Agenda packet — Los Altos City Council, November 28, 2023 (part 1 of 2)

CITY COUNCIL MEETING
AGENDA
7:00 PM - Tuesday, November 28, 2023
via Videoconference and In Person
Agenda packet amended on 11/27/2023 to include an attachment to Item 7 PARTICIPATION: Members of the public may participate by being present at the Los Altos Council Chamber at Los Altos City Hall located at 1 N. San Antonio Rd, Los Altos, CA during the meeting.

Public comment is accepted in person at the physical meeting location, or via email to [email protected].

RULES FOR CONDUCT: Pursuant to Los Altos Municipal Code, Section 2.05.010 "Interruptions and rules for conduct": Understanding that the purpose of the city council meetings is to conduct the people's business for the benefit of all the people, in the event that any meeting of the city council is willfully interrupted by a person or group of persons so as to render the orderly conduct of the meeting impossible, the mayor, mayor pro tem, or any other member of the city council acting as the chair may order the removal of the person or persons responsible for the disruption and bar them from further attendance at the council meeting, or otherwise proceed pursuant to Government Code Section 54957.0 or any applicable penal statute or city ordinance.

REMOTE MEETING OBSERVATION: Members of the public may view the meeting via the link below, but will not be permitted to provide public comment via Zoom or telephone. Public comment will be taken in-person, and members of the public may provide written public comment by following the instructions below.
https://losaltosca-gov.zoom.us/j/82436623881?pwd=tIoUaO4jbLaTVP0vQH5wtIbkE3ahV3.1 Telephone: 1-669-444-9171 / Webinar ID: 824 3662 3881 / Passcode: 256709 SUBMIT WRITTEN COMMENTS: Prior to the meeting, comments on matters listed on the agenda may be emailed to [email protected]. Emails sent to this email address are sent to/received immediately by the City Council. Emails sent directly to the City Council as a whole or individually, and not sent to [email protected] will not be included as a public comment in the Council packet.

Please note: Personal information, such as e-mail addresses, telephone numbers, home addresses, and other contact information are not required to be included with your comments. If this information is included in your written comments, they will become part of the public record. Redactions and/or edits will not be made to public comments, and the comments will be posted as they are submitted. Please do not include any information in your communication that you do not want to be made public.

Correspondence submitted in hard copy/paper format must be received by 2:00 p.m. on the day of the meeting to ensure distribution prior to the meeting. Comments provided in hard copy/paper format after 2:00 p.m. will be distributed the following day and included with public comment in the Council packet. 1 11/28/2023 CITY COUNCIL MEETING AGENDA Page 2 of 4
The Mayor will open public comment and will announce the length of time provided for comments during each item.

AGENDA

CALL MEETING TO ORDER

ESTABLISH QUORUM

PLEDGE OF ALLEGIANCE

REPORT ON CLOSED SESSION

CHANGES TO THE ORDER OF THE AGENDA

SPECIAL ITEMS
New Los Altos Police Captain Introduction

PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
Members of the audience may bring to the Council's attention any item that is not on the agenda. The Mayor will announce the time speakers will be granted before comments begin. Please be advised that, by law, the City Council is unable to discuss or take action on issues presented during the Public Comment Period. According to State Law (also known as “The Brown Act”) items must first be noted on the agenda before any discussion or action.
11-28-2023 Written Public Comments

CONSENT CALENDAR
These items will be considered by one motion unless any member of the Council or audience wishes to remove an item for discussion. Any item removed from the Consent Calendar for discussion will be handled at the discretion of the Mayor.

1. Quarterly Investment Portfolio Report – Quarter Ended September 30, 2023

2. Authorize the City Manager to execute a Mills Act agreement with property owners of 41 Hawthorne Avenue. This project is categorically exempt from environmental review under Section 15331 (“Historical Resource Restoration/Rehabilitation”) of the California Environmental Quality Act (CEQA)

3. Consider authorizing Addendum No. 12 to the Regional Water Quality Control Plant Basic Agreement; and consider finding that the Council’s action is exempt from review under CEQA pursuant to CEQA Guidelines Section 15301 and that none of the circumstances in CEQA Guidelines Section 15300.2 applies.

4. Waive Second Reading and Adopt Zoning Ordinance Text Amendments which implement programs identified in the adopted housing element, Program 1.A: Rezone for RHNA Shortfall; 2 11/28/2023 CITY COUNCIL MEETING AGENDA Page 3 of 4
Program 1.B: Facilitate Higher Density Housing in the Commercial Thoroughfare (CT) District; Program 1.C: Allow Housing in the Office Administrative (OA) District; Program 1.E: Update the Loyola Corners Specific Plan; Program 1.F: Rezone Village Court Parcel; Program 1.G: Rezone Housing Sites from Previous Housing Elements; Program 3.I: Allow Residential Care Facilities Consistent with State law; Program 3.J: Explicitly Allow Manufactured Homes Consistent with State law

DISCUSSION ITEMS

5. Introduce and waive further reading of an ordinance of the City Council of the City of Los Altos amending Chapter 11.08 Tree Protection Regulations

6. Report Out on Shared Police Services Study With Los Altos Hills: Discuss the initial analysis and information in this staff report and provide direction as to whether the City Council would like to further study shared Police services with Los Altos Hills

7. Authorization by City Council for the use of Civic Center Land for the Construction of Outdoor Library Patio and send to Planning Commission for Final Design Approval. The project is exempt from review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15061(b)(3)

8. Approve the restated employment agreement for City Manager which includes a base salary of $284,595

INFORMATIONAL ITEMS
There will be no discussion or action on Informational Items

9. Tentative Council Calendar and Housing Element Update Calendar

COUNCIL/STAFF REPORTS AND DIRECTIONS ON FUTURE AGENDA ITEMS

ADJOURNMENT
Council Norms: It will be the custom to have a recess at approximately 9:00 p.m. Prior to the recess, the Mayor shall announce whether any items will be carried over to the next meeting. The established hour after which no new items will be started is 11:00 p.m. Remaining items, however, may be considered by consensus of the Council.

SPECIAL NOTICES TO THE PUBLIC
In compliance with the Americans with Disabilities Act, the City of Los Altos will make reasonable arrangements to ensure accessibility to this meeting. If you need special assistance to participate in this meeting, please contact the City Clerk 72 hours prior to the meeting at (650) 947-2610.

Agendas Staff Reports and some associated documents for City Council items may be viewed on the Internet at http://www.losaltosca.gov/citycouncil/online/index.html.

All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, and that are distributed to a majority of the legislative body, 3 11/28/2023 CITY COUNCIL MEETING AGENDA Page 4 of 4
will be available for public inspection at the Office of the City Clerk’s Office, City of Los Altos, located at One North San Antonio Road, Los Altos, California at the same time that the public records are distributed or made available to the legislative body.

If you wish to provide written materials, please provide the City Clerk with 10 copies of any document that you would like to submit to the City Council for the public record. 4 1
Melissa Thurman
From: Roberta Phillips <[email protected]>
Sent: Friday, November 24, 2023 2:41 PM
To: City Council; Public Comment
Subject: Council meeting Nov 28 Item # 7
Dear Council Members
I looked at the the Staff Report for Item #7
It is for the Library Patio
The report does not tell the community how large the Patio is. it does not say if any land that is currently part of the Historic Orchard will be used by the Library. Are you making the square footage smaller ? I heard rumors that the plan is to shove the trees closer together.

The roots of Apricot trees grow out , not down. They need to have room to grow and have maintenance equipment get to the trees.

Has the Orchardist or the History Museum had a chance to review the plans? I have heard that the Library wants to use land that is now part of the Orchard to the tune of thousands of square feet.

The community has not been given a chance to see the plans and comment.We have to be present at the Council meeting to comment, which is difficult. I hope no decision will be made without community involvement.

Save the Orchard
Roberta Phillips
32 year resident of Los Altos
5 1
Melissa Thurman
From: Bill Hough <[email protected]>
Sent: Monday, November 27, 2023 9:52 AM
To: Public Comment
Cc: City Council
Subject: public comment on item not on the November 28 agenda The Hamas attacks against Israel were an atrocity. It is difficult for me to discuss terrorism without using inappropriate language. I was in New York on 9/11, so I have first-hand knowledge regarding how awful the indiscriminate killing of innocent non-combatants can be. I was close enough to the World Trade Center site to smell the unpleasant odor of burnt flesh mixed with jet fuel that was present after the atrocity.

That said, there is no reason beyond stupid virtue signaling for the Los Altos City Council to waste time and effort to state the obvious. It is not Council's place to opine on foreign events. regardless of how awful these events might be.

There are enough issues in governing this town without wasting time on irreverent issues.

Council needs to stay in its lane and deal with City issues.

Bill Hough
Los Altos
6 1
Melissa Thurman
From: Pat Marriott <[email protected]>
Sent: Monday, November 27, 2023 12:12 PM
To: Public Comment
Subject: PUBLIC COMMENT ITEM #7 PATIO NOVEMBER 28, 2023 Council Members:

I want to preface my comments about the patio by reflecting on the bigger picture: the civic center.

Over the years, individual land use decisions have been made without a holistic plan. We have book storage sheds, a school garden, a dog park. All came about because of specific interest groups making a case for their needs.

Now we have another special interest group before you, which may or may not conflict with our historic orchard, important to yet another specific interest group. I understand all those groups wanting city support. I love dogs, I love libraries, and I love the orchard.

We have a limited supply of public land. That’s why your vote tonight is so important and why you must ensure lots of public input before your “final action and approval of the project.” The staff report says, “ The project before the City Council tonight reflects the direction provided on June 27, 2023” and recommends Council “send to Planning Commission for Final Design Approval.” What will you send?
There’s nothing other than a vague description of location (north side of library) and features (umbrellas, fence, etc.). No square footage. No info on how many people can be accommodated. No sketches.

I thought all materials relevant to an agenda item were supposed to be included in the packet when the agenda is posted. However, the patio committee is holding back information until the last minute, just as it did at the June 27th council meeting.

Without a detailed plan to study prior to this November 28th council meeting, residents are left in the dark, unable to provide input. This is especially problematic since remote comments have been cut off.

I would think Council would also want to see the details before the meeting so you would have time to give thoughtful consideration to the proposal.

The patio task force presented an update at the most recent library commission meeting October 5. It reported: “The next meeting of the Advisory Committee (which will be virtual) is targeted for late October / early November, when the floor plan concept will be presented with character images. In late November there will be a Study Session with the Planning Commission and the City Council where a refined, illustrative plan will be presented along with a 3-D model.” The last two planning commission meetings were canceled, so I’m wondering why Council is getting the plan without any prior input. The city philosophy used to be that commission meetings were the 7 2
place to residents to provide comments. However, the staff report says, “Consideration by the Planning Commission after tonight shall reflect final action and approval of the project.” Once you give your “final” OK, what chance do residents – or commissioners have – to voice any opinions?
Without all relevant documents and without prior review by the planning commission, this item should not be on the agenda.

Thanks for listening,
Pat Marriott
8 1
Melissa Thurman
From: Robin Chapman <[email protected]>
Sent: Monday, November 27, 2023 2:28 PM
To: Public Comment
Subject: Los Altos Heritage Orchard
Monday November 27, 2023
Dear Madame Mayor, Los Altos City Manager, and Members of the Los Altos City Council:

I understand you are making a decision Tuesday, November 28, 2023, on a proposed patio for the Los Altos Library that would encroach upon the Los Altos Heritage Orchard, officially designated a City Historic Landmark by the Los Altos City Council in 1981. This cannot be done under the California Environmental Quality Act without public hearings and public reviews by the designated commissions in the City of Los Altos. State law says local citizens must be consulted if designated landmarks are removed, changed, or damaged in any way. Doing this could risk the status Los Altos has as a Certified Local Government under CEQA and this could mean the city would lose control of its ability to approve its own Environment Impact Reports. That would be a great loss for the city.

There are several other points worth mentioning:
1) The care of Los Altos Heritage Orchard has been so negligent in recent years that many of the apricot trees in it have died. As a consequence, the city has set aside money in its budget to enable the orchard to be restored, with the Los Altos History Museum designated as the agency to do the restoration. Are you seeking approval of a library patio into land where an irrigation system is about to be added and new trees are just about to go in? Restoration on one hand and construction into the Orchard on the other? This makes no sense at all. 2) The Heritage Orchard had no landmark sign nor interpretive sign for nearly 40 years. After a great deal of work by local citizens, both a landmark sign and an interpretive sign, designed by the Los Altos History Museum and paid for by the city, were finally installed in July 2019. I understand this proposed patio would require the destruction of the interpretive sign.

Removing it after only four years isn’t just a waste of money, it makes the Orchard’s context a mystery for residents who don’t already know its history.
3) The Los Altos Heritage Orchard sits on city land. The Los Altos Library is a county library. Does the city have no public hearing process that would allow residents to comment when the city seeks to give away a piece of a City Historic Landmark for use by a county agency?
My parents moved to Los Altos in 1950 and I was raised in Los Altos where my parents lived for more than six decades.

I returned to Los Altos after many years as a journalist to care for my parents in their final illnesses. The beauty of Los Altos has inspired me to write three books about our region in the years since my return, and though I have recently moved to the nearby coast I continue to cherish the fact that I’ll always be a Los Altos native. One of the unique landmarks of Los Altos is its Heritage Orchard. Architect Frank Lloyd Wright helped early city leaders choose this spot in the orchard for its Civic Center. A previous council gave it landmark status. Residents love it. I hope you will continue to protect and conserve it for generations to come.

Very truly yours,
Ms. Robin Chapman
9 2
El Granada, California
10 1
Melissa Thurman
From: Mary Cunneen Lion <[email protected]>
Sent: Tuesday, November 28, 2023 12:56 PM
To: Public Comment
Cc: Paul 'Chip' L. III Lion
Subject: Library Patio proposal and encroachment on City landmark and Historic Orchard Our names our Mary and Chip Lion, and have been city residents in Los Altos for over 60 years. We are writing to you today to ask that you do not approve the proposed project plan for the Library Patio Project, Agenda Item #17 that encroaches and alters the City's Landmark Heritage Orchard, and additionally directly stops and interferes with the City's approved and funded Restoration Project and historic, protected city treasure that is finally getting the attention that it deserves.

As volunteers in the Orchard for the last four months in the Restoration Project, we work in the orchard digging ditches, watering trees, collecting soil samples, analyzing health status of trees, every Tuesday Friday Saturday and Sunday. We have been so excited about the city's approval to restore the Los Altos landmark HERITAGE APRICOT ORCHARD. We also have talked to many people who stop us in our neon yellow vests to ask about our work and are so excited about this restoration to replant, irrigate and save these precious trees.

Some of the comments include: "This reminds me of my childhood". "Never let any more trees die." "Thank you." "We love this historic orchard." "Plant more trees." "How can I help?" The public excitement is overwhelming.

Our work in setting irrigation, soil prep and tree site preparation will be rewarded by the 300 apricot trees planned to be delivered in January, that maps to the City's Landmark Resolution, Historic Preservation Ordinance and associated parcel map.

We were surprised over the weekend to find out that the 2nd iteration of the Library Patio Proposed project was sited and located in the City Landmark Heritage that is ready to be planted and restored.

While we acknowledge the library, it cannot be at the cost of our protected landmark City Heritage Orchard.

This proposed plan is an encroachment on a protected City Historic Landmark. Plain and simple. It goes against City's agreement, resolution and ordinances which call for it's continued stewardship and protection by the City. As stewards of the City's historic and environmental assets and public lands, it is your job to properly protect these lands against runaway plans or landmark and historic land encroachment protected by City Ordinance and Resolutions, and the associated agreements for historical and environmental preservation under County and State provisions. Vote no on this location.

Chip Lion
Mary Cunneen Lion
11 1
Melissa Thurman
From: [email protected]
Sent: Tuesday, November 28, 2023 12:52 PM
To: Public Comment
Subject: PUBLIC COMMENT - NOT ON THE AGENDA
My name is Karen Solheim. I am a long-Ɵme resident of Los Altos.

I parƟcipated in the dog park public forum in October. I also plan to aƩend the second session on December 6.

I would like to share some of my observaƟons from the October session.

First, I heard a city employee say that there is plenty of parking next to the library. When I asked what parking he was talking about, he pointed to a small lot which is always full during library hours. The planners of the dog park seem to not realize that the parking lots at Hillview are shared by the visitors to the library, the history museum, the theater, the community center, the soccer field, the baseball diamond, as well as those who cannot find parking in downtown Los Altos for special events. Dog owners seeking to use the dog park are likely to be disappointed that there is no place to park.

Second, someone from the parks commission remarked that people always complain about losing parking spaces, but they get used to it. Who will tell the elderly ciƟzens and young parents with their small children that they will have to get used to walking long distances to the library, someƟmes in the rain? VisiƟng the library is one of the few free indoor acƟviƟes available to the elderly and those with small children.

Third, I heard someone from the parks commission say that if we are going to have a dog park, let's have a world-class dog park. I can understand this enthusiasm, especially with a million dollar budget, but I hope it can be accomplished while balancing the needs of dog owners and other Los Altos residents.

Fourth, the parking lot is shaded by several very old majesƟc oak trees. Some of the dog owners at the design session said that the debris from the oak trees will hurt the dogs' feet. They suggested removing or greatly trimming back the trees. Please do not remove more protected oak trees.

Finally, many people at the design session offered suggesƟons that will allow keeping the parking lot and the oak trees while keeping the dog park at Hillview. They include: 1) reducing the size of the dog park, 2) spliƫng the dog park into one for small dogs and a separate one for large dogs while renovaƟng the temporary dog park for the small dogs, and 3) taking a small part of the soccer field equal to the parking lot area for the dog park.

I recognize that the city has tried for years to find an acceptable locaƟon for a much-needed dog park. However, I hope that this frustraƟon will not cause a default to a plan acceptable to the least number of people. As you know, over 400 people signed a peƟƟon asking to keep the parking lot across from the library.

I am looking forward to the December 6 dog park forum at 6:30pm at the Community Center. I hope a beauƟful and usable dog park with ample parking will be the result.
12 1
Melissa Thurman
From: Catherine Nunes <[email protected]>
Sent: Tuesday, November 28, 2023 4:30 PM
To: Public Comment
Cc: City Council
Subject: Agenda Item #7 Use of Landmark Heritage Orchard Land for Library Patio Project Dear City of Los Altos and City Council,
My name is Catherine Nunes. I have been a resident of Los Altos for over 30 years. I have been active in the community on city and public issues impacting environmental, natural and historic resources, the treasured places, spaces and trees that Los Altans love; and most especially the resources and landmarks the City has deemed important to preserve and protect.

Today, I am writing/speaking regarding the Library Patio Project and the requested "Authorization by City Council for the use of Civic Center Land for construction of a proposed outdoor library patio." I am requesting that you vote NO on this proposed move into the Los Altos Heritage Orchard, a City Historic Landmark. The "Civic Center" space was not properly identified as such in the paperwork on this project.

The Los Altos Heritage Orchard has been preserved repeatedly by the City of Los Altos since the deaths of Gilbert and Margaret of Smith. In 1978, after their deaths the preservation of this orchard was awarded the esteemed Historic Preservation Award from Santa Clara County. In 1981, the Los Altos Heritage Orchard was named a City Historic Landmark under the California Environmental Quality Act (CEQA), which identifies the history in our landscapes as being a key part of the environment worthy of protection. The 1981 council vote of landmark resolution 91-31 was filed with an Exhibit A map of the designated historic landmark space. With that vote the Orchard was registered with the State of California and protected by State law under CEQA.

First, our Heritage Orchard was beloved land, chosen. Then it was protected again and again by the City of Los Altos with resolution and ordinance in successive years. It is now protected by state law under CEQA, registered as a City Historic Landmark and subject to the provisions of your required stewardship as a Certified Local Government.

Because of all this protection, you are required to follow Local, County and State rules and procedures if you want to change even a part of this beloved space.

You should vote NO on this measure and I believe you will reject the proposed plans to alter this beloved space because if you vote in favor, you would be the first city council to give this precious land away. Once gone, it will never come back. 13 2
You have just recently authorized funds to restore the Los Altos Heritage Orchard. Why would you chop it up when the trees and sprinkler systems are now on order? Or claim it had no trees on the proposed area because they were removed for replanting? People in Los Altos love this beautiful space. Please don't build on it. It is a protected, treasured Orchard and needs you to honor its historic land designations and environmental stewardship, and care.

I urge you to: Vote No.

Catherine Nunes
Los Altos Resident
14 November 27, 2023
Dear Mayor Meadows and Members of the Los Altos City Council, As the Mayor’s term comes to an end, we’d like to congratulate and thank her for a year of strong and effective leadership that led to many accomplishments.

We’re especially proud that the 6th cycle housing element, which was approved by the Council early in 2023, has been certified by the Department of Housing and Community Development (HCD) for the state of California. While it hasn’t been easy, we also applaud the Council’s efforts to rezone parts of the city while, so far, leaving R-1 zoning untouched.

It also appears that with the strong leadership of City Manager Gabe Engeland, who the Council unanimously agreed to hire in 2021, both staffing shortages and financial management are being addressed appropriately.

In addition, the Council adopted revised norms and procedures for itself, set aside a parking plaza while the Los Altos Stage Company studies the feasibility of a downtown theater, and adopted a new annual budget and budgeting process, among other actions.

Many thanks to each of you for all you do for the residents of Los Altos.

Warm regards,
Los Altos Community Voices Steering Committee
Robin Abrams, Kim Cranston, Cathy Lazarus, Bill Sheppard, Marie Young 15 Reviewed By:

City Manager City Attorney
GE
Finance Director
JH JD

AGENDA REPORT SUMMARY
Meeting Date: November 28, 2023
Subject Quarterly Investment Portfolio Report – Quarter Ended September 30, 2023 Prepared by: Minh Nguyen, Senior Accountant
Reviewed by: June Du, Finance Director
Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Portfolio Mix Charts

2. Investment Policy Compliance Chart

3. LAIF Balance 09-30-23

4. LAIF Performance Over Time

5. CAMP Balance 09-30-23

6. PFM Investment Report Quarter Ended September 30, 2023 Initiated by:

Staff.

Fiscal Impact:

None
Environmental Review:

Not applicable
Policy Question(s) for Council Consideration:
 None
Summary:
 This report presents the status of the City’s investment portfolio through September 30, 2023. The reporting model has been developed in coordination with PFM Asset Management LLC (PFM), the City’s investment portfolio managers.

Staff Recommendation:

Receive the Investment Portfolio Report through September 30, 2023. 16 Agenda Item # 1.

Subject: Quarterly Investment Portfolio Report – Quarter Ended September 30, 2023 November 15, 2023 Page 2
Purpose
These quarterly reports are presented to both the City Council and the Financial Commission to keep both bodies apprised as to the status of the City’s investment holding and demonstrate compliance with the City’s Investment Policy.

Background
A review of the Investment Portfolio Report Quarter Ended September 30, 2023 was presented and discussed by the Financial Commission on November 20, 2023. The Financial Commission reviewed the Quarterly Investment Portfolio Report ending September 30, 2023, and had a brief discussion.

Discussion/Analysis
The summary provided below presents the sum of all City investment holdings. The City’s portfolio par value and market value, including LAIF and CAMP but excluding operating cash, as of September 30, 2023, was $67,482,285 and $65,935,360 respectively. The City’s operating cash, as of September 30, 2023, was $3,412,122.

As of September 30, 2023, 19.3% of the City’s portfolio was placed in medium-term Corporate Notes, 14.5% in Asset-Backed Securities, 0.8% in Supra-National Agency Bond, 3.4% in Federal Agency Securities (Fannie Mae, Federal Home Loan Bank, Federal Home Loan Mortgage, and Federal Farm Credit), 3.3% in Certificate of Deposits, and 33.4% in US Treasuries, with the balance of 10.3% in LAIF and 15.1% in CAMP respectively. This portfolio mix is illustrated as part of Attachment 1 with LAIF balance and performance as Attachments 3 and 4 and CAMP balance as Attachment 5.

Full compliance with the City’s Investment Policy is monitored closely and on a per-trade basis as illustrated in Attachment 2. In accordance with California Government Code 53646(b)(3), the City of Los Altos has the ability to meet its pool expenditure requirements for the next six months.

As part of these quarterly updates, a status report is prepared by PFM which is included as Attachment 6: Investment Performance Review for the Quarter Ended September 30, 2023. It is important to note that this report highlights the performance of City investments that fall outside its liquid holdings with LAIF and CAMP. This has been intentionally crafted to isolate the performance of the City’s independently managed investments. The return of the portfolio over ten years is 1.07%, which is highlighted on page 16 of the PFM Investment Performance Review Report (Attachment 6).

Recommendation
Receive the Investment Portfolio Report Quarter Ended September 30, 2023 17 Agenda Item # 1.

Attachment 1
Portfolio Mix Charts
September 2023
Portfolio Mix
Security Type % of Total By Security
LAIF 10.3% 6,919,966
CAMP 15.1% 10,165,098
Corp Notes 19.3% 13,001,000
Asset-Backed Securities 14.5% 9,785,070
Supra-National Agency Bond 0.8% 535,000
Federal Home Loan Banks 3.4% 2,321,151
Negotiable CDs 3.3% 2,225,000
US Treasury 33.4% 22,530,000
* Totals 100% 67,482,285
100.00%
Portfolio Mix Market
Security Type % of Total Par Value Value
LAIF 10.3% 6,919,966 6,919,966
CAMP 15.1% 10,165,098 10,165,098
Corp Notes 19.3% 13,001,000 12,591,625
Asset-Backed Securities 14.5% 9,785,070 9,561,933
Supra-National Agency Bond 0.8% 535,000 509,191
Federal Agencies 3.4% 2,321,151 2,186,410
Negotiable CDs 3.3% 2,225,000 2,209,670
US Treasury 33.4% 22,530,000 21,791,468
100% 67,482,285 65,935,360
100.00%
Corp Notes 13,001,000 12,591,625
Asset-Backed Securities 9,785,070 9,561,933
Supra-National Agency Bond 535,000 509,191
US Treasury/Agencies 24,851,151 23,977,877
Negotiable CDs 2,225,000 2,209,670
Accrued Interest - 344,147
50,397,220.32 49,194,443
Margin Over (Under) Par (1,202,778)
LAIF

10.3%
CAMP

15.1%
Corp Notes

19.3% Asset-Backed
Securities
Supra-National 14.5%
Agency Bond

0.8%
Federal Agencies

3.4%
Negotiable CDs

3.3%
US Treasury

33.4%

PORTFOLIO MIX - BY CLASS
LAIF

10.3%
CAMP

15.1%
Corp Notes

19.3%
Asset-Backed
Securities

14.5%
Supra-National
Agency Bond

0.8%
Federal Home
Loan Banks

3.4%
Negotiable
CDs

3.3%
US Treasury 33.4%

PORTFOLIO MIX - BY SECURITY
18 Agenda Item # 1.

Attachment 2
Investment Policy Compliance Chart
September 2023
Earliest City Policy City Policy City Policy % Compliance Term Compliance City Investment % Mix Par Value Term Term Limitation $ Limitation % Limitation CAPACITY Yes/No Yes/No LAIF 10.3% 6,919,966 07/01/22 No Term 75,000,000 100% 68,080,034 Yes N/A CAMP 15.1% 10,165,098 n/a Overnight 100% 57,317,187 Yes N/A Corp Notes 19.3% 13,001,000 06/08/23 5 Years 30% 7,243,686 Yes Yes Asset-Backed Securities 14.5% 9,785,070 08/21/23 5 Years 20% 3,711,387 Yes Yes Supra-National Agency Bond 0.8% 535,000 05/24/23 5 Years 20% 12,961,457 Yes Yes Federal Agencies 3.4% 2,321,151 07/01/22 5 Years 100% 65,161,134 Yes Yes Negotiable CDs 3.3% 2,225,000 12/02/22 5 Years 30% 18,019,686 Yes Yes US Treasury 33.4% 22,530,000 09/30/23 5 Years 100% 44,952,285 Yes Yes 100% 67,482,285
19 Agenda Item # 1.

Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
November 06, 2023
LAIF Home
PMIAAverage Monthly
Yields

CITY OF LOS ALTOS

CITY TREASURER

ONE NORTH SAN ANTONIO ROAD
LOS ALTOS, CA 94022
Account Number: 98-43-481
September 2023 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type
Confirm
Number
Web
Confirm
Number Authorized Caller Amount
9/19/2023 9/18/2023 RW 1738672 1699065 YUJUN DU -1,500,000.00 Account Summary
Total Deposit: 0.00 Beginning Balance: 8,419,966.40
Total Withdrawal: -1,500,000.00 Ending Balance: 6,919,966.40 20 Agenda Item # 1.

