Palo Alto City Council
November 7, 2022

These Guidelines reflect and activate the City Council’s priorities; they do not supplant them.

They work to guide staff and the City’s legislative advocates on issues that are important to the City Council, and fairly likely to become a legislative issue. These Guidelines are not rank- ordered and are meant to allow for a flexible and quick response by staff and advocates, without the need to return to the City Council to seek guidance. The Guidelines work in conjunction with the City Council-approved Advocacy Process Manual and the City Council action to do “Strategic Weighing in on Issues of Interest” (June 22, 2021 CMR 12344; Minutes).

The below Foundational Principles represent the ideals that form the core of the City’s policy agenda. The Legislative Guidelines all rise from and strengthen four foundational principles:

1. Protect local revenue sources and prevent unfunded mandates.

2. Protect, seek, and increase funding for programs, projects, and services; pursue grants.

3. Protect and increase local government discretion. Oppose items that preempt or reduce the authority or ability of local government to determine how to effectively operate local programs, services, activities, and governance.

4. Protect the health and safety of the community.

The Legislative Guidelines create the framework for organizing the City’s policy interests, while guiding staff and contracted lobbyists in their advocacy efforts on behalf of the City. The items below provide direction for the City’s efforts when addressing reasonable government actions.

Transportation

The City supports government action that:

• Deters single occupancy drivers and alleviates local traffic congestion • Supports local and regional public transportation
• Regulates technology that diverts traffic into residential neighborhoods • Provides funding for rail grade separations, rail efficiency improvements, and other means of reducing the local impacts of regional transportation systems Environmental

The City supports government action that:

• Reduces GHG emissions
• Reduces airplane noise, health impacts, and/or airplane emissions • Promotes residential and vehicle electrification programs

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• Promotes the use of renewable resources, water conservation, and the flexible use of existing resources
• Supports a statewide ban on polystyrene containers and packaging materials • Provides opportunities for staff to work with the San Francisquito Creek Joint Powers Authority and other regional stakeholders in efforts to improve the creek’s watershed and floodplain
• Supports efforts to protect local communities from sea level rise and other impacts of climate change
• Supports proper disposal of recyclables once removed from Palo Alto Financial
The City supports government action that:

• Supports the long-term stability of CalPERS and the ability of local governments to mitigate and manage with flexibility its pension obligations
• Protects the funding sources and levels of City services • Provides for COVID-19 related expenses and revenue losses • Supports the continued deductibility of tax-exempt municipal bonds and the restoration of Advance Refunding of Tax-Exempt Municipal Bonds
Public Employment

The City supports government action that:

• Preserves local government’s ability to manage its own employment issues, including, but not limited to hiring, evaluating, disciplining, and/or terminating and negotiating collective bargaining agreements with employees’ representatives

Technology

The City supports government action that:

• Supports reasonable regulatory efforts surrounding policies regarding cybersecurity, drones, shared mobility services, returning to Obama-era net neutrality regulations, and smart city initiatives

Housing

The City supports government action that:

• Supports reasonable housing policies that recognize local autonomy to maintain the local public process and preserve local government’s ability to determine land use policies and development standards

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• Provides funding for (a) affordable housing, (b) homelessness, and (c) infrastructure (such as parks, utilities, roads, and transit) required to support the increased housing production
• Fosters reasonable ratios between jobs and housing
• Supports the development and implementation of efficient and environmentally sustainable land use and building practices

Police

The City supports government action that:

• Supports efforts which seek to modify policing services, including but not limited to alternative public safety models and funding to address community mental health issues, expansion of requirements regarding police data and rules regarding prior employment information transparency, and expansion of data and communications including radio encryption.

Other

The City supports government action that:

• Updates, implements, and refines processes, services, and programs affecting the City. This includes, but is not limited to, public safety reform efforts and streamlining reporting mandates
• Protects individual privacy and allows the City to safeguard customer information • Provides for the equal treatment of all individuals
• Allows the City to support the collaborative work of regional partners, trade associations, other local governments and organizations, and Joint Powers Authorities

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M E M O R A N D U M

To: The City of Palo Alto
Ed Shikada, City Manager
Chantal Cotton Gaines, Deputy City Manager

From: Townsend Public Affairs
Christopher Townsend, President
Niccolo De Luca, Vice President
Andres Ramirez, Senior Associate
Carly Shelby, Legislative Associate

Date: October 2, 2022

Subject: Summary of the 2022 Legislative Session

port

August 31 marked the final night of the 2021- 2022 Legislative Session. The night ended at two o’clock in the morning, which can be attributed to numerous last minute legislative pushes for new climate regulations, disputes over a bill that would have allowed legislative staffers to unionize, and the fate of California’s last-standing nuclear power plant. In a stark contrast to last years’ calm and quick final night of session, many major issues had not been decided and passed with the incremental waves of budget bills and budget trailer bills over the summer and in the month since summer recess.

Nevertheless, the Legislature decided the fate of a number of bills important to local governments in its final days of session. Of the 2,350 bills introduced this year, the Legislature passed a total of 1,166.

Following the Legislature’s adjournment, per the state Constitution, September 30 was the last day for Governor Gavin Newsom to act on the 1,166 bills sent to his Desk during the Session.

Governor Newsom concluded his work in the late afternoon on September 30. Of the 1,166 bills, the Governor signed 997 bills and vetoed 169 bills, which was a 14.5% veto rate.

Below is an overview of a few of the bills the Legislature worked on this Session, organized by issue area:

Housing and Land Use
Throughout the 2022 Legislative Session, lawmakers were once again keenly focused on land use and zoning reform. These efforts build upon the passage of major land use reform bills from 2021, including SB 9 (Atkins), which requires the ministerial approval of urban lot splits and two- unit developments on single-family zoned parcels.

This year’s Session ended with the passage of several notable land use reform measures, including AB 2011 (Wicks) and SB 6 (Caballero), both of which authorize housing development projects in sites zoned for retail, office, parking, or along transit -rich corridors , so long as STATE LEGISLATIVE WRAP UP: 2021-22 SESSION OVERVIEW

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developers utilize stricter labor standards or adhere to stricter affordability requirements. Despite their similarities, both bills passed into law – a strategy that legislative leadership has touted as a method to give developers the choice to decide which strategy to use when approaching a housing development project in a non -residential zone: comply with stricter labor standards or stricter affordability standards. The Governor signed both bills into law.

Another major land use reform measure that passed this year was AB 2097 (Friedman), which prohibits public agencies from imposing minimum automobile parking requirements on specified residential, commercial and other developments located within one -half mile of public transit .

Notably, this bill is the second iteration of the legislation, which failed in the Appropriations Committee during the 2021 Legislative Session. The Governor also signed this bill into law.

In addition to land use reform measures, the Legislature passed a handful of bi lls relating to Accessory Dwelling Unit (ADU) requirements. These include SB 897 (Wieckowski), which makes various changes to existing ADU laws, including adjustments to the minimum height limitations that a local agency may impose. Another ADU reform measure is AB 916 (Salas), which prohibits a city or county from requiring a public hearing as a condition of reconfiguring existing space to add up to two bedrooms within an existing dwelling unit. Both bills were signed by the Governor.

Additional housing bills signed by the Governor include:

AB 2006 (Berman) – Requires the Department of Housing and Community Development, the California Housing Finance Agency, and the California Tax Credit Allocation Committee to enter into a Memorandum of Understanding by J uly 1, 2024, to streamline the compliance monitoring of affordable multifamily rental housing developments that are subject to a regulatory agreement with more than one of these entities.

AB 2094 (Rivas) – Requires cities to include progress towards meeting their share of regional housing needs for extremely low-income households in their annual progress report.

AB 2334 (Wicks) – Allows a housing development project to receive added height and unlimited density if the project is located in an urbanized very low vehicle travel area in specified counties, at least 80% of the units are restricted to lower income households, and no more than 20% are for moderate-income households.

SB 649 (Cortese) – Creates a state policy supporting local tenant preferences for lower income households, which are subject to displacement risk. In addition, the bill authorizes local governments and developers in receipt of the low-income housing tax credit program and tax - exempt bonds for rental housing developments to restrict occupancy to those at risk of displacement. This legislation has a sunset of January 1, 2033.

SB 948 (Becker) – Replaces individual project transition reserves for the development of affordable housing to a pooled reserve model, as specified, operated by the Department of Housing and Community Development.

Brown Act Reform
The COVID-19 pandemic necessitated reforms to the Brown Act to provide remote flexibilities to adhere to social distancing orders. During the 2021 Legislative Session, the Legislature passed, and the Governor signed, AB 361 (Rivas) into law, which allows local agencies to use teleconferencing without complying with specified Ralph. M Brown Act restrictions in certain state emergencies. Following the passage of AB 361, it was thought there would be no appetite to modify its provisions for additional Brown Act modernization requirements. However, this Session, three measures addressing public meetings requirements were passed by the legislature.

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These include AB 2449 (Rubio), which allows members of a legislative body of a local agency to use teleconferencing without identifying each teleconference location in the notice and agenda of the meeting, and without making each teleconference location accessible to the public. AB 2647 (Levine) allows writings that have been distributed to members of a legislative body of a local agency less than 72 hours before an open, regular meeting to be exempt from specified requirements of the Ralph M. Brown Act (Brown Act), if the agency meets certain requirements.

