA
1.46 1.42
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
1,499,796.35
99.99 5.08%
1,499,796.35
0.00 1.00%
0.00 P-1 / A-1+
F-1+
0.01 0.01
912796ZN2 US Treasury Bill
5.228% Due 12/28/2023
1,500,000.00 06/28/2023
5.44%
1,460,358.13
1,487,584.69
99.17 5.44%
1,487,584.69
0.00 0.99%
0.00 P-1 / A-1+
F-1+
0.16 0.15
As of October 31, 2023
23 586
CC 11-21-2023
586 of 598
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
1,700,606.03
98.29 5.52%
1,670,848.40
93.41 1.11%
(29,757.63)
Aaa / AA+
AA+
0.50 0.49
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,002,546.07
97.72 5.53%
1,954,376.00
13,478.27
1.31%
(48,170.07)
Aaa / AA+
AA+
0.67 0.64
912797GB7 US Treasury Bill
5.119% Due 07/11/2024
1,000,000.00 07/27/2023
5.39%
950,378.99
964,028.32
96.40 5.39%
964,028.32
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.70 0.68
912797GK7 US Treasury Bill
5.119% Due 08/08/2024
1,000,000.00 08/30/2023
5.39%
951,232.07
960,047.26
96.00 5.39%
960,047.26
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.77 0.75
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,708,548.62
97.59 5.52%
1,659,094.60
8,557.74
1.11%
(49,454.02)
Aaa / AA+
AA+
0.79 0.76
912797GL5 US Treasury Bill
5.162% Due 09/05/2024
1,000,000.00 09/25/2023
5.44%
950,526.04
955,688.54
95.57 5.44%
955,688.54
0.00 0.64%
0.00 P-1 / A-1+
F-1+
0.85 0.83
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,094,660.66
95.93 5.39%
2,014,605.60
12,383.15
1.35%
(80,055.06)
Aaa / AA+
AA+
1.17 1.12
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,506,212.01
94.67 5.32%
1,420,020.00
2,874.31
0.95%
(86,192.01)
Aaa / AA+
AA+
1.33 1.29
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,080,344.28
95.36 5.29%
2,956,262.30
7,004.81
1.97%
(124,081.98)
Aaa / AA+
AA+
1.37 1.33
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,433,056.00
93.07 5.24%
2,326,855.00
25.76 1.55%
(106,201.00)
Aaa / AA+
AA+
1.50 1.46
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,487,936.51
91.89 5.16%
1,378,300.50
947.69
0.92%
(109,636.01)
Aaa / AA+
AA+
1.75 1.70
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,385,835.04
91.29 5.08%
2,190,938.40
524.59
1.46%
(194,896.64)
Aaa / AA+
AA+
1.92 1.86
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,438,489.69
90.93 5.07%
2,227,873.20
16.83 1.48%
(210,616.49)
Aaa / AA+
AA+
2.00 1.95
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,232,038.80
90.86 5.06%
2,044,248.75
3,550.20
1.36%
(187,790.05)
Aaa / AA+
AA+
2.08 2.02
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,479,050.93
90.24 5.02%
2,255,957.50
2,369.23
1.50%
(223,093.43)
Aaa / AA+
AA+
2.25 2.19
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,496,783.81
90.23 4.95%
2,255,860.00
51.51 1.50%
(240,923.81)
Aaa / AA+
AA+
2.50 2.42
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,387,666.95
89.28 4.86%
1,249,938.20
1,071.04
0.83%
(137,728.75)
Aaa / AA+
AA+
2.92 2.81
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,394,835.98