PMIA Average Monthly Effective Yields
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1977 5.770 5.660 5.660 5.650 5.760 5.850 5.930 6.050 6.090 6.090 6.610 6.730 1978 6.920 7.050 7.140 7.270 7.386 7.569 7.652 7.821 7.871 8.110 8.286 8.769 1979 8.777 8.904 8.820 9.082 9.046 9.224 9.202 9.528 9.259 9.814 10.223 10.218 1980 10.980 11.251 11.490 11.480 12.017 11.798 10.206 9.870 9.945 10.056 10.426 10.961 1981 10.987 11.686 11.130 11.475 12.179 11.442 12.346 12.844 12.059 12.397 11.887 11.484 1982 11.683 12.044 11.835 11.773 12.270 11.994 12.235 11.909 11.151 11.111 10.704 10.401 1983 10.251 9.887 9.688 9.868 9.527 9.600 9.879 10.076 10.202 10.182 10.164 10.227 1984 10.312 10.280 10.382 10.594 10.843 11.119 11.355 11.557 11.597 11.681 11.474 11.024 1985 10.579 10.289 10.118 10.025 10.180 9.743 9.656 9.417 9.572 9.482 9.488 9.371 1986 9.252 9.090 8.958 8.621 8.369 8.225 8.141 7.844 7.512 7.586 7.432 7.439 1987 7.365 7.157 7.205 7.044 7.294 7.289 7.464 7.562 7.712 7.825 8.121 8.071 1988 8.078 8.050 7.945 7.940 7.815 7.929 8.089 8.245 8.341 8.397 8.467 8.563 1989 8.698 8.770 8.870 8.992 9.227 9.204 9.056 8.833 8.801 8.771 8.685 8.645 1990 8.571 8.538 8.506 8.497 8.531 8.538 8.517 8.382 8.333 8.321 8.269 8.279 1991 8.164 8.002 7.775 7.666 7.374 7.169 7.098 7.072 6.859 6.719 6.591 6.318 1992 6.122 5.863 5.680 5.692 5.379 5.323 5.235 4.958 4.760 4.730 4.659 4.647 1993 4.678 4.649 4.624 4.605 4.427 4.554 4.438 4.472 4.430 4.380 4.365 4.384 1994 4.359 4.176 4.248 4.333 4.434 4.623 4.823 4.989 5.106 5.243 5.380 5.528 1995 5.612 5.779 5.934 5.960 6.008 5.997 5.972 5.910 5.832 5.784 5.805 5.748 1996 5.698 5.643 5.557 5.538 5.502 5.548 5.587 5.566 5.601 5.601 5.599 5.574 1997 5.583 5.575 5.580 5.612 5.634 5.667 5.679 5.690 5.707 5.705 5.715 5.744 1998 5.742 5.720 5.680 5.672 5.673 5.671 5.652 5.652 5.639 5.557 5.492 5.374 1999 5.265 5.210 5.136 5.119 5.086 5.095 5.178 5.225 5.274 5.391 5.484 5.639 2000 5.760 5.824 5.851 6.014 6.190 6.349 6.443 6.505 6.502 6.517 6.538 6.535 2001 6.372 6.169 5.976 5.760 5.328 4.958 4.635 4.502 4.288 3.785 3.526 3.261 2002 3.068 2.967 2.861 2.845 2.740 2.687 2.714 2.594 2.604 2.487 2.301 2.201 2003 2.103 1.945 1.904 1.858 1.769 1.697 1.653 1.632 1.635 1.596 1.572 1.545 2004 1.528 1.440 1.474 1.445 1.426 1.469 1.604 1.672 1.771 1.890 2.003 2.134 2005 2.264 2.368 2.542 2.724 2.856 2.967 3.083 3.179 3.324 3.458 3.636 3.808 2006 3.955 4.043 4.142 4.305 4.563 4.700 4.849 4.946 5.023 5.098 5.125 5.129 2007 5.156 5.181 5.214 5.222 5.248 5.250 5.255 5.253 5.231 5.137 4.962 4.801 2008 4.620 4.161 3.777 3.400 3.072 2.894 2.787 2.779 2.774 2.709 2.568 2.353 2009 2.046 1.869 1.822 1.607 1.530 1.377 1.035 0.925 0.750 0.646 0.611 0.569 2010 0.558 0.577 0.547 0.588 0.560 0.528 0.531 0.513 0.500 0.480 0.454 0.462 2011 0.538 0.512 0.500 0.588 0.413 0.448 0.381 0.408 0.378 0.385 0.401 0.382 2012 0.385 0.389 0.383 0.367 0.363 0.358 0.363 0.377 0.348 0.340 0.324 0.326 2013 0.300 0.286 0.285 0.264 0.245 0.244 0.267 0.271 0.257 0.266 0.263 0.264 2014 0.244 0.236 0.236 0.233 0.228 0.228 0.244 0.260 0.246 0.261 0.261 0.267 2015 0.262 0.266 0.278 0.283 0.290 0.299 0.320 0.330 0.337 0.357 0.374 0.400 2016 0.446 0.467 0.506 0.525 0.552 0.576 0.588 0.614 0.634 0.654 0.678 0.719 2017 0.751 0.777 0.821 0.884 0.925 0.978 1.051 1.084 1.111 1.143 1.172 1.239 2018 1.350 1.412 1.524 1.661 1.755 1.854 1.944 1.998 2.063 2.144 2.208 2.291 2019 2.355 2.392 2.436 2.445 2.449 2.428 2.379 2.341 2.280 2.190 2.103 2.043 2020 1.967 1.912 1.787 1.648 1.363 1.217 0.920 0.784 0.685 0.620 0.576 0.540 2021 0.458 0.407 0.357 0.339 0.315 0.262 0.221 0.221 0.206 0.203 0.203 0.212 2022 0.234 0.278 0.365 0.523 0.684 0.861 1.090 1.276 1.513 1.772 2.007 2.173 2023 2.425 2.624 2.831 2.870 2.993 3.167 3.305 3.434 3.534 Attachment 4 - LAIF Performance Over Time
21 Agenda Item # 1.

City of Los Altos

ACCOUNT STATEMENT
For the Month Ending
September 30, 2023
Customer Service
PO Box 11813
Harrisburg, PA 17108-1813
Contents
Cover/Disclosures
Summary Statement
Individual Accounts

CITY OF LOS ALTOS

VIVIAN CHU
1 N SAN ANTONIO RD
LOS ALTOS, CA 94022
Client Management Team
Accounts included in Statement
6170-001 City of Los Altos CAMP
Online Access www.camponline.com Customer Service 1-800-729-7665 Important Messages
CAMP will be closed on 10/09/2023 for Columbus Day.

Jeremy King
Key Account Manager
213 Market Street
Harrisburg, PA 17101-2141
1-800-729-7665
[email protected]
Rachael Miller
Client Consultant
213 Market Street
Harrisburg, PA 17101-2141
1-800-729-7665
[email protected]
22 Agenda Item # 1.

For the Month Ending September 30, 2023
Account Statement
Important Disclosures
Important Disclosures
365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed.

Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis.

YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis.

Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.

Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below.

PFM Asset Management LLC
Attn: Service Operations
213 Market Street
Harrisburg, PA 17101

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC ("PFMAM") is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below.

Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients.

However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below.

Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved.

Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference.

Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions.

Market Value Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv or Bloomberg. For certain short-term investments or where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated.

Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.

Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation.

Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented.

Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values.

Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some local government investment programs and TERM funds are marketed through representatives of PFMAM's affiliate, PFM Fund Distributors, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address
https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request.

Key Terms and Definitions
Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date.

Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by
23 Agenda Item # 1.

Account Statement - Transaction Summary For the Month Ending September 30, 2023 City of Los Altos - City of Los Altos CAMP - 6170-001
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
10,118,955.57
46,142.72

0.00 0.00
$10,165,098.29
CAMP Pool
Unsettled Trades 0.00
Cash Dividends and Income 46,142.72
September 30, 2023 August 31, 2023
Asset Summary
CAMP Pool 10,165,098.29 10,118,955.57
Total $10,165,098.29 $10,118,955.57
Asset Allocation
100.00%
CAMP Pool
Account 6170-001 Page 1
24 Agenda Item # 1.

Account Statement For the Month Ending September 30, 2023 City of Los Altos - City of Los Altos CAMP - 6170-001
Trade Settlement Share or Dollar Amount Total
Date Date Transaction Description Unit Price of Transaction Shares Owned CAMP Pool
Opening Balance 10,118,955.57
09/29/23 10/02/23 Accrual Income Div Reinvestment - Distributions 1.00 46,142.72 10,165,098.29 10,165,098.29
10,165,098.29
10,165,098.29
10,122,031.75
138,611.30

0.00 0.00
138,611.30
10,026,486.99
46,142.72
10,165,098.29

0.00 0.00
46,142.72
10,118,955.57
Monthly Distribution Yield
Average Monthly Balance
Closing Balance
Month of Fiscal YTD
Cash Dividends and Income
Closing Balance
Check Disbursements
Redemptions (Excl. Checks)
Purchases
Opening Balance
Closing Balance
September July-September

5.55%
Account 6170-001 Page 2
25 Agenda Item # 1.

Investment Performance Review
For the Quarter Ended September 30, 2023
Client Management Team PFM Asset Management LLC
Monique Spyke, Managing DirectorAllison Kaune, Senior Analyst 213 Market Street
Harrisburg, PA 17101-2141
717-232-2723
1 California Street Ste. 1000
San Francisco, CA 94111-5411
415-393-7270
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public

CITY OF LOS ALTOS
26 Agenda Item # 1.
© PFM Asset Management LLC pfmam.com |
Market Update
1 27
Agenda Item # 1.

PFM Asset Management LLC
▸ The U.S. economy is characterized by:
▹ Stronger than expected growth, supported by a resilient consumer ▹ Inflation that remains stubbornly above the Federal Reserve’s (“Fed”) target range ▹ Continued creation of new jobs by the labor market, albeit at a moderating pace ▸ Fed pauses again in rate hike campaign
▹ After hiking in July, the Federal Reserve held rates steady at the September FOMC meeting as expected
▹ The Fed’s most recent “dot plot” indicated one more rate hike for 2023 and set the stage for interest rates to remain “higher-for-longer”
▹ Updated FOMC economic projections point to stronger GDP growth expectations, higher inflation, and slightly lower unemployment for the remainder of 2023 and into 2024 ▸ Interest rates reached their highest levels since 2006-7 ▹ The U.S. government rating downgrade by Fitch had little impact, although it highlighted growing worry about the erosion of governance standards and fiscal irresponsibility ▹ Treasury yields across the curve rose during Q3. Sticky inflation, a “higher for longer” market consensus, increased Treasury borrowing, and reduced Treasury holdings by China and Japan weighed especially on the long end of the curve ▹ The next concern is the annual federal budget process and potential for a government shutdown
For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
Current Market Themes

CITY OF LOS ALTOS
2 28
Agenda Item # 1.

Source: Bloomberg, as of August 2023.

For the Quarter Ended September 30, 2023
Market Update
© PFM Asset Management LLC | pfmam.com
-2%
0%
2%
4%
6%
8%
10%
Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 Aug-23 Factors Contributing to the Consumer Price Index
(CPI YoY)
Services (Ex Food & Energy) Goods (Ex Food & Energy) Food Energy Headline YoY% Inflation Gradually Falling, But Sensitive to
Recently Rising Energy Prices

CITY OF LOS ALTOS
3 29
Agenda Item # 1.

Fed’s Updated “Dot Plot” Projects Rates To Be “Higher for Longer” Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. © PFM Asset Management LLC | pfmam.com
For the Quarter Ended September 30, 2023
Market Update
0%
1%
2%
3%
4%
5%
6%
7%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Sep-23 FOMC Projections
Sep-23 Median
Jun-23 Median
2023 2024 2025 2026 Longer Term
The September Fed dot plot is more hawkish than the June dot plot as the median fed funds rate projections for 2024 and 2025 were 0.5 percentage points higher

CITY OF LOS ALTOS
4 30
Agenda Item # 1.

3.8% 4.1% 4.1% 4.0% 4.0%
0%
1%
2%
3%
4%
5%
6%
2023 2024 2025 2026 Longer
Run
Unemployment Rate
June Projections September Projections

2.1%

1.5%

1.8% 1.8% 1.8%
0%
1%
2%
3%
2023 2024 2025 2026 Longer
Run
Change in Real GDP
June Projections September Projections
The Fed’s Protections for Growth and Employment Were More Upbeat © PFM Asset Management LLC | pfmam.com
For the Quarter Ended September 30, 2023
Market Update
Source: Federal Reserve, latest economic projections as of September 2023.

5.6%

5.1%

3.9%

2.9% 2.5%
0%
2%
4%
6%
8%
2023 2024 2025 2026 Longer
Run
Federal Funds Rate
June Projections September Projections

3.3%

2.5%

2.2% 2.0% 2.0%
0%
1%
2%
3%
4%
5%
2023 2024 2025 2026 Longer
Run
PCE Inflation
June Projections September Projections

CITY OF LOS ALTOS
5 31
Agenda Item # 1.

Interest Rates Are At Their Highest Levels Since 2006-07 PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended September 30, 2023
Market Update
Source: Bloomberg, as of September 30, 2023.

5.45%

5.04%

4.61% 4.57% 4.70%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
Yield
Maturity
U.S. Treasury Yield Curve
15 Year Range
September 30, 2023
June 30, 2023
3-Month 2-Year 5-Year 10-Year 30-Year

CITY OF LOS ALTOS
6 32
Agenda Item # 1.

Sector Yield Spreads
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended September 30, 2023
Market Update
Source: ICE BofA 1-3 year Indices via Bloomberg, MarketAxess and PFMAM as of September 30, 2023. Spreads on ABS and MBS are option-adjusted spreads of 0-3 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%

0.0%

0.2%

0.4%

0.6%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Federal Agency Yield Spreads
Bullet Callable

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Corporate Notes A-AAA Yield Spreads

0.0%

0.3%

0.5%

0.8%

1.0%

1.3%

1.5%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Mortgage-Backed Securities Yield Spreads
Agency MBS AAA CMBS

0.0%

0.5%

1.0%

1.5%

2.0%
Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Asset-Backed Securities AAA Yield Spreads

CITY OF LOS ALTOS
7 33
Agenda Item # 1.

Fixed-Income Markets
1-3 Year Indices
PFM Asset Management LLC
© PFM Asset Management LLC | pfmam.com
For the Quarter Ended September 30, 2023
Market Update
Source: ICE BofAML Indices. ABS indices are 0-3 year, based on weighted average life. As of September 30, 2023.

0.74%

0.81%

1.15%

0.81%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Third Quarter Returns

0.81%

0.88%

1.40%

1.51%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
10-Year Average Returns

CITY OF LOS ALTOS
8 34
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com |
Portfolio Review:

CITY OF LOS ALTOS INVESTMENT PORTFOLIO
9 35
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Compliance
|
Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").

Certificate of Compliance
During the reporting period for the quarter ended September 30, 2023, the account(s) managed by PFM Asset Management("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged : PFM Asset Management LLC
10 36
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Account Summary
|
Account Summary

1. Yield at market, yield on cost, and portfolio duration only include investments held within the separately managed account(s), excludes balances invested in overnight funds.

CITY OF LOS ALTOS INVESTMENT PORTFOLIO
Portfolio Values September 30, 2023PFMAM Managed Account $48,850,295 Amortized Cost $50,186,121
Market Value $48,850,295
Accrued Interest $344,147
Cash $60,550
Analytics¹ September 30, 2023Yield at Market 5.07%
Yield on Cost 3.37%
Portfolio Duration 1.73
1 1
37 Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Snapshot
|
Yield and duration calculations exclude cash and cash equivalents. Sector allocation includes market values and accrued interest.The portfolio’s benchmark is the ICE BofA 1-3 Year U.S. Treasury Index. Source: Bloomberg.

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot¹
Credit Quality - S&P
16%
45%
39%
7%
58%
36%
0%
20%40%60%
0-1 Yr 1-2 Yrs 2-3 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 45%Corporate | 26%
ABS | 20%
Negotiable CD | 5%
Agency CMBS | 4%
Supranational | 1%Federal Agency | 1%
Sector Allocation
AAA | 17%AA+ | 49%AA | 1%AA- | 5%A+ | 5%A | 8%A- | 9%A-1 | 1% BBB+ | 3%Not Rated | 3%
Portfolio Statistics
Portfolio Effective DurationBenchmark Effective Duration Portfolio Credit Quality
Yield At Market
Yield At Cost
Total Market Value
Securities Sub-TotalCash
$49,254,992.37
$48,850,295.32
$344,147.19
$60,549.86

1.73 years1.75 years

3.37%5.07%
AA
Accrued Interest
1 2
38 Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Account Summary
|

19.5%

25.8%

4.6%

1.0%

3.5%

1.0%

44.6%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $9,577,617
Corporate - $12,698,191
Negotiable CD - $2,254,459
Supranational - $509,250
Agency CMBS - $1,714,431
Federal Agency - $478,071
U.S. Treasury - $21,962,424
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 1 3
39 Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Characteristics
|
$0.0$9.8
$19.6$29.4$39.2$49.0
Millions
September 2023
$0.0$9.8
$19.6$29.4$39.2$49.0
Millions
June 2023
$0.0$9.8
$19.6$29.4$39.2$49.0
Millions
March 2023
$0.0$9.8
$19.6$29.4$39.2$49.0
Millions
December 2022
Sector Allocation Review
U.S. Treasury Federal Agency Agency CMBS Supranational Negotiable CD Corporate ABS Market values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.

Security Type Dec-22 % of Total Mar-23 % of Total Jun-23 % of Total Sep-23 % of Total U.S. Treasury $19.7 41.3% $22.9 47.1% $22.9 47.3% $21.8 44.6%Federal Agency $3.8 7.8% $1.3 2.8% $0.5 1.0% $0.5 1.0% Agency CMBS $0.4 0.9% $0.7 1.4% $1.7 3.5% $1.7 3.5%
Supranational $0.9 1.9% $0.9 1.9% $0.5 1.0% $0.5 1.0%Negotiable CD $1.8 3.7% $1.4 2.8% $1.4 2.8% $2.2 4.5%Corporate $13.3 27.8% $13.4 27.5% $12.5 25.8% $12.6 25.8% ABS $7.9 16.6% $8.0 16.5% $9.0 18.6% $9.6 19.6%
Total $47.9 100.0% $48.6 100.0% $48.5 100.0% $48.9 100.0% 14 40
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Portfolio Activity
Net Activity by Sector
($ millions)
U.S. Treasury
Agency CMBS
Corporate
ABS
Negotiable CD
U.S. Treasury
Agency CMBS
Corporate
ABS
Negotiable CD
($4.0) ($2.0) $0.0 $2.0 $4.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net ActivityNegotiable CD $850,000
ABS $512,439
Corporate $48,631
Agency CMBS ($626)
U.S. Treasury ($1,124,717)Total Net Activity $285,727
Sales/Maturities Purchases
15 41
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is June 30, 2010.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.4. The portfolio’s benchmark is the ICE BofA 1-3 Year U.S. Treasury Index. Source: Bloomberg. -1.0%

0.0%1.0%2.0%3.0%4.0%
Return
Portfolio Benchmark Net of Fees
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 YearsInterest Earned² $371,383 $1,139,651 $2,346,607 $4,983,523 $7,270,292 Change in Market Value $20,998 $310,590 ($3,044,166) ($914,140) ($1,773,234) Total Dollar Return $392,381 $1,450,241 ($697,559) $4,069,383 $5,497,058 Total Return³
Portfolio 0.80% 3.03% -0.43% 1.38% 1.07%Benchmark⁴ 0.74% 2.47% -0.84% 1.06% 0.81%Basis Point Fee 0.02% 0.09% 0.09% 0.09% 0.09%Net of Fee Return 0.78% 2.94% -0.52% 1.29% 0.98% 3 Months 1 Year 3 Years 5 Years 10 Years
16 42
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Performance
|

1. The lesser of 10 years or since inception is shown. Performance inception date is June 30, 2010.2. Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.3. Realized gains / (losses) are shown on an amortized cost basis.

Accrual Basis Earnings
Accrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings 3 Months
$371,383
($198,665)
$19,029
$191,746
1 Year
$1,139,651
($770,217)
$17,948
$387,382
3 Years
$2,346,607
($427,808)
($154,316)
$1,764,483
5 Year
$4,983,523
($90,314)
($101,657)
$4,791,552
10 Year¹
$7,270,292
($253,966)
($154,547)
$6,861,779
17 43
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com |
Portfolio Holdings and Transactions
18 44
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Summary
|
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchU.S. Treasury 44.6% UNITED STATES TREASURY 44.6% AA / Aaa / AA
Federal Agency 1.0%
FEDERAL HOME LOAN BANKS 1.0% AA / Aaa / NR
Agency CMBS 3.5%
FANNIE MAE 0.3% AA / Aaa / AAFREDDIE MAC 3.2% AA / Aaa / AA Supranational 1.0%
INTER-AMERICAN DEVELOPMENT BANK 1.0% AAA / Aaa / AAA
Negotiable CD 4.6%
CREDIT AGRICOLE SA 0.8% A / Aa / AANATIXIS NY BRANCH 0.8% A / A / A NORDEA BANK ABP 1.0% AA / Aa / AARABOBANK NEDERLAND 1.0% A / Aa / AA TORONTO-DOMINION BANK 1.1% A / A / NR
Corporate 25.8%
ABBOTT LABORATORIES 0.3% AA / Aa / NRAMAZON.COM INC 0.3% AA / A / AAAMERICAN EXPRESS CO 0.7% BBB / A / AAMERICAN HONDA FINANCE 0.4% A / A / AANZ BANKING GROUP LTD 0.5% AA / Aa / A BANK OF AMERICA CO 1.9% A / Aa / AABRISTOL-MYERS SQUIBB CO 0.2% A / A / NRBROWN-FORMAN CORP 0.2% A / A / NRBURLINGTON NORTHERN SANTA FE 0.2% AA / A / NRCATERPILLAR INC 0.8% A / A / A Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 25.8% CINTAS CORPORATION NO. 2 0.3% A / A / NRCITIGROUP INC 0.7% BBB / A / ACOLGATE-PALMOLIVE COMPANY 0.5% AA / Aa / NRCOMCAST CORP 0.4% A / A / ACOMMONWEALTH BANK OF AUSTRALIA 0.5% AA / Aa / ADEERE & COMPANY 0.6% A / A / AEXXON MOBIL CORP 0.3% AA / Aa / NRGENERAL DYNAMICS CORP 0.3% A / A / NRGOLDMAN SACHS GROUP INC 0.7% BBB / A / AHERSHEY COMPANY 0.2% A / A / NRHOME DEPOT INC 0.2% A / A / AHONEYWELL INTERNATIONAL 0.3% A / A / AHSBC HOLDINGS PLC 0.8% A / A / AIBM CORP 0.7% A / A / NRINTEL CORPORATION 0.4% A / A / AJP MORGAN CHASE & CO 1.5% A / A / AALOCKHEED MARTIN CORP 0.4% A / A / AMORGAN STANLEY 0.7% A / A / ANATIONAL AUSTRALIA BANK LTD 1.3% AA / Aa / NRNATIONAL RURAL UTILITIES CO FINANCECORP

0.8% A / A / A
PACCAR FINANCIAL CORP 0.7% A / A / NRPEPSICO INC 0.2% A / A / NRPNC FINANCIAL SERVICES GROUP 0.7% A / A / APRAXAIR INC 0.9% A / A / NRRABOBANK NEDERLAND 1.0% A / Aa / AA STATE STREET CORPORATION 1.1% A / A / AA
19 45
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

Issuer Diversification
Security Type / Issuer Market Value (%) S&P / Moody's / FitchCorporate 25.8%

THE BANK OF NEW YORK MELLONCORPORATION

1.0% A / A / AA
TOYOTA MOTOR CORP 0.8% A / A / ATRUIST FIN CORP 0.7% A / A / AUNILEVER PLC 0.4% A / A / AUNITEDHEALTH GROUP INC 0.2% A / A / A WAL-MART STORES INC 0.3% AA / Aa / AAWELLS FARGO & COMPANY 0.4% BBB / A / A ABS 19.5%
ALLY AUTO RECEIVABLES TRUST 1.4% AAA / Aaa / NRAMERICAN EXPRESS CO 1.3% AAA / NR / AAA BANK OF AMERICA CO 0.2% AAA / NR / AAABMW VEHICLE OWNER TRUST 0.4% AAA / Aaa / AAACAPITAL ONE FINANCIAL CORP 2.0% AAA / Aaa / AAACARMAX AUTO OWNER TRUST 2.0% AAA / Aaa / AAACHASE ISSURANCE 0.8% AAA / NR / AAADISCOVER FINANCIAL SERVICES 2.0% AAA / Aaa / AAAFIFTH THIRD AUTO TRUST 0.5% AAA / Aaa / NRFORD CREDIT AUTO OWNER TRUST 0.8% AAA / NR / AAAGM FINANCIAL CONSUMER AUTOMOBILETRUST