Both measures were signed by the Governor.

An additional measure, SB 1100 (Cortese), was also signed into law. This bill authorizes the presiding member of a legislative body conducting a meeting, or their designee, to remove an individual for disrupting the meeting, and defines “disrupting” for these purposes.

Each of these three measures reflect modest changes to the Brown Act to allow for additional flexibilities for local agencies. Continued remote teleconferencing for all members of a legislative body is currently provided via the provisions establ ished under AB 361, which are set to expire January 1, 2024, or when the COVID-19 state of emergency is lifted – whichever comes first.

Behavioral Health Reform
This Session, Governor Newsom and Legislative Leaders made it clear that overhauling the State’s existing behavioral healthcare infrastructure was a top priority. On March 3, 2022, Governor Newsom unveiled his CARE (Community Assistance, Recovery, and Empowerment) Court proposal framework, which was later packaged into SB 1338 (Umberg). This bill would offer court-ordered individualized interventions and services, stabilization medication, advanced mental health directives, and housing assistance to individuals struggling with behavioral health crises. Plans would last anywhere up to 12- 24 months. In addition to their full clinical team, the client-centered approach also includes a public defender and a supporter to help individuals make self-directed care decisions.

County behavioral health departments would be responsible for carrying out the care plans. Those who don't comply with their plans could be subject to California's existing system of involuntary hospital stays and conservatorships. Such programs have been in place since the 1960s, following the state's shift away from mental health hospitals and toward community-oriented care.

Since California dismantled the hospital system, the state has primarily made use of the Lanterman-Petris-Short Act and Laura's Law to care for people who suffer from severe mental illnesses. According to an October 2021 Department of Health Care Services report, only 218 people received treatment through Laura's Law during the 2018- 19 fiscal year – a statistic that many supporters of the program have referenced as an example for new programming.

After numerous iterations of amendments, SB 1338 was passed by the Legislature on the final night of Session. Notably, the bill includes staggered implementation and additional funding resources to allow counties and other local agencies time to implement the program.

Other bills seeking to add reforms to behavioral healthcare were part of a bill package introduced by Senator Eggman. This included bills SB 929, SB 1035, SB 1227, and SB 1338 – each of which adds modernizations to California's behavioral health continuum, including increased data collection among agencies and stakeholders to better understand the outcomes of involuntary holds, services provided, waiting periods to receive care, current and projected behavioral health care infrastructure, service needs, and more. Each of these bills were signed into law.

Climate and Energy
In mid-August, reports began swirling about the Governor convening meetings with Legislative leaders and the Democratic Caucus to push forward last-minute legislation to address the climate

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crisis. These priorities materialized into a memo presented to the Legislature, outlining climate change mitigation tactics the Governor wanted to see pushed forward in legislation before the end of Session. These included: setting interim targets for 100 percent clean energy, regulating projects to remove carbon from the atmosphere and smokestacks, and ending new oil drilling near communities.

These efforts resulted in six legislative proposals, five of which passed the Legislature and were signed by the Governor. These five measures include the following:

Greenhouse Gas Emission Reductions
Measures contained within the package relating to greenhouse gas emissions include AB 1279 (Muratsuchi), which codifies the State’s existing goal of carbon neutrality by 2045. For c ontext, the State enacted another greenhouse gas bill, AB 32, in 2006, requiring the State to set a target for emissions to drop to 1990 levels by 2020 . While AB 1279 passed, another, more aggressive measure that would have set California’s target at 55% below the state’s 1990 emissions up from the current 40% target, failed in the Assembly on the final night of session.

Clean Energy and Grid Reliability
Another measure relating to the Governor’s climate proposals is SB 1020 (Laird), which sets interim targets for generating clean energy. A current law already requires 100% of retail electricity to be fueled by renewables such as wind and solar by 2045. The new law would add 90% by 2035 and 95% by 2040. In addition, all State agencies must source their energy from 100% renewable sources by 2035, ten years sooner than law now requires.

The question remains, however, if California’s electrical grid can handle the surge in energy demand. The State is expected to see a 68% increase in energy consumption by 2045, according to the California Air Resources Board. To handle that increase, the Agency estimates that the state needs to expedite renewable energy projects.

The issue of grid reliability was addressed in SB 846 (Dodd) which aims to keep the state’s last remaining nuclear power plant in Diablo Canyon operating until 2030 and gives its operator, Pacific Gas & Electric, a $1.4 billion loan to do so. This bill was viewed as one of the most contentious bills of the final night of session – with proponents arguing the need to keep the power plant functioning in the face of increase grid demand, and opponents concerned about accidents, nuclear waste issues, and a perceived “PG&E bailout.”
Carbon Sequestration
SB 905 (Caballero) directs the California Ai r Resources Board to develop a program and set regulations for carbon capture, utilization and storage projects at polluting industries, such as oil refineries. The practice is supported by the oil industry, but environmentalists say it has the potential to do more harm than good and prolongs the lives of fossil fuels. The State has yet to see a large-scale carbon capture and storage development seen to fruition.

Another bill approved by the Legislature, AB 1757 (C. Garcia), would require the State to set targets for removing planet -warming carbon from the atmosphere with nature -based methods, such as planting trees, restoring wetlands and scaling up public landscaping and urban forestry projects. The bill received widespread support from environmentalists, who say nature -based solutions to combating the existing amount of greenhouse gas emissions in the air is a better approach than relying on engineered technologies.

Oil Well Setbacks

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The 2022 Legislative Session saw several attempts to establish buffer zones around oil and gas wells and other large- scale industrial equipment, to preven t their encroachment on “sensitive receptors” like residential zones and schools.

SB 1137 (Gonzalez), which requires 3,200- foot setbacks between new oil and gas wells and sensitive receptors, narrowly passed the Legislature on the final night of session. The bill also requires operators to take certain steps at the thousands of existing wells within that buffer zone.

Included is a plan to monitor toxic leaks and emissions and install alarm systems. In addition, new requirements would include limits on noise, light, dust and vapors.

The 2022 Legislative Session was highly successful for the City/TPA partnership especially with the focus on funding. This includes securing $7.2 million in state budget earmark request funding through continuous advocacy with the City’s legislative delegation, state budget committee leadership, and staff relationships. In addition, it includes advocating on behalf of the City’s successful Homekey Program funding, totaling over $26 million.

In early 2022, the City/TPA team sprang into action supporting the Home key Application in partnership with LifeMoves. The Homekey funding was oversubscribed throughout the Bay Area and this application was on the fence. The TPA team utilized their c ontacts in the California Business, Consumer Services and Housing Agency to help elevate this application, coordinated advocacy calls from our state delegation, provided them running updates, expressed the need and strength of the application to the Office of the Governor, and utilized other advocacy methods.

This effort continued for multiple months and culminated with the announcement of a full funding award totaling over $26 million to help address the unhoused in the region.

Towards the end of 2021, the City/TPA team began the efforts of securing state budget funding.

During this nearly yearlong process, TPA compiled and submitted multiple robust applications to Senator Becker and Assembly Member Berman inclusive of comprehens ive documentation and project component summaries, garnered key supporters and letters, worked in lock -step with senior capitol staff to address concerns and answer questions, walked the halls of the Capitol to ensure stakeholders were informed of the proj ect, and worked with Legislative Leadership to advocate for the final successful passage of both budget items.

The result was the announcement from Assembly Member Berman of funding for Fire Station #4 Replacement in the amount of $5.2 million dollars and the announcement from Senator Becker of funding for the Newell Bridge in the amount of $2 million dollars.

The City/TPA team was also very engaged and successful in fighting to keep funding from being taken from the City. The team joined the opposition effort to a revised proposed trailer bill that would permanently “cap” the Education Revenue Augmentation Fund (ERAF) after schools have been fully funded. More specifically, this proposed trailer bill would change current law in a way that would significantly harm counties and cities by permanently “capping” the ERAF funds that would be returned to them (after schools have been fully funded) and, instead, use such local tax revenues to pay the State’s in- lieu Vehicle License Fee (VLF) obligation. Palo Alt o was one of those cities.

LEGISLATIVE OUTCOMES: CITY OF PALO ALTO FUNDING AND PRIORITY BILLS

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The TPA team, working with the City and cities throughout Santa Clara and San Mateo counties, pushed back against the Department of Finance on their proposed trailer bill language and supported the compromise language from Assem bly Member Mullin. These efforts included briefing Senate and Assembly Budget committee staff, staff in the Governor’s office, staff in the Pro Tem and Speaker’s Office, and others.

The compromise language was part of the adopted state budget.

Dating back to the past legislative session, and after discussions with the Policy and Services Committee and the full City Council, the legislative strategy of the City has been to focus on a handful of bills and serve as a strategic voice in Sacramento as opposed to taking positions on a wide range of bills. There has also been a focus of collaborating with various authors to help expand the City’s relationships.

The City has taken a formal position on the bills listed below:

SB 960 (Skinner) Public employment: peace officers: citizenship City position: Support
This bill would eliminate the requirement that a person be a United States citizen or a permanent resident in order to become a peace officer and instead requires that the person be legally authorized to work in the United States per federal law.