89.60 4.90%
1,254,367.80
43.27 0.83%
(140,468.18)
Aaa / AA+
AA+
3.00 2.88
As of October 31, 2023
24 587
CC 11-21-2023
587 of 598
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
91282CEW7 US Treasury Note
3.250% Due 06/30/2027
3,250,000.00 Various
3.18%
3,260,312.50
3,257,358.32
94.59 4.88%
3,074,168.50
35,591.03
2.07%
(183,189.82)
Aaa / AA+
AA+
3.67 3.36
91282CFB2 US Treasury Note
2.750% Due 07/31/2027
400,000.00 08/22/2022
3.12%
393,218.75
394,854.83
92.74 4.89%
370,953.20
2,779.89
0.25%
(23,901.63)
Aaa / AA+
AA+
3.75 3.47
91282CFH9 US Treasury Note
3.125% Due 08/31/2027
4,500,000.00 Various
3.28%
4,468,902.34
4,476,047.56
93.91 4.89%
4,225,783.50
23,952.61
2.82%
(250,264.06)
Aaa / AA+
AA+
3.84 3.53
91282CFM8 US Treasury Note
4.125% Due 09/30/2027
3,450,000.00 Various
4.31%
3,421,152.34
3,427,056.52
97.33 4.88%
3,357,954.00
12,442.63
2.24%
(69,102.52)
Aaa / AA+
AA+
3.92 3.55
91282CFZ9 US Treasury Note
3.875% Due 11/30/2027
850,000.00 12/05/2022
3.81%
852,656.25
852,174.62
96.34 4.87%
818,888.30
13,858.95
0.55%
(33,286.32)
Aaa / AA+
AA+
4.08 3.66
91282CGC9 US Treasury Note
3.875% Due 12/31/2027
2,750,000.00 Various
3.67%
2,775,107.42
2,771,239.44
96.30 4.86%
2,648,379.25
35,906.93
1.78%
(122,860.19)
Aaa / AA+
AA+
4.17 3.74
91282CGH8 US Treasury Note
3.500% Due 01/31/2028
3,000,000.00 02/07/2023
3.81%
2,957,929.69
2,964,085.19
94.82 4.86%
2,844,492.00
26,535.33
1.91%
(119,593.19)
Aaa / AA+
AA+
4.25 3.85
91282CGP0 US Treasury Note
4.000% Due 02/29/2028
3,700,000.00 Various
4.00%
3,699,113.28
3,699,347.47
96.70 4.85%
3,578,014.70
25,208.79
2.40%
(121,332.77)
Aaa / AA+
AA+
4.33 3.89
TOTAL US Treasury 58,900,000.00 2.59%
58,300,067.12
58,537,920.49 5.09%
55,645,324.86
229,267.97
37.14%
(2,892,595.63)
Aaa / AA+
AA+
2.43 2.26
TOTAL PORTFOLIO 158,383,007.87 2.05%
158,103,571.71
158,012,178.55 5.45%
149,879,336.87
558,695.92
100.00%
(8,132,841.68)
Aa1 / AA+
AA+
2.04 1.75
TOTAL MARKET VALUE PLUS ACCRUALS 150,438,032.79
As of October 31, 2023
25 588
CC 11-21-2023
588 of 598
SECTION | Section 4 | Transactions
26 589
CC 11-21-2023
589 of 598
Transaction Ledger
City of Cupertino - Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 08/31/2023 912797GK7 1,000,000.00 US Treasury Bill
5.119% Due: 08/08/2024
95.123 5.39% 951,232.07 0.00 951,232.07 0.00
Purchase 09/26/2023 912797GL5 1,000,000.00 US Treasury Bill
5.162% Due: 09/05/2024
95.053 5.44% 950,526.04 0.00 950,526.04 0.00
Subtotal 2,000,000.00 1,901,758.11 0.00 1,901,758.11 0.00 TOTAL ACQUISITIONS 2,000,000.00 1,901,758.11 0.00 1,901,758.11 0.00 July 31, 2023 through October 31, 2023
As of October 31, 2023
27 590
CC 11-21-2023
590 of 598
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 October 31, 2023
28 591
CC 11-21-2023
591 of 598
Benchmark Disclosures
ICE BofA 1-3 Yr US Treasury & Agency Index
The ICE BofA 1-3 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than three years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.