1.4% AAA / Aaa / AAA
HARLEY-DAVIDSON MOTORCYCLE TRUST 0.8% AAA / Aaa / AAAHONDA AUTO RECEIVABLES 0.6% AAA / Aaa / AAAHYUNDAI AUTO RECEIVABLES 1.4% AAA / NR / AAAMERCEDES-BENZ AUTO RECEIVABLES 0.8% AAA / Aaa / NRNISSAN AUTO RECEIVABLES 0.9% AAA / Aaa / AAATOYOTA MOTOR CORP 1.5% AAA / Aaa / AAA Security Type / Issuer Market Value (%) S&P / Moody's / FitchABS 19.5% VERIZON OWNER TRUST 0.0% NR / Aaa / AAAVOLKSWAGEN AUTO LEASE TURST 0.2% NR / Aaa / AAA WORLD OMNI AUTO REC TRUST 0.4% AAA / NR / AAA
Total 100.0%
20 46
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Composition
|
Issuer Distribution
As of September 30, 2023
Issuer Market Value ($) % of PortfolioUNITED STATES TREASURY 21,791,468 44.60%FREDDIE MAC 1,567,932 3.20%TOYOTA MOTOR CORP 1,108,556 2.26%BANK OF AMERICA CO 1,048,125 2.14%DISCOVER FINANCIAL SERVICES 989,318 2.02%CAPITAL ONE FINANCIAL CORP 987,595 2.01%CARMAX AUTO OWNER TRUST 977,728 2.00% AMERICAN EXPRESS CO 975,315 2.00%
RABOBANK NEDERLAND 947,183 1.94%JP MORGAN CHASE & CO 717,474 1.47%GM FINANCIAL CONSUMER AUTOMOBILE TRUST 698,929 1.43% ALLY AUTO RECEIVABLES TRUST 682,891 1.40%
HYUNDAI AUTO RECEIVABLES 681,418 1.39%NATIONAL AUSTRALIA BANK LTD 656,332 1.34%STATE STREET CORPORATION 544,876 1.12%INTER-AMERICAN DEVELOPMENT BANK 509,191 1.04%TORONTO-DOMINION BANK 499,833 1.02%NORDEA BANK ABP 496,062 1.02%THE BANK OF NEW YORK MELLON CORPORATION 486,542 1.00%FEDERAL HOME LOAN BANKS 476,085 0.97%NISSAN AUTO RECEIVABLES 462,714 0.95%HARLEY-DAVIDSON MOTORCYCLE TRUST 417,129 0.85%PRAXAIR INC 414,994 0.85%FORD CREDIT AUTO OWNER TRUST 390,668 0.80% 21 47
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioMERCEDES-BENZ AUTO RECEIVABLES 387,411 0.79%NATIONAL RURAL UTILITIES CO FINANCE CORP 384,351 0.79%CHASE ISSURANCE 377,920 0.77%CREDIT AGRICOLE SA 374,963 0.77%NATIXIS NY BRANCH 373,793 0.77%HSBC HOLDINGS PLC 368,893 0.76%CATERPILLAR INC 365,196 0.75%IBM CORP 364,757 0.75%PACCAR FINANCIAL CORP 364,600 0.75%CITIGROUP INC 359,344 0.74%MORGAN STANLEY 357,771 0.73%PNC FINANCIAL SERVICES GROUP 347,867 0.71%TRUIST FIN CORP 347,281 0.71%GOLDMAN SACHS GROUP INC 335,634 0.69%HONDA AUTO RECEIVABLES 306,977 0.63%DEERE & COMPANY 280,294 0.57%FIFTH THIRD AUTO TRUST 264,088 0.54%COLGATE-PALMOLIVE COMPANY 261,822 0.54%COMMONWEALTH BANK OF AUSTRALIA 249,348 0.51% ANZ BANKING GROUP LTD 247,574 0.51%
UNILEVER PLC 216,898 0.44%BMW VEHICLE OWNER TRUST 216,372 0.44% AMERICAN HONDA FINANCE 198,746 0.41%
INTEL CORPORATION 193,567 0.40%WELLS FARGO & COMPANY 186,485 0.38%WORLD OMNI AUTO REC TRUST 174,642 0.36%COMCAST CORP 174,090 0.36% 22 48
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Composition
|
Issuer Market Value ($) % of PortfolioLOCKHEED MARTIN CORP 173,598 0.36%CINTAS CORPORATION NO. 2 169,226 0.35%HONEYWELL INTERNATIONAL 163,862 0.34%GENERAL DYNAMICS CORP 159,836 0.33% ABBOTT LABORATORIES 159,225 0.33%AMAZON.COM INC 149,675 0.31% WAL-MART STORES INC 146,118 0.30%FANNIE MAE 142,393 0.29%EXXON MOBIL CORP 125,312 0.26%BURLINGTON NORTHERN SANTA FE 120,807 0.25%HERSHEY COMPANY 120,454 0.25%PEPSICO INC 113,811 0.23%BRISTOL-MYERS SQUIBB CO 113,395 0.23%BROWN-FORMAN CORP 111,283 0.23%VOLKSWAGEN AUTO LEASE TURST 98,465 0.20%HOME DEPOT INC 92,113 0.19%UNITEDHEALTH GROUP INC 79,591 0.16%VERIZON OWNER TRUST 2,091 0.00% Grand Total 48,850,295 100.00%
23 49
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Managed Account Detail of Securities Held
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTESDTD 07/15/2021 0.375% 07/15/2024
91282CCL3 150,000.00 AA+ Aaa 8/9/2021 8/10/2021 149,841.80 0.41 119.23 149,957.42 144,140.63 US TREASURY N/B NOTESDTD 08/15/2021 0.375% 08/15/2024
91282CCT6 1,575,000.00 AA+ Aaa 9/1/2021 9/3/2021 1,573,277.34 0.41 754.33 1,574,489.76 1,506,585.94 US TREASURY N/B NOTESDTD 09/15/2021 0.375% 09/15/2024
91282CCX7 1,000,000.00 AA+ Aaa 10/1/2021 10/6/2021 995,937.50 0.51 164.84 998,677.33 952,968.80 US TREASURY NOTESDTD 10/31/2019 1.500% 10/31/2024
912828YM6 1,650,000.00 AA+ Aaa 5/4/2021 5/6/2021 1,710,263.67 0.44 10,357.34 1,668,731.88 1,582,195.23 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 575,000.00 AA+ Aaa 6/15/2021 6/17/2021 595,911.13 0.44 2,898.56 582,058.75 549,933.56 US TREASURY NOTESDTD 11/30/2019 1.500% 11/30/2024
912828YV6 975,000.00 AA+ Aaa 6/2/2021 6/7/2021 1,011,181.64 0.42 4,914.96 987,117.44 932,496.05 US TREASURY N/B NOTESDTD 12/15/2021 1.000% 12/15/2024
91282CDN8 325,000.00 AA+ Aaa 1/3/2022 1/5/2022 324,771.48 1.02 959.02 324,906.25 308,546.88 US TREASURY NOTESDTD 05/15/2015 2.125% 05/15/2025
912828XB1 1,725,000.00 AA+ Aaa 5/19/2023 5/23/2023 1,654,248.05 4.31 13,845.70 1,667,067.56 1,642,523.44 US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025
912828ZW3 1,000,000.00 AA+ Aaa 6/1/2022 6/3/2022 923,281.25 2.88 631.79 956,414.46 918,906.20 US TREASURY N/B NOTESDTD 07/15/2022 3.000% 07/15/2025
91282CEY3 425,000.00 AA+ Aaa 9/1/2022 9/6/2022 418,708.01 3.55 2,702.45 421,060.72 409,460.94 US TREASURY N/B NOTESDTD 07/15/2022 3.000% 07/15/2025
91282CEY3 1,200,000.00 AA+ Aaa 8/5/2022 8/8/2022 1,195,453.13 3.14 7,630.43 1,197,230.31 1,156,125.00 US TREASURY N/B NOTESDTD 09/15/2022 3.500% 09/15/2025
91282CFK2 600,000.00 AA+ Aaa 10/6/2022 10/11/2022 587,976.56 4.23 923.08 591,965.65 582,375.00 US TREASURY N/B NOTESDTD 11/15/2022 4.500% 11/15/2025
91282CFW6 1,375,000.00 AA+ Aaa 12/16/2022 12/16/2022 1,393,906.25 3.99 23,371.26 1,388,775.82 1,360,390.63 US TREASURY N/B NOTESDTD 01/15/2023 3.875% 01/15/2026
91282CGE5 2,550,000.00 AA+ Aaa 1/30/2023 2/1/2023 2,544,123.05 3.96 20,943.95 2,545,441.14 2,489,437.50 US TREASURY N/B NOTESDTD 02/15/2023 4.000% 02/15/2026
91282CGL9 930,000.00 AA+ Aaa 3/2/2023 3/3/2023 913,725.00 4.64 4,751.09 916,919.72 910,237.50 24 50
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury
US TREASURY N/B NOTESDTD 04/15/2023 3.750% 04/15/2026
91282CGV7 1,150,000.00 AA+ Aaa 5/1/2023 5/3/2023 1,147,349.61 3.83 19,912.91 1,147,720.86 1,118,375.00 US TREASURY N/B NOTESDTD 05/15/2023 3.625% 05/15/2026
91282CHB0 1,700,000.00 AA+ Aaa 6/1/2023 6/5/2023 1,683,332.03 3.98 23,276.83 1,685,161.63 1,647,937.50 US TREASURY N/B NOTESDTD 06/15/2023 4.125% 06/15/2026
91282CHH7 975,000.00 AA+ Aaa 6/29/2023 6/29/2023 965,478.52 4.48 11,867.83 966,305.71 956,871.05 US TREASURY N/B NOTESDTD 07/15/2023 4.500% 07/15/2026
91282CHM6 1,550,000.00 AA+ Aaa 8/1/2023 8/3/2023 1,547,517.58 4.56 14,783.97 1,547,653.57 1,535,710.86 US TREASURY N/B NOTESDTD 08/15/2023 4.375% 08/15/2026
91282CHU8 1,100,000.00 AA+ Aaa 9/6/2023 9/11/2023 1,089,515.63 4.73 6,146.40 1,089,711.78 1,086,250.00 Security Type Sub-Total 22,530,000.00 22,425,799.23 3.07 170,955.97 22,407,367.76 21,791,467.71 Supranational
INTER-AMERICAN DEVEL BK NOTESDTD 09/23/2021 0.500% 09/23/2024 4581X0DZ8 535,000.00 AAA Aaa 9/15/2021 9/23/2021 534,604.10 0.52 59.44 534,870.68 509,190.53 Security Type Sub-Total 535,000.00 534,604.10 0.52 59.44 534,870.68 509,190.53 Negotiable CD
CREDIT AGRICOLE CIB NY CERTDEPOSDTD 08/19/2022 4.100% 08/16/2024 22536AZR8 375,000.00 A-1 P-1 8/17/2022 8/19/2022 375,000.00 4.07 1,964.58 375,000.00 374,962.50 TORONTO DOMINION BANK NY CERTDEPOSDTD 10/31/2022 5.600% 10/27/2025 89115B6K1 500,000.00 A A1 10/27/2022 10/31/2022 500,000.00 5.58 26,055.56 500,000.00 499,833.45 NORDEA BANK ABP NEW YORK CERTDEPOSDTD 11/03/2022 5.530% 11/03/2025 65558UYF3 500,000.00 AA- Aa3 11/2/2022 11/3/2022 500,000.00 5.53 11,367.22 500,000.00 496,061.50 COOPERAT RABOBANK UA/NY CERTDEPOSDTD 07/20/2023 5.080% 07/17/2026 21684LGS5 475,000.00 A+ Aa2 7/17/2023 7/20/2023 475,000.00 5.08 4,758.97 475,000.00 465,020.25 25 51
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 07/30/2019 2.500% 07/30/2024
025816CG2 225,000.00 BBB+ A2 11/19/2021 11/23/2021 233,055.00 1.14 953.13 227,314.75 218,870.55 UNILEVER CAPITAL CORP(CALLABLE) CORPORADTD 08/12/2021 0.626% 08/12/2024 904764BN6 100,000.00 A+ A1 8/9/2021 8/12/2021 100,000.00 0.63 85.21 100,000.00 95,726.40 COOPERAT RABOBANK UA/NYCORPORATE NOTESDTD 08/22/2022 3.875% 08/22/2024 21688AAU6 250,000.00 A+ Aa2 8/15/2022 8/22/2022 249,885.00 3.90 1,049.48 249,948.71 245,591.25 GOLDMAN SACHS GROUP INC(CALLABLE) CORPDTD 06/10/2021 0.657% 09/10/2024 38141GYE8 150,000.00 BBB+ A2 6/7/2021 6/10/2021 150,000.00 0.66 57.49 150,000.00 149,635.20 COOPERATIEVE RABOBANK UACORPORATE NOTESDTD 01/12/2022 1.375% 01/10/2025 21688AAS1 250,000.00 A+ Aa2 1/19/2022 1/24/2022 248,020.00 1.65 773.44 249,145.42 236,571.00 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 01/10/2022 1.250% 01/10/2025 24422EVY2 220,000.00 A A2 1/4/2022 1/10/2022 219,896.60 1.27 618.75 219,955.94 208,826.64 26 52
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025
025816CQ0 50,000.00 BBB+ A2 3/1/2022 3/4/2022 49,949.50 2.29 84.38 49,976.04 47,506.10

AMERICAN EXPRESS CO CORP
NOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025
025816CQ0 100,000.00 BBB+ A2 3/2/2022 3/4/2022 99,821.00 2.31 168.75 99,915.07 95,012.20 EXXON MOBIL CORP CORPORATE NT(CALLABLE)DTD 03/06/2015 2.709% 03/06/2025 30231GAF9 130,000.00 AA- Aa2 3/26/2021 3/30/2021 138,049.60 1.10 244.56 132,581.61 125,311.55 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 03/07/2022 2.125% 03/07/2025 24422EWB1 50,000.00 A A2 3/3/2022 3/7/2022 50,100.00 2.06 70.83 50,047.72 47,645.10 JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 03/07/2022 2.125% 03/07/2025 24422EWB1 25,000.00 A A2 3/2/2022 3/7/2022 24,989.25 2.14 35.42 24,994.87 23,822.55

ABBOTT LABORATORIES CORP NOTE
(CALLABLE)DTD 03/10/2015 2.950% 03/15/2025
002824BB5 165,000.00 AA- Aa3 3/10/2022 3/14/2022 167,547.60 2.41 216.33 166,115.68 159,225.00 UNILEVER CAPITAL CORP NOTES(CALLABLE)DTD 03/22/2018 3.375% 03/22/2025 904764BB2 125,000.00 A+ A1 2/22/2022 2/24/2022 129,088.75 2.27 105.47 125,904.98 121,172.00 27 53
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
BURLINGTN NORTH SANTA FE CORPNOTES (CALDTD 03/09/2015 3.000% 04/01/2025 12189LAV3 125,000.00 AA- A3 3/5/2021 3/9/2021 134,578.75 1.07 1,875.00 128,147.11 120,806.50 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 04/07/2022 2.850% 04/07/2025 69371RR73 250,000.00 A+ A1 3/31/2022 4/7/2022 249,935.00 2.86 3,443.75 249,967.14 240,240.75 AMAZON.COM INC CORPORATE
NOTESDTD 04/13/2022 3.000% 04/13/2025
023135CE4 155,000.00 AA A1 4/11/2022 4/13/2022 154,753.55 3.06 2,170.00 154,874.08 149,674.67 HOME DEPOT INC (CALLABLE)CORPORATE NOTEDTD 03/28/2022 2.700% 04/15/2025 437076CM2 40,000.00 A A2 3/24/2022 3/28/2022 39,930.00 2.76 498.00 39,964.69 38,430.12 BROWN-FORMAN CORP NOTES(CALLABLE)DTD 03/26/2018 3.500% 04/15/2025 115637AS9 115,000.00 A- A1 2/24/2022 2/28/2022 119,465.45 2.21 1,855.97 117,073.98 111,283.43 BANK OF NY MELLON (CALLABLE)CORP NOTESDTD 04/24/2020 1.600% 04/24/2025 06406RAN7 125,000.00 A A1 3/10/2022 3/14/2022 121,988.75 2.41 872.22 123,487.75 117,175.50 BANK OF NY MELLON (CALLABLE)CORP NOTESDTD 04/24/2020 1.600% 04/24/2025 06406RAN7 135,000.00 A A1 3/9/2021 3/11/2021 138,202.20 1.01 942.00 136,173.13 126,549.54 CITIGROUP INC (CALLABLE)CORPORATE NOTESDTD 05/04/2021 0.981% 05/01/2025 172967MX6 175,000.00 BBB+ A3 4/28/2021 5/4/2021 175,458.50 0.91 715.31 175,089.35 169,009.58 CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/2025 17252MAP5 105,000.00 A- A3 4/26/2022 5/3/2022 104,976.90 3.46 1,509.38 104,987.80 101,535.84 CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/2025 17252MAP5 70,000.00 A- A3 5/2/2022 5/4/2022 69,794.90 3.55 1,006.25 69,891.54 67,690.56 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/13/2022 3.400% 05/13/2025 14913R2V8 30,000.00 A A2 5/10/2022 5/13/2022 29,997.00 3.40 391.00 29,998.39 29,008.26 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/13/2022 3.400% 05/13/2025 14913R2V8 95,000.00 A A2 5/10/2022 5/13/2022 94,879.35 3.44 1,238.17 94,935.05 91,859.49 28 54
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
GENERAL DYNAMICS CORP(CALLABLE) CORP NODTD 05/11/2018 3.500% 05/15/2025 369550BG2 165,000.00 A- A3 3/4/2022 3/8/2022 171,512.55 2.21 2,181.67 168,135.23 159,835.83 PNC BANK NA CORP NOTE(CALLABLE)DTD 06/01/2015 3.250% 06/01/2025 69353REQ7 250,000.00 A A2 8/23/2022 8/25/2022 245,665.00 3.92 2,708.33 247,388.71 239,003.00 HONEYWELL INTL CORP NOTES(CALLABLE)DTD 05/18/2020 1.350% 06/01/2025 438516CB0 175,000.00 A A2 3/2/2022 3/4/2022 171,234.00 2.04 787.50 173,064.56 163,861.95 JPMORGAN CHASE & CO (CALLABLE)CORP NOTEDTD 06/01/2021 0.824% 06/01/2025 46647PCH7 345,000.00 A- A1 5/24/2021 6/1/2021 345,000.00 0.82 947.60 345,000.00 333,505.29 HERSHEY CO CORP NOTES(CALLABLE)DTD 06/01/2020 0.900% 06/01/2025 427866BF4 130,000.00 A A1 2/23/2022 2/25/2022 124,784.40 2.18 390.00 127,335.32 120,454.23 TRUIST FINANCIAL CORP NOTES(CALLABLE)DTD 06/05/2018 3.700% 06/05/2025 05531FBE2 231,000.00 A- A3 2/7/2022 2/9/2022 242,822.58 2.10 2,754.03 236,826.20 222,317.63 NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 06/09/2022 3.500% 06/09/2025 63254ABD9 255,000.00 AA- Aa3 5/31/2022 6/9/2022 255,000.00 3.50 2,776.67 255,000.00 246,488.87 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 05/04/2022 3.450% 06/15/2025 63743HFE7 60,000.00 A- A2 5/2/2022 5/4/2022 59,680.20 3.63 609.50 59,824.92 57,793.20 NATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 05/04/2022 3.450% 06/15/2025 63743HFE7 40,000.00 A- A2 4/27/2022 5/4/2022 39,989.20 3.46 406.33 39,994.09 38,528.80 JP MORGAN CHASE CORP NOTES(CALLABLE)DTD 07/21/2015 3.900% 07/15/2025 46625HMN7 225,000.00 A- A1 3/10/2022 3/14/2022 232,026.75 2.91 1,852.50 228,500.92 217,984.95 MORGAN STANLEY CORP NOTESDTD 07/23/2015 4.000% 07/23/2025 6174468C6 85,000.00 A- A1 6/22/2022 6/24/2022 84,900.55 4.04 642.22 84,941.57 82,148.17 IBM CORP CORPORATE NOTESDTD 07/27/2022 4.000% 07/27/2025 459200KS9 375,000.00 A- A3 7/20/2022 7/27/2022 375,000.00 4.00 2,666.67 375,000.00 364,757.25 29 55
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Corporate
INTEL CORP NOTES (CALLABLE)DTD 07/29/2015 3.700% 07/29/2025 458140AS9 200,000.00 A A2 1/30/2023 2/1/2023 195,476.00 4.67 1,274.44 196,680.41 193,567.20 BANK OF AMERICA CORP NOTESDTD 07/30/2015 3.875% 08/01/2025 06051GFS3 225,000.00 A- A1 3/10/2022 3/14/2022 232,420.50 2.84 1,453.13 229,022.44 218,050.88 COLGATE-PALMOLIVE COCORPORATE NOTESDTD 08/09/2022 3.100% 08/15/2025 194162AM5 55,000.00 AA- Aa3 8/1/2022 8/9/2022 54,949.40 3.13 217.86 54,968.59 52,836.36 WALMART INC CORPORATE NOTESDTD 09/09/2022 3.900% 09/09/2025 931142EW9 150,000.00 AA Aa2 9/6/2022 9/9/2022 149,895.00 3.93 357.50 149,932.08 146,118.00 COMMONWEALTH BK AUSTR NYCORPORATE NOTESDTD 09/12/2023 5.499% 09/12/2025 20271RAS9 250,000.00 AA- Aa3 9/7/2023 9/12/2023 250,230.00 5.45 725.56 250,215.55 249,348.00 HOME DEPOT INC NOTES (CALLABLE)DTD 09/19/2022 4.000% 09/15/2025 437076CR1 55,000.00 A A2 9/12/2022 9/19/2022 54,980.20 4.01 97.78 54,987.04 53,682.75 LOCKHEED MARTIN CORP NOTES(CALLABLE)DTD 10/24/2022 4.950% 10/15/2025 539830BU2 80,000.00 A- A2 10/19/2022 10/24/2022 79,772.00 5.05 1,826.00 79,843.74 79,359.20 LOCKHEED MARTIN CORP NOTES(CALLABLE)DTD 10/24/2022 4.950% 10/15/2025 539830BU2 95,000.00 A- A2 11/1/2022 11/3/2022 95,046.55 4.93 2,168.38 95,031.79 94,239.05 UNITEDHEALTH GROUP INCCORPORATE NOTESDTD 10/28/2022 5.150% 10/15/2025 91324PEN8 80,000.00 A+ A2 10/25/2022 10/28/2022 79,992.80 5.15 1,899.78 79,995.05 79,591.20 PNC FINANCIAL SERVICES CORPNOTE (CALLABDTD 10/28/2022 5.671% 10/28/2025 693475BH7 110,000.00 A- A3 10/25/2022 10/28/2022 110,000.00 5.67 2,651.19 110,000.00 108,864.25 COMCAST CORP CORPORATE NOTESDTD 11/07/2022 5.250% 11/07/2025 20030NDZ1 65,000.00 A- A3 10/31/2022 11/7/2022 64,982.45 5.26 1,365.00 64,987.70 64,661.87 COMCAST CORP CORPORATE NOTESDTD 11/07/2022 5.250% 11/07/2025 20030NDZ1 110,000.00 A- A3 11/3/2022 11/7/2022 109,734.90 5.34 2,310.00 109,814.24 109,427.78 BRISTOL-MYERS SQUIBB COCORPORATE NOTESDTD 11/13/2020 0.750% 11/13/2025 110122DN5 125,000.00 A+ A2 2/22/2022 2/24/2022 118,435.00 2.23 359.38 121,258.24 113,394.50 LINDE INC/CT CORPORATE NOTES(CALLABLE)DTD 12/05/2022 4.700% 12/05/2025 53522KAB9 250,000.00 A A2 11/28/2022 12/5/2022 249,730.00 4.74 3,786.11 249,803.91 246,716.75 30 56
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

AUST & NZ BANKING GRP NY
CORPORATE NOTESDTD 12/08/2022 5.088% 12/08/2025
05254JAA8 250,000.00 AA- Aa3 11/29/2022 12/8/2022 250,000.00 5.09 3,992.67 250,000.00 247,573.50 NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 01/12/2023 4.966% 01/12/2026 63253QAA2 415,000.00 AA- Aa3 1/4/2023 1/12/2023 415,000.00 4.97 4,522.51 415,000.00 409,842.80 CITIGROUP INC CORPORATE NOTESDTD 01/12/2016 3.700% 01/12/2026 172967KG5 200,000.00 BBB+ A3 4/27/2023 5/1/2023 194,698.00 4.76 1,623.89 195,519.89 190,334.60 STATE STREET CORP (CALLABLE)CORPORATE NDTD 02/07/2022 1.746% 02/06/2026 857477BR3 110,000.00 A A1 2/2/2022 2/7/2022 110,000.00 1.75 293.43 110,000.00 103,492.95 PEPSICO INC CORP NOTES(CALLABLE)DTD 02/15/2023 4.550% 02/13/2026 713448FQ6 115,000.00 A+ A1 2/13/2023 2/15/2023 114,933.30 4.57 697.67 114,947.20 113,810.90 MORGAN STANLEY CORP NOTES(CALLABLE)DTD 02/18/2022 2.630% 02/18/2026 61747YEM3 290,000.00 A- A1 2/16/2022 2/18/2022 290,000.00 2.63 911.00 290,000.00 275,622.38 COLGATE-PALMOLIVE COCORPORATE NOTESDTD 03/01/2023 4.800% 03/02/2026 194162AQ6 210,000.00 AA- Aa3 2/27/2023 3/1/2023 209,756.40 4.84 812.00 209,803.92 208,986.12 NATIONAL RURAL UTIL COOP CORPNOTES (CALDTD 02/09/2023 4.450% 03/13/2026 63743HFH0 125,000.00 A- A2 2/3/2023 2/9/2023 124,536.25 4.58 278.13 124,632.45 121,875.00 STATE STREET CORP NOTES(CALLABLE)DTD 10/29/2020 2.901% 03/30/2026 857477BM4 255,000.00 A A1 2/17/2022 2/22/2022 260,133.15 2.38 20.55 257,475.88 243,754.25 BANK OF AMERICA CORP NOTESDTD 04/19/2016 3.500% 04/19/2026 06051GFX2 175,000.00 A- A1 5/11/2023 5/16/2023 170,066.75 4.54 2,756.25 170,703.60 164,851.23 WELLS FARGO & CO CORP NOTESDTD 04/22/2016 3.000% 04/22/2026 949746RW3 200,000.00 BBB+ A1 3/28/2023 3/30/2023 188,176.00 5.11 2,650.00 190,130.82 186,485.00 CATERPILLAR FINL SERVICECORPORATE NOTESDTD 05/15/2023 4.350% 05/15/2026 14913UAA8 250,000.00 A A2 5/8/2023 5/15/2023 249,882.50 4.37 4,108.33 249,897.40 244,327.75 TOYOTA MOTOR CREDIT CORP CORPNOTESDTD 05/18/2023 4.450% 05/18/2026 89236TKT1 210,000.00 A+ A1 5/15/2023 5/18/2023 209,878.20 4.47 3,452.46 209,893.31 205,262.82 31 57
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 65,000.00 A- A3 7/6/2023 7/10/2023 64,583.35 5.49 796.25 64,614.99 64,592.51

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 50,000.00 A- A3 7/21/2023 7/25/2023 50,252.00 5.06 612.50 50,236.10 49,686.55