Status: Signed into law.

SB 1000 (Becker) Law enforcement agencies: radio communications City position: Support
This bill requires, no later than January 1, 2024, a law enforcement agency (LEA) to ensure any non-confidential radio communications are accessible to the public.

The City was very active on this legislation dating back to the beginning of the year. At the P and S Committee hearing support was expressed and the direction was to work with the authors office.

This included numerous discussions with the authors office, providing subject matter feedback, recommending draft language, and expressing support through the various committee hearings.

Status: Did not progress out of the Legislature. Held in the Assembly Appropriations Committee.

SB 1100 (Cortese) Open Meetings; orderly conduct
City Position: Support
This bill would authorize the presiding member of the legislative body conducting a meeting to remove an individual for disrupting the meeting. The legislation requires removal to be preceded by a warning to the individual by the presiding member of the legislative body or their designee that the individual’s behavior is disrupting the meeting and that the individual’s failure to cease their behavior may result in their removal. The bill would authorize the presiding member or their designee to then remove the individual if the individual does not promptly cease their disruptive behavior.

Status: Signed into law.

AB 1737 (Holden) Children’s camps: local registration and inspections

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City Position: Support with comments
This bill requires, on or before January 1, 2024, CDSS, in consultation other departments and stakeholders, to provide a report to the Legislature that includes information regarding topics related to the health and safety of children attending children’s camps and recommendations for developing and issuing requirements for the regulatory oversight of children’s camps Status: This bill went through numerous iterations of amendments. Ultimately, the Author decided to place the bill on the inactive file. It did not progress out of the Legislature.

AB 1944 (Lee) Local government: open and public meetings City Position: Support
Allows, until January 1, 2030, members of a legislative body of a local agency to use teleconferencing without noticing their teleconference locations and making them publicly accessible under certain conditions.

Status: This bill did not progress out of the Legislature. This bill was held in the Senate Governance and Finance Committee.

AB 2181 (Berman) Santa Clara Valley Transportation Authority: board of directors City Position: Oppose unless amended (amendments suggested) Makes changes to the Board of the Santa Clara Valley Transportation Authority (VTA). The major provisions include
1) Revising the membership of the VTA board to consist of the following:
a) Two county representatives who are community members and appointed by the president of the board of supervisors of Santa Clara County. b) Five representatives of the City of San Jose, including at least two city council members or the mayor and two community members, appointed by the mayor with city council approval.
c) Five representatives of the other cities in the county, including at least two community members and two city counci l members or mayors of those cities, elected through a ranked choice voting process by the city councils of those cities, as specified. 2) Authorizes the VTA board to include ex officio nonvoting members from regional transportation or governmental bodies and increases the terms of the board members to four years.

Status: This bill did not progress out of the Legislature. It was held in the Senate Transportation Committee.

AB 2259 (Berman) Foster youth: substance use disorders
City Position: Support
Focus of the legislation: This bill would require the California Department of Social Services (CDSS), in collaboration with the Department of Health Care Services (DHCS), and upon appropriation by the Legislature, to establish a grant program to fund the devel opment and implementation of evidence- based models and promising practices to serve foster youth with substance use disorders who are residing in family-based settings.

Status: This bill did not progress out of the Legislature. It was held in the Appropriations Committee.

AB 2449 (Rubio) Open meetings: local agencies: teleconferences

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City Position: Support with comments
This bill allows, until January 1, 2026, members of a legislative body of a local agency to use teleconferencing without noticing their teleconference locations and making them publicly accessible under certain conditions. Senate Floor Amendments of 8/8/22 clarify the process for members of legislative bodies to participate via teleconference in cases of emergency circumstances and refine provisions regarding compliance with applicable civil rights and nondiscrimination laws.

Status: Signed into law

AB 2647 (Levine) Local government: open meetings
City Position: Support
This bill exempts local agencies from making materials available for public inspection at the time they distribute them to members of the legislative body less than 72 hours before the meeting, if the agency meets certain requirements. Senate Floor Amendm ents of 8/4/22 clarify that public meeting agendas are disclosable public records that must be made available without delay and in compliance with the Brown Act.

Status: Signed into law.

Looking ahead
In addition to the onset of new laws, next year will mark massive changes in the State Legislature.

The decennial redistricting process caused numerous lawmakers to move, battle for new district spots, or retire. This, coupled with the onset of another gr aduating class of legislators under the new term limit requirements established by Prop. 140 (1990), has prompted many legislators to not seek reelection.

As such, 2023 will bring forward a new class of freshman legislators – specifically, 10 new Senators and 19 new Assembly Members.

This is likely to spark new leadership changes, bill ideas, and shift the makeup of factions within the Democratic Caucus. For instance, Assembly Member Robert Rivas has already signaled his intentions of battling Incumbent Speaker Anthony Rendon for the coveted Assembly Speakership.

If he succeeds, it is likely he will appoint new committee chairs and internal leadership positions.

What does this mean for the City of Palo Alto? We will continue to remain focused on our legislative strategies and will need to brief new Senators, new Assembly Members, and staff on our priorities, our hallmark projects, our areas of expertise, and to help support some of the new legislative proposals introduced in 2023.

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City of Palo Alto (ID # 14001)
City Council Staff Report

Meeting Date: 11/7/2022 Report Type: Information Reports

City of Palo Alto Page 1

Title: Investment Activity Report for the First Quarter, Fiscal Year 2023 From: City Manager
Lead Department: Administrative Services

EXEUCTIVE SUMMARY
The City’s Investment Policy (Policy) requires that staff report to Council quarterly on the City’s portfolio composition and performance compared to the Council-adopted Policy; discuss overall compliance with the City’s Investment Policy; and provide recommendations, if any, for Policy changes. In addition, staff provides a detailed list of all securities and reports on the City’s ability to meet expenditure requirements over the next six months. This report is to inform Council of the City’s investment portfolio performance as of the first quarter ending September 30, 2022 and to disclose cash flow projections for the next six months. Staff expect that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months. The portfolio details, activities, and performance are discussed below, and additional information is provided in the attachments.

During the first quarter staff complied with all aspects of the Investment Policy. It should be noted that the Investment Policy limits callable agency securities to 25 percent of the par value of the portfolio. As of the end of the first quarter, investments in callable agency securities exceeded this limit by 1.5 percent due to the overall decline in the portfolio for the planned prepayment of the City’s Fiscal Year 2023 Unfunded Accrued Liability (UAL) pension cost for active employees to the Public Employers’ Retirement System (PERS) and other cash needs driven by increased capital expenditures. Per the Policy, this is not considered a violation of the Policy since a later increase or decrease in percentage resulting from a change in portfolio’s assets or values shall not constitute a violation of that restriction (limit). Staff is monitoring the percentage of callable agency securities to ensure that the percentage limitations will be restored as investments mature in each category and/or the portfolio increases.

DISCUSSION & ANALYSIS
The City’s investment portfolio is summarized in Graph 1 and detailed in the Investments by Fund Report (Attachment B). The Investments by Fund Report groups the portfolio’s securities by investment type and includes details of the investment issuer, date of maturity, current market value, the book and face (par) value, and the weighted average maturity of each type of investment and of the entire portfolio.
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The par value of the City’s portfolio is $536.3 million; in comparison, last quarter it was $584.7 million. The $48.4 million portfolio decline since the last quarter results from timing of cash flows from the prepayment of the City’s Fiscal Year 2023 Unfunded Accrued Liability (UAL) pension cost for active employees to the Public Employers’ Retirement System (PERS) totaling $43.1 million, delayed major revenue receipt due to seasonality timing, timing difference of the Public Safety Building construction expenditure and reimbursement from the bond funds, and an extra pay period costs in the first quarter. By prepaying PERS instead of making payments with each payroll period, the City expects savings of $1.5 million in PERS payments; however, this savings will be partially offset by the loss of approximately $333 thousand in interest income in the City’s portfolio. The net citywide savings of prepaying the UAL cost is $1.2 million.

The saving is a consequence of PERS’ ability to earn interest earlier and at a higher rate than the City’s portfolio could realize. Without this prepayment, after factoring in $12 million in UAL payments that would have been made in the first quarter, the portfolio would have decreased by $17.3 million. As far as delayed major revenue receipt due to seasonality timing, major tax revenue receipts are typically lower in the first quarter. For example, property taxes receipts don’t begin until the second quarter and major revenues such as sales, transient occupancy and utility user’s taxes are historically lower in the first quarter. This, compacted with the timing of payment for major capital projects and reimbursement from bond funds, also drove the decrease in the portfolio’s overall balance.

The portfolio consists of $18.8 million in liquid accounts and $517.5 million in various investment types as detailed in the following Table 1. The Investment Policy requires that at 13 Packet Pg. 189

City of Palo Alto Page 3

least $50 million be maintained in securities maturing in less than two years. The portfolio includes $100.6 million in investments maturing in less than two years, comprising 18.8 percent of the City’s investment portfolio. In addition, the Investment Policy allows up to 30 percent of the portfolio to be invested in securities with maturities beyond five years; actual at the end of the second quarter is 29.0 percent of the portfolio.