As of October 31, 2023
29 592
CC 11-21-2023
592 of 598
CITY OF CUPERTINO
Agenda Item
23-12376 Agenda Date:
11/21/2023 Agenda #:
15. Subject: Receive the Monthly Treasurer's Report for October 2023 Receive the Monthly Treasurer's Report for October 2023 CITY OF CUPERTINO Page 1 of 1 Printed on 11/15/2023
powered by Legistar™593
CC 11-21-2023
593 of 598
1 CITY COUNCIL STAFF REPORT
Meeting: November 21, 2023
Subject
Receive the Monthly Treasurer's Report for October 2023 Recommended Action
Receive the Monthly Treasurer's Report for October 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.
The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements.
594
CC 11-21-2023
594 of 598
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 October 2023. The report is as of November 9, 2023.
Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $134.2 million, increasing by $1.7 million from the prior month. Receipts were $5.8 million, disbursements were $(4.2) million, and journal adjustments were $51,740 for the month.
The City's total ending cash and investment balance was $237.6 million, increasing by $1.7 million from the prior month. Receipts were $6.4 million, disbursements were $(5.8) million, and journal adjustments were $1.0 million for the month.
Journal adjustments included the following:
Parks and Recreation transactions imported from Active Network into New World
Quarterly LAIF Interest deposit
CDBG fund transfer to BCA CIP Project Senior Center Fire Alarm Council-approved BA-SCB Calabazas Emergency Storm Drain Repair 595
CC 11-21-2023
595 of 598
3 Fund Balance/Net Position
The City's General Fund ending fund balance was $101.3 million, decreasing by $2.7 million from the prior month due to revenues of $3.9 million and expenditures of $6.5 million.
The City's total ending fund balance was $198.0 million, decreasing by $3.5 million from the prior month due to revenues of $6.4 million and expenditures of $9.9 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 October 2023 B – Report of City‐wide Fund Balances/Net Position October 2023 596
CC 11-21-2023
596 of 598
October 2023 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of September 30, 2023 Receipts Disbursements Journal Adjustments as of October 31, 2023 General Fund 100 General Fund 132,497,616 5,825,348 (4,220,431) 51,740 134,154,273 General Fund 130 Investment Fund (4,723) ‐ ‐ 194,719 189,996 Special Revenue Funds 210 Storm Drain Improvement 2,010,278 ‐ (443,734) ‐ 1,566,544Special Revenue Funds 215 Storm Drain AB1600 1,921,375 5,782 ‐ ‐ 1,927,157Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 640,582 4,000 (62,870) ‐ 581,712 Special Revenue Funds 260 CDBG 658,011 1,324 (1,226) (367,951) 290,158Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,141,955 ‐ (37,960) ‐ 5,103,995Special Revenue Funds 270 Transportation Fund 12,576,645 423,538 (108,528) ‐ 12,891,654 Special Revenue Funds 271 Traffic Impact 779,541 ‐ ‐ ‐ 779,541 Special Revenue Funds 280 Park Dedication 18,925,191 15,000 ‐ ‐ 18,940,191 Special Revenue Funds 281 Tree Fund 66,682 3,300 ‐ ‐ 69,982 Debt Service Funds 365 Public Facilities Corp 2,684,450 ‐ ‐ ‐ 2,684,450 Capital Project Funds 420 Capital Improvement Fund 26,789,063 ‐ (58,248) 827,951 27,558,766 Capital Project Funds 427 Stevens Creek Corridor