AMERICAN HONDA FINANCE
CORPORATE NOTESDTD 07/07/2023 5.250% 07/07/2026
02665WEK3 85,000.00 A- A3 7/5/2023 7/7/2023 84,895.45 5.29 1,041.25 84,903.65 84,467.14 BANK OF NEW YORK MELLON CORPNOTES (CALLDTD 07/26/2022 4.414% 07/24/2026 06406RBJ5 80,000.00 A A1 7/19/2022 7/26/2022 80,000.00 4.41 657.20 80,000.00 77,701.44 BANK OF NEW YORK MELLON CORPNOTES (CALLDTD 07/26/2022 4.414% 07/24/2026 06406RBJ5 170,000.00 A A1 7/20/2022 7/26/2022 170,554.20 4.32 1,396.54 170,335.36 165,115.56 TRUIST FIN CORP NOTES (CALLABLE)DTD 07/28/2022 4.260% 07/28/2026 89788MAH5 65,000.00 A- A3 7/26/2022 7/28/2022 65,065.00 4.23 484.58 65,039.50 62,481.70 TRUIST FIN CORP NOTES (CALLABLE)DTD 07/28/2022 4.260% 07/28/2026 89788MAH5 65,000.00 A- A3 7/25/2022 7/28/2022 65,000.00 4.26 484.58 65,000.00 62,481.71 STATE STREET CORP NOTES(CALLABLE)DTD 08/03/2023 5.272% 08/03/2026 857477CD3 200,000.00 A A1 7/31/2023 8/3/2023 200,000.00 5.27 1,698.76 200,000.00 197,628.80 PACCAR FINANCIAL CORPCORPORATE NOTESDTD 08/10/2023 5.050% 08/10/2026 69371RS56 125,000.00 A+ A1 8/3/2023 8/10/2023 124,937.50 5.07 894.27 124,940.47 124,359.38 BANK OF AMERICA NA CORPORATENOTESDTD 08/18/2023 5.526% 08/18/2026 06428CAA2 275,000.00 A+ Aa1 8/14/2023 8/18/2023 275,000.00 5.53 1,815.14 275,000.00 273,601.63 GOLDMAN SACHS GROUP INC CORPNOTES (CALLDTD 11/16/2016 3.500% 11/16/2026 38145GAH3 200,000.00 BBB+ A2 8/7/2023 8/9/2023 188,710.00 5.40 2,625.00 189,210.73 185,999.20 Security Type Sub-Total 13,001,000.00 13,021,154.88 3.31 106,565.98 12,988,346.14 12,591,624.71 32 58
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K053 A2DTD 03/29/2016 2.995% 12/01/2025
3137BN6G4 250,000.00 AA+ Aaa 8/4/2022 8/9/2022 247,119.14 3.36 623.96 248,114.35 238,005.39 FHMS K054 A2DTD 04/20/2016 2.745% 01/01/2026
3137BNGT5 275,000.00 AA+ Aaa 4/11/2023 4/14/2023 263,613.28 4.37 629.06 265,562.67 259,884.21 FHMS K054 A2DTD 04/20/2016 2.745% 01/01/2026
3137BNGT5 225,000.00 AA+ Aaa 5/11/2023 5/16/2023 217,494.14 4.09 514.69 218,571.98 212,632.53 FNA 2016-M3 A2DTD 03/31/2016 2.702% 02/01/2026
3136ARTE8 151,150.72 AA+ Aaa 8/31/2022 9/6/2022 146,031.67 3.76 340.34 147,636.52 142,393.02 FHMS K057 A2DTD 09/28/2016 2.570% 07/01/2026
3137BRQJ7 260,000.00 AA+ Aaa 5/18/2023 5/23/2023 247,223.44 4.26 556.84 248,698.09 242,534.23 FHMS K057 A2DTD 09/28/2016 2.570% 07/01/2026
3137BRQJ7 260,000.00 AA+ Aaa 3/2/2023 3/7/2023 241,779.69 4.86 556.84 244,906.61 242,534.23 FHMS K058 A2DTD 11/09/2016 2.653% 08/01/2026
3137BSP72 400,000.00 AA+ Aaa 4/6/2023 4/12/2023 383,156.25 4.02 884.33 385,556.52 372,341.47 Security Type Sub-Total 1,821,150.72 1,746,417.61 4.12 4,106.06 1,759,046.74 1,710,325.08 ABS
TAOT 2020-C A3DTD 07/27/2020 0.440% 10/15/2024
89237VAB5 3,424.08 AAA Aaa 7/21/2020 7/27/2020 3,423.82 0.44 0.67 3,424.02 3,418.87 HAROT 2020-3 A3DTD 09/29/2020 0.370% 10/18/2024
43813KAC6 21,389.95 AAA NR 9/22/2020 9/29/2020 21,386.80 0.37 2.86 21,389.13 21,215.44 CARMX 2020-1 A3DTD 01/22/2020 1.890% 12/16/2024
14315XAC2 2,006.03 AAA NR 1/14/2020 1/22/2020 2,005.63 1.89 1.69 2,005.93 2,003.45 VZOT 2020-B ADTD 08/12/2020 0.470% 02/20/2025
92290BAA9 2,097.62 NR Aaa 8/4/2020 8/12/2020 2,097.18 0.47 0.30 2,091.31 2,097.48 GMCAR 2020-3 A3DTD 08/19/2020 0.450% 04/16/2025
362590AC5 27,657.17 NR Aaa 8/11/2020 8/19/2020 27,650.83 0.46 5.19 27,655.07 27,411.62 WOART 2020-B A3DTD 06/24/2020 0.630% 05/15/2025
98163WAC0 20,152.30 AAA NR 6/16/2020 6/24/2020 20,150.72 0.63 5.64 20,151.78 20,006.22 VWALT 2022-A A3DTD 06/14/2022 3.440% 07/21/2025
92868AAC9 100,000.00 NR Aaa 6/7/2022 6/14/2022 99,992.04 3.44 105.11 99,995.37 98,465.06 HART 2021-A A3DTD 04/28/2021 0.380% 09/15/2025
44933LAC7 49,961.30 AAA NR 4/20/2021 4/28/2021 49,956.05 0.38 8.44 49,958.96 48,975.37 33 59
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
HAROT 2021-4 A3DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 132,856.58 NR Aaa 11/16/2021 11/24/2021 132,828.58 0.89 32.48 132,841.04 127,762.10 CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/2026
14314QAC8 65,493.60 AAA NR 4/13/2021 4/21/2021 65,479.48 0.52 15.14 65,486.63 63,540.66 HART 2021-C A3DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 102,824.08 AAA NR 11/9/2021 11/17/2021 102,801.13 0.75 33.82 102,810.69 99,365.91 FORDO 2022-A A3DTD 01/24/2022 1.290% 06/15/2026
345286AC2 117,975.33 AAA NR 1/19/2022 1/24/2022 117,961.32 1.29 67.64 117,966.70 114,085.84 CARMX 2021-3 A3DTD 07/28/2021 0.550% 06/15/2026
14317DAC4 182,961.26 AAA Aaa 7/21/2021 7/28/2021 182,931.17 0.55 44.72 182,944.59 175,743.24 BMWOT 2022-A A3DTD 05/18/2022 3.210% 08/25/2026
05602RAD3 135,000.00 AAA Aaa 5/10/2022 5/18/2022 134,992.98 3.21 72.23 134,995.23 131,679.78 COPAR 2021-1 A3DTD 10/27/2021 0.770% 09/15/2026
14044CAC6 140,454.99 AAA Aaa 10/19/2021 10/27/2021 140,452.34 0.77 48.07 140,453.39 134,796.20 DCENT 2021-A1 A1DTD 09/27/2021 0.580% 09/15/2026
254683CP8 155,000.00 AAA Aaa 9/20/2021 9/27/2021 154,966.81 0.58 39.96 154,980.24 147,445.21 TAOT 2022-B A3DTD 04/13/2022 2.930% 09/15/2026
89238FAD5 145,000.00 AAA Aaa 4/7/2022 4/13/2022 144,996.61 2.93 188.82 144,997.73 140,700.39 GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026
362554AC1 86,225.49 AAA Aaa 10/13/2021 10/21/2021 86,223.29 0.68 24.43 86,224.16 82,790.21 HART 2022-A A3DTD 03/16/2022 2.220% 10/15/2026
448977AD0 140,000.00 AAA NR 3/9/2022 3/16/2022 139,994.61 2.22 138.13 139,996.43 135,224.84 WOART 2021-D A3DTD 11/03/2021 0.810% 10/15/2026
98163KAC6 160,595.03 AAA NR 10/26/2021 11/3/2021 160,573.16 0.81 57.81 160,581.60 154,635.83 COMET 2021-A3 A3DTD 11/30/2021 1.040% 11/15/2026
14041NFY2 305,000.00 AAA NR 11/18/2021 11/30/2021 304,957.97 1.04 140.98 304,973.52 289,398.95 ALLYA 2022-1 A3
DTD 05/18/2022 3.310% 11/15/2026
02008JAC0 245,000.00 AAA Aaa 5/10/2022 5/18/2022 244,952.57 3.31 360.42 244,967.04 239,474.61 GMCAR 2022-1 A3DTD 01/19/2022 1.260% 11/16/2026
380146AC4 108,994.79 AAA NR 1/11/2022 1/19/2022 108,985.32 1.26 57.22 108,988.65 104,885.52 HDMOT 2022-A A3DTD 04/20/2022 3.060% 02/15/2027
41284YAD8 255,000.00 AAA Aaa 4/12/2022 4/20/2022 254,957.54 3.06 346.80 254,970.29 249,312.00 GMCAR 2022-2 A3DTD 04/13/2022 3.100% 02/16/2027
362585AC5 125,000.00 AAA Aaa 4/5/2022 4/13/2022 124,973.88 3.10 161.46 124,981.79 121,388.05 34 60
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
CARMX 2022-2 A3DTD 04/28/2022 3.490% 02/16/2027
14317HAC5 190,000.00 AAA Aaa 4/21/2022 4/28/2022 189,971.10 3.49 294.71 189,979.68 185,405.29 COMET 2022-A1 A1DTD 03/30/2022 2.800% 03/15/2027
14041NFZ9 250,000.00 AAA NR 3/23/2022 3/30/2022 249,981.15 2.80 311.11 249,986.87 239,830.90 TAOT 2022-C A3DTD 08/16/2022 3.760% 04/15/2027
89231CAD9 105,000.00 AAA NR 8/8/2022 8/16/2022 104,982.45 3.76 175.47 104,986.69 101,886.02 CARMX 2022-3 A3DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 265,000.00 AAA NR 7/12/2022 7/20/2022 264,993.75 3.97 467.58 264,995.33 258,706.67 GMCAR 2022-3 A3DTD 07/13/2022 3.640% 04/16/2027
36265WAD5 155,000.00 NR Aaa 7/6/2022 7/13/2022 154,998.93 3.64 235.08 154,999.20 150,719.12 COMET 2022-A2 ADTD 06/14/2022 3.490% 05/15/2027
14041NGA3 335,000.00 AAA NR 6/6/2022 6/14/2022 334,946.47 3.49 519.62 334,960.60 323,568.93 DCENT 2022-A2 ADTD 05/26/2022 3.320% 05/17/2027
254683CS2 270,000.00 NR Aaa 5/19/2022 5/26/2022 269,978.05 3.32 398.40 269,984.01 260,119.51 ALLYA 2022-2 A3
DTD 10/12/2022 4.760% 05/17/2027
02008MAC3 450,000.00 AAA Aaa 10/4/2022 10/12/2022 449,994.42 4.76 952.00 449,995.60 443,416.59 NAROT 2022-B A3DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 235,000.00 AAA Aaa 9/20/2022 9/28/2022 234,951.38 4.46 465.82 234,961.95 231,023.33 AMXCA 2022-2 A
DTD 05/24/2022 3.390% 05/17/2027
02582JJT8 370,000.00 AAA NR 5/17/2022 5/24/2022 369,918.16 3.39 557.47 369,940.43 357,050.04 HART 2022-C A3DTD 11/09/2022 5.390% 06/15/2027
44933DAD3 325,000.00 AAA NR 11/1/2022 11/9/2022 324,998.44 5.39 778.56 324,998.74 322,970.02 DCENT 2022-A3 A3DTD 08/09/2022 3.560% 07/15/2027
254683CW3 300,000.00 AAA Aaa 8/2/2022 8/9/2022 299,962.77 3.56 474.67 299,971.41 289,650.15 CARMX 2022-4 A3DTD 10/31/2022 5.340% 08/16/2027
14318UAD3 295,000.00 AAA NR 10/26/2022 10/31/2022 294,930.82 5.35 700.13 294,944.06 292,329.01 MBART 2022-1 A3DTD 11/22/2022 5.210% 08/16/2027
58768PAC8 390,000.00 AAA Aaa 11/15/2022 11/22/2022 389,922.86 5.21 903.07 389,936.83 387,410.75 TAOT 2023-A A3DTD 01/30/2023 4.630% 09/15/2027
891940AC2 165,000.00 AAA NR 1/24/2023 1/30/2023 164,999.92 4.63 339.53 164,999.93 162,003.39 TAOT 2022-D A3DTD 11/08/2022 5.300% 09/15/2027
89239HAD0 110,000.00 NR Aaa 11/1/2022 11/8/2022 109,989.14 5.30 259.11 109,991.14 109,305.44 AMXCA 2022-4 A
DTD 11/03/2022 4.950% 10/15/2027
02582JJX9 120,000.00 AAA NR 10/27/2022 11/3/2022 119,994.05 4.95 264.00 119,995.14 118,730.45 35 61
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Holdings
|
Security Type/DescriptionDated Date/Coupon/Maturity CUSIP Par S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
ABS
NAROT 2023-A A3DTD 04/26/2023 4.910% 11/15/2027
65480WAD3 235,000.00 NR Aaa 4/18/2023 4/26/2023 234,958.48 4.91 512.82 234,962.42 231,690.52 HAROT 2023-2 A3DTD 05/30/2023 4.930% 11/15/2027
437927AC0 160,000.00 AAA Aaa 5/23/2023 5/30/2023 159,974.08 4.93 350.58 159,976.05 157,999.84 HDMOT 2023-A A3DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 170,000.00 NR Aaa 2/13/2023 2/23/2023 169,982.88 5.05 381.56 169,985.02 167,816.98 FORDO 2023-A A3DTD 03/31/2023 4.650% 02/15/2028
344928AD8 130,000.00 AAA NR 3/28/2023 3/31/2023 129,986.44 4.65 268.67 129,987.84 127,653.15 TAOT 2023-B A3DTD 05/23/2023 4.710% 02/15/2028
891941AD8 200,000.00 NR Aaa 5/16/2023 5/23/2023 199,988.82 4.71 418.67 199,989.67 196,006.94 GMCAR 2023-2 A3DTD 04/12/2023 4.470% 02/16/2028
362583AD8 140,000.00 AAA Aaa 4/4/2023 4/12/2023 139,996.15 4.47 260.75 139,996.52 136,895.60 BMWOT 2023-A A3DTD 07/18/2023 5.470% 02/25/2028
05592XAD2 85,000.00 AAA NR 7/11/2023 7/18/2023 84,984.94 5.47 77.49 84,985.61 84,692.04 DCENT 2023-A1 ADTD 04/11/2023 4.310% 03/15/2028
254683CY9 300,000.00 NR Aaa 4/4/2023 4/11/2023 299,982.60 4.31 574.67 299,984.27 292,103.52 HART 2023-B A3DTD 07/19/2023 5.480% 04/17/2028
44933XAD9 75,000.00 AAA NR 7/11/2023 7/19/2023 74,996.75 5.48 182.67 74,996.89 74,881.69 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 140,000.00 AAA NR 6/7/2023 6/14/2023 139,987.58 4.87 303.02 139,988.33 138,145.62 BACCT 2023-A1 A1DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 120,000.00 AAA NR 6/8/2023 6/16/2023 119,972.83 4.79 255.47 119,974.45 118,327.74 FORDO 2023-B A3DTD 06/26/2023 5.230% 05/15/2028
344930AD4 150,000.00 AAA NR 6/21/2023 6/26/2023 149,997.98 5.23 348.67 149,998.09 148,929.00 GMCAR 2023-3 A3DTD 07/19/2023 5.450% 06/16/2028
36267KAD9 75,000.00 AAA Aaa 7/11/2023 7/19/2023 74,997.11 5.45 170.31 74,997.23 74,839.16 FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 265,000.00 AAA Aaa 8/15/2023 8/23/2023 264,983.57 5.53 651.31 264,983.92 264,088.35 36 62
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

3.37 3.37%
Total Investments $49,194,442.51
37 63
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY7/5/2023 7/7/2023 85,000.00 02665WEK3 AMERICAN HONDA FINANCE CORPORATE NOTES 5.25% 7/7/2026 84,895.45 5.29%7/6/2023 7/10/2023 65,000.00 02665WEK3 AMERICAN HONDA FINANCE CORPORATE NOTES 5.25% 7/7/2026 64,611.79 5.49%7/11/2023 7/18/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 84,984.94 5.47%7/11/2023 7/19/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 74,996.75 5.48%7/11/2023 7/19/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 74,997.11 5.45%7/17/2023 7/20/2023 475,000.00 21684LGS5 COOPERAT RABOBANK UA/NY CERT DEPOS 5.08% 7/17/2026 475,000.00 5.08%7/21/2023 7/25/2023 50,000.00 02665WEK3 AMERICAN HONDA FINANCE CORPORATE NOTES 5.25% 7/7/2026 50,383.25 5.06%7/31/2023 8/3/2023 200,000.00 857477CD3 STATE STREET CORP NOTES (CALLABLE) 5.27% 8/3/2026 200,000.00 5.27%8/1/2023 8/3/2023 1,550,000.00 91282CHM6 US TREASURY N/B NOTES 4.50% 7/15/2026 1,551,118.80 4.56%8/3/2023 8/10/2023 125,000.00 69371RS56 PACCAR FINANCIAL CORP CORPORATE NOTES 5.05% 8/10/2026 124,937.50 5.07%8/7/2023 8/9/2023 200,000.00 38145GAH3 GOLDMAN SACHS GROUP INC CORP NOTES (CALL 3.50% 11/16/2026 190,323.89 5.40%8/14/2023 8/18/2023 275,000.00 06428CAA2 BANK OF AMERICA NA CORPORATE NOTES 5.52% 8/18/2026 275,000.00 5.53%8/15/2023 8/23/2023 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 264,983.57 5.53%9/6/2023 9/11/2023 1,100,000.00 91282CHU8 US TREASURY N/B NOTES 4.37% 8/15/2026 1,093,046.54 4.73%9/7/2023 9/12/2023 250,000.00 20271RAS9 COMMONWEALTH BK AUSTR NY CORPORATE 5.49% 9/12/2025 250,230.00 5.45%9/7/2023 9/15/2023 380,000.00 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 379,894.66 5.17% 38 64
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
BUY9/18/2023 9/20/2023 375,000.00 63873QP65 NATIXIS NY BRANCH CERT DEPOS 5.61% 9/18/2026 375,000.00 5.58% Total BUY 5,630,000.00 5,614,404.25 0.00
INTEREST7/1/2023 7/25/2023 151,776.26 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 341.757/1/2023 7/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.677/1/2023 7/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.337/1/2023 7/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.757/1/2023 7/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.967/3/2023 7/3/2023 MONEY0002 MONEY MARKET FUND 210.517/10/2023 7/10/2023 250,000.00 21688AAS1 COOPERATIEVE RABOBANK UA CORPORATE 1.37% 1/10/2025 1,718.757/10/2023 7/10/2023 220,000.00 24422EVY2 JOHN DEERE CAPITAL CORP CORPORATE NOTES 1.25% 1/10/2025 1,375.007/12/2023 7/12/2023 415,000.00 63253QAA2 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES 4.96% 1/12/2026 10,304.457/12/2023 7/12/2023 200,000.00 172967KG5 CITIGROUP INC CORPORATE NOTES 3.70% 1/12/2026 3,700.007/13/2023 7/13/2023 250,000.00 02665WEA5 AMERICAN HONDA FINANCE CORPORATE NOTES 1.50% 1/13/2025 1,875.007/15/2023 7/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.637/15/2023 7/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.927/15/2023 7/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.50 39 65
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/15/2023 7/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.837/15/2023 7/15/2023 17,472.42 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 27.527/15/2023 7/15/2023 37,864.46 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 19.887/15/2023 7/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.297/15/2023 7/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.337/15/2023 7/15/2023 190,000.00 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 128.257/15/2023 7/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.717/15/2023 7/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.797/15/2023 7/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.587/15/2023 7/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.547/15/2023 7/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.007/15/2023 7/15/2023 218,373.47 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 100.097/15/2023 7/15/2023 1,625,000.00 91282CEY3 US TREASURY N/B NOTES 3.00% 7/15/2025 24,375.007/15/2023 7/15/2023 130,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 139.757/15/2023 7/15/2023 1,350,000.00 91282CCL3 US TREASURY N/B NOTES 0.37% 7/15/2024 2,531.257/15/2023 7/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.757/15/2023 7/15/2023 82,669.86 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 35.82 40 66
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/15/2023 7/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.337/15/2023 7/15/2023 120,000.00 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 74.007/15/2023 7/15/2023 68,067.48 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 21.557/15/2023 7/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.007/15/2023 7/15/2023 24,125.46 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 8.857/15/2023 7/15/2023 160,000.00 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 102.677/15/2023 7/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.007/15/2023 7/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.757/15/2023 7/15/2023 225,000.00 46625HMN7 JP MORGAN CHASE CORP NOTES (CALLABLE) 3.90% 7/15/2025 4,387.507/15/2023 7/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 587.117/15/2023 7/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.007/15/2023 7/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.427/15/2023 7/15/2023 14,923.33 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 5.977/15/2023 7/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.007/15/2023 7/15/2023 255,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 650.257/15/2023 7/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.007/15/2023 7/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.33 41 67
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/15/2023 7/15/2023 2,550,000.00 91282CGE5 US TREASURY N/B NOTES 3.87% 1/15/2026 49,406.257/15/2023 7/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.257/15/2023 7/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.427/15/2023 7/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.047/15/2023 7/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.797/15/2023 7/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.007/15/2023 7/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.257/15/2023 7/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 414.047/16/2023 7/16/2023 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 115.507/16/2023 7/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.507/16/2023 7/16/2023 100,000.00 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 56.677/16/2023 7/16/2023 48,524.92 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 18.207/16/2023 7/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.927/16/2023 7/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.177/18/2023 7/18/2023 41,605.08 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 12.837/20/2023 7/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.677/20/2023 7/20/2023 24,492.83 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 6.94 42 68
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST7/20/2023 7/20/2023 42,707.92 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 16.737/21/2023 7/21/2023 155,000.00 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 113.677/23/2023 7/23/2023 85,000.00 6174468C6 MORGAN STANLEY CORP NOTES 4.00% 7/23/2025 1,700.007/24/2023 7/24/2023 250,000.00 06406RBJ5 BANK OF NEW YORK MELLON CORP NOTES (CALL 4.41% 7/24/2026 5,517.507/25/2023 7/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.137/25/2023 7/25/2023 6,660.55 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 2.667/27/2023 7/27/2023 375,000.00 459200KS9 IBM CORP CORPORATE NOTES 4.00% 7/27/2025 7,500.007/28/2023 7/28/2023 130,000.00 89788MAH5 TRUIST FIN CORP NOTES (CALLABLE) 4.26% 7/28/2026 2,769.007/29/2023 7/29/2023 200,000.00 458140AS9 INTEL CORP NOTES (CALLABLE) 3.70% 7/29/2025 3,700.007/30/2023 7/30/2023 225,000.00 025816CG2 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.50% 7/30/2024 2,812.508/1/2023 8/1/2023 MONEY0002 MONEY MARKET FUND 495.718/1/2023 8/1/2023 225,000.00 06051GFS3 BANK OF AMERICA CORP NOTES 3.87% 8/1/2025 4,359.388/1/2023 8/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.338/1/2023 8/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.678/1/2023 8/25/2023 151,558.05 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 341.268/1/2023 8/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.968/1/2023 8/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.75 43 69
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/5/2023 8/5/2023 175,000.00 74005PBN3 LINDE INC/CT (CALLABLE) CORPORATE NOTES 2.65% 2/5/2025 2,318.758/6/2023 8/6/2023 110,000.00 857477BR3 STATE STREET CORP (CALLABLE) CORPORATE N 1.74% 2/6/2026 960.308/7/2023 8/7/2023 175,000.00 63743HFC1 NATIONAL RURAL UTIL COOP CORPORATE NOTES 1.87% 2/7/2025 1,640.638/12/2023 8/12/2023 100,000.00 904764BN6 UNILEVER CAPITAL CORP (CALLABLE) CORPORA 0.62% 8/12/2024 313.008/13/2023 8/13/2023 115,000.00 713448FQ6 PEPSICO INC CORP NOTES (CALLABLE) 4.55% 2/13/2026 2,587.188/13/2023 8/13/2023 200,000.00 89236TGT6 TOYOTA MOTOR CREDIT CORP CORP NOTES 1.80% 2/13/2025 1,800.008/15/2023 8/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.008/15/2023 8/15/2023 130,000.00 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 139.758/15/2023 8/15/2023 8,151.25 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 3.268/15/2023 8/15/2023 206,286.61 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 94.558/15/2023 8/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.338/15/2023 8/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.008/15/2023 8/15/2023 179,755.07 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 121.338/15/2023 8/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 568.178/15/2023 8/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.258/15/2023 8/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.008/15/2023 8/15/2023 12,167.60 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 19.16 44 70
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2023 8/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.758/15/2023 8/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.008/15/2023 8/15/2023 31,696.56 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 16.648/15/2023 8/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.758/15/2023 8/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.588/15/2023 8/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.548/15/2023 8/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.428/15/2023 8/15/2023 55,000.00 194162AM5 COLGATE-PALMOLIVE CO CORPORATE NOTES 3.10% 8/15/2025 852.508/15/2023 8/15/2023 117,341.23 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 72.368/15/2023 8/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.428/15/2023 8/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.838/15/2023 8/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.638/15/2023 8/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.258/15/2023 8/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.338/15/2023 8/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.798/15/2023 8/15/2023 61,788.50 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 19.578/15/2023 8/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.71 45 71
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2023 8/15/2023 76,850.12 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 33.308/15/2023 8/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.928/15/2023 8/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.298/15/2023 8/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.798/15/2023 8/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 653.758/15/2023 8/15/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 296.838/15/2023 8/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.338/15/2023 8/15/2023 255,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 650.258/15/2023 8/15/2023 930,000.00 91282CGL9 US TREASURY N/B NOTES 4.00% 2/15/2026 18,600.008/15/2023 8/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.008/15/2023 8/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.008/15/2023 8/15/2023 120,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 942.038/15/2023 8/15/2023 157,366.17 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 100.988/15/2023 8/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.008/15/2023 8/15/2023 1,575,000.00 91282CCT6 US TREASURY N/B NOTES 0.37% 8/15/2024 2,953.138/15/2023 8/15/2023 16,832.37 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 6.178/15/2023 8/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.50 46 72
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/15/2023 8/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.048/16/2023 8/16/2023 375,000.00 22536AZR8 CREDIT AGRICOLE CIB NY CERT DEPOS 4.10% 8/16/2024 15,460.428/16/2023 8/16/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 306.568/16/2023 8/16/2023 170,000.00 46647PBY1 JPMORGAN CHASE & CO CORP NOTES (CALLABLE 0.56% 2/16/2025 478.558/16/2023 8/16/2023 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 115.508/16/2023 8/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.508/16/2023 8/16/2023 41,442.86 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 15.548/16/2023 8/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.178/16/2023 8/16/2023 96,620.29 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 54.758/16/2023 8/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.928/18/2023 8/18/2023 290,000.00 61747YEM3 MORGAN STANLEY CORP NOTES (CALLABLE) 2.63% 2/18/2026 3,813.508/18/2023 8/18/2023 34,494.02 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 10.648/20/2023 8/20/2023 27,075.52 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 10.608/20/2023 8/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.678/20/2023 8/20/2023 957.81 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 0.278/21/2023 8/21/2023 151,109.86 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 110.818/22/2023 8/22/2023 250,000.00 21688AAU6 COOPERAT RABOBANK UA/NY CORPORATE NOTES 3.87% 8/22/2024 4,843.75 47 73
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST8/25/2023 8/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.138/25/2023 8/25/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 477.878/25/2023 8/25/2023 2,597.48 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 1.049/1/2023 9/1/2023 MONEY0002 MONEY MARKET FUND 488.949/1/2023 9/25/2023 250,000.00 3137BN6G4 FHMS K053 A2 2.99% 12/1/2025 623.969/1/2023 9/25/2023 500,000.00 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 1,143.759/1/2023 9/25/2023 400,000.00 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 884.339/1/2023 9/25/2023 151,354.79 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 340.809/1/2023 9/25/2023 520,000.00 3137BRQJ7 FHMS K057 A2 2.57% 7/1/2026 1,113.679/2/2023 9/2/2023 210,000.00 194162AQ6 COLGATE-PALMOLIVE CO CORPORATE NOTES 4.80% 3/2/2026 5,068.009/4/2023 9/4/2023 150,000.00 025816CQ0 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.25% 3/4/2025 1,687.509/6/2023 9/6/2023 130,000.00 30231GAF9 EXXON MOBIL CORP CORPORATE NT (CALLABLE) 2.70% 3/6/2025 1,760.859/7/2023 9/7/2023 75,000.00 24422EWB1 JOHN DEERE CAPITAL CORP CORPORATE NOTES 2.12% 3/7/2025 796.889/9/2023 9/9/2023 150,000.00 931142EW9 WALMART INC CORPORATE NOTES 3.90% 9/9/2025 2,925.009/10/2023 9/10/2023 150,000.00 38141GYE8 GOLDMAN SACHS GROUP INC (CALLABLE) CORP 0.65% 9/10/2024 492.759/13/2023 9/13/2023 125,000.00 63743HFH0 NATIONAL RURAL UTIL COOP CORP NOTES (CAL 4.45% 3/13/2026 3,306.609/15/2023 9/15/2023 195,190.25 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 89.46 48 74
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/15/2023 9/15/2023 200,000.00 891941AD8 TAOT 2023-B A3 4.71% 2/15/2028 785.009/15/2023 9/15/2023 55,000.00 437076CR1 HOME DEPOT INC NOTES (CALLABLE) 4.00% 9/15/2025 1,100.009/15/2023 9/15/2023 370,000.00 02582JJT8 AMXCA 2022-2 A 3.39% 5/17/2027 1,045.259/15/2023 9/15/2023 140,000.00 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 568.179/15/2023 9/15/2023 110,062.25 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 67.879/15/2023 9/15/2023 120,000.00 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 479.009/15/2023 9/15/2023 55,839.23 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 17.689/15/2023 9/15/2023 1,000,000.00 91282CCX7 US TREASURY N/B NOTES 0.37% 9/15/2024 1,875.009/15/2023 9/15/2023 75,000.00 44933XAD9 HART 2023-B A3 5.48% 4/17/2028 342.509/15/2023 9/15/2023 165,000.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 636.639/15/2023 9/15/2023 160,000.00 437927AC0 HAROT 2023-2 A3 4.93% 11/15/2027 657.339/15/2023 9/15/2023 335,000.00 14041NGA3 COMET 2022-A2 A 3.49% 5/15/2027 974.299/15/2023 9/15/2023 149,007.42 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 95.619/15/2023 9/15/2023 155,000.00 254683CP8 DCENT 2021-A1 A1 0.58% 9/15/2026 74.929/15/2023 9/15/2023 170,000.00 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.429/15/2023 9/15/2023 245,000.00 02008JAC0 ALLYA 2022-1 A3 3.31% 11/15/2026 675.799/15/2023 9/15/2023 10,112.41 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 3.71 49 75
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/15/2023 9/15/2023 110,000.00 89239HAD0 TAOT 2022-D A3 5.30% 9/15/2027 485.839/15/2023 9/15/2023 300,000.00 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,077.509/15/2023 9/15/2023 145,000.00 89238FAD5 TAOT 2022-B A3 2.93% 9/15/2026 354.049/15/2023 9/15/2023 270,000.00 254683CS2 DCENT 2022-A2 A 3.32% 5/17/2027 747.009/15/2023 9/15/2023 150,000.00 344930AD4 FORDO 2023-B A3 5.23% 5/15/2028 653.759/15/2023 9/15/2023 600,000.00 91282CFK2 US TREASURY N/B NOTES 3.50% 9/15/2025 10,500.009/15/2023 9/15/2023 305,000.00 14041NFY2 COMET 2021-A3 A3 1.04% 11/15/2026 264.339/15/2023 9/15/2023 190,000.00 14317HAC5 CARMX 2022-2 A3 3.49% 2/16/2027 552.589/15/2023 9/15/2023 105,000.00 89231CAD9 TAOT 2022-C A3 3.76% 4/15/2027 329.009/15/2023 9/15/2023 300,000.00 254683CW3 DCENT 2022-A3 A3 3.56% 7/15/2027 890.009/15/2023 9/15/2023 235,000.00 65480WAD3 NAROT 2023-A A3 4.91% 11/15/2027 961.549/15/2023 9/15/2023 165,000.00 002824BB5 ABBOTT LABORATORIES CORP NOTE (CALLABLE) 2.95% 3/15/2025 2,433.759/15/2023 9/15/2023 250,000.00 14041NFZ9 COMET 2022-A1 A1 2.80% 3/15/2027 583.339/15/2023 9/15/2023 450,000.00 02008MAC3 ALLYA 2022-2 A3 4.76% 5/17/2027 1,785.009/15/2023 9/15/2023 235,000.00 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 873.429/15/2023 9/15/2023 295,000.00 14318UAD3 CARMX 2022-4 A3 5.34% 8/16/2027 1,312.759/15/2023 9/15/2023 390,000.00 58768PAC8 MBART 2022-1 A3 5.21% 8/16/2027 1,693.25 50 76
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/15/2023 9/15/2023 7,259.26 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 11.439/15/2023 9/15/2023 25,971.96 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 13.649/15/2023 9/15/2023 170,508.28 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 115.099/15/2023 9/15/2023 130,000.00 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.759/15/2023 9/15/2023 1,628.10 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 0.659/15/2023 9/15/2023 126,041.60 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 135.499/15/2023 9/15/2023 140,000.00 448977AD0 HART 2022-A A3 2.22% 10/15/2026 259.009/15/2023 9/15/2023 265,000.00 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 876.719/15/2023 9/15/2023 325,000.00 44933DAD3 HART 2022-C A3 5.39% 6/15/2027 1,459.799/15/2023 9/15/2023 255,000.00 41284YAD8 HDMOT 2022-A A3 3.06% 2/15/2027 650.259/15/2023 9/15/2023 71,350.56 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 30.929/15/2023 9/15/2023 120,000.00 02582JJX9 AMXCA 2022-4 A 4.95% 10/15/2027 495.009/15/2023 9/15/2023 265,000.00 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 895.559/16/2023 9/16/2023 110,000.00 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 115.509/16/2023 9/16/2023 125,000.00 362585AC5 GMCAR 2022-2 A3 3.10% 2/16/2027 322.929/16/2023 9/16/2023 75,000.00 36267KAD9 GMCAR 2023-3 A3 5.45% 6/16/2028 340.639/16/2023 9/16/2023 91,469.96 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 51.83 51 77
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
INTEREST9/16/2023 9/16/2023 140,000.00 362583AD8 GMCAR 2023-2 A3 4.47% 2/16/2028 521.509/16/2023 9/16/2023 34,396.72 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 12.909/16/2023 9/16/2023 155,000.00 36265WAD5 GMCAR 2022-3 A3 3.64% 4/16/2027 470.179/18/2023 9/18/2023 27,932.35 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 8.619/20/2023 9/20/2023 100,000.00 92868AAC9 VWALT 2022-A A3 3.44% 7/21/2025 286.679/20/2023 9/20/2023 13,546.92 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 5.319/21/2023 9/21/2023 141,961.89 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 104.119/22/2023 9/22/2023 125,000.00 904764BB2 UNILEVER CAPITAL CORP NOTES (CALLABLE) 3.37% 3/22/2025 2,109.389/23/2023 9/23/2023 535,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES 0.50% 9/23/2024 1,337.509/25/2023 9/25/2023 135,000.00 05602RAD3 BMWOT 2022-A A3 3.21% 8/25/2026 361.139/25/2023 9/25/2023 85,000.00 05592XAD2 BMWOT 2023-A A3 5.47% 2/25/2028 387.469/30/2023 9/30/2023 255,000.00 857477BM4 STATE STREET CORP NOTES (CALLABLE) 2.90% 3/30/2026 3,698.78 Total INTEREST 50,336,989.36 319,051.65 0.00
MATURITY7/23/2023 7/23/2023 200,000.00 06051GHL6 BANK OF AMERICA CORP NOTES (CALLED,OMD 7 3.86% 7/23/2023 203,864.00 Total MATURITY 200,000.00 203,864.00 0.00
52 78
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS7/1/2023 7/25/2023 218.21 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 218.217/15/2023 7/15/2023 5,819.74 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,819.747/15/2023 7/15/2023 6,167.90 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 6,167.907/15/2023 7/15/2023 2,658.77 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 2,658.777/15/2023 7/15/2023 6,278.98 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 6,278.987/15/2023 7/15/2023 7,293.09 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 7,293.097/15/2023 7/15/2023 10,244.93 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 10,244.937/15/2023 7/15/2023 6,772.08 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 6,772.087/15/2023 7/15/2023 12,086.86 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 12,086.867/15/2023 7/15/2023 2,633.83 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 2,633.837/15/2023 7/15/2023 5,304.82 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 5,304.827/16/2023 7/16/2023 3,379.71 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,379.717/16/2023 7/16/2023 7,082.06 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 7,082.067/18/2023 7/18/2023 7,111.06 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 7,111.067/20/2023 7/20/2023 23,535.02 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 23,535.027/20/2023 7/20/2023 15,632.40 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 15,632.407/21/2023 7/21/2023 3,890.14 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,890.14 53 79
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS7/25/2023 7/25/2023 4,063.07 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 4,063.078/1/2023 8/25/2023 203.26 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 203.268/15/2023 8/15/2023 5,499.56 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,499.568/15/2023 8/15/2023 8,358.75 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 8,358.758/15/2023 8/15/2023 5,724.60 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 5,724.608/15/2023 8/15/2023 9,246.79 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 9,246.798/15/2023 8/15/2023 5,949.27 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 5,949.278/15/2023 8/15/2023 6,523.15 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 6,523.158/15/2023 8/15/2023 7,278.98 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 7,278.988/15/2023 8/15/2023 3,958.40 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 3,958.408/15/2023 8/15/2023 6,719.96 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 6,719.968/15/2023 8/15/2023 4,908.34 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 4,908.348/15/2023 8/15/2023 11,096.36 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 11,096.368/16/2023 8/16/2023 7,046.14 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 7,046.148/16/2023 8/16/2023 5,150.33 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 5,150.338/18/2023 8/18/2023 6,561.67 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 6,561.678/20/2023 8/20/2023 13,528.60 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 13,528.60 54 80
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS8/20/2023 8/20/2023 957.81 380144AC9 GMALT 2021-2 A3 0.34% 5/20/2024 957.818/21/2023 8/21/2023 9,147.97 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 9,147.978/25/2023 8/25/2023 2,597.48 09661RAD3 BMWOT 2020-A A3 0.48% 10/25/2024 2,597.489/1/2023 9/25/2023 204.07 3136ARTE8 FNA 2016-M3 A2 2.70% 2/1/2026 204.079/15/2023 9/15/2023 5,877.93 44933LAC7 HART 2021-A A3 0.38% 9/15/2025 5,877.939/15/2023 9/15/2023 6,688.33 89237VAB5 TAOT 2020-C A3 0.44% 10/15/2024 6,688.339/15/2023 9/15/2023 1,628.10 44933FAC0 HART 2020-B A3 0.48% 12/16/2024 1,628.109/15/2023 9/15/2023 7,238.17 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 7,238.179/15/2023 9/15/2023 8,066.27 345286AC2 FORDO 2022-A A3 1.29% 6/15/2026 8,066.279/15/2023 9/15/2023 12,228.99 14317DAC4 CARMX 2021-3 A3 0.55% 6/15/2026 12,228.999/15/2023 9/15/2023 9,913.25 98163KAC6 WOART 2021-D A3 0.81% 10/15/2026 9,913.259/15/2023 9/15/2023 5,856.96 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 5,856.969/15/2023 9/15/2023 8,552.43 14044CAC6 COPAR 2021-1 A3 0.77% 9/15/2026 8,552.439/15/2023 9/15/2023 5,819.66 98163WAC0 WOART 2020-B A3 0.63% 5/15/2025 5,819.669/15/2023 9/15/2023 5,253.23 14315XAC2 CARMX 2020-1 A3 1.89% 12/16/2024 5,253.239/16/2023 9/16/2023 6,739.55 362590AC5 GMCAR 2020-3 A3 0.45% 4/16/2025 6,739.559/16/2023 9/16/2023 1,005.21 380146AC4 GMCAR 2022-1 A3 1.26% 11/16/2026 1,005.21 55 81
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Portfolio Activity
|
Quarterly Portfolio Transactions
Trade
Date
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Coupon Amount ($)
Yield
at Market
Realized
Security Description G/L (BV)
PAYDOWNS9/16/2023 9/16/2023 5,244.47 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 5,244.479/18/2023 9/18/2023 6,542.40 43813KAC6 HAROT 2020-3 A3 0.37% 10/18/2024 6,542.409/20/2023 9/20/2023 11,449.30 92290BAA9 VZOT 2020-B A 0.47% 2/20/2025 11,449.309/21/2023 9/21/2023 9,105.31 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 9,105.31 Total PAYDOWNS 368,043.72 368,043.72 0.00
SELL7/5/2023 7/7/2023 90,000.00 02665WDY4 AMERICAN HONDA FINANCE CORPORATE NOTES 0.75% 8/9/2024 85,724.40 -4,530.857/6/2023 7/10/2023 95,000.00 02665WDY4 AMERICAN HONDA FINANCE CORPORATE NOTES 0.75% 8/9/2024 90,443.40 -4,832.147/17/2023 7/20/2023 125,000.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 122,376.44 -4,751.647/17/2023 7/20/2023 250,000.00 02665WEA5 AMERICAN HONDA FINANCE CORPORATE NOTES 1.50% 1/13/2025 237,320.42 -12,654.657/17/2023 7/20/2023 145,000.00 69371RR40 PACCAR FINANCIAL CORP CORPORATE NOTES 0.50% 8/9/2024 138,027.84 -7,268.828/1/2023 8/3/2023 1,000,000.00 91282CCG4 US TREASURY N/B NOTES 0.25% 6/15/2024 957,248.76 -41,172.028/1/2023 8/3/2023 450,000.00 912828X70 US TREASURY NOTES 2.00% 4/30/2024 441,249.15 -16,475.328/1/2023 8/3/2023 142,000.00 91282CCG4 US TREASURY N/B NOTES 0.25% 6/15/2024 135,929.33 -5,877.188/3/2023 8/10/2023 125,000.00 91282CCG4 US TREASURY N/B NOTES 0.25% 6/15/2024 119,784.14 -5,029.718/7/2023 8/9/2023 195,000.00 023135CE4 AMAZON.COM INC CORPORATE NOTES 3.00% 4/13/2025 190,726.90 -5,984.698/15/2023 8/18/2023 275,000.00 91282CCG4 US TREASURY N/B NOTES 0.25% 6/15/2024 263,797.95 -10,820.85 56 82
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Appendix
|
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to any specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.

Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2023 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 58 84
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Appendix
|
Important Disclosures
Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimatedmarket value.

In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded.

Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is showngross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns.

Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life. 59 85
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Appendix
|
Glossary
Accrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.

Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, and receivables.

Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security. 60 86
Agenda Item # 1.
© PFM Asset Management LLC pfmam.com

CITY OF LOS ALTOS
For the Quarter Ended September 30, 2023
Appendix
|
Glossary
Repurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis.

YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis. 61 87
Agenda Item # 1.

City Manager City Attorney
_______
Finance Director
______ ______

AGENDA REPORT SUMMARY
Meeting Date: November 28, 2023
Subject HPA23-0001 – 41 Hawthorne Avenue
Prepared by: Sean Gallegos, Senior Planner
Reviewed by: Nick Zornes, Development Services Director Approved by: Gabriel Engeland, City Manager
Attachment(s):

1. Draft Resolution

2. Historic Evaluation and Secretary of the Interior Standards for the Treatment of Historic Properties Review

3. Mills Act Application Recommendation Letter

4. Historian Support Letter for Ten-Year Work Plan

5. Historic Preservation Agreement

6. Historical Commission Agenda and Attachments, September 25, 2023 Initiated by:

Sreenivas and Isabel Tallam, property owners of 41 Hawthorne Avenue Previous Council Consideration:

None
Fiscal Impact:

The fiscal impact cannot be established since the assessed value will undergo reevaluation by the Santa Clara County Assessor's Office following Council's approval of the Historic Preservation agreement contract. It is anticipated that upon entering into the Historic Preservation agreement contract with the City, there could be an annual reduction in property tax revenue for the subject property ranging from 40 percent to 60 percent. Using the property's most recent tax assessment in 2022 of $22,020, the reduction after reassessment is estimated to range between $8,808 - $13,212 per year. The City receives .029% to .045% of property taxes from the subject site and would therefore see an estimated $8,808 - $13,212 reduction in property tax revenue from this property.

Environmental Review:

The approval of a Historic Preservation agreement is Categorically Exempt from environmental review pursuant to Section 15331 (Class 31) of California Environmental Quality Act (CEQA) because Class 31 projects consist of projects limited to the maintenance, repair, stabilization, rehabilitation, restoration, preservation, conservation or reconstruction of historical resources in a manner consistent with the Secretary of the Interior’s Standards for the Treatment of Historic Properties with Guidelines for Preserving, Rehabilitating, Restoring, and Reconstructing Historic Buildings. 88 Agenda Item # 2.

Subject: HPA23-0001 41 Hawthorne Avenue
November 28, 2023 Page 2
Summary:
 The owners of 41 Hawthorne Avenue, a Historic Resource, are seeking to execute a historic preservation agreement with the City for the historical rehabilitation project to allow for a property tax reduction under the Mills Act.
 The Mills Act allows cities to enter into contracts with property owners of historic structures for a reduction of property taxes in exchange for the continued preservation of the historic resource.

Background
A property owner may enter into a Historic Preservation agreement with the City, which allows them to benefit from a reduced property tax rate assessed by the County Assessor. In exchange for this tax incentive, property owners commit to maintaining, preserving, restoring, and rehabilitating their historic property or structure. The County Assessor determines the value of historic properties using the capitalization of income method, which is based on either actual rents or market-based projected rents. This method adheres to Section 439 of the California Revenue and Taxation Code, where assessed property values are derived from fair rent values. The fair rent income, after deducting certain expenses, is then divided by a capitalization rate to determine the property's assessed value. The City of Los Altos currently has Historic Preservation Agreements in place with 15 designated Historic Landmark and Historic Resource properties.

On July 26, 2023, the Planning Division received an application (HPA23-0001) from the property owners for a historical preservation agreement permit (HPA) for the Historic Resource located at 41 Hawthorne Avenue. If approved by the Council, this Mills Act application will enable a property tax reduction aimed at providing essential support to the owners for the rehabilitation and preservation efforts directed towards this historical resource.

The 1926 house is associated with the Tudor Revival architecture style, popular throughout the U.S. from 1890 to 1940. The 1926 house demonstrates the essential elements of the Tudor Revival style with many character-defining features associated with the style, including the steeply pitched and sloping multi-gable roofs, the exposed half-timber elements, the two “three-centered” arches along the front porch, the in-kind replacement picture windows with central square, fixed single-light windows between three-over-one with mullions, original double-hung wood windows within lugs, stucco walls, and the asymmetrical floorplan. The 1926 house is a good example of Tudor Revival architecture from 1926.

As outlined in the Historic Resource Evaluation and Secretary of the Interior Standards for the Treatment of Historic Properties Review prepared by Stacey De Shazo with Evans & De Shazo, Inc. (Attachment B, respectively), the Historic Evaluation Report assessed the existing historic resource and a proposed future rehabilitation project. The report by the project historian made the following determinations:
89 Agenda Item # 2.

Subject: HPA23-0001 41 Hawthorne Avenue
November 28, 2023 Page 3

1. The California Register of Historic Places and the Los Altos Historic Preservation Ordinance established that a resource 50 years of age or older may qualify for listing in CRHP or the Los Altos Historic Resource Inventory. The 1926 house meets this threshold.

2. The 1926 house is historically significant and appears individually eligible for listing in the CRHPs under Criterion 3 for its association with Tudor Revival architecture and under Criterion C3 under Section 12.44.040 of the Historic Preservation Ordinance.

3. The existing historic resource with its Tudor Revival architectural style retains all seven aspects of integrity; and therefore, the existing house is a qualified historic property under CRHP and the Los Altos Historic Preservation Ordinance and eligible for the Mills Act.

4. Furthermore, it found that the future proposed rehabilitation project meets the Secretary of Interior Standards for Rehabilitation. Therefore, the proposed rehabilitation will not impact the integrity of the historic resource and still make the house eligible for the Mills Act.

To provide additional clarity, the future project involves the construction of two new ancillary structures: a detached garage and an accessory dwelling unit (ADU), both to be located at the rear of the 1926 house. It's important to note that the Council is not currently evaluating the future rehabilitation project, as it will be a separate proposal submitted by the applicant at a later date.

Nevertheless, the applicant has proactively included a review based on the Secretary of the Interior Standards for the Treatment of Historic Properties within the Historic Resource Report, in preparation for this future development.

On September 24, 2023, the Historical Commission held public discussions to consider the Mills Act application. The Commission discussed the merits of the request from the property owners, and acknowledged the Historic Resource Evaluation Report prepared by the consulting historian.

Following the discussion, the Commission voted unanimously to approve the rehabilitation project and recommend that the City Council authorize the City Manager to execute a Historic Preservation agreement with the property owners at 41 Hawthorne Avenue. The Historical Commission agenda report and attachments are provided as attachment 5.

Discussion/Analysis
The execution of a Historic Preservation Agreement with the City will make the historic resource eligible for a property tax reduction in accordance with the Mills Act. If the Mills Act request for the subject site is approved by the Council, it is estimated that the City would experience an annual property tax revenue reduction ranging from 40 percent to 60 percent. However, it's important to acknowledge that the exact fiscal impact remains uncertain, as the assessed value will be reevaluated by the Santa Clara County Assessor's Office following the City Council's approval of the Mills Act.

Consequently, our staff is unable to determine the precise fiscal impact on the City at this time. For reference, in Fiscal Year 2022-2023, the City generated approximately $29,568,955 in property tax revenue.
90 Agenda Item # 2.

Subject: HPA23-0001 41 Hawthorne Avenue
November 28, 2023 Page 4
A standard term for a Historic Preservation Agreement spans a ten-year duration, with an automatic annual renewal clause thereafter. However, it's important to note that both the City and the property owner retain the right to revoke the agreement if they so choose at a later date. Furthermore, the agreement mandates that any property tax savings realized must be reinvested into activities related to the maintenance, preservation, restoration, and enhancement of the historic structure, as stipulated by the Historical Commission's requirement for a Schedule of Improvements, which demonstrates the intended use of funds for ongoing efforts to uphold the historical integrity of the structure and the surrounding property. You can find this Schedule of Improvements as Exhibit B in the Draft Historic Preservation Agreement provided in Attachment 5.

Recommendation
Adopt a Resolution authorizing the City Manager to execute a Historic Preservation agreement with property owners of 41 Hawthorne Avenue.
91 Agenda Item # 2.

Resolution No. 2023-__ Page 1
ATTACHMENT 1
RESOLUTION NO. 2023-__

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LOS ALTOS

AUTHORIZING THE CITY MANAGER TO ENTER INTO A MILLS ACT
AGREEMENT WITH THE PROPERTY OWNERS OF 41 HAWTHORNE
AVENUE
WHEREAS, Government Code Sections 50280 et seq. authorizes a city to enter into a historical property contract with the owner of any qualified historical property to restrict the use of such property so that it retains its historically significant characteristics in return for which the property owner obtains property tax relief; and WHEREAS, the City of Los Altos is a community that celebrates its history, the rich past that is incorporated into the fabric of the City and provides a link to the community’s heritage and the remaining sites and structures of architectural and/or historic significance that enhance the community’s unique character and contribute to a sense of place; and WHEREAS, in accordance with that Historic Preservation Ordinance (LAMC Chapter

12.44), the Historical Commission held a public hearing on September 25, 2023 and made positive findings pursuant to Section 12.44.060(c.), that the proposed historic resource structure at 41 Hawthorne Ave is more than 50 years in age, retains sufficient historic integrity, and is historically significant and has special historical, cultural, architectural and aesthetic value as part of the heritage and history of the City; and WHEREAS, by virtue of its adoption of the Historic Preservation Ordinance (LAMC Chapter 12.44), the City Council of the City of Los Altos provides that designated historic resources and landmark structures of merit, and structures located in historic districts that are privately owned shall be considered qualified historical properties eligible to enter into historic preservation (Mills Act) agreements with the City; and
WHEREAS, the Historical Commission held a public meeting on September 25, 2023 to consider the request to execute a historic preservation agreement on the subject property and directed City staff to forward a recommendation to the City Council in support of the application; and
WHEREAS, in accordance with the historic preservation agreement, the property owner shall every five years commencing on the fifth anniversary of the effective date of the historic preservation agreement submit to the City an updated ten (10) year schedule of potential home repair, maintenance and improvement, and submit documentation for all repairs, maintenance, and improvements which have been completed since the Effective Date.
92 Agenda Item # 2.

Resolution No. 2023-__ Page 2
WHEREAS, this designation is classified as an historic resource restoration/rehabilitation/ preservation project and is categorically exempt from environmental review under Section 15331 of the California Environmental Quality Act; and
WHEREAS, the City Council of the City of Los Altos concurs with the recommendation of the Historical Commission to execute a historic preservation agreement on the subject property.

NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Los Altos hereby authorizes the City Manager to enter into a Mills Act Agreement with the owners of 41 Hawthorne Avenue subject to the terms and conditions outlined the Historic Preservation Agreement.

I HEREBY CERTIFY that the foregoing is a true and correct copy of a Resolution passed and adopted by the City Council of the City of Los Altos at a meeting thereof on the ________ day of _______________2023 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:
___________________________
Sally Meadows, MAYOR
Attest:
_____________________________
Melissa Thurman, CITY CLERK
93 Agenda Item # 2.

Evans & De Shazo, Inc
1141 Gravenstein Highway South,
Sebastopol, CA 95472
707-823-7400
www.evans-deshazo.com

HISTORIC RESOURCE EVALUATION AND
SECRETARY OF INTERIOR’S STANDARDS FOR THE

TREATMENT OF HISTORIC PROPERTIES REVIEW

OF THE PROPERTY LOCATED
AT 41 HAWTHORNE AVENUE, LOS ALTOS, SANTA

CLARA COUNTY, CALIFORNIA
SUBMITTED TO:

Sreenivas and Isabel Tallam
[email protected]
[email protected]
SUBMITTED BY:

Stacey De Shazo, M.A.

Principal Architectural Historian
[email protected]
with
Nicole LaRochelle, M.S., Architectural Historian
and Bee Thao, M.A.
updated July 6, 2023

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Historic Resource Evaluation and Standards Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California. Page i

TABLE OF CONTENTS
INTRODUCTION .......................................................................................................................................................1 PROPERTY LOCATION ..............................................................................................................................................1 REGULATORY SETTING.............................................................................................................................................3 CALIFORNIA ENVIRONMENTAL QUALITY ACT .................................................................................................................... 3 STANDARDS REVIEW ...............................................................................................................................................4 METHODS ................................................................................................................................................................5 CULTURAL RESOURCE INVENTORIES................................................................................................................................ 6 ONLINE RESEARCH..................................................................................................................................................... 6 REPOSITORIES ........................................................................................................................................................... 6 HISTORICAL SETTING ...............................................................................................................................................7 MEXICAN PERIOD (1822 – 1846) ................................................................................................................................ 7 EARLY AMERICAN PERIOD (1848 - 1851)....................................................................................................................... 8 HISTORY OF LOS ALTOS (1850 – 1960S)........................................................................................................................ 8 PROPERTY HISTORY.................................................................................................................................................. 17 ARCHITECTURAL CONTEXT..................................................................................................................................... 31 TUDOR REVIVAL (1890 – 1940) ................................................................................................................................ 31 BUILDER: PURL NATHANIEL DOYLE ........................................................................................................................ 32 HISTORIC ARCHITECTURAL SURVEY ....................................................................................................................... 34 1926 HOUSE ......................................................................................................................................................... 34 CA. 1950 DETACHED GARAGE .................................................................................................................................... 41 CA. 1980 STORAGE SHED.......................................................................................................................................... 42 ASSOCIATED LANDSCAPE ........................................................................................................................................... 43 PREVIOUS ALTERATIONS: 1926 HOUSE .................................................................................................................. 44 EVALUATION OF HISTORICAL SIGNIFICANCE.......................................................................................................... 45 CALIFORNIA REGISTER OF HISTORICAL RESOURCES ........................................................................................................... 45 CRHR EVALUATION ................................................................................................................................................. 46 INTEGRITY.............................................................................................................................................................. 47 STANDARDS REVIEW ............................................................................................................................................. 49 CONCLUSION ......................................................................................................................................................... 53 BIBLIOGRAPHY....................................................................................................................................................... 55 ATTACHMENTS: Department of Parks and Recreation (DPR) 523 forms (Appendix A) 95 Agenda Item # 2.

Historic Resource Evaluation and Standards Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California. 1

INTRODUCTION
Evans & De Shazo, Inc. (EDS) completed a Historic Resource Evaluation (HRE) and a Secretary of Interior’s Standards for the Treatment of Historic Properties (Standards) review for the proposed project at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California, within the 0.344-acre Assessor Parcel Number (APN) 170-41-036 (Property). The Property includes a 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape. The current “preliminary” project is in the design phase but includes the demolition of the ca. 1950 detached garage and removal of the ca. 1980 storage shed, the restoration of the original front entry and solar panels installed on the roof of the 1926 house, and the construction of a new detached garage and a single-story Accessory Dwelling Unit (ADU) (Project). 1 The 1926 house within the
Property is currently listed on the Office of Historic Preservation’s (OHP) Built Environment Resources Directory (BERD) (P-43-002069), and the City of Los Altos Historic Inventory (2013); therefore, the 1926 house is considered a Historical Resource as defined in Section 15064.5 of the California Code of Regulations (CCR) . However, it does not appear that the built environment resources have been evaluated for listing on the California Register of Historical Resources (CRHR). Therefore, in compliance with the California Environment Quality Act (CEQA), the City of Los Altos recommended the completion of an HRE to determine if the Property is eligible for listing on the CRHR. Due to its local listing status as a historical resource, EDS also completed a Standards review to provide additional guidance and recommendations related to the current preliminary Project and assess potential impacts to the 1926 house.

The HRE follows specific guidelines and evaluation criteria of the CRHR (Code of California Regulations [CCR], Title 14, Section (§) 15064.5 and Public Resources Code [PRC] § 21084.1) and the Standards review follows the Department of Interior Standards for the Treatment of Historic Properties (36 CFR Part 67). The HRE was completed by EDS Principal Architectural Historian Stacey De Shazo, M.A., architectural historian Nicole La Rochelle, M.S., who both exceed the Secretary of Interior's qualification standards in Architectural History and History, and research Bee Thao, M.A. and the Standards review was completed by Ms. De Shazo. The results of the HRE and Standards review are presented herein.

PROPERTY LOCATION
The Property is located within the 0.344-acre APN 170-41-036 at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California (Figure 1). The Property is on the north side of Hawthorne Avenue, approximately 0.2 miles west of Eleanor Avenue, and approximately 200 feet east of South San Antonio Road in the City of Los Altos. 1 Upon completion of an architectural drawing set, including changes to the 1926 house, new detached garage, and ADU, EDS will update the Standards Review in the report to reflect the “proposed” project. 96 Agenda Item # 2.

Historic Resource Evaluation and Standards Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California. 2
Figure 1. Location Map
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REGULATORY SETTING
The CEQA regulations, as they pertain to cultural resources, and the Standards guidelines are outlined below.

CALIFORNIA ENVIRONMENTAL QUALITY ACT
CEQA and the Guidelines for Implementing CEQA (State CEQA Guidelines § 15064.5) give direction and guidance for evaluating properties and the preparation of Initial Studies, Categorical Exemptions, Negative Declarations, and Environmental Impact Reports. Under California State law, the City of Los Altos is legally responsible and accountable for determining the environmental impact of any land use proposal it approves.

Cultural resources are aspects of the environment that require identification and assessment for potential significance under CEQA (14 CCR § 15064.5 and PRC § 21084.1).

There are five classes of cultural resources defined by the State OHP. These are:
• Building: A structure created principally to shelter or assist in carrying out any form of human activity. A “building” may also be used to refer to a historically and functionally related unit, such as a courthouse and jail or a house and barn.
• Structure: A construction made for a functional purpose rather than creating human shelter.

Examples include mines, bridges, and tunnels.
• Object: Construction is primarily artistic in nature or relatively small in scale and simply constructed.

It may be movable by nature or design or made for a specific setting or environment. Objects should be in a setting appropriate to their significant historic use or character. Examples include fountains, monuments, maritime resources, sculptures, and boundary markers. • Site: The location of a significant event. A prehistoric or historic occupation or activity, or a building or structure, whether standing, ruined, or vanished, where the location itself possesses historic, cultural, or archaeological value regardless of the value of any existing building, structure, or object.

A site need not be marked by physical remains if it is the location of a prehistoric or historic event and if no buildings, structures, or objects marked it at that time. Examples include trails, designed landscapes, battlefields, habitation sites, Native American ceremonial areas, petroglyphs, and pictographs.
• Historic District: Unified geographic entities which contain a concentration of historic buildings, structures, or sites united historically, culturally, or architecturally.

According to CCR § 15064.5, cultural resources are historically significant if they are:
(1) A resource listed in or determined to be eligible by the State Historical Resources Commission for listing in the California Register of Historical Resources (PRC §5024.1, 14 CCR § 4850 et seq.). (2) A resource included in a local register of historical resources, as defined in PRC § 5020.1(k) or identified as significant in a historical resource survey meeting the requirements PRC § 5024.1(g), shall be presumed to be historically or culturally significant. Public agencies must treat any such resource as significant unless the preponderance of the evidence demonstrates that it is not 98 Agenda Item # 2.

Historic Resource Evaluation and Standards Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California. 4
historically or culturally significant.
(3) Any object, building, structure, site, area, place, record, or manuscript which a lead agency determines to be historically significant or significant in the architectural, engineering, scientific, economic, agricultural, educational, social, political, military, or cultural annals of California may be considered to be a historical resource, provided the lead agency's determination is supported by substantial evidence in light of the whole record. Generally, a resource shall be considered by the lead agency to be “historically significant” if the resource meets the criteria for listing on the California Register of Historical Resources (PRC § 5024.1, 14 CCR § 4852), including the following:
(A) Is associated with events that have made a significant contribution to the broad patterns of California's history and cultural heritage;
(B) Is associated with the lives of persons important in our past; (C) Embodies the distinctive characteristics of a type, period, region, or method of construction, or represents the work of an important creative individual, or possesses high artistic values; or (D) Has yielded, or may be likely to yield, information important in prehistory or history. (4) The fact that a resource is not listed in or determined to be eligible for listing in the CRHR, not included in a local register of historical resources pursuant to PRC § 5020.1(k), or identified in a historical resources survey meeting the criteria in PRC § 5024.1(g) does not preclude a lead agency from determining that the resource may be a historical resource as defined in PRC § 5020.1(j) or § 5024.1.