The current market value of the portfolio is 89.7 percent of the book value. The market value of securities fluctuates, depending on how interest rates perform. When interest rates decrease, the market value of the securities in the City’s portfolio will likely increase; likewise, when interest rates increase, the market value of the securities will likely decrease.

Understanding and showing market values is not only a reporting requirement, but essential to knowing the principal risks in actively buying and selling securities. It is important to note, however, that the City’s practice is to buy and hold investments until they mature so changes in market price do not affect the City’s investment principal. As a result, there’s no risk of principal loss due to the declining market value. The market valuation is provided by U.S. Bank, which is the City’s safekeeping agent. The average life to maturity of the investment portfolio is

4.02 years compared to 3.85 years last quarter.

The Investment Policy states “Should the ratio of the market value of the portfolio to the book value of the portfolio fall below 95 percent, the Administrative Services Department will report this fact to the City Council within a reasonable time frame and evaluate whether there is any risk of holding any of the securities to maturity.” In the prior quarter the market value fell below 95 percent; it was 93.5 percent as of the end of the fourth quarter of fiscal year 2022 (CMR 13998) and declined an additional 3.8 percentage points this first quarter. Interest rates are expected to further increase, the market value will likely decline further. To minimize risk of loss for investment principal due to lower market values, the City’s investment practice is to buy and hold investments to maturity.

13 Packet Pg. 190

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Investments Made During the First Quarter
During the first quarter, $29.2 million of securities with an average yield of 2.5 percent matured. During the same period, per the following Table 2, securities totaling $8.7 million with an average yield of 4.3 percent were purchased. As expected, as interest rates rose on new investments, the City’s portfolio’s average yield effectively plateaued in this and the prior few quarters and the portfolio’s average yield have begun to gradually rise. In the prior two fiscal years or during the height of the COVID-19 economic closures, the portfolio’s interest rate had steadily declined. The City’s short-term money market and pool account decreased by $27.8 million compared to the fourth quarter of Fiscal Year 2022. Staff continually monitors the City’s short-term cash flow needs and adjusts liquid funds to meet them.

Availability of Funds for the Next Six Months
Normally, the flow of revenues from the City’s utility billings and General Fund sources is enough to provide funds for ongoing expenditures in those respective funds. Projections indicate that for the City’s cashflow, an overall growth in the portfolio of $25.2 million is expected over the coming six months due to routine business activities. This reflects expected receipts of $328.0 million and expenditures of $302.8 million over the next six months.

As of September 30, 2022, the City had $18.8 million deposited in the Local Agency Investment Fund (LAIF) and a money market account that could be withdrawn on a daily basis. In addition, investments totaling $44.6 million will mature between October 1, 2022 and March 31, 2023.

Based on the above, staff expect that the City will have sufficient funds or liquidity to meet expenditure requirements for the next six months.

Compliance with City Investment Policy
During the first quarter, staff complied with all aspects of the Investment Policy; an exception regarding the percent limit of callable agency securities is discussed below. Attachment C lists 13 Packet Pg. 191

City of Palo Alto Page 5

the major restrictions in the City’s Investment Policy compared with the portfolio’s actual performance.

The City’s Investment Policy limits callable agency securities to no more than 25 percent of the par value of the City’s investment portfolio. As of September 30th, the City’s holding in callable agency security is 26.5 percent of the par value of the portfolio which is 1.5 percent over the Policy limit of 25 percent. Per the City’s Investment Policy, “Where the Investment Policy specifies a percentage limitation for a particular category of investment, that percentage is applicable only at the date of purchase. A later increase or decrease in a percentage resulting from a change in the portfolio’s assets or values shall not constitute a violation of that restriction. As soon as possible, percentage limitations will be restored as investments mature in each category.” The large UAL pension payment reduced the portfolio’s par value resulting in the agency callable securities exceeding the policy limit which (again) is not a policy violation.

Staff will not purchase additional agency callable securities until the percentage limit is in compliance with the policy. Staff is monitoring the percentage of callable agency securities to ensure that the percentage limitations will be restored as investments mature in each category.

Investment Yields
Interest income on an accrual basis for the first quarter was $2.2 million; $0.1 million lower than the prior quarter due to decline in the portfolio. As of September 30, 2022, the yield to maturity of the City’s portfolio was 1.66 percent; in the prior quarter it was 1.62 percent. In the first quarter, LAIF’s average yield was 1.29 percent while the average yield on the two-year and five-year Treasury bonds was approximately 3.38 percent and 3.23 percent, respectively. In comparison, in the prior quarter LAIF had 0.69 percent yield and the two-year and five-year Treasury bonds yields were significantly lower at 2.72 percent and 2.95 percent.

Historically, the City’s portfolio yield has outperformed the two-year and five-year Treasury bond rates and did so again starting over two years ago; this is an expected occurrence during economic downturns. However, during economic recovery periods, interest rates rise and the City’s portfolio yield is expected to be lower, which is the current financial environment. As the City’s laddered portfolio investments mature in the next year or two, funds will continue to be reinvested and trends will follow the economic patterns. Graph 2 shows the City’s yields and interest earnings for the past 21+ years.
13 Packet Pg. 192

City of Palo Alto Page 6

5.88%

5.00%

4.17%

4.54%
City of Palo Alto

2.71%

1.80% 1.93% 1.66%

1.41%

0.81% 0.25%
2 Yr. Treasury

3.38%

4.43%4.39%

4.98%

1.10%
5-Yr. Treasury

2.88%

2.47%

0.27%

3.23%

1.44%

5.25%

0.23%
LAIF

1.29%
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%
Int. Earnings
(Millions)Yields
Fiscal Year Quarters
Graph 2: Yields and Interest Earnings
City’s portfolio duration is 4.02 years.

Yield Trends
The Federal Open Market Committee (FOMC), since March 2020, has raised the federal funds rate five times totaling 3 percent with the first occurring on March 16, 2022. Prior to this the rate was near zero. In order to mitigate the persistent elevated inflation rate from the peak of

9.1 percent in June to a low 8 percent now with a 2 percent target, the expectation is FOMC will continue to do multiple federal funds rate interest rate increases during the remaining two meetings in 2022 and during meetings in 2023 with the outlook the rate could reach mid 4 percent. This is due to the inflation rate failing to come down as quickly as the FOMC had hoped. Consistent with the prior two quarters, job growth remains “robust” and unemployment rate remains low, however, FOMC’s high inflation rate concern also remains. In addition, FOMC states, regarding Russia’s war against Ukraine, “The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity.” The following tables show the U.S. inflation and unemployment rates and the U.S. Gross Domestic Product (GDP) recent trends.

13 Packet Pg. 193

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Graph 3: U.S. Inflation Rate

Graph 4: U.S. Unemployment Rate

13 Packet Pg. 194

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Graph 5: U.S. Gross Domestic Product (GDP)

Funds Held by the City or Managed Under Contract
Attachment A is a consolidated report of all City investment funds, including those not held directly in the investment portfolio. These include cash in the City’s regular bank account with US Bank and Wells Fargo. A description of the City’s banking relationships can be found in City Council Staff Report ID # 7858 and ID # 11402. The bond proceeds, reserves, and debt service payments being held by the City’s fiscal agents are subject to the requirements of the underlying debt indenture. The trustees for the bond funds are U.S. Bank and California Asset Management Program (CAMP). Bond funds with U.S. Bank are invested in federal agency and money market mutual funds that consist exclusively of U.S. Treasury securities. Bond funds in CAMP are invested in banker’s acceptance notes, certificates of deposit, commercial paper, federal agency securities, and repurchase agreements. The most recent data on funds held by the fiscal agent is as of September 30, 2022.

In January 2017, the City established a Section 115 Irrevocable Trust (Public Agencies Post- Employment Benefits Trust) administered by Public Agency Retirement Services (PARS). This fund is not governed by the City’s Investment Policy; however, it is discussed in this report to present the full picture of the City’s investments. It is the City’s intent to prefund pension costs and began to address the Net Pension Liabilities (NPL) as calculated by Governmental Accounting Standards Board Pronouncement No. 68 (GASB 68). The Section 115 Trust offered by PARS has five portfolios from which to choose in making investments of City funds. The City has selected the “Moderately Conservative” portfolio which is the second most conservative.

Additional information on this trust can be found in City Council Staff Report ID # 7553.

Through September 30, 2022, principal investment contributions of $41.3 million made over time since May 2017, has slightly declined to $40.3 million or by $1 million and the net return 13 Packet Pg. 195

City of Palo Alto Page 9

for one and five years has been -13.4 percent and 1.8 percent respectively. Calendar year 2022 has realized earnings loss of $6.3 million which wiped out the prior years’ earning of $5.7 million for a net loss of $0.6 million with the portfolio difference decline ($0.4 million) being the total administrative expenses.

Fiscal Impact
This is an information report.

Environmental Review
This information report is not a project under the California Environmental Quality Act; therefore, an environmental review is not required.