Park 154,692 ‐ ‐ ‐ 154,692 Capital Project Funds 429 Capital Reserve* 11,034,444 ‐ ‐ ‐ 11,034,444 Enterprise Funds 520 Resource Recovery 5,331,751 134,724 (79,907) ‐ 5,386,568 Enterprise Funds 560 Blackberry Farm 891,810 1,829 (45,022) 54,007 902,624 Enterprise Funds 570 Sports Center 1,527,828 ‐ (165,103) 214,172 1,576,896 Enterprise Funds 580 Recreation Program 3,416,063 8,120 (55,293) 72,117 3,441,007 Internal Service Funds 610 Innovation & Technology 4,159,336 5,666 (184,800) ‐ 3,980,202Internal Service Funds 620 Workersʹ Compensation 3,698,977 ‐ (5,162) ‐ 3,693,815 Internal Service Funds 630 Vehicle/Equip Replacement 1,575,254 ‐ (179,910) ‐ 1,395,344 Internal Service Funds 641 Compensated Absence/LTD 886,384 ‐ 286 ‐ 886,671 Internal Service Funds 642 Retiree Medical (1,703,970) ‐ (110,200) ‐ (1,814,171) Total $ 235,881,535 $ 6,428,630 $ (5,758,109) $ 1,046,754 $ 237,598,810 * For reporting purposes, this fund rolls up/combines with Fund 420Printed November 09, 2023For more information on funds, please see cupertino.org/fund‐structure 597
CC 11-21-2023
597 of 598
October 2023 Report of City‐wide Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of September 30, 2023 Revenues Expenditures as of October 31, 2023 General Fund 100 General Fund 103,975,499 3,862,044 6,543,596 101,293,947 General Fund 130 Investment Fund 229,425 ‐ ‐ 229,425
Special Revenue Funds 210 Storm Drain Improvement 2,197,115 ‐ 447,184 1,749,931 Special Revenue Funds 215 Storm Drain AB1600 1,799,067 5,782 ‐ 1,804,849 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,037,666 6,226 100,191 943,701 Special Revenue Funds 260 CDBG 1,258,621 309 376,305 882,624Special Revenue Funds 261 HCD Loan Rehab 222,300 ‐ ‐ 222,300 Special Revenue Funds 265 BMR Housing 5,640,537 ‐ 56,772 5,583,766 Special Revenue Funds 270 Transportation Fund 11,194,624 863,386 147,787 11,910,223 Special Revenue Funds 271 Traffic Impact 723,428 ‐ ‐ 723,428 Special Revenue Funds 280 Park Dedication 21,357,909 15,000 14,320 21,358,589Special Revenue Funds 281 Tree Fund 134,029 3,300 ‐ 137,329 Debt Service Funds 365 Public Facilities Corp 8,350 ‐ ‐ 8,350Capital Project Funds 420 Capital Improvement Fund 25,567,943 1,005,903 85,078 26,488,768 Capital Project Funds 427 Stevens Creek Corridor Park 164,851 ‐ ‐ 164,851 Capital Project Funds 429 Capital Reserve* 9,137,046 ‐ 460,000 8,677,046Enterprise Funds 520 Resource Recovery 5,026,470 134,724 100,297 5,060,897Enterprise Funds 560 Blackberry Farm 841,467 56,335 30,082 867,719 Enterprise Funds 570 Sports Center 2,057,629 267,991 510,386 1,815,233 Enterprise Funds 580 Recreation Program 2,515,718 153,734 84,296 2,585,156 Internal Service Funds 610 Innovation & Technology 1,305,418 5,666 625,815 685,268 Internal Service Funds 620 Workersʹ Compensation 2,223,573 ‐ 6,474 2,217,099 Internal Service Funds 630 Vehicle/Equip Replacement 2,795,005 ‐ 200,722 2,594,283 Internal Service Funds 641 Compensated Absence/LTD 118,158 8,465 8,178 118,445 Internal Service Funds 642 Retiree Medical (85,557) ‐ 110,200 (195,757) Total $ 201,446,288 $ 6,388,863 $ 9,907,684 $ 197,927,468* For reporting purposes, this fund rolls up/combines with Fund 420 Printed November 09, 2023For more information on funds, please see cupertino.org/fund‐structure 598
CC 11-21-2023
598 of 598