STANDARDS REVIEW
The Secretary of Interior Standards for Rehabilitation
The Standards (codified as 36 CFR 67) defines "Rehabilitation" as "the process of returning a property to a state of utility, through repair or alteration, which makes possible an efficient contemporary use while preserving those portions and features of the property which are significant to its historic, architectural, and cultural values." The intent of the Standards is to assist the long-term preservation of a property's significance through the preservation of historic materials and features.

The Standards pertain to historic buildings of all materials, construction types, sizes, and occupancy, and encompass the exterior and the interior, related landscape features and the building's site and environment, as well as attached, adjacent, or related new construction. The Standards are to be applied to specific rehabilitation projects in a reasonable manner, taking into consideration economic and technical feasibility.

1. A property shall be used for its historic purpose or be placed in a new use that requires minimal change to the defining characteristics of the building and its site and environment.

2. The historic character of a property shall be retained and preserved. The removal of historic materials or alteration of features and spaces that characterize a property shall be avoided.

3. Each property shall be recognized as a physical record of its time, place, and use. Changes that create a false sense of historical development, such as adding conjectural features or architectural elements from other buildings, shall not be undertaken. 99 Agenda Item # 2.

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4. Most properties change over time; those changes that have acquired historic significance in their own right shall be retained and preserved.

5. Distinctive features, finishes, and construction techniques or examples of craftsmanship that characterize a property shall be preserved.

6. Deteriorated historic features shall be repaired rather than replaced. Where the severity of deterioration requires replacement of a distinctive feature, the new feature shall match the old in design, color, texture, and other visual qualities and, where possible, materials. Replacement of missing features shall be substantiated by documentary, physical, or pictorial evidence.

7. Chemical or physical treatments, such as sandblasting, that cause damage to historic materials shall not be used. The surface cleaning of structures, if appropriate, shall be undertaken using the gentlest means possible.

8. Significant archeological resources affected by a project shall be protected and preserved. If such resources must be disturbed, mitigation measures shall be undertaken.

9. New additions, exterior alterations, or related new construction shall not destroy historic materials that characterize the property. The new work shall be differentiated from the old and shall be compatible with the massing, size, scale, and architectural features to protect the historic integrity of the property and its environment.

10. New additions and adjacent or related new construction shall be undertaken in such a manner that if removed in the future, the essential form and integrity of the historic property and its environment would be unimpaired.

METHODS
The methods used to complete the HRE included a database search conducted by the Northwest Information Center (NWIC) of the California Historical Information Systems (CHRIS) (NWIC File #22-1558) to determine if the Property has been previously evaluated or documented. Based on the record search, the 1926 house within the Property is currently listed on the OHP BERD and the City of Los Altos Historic Inventory (2013) and has been previously documented on Department of Parks and Recreation (DPR) forms and assigned the number P-43-002069. EDS also conducted extensive online and in-person research including the Santa Clara County Assessor/Recorder Office records, the Los Altos History Museum, Martin Luther King Library - California Room, and the City of Los Altos, and reviewed digital documents on file with EDS, such as historical maps, Sanborn Fire Insurance maps, historical aerial photographs, and other primary source documents. In addition, the current owners provided EDS with a permit history obtained from the City of Los Altos (detailed in the section below). The purpose of the research was to understand the Property history and the history of the surrounding area to assist in developing a historical context in which to evaluate the historicalsignificance of the built environment within the Property. EDS Principal Architectural Historian Stacey De Shazo, M.A. also completed a historic architectural survey to identify the age, any known architectural style or form, characterdefining features, materials, and alterations to the built environment resources, at least 45 years in age, within the Property. Updated DPR 523 forms were also completed for the Property (Appendix A). 100
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The methods used to complete the Standards review included a review of the preliminary plans and details provided by the Property owners. The Standards review was completed by EDS Principal Architectural Historian, who worked directly with the ownersto identify and address potential adverse impacts on the 1926 house and ensure the current scope of work complies with the Standards for Rehabilitation. However, since the plans are in the preliminary phase, EDS will need to update the Standards Review once any submittal Project plans are available.

CULTURAL RESOURCE INVENTORIES
As part of the record search, the following inventories were reviewed:
• National Register of Historic Places (NRHP)
• California Register of Historical Resources (CRHR)
• California Historical Landmarks (CHL)
• California Points of Historical Interest (CPHI)
• California Inventory of Historic Resources
• California Office of Historic Preservation (OHP) Built Environment Resources Directory (BERD) for Santa Clara County, California (2020)
• City of Los Altos Historic Inventory and Historic Landmarks

ONLINE RESEARCH
Online research was conducted utilizing the following sources:
• www.newspapers.com
• www.ancestry.com
• www.calisphere.org (University of California)
• http://www.library.ca.gov/ (California State Library) • https://cdnc.ucr.edu/ (California Digital Newspaper Collection) • http://pcad.lib.washington.edu (Pacific Coast Architecture Database [PCAD]) • https://aiahistoricaldirectory.atlassian.net (American Architects Directory)

REPOSITORIES
• NWIC Record Search
o On April 06, 2023, the NWIC completed a database search (NWIC File #22-1558) of the Property. The record search found that the 1926 House has been previously documented on DPR 523 forms (P-43-0002069); however, the Property was not evaluated for listing on the CRHR.
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• Santa Clara County Assessor/Recorder Office:
o EDS conducted research at the Santa Clara County Assessor and Recorder Office on April 11, 2023, to gather information regarding the ownership history of the Property. • Los Altos History Museum
o EDS emailed the Los Alto History Museum on April 14, 2023, regarding additional information about Hawthorne Avenue and P.N. Doyles. EDS has not received a reply from the Los Alto History Museum.
• Martin Luther King Library, California Room
o On April 18, 2023, EDS conducted in-person research at the California Room to find additional information about Los Altos and the Hawthorne Avenue area. • City of Los Altos
o On April 14, 2023, the current owner requested the permit history from the City of Los Altos, which was provided to EDS.

The results of the research and literature review are within the Historical Setting section below.

HISTORICAL SETTING
The following section provides a brief history of the City of Los Altos and a specific history of the Property.

The purpose of this section is to provide an understanding of the development of the area and the specific context within which the built environment resources within the Property were evaluated for historical significance.

MEXICAN PERIOD (1822 – 1846)
In 1821, Mexico declared its independence from Spain and took possession of “Alta California,” 2 marking the
end of the Spanish period (1769 – 1821) and the beginning of the Mexican period, also referred to as the “rancho” period, in Alta California. Beginning in 1833, the Spanish missions in California were secularized by the Mexican government, and mission-owned land was dissolved. During this time, extraordinary changes occurred throughout Alta California, as the Mexican government lacked the strong oversight and military rule previously imposed by the Spanish, and as such, there were new opportunities for trade when foreign ships that had previously been held off by Spanish guarded military ports could dock and provide a variety of provisions to local settlers throughout California. These new provisions, including tea, coffee, sugars, spices, and spirits, as well as a variety of manufactured goods, soon made their way into the region, and the taxes on these imported goods became the main source of revenue for the Mexican government in Alta California.

Likewise, products produced in Alta California were exported, which bolstered the hide and tallow trade that became the primary business activity in Alta California during this time. During this time, the Mexican colonial 2 Alta California was a polity of New Spain founded in 1769 and became a territory of Mexico after the Mexican War of Independence in 1821.
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authorities encouraged the settlement of Alta California by providing large land grants called ranchos to politically prominent persons that were loyal to the Mexican government and permitting foreigners to settle the land. As a result, the 20 or so ranchos in Alta California, during the Spanish period increased to roughly 800 ranchos that varied from 10,000 to 20,000 acres during the Mexican era.

In 1846, the Property was within unclaimed lands of the Mexican government.

EARLY AMERICAN PERIOD (1848 - 1851)
The beginning of the American Period in California is marked by the end of the Mexican American War (1846- 1848), when the United States (U.S.) took possession of Mexican territories, including California, New Mexico, Texas, and Arizona, in the signing of the Treaty of Guadalupe Hidalgo on February 2, 1848. The Treaty of Guadalupe Hidalgo provided resident Mexicans their American citizenship and guaranteed title to ranchos obtained during the Mexican period. However, less than two weeks before the treaty's signing, on January 24, 1848, James Marshall discovered gold at Sutter’s Mill, which marked the start of California’s Gold Rush (1848 to 1855). Soon, the excitement of the Gold Rush and the promise of fertile and abundant land brought between 150,000 and 200,000 new settlers to California from all over the U.S. and Scotland, Ireland, England, Germany, and France.3 During this time, many new settlers squatted on land, including Mexican rancho and unclaimed land. To quickly resolve Mexican rancho land disputes, the U.S. Congress passed the California Land Act of 1851, establishing a three-member Public Land Commission (Commission) to determine the validity of prior Spanish and Mexican land grants.4The act required landowners who claimed title under the former Mexican government to file a claim with the Commission within two years. Although the Commission eventually confirmed most of the original Mexican land grants, the burden was on landowners to prove their title. The cost of litigation forced many rancho owners to sell off their land to newly arriving settlers, including some who had illegally squatted on their land, as well as land speculators and the lawyers hired to defend their land claims in court.5
In 1850, the Property was within the Fremont township of Santa Clara County within 640 acres of public land surveyed under the Public Land Survey System (PLSS) in the 1850s and made available to new settlers.

HISTORY OF LOS ALTOS (1850 – 1960S)
The following history of the City of Los Altos was taken in part from the 2012 City of Los Altos Historic Resource Inventory (HRI),6 prepared by CIRCA Preservation Consulting, with additional research conducted by EDS. The context below provides an overview of the development of the City of Los Altos.

In 1850, the present-day City of Los Altos comprised approximately 100 residents, mostly living on large 3 Karen Clay, Property Rights and Institutions: Congress and the California Land Act 1851, The Journal of Economic History, Cambridge University Press, 59(01):122-142, March 1999. 4 The Spanish government-controlled California land from approximately 1770 to 1821 and the Mexican governmentcontrolled California land from 1821 to 1846. 5 Nancy Olmsted. Vanished Waters: A History of San Francisco's Mission Bay, Mission Creek Conservancy, San Francisco, 1986.
6 CIRCA Preservation Consulting, “City of Los Altos Historic Resources Inventory”, Prepared for the City of Los Altos, 2012. 103
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parcels of land for wheat farming and cattle ranching. During this time, the Property was located within 640 acres of public land covered in dense chamisal,
7 and it was surrounded by several Mexican era ranchos, including La Purísima Concepción to the west, San Antonio to the south, Rincon de San Francisquito to the north, and Pastoria de las Boregas to the north/northeast. At this time, the largest landowner within presentday Los Altos was Juana Briones de Miranda’s (Figure 2), who purchased the 4,439-acre Rancho La Purísima Concepción in 1844 from José Gorgonio and his son José Ramon, Ohlone Indians, who were granted the Rancho by then Mexican Governor Juan Alvarado in 1840. Juana, a single mother with eight children, was a medical practitioner and a well-known San Francisco merchant. Juana moved to the rancho in 1847 and built an adobe house within the northern portion of the land. Following the California Land Act of 1851, Juana filed a claim to the Commission for the rancho land, and with the help of her attorney Henry Wager Halleck, she fought to retain her land.
8 However, by the early 1860s, Juana had to sell portions of her land to support her family. In 1857, she sold approximately 2,000 acres to Martin Murphy, who had arrived in California in 1844 in the Stephens-Townsend-Murphy Party, the first wagon train to cross the Sierra Nevada into California. 9 Martin paid Juana $7,000 for the land, adding to his approximately 4,800-acre land holdings in the presentday City of Sunnyvale, known then as Bay View Ranch. 10 In the early 1860s, Juana sold 2,000 acres to Joseph P. Hale, establishing the largest cattle ranch and wheat farm in Los Altos. Along with four other families (names unknown), Hale lived within the ranch, known as Hale Ranch, located west of the Property. In 1862, John Snyder arrived in the Los Altos area, where he purchased land and planted grain within what became known as the Snyder Ranch, which comprised 700 acres, of which some acreage was purchased from Juana.

When Juana’s land claim was finally patented on August 15, 1871, 11 most of the Rancho La Purísima
Concepción had been sold to Euro-American settlers or granted to Juana’s children.

In the 1850s and 1860s, Santa Clara Valley’s primary crops were wheat and grain. During this time, farmers living in Los Altos loaded their crops onto wagons, hauling them to the Mountain View Station stage stop, located along the San Francisco-San Jose Stage Road, known today as El Camino Real. In 1864, the Southern Pacific Railroad established a rail line within present-day Mountain View, approximately one mile north of the Mountain View Station stage stop. In 1865, the City of Mountain View was officially laid out. Due to its proximately to the developing City of Mountain View and the new railroad stop, the small community of Los Altos began to grow. In the 1870s, Los Altos consisted of small and large farms planted with grain and fruit crops. By the 1880s, fruit crops began to replace wheat and grain as the dominant agricultural crop in Santa Clara Valley, and by 1890, many of the larger farms and cattle ranches were subdivided and sold as small farms. During this time, the small farms produced “much as 200 dollars per acre from prunes, apricots, 7 Chamisal is a Mexican word that means overgrowth of chamiso, an evergreen shrub. 8 CIRCA Preservation Consulting, “City of Los Altos Historic Resources Inventory”, Prepared for the City of Los Altos, 2012. 9 Gordon Richards, ”Stephens-Townsend-Murphy Party”, Truckee Donner Historical Society, https://www.truckeehistory.org/the-first-pioneer-wagons-crossed-the-sierra-over-160-years-ago.html, (accessed 5/22/2023).
10 Los Altos Hills, “Lost Altos Hills History Anthology (1956-2016)”, 2016. 11 Sacramento State Office, “Report of the Surveyor-General of the State of California from August 1, 1898 – August 1, 1898.’ 1886.
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peaches, cherries, pears, and other fruits.”12 By 1900, the land where the Property is located was planted with fruit trees.

In the early 1900s, land development and transportation companies began buying land in Los Altos for future development. During this time, the area of present-day Los Altos saw large tracts of undeveloped land, including where the Property is located, subdivided as part of planned transit development. In Los Altos, Southern Pacific Railroad President, Paul Shoup, and his brother, Guy Shoup, an attorney for the Southern Pacific, purchased a right-of-way from Palo Alto to Los Altos to run a connecting line through Los Gates and points south. This coincided with Paul Shoup’s founding of the Altos Land Company in 1906. Paul, who is known as the father of Los Altos, proposed to link the cities of Palo Alto and Los Gatos with a new rail line through present-day Los Altos; however, the route where the rail line was proposed to be located within two adjoining parcels owned by rifle heiress Sarah Winchester, who did not want the railway line to split the two adjacent parcels (Figure 3). On October 19, 1907, the Altos Land Company was incorporated, with Paul Shoup as its director. Soon after its incorporation, the Southern Pacific Railroad acquired the company as the newly formed subsidiary, Peninsular Railway. Although the Altos Land Company failed to purchase the right-of-way through Sarah Winchester’s property, they offered to buy both lots from her instead. She accepted the offer, which allowed the Altos Land Company to move ahead with its plan to develop the small community. The Altos Land Company kicked off its development plans by sponsoring outdoor land sales events, which coincided with the construction of the new Southern Pacific route from Palo Alto to Los Altos to provide train service through Los Altos. On April 19, 1908, the Southern Pacific train service opened in Los Altos with five trains per day along the route of the present-day Foothill Expressway.

During the early 1900s, the Altos Land Company continued its marketing campaign to sell lots for development to support its new rail line by promoting Los Altos as “the loveliest place on the peninsula” (Figure 4 and Figure 5). As part of their marketing efforts, residents of San Francisco were offered free railroad excursions in the country for a day, with complimentary picnics alongside the tracks where lot sales were being sold. By 1911, there were 50 new houses constructed within Los Altos, as well as several office buildings and stores along Main Street (Figure 6). The 10-acre lots were priced from $400 to $650, and homes could be built from $2,000 to $4,000. The 10-acre lots were also laid out to support small family-owned fruit farmers, including the lots along Hawthorne Avenue. Shoup then laid out the town of Los Altos, and the first business to open in downtown Los Altos was Eschenbruecher’s Hardware Store at 316 Main Street, which also housed the post office. The Los Altos Water Company, Los Altos Building and Loan, University Land Company, and the railroad company also occupied offices in downtown Los Altos. In 1909, the two-story Shoup Building was constructed at Main and Second streets, which housed a grocery store downstairs, managed by Paul Shoup’s brother-in-law, Al Robinson, while the second floor was used as a school, where one teacher taught first through eighth grade. In 1914, the Southern Pacific constructed a new train depot in Los Altos (Figure 7).

During this time, the railroad and, in particular, the electric streetcar, were vital in opening the suburbs to lower and middle-income residents. Between 1910 and 1930, Los Altos prospered as a small town supported by small family-owned orchards and working-class residents who commuted to areas such as San Jose and San Francisco. During this time, small subdivisions developed, and new roads were constructed; however, 12 Jose Salameda, Memories of Los Altos, publisher Joe Salameda (January 1, 1982). 105
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housing construction within the new subdivisions was slow.

During the early 1900s, Los Altos residents were mainly of European or American descent. According to the 1910 U.S. Federal Census, no African Americans were living in Los Altos and there was only one Japanese family and three single Japanese men working as servants, gardeners, or cooks. 13 By the 1920s, the number
of Japanese residing in Los Altos had increased, making up approximately 22% of Los Altos’ population; however, there were very few Chinese and only three African Americans residing in Los Altos. During the 1920s, many Japanese American and Japanese immigrants found work on the numerous fruit orchard farms throughout Santa Clara Valley, including Los Altos. Most Japanese leased land due to the restrictive and discriminatory land legislation under the California Alien Land Law of 1913, making it difficult for the Japanese to own property. However, some Japanese Americas found a way to purchase property, such as George Furuichi and his family. They moved to Los Altos in 1918 and purchased five acres of land on Hawthorne Avenue, 0.2 miles southeast of the Property, where they planted fruit trees. During this time, the Furuichi family appeared to have been the only Japanese family that owned property within Los Altos. By the late 1920s, Los Altos had remained a small town with 10-acre lots slowly being developed with housing.

By the mid-1930s, the nation was emerging from the Great Depression (1929 – 1933), which had created a surge of bank closures, resulting in decreased available capital that impacted agriculture and reduced market prices. In 1933, five days after taking the oath of office, Roosevelt called a conference with the secretaries of Agriculture, Interior, and War and several others to discuss his ideas for recruiting 500,000 men to work in the nation’s forests and eroded farmlands. Roosevelt’s vision was to provide work opportunities, primarily for young men, to repair the land from decades of poor management and over-use, which became known as the “New Deal.” As part of the New Deal, on March 31, 1933, the Emergency Conservation Work (ECW) Act was established under Executive Order No. 6101 and created the Civilian Conservation Corps (CCC) and the Works Progress Administration (WPA). The CCC and the WPA were established to create work opportunities that would not interfere with regular employment. As such, they were explicitly directed toward the conservation of natural resources. The Public Works Administration (PWA) was established six years later, in 1939, and was created by the National Industrial Recovery Act of 1933 (NIRA). The PWA projects included extensive improvements and growth to the Santa Clara Valley and Los Altos road system.

The 1940s brought significant change to the U.S. when on December 7, 1941, Japan bombed Pearl Harbor, Hawaii, and the U.S. declared war on Japan, marking the entrance of the U.S. into World War II (WWII).

Suspecting potential spies within the Japanese American population, the U.S. government quickly enacted a series of measures to restrict the travel of Japanese Americans and Japanese immigrants to the U.S. and Hawaii. On February 19, 1942, President Roosevelt signed Executive Order 1066, which authorized the internment of 120,000 people of Japanese descent, including Nisei, who were Japanese Americans born to Japanese parents, and Issei, who were the first generation of Japanese to immigrate to the U.S., in 11 camps located across seven states. In March 1942, the Japanese American communities throughout San Jose were told to “relocate” to military areas. Many of them were sent to the assembly center at Tanforan for 13 CIRCA Preservation Consulting, “City of Los Altos Historic Resources Inventory”, Prepared for the City of Los Altos, 2012.
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assignment to internment camps. In 1942, George Furuichi and his family were sent to the Heart Mountain Relocation Center in northwest Wyoming. In 1943, George was recruited by the U.S. Army during his internment, and he served as part of the famed U.S.-Japanese “Go for Broke” 442 Regimental Combat Team.

The end of WWII also saw the return of U.S. soldiers and returning Japanese residents who were released from internment camps. The War Relocation Authority (WRA) gave each Japanese residents $25 in cash and a train or bus ticket back to their hometowns. Some Japanese residents returning home found their belongings stored by churches or trusted neighbors. In contrast, others discovered their homes and businesses in disarray, and their things were often stolen or broken.14 Unlike many Japanese Americans who lost everything during their internment, George Furuichi and his family retained their land, which was maintained and protected by close friends. In 1947, George, his sister Helen, and his cousin Tom, who also interned during WWII, opened the Los Altos Nursery, which the Furuichi family owned until it was sold in 2018.

During the late 1940s, Los Altos and Santa Clara County experienced tremendous job growth related to new industries, including the electronic and defense industries, resulting in a manufacturing boom (Figure 9). The town of Los Altos, like many other cities throughout the U.S., saw a housing boom with the return of soldiers after WWII. As the City grew, the now 7,922 residents, feared that either Palo Alto or Mountain View would annex the growing town. In 1952, the citizens voted to incorporate the City of Los Altos, becoming the eleventh City in Santa Clara County. By 1960, with the economy booming and new residential housing constructed, the population of Los Altos reached 19,696. By this time, the automobile had replaced the train, and in 1964 the Southern Pacific Railroad ceased operations in Los Altos. During the 1970s, the technology industry was beginning to grow, and downtown Los Altos consisted of commercial buildings, restaurants, and a movie theater (Figure 10). In 1976, Apple co-founders Steve Jobs and Steve Wozniak built the first 50 “Apple I” computer in Jobs’ parents’ garage in Los Altos.
14 James C Williams, and Kent Seavey. “Gilroy Yamato Hot Springs National Register of Historic Places Nomination”, (NR#95000996), Washington, DC: National Park Service, 1995. 107
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Figure 2. undated photograph of Juana Briones de Miranda (courtesy of the NPS).

Figure 3. A 1906 tract map is showing the Property (red arrow) concerning the Sarah Winchester parcel (highlight center parcel) that was sold to the Altos Land Company and later became the townsite for Los Altos (courtesy of the Los Altos History House Museum Archives).
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Figure 4. ca. 1907 bird’s eye view drawing of the developing community of Los Altos (courtesy of the Los Altos History House Museum Archives).

Figure 5. A marketing brochure from the Altos Land Company advertising the Los Altos as the loveliest place on the peninsula (courtesy of the Los Altos History House Museum Archives). 109
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Figure 6. Advertisement from the Altos Land Company, advertising Los Altos as the loveliest place on the peninsula (courtesy of the Los Altos History House Museum Archives).

Figure 7. ca. 1920 photograph of the 1913 Southern Pacific Railroad depot in Los Altos (courtesy of the Los Altos History House Museum Archives).
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Figure 8. ca. 1930 photograph of George Furuichi (third from the right) and other Japanese workers. The location may have been within his property on Hawthorne Avenue (courtesy of the Los Altos History House Museum Archives).

Figure 9. 1944 aerial photograph of downtown Los Altos (courtesy of Don McDonald). 111
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Figure 10. 1970s photograph of downtown Los Altos (courtesy of the Los Altos History Museum).

PROPERTY HISTORY
In the late 1840s, the Property was part of unclaimed public land acquired by the U.S. government in 1848.

By 1865, the Property was surveyed under the PLSS and became part of a 640-acre property covered with chamisal, a term for the overgrowth of chamiso, an evergreen shrub (Figure 11). By 1873, the 640-acre property was divided into two parcels, one belonging to “Graham” and the other belonging to “Bailey” (Figure 12). During this time, the Property was within the Fremont Township in Santa Clara County, and the land where the Property is located was still covered in chamisal. By 1876, the property was divided into smaller parcels, and the subject Property became part of a 40-acre property belonging to T & J.P. Dillon (Figure 13).

During this time, there were two private roads within the 40-acre property, one of which became South San Antonio Road, located west of the Property, and the other was South El Monte Avenue.

By 1890, the 40-acre property was part of the L.S. Clarke Subdivision that consisted of 48 10-acre lots, with the Property located within Lot 12 (Figure 14). Although the Property was part of an early subdivision, housing within this area was slow to develop. According to the 1897 USGS 15’ Palo Alto quadrangle map, no houses were within Lot 12 during this time (Figure 15). By 1910, new roads were constructed within the subdivision, including Hawthorne Avenue, within what was now known as the Altos Acres Tract residential subdivision.

The Property was part of a 0.70-acre property known as Lot 15 (Figure 16); however, it was not until 1926 that the Property was developed.
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Figure 11. 1865 Government Land Office (GLO) map showing the Property (in red) within “Dense Chamisal.” Figure 12. 1873 Hoffman and Whitney map showing the Property (in red) within an area covered in chamisal. 113
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Figure 13. 1876 Thompson and West map showing the Property (in red) within T & J.P. Dillon’s 40-acre property.

Figure 14. 1890 Hermann Bros. map shows the Property within lot 12 of the L.S. Clarke Subdivision. 114
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Figure 15. 1897 USGS 15’ Palo Alto Quadrangle showing the Property.

Figure 16. A 1910 Subdivision Map of the Alto Acres Tract, showing the location of the Property (outlined in red; courtesy of Santa Clara County).
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Table 1. Owner and Occupant History
1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape Year Owners/Occupants Details
1926-1946 Owners: Carrie H.

Willey Payson and
Holland Searles
Payson
• The first owners of the property were Carrie and Holland Payson.

During this time, the Property was part of a larger 0.7-acre parcel known as Lot 15 that extended east.
• Carrie and Holland purchased the property from Purl Nathanial (P.N.) Doyle. Doyle designed and constructed the 1926 house as a development project (Figure 17).
15 According to an advertisement in
The Daily Palo Alto Times, the 1926 house was constructed with “materials and millworks furnished by the D. and S. Lumber Company in Mountain View,”
16 and the 1926 house “contained seven rooms on the
first floor and two rooms on the second floor with a Modern-Way Furnace.”
17 A rectangular-shaped detached garage (no longer extant) was constructed at the rear of the property.
• During the 1930s, orchard trees surrounded the property, and the neighborhood consisted of only a few houses (Figure 18, Figure 19, and Figure 20). In 1940, the address was P.O. Box 253 (Figure 21), and in 1945, the property’s address was changed to P.O. Box 301.18 • Carrie was born in San Francisco in 1881, and Holland was born in San Francisco in 1879. Carrie and Holland married in 1905. They had two children, Roberta and Stephen. The family lived in Berkeley, where Holland worked as an engineer.19 Before purchasing the then 0.7-acre Property from Doyle in 1926, Carrie and Holland lived in Mountain View.20 During Carrie and Holland’s property ownership, Holland worked for the California State Highway as an engineer. However, he also served in the military during WWII (Figure 22),21 and Carrie kept house. In 1940, Carrie and Holland’s son Stephen and his wife Mauren also lived in the 1926 house.
• Holland died in 1942,
22 and Carrie died in 1970.23
1946-1950 Owner: Andrew C.

Blake and Katherine
Elizabeth “Betty”
Perot Blake
• The subsequent owners of the property were Andrew C. and Katherine Blake. Andrew and Katherine purchased the 0.7-acre property for 15 Purl Nathaniel Doyle is not listed on the PCAD as an architect or builder. 16 Newspapers.com, “Beautiful Los Altos Homes Built by P.N. Doyle”, The Daily Palo Alto Times, December 2, 1927. 17 Ibid.
18 Dr. Martin Luther King Junior Library, California Room, 1940 City Directory. 19 Newspapers.com, “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970. 20 Newspapers.com, “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970. 21 Ancestry.com. U.S., World War II Draft Registration Cards, 1942 22 Newspapers.com, “Holland S. Payson is Claimed by Death”, The Peninsula Times Tribune, December 26, 1942. 23 Newspapers.com, “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970. 116
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1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape Year Owners/Occupants Details
Doolittle $18,500.24 By 1950, the property’s address was 121 Hawthorne Avenue.25 During the Blake’s ownership of the property it was subdivided, and the lot where the 1926 house is located was reduced to its current 0.344-acre size. It appears that when the lot was split the address may have been changed to 41 Hawthorne Avenue.
• Andrew was born in 1907 in Colorado, and Katherine was born in 1914 in New York. Andrew and Katherine married in 1934 in New York City, and they had four children, Edward, Peter, Fred, and Andrew Jr. Andrew worked for the Shell Oil Company and Katherine kept house. • During the 1940s, the original detached garage was demolished, and in the 1950s, the current ca. 1950 detached garage was constructed (Figure 23 and Figure 24).
• Andrew died in 1950.
26 This same year, Katherine married Duane
Dolittle,
27 and sometime in the early 1950s, they sold the 0.344-acre Property and moved to New York, where Duane taught at Syracuse University.28
1950s-1956 Owners: Nelson D.