Attachments:
• Attachment13.a: Attachment A Consolidated Report of Cash Management • Attachment13.b: Attachment B Investment Portfolio
• Attachment13.c: Attachment C Investment Policy Compliance 13 Packet Pg. 196
Book Value Market Value
City Investment Portfolio (see Attachment B) 540,772,792$ 485,206,551 $ Other Funds Held by the City
Cash with Wells Fargo Bank 550,525 550,525 (includes general and imprest accounts)
Cash with US Bank 1,337,474 1,337,474 (includes general and imprest accounts)
Petty/Working Cash 11,927 11,927 Total - Other Funds Held By City 1,899,926 1,899,926 Funds Under Management of Third Party Trustees *
Debt Service Proceeds
US Bank Trust Services **
1999 Utility Revenue Bonds
Debt Service Fund 83 83 2009 Water Revenue Bonds (Build America Bonds)
Debt Service and Reserve Funds 2,557,845 2,557,845 2010 & 2013 General Obligation (Library) Bond
Debt Service and Escrow Funds 5,354,217 5,354,217 2011 Utility Revenue Refunding Bonds
Debt Service and Reserve Funds 791,158 791,158 2012 University Ave. Parking Refunding Bonds
Reserve and Escrow Funds 1 1 2018 Capital Improvement (Golf Course & 2002B COP Refinance) (Taxable- Green Bond) Certificates of Participation
Debt Service and Cost of Issuance Funds 1 1 2019 California Avenue Parking Garage Certificates of Participation (Tax-Exempt and Taxable Bonds)
Construction and Cost of Issuance Funds 2 2 2021 Public Safety Building Certificates of Participation Construction Debt Svc, Capitalized Interest, and Cost of Issuanc 41,233,854 41,233,854 2022A & B General Obligation (Library) Bond
Cost of Issuance Funds 4,344 4,344 California Asset Management Program (CAMP) ***
2012 University Ave. Parking Refunding Bonds
Reserve Fund 2,727,306 2,727,306
2013 General Obligation (Library) Bond
Reserve Fund 252,453 252,453
Public Agencies Post-Employment Benefits Trust ****
Public Agency Retirement Services (PARS) 40,334,020 40,334,020 Total Under Trustee Management 93,255,284 93,255,284 GRAND TOTAL 635,928,002 $ 580,361,761 $
* These funds are subject to the requirements of the underlying debt indenture. ** U.S. Bank investments are in money market mutual funds that exclusively invest in U.S. Treasury securities. *** CAMP investments are in money market mutual fund which invest in bankers acceptance, certificate of deposit, commercial paper, federal agency securities, and repurchase agreements. **** PARS investments are in moderately conservative index plus funds Attachment A
First Quarter, Fiscal Year 2022-23
(Unaudited)
Consolidated Report of Cash Management
City of Palo Alto Cash and Investments