Gustin and Pauline
Waters Gustin
• The next owners of the Property were Nelson and Pauline Gustin.

However, Nelson and Pauline did not live in the 1926 house; instead, they resided at 2054 Euclid Avenue in Palo Alto.
• Nelson was born in 1904 in Pennsylvania, and Pauline was born in 1902 in Pennsylvania. Pauline and Nelson married in 1929 and had one child, Nelson Jr. During Pauline and Nelson’s ownership of the Property; they owned and operated Gustin’s drive-in restaurant at 1520 Bayshore Highway in Palo Alto.29
• In 1956, Pauline and Nelson sold the Property to Kenneth and Miriam Patton.
1956-1965 Owners: Kenneth F.

Patton and Miriam
F. Derr Patton
Occupants:
unknown
• The subsequent owners of the Property were Kenneth and Miriam Patton. Kenneth and Miriam do not appear to have lived within the 1926 house. Instead, they lived at 942 Van Auken Circle in Palo Alto.30 In the 1950s, an awning roof (no longer extant) was attached to the southeast corner of the 1926 house, and a fabric porch awning was located along the primary facade (Figure 25 and Figure 26). • Kenneth was born in 1918 in California and Miriam was born in 1918 in 24 Newspapers.com, “Noted Engineer and Family Moving Into Los Altos Home”, The Peninsula Times and Tribune, May 14, 1946.
25 Ancestry.com. 1950 United States Federal Census.
26 Ancestry.com. California, U.S., Death Index, 1940-1997. 27 Ancestry.com. California, U.S., Marriage Index, 1949-1959. 28 Newspapers.com, “Katherine E. “Betty” Doolittle”, The Bangor Daily News, September 17, 2000. 29 Ancestry.com. U.S., City Directories, 1822-1995.
30 Ancestry.com. U.S., City Directories, 1822-1995.
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1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape Year Owners/Occupants Details
California. In 1941, Miriam graduated from University of California San Francisco School of Nursing and in December of that year, Miriam and Kenneth married in San Jose at the ages of 24 and 22, respectively.31 Kenneth and Miriam had four children, Sally, Judith, Danice, and David.

During Miriam and Kenneth’s ownership of the Property, Kenneth worked as a photographer for Ampex Corporation in Redwood City,32 and Miriam kept house.
• The Finley Realty company managed the rental of the Property for Kenneth and Miriam. In 1956, a permit (no. A2440) was issued to Finley Realty to repair termite damage to the 1926 house for $280. • No information about the occupants of the 1926 house was found. 1965-1968 Owners: George
Russell Otto and
Cora Ann Hart Otto
• The next owners of the Property were George and Cora Otto. During Cora and George’s ownership of the Property, they did not live in the 1926 house. Instead, they lived at 1007 Judson in Mountain View while George worked as a psychologist for the Palo Alto Unified School District.33
• George was born in 1930, and Cora was born in 1937. Cora and George married in 1955 in San Luis Obispo when he was 25 and Cora was 18. At the time, Cora had recently graduated from Arroyo Grande Union High School, and George was enlisted in the Army, where he was stationed at Fort Sill in Oklahoma.34 After George finished his service, he went into the ministry and worked as a student pastor for the Presbyterian Church in Summerland.
• Cora and George had three children together, John, Greg, and Robles. • Cora died in 1999.35
• No additional information about George or Cora was found. 1968-1974 Owners: Wayne
Miller, Roland P.

Boutin, and
Dorothea Tibbs
• The subsequent owners of the Property were Wayne Miller, Roland Boutin, and Dorothea Tibbs. The three owners did not live in the 1926 house. Instead, Roland lived in Palo Alto at 580 Arastradero Road.36 Dorothea and Wayne’s addresses during their ownership were not found. During this time, orchards near the Property were removed and the surrounding neighborhood developed with more residential and commercial buildings, though the Property remained surrounded by 31 Newspapers.com, “Marriage Licenses”, The Peninsula Times Tribune, December 17, 1941. 32 NCS Import, “Kenneth Patton”, The Union, May 21, 2002, https://www.theunion.com/news/kennethpatton/article_b9c0c0fa-ac40-5efb-abaf-af38152ba8b1.html, (accessed 04/12/2023). 33 Ancestry.com. U.S., City Directories, 1822-1995.
34 Newspapers.com, “Miss Cora Hart Becomes Bride of G. Otta at Arroyo Grande”, The Tribune, July 22, 1955. 35 Newspapers.com, “Cora Ann Otto”, The Tribune, October 07, 1999. 36 Ancestry.com. U.S., City Directories, 1822-1995.
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1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape Year Owners/Occupants Details
trees (Figure 27).
• Wayne owned and operated Miller Properties Inc. and was a shareholder of Small Holder Associated Real Estates Inc. (SHARE), a small company created in 1963. During their ownership, Dorothea worked for Wayne at SHARE. At this time, Roland owned and operated Paramount Tax Service. In 1970, Wayne and Roland established Miller Boutin Investment Management Company.37
• No additional information about Roland was found.
• Wayne was born in 1929 in Manito, Illinois. He attended Bradley University and graduated in 1952 before enlisting in the Navy. After graduating, Wayne attended Stanford University School of Business, earning his M.B.A., and created Miller Properties in 1957. Wayne married Lois Trussell Kreb and they had two children together, David, and Jared, and also raised Lois’ child, Whitney, from a previous marriage. Wayne retired in 1995 and died in 2002.38
• Dorothea was born in 1919 in California. Dorothea and Thomas Tibbs married (date unknown) and together they had two children, Thomas Jr. and Richard.39 Dorothea died in 2008.40
1974 Owners: Hyman
Mitchner and
Myrna E. Toban
Mitchner
• The next owner of the Property was Hyman and Myrna Mitchner, who briefly owned the Property in 1974. During Hyman and Myrna’s ownership of the Property, Hyman worked as one of three vice presidents of Syntex Laboratory.41
• Hyman was born in 1930 in Vancouver, Canada, and Myrna was born in 1933 in Vancouver. Myrna and Hyman married in 1955 in Canada and immigrated to the U.S. this same year.42 They had four children, Leslie, Seth, Laura, and Zale. Hyman was a member of the Gideon Hausner School in Palo Alto and raised money for Technion University in Israel.43 • Myrna died in 2019,
44 and Hyman died in 2021.45
37 Newspapers.com, “Real Estate Investment Trust Form”, The Peninsula Times Tribune, July 08, 1970. 38 Newspapers.com, “Wayne Henry Miller”, Ventura County Star, July 10, 2002. 39 Ancestry.com. 1950 United States Federal Census.
40 Ancestry.com. U.S., Social Security Death Index, 1935-2014. 41 Newspapers.com, “San Jose men charge in confidence swindle”, Peninsula Times Tribune, March 21, 1984. 42 Newspapers.com, “Wisconsin Home for Couple Married at Sunday Service”, The Vancouver Sun, June 28, 1955. 43 Los Altos Town Crier Report, “Hyman Mitchner”, Mary 26, 2021, https://www.losaltosonline.com/people/obituaries/hyman-mitchner/article_c38eb3e4-be41-11eb-9e8ecf312185caa7.html, accessed 04/12/2023. 44 Los Altos Town Crier, Myrna Toban Mitchner, April 13, 2019, https://www.losaltosonline.com/people/obituaries/myrna-toban-mitchner/article_2c9480fc-a9d2-5e3c-a014- 1500e6a9f512.html, accessed 04/12/2023.
45 California Digital Newspaper Collection, Hyman Mitchner, The Jewish News of Northern California, June 11, 2021. 119
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1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape Year Owners/Occupants Details
1974-2000 Owners: Derek Bray
and Rosamond Bray
• The subsequent owners of the Property were Derek and Rosamond Bray.
• In 1976, Derek and Rosamond added a 24-foot-wide by 20-foot-tall second-story addition to the 1926 house at a total cost of $16,800 (permit no. A14468). In 1979, Derek and Rosemond re-roofed the 1926 house (permit no. A16717), added a ca. 1980 storage shed, and repaired the fireplace chimney in 1996 (permit no. 1996-629231). • Derek was born in 1934 in Yorkshire, England. In 1961, Derek and Rosemond had two children, Alexander and Victoria, and in 1963, Derek and Rosemond and their two children immigrated to the U.S. from England.46
• No additional information about Derek or Rosemond was found. 2000-2022 Owner: Anne C. M.

Wilson
• The subsequent owner of the Property was Anne C. M. Wilson. In 2000, Anne removed one layer of shake roof and added Celotex,47 and onehalf-foot of plywood to the 1926 house and ca. 1950 garage (permit no. 2000-637161). In 2002, Anne made additional changes to the 1926 house, including a second-floor bathroom, adding a furnace to the attic, replacing the pipes with copper pipes, replacing the water heater, and installing an electronic pump and panels (permit no. 67218). • No additional information about Anne was found.
46 Ancestry.com. California, U.S., Federal Naturalization Records, 1843-1999. 47 A roofing material made of fiberboard from sugar cane waste. 120
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Figure 17. A 1927 newspaper photograph of the 1926 house with the rectangular detached garage (no longer extant) at the rear of the property (courtesy of Newspapers.com, The Daily Palo Alto times, December 3, 1927).

Figure 18. 1930 aerial photograph showing the Property (courtesy of the University of Santa Barbara Library). 121
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Figure 19. 1939 aerial photograph showing the Property (courtesy of the University of Santa Barbara Library).

Figure 20. 1941 aerial photograph showing the Property's location surrounded by some houses, but mainly orchards (courtesy of University of Santa Barbara Library).
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Figure 21. 1940 Polk Directory for San Jose, showing the Property with the address of PO Box 253 (courtesy of the San Jose State University, California Room).

Figure 22. Holland’s WWII Registration Card showing the address of the Property (courtesy of Ancestry.com). 123
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Figure 23. 1948 aerial photograph showing the 1926 house and the now extant ca. 1926 detached garage at the rear of the Property (courtesy of the University of Santa Barbara Library).

Figure 24. 1956 aerial photograph showing the Property and ca. 1950 detached garage (extant) (courtesy of the University of Santa Barbara Library).
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Figure 25. 1959 photograph of the 1926 house showing the porch awning (no longer extant) (courtesy of the Sreenivas and Isabel Tallam).

Figure 26. A photograph of the 1926 house taken in February 1962 showing the corner awning roof (no longer extant) and parking adjacent to the front yard (courtesy of the Sreenivas and Isabel Tallam). 125
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Figure 27. 1968 aerial photograph of the Property with increased residential development around it (courtesy of the University of Santa Barbara Library).

ARCHITECTURAL CONTEXT
The following section briefly describes the Tudor Revival architectural style that is associated with the 1926 house within the Property.

TUDOR REVIVAL (1890 – 1940)
The following is taken from the Pennsylvania Historical & Museum Collection,48 which describes the Tudor Revival Architectural style.
“The Tudor style is an eclectic mixture of early and Medieval English building traditions to create a picturesque, traditional appearance. Tudor is somewhat of a misnomer since the style does not closely follow the building patterns of the English Tudor era of the early 16th century.

Instead, it is an amalgam of late medieval English-inspired building elements. The earliest examples of this style were architect-designed and more closely followed original English models of the Elizabethan and Jacobean eras. These early, ornate buildings are sometimes called Jacobethan style rather than Tudor. In the early part of the 20th century, less ornate versions of this medieval English style became very popular for the design of homes, spreading across the country through pattern books, builders' guides, and mail-order catalogs.

Tudor buildings are easily identified by their steeply pitched roofs, often with front-facing gables or multiple gables and half-timbered wall surfaces. Not all Tudor buildings have halftimbering, but all share similar massing and Medieval English decorative details. These details 48 Pennsylvania Architectural Field Guide, http://www.phmc.state.pa.us/portal/communities/architecture/styles/tudorrevival.html, (accessed 5/16/2023). 126
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might include an overhanging gable or second story, decorative front or side chimney, diamond-shaped casement windows, or a round-arched board and baton front entry door.

Tudor houses are almost always made of stucco, masonry, or masonry-veneered construction, often with ornamental stonework or brickwork. In some Tudor buildings, the roofs curve over the eaves to imitate medieval thatching, or the roof line curves from peak to cornice to suggest a medieval cottage. Often picturesque and charming, Tudor style buildings, mansions, and more common houses can be found throughout the state.”49 Character-defining features of Tudor Revival architecture often include:
• Steeply pitched roofs with wooden or slate shingles
• Intersecting gables
• Stacked chimneys or chimney pots
• Half-timbering
• Casement windows with leaded glass and six-over-one double-hung windows • Oriels and one- or two-story bay windows
• Multiple materials, including stucco, rubblework masonry, patterned stonework or brickwork, clapboards
• Vertical plank doors
• Asymmetrical floor plan
BUILDER: PURL NATHANIEL DOYLE
The designer and builder of the 1926 house was Purl Nathaniel (P.N.) Doyle (Figure 28). Purl was born in 1874 in Illinois. In 1896, Purl and Hattie E. Harrison married in Colorado and they had one child, Clarence.50 In 1896, Hattie died in Colorado, and sometime between 1896 and 1900, Purl moved to California, leaving Clarence to be raised by Purl’s parents, William and Emily Doyle, in Illinois. 51 By 1905, Purl lived in San Francisco and
worked as a carpenter.52 In 1906, Purl and Ethel Baxter married in Berkeley, California, when he was 31 years old and she was 22.53 Purl and Ethel had one child, Clifford. In 1910, during a time of growth in Los Alto, Purl and Ethel purchased a 50 foot by 142 foot lot on Second Street and constructed a five-bedroom house. 54 In
1914, Purl and Ethel sold their Los Altos house, and by 1920, Purl and Ethel settled permanently in Mountain 49 Pennsylvania Architectural Field Guide, http://www.phmc.state.pa.us/portal/communities/architecture/styles/tudorrevival.html, (accessed 5/16/2023). 50 Ancestry.com. Colorado, County Marriage Records and State Index, 1862-2006. 51 Ancestry.com. 1900 United States Federal Census.
52 Ancestry.com. U.S., City Directories, 1822-1995.
53 Newspapers.com, “Marriage Licenses”, The San Francisco Call, July 18, 1906. 54 Newspapers.com, “Los Altos Enjoys Wonderful Boom”, The San Francisco Examiner, April 17, 1910. 127
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View, where Purl continued working as a carpenter.55 56 By the 1920s, Purl was a well-known local builder in Santa Clara County, focusing mainly on remodeling buildings, including a warehouse behind the Eschenbruecher’s Hardware Store at 316 Main Street. 57 58 In
1942, Purl’s wife, Ethel, died. In 1948, Purl was elected secretary and treasurer for the Palo Alto Carpenter Local 688. He was also a member of Mountain View Carpenters Union Local 1280 and Woodmen of the World.

Purl died in 1950.
59 Although locally known, Purl is not listed as a builder or designer in PCAD and is not considered a master builder or known for any design type or development style.

Figure 28. Advertisement in The Daily Palo Alto Times, December 3, 1927 (Newspapers.com). 55 Ancestry.com. 1920 United States Federal Census.
56 Newspapers.com, “Los Alto Real Estate”, The San Francisco Examiner, July 04, 1914. 57 Newspapers.com, “Building Permits” The Daily Palo Alto Times, May 8, 1921. 58 Newspapers.com, “Los Altos Business Block Sold; Will be Entirely Renovated”, The Daily Palo Alto Times, March 16, 1921.
59 Newspapers.com, “Carpenters Union Agent Succumbs”, Daily Palo Alto Times and Palo Alto News and Palo Alto Shopping Review, July 2, 1950.
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HISTORIC ARCHITECTURAL SURVEY
On April 5, 2023, EDS Principal Architectural Historian Stacey De Shazo, M.A., completed a historic architectural survey of the property, including the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape. The results of the historic architectural survey are documented in the following section.
1926 HOUSE
The 1926 house is associated with the Tudor Revival architectural style and was designed and constructed by builder Purl Nathanial Doyle. Alterations to the 1926 house occurred in 1976, 1979, 1996, and 2002, detailed in this section and the “Previous Alterations” section below. The two-story house has a raised foundation with decorative cast-iron vents along the perimeter, with metal mesh vents along the foundation perimeter at the 1976 addition. The house has a side-facing gable form, with two cross-gables on the south elevation and a single, central cross-gable off the north elevation. The peaks of the roof gables at the south elevation are set below the ridge of the side gable, while the north elevation is above the ridgeline of the side gable. The roof is clad with composite shingles, while the house is finished with stucco and exposed half-timbering. At the roof's peak is a small, stucco-finished chimney. As the house is on a raised foundation, the north elevation has a raised deck connecting the original house eave to the 1976 gable addition.

South Elevation (Primary Facade)
The south elevation consists of two front-facing gables with steep multi-gable roofs (Figure 29). The western gable is flush with the eaves of the side roof gable, while the eastern gable projects forward from the eave, and the east roof curves down and across an open, central portico (Figure 30). The central porch has two three-centered arches, one to the south and one to the west. These arches are supported by a stucco column to the southwest and the house walls to the north and east. A single wood door is within the portico, on the west wall. There are two in-kind replacement picture windows, consisting of a central, square, fixed singlelight window in between two three-over-one, double-hung wood windows; between each of these three windows is a thick wood mullion (Figure 31). Although not original, these windows were replaced in-kind in material and style. Each window is located at the first-story level and centered below the roof gable. Within each gable, there is a three-over-one, double-hung wood window. At the south peak of the 1976 addition, there is a small, square vent.
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Figure 29. South elevation, facing north.

Figure 30. South elevation, facing northeast.
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Figure 31. Picture window on south elevation, facing north.

East Elevation
The east elevation consists of a double gable and eave section of the 1976 addition (Figure 32). The east elevation includes ten windows, of which four are new, and six are original. Three new windows appear to be in-kind replacements, and two are new to the elevation. The five windows on the first story of the eastern projecting gable consist of a pair of three-over-one, double-hung wood windows with a thick wood mullion, to the south of a three-over-one, double-hung wood window with horned stiles and a four-over-one, double hung wood window, with horned stiles (Figure 33). Below the peak and set between the exposed timber is a three-over-one, double-hung wood window. The gable between this projecting gable consists of a four-overone, double-hung wood window at the southern section of the first story and a four-over-one, double-hung wood window with horn stiles at the north section. On the second story and off-center is a four-over-one, double-hung wood window. Directly below this peak, there is a small, square vent. The eave section of the 1976 addition has a sliding glass door at the first story and a pair of three-over-one, double-hung wood windows with a thick wood mullion between them (Figure 34). 131
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Figure 32. East elevation, facing west.

Figure 33. Three-over-one windows with horned stiles (aka lugs) on the east elevation, facing west. 132
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Figure 34. East elevation, facing southwest.

North Elevation
The north elevation consists of three eave sections of the original 1926 house and the gable section of the 1976 addition (Figure 35). The north elevation includes six windows, one fixed window and one casement window that appear to have been repurposed from the original north façade. The easternmost eave consists of a three-over-one, double-hung wood window with horn stiles beside a wood door with six square slights along the top of the paneled door. Along the first story of the gabled section, there is a single wood panel door with six square lights along the top of the door beside a square, four-light-hinged window; these two are between two three-over-one, double-hung wood windows (Figure 36). There are two three-over-one, double-hung wood windows at the second-story level. A square, fixed four-light window below the peak is set between the exposed timbers. Two vents are built into the stucco on either side of the window. A contemporary deck is accessed via two brick steps. The deck wraps around from the east elevation north and extends past the rear entry door within the 1976 gable addition. The west eave section of the addition includes a single wood panel door with six square lights along the top, opening onto a paver stoop. 133
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Figure 35. North elevation, facing south.

Figure 36. North elevation, facing south.

West Elevation
The west elevation consists of the original side gable of the 1926 house and an eave end of the 1976 northfacing gable addition (Figure 37). The gable section includes exposed half-timber framing and stucco. Along the first story are two pairs of three-over-one, double-hung wood windows with thick wood mullions between them. The windows of the second story consist of two, three-over-three, double-hung wood windows set between the exposed timbers. There are three vents on either side of the windows and above, directly below 134
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the gable peak. An original cast-iron crawl-space vent is along the house's foundation (Figure 38). The eave section of the 1976 addition consists of a four-over-one, double-hung wood window at the second-story level.

Figure 37. West elevation, facing southeast.

Figure 38. Cast-iron vent cover at the foundation.
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CA. 1950 DETACHED GARAGE
The ca. 1950 detached garage is not associated with any architectural style or form. The one-story detached garage has a front-facing gable form and a concrete slab foundation (Figure 39). The walls are clad with clapboard siding, while the moderately pitched roof is clad with asphalt shingles. Surrounding the windows and doors and around the perimeter of the roof is a simple, thick trim. The south elevation is the primary façade and consists of an off-center, two-car aluminum garage door. The gable vent consists of vertical boards along the peak. The east elevation consists of the eave of the garage and has a centered, projecting metal and glass greenhouse window. The north elevation was not visible during the survey. The west elevation consists of a central, single metal door between a fixed, square window and a small vertical, rectangular window (Figure 40). This elevation opens to a walkway that is covered by a wood trellis.

Figure 39. South elevation of detached garage, facing north. 136
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Figure 40. West elevation and trellis-covered walkway, facing east.

CA. 1980 STORAGE SHED
The ca. 1980 storage shed is not associated with any architectural style or form. The one-story shed has no foundation, as it was placed directly on the soil. The shed has a front-facing, gambrel roof form with halftimbered elements. The shed is constructed of vertical wood, which also operates as the exterior finish, and the roof is clad with composite shingles. The southwest elevation is the primary façade, consisting of doubleentry wood doors (Figure 41). The remaining elevations do not have any fenestration. 137
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Figure 41. Photograph showing the double-entry doors along the southwest elevation (primary façade) of the ca. 1980 storage shed, facing north.

ASSOCIATED LANDSCAPE
The associated landscape includes paths for pedestrians and cars, a lawn, a covered trellis with wisteria, and a designed brick patio with flower boxes. The front yard, south of the house, consists of three paths from the street to and around the house. The fence along the front yard's perimeter consists of brick posts supporting two horizontal rails (Figure 42). Between the paths is a sundial built upon a brick pedestal surrounded by bushes and trees. Along the east perimeter of the Property, there is a concrete driveway that extends westward toward the ca. 1950 garage. The wisteria-covered wood trellis runs from the garage to the deck north of the house (Figure 43). Between the house and the driveway is a patio with brick pavers in a design with concrete. Amongst the brick pavers, there are bushes and flowers. The northwest corner of the property consists of a lawn.
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Figure 42. Fence with brick posts and wood rails along southern perimeter of the Property.

Figure 43. Wood trellis with wisteria, facing south.

PREVIOUS ALTERATIONS: 1926 HOUSE
Although the alterations are thoroughly documented in this report's Property History section and the Historical Architectural Survey section, the following section breaks out the most significant alterations to the 1926 house as a bulleted list.
• Rear addition – 1976, Permit no. A14468: A 24 feet wide by 20 feet tall second-story rear addition 139
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was added to the 1926 house at a total cost of $16,800. • Windows - There are twenty-seven windows, of which nine are original to the design of the 1926 house, and the remaining are wood replacement windows, some of which are in-kind replacement and others, along the 1979 addition, are single-hung wood windows that mimic the style and material of the original windows.
• New roof –1979, Permit no. A16717,2000, Permit No. 2000-637161. • Removal/Repair of the Chimney – 1996, Permit No. 1996-629231. • Kitchen and Bathroom Remodel and New Addition – In 2002, Permit No. 67218 was issued for remodeling the “upper bathrooms” and updates to the electrical and plumbing.

EVALUATION OF HISTORICAL SIGNIFICANCE
The Property, including the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape, was evaluated to determine individual eligibility for listing on the CRHR. The 1926 house was evaluated for its association with Tudor Revival architecture with a period of significance of 1926, when the house was constructed. The ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape are not associated with any known architectural style, form, or architectural landscape design or landscape planning.

CALIFORNIA REGISTER OF HISTORICAL RESOURCES
The CRHR is an inventory of significant architectural, archaeological, and historical resources in California.

Resources can be listed in the CRHR through several methods. State Historical Landmarks and NRHP listed properties are automatically listed in the CRHR. Properties can also be nominated to the CRHR by local governments, private organizations, or citizens. The CRHR follows similar guidelines to those used for the NRHP.
60 One difference is that the CRHR identifies the Criteria for Evaluation numerically instead of alphabetically. Another difference, according to the OHP is that “It is possible that historical resources may not retain sufficient integrity to meet the criteria for listing in the NRHP, but they may still be eligible for listing in the California Register. A resource that has lost its historical character or appearance may still have sufficient integrity for the California Register if it maintains the potential to yield significant scientific or historical information or specific data”.
61 A property must possess significance under one of the four criteria and have historic integrity to qualify for listing in the CRHR. Determining integrity consists of evaluating seven variables or aspects that include location, design, setting, materials, workmanship, feeling, and association. According to the National Register Bulletin: How to Apply the National Register Criteria for Evaluation, these seven characteristics are defined as follows:
• Location is the place where the historic property was constructed. 60 California Code of Regulations, Title 14, Chapter 11.5, Section 4850 et seq 61 California Office of Historic Preservation Technical Assistance Series #6 California Register and National Register: A Comparison (for purposes of determining eligibility for the California Register). 140
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• Design is the combination of elements that create the form, plans, space, structure, and style of the property.
• Setting addresses the physical environment of the historic property inclusive of the landscape and spatial relationships of the building(s).
• Materialsrefer to the physical elements that were combined or deposited during a particular period of time and in a particular pattern of configuration to form the historic property. • Workmanship is the physical evidence of the crafts of a particular culture or people during any given period in history.
• Feeling is the property’s expression of the aesthetic or historic sense of a particular period of time. • Association is the direct link between an important historical event or person and a historic property.

The following section examines the eligibility of the Property containing the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape.

CRHR EVALUATION

1. (Event): Is associated with events that have made a significant contribution to the broad patterns of California’s history and cultural heritage.

The Property containing the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape was developed within a planned subdivision in a prosperous time in Los Altos; however, the development of the Property is not associated with any housing boom or any event that made a significant contribution to the broad patterns of California’s history or cultural heritage.

As such, the Property containing the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape does not appear eligible for listing on the CRHR.

Therefore, the Property does not appear individually eligible for listing in the CRHR under Criterion 1.

2. (Person): Is associated with the lives of persons important in our past.

A thorough literature search and review of the Property owners and occupants was completed; however, the research did not reveal any person associated with the Property that is important to our past.

Therefore, the Property does not appear individually eligible for listing in the CRHR under Criterion 2.

3. (Construction/Architecture): Embodies the distinctive characteristics of a type, period, region, or method of construction, or represents the work of an important creative individual, or possesses high artistic values.

Builder: The 1926 house was designed and constructed by Purl Nathaniel (P.N.) Doyle, who was a builder in the Los Altos area; however, Doyle is not an architect, is not considered a master builder, and does not have a known design style or vernacular that is associated with his work. Therefore, the 1926 house is not eligible for listing on the CRHR in association with P.N. Doyle. 141
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Architecture: The 1926 house is associated with the Tudor Revival architecture style, popular throughout the U.S. from 1890 to 1940. The 1926 house demonstrates the essential elements of the Tudor Revival style with many character-defining features associated with the style, including the steeply pitched and sloping multi-gable roofs, the exposed half-timber elements, the two “threecentered” arches along the front porch, the in-kind replacement picture windows with a central square, fixed single-light windows between three-over-one with mullions, original double-hung wood windows within lugs, stucco walls, and the asymmetrical floorplan. The 1926 house is a good example of Tudor Revival architecture from 1926. As such, the 1926 house appears eligible for listing on the CRHR under Criterion 3.

The ca. 1950 garage and ca. 1980 shed and associated landscape are not associated with any known architectural style or form, landscape architectural style, or landscape planning design.

Therefore, the 1926 house within the Property appears individually eligible for listing in the CRHR under Criterion 3 for its association with Tudor Revival architecture.

4. (Information potential): Has yielded, or may be likely to yield, information important in prehistory or history.

Criterion 4 most commonly applies to resources that contain or are likely to contain information bearing on an important archaeological research question. While most often applied to archaeological sites, Criterion 4 can also apply to built environment resources that contain important information. For a building to be eligible under Criterion 4, it must be a principal source of important information, such as exhibiting a local variation on a standard design or construction technique can be eligible if a study can yield important information, such as how local availability of materials or construction expertise affected the evolution of local building development.