13.a
Packet Pg. 197
City of Palo Alto
City of Palo Alto
Administration Svcs. Dept.
250 Hamilton Ave., 4th Floor
Palo Alto, CA 94301
(650)329-2362
September 30, 2022
Fund ALL - Portfolio Listings
Investments by Fund
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket ValueCUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
LAIF & Fidelity Cash Accounts
Fidelity Investments158 1,733,466.27SYS158 12.11007/01/2020 1,733,466.27 2.081 2.1101,733,466.27 Local Agency Investment Fund159 17,021,947.20SYS159 11.63007/01/2020 16,802,796.68 1.607 1.63017,021,947.20 Subtotal and Average 18,755,413.47 18,755,413.47 18,536,262.95 1.651 1.674 1 Negotiable Certificates of Deposits
Alpine Bank1525 NCD 245,000.0002082CBG4 08/16/2023 3192.40002/16/2016 241,528.35 2.367 2.400245,000.00 Aneca Federal Credit Union2298 NCD 249,000.00034577AN6 03/20/2025 9011.10003/20/2020 230,212.95 1.085 1.100249,000.00 American State Bank OSCE1805 NCD 245,000.00029733BX9 05/30/2024 6072.30005/30/2017 237,314.35 2.270 2.301245,000.00 Banner Capital Bank2453 NCD 249,000.0006654HAA6 11/28/2025 1,1540.45011/27/2020 220,365.00 0.493 0.500248,606.81 Bank of Wisconsin Dells2455 NCD 249,000.00065847EH4 07/28/2025 1,0311.05011/23/2020 227,229.93 0.542 0.549252,471.04 Beal Bank - Plano, TX2668 NCD 249,000.0007371AYT4 02/24/2027 1,6072.05003/02/2022 225,905.25 2.053 2.081248,670.21 Texas Exchange Bank2346 NCD 249,000.0088241THJ2 06/13/2025 9861.00006/02/2020 227,854.92 0.986 1.000249,000.00 Century Next Bank2074 NCD 245,000.00156634AY3 08/30/2024 6991.70008/30/2019 233,340.45 1.678 1.701245,000.00 BankUnited NA2474 NCD 249,000.00066519QC6 01/22/2026 1,2090.55001/22/2021 219,971.58 0.592 0.600248,587.84 BMO Harris Bank2480 NCD 249,000.0005600XBX7 10/27/2028 2,2181.00001/27/2021 203,470.35 1.019 1.034248,512.12 BMW Bank of North America2448 NCD 249,000.0005580AXU3 11/20/2025 1,1460.50011/20/2020 221,129.43 0.493 0.500249,000.00 Beal Bank USA - Las Vegas, NV2669 NCD 249,000.0007371CH69 02/24/2027 1,6072.05003/02/2022 225,905.25 2.053 2.081248,670.21 Balboa Thrift & Loan1984 NCD 245,000.0005765LAW7 11/30/2022 603.25011/30/2018 245,063.70 3.207 3.252245,000.00 Citigroup1950 NCD 245,000.0017312QJ67 04/22/2023 2033.00004/24/2018 243,760.30245,000.00 Encore Bank2343 NCD 249,000.0029260MBH7 05/21/2027 1,6931.15005/21/2020 215,026.44 1.134 1.150249,000.00 First Carolina Bank2389 NCD 248,000.0031944MBB0 08/20/2025 1,0540.45008/20/2020 221,823.60 0.444 0.450248,000.00 Celtic Bank2063 NCD 245,000.0015118RRH2 08/30/2024 6991.85008/30/2019 234,016.65 1.826 1.852245,000.00 Central State Bank IOWA2324 NCD 249,000.0015523RCP9 03/27/2025 9081.00003/27/2020 229,480.89 1.189 1.206247,761.82 Choice Bank - Oshkosh WI1884 NCD 245,000.0017037VBT8 12/29/2022 892.35012/29/2017 244,426.70 2.317 2.350245,000.00 Cinfed Fed Credtit Union Bank2504 NCD 249,000.0017248MAC1 03/04/2027 1,6150.65003/04/2021 211,615.14 0.691 0.701248,449.38 Citadel Federal Credit Union2267 NCD 245,000.0017286TAG0 02/27/2025 8801.65002/27/2020 230,059.90 1.668 1.691244,763.98 Citizens State Bank1541 NCD 250,000.0017670BAQ1 02/17/2023 1391.75002/19/2016 248,210.00 1.727 1.751250,000.00 Commercial Savings Bank1868 NCD 245,000.00202291AD2 10/18/2022 172.10010/18/2017 244,897.10 2.071 2.100245,000.00 Enerbank USA2215 NCD 245,000.0029278TMR8 01/29/2025 8511.80001/29/2020 231,338.80 1.779 1.803245,000.00 Connexus Credit Union2643 NCD 249,000.0020825WAR1 12/23/2026 1,5441.25012/23/2021 219,025.38 1.273 1.291248,578.91 Capital One Bank USA NA2089 NCD 245,000.0014042TCP0 09/05/2024 7051.90009/05/2019 234,244.50 1.873 1.900245,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11
Attachment B13.b
Packet Pg. 198
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 2
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Capital One Bank USA NA2609 NCD 249,000.0014042RQB0 11/17/2026 1,5081.10011/17/2021 218,584.65 1.084 1.100249,000.00 County Schools FCU2695 NCD 249,000.0022258JAB7 09/27/2027 1,8224.40009/30/2022 248,586.66 4.341 4.402249,000.00 Crescent Bank & Trust2296 NCD 248,000.00225645DN7 03/20/2025 9011.10003/20/2020 229,288.40 1.085 1.100248,000.00 Country Club Bank2477 NCD 249,000.00222327AD0 01/29/2030 2,6771.10001/29/2021 196,660.20 1.154 1.170247,783.26 Decorah Bank Trust Company2690 NCD 249,000.00243594AR9 09/23/2027 1,8183.70009/23/2022 241,410.48 3.651 3.701249,000.00 Delta Natl Bank & TR2670 NCD 249,000.0024773RCR4 02/25/2027 1,6082.00003/09/2022 225,397.29 1.975 2.003249,000.00 Discover Bank / Delaware1956 NCD 245,000.00254673VJ2 10/24/2023 3883.35010/24/2018 242,944.45 3.304 3.350245,000.00 Eaglemark Savings Bank2545 NCD 249,000.0027004PBV4 07/07/2026 1,3750.85007/07/2021 218,955.66 0.919 0.932248,250.00 Eagle Bank2040 NCD 245,000.0027002YEL6 04/28/2023 2092.65004/30/2019 243,231.10 2.615 2.651245,000.00 Farmers & Merchant State Bank2486 NCD 249,000.00308682BM4 02/12/2029 2,3261.00002/12/2021 201,249.27 1.037 1.052248,207.15 Flagstar Bank FSB2414 NCD 249,000.0033847E4E4 09/30/2024 7300.40009/30/2020 230,554.08 0.394 0.400249,000.00 Poppy Bank2285 NCD 249,000.0073319FAF6 03/18/2025 8991.10003/18/2020 230,255.28 1.085 1.100249,000.00 First Federal S&L Bank1626 NCD 245,000.0032018YAW8 06/22/2023 2641.80006/22/2016 241,437.70 1.776 1.800245,000.00 1st Financial Bank2390 NCD 248,000.0032022RNT0 08/19/2025 1,0530.45008/19/2020 221,848.40 0.444 0.450248,000.00 First Farmers Bank & Trust2076 NCD 245,000.00320165JK0 09/04/2024 7041.75009/04/2019 233,509.50 1.727 1.751245,000.00 Farmers Insurance Group CU2479 NCD 249,000.0030960QAK3 01/27/2026 1,2140.50001/27/2021 219,373.98 0.543 0.550248,586.14 First Oklahoma Bank2451 NCD 249,000.00335857CK2 11/30/2026 1,5210.65011/30/2020 213,818.79 0.691 0.701248,481.43 Farmers &Merchants Bank2644 NCD 249,000.00307811DM8 01/22/2030 2,6701.60001/14/2022 204,575.91 1.630 1.653248,092.38 First National Bank of America2465 NCD 249,000.0032110YRQ0 12/31/2026 1,5520.60012/31/2020 212,586.24 0.625 0.633248,647.24 FNB Bank Inc.1863 NCD 245,000.00330459CB2 10/13/2023 3772.25010/13/2017 240,273.95 2.220 2.251245,000.00 First Northeast Bank1779 NCD 245,000.0033583FAA0 10/19/2022 182.10004/19/2017 244,892.20 2.072 2.101245,000.00 First Community Credit Union2554 NCD 249,000.0031986JAD3 02/26/2027 1,6090.85007/28/2021 213,771.48 0.892 0.905248,410.53 Firstier Bank2061 NCD 245,000.0033766LAJ7 08/23/2024 6921.95008/23/2019 234,597.30 1.925 1.952245,000.00 First Kentucky Bank1856 NCD 245,000.0032065TAW1 10/06/2022 52.10010/06/2017 244,965.70 2.072 2.101245,000.00 Gesa Credit Union2456 NCD 249,000.0037424PAC8 11/30/2027 1,8860.80011/30/2020 207,232.74 0.825 0.836248,540.67 Grant County Bank West V.2042 NCD 245,000.00387625AA4 05/08/2024 5852.55005/08/2019 238,581.00 2.513 2.548245,000.00 Goldman Sachs Bank USA / NY1951 NCD 245,000.0038148PJ81 05/09/2023 2203.15005/09/2018 243,873.00 3.106 3.150245,000.00 Haddon Savings Bank2447 NCD 207,000.00404730DA8 10/20/2025 1,1150.35011/16/2020 183,546.90 0.491 0.498205,845.33 Bank Hapoalim BM2457 NCD 249,000.0006251A2Q2 12/15/2025 1,1710.50012/14/2020 220,556.73 0.543 0.550248,601.01 Inst. for Sav in Newburyport2556 NCD 249,000.0045780PAQ8 07/29/2026 1,3970.90007/29/2021 218,739.03 0.888 0.900249,000.00 Jonesboro State Bank2452 NCD 249,000.0048040PJL0 11/26/2027 1,8820.75011/27/2020 206,734.74 0.790 0.801248,358.06 Kansas State Bank Manhattan1798 NCD 245,000.0050116CAX7 05/31/2024 6082.50005/31/2017 238,103.25 2.465 2.500245,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 199
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 3