The 1926 house does not appear to be able to convey important information about Tudor Revival architecture. As such, none of the built environment resources within the Property are eligible for listing in the CRHR under Criterion 4.

INTEGRITY
A Property must possess significance under one or more of the above-listed criteria and have historic integrity to qualify for listing in the CRHR. There are seven variables, or aspects, used to judge historic integrity, including location, design, setting, materials, workmanship, feeling, and association. 62 A resource must possess the aspects of integrity that relate to the historical theme(s) and period of significance identified for the built-environment resources. National Register Bulletin 15 explains, “only after significance is fully established can you proceed to the issue of integrity.” The 1926 house within the Property was found to be eligible for listing on the CRHR under Criterion 3 for its association with Tudor Revival architecture; as such, an integrity analysis was completed. 62 National Park Service, National Register Bulletin: How to Apply the National Register Criteria for Evaluation (Washington, D.C.: United States Department of the Interior, 1997). 142
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• Location. The 1926 house remains at its original location where it was constructed.

Therefore, the 1926 house retains integrity of location. • Design. The Tudor Revival design elements of the house, for the most part, remain the same as 1926 design, including the asymmetrical form, the steeply pitched and sloping multi-gable roofs, the stucco cladding and timber material, and the original wood windows with lugs and surrounds. Although the there are changes to the north gable that extends from the side gable is an addition that changes the footprint of the house, these changes to the 1926 house are not visible from the public right-of-way and do not detract from the original design, allowing the house to retain its integrity of design from 1926. Overall, the 1926 house retains its Tudor Revival design, particularly from the front-facing gables along Hawthorne Avenue. In addition, the original half-timber elements are visible along each elevation.

Therefore, the 1926 house retains integrity of design from 1926. • Setting. The area surrounding the 1926 house has changed since its initial construction, including the Property itself, which was subdivided in the late 1940s/early 1950s, when the Property was surrounded by trees and the houses nearby were few. Initially, the house was situated within an 0.7- acre parcel, eventually becoming a 0.344-acre parcel. However, the neighborhood was intended for residential development and though development was slow, the area still retains a neighborhood setting with large lots and unique houses built during different decades as the lots were developed.

Therefore, the 1926 house retains integrity of setting. • Materials. The 1926 house retains integrity of materials from its original date of construction. The 1926 house materials include original double-hung wood windows with lugs, exposed half-timbering and stucco, and stucco chimney. Although the house had an extensive rear addition in 1976, the addition is not visible from the public right-of-way and incorporates the use of historical and like materials in its construction.

Therefore, the 1926 house retains integrity of materials. • Workmanship. Workmanship is evidenced by skill or craft from a particular period or region. The 1926 house retains workmanship regarding the knowledge and application of materials associated with woodworking.

Therefore, the 1926 house retains integrity of workmanship. • Feeling. Integrity of feeling is the quality that a property has in evoking the aesthetic or historical sense of a past period. The 1926 house evokes the feeling of the Tudor Revival architecture, including the steeply pitched and sloping multi-gable roofs, wood windows with lugs, half-timbering, and stucco walls.

Therefore, the 1926 house retains integrity of feeling. • Association. The 1926 house retains association with Tudor Revival architecture from its date of construction and as a residential house within an older neighborhood. 143
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Therefore, the 1926 house retains integrity of association.

An assessment of integrity found that the 1926 house retains all seven aspects of integrity.

STANDARDS REVIEW
Based on the current preliminary Project, a Standards review was conducted to ensure compliance with CEQA and the City of Los Altos historic preservation ordinances, addressing the current preliminary Project’s potential impacts on the 1926 house, which was determined to be eligible for listing on the CRHR. The Standards review utilized preliminary details provided by the owner regarding the restoration of the 1926 house, including the restoration of the original front door opening, the addition of solar panels, and the construction of a new detached garage and a new ADU within the Property. As such, the following Standards review is to be used as guidance to meet the Standards. Once the architectural drawings are completed, EDS will update the Standards review within this report as needed.

Secretary of Interior Standards for Rehabilitation Review The following section addresses the current “preliminary” Project within the context of the Secretary of the Interior’s Standards for Rehabilitation. Rehabilitation is defined as the act or process of making possible a compatible use for a property through repair, alterations, and additions while preserving those portions or features which convey its historical, cultural, or architectural values. When repair and replacement of deteriorated features are necessary, when alterations or additions to the property are planned for a new or continued use, and when its depiction at a particular period of time is not appropriate, Rehabilitation may be considered as a treatment.

According to the Standards, “some exterior and interior alterations to a historic building are generally needed as part of a Rehabilitation project to ensure its continued use, but it is most important that such alterations do not radically change, obscure, or destroy character-defining spaces, materials, features, or finishes.

Alterations may include changes to the site or setting, such as the selective removal of buildings or other features of the building site or setting that are intrusive, not character-defining or outside the building’s period of significance.”
The Standards and EDS' analysis of the current preliminary Project as it relates to the Standards is presented below. The Project was reviewed using the Project description provided by the architect, which was applied to each of the Standards. The results of the Standards analysis are presented below with an “EDS Response” and an “EDS Analysis” that identifies if the Project conforms with Standards. “EDS Recommendations” are also provided, if warranted.

The following Standards review assesses potential impacts on the CRHR-eligible 1926 house.

1. A property shall be used for its historic purpose or be placed in a new use that requires minimal change to the defining characteristics of the building and its site and environment.

The 1926 house will continue to be for residential use.

EDS Analysis: The current preliminary Project complies with Standard 1.

2. The historic character of a property shall be retained and preserved. The removal of historic 144
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materials or alteration of features and spaces that characterize a property shall be avoided.

The current preliminary Project will retain and preserve the building’s original historic character associated with the Tudor Revival design, including the steeply pitched and sloping multi-gable roofs, the exposed half-timber, the original double-hung wood with lugs and divided light upper window sashes, and the asymmetrical design.

Door Location Restoration: The current preliminary Project consists of restoring the location of the front door to its original centered location – along the primary façade – facing Hawthorne Avenue, based on photographic and physical evidence. This will restore the original front door opening facing south towards Hawthorne Avenue, which was where the door was located when it was constructed in 1926.

Solar Panels: The addition of solar panels along the east, west, or south-facing slopes of the side gable form of the 1926 house will not alter the historic character of the house. In addition, the installation will not call for the removal of any historic materials or alteration of features and spaces that characterize the 1926 house.

Rehabilitation: Potential Stucco Removal and Replacement with Appropriate Material Currently, the 1926 house retains the original exterior stucco; however, if during the rehabilitation, exploratory, or construction work, the stucco is determined to be beyond repair, based on photographic evidence and reviewed by a qualified individual, the following section provides an acceptable alternative to the stucco, meeting the Standards for Rehabilitation.

The 1926 house is clad in stucco applied in a pebble-dash finish, used on Tudor Revival houses in the 1920s. During this time, other exterior finishes applied to Tudor Revival design included plaster, brick, river rock, and stone, as well as decorative half-timbering with stucco or plaster infill, which is present within the roof eaves of the 1926 house. If the stucco is determined to be beyond repair, an appropriate replacement material meeting the Standards for Rehabilitation would be stucco, plaster, brick, river rock, or stone.

EDS Analysis: The current preliminary Project restores and retains the original form and design elements that characterize the 1926 house; therefore, the current preliminary Project complies with Standard 2. However, if the exterior stucco is removed, the replacement material must be either stucco, plaster, brick, river rock or stone to meet the Standards.

There are no proposed changes to the 1926 house that would create a false sense of history.

EDS Analysis: The current preliminary Project complies with Standard 3.

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own right shall be retained and preserved.

There are no proposed changes to the 1926 house that have become “significant in their own right.” EDS Analysis: The current preliminary Project complies with Standard 4.

5. Distinctive features, finishes, and construction techniques or examples of craftsmanship that characterize a historic property shall be preserved.

The current preliminary Project proposes to preserve the original 1926 Tudor Revival features and finishes that are examples of craftsmanship that characterize the house, including steeply pitched and sloping multi-gable roofs, the exposed half-timber, the two “three-centered” arches along the front porch, the original double-hung wood windows with lugs and divided light upper sashes.

EDS Analysis: The current preliminary Project complies with Standard 5.

There are no proposed changes to deteriorated features.

EDS Analysis: As such, Standard 6 does not appear to apply.

EDS Analysis: Not applicable to the Project.

8. Significant archaeological resources affected by a project shall be protected and preserved. If such resources must be disturbed, mitigation measures shall be undertaken.

EDS Analysis: Not applicable to the HRE, as a professional archaeologist would need to make this determination.

New Exterior Alternations
The new exterior of the 1926 house includes the addition of solar panels and the potential change to exterior siding.

Solar Panels
The installation and placement of the solar panels on the 1926 house considers the overall goal to preserve the character-defining features and historic fabric of the building, while also accommodating 146
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the need for solar. To conform with the Standards, the solar panels should be low-profile panels and installed flat. The panels should also be easily removable and should not destroy any original roof trussing or timber framing.

Exterior Cladding
If it is determined that the existing stucco needs to be replaced (addressed in Standards 2), EDS recommends the replacement material meeting the Standards for Rehabilitation would be stucco, plaster, brick, river rock or stone. In this case, the stucco material is a character-defining feature and must be replaced with an appropriate material found in Tudor Revival architecture.

EDS Analysis: The current preliminary Project to add solar panels to the 1926 house complies with Standard 9 if the panels are placed on the side gable form, are low-profile, and installed flat. In addition, if the exterior stucco is replaced, to meet Standard 9, the new material must be either stucco, plaster, brick, river rock, or stone.

The current preliminary Project proposes two new ancillary buildings (new detached garage and ADU) that will be located at the rear of the 1926 house. The new detached garage will be located east of the house within the current driveway, but set back from the house, and the ADU will be located where the current ca. 1950 detached garage is situated. Both the ca. 1980 shed and ca. 1950 detached garage are not eligible for listing on the CRHR, are not listed on any local, state, or national register, and are proposed to be removed. Based on historic photographs, the location of the new detached garage will be in keeping with the location of the original, larger side gable garage or greenhouse previously located within the Property (see Figure 17). To determine if the two new buildings would affect the integrity of the 1926 house, EDS considered the overall size, scale, form, design, and material for the new buildings, currently in the design phase.

New Detached Garage
The new detached garage will be a single-story side gable form of wood construction located east of the house, on the driveway set back from the house. The details regarding the design are in progress, including the garage door style, which is important, as the style should remain simple so as not to detract visually from the character of the 1926 house and not create a false sense of history. In addition, masonry cladding, including stucco, plaster, brick, river rock, or stone, is recommended; in addition, wood boards with no lap or shadow may also meet the Standards – though this will have to be reviewed. Furthermore, mimicking half-timbering should be avoided. In addition, if the new detached garage is removed in the future, it will not adversely affect the integrity of the 1926 house.

New ADU
The new ADU that meets the Standards will be simple in size, scale, and form, and the roof height of the ADU should be set below the roof height of the 1926 house. A preliminary ADU design is provided 147
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in Figure 44 as an appropriate ADU design in size, scale, and form, though it is not the only possibility.

The exterior cladding for the ADU can be wood or wood-like material, stucco, plaster, brick, river rock, or stone. The wood cladding is appropriate for this building as it will not be visible from Hawthorne Avenue.

Figure 44. An example of a single-story, side gable ADU that could meet the Standards (courtesy of Villa).

EDS Analysis: The proposed Project appears to comply with Standard 10; however, Standard 10 will need to be updated once the new detached garage and ADU building designs are available for review, which will ensure compliance with Standard 10.

CONCLUSION
In accordance with CEQA regulations and guidelines, EDS completed an HRE for the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California, within the 0.344-acre (APN 170-41-036) that includes a 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape to determine if the Property or any of the built environment resources within the Property are eligible for listing on the CRHR.

The methods used to complete the HRE included extensive research and an intensive level historic architectural survey conducted by EDS Principal Architectural Historian Stacey De Shazo, M.A., who exceeds the Secretary of the Interior’s qualification standards in Architectural History and History. The HRE was completed following CEQA regulations (PRC § 21000) and the Guidelines for Implementing CEQA (14 CCR § 15000 et seq.).

The 1926 house is currently listed on the OHP’s BERD (P-43-002069) and within the City of Los Altos Historic Inventory (2013); therefore, the 1926 house is considered a Historical Resource as defined in CCR Section 15064.5. Furthermore, the HRE determined that the 1926 house appears individually eligible for listing on the CRHR under Criterion 3 for its association with Tudor Revival architecture with a period of significance of 1926 and retains all seven aspects of integrity. Therefore, due to potential impacts to the historical resource, a Standards review was completed to determine if the current preliminary Project would impact the integrity 148
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of the 1926 house. Based on the Standards review of the current preliminary Project, it does not appear the Project will affect the integrity of the 1926 house. However, EDS recommends updating the Standards review once the architectural plans are completed to ensure that the final submitted Project still meets the Standards. The 1926 house within the Property is also a CRHR-eligible historical resource and appears eligible for the Mills Act tax program.
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Historic Resource Evaluation and Standards Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California. 55

BIBLIOGRAPHY
American Architects Directory, Published by R.R. Bowker for the American Institute of Architects, 1956, 1962, 1970.

Ancestry.com
U.S., World War II Draft Registration Cards, 1942
1950 United States Federal Census.

U.S., City Directories, 1822-1995.

California, U.S., Death Index, 1940-1997.

California, U.S., Marriage Index, 1949-1959.

California, U.S., Federal Naturalization Records, 1843-1999.

U.S., City Directories, 1822-1995.

U.S., Social Security Death Index, 1935-2014.

Bancroft, Hubert Howe. History of California: 1801 – 1924. A.L. Bancroft, 1885.

CIRCA Preservation Consulting, “City of Los Altos Historic Resources Inventory”, Prepared for the City of Los Altos, 2012.

Clay, Karen, Property Rights and Institutions: Congress and the California Land Act 1851, The Journal of Economic History, Cambridge University Press, 59(01):122-142, March 1999.

Kenneth T. Jackson, Crabgrass Frontier: The Suburbanization of the United States, Oxford University Press, 1985.

Los Altos Hills, “Lost Altos Hills History Anthology (1956-2016)”, 2016.

McAlester, Virginia, and Lee McAlester, A Field Guild to American Houses. New York, Alfred A. Knopf.

Munro-Fraser, J.P. 2018.

National Park Service, National Register Bulletin: How to Apply the National Register Criteria for Evaluation.

Washington, D.C.: United States Department of the Interior. 1990, revised 1997.

Newspapers.com
“Beautiful Los Altos Homes Built by P.N. Doyle”, The Daily Palo Alto Times, December 2, 1927 “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970. “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970.

Holland S. Payson is Claimed by Death”, The Peninsula Times Tribune, December 26, 1942. “Midpeninsula Death”, The Peninsula Times Tribune, June 12, 1970. “Noted Engineer and Family Moving Into Los Altos Home”, The Peninsula Times and Tribune, May 14, 1946.
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Katherine E. “Betty” Doolittle”, The Bangor Daily News, September 17, 2000. “Marriage Licenses”, The Peninsula Times Tribune, December 17, 1941. “Miss Cora Hart Becomes Bride of G. Otta at Arroyo Grande”, The Tribune, July 22, 1955. “Cora Ann Otto”, The Tribune, October 07, 1999.
“Real Estate Investment Trust Form”, The Peninsula Times Tribune, July 08, 1970. “Wayne Henry Miller”, Ventura County Star, July 10, 2002. “San Jose men charge in confidence swindle”, Peninsula Times Tribune, March 21, 1984. “Wisconsin Home for Couple Married at Sunday Service”, The Vancouver Sun, June 28, 1955.

Olmsted, Nancy, Vanished Waters: A History of San Francisco's Mission Bay, Mission Creek Conservancy, San Francisco, 1986.

Pennsylvania Architectural Field Guide,
http://www.phmc.state.pa.us/portal/communities/architecture/styles/tudor-revival.html, (accessed 5/16/2023).

Richards Gordon, ”Stephens-Townsend-Murphy Party”, Truckee Donner Historical Society, https://www.truckeehistory.org/the-first-pioneer-wagons-crossed-the-sierra-over-160-years-ago.html, (accessed 5/22/2023),.

Sacramento State Office, “Report of the Surveyor-General of the State of California from August 1, 1898 – August 1, 1898.’ 1886.

Salameda, Jose, Memories of Los Altos, publisher Joe Salameda (January 1, 1982).

Tyler, Norman, Ted Ligibel, and Ilene R. Tyler, Historic Preservation: An Introduction to Its History, Principles, and Practice, New York: W.W. Norton & Co., 2009.

Williams, James C, and Kent Seavey. “Gilroy Yamato Hot Springs National Register of Historic Places Nomination”, (NR#95000996), Washington, DC: National Park Service, 1995. 151
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Appendix A:

DPR Forms
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P1. Other Identifier:

DPR 523A (9/2013) *Required information
State of California The Resources Agency Primary # 43-002069 DEPARTMENT OF PARKS AND RECREATION HRI #
PRIMARY RECORD Trinomial
NRHP Status Code
Other Listings:

Review Code Reviewer Date
*P2. Location: Not for Publication  Unrestricted
*a. County Santa Clara and
*b. USGS 7.5' Quad Mountain View Date 1991 T 6S ; R 2W ; of of Sec un ; MD B.M. c. Address 41 Hawthorne Avenue City Los Altos Zip 94022 d. UTM: Zone 10, 578492 mE/ 4137275 mN
e. Other Locational Data: The resource is located within the 0.3-acre Accessor’s Parcel Number (APN) 170-41-036 in the City of Los Altos. The Property is bounded by Hawthorne Avenue on the south, single-family houses on the east and west, and a commercial building on the north.
*P3a. Description: The resource includes a 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape.

The 1926 house is associated with Tudor Revival Architecture. The ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape are not associated with any architectural style or planned architectural landscape. (Continued on Continuation Sheet, Page 2)
*P3b. Resource Attributes: HP2. Single
family property (1926 house); HP4. Ancillary
buildings (ca. 1950 detached garage, ca.
1980 storage shed).
*P4. Resources Present: 
Building Structure Object Site
District Element of District Other
(Isolates, etc.)
P5b. Description of Photo 1926 house,
facing north
*P6. Date Constructed/Age and Source:
 Historic Prehistoric Both 1926
house, ca. 1950 detached garage, ca. 1980
storage shed, and associated landscape
*P7. Owner and Address:

Name withheld by Owner
*P8. Recorded by: Stacey De Shazo, M.A.;
Evans & De Shazo, Inc., 1141 Gravenstein
Highway S, Sebastopol, CA 95472
*P9. Date Recorded: 04/05/2023
*P10. Survey Type: Intensive
*P11. Report Citation: Stacey De Shazo, M.A., Nicolle LaRochelle, and M.S, Bee Thao, M.A. (2023): Historic Resource Evaluation and Secretary of Interior’s Standards for the Treatment of Historic Properties Review of the Property at 41 Hawthorne Avenue, Los Altos, Santa Clara County, California
*Attachments: NONE Location Map Continuation Sheet Building, Structure, and Object Record Archaeological Record District Record Linear Feature Record Milling Station Record Rock Art Record Artifact Record Photograph Record Other (List):

P5a. Photograph or Drawing
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CONTINUATION SHEET
Property Name: __41 Hawthorne Avenue

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(Continue from Primary Record, Page 1)
Alterations to the 1926 house occurred in 1976, 1979, 1996, and 2002, detailed in this section and the “Previous Alterations” section below. The two-story house has a raised foundation with decorative cast-iron vents along the perimeter, with metal mesh vents along the foundation perimeter at the 1976 addition. The house has a side-facing gable form, with two cross-gables on the south elevation and a single, central crossgable off the north elevation. The peaks of the roof gables at the south elevation are set below the ridge of the side gable, while the north elevation is above the ridgeline of the side gable. The roof is clad with composite shingles, while the house is finished with stucco and exposed half-timbering. At the roof's peak is a small, stucco-finished chimney. As the house is on a raised foundation, the north elevation has a raised deck connecting the original house eave to the 1976 gable addition.

South Elevation (Primary Facade)
The south elevation consists of two front-facing gables with steep multi-gable roofs (Figure 1). The western gable is flush with the eaves of the side roof gable, while the eastern gable projects forward from the eave, and the east roof curves down and across an open, central portico (Figure 2). The central porch has two threecentered arches, one to the south and one to the west. These arches are supported by a stucco column to the southwest and the house walls to the north and east. A single wood door is within the portico, on the west wall. There are two picture windows, consisting of a central, square, fixed single-light window in between two three-over-one, double-hung wood windows; between each of these three windows is a thick wood mullion (Figure 3). Although not original, these windows were replaced in-kind in material and style.

Each window is located at the first-story level and centered below the roof gable. Within each gable, there is a three-over-one, double-hung wood window. At the south peak of the 1976 addition, there is a small, square 154
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DPR 523L (Rev. 1/1995)(Word 9/2013)
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CONTINUATION SHEET
Property Name: __41 Hawthorne Avenue

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vent.

Figure 1. South elevation, facing north.

Figure 2. South elevation, facing northeast.
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Property Name: __41 Hawthorne Avenue

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Figure 3. Picture window on south elevation, facing north.

East Elevation
The east elevation consists of a double gable and eave section of the 1976 addition (Figure 4). The east elevation includes ten windows, of which four are new, and six are original. Three new windows appear to be in-kind replacements, and two are new to the elevation. The five windows on the first story of the eastern projecting gable consist of a pair of three-over-one, double-hung wood windows with a thick wood mullion, to the south of a three-over-one, double-hung wood window with horned stiles and a four-over-one, double hung wood window, with horned stiles (Figure 5). Below the peak and set between the exposed timber is a three-over-one, double-hung wood window. The gable between this projecting gable consists of a four-overone, double-hung wood window at the southern section of the first story and a four-over-one, double-hung wood window with horn stiles at the north section. On the second story and off-center is a four-over-one, double-hung wood window. Directly below this peak, there is a small, square vent. The eave section of the 1976 addition has a sliding glass door at the first story and a pair of three-over-one, double-hung wood windows with a thick wood mullion between them (Figure 6). 156
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CONTINUATION SHEET
Property Name: __41 Hawthorne Avenue

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Figure 4. East elevation, facing west.

Figure 5. Three-over-one windows with horned stiles (aka lugs) on the east elevation, facing west. 157
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CONTINUATION SHEET
Property Name: __41 Hawthorne Avenue

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Figure 6. East elevation, facing southwest.

North Elevation
The north elevation consists of three eave sections of the original 1926 house and the gable section of the 1976 addition (Figure 7). The north elevation includes six windows, of which two appear to be original to the house and were repurposed along this elevation. The easternmost eave consists of a three-over-one, doublehung wood window with horn stiles beside a wood door with six square slights along the top of the paneled door. Along the first story of the gabled section, there is a single wood panel door with six square lights along the top of the door beside a square, four-light-hinged window; these two are between two three-over-one, double-hung wood windows (Figure 8). There are two three-over-one, double-hung wood windows at the second-story level. A square, fixed four-light window below the peak is set between the exposed timbers.

Two vents are built into the stucco on either side of the window. A contemporary deck is accessed via two brick steps. The deck wraps around from the east elevation north and extends past the rear entry door within the 1976 gable addition. The west eave section of the addition includes a single wood panel door with six square lights along the top, opening onto a paver stoop. 158
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Figure 7. North elevation, facing south.

Figure 8. North elevation, facing south.

West Elevation
The west elevation consists of the original side gable of the 1926 house and an eave end of the 1976 north-facing gable addition (Figure 9). The gable section includes exposed half-timber framing and stucco. 159
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Property Name: __41 Hawthorne Avenue

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Along the first story are two pairs of three-over-one, double-hung wood windows with thick wood mullions between them. The windows of the second story consist of two, three-over-three, double-hung wood windows set between the exposed timbers. Three vents are on either side of the windows and above, directly below the gable peak. An original cast-iron crawl-space vent is along the house foundation (Figure 10). The eave section of the 1976 addition consists of a four-over-one, double-hung wood window at the second-story level.

Figure 9. West elevation, facing southeast.
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Property Name: __41 Hawthorne Avenue

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Figure 10. A cast-iron vent cover, along the foundation wall. ca. 1950 Detached Garage
The ca. 1950 detached garage is not associated with any architectural style or form. The one-story detached garage has a front-facing gable form and a concrete slab foundation (Figure 11). The walls are clad with clapboard siding, while the moderately pitched roof is clad with asphalt shingles. Surrounding the windows and doors and around the perimeter of the roof is a simple, thick trim. The south elevation is the primary façade and consists of an off-center, two-car aluminum garage door. The gable vent consists of vertical boards along the peak. The east elevation consists of the eave of the garage and has a centered, projecting metal and glass greenhouse window. The north elevation was not visible during the survey. The west elevation consists of a central, single metal door between a fixed, square window and a small vertical, rectangular window (Figure 12). This elevation opens to a walkway that is covered by a wood trellis. 161
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Property Name: __41 Hawthorne Avenue

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Figure 11. South elevation of detached garage, facing north.

Figure 12. West elevation and trellis-covered walkway, facing east. ca. 1980 Storage Shed
The ca. 1980 storage shed is not associated with an architectural style or form. The one-story shed has no 162
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Property Name: __41 Hawthorne Avenue

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foundation, as it was placed directly on the soil. The shed has a front-facing, gambrel roof form with halftimbered elements. The shed is constructed of vertical wood, which also operates as the exterior finish, and the roof is clad with composite shingles. The southwest elevation is the primary façade, consisting of double-entry wood doors (Figure 13). The remaining elevations do not have any fenestration.

Figure 13. Photograph showing the double-entry doors along the southwest elevation (primary façade) of the ca. 1980 storage shed, facing north.

Associated Landscape
The associated landscape includes paths for pedestrians and cars, a lawn, a covered trellis with wisteria, and a designed brick patio with flower boxes. The front yard, south of the house, consists of three paths from the street to and around the house. The fence along the front yard's perimeter consists of brick posts supporting two horizontal rails (Figure 14). Between the paths is a sundial built upon a brick pedestal surrounded by bushes and trees. Along the east perimeter of the property, there is a concrete driveway that extends westward toward the ca. 1950 garage. The wisteria-covered wood trellis runs from the garage to the deck north of the house (Figure 15). Between the house and the driveway is a patio with brick pavers in a design with concrete. Amongst the brick pavers, there are bushes and flowers. The northwest corner of the property consists of a lawn.
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Property Name: __41 Hawthorne Avenue

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Figure 14. Fence with brick posts and wood rails along southern perimeter of the property.

Figure 15. Wood trellis with wisteria, facing south.
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Property Name: __41 Hawthorne Avenue

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California Register of Historic Resources (CRHR) Evaluation

1. (Event): Is associated with events that have made a significant contribution to the broad patterns of California’s history and cultural heritage.

The property containing the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape was developed within a planned subdivision in a prosperous time in Los Altos; however, the development of the property is not associated with any housing boom or any event that made a significant contribution to the broad patterns of California’s history or cultural heritage. As such, the property containing the 1926 house, ca. 1950 detached garage, ca. 1980 storage shed, and associated landscape does not appear eligible for listing on the CRHR.

Therefore, the property does not appear individually eligible for listing in the CRHR under Criterion

1. 2. (Person): Is associated with the lives of persons important in our past.

A thorough literature search and review of the property owners and occupants was completed; however, the research did not reveal any person associated with the property that is important to our past.

Therefore, the property does not appear individually eligible for listing in the CRHR under Criterion

2. 3. (Construction/Architecture): Embodies the distinctive characteristics of a type, period, region, or method of construction, or represents the work of an important creative individual, or possesses high artistic values.

Therefore, the 1926 house is not eligible for listing on the CRHR in association with Doyle.

Architecture: The 1926 house is associated with the Tudor Revival architecture style, popular throughout the U.S. from 1890 to 1940. The 1926 house demonstrates the essential elements of the Tudor Revival style with many character-defining features associated with the style, including the steeply pitched and sloping multi-gable roofs, the exposed half-timber elements, the two “three-centered” arches along the front porch, the picture windows with central square, fixed single-light windows between three-over-one with mullions, double-hung wood windows, stucco walls, and the asymmetrical floorplan. The 1926 house is a good example of Tudor Revival architecture from 1926. As such, the 1926 house appears eligible for listing on the CRHR, under Criterion 3.
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Property Name: __41 Hawthorne Avenue

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The ca. 1950 garage and ca. 1980 shed and associated landscape are not associated with any known architectural style or form, landscape architectural style, or landscape planning design.

Therefore, the 1926 house within the property appears individually eligible for listing in the CRHR under Criterion 3 for its association with Tudor Revival architecture.

4. (Information potential): Has yielded, or may be likely to yield, information important in prehistory or history.

The 1926 house does not appear to be able to convey important information about Tudor Revival architecture. As such, none of the built environment resources within the property are eligible for listing in the CRHR under Criterion 4.

Integrity
An assessment of integrity found that the 1926 house retains all seven aspects of integrity. 166
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Los Altos City CouncilNovember 28, 2023

Los Altos City Council
November 28, 2023