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Knox TVA Empl Credit Union2140 NCD 248,000.00499724AF9 10/31/2023 3953.35010/24/2019 245,862.24 2.210 2.241250,842.71 Lakeside Bank1686 NCD 245,000.0051210SLR6 09/18/2023 3521.80009/16/2016 239,639.40 1.775 1.800245,000.00 Legacy Bank & Trust Company2469 NCD 249,000.0052470QAN4 12/21/2028 2,2730.85012/30/2020 200,225.88 0.889 0.901248,222.83 Live Oak Banking Company2599 NCD 249,000.00538036SS4 10/18/2027 1,8431.10010/18/2021 211,463.25 1.135 1.151248,371.65 Bank Leumi USA NY2335 NCD 249,000.00063248KR8 03/31/2023 1811.45003/31/2020 245,974.65249,000.00 Malaga Bank FSB2402 NCD 249,000.0056102AAQ9 06/30/2025 1,0030.40008/31/2020 223,604.49 0.394 0.400249,000.00 Meritrust Federal Credit Union2672 NCD 249,000.0059001PAP4 03/10/2026 1,2560.55003/07/2022 221,490.48 1.904 1.930237,624.58 Medallion Bank - Salt Lake2010 NCD 245,000.0058404DDB4 01/03/2024 4593.30001/10/2019 242,334.40 3.254 3.299245,000.00 Merchants State Bank2059 NCD 245,000.00589227AG2 08/30/2024 6991.80008/30/2019 233,854.95 1.775 1.800245,000.00 Merrick Bank2610 NCD 249,000.0059013KPS9 05/19/2026 1,3261.10011/19/2021 221,829.12 1.152 1.168248,396.76 Minwest Bank MV2478 NCD 249,000.0060425SJQ3 01/29/2029 2,3121.00001/28/2021 201,460.92 1.024 1.039248,409.15 Maine Savings Credit Union2144 NCD 245,000.00560507AN5 11/08/2024 7691.90011/08/2019 233,156.70 1.875 1.902245,000.00 Mainstreet Bank2038 NCD 245,000.0056065GAG3 04/26/2024 5732.60004/26/2019 238,914.20 2.567 2.602245,000.00 Mountain America FD Credit Uni2202 NCD 249,000.0062384RAC0 11/08/2022 382.30001/08/2020 248,825.70 1.928 1.955249,086.85 Morgan Stanley Bank NA1890 NCD 245,000.0061747MF63 01/11/2023 1022.65001/11/2018 244,475.70 2.613 2.650245,000.00 Municipal Trust and Savings1800 NCD 245,000.00625925AP7 05/02/2024 5792.35005/22/2017 237,904.80 2.317 2.349245,000.00 Numerica Credit Union1991 NCD 245,000.0067054NAN3 11/28/2023 4233.55011/28/2018 243,270.30 3.503 3.551245,000.00 Ottawa Savings Bank1892 NCD 245,000.0068956HAC7 01/19/2023 1102.40001/19/2018 244,233.15 2.368 2.401245,000.00 Pacific Western Bank2420 NCD 249,000.0069506YSA8 09/30/2025 1,0950.45009/30/2020 221,938.68 0.443 0.450249,000.00 Pathfinder Bank2429 NCD 249,000.0070320KAR2 10/14/2025 1,1090.50010/13/2020 221,761.89 0.533 0.540248,697.71 People's Bank2468 NCD 249,000.00710665GD6 12/31/2029 2,6480.90012/30/2020 193,966.02 0.967 0.981247,596.27 Ponce De Leon Federal Bank2686 NCD 249,000.00732329BD8 09/15/2027 1,8103.50009/15/2022 238,671.48 3.453 3.501249,000.00 Pentagon Fed Cred Union2565 NCD 249,000.0070962LAE2 09/01/2026 1,4310.85009/01/2021 217,648.41 0.889 0.901248,512.16 Preferred Bank LA California2047 NCD 245,000.00740367HP5 08/16/2024 6852.00008/16/2019 234,930.50 1.972 2.000245,000.00 Parkside Financial Bank1833 NCD 245,000.0070147ACE2 03/15/2023 1652.10007/19/2017 243,125.75 2.072 2.101245,000.00 Pony Express Bank2488 NCD 249,000.00732770BJ0 02/25/2030 2,7041.00002/24/2021 195,141.30 1.055 1.070247,771.36 Rayond James Bank NA2188 NCD 245,000.0075472RAU5 12/30/2024 8211.85012/30/2019 232,113.00 1.824 1.850245,000.00 Sallie Mae Bank2102 NCD 245,000.007954504D4 09/18/2024 7181.90009/18/2019 234,028.90 1.873 1.900245,000.00 State Bank of India2403 NCD 249,000.00856285UJ8 09/04/2025 1,0690.50009/04/2020 222,909.78 0.493 0.500249,000.00 Stifel Bank & Trust1953 NCD 245,000.0086063QAK1 05/15/2023 2262.95005/15/2018 243,539.80 2.911 2.951245,000.00 San Francisco Credit Union2297 NCD 249,000.0079772FAF3 03/27/2025 9081.10003/27/2020 230,068.53 1.085 1.100249,000.00 Sunwest Bank2491 NCD 249,000.0086804DCQ9 02/17/2028 1,9650.80002/17/2021 205,686.45 0.861 0.873248,042.87 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 200
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 4
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Negotiable Certificates of Deposits
Somerset Trust Company Bank1616 NCD 245,000.00835104BL3 06/12/2023 2541.80006/10/2016 241,577.35 1.776 1.800245,000.00 Slovak Savings Bank1872 NCD 245,000.0083158TAA0 10/20/2022 192.10010/20/2017 244,889.75 2.072 2.101245,000.00 Southwest Financial Fed. Credi2333 NCD 249,000.0084485EAG2 03/28/2024 5441.15003/31/2020 237,934.44 1.134 1.150249,000.00 Synchrony Bank2563 NCD 249,000.0087165FZN7 08/20/2026 1,4190.90008/20/2021 218,504.97 0.887 0.900249,000.00 Texas Bank Henderson2464 NCD 249,000.00882214AA7 12/23/2025 1,1790.45012/23/2020 219,593.10 0.483 0.490248,678.45 Third Federal Savings and Loan2157 NCD 245,000.0088413QCK2 11/25/2024 7861.95011/25/2019 233,225.30 1.923 1.950245,000.00 Crossfirst Bank of Leawood1804 NCD 245,000.0022766ABF1 06/09/2023 2512.15006/09/2017 242,037.95 2.121 2.151245,000.00 Toyota Financial Savings Bank2551 NCD 249,000.0089235MLC3 07/15/2026 1,3830.95007/15/2021 219,655.35 0.936 0.950249,000.00 Uinta Bank1639 NCD 245,000.00903572BC8 12/26/2023 4511.70006/24/2016 238,419.30 1.676 1.700245,000.00 Greenstate Credit Union2552 NCD 249,000.0039573LBM9 07/21/2026 1,3890.95007/21/2021 219,336.63 0.937 0.950249,000.00 USAlliance Federal Credit Unio2325 NCD 249,000.0090352RAU9 03/31/2025 9121.15003/31/2020 230,574.00 1.155 1.171248,875.64 USF Federal Credit Union2546 NCD 249,000.0090353EAR4 07/15/2031 3,2091.75007/15/2021 197,347.44 1.801 1.826247,468.43 Vystar Credit Union2136 NCD 245,000.0092891CCE0 12/11/2023 4363.65010/18/2019 243,488.35 2.170 2.200249,054.22 Washington Federal2049 NCD 245,000.00938828BJ8 08/23/2024 6922.05008/23/2019 235,040.75 2.024 2.052245,000.00 Western State Bank2342 NCD 248,000.0095960NKE6 11/13/2025 1,1391.05005/13/2020 224,343.28 1.035 1.050248,000.00 Wyoming Bank & Trust2446 NCD 249,000.0098321PAJ9 11/28/2025 1,1540.50011/27/2020 220,738.50 0.515 0.522248,764.08 Subtotal and Average 26,153,291.24 26,176,000.00 24,158,110.25 1.541 1.562 1,021 Corporate Medium Term Bonds
Apple, Inc.2053 MTN 1,500,000.00037833CU2 05/11/2024 5882.85008/06/2019 1,463,025.00 1.998 2.0251,518,262.39 Apple, Inc.2082 MTN 550,000.00037833AK6 05/03/2023 2142.40008/29/2019 543,988.50 1.726 1.750552,029.05 Apple, Inc.2401 MTN 1,500,000.00037833DF4 01/13/2025 8352.75008/28/2020 1,441,860.00 0.620 0.6281,571,550.01 Apple, Inc.2489 MTN 700,000.00037833EB2 02/08/2026 1,2260.70002/08/2021 615,706.00 0.684 0.694700,134.99 Apple, Inc.2667 MTN 750,000.00037833CJ7 02/09/2027 1,5923.35002/23/2022 716,107.50 2.115 2.145785,382.25 Alphabet (Google) Inc.2507 MTN 200,000.0002079KAH0 08/15/2025 1,0490.45003/01/2021 179,322.00 0.668 0.678198,711.96 Alphabet (Google) Inc.2675 MTN 1,000,000.0002079KAC1 08/15/2026 1,4141.99803/14/2022 912,620.00 2.197 2.228991,553.64 Alphabet (Google) Inc.2689 MTN 1,000,000.0002079KAJ6 08/15/2027 1,7790.80009/14/2022 843,470.00 3.442 3.489880,519.62 Johnson & Johnson2466 MTN 2,000,000.00478160CN2 09/01/2025 1,0660.55012/23/2020 1,785,780.00 0.479 0.4862,003,678.30 Johnson & Johnson2508 MTN 2,000,000.00478160BY9 03/01/2026 1,2472.45003/01/2021 1,867,060.00 0.812 0.8232,103,341.73 Johnson & Johnson2509 MTN 1,000,000.00478160BY9 03/01/2026 1,2472.45003/01/2021 933,530.00 0.812 0.8241,051,657.62 Microsoft Corporation2212 MTN 1,800,000.00594918BX1 02/06/2024 4932.87501/22/2020 1,763,478.00 1.727 1.7511,825,157.29 Microsoft Corporation2450 MTN 2,920,000.00594918BJ2 11/03/2025 1,1293.12511/18/2020 2,804,046.80 0.572 0.5803,134,723.03 Microsoft Corporation2506 MTN 180,000.00594918BJ2 11/03/2025 1,1293.12503/01/2021 172,852.20 0.753 0.763192,196.13 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 201
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 5
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Corporate Medium Term Bonds
Stanford University2182 MTN 1,000,000.00525555AB4 02/01/2024 4886.87512/12/2019 1,031,080.00 1.934 1.9601,062,628.88 Stanford University2648 MTN 1,500,000.0085440KAC8 06/01/2027 1,7041.28901/07/2022 1,291,845.00 1.479 1.5001,485,858.20 Stanford University2658 MTN 500,000.0085440KAC8 06/01/2027 1,7041.28902/01/2022 430,615.00 1.849 1.875487,042.83 Yale University2376 MTN 2,000,000.0098459LAA1 04/15/2025 9270.87307/01/2020 1,831,680.00 0.616 0.6252,012,151.32 Yale University2511 MTN 3,000,000.0098459LAA1 04/15/2025 9270.87303/01/2021 2,747,520.00 0.638 0.6463,016,629.38 Subtotal and Average 25,573,208.62 25,100,000.00 23,375,586.00 1.149 1.165 1,050 Federal Agency Bonds
Federal Agricultural Mortgage1134 750,000.0031315PB32 11/21/2022 512.00012/19/2012 748,830.00 2.081 2.110749,897.01 Federal Agricultural Mortgage1137 1,500,000.0031315PUE7 12/27/2022 872.18001/04/2013 1,496,685.00 2.165 2.1961,499,948.62 Federal Agricultural Mortgage1141 1,500,000.0031315PUE7 12/27/2022 872.18001/08/2013 1,496,685.00 2.195 2.2251,499,854.07 Federal Agricultural Mortgage1144 1,500,000.0031315PUE7 12/27/2022 872.18001/23/2013 1,496,685.00 2.111 2.1411,500,124.89 Federal Agricultural Mortgage1147 2,595,000.0031315PUE7 12/27/2022 872.18001/28/2013 2,589,265.05 2.199 2.2292,594,722.99 Federal Agricultural Mortgage1428 404,000.0031315PL23 03/27/2024 5433.33001/09/2015 398,586.40 2.540 2.575408,013.70 Federal Agricultural Mortgage1433 1,604,000.0031315PD89 06/12/2023 2542.61001/22/2015 1,587,270.28 2.269 2.3011,607,124.58 Federal Agricultural Mortgage1447 1,450,000.0031315PD89 06/12/2023 2542.61002/09/2015 1,434,876.50 2.377 2.4101,451,819.14 Federal Agricultural Mortgage1576 1,000,000.0031315PZS1 01/24/2023 1152.13004/06/2016 996,030.00 1.839 1.8641,000,777.29 Federal Agricultural Mortgage1580 474,000.0031315PEM7 08/04/2025 1,0384.35004/08/2016 474,606.72 2.296 2.328498,350.58 Federal Agricultural Mortgage1595 1,500,000.0031315P2J7 05/01/2024 5783.30004/21/2016 1,477,800.00 2.084 2.1121,525,803.84 Federal Agricultural Mortgage1604 1,500,000.0031315P2J7 05/01/2024 5783.30004/26/2016 1,477,800.00 2.159 2.1891,524,058.54 Federal Agricultural Mortgage1617 500,000.0031315PUE7 12/27/2022 872.18005/26/2016 498,895.00 1.844 1.870500,346.03 Federal Agricultural Mortgage1710 1,500,000.0031315PRA9 02/03/2026 1,2214.81010/18/2016 1,524,240.00 2.131 2.1601,619,607.09 Federal Agricultural Mortgage1867 1,000,000.003132X0WL1 08/23/2024 6922.25010/06/2017 963,360.00 2.332 2.365997,995.58 Federal Agricultural Mortgage1877 1,500,000.003132X0ZZ7 12/12/2022 722.26012/12/2017 1,496,280.00 2.229 2.2601,500,000.00 Federal Agricultural Mortgage1893 1,000,000.003130H0AU7 08/01/2024 6702.62501/09/2018 970,980.00 2.546 2.5811,000,723.71 Federal Agricultural Mortgage1901 1,500,000.003130H0AU7 08/01/2024 6702.62501/11/2018 1,456,470.00 2.623 2.6601,499,118.48 Federal Agricultural Mortgage1912 2,000,000.003132X0G39 01/30/2023 1212.50001/30/2018 1,992,560.00 2.472 2.5071,999,955.04 Federal Agricultural Mortgage1915 1,500,000.003132X0G39 01/30/2023 1212.50001/30/2018 1,494,420.00 2.481 2.5151,499,926.42 Federal Agricultural Mortgage1921 2,000,000.003132X0G39 01/30/2023 1212.50001/31/2018 1,992,560.00 2.556 2.5921,999,432.24 Federal Agricultural Mortgage1924 1,100,000.0031315PZS1 01/24/2023 1152.13002/08/2018 1,095,633.00 2.578 2.6141,098,441.03 Federal Agricultural Mortgage1928 1,500,000.003132X0H87 02/22/2023 1442.60002/22/2018 1,493,490.00 2.564 2.6001,500,000.00 Federal Agricultural Mortgage1936 1,500,000.003132X0L33 02/21/2023 1432.77002/23/2018 1,494,525.00 2.732 2.7701,500,000.00 Federal Agricultural Mortgage1999 549,000.0031315P4B2 01/30/2024 4863.46012/14/2018 543,361.77 3.018 3.060551,681.71 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 202
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 6
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Agricultural Mortgage2034 1,000,000.0031422BEJ5 04/09/2024 5562.35004/09/2019 972,000.00 2.365 2.398999,308.91 Federal Agricultural Mortgage2035 678,000.0031315PCY3 11/20/2024 7815.25004/08/2019 690,841.32 2.420 2.454715,602.94 Federal Agricultural Mortgage2098 550,000.0031315PEM7 08/04/2025 1,0384.35009/09/2019 550,704.00 1.659 1.683589,517.62 Federal Agricultural Mortgage2301 1,569,000.0031315PB99 11/19/2027 1,8752.85003/11/2020 1,470,498.18 1.050 1.0641,706,692.25 Federal Agricultural Mortgage2340 Call 2,000,000.0031422BZS2 05/13/2030 2,7811.50005/13/2020 1,625,140.00 1.479 1.5002,000,000.00 Federal Agricultural Mortgage2366 Call 1,750,000.0031422BF54 06/24/2030 2,8231.40006/24/2020 1,406,685.00 1.380 1.4001,750,000.00 Federal Agricultural Mortgage2367 Call 2,000,000.0031422BF54 06/24/2030 2,8231.40006/24/2020 1,607,640.00 1.380 1.4002,000,000.00 Federal Agricultural Mortgage2381 Call 1,500,000.0031422BH78 07/08/2030 2,8371.40007/08/2020 1,204,395.00 1.380 1.4001,500,000.00 Federal Agricultural Mortgage2425 Call 2,000,000.0031422BX54 09/27/2030 2,9181.30010/08/2020 1,582,660.00 1.286 1.3042,000,000.00 Federal Agricultural Mortgage2435 Call 2,000,000.0031422BZ45 10/21/2030 2,9421.28010/21/2020 1,577,040.00 1.262 1.2802,000,000.00 Federal Agricultural Mortgage2439 Call 2,000,000.0031422B2E9 10/29/2030 2,9501.34010/29/2020 1,583,660.00 1.321 1.3402,000,000.00 Federal Agricultural Mortgage2449 1,500,000.0031422B3D0 11/20/2030 2,9721.15011/20/2020 1,172,475.00 1.134 1.1501,500,000.00 Federal Agricultural Mortgage2458 Call 1,500,000.0031422B4A5 12/11/2030 2,9931.30012/11/2020 1,179,570.00 1.282 1.3001,500,000.00 Federal Agricultural Mortgage2459 Call 2,000,000.0031422B3W8 12/16/2030 2,9981.45012/16/2020 1,591,360.00 1.430 1.4502,000,000.00 Federal Agricultural Mortgage2461 1,000,000.0031422B3D0 11/20/2030 2,9721.15012/09/2020 781,650.00 1.144 1.160999,182.07 Federal Agricultural Mortgage2471 1,500,000.0031422B6K1 01/15/2026 1,2020.48001/15/2021 1,327,020.00 0.493 0.5001,499,013.33 Federal Agricultural Mortgage2473 Call 1,500,000.0031422B6A3 01/15/2031 3,0281.29001/15/2021 1,175,025.00 1.319 1.3381,494,405.00 Federal Agricultural Mortgage2484 Call 1,000,000.0031422B7E4 01/28/2031 3,0411.32001/28/2021 784,460.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2496 Call 1,500,000.0031422XAW2 02/25/2031 3,0691.53002/25/2021 1,194,540.00 1.509 1.5301,500,000.00 Federal Agricultural Mortgage2513 1,000,000.0031422XCB6 03/04/2031 3,0761.47003/04/2021 796,220.00 1.581 1.602989,687.80 Federal Agricultural Mortgage2519 1,500,000.0031422XDX7 03/27/2026 1,2730.83003/29/2021 1,333,875.00 0.828 0.8401,499,476.08 Federal Agricultural Mortgage2524 1,500,000.0031422XDX7 03/27/2026 1,2730.83003/31/2021 1,333,875.00 0.913 0.9261,495,069.71 Federal Agricultural Mortgage2527 Call 1,500,000.0031422XEE8 04/07/2031 3,1102.07004/07/2021 1,243,335.00 2.074 2.1031,496,392.50 Federal Agricultural Mortgage2529 2,000,000.0031422XEL2 04/13/2028 2,0211.37504/15/2021 1,721,140.00 1.311 1.3302,004,730.80 Federal Agricultural Mortgage2530 1,500,000.0031422XFJ6 04/29/2031 3,1321.66004/29/2021 1,205,700.00 1.627 1.6501,501,158.00 Federal Agricultural Mortgage2533 1,500,000.0031422XDX7 03/27/2026 1,2730.83005/20/2021 1,333,875.00 0.864 0.8761,497,645.81 Federal Agricultural Mortgage2540 255,000.0031422XDX7 03/27/2026 1,2730.83006/08/2021 226,758.75 0.820 0.831254,984.81 Federal Agricultural Mortgage2593 1,000,000.0031422XNM0 10/05/2026 1,4651.05010/05/2021 881,790.00 1.035 1.0501,000,000.00 Federal Agricultural Mortgage2621 1,000,000.0031422XPS5 11/17/2026 1,5081.15011/17/2021 882,420.00 1.272 1.290994,402.73 Federal Agricultural Mortgage2625 1,000,000.0031422XQM7 12/01/2026 1,5221.32012/01/2021 887,840.00 1.301 1.3201,000,000.00 Federal Agricultural Mortgage2634 1,500,000.0031422XRK0 01/04/2027 1,5561.32001/04/2022 1,332,930.00 1.301 1.3201,500,000.00 Federal Agricultural Mortgage2640 Call 1,500,000.0031422XRY0 12/29/2031 3,3762.15012/29/2021 1,230,615.00 2.120 2.1501,500,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 203
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 7
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Farm Credit Bank .1526 625,000.003133EAA65 07/26/2023 2982.12501/27/2016 614,175.00 2.024 2.052625,344.29 Federal Farm Credit Bank .1615 1,000,000.003133EC7D0 12/13/2024 8042.12505/13/2016 955,440.00 1.930 1.9561,003,388.43 Federal Farm Credit Bank .1787 900,000.003133EEVD9 03/25/2024 5412.30005/04/2017 876,096.00 2.274 2.306899,920.58 Federal Farm Credit Bank .1822 500,000.003133EDWX6 10/07/2024 7372.91006/21/2017 487,245.00 2.143 2.172506,835.62 Federal Farm Credit Bank .1843 445,000.003133ED6R8 11/07/2022 372.93009/14/2017 444,906.55 1.870 1.896445,435.90 Federal Farm Credit Bank .1932 1,500,000.003133EJDE6 02/16/2023 1382.57002/16/2018 1,493,220.00 2.605 2.6421,499,622.94 Federal Farm Credit Bank .2016 500,000.003133EEG79 09/07/2023 3412.15001/15/2019 490,270.00 2.656 2.693497,628.41 Federal Farm Credit Bank .2017 650,000.003133EC2C7 11/09/2023 4042.13001/15/2019 634,634.00 2.662 2.699646,183.80 Federal Farm Credit Bank .2314 1,000,000.003133EAG44 08/03/2026 1,4022.63003/13/2020 940,280.00 1.089 1.1041,056,385.60 Federal Farm Credit Bank .2371 Call 1,500,000.003133ELQ31 07/01/2030 2,8301.33007/01/2020 1,198,440.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2372 Call 1,500,000.003133ELQ31 07/01/2030 2,8301.33007/01/2020 1,198,440.00 1.311 1.3301,500,000.00 Federal Farm Credit Bank .2391 Call 1,500,000.003133EL3H5 08/12/2025 1,0460.57008/12/2020 1,345,020.00 0.587 0.5951,498,926.04 Federal Farm Credit Bank .2406 Call 1,500,000.003133EL4W1 08/25/2025 1,0590.61009/03/2020 1,341,555.00 0.611 0.6201,499,563.06 Federal Farm Credit Bank .2408 Call 1,500,000.003133EL4W1 08/25/2025 1,0590.61009/10/2020 1,341,555.00 0.611 0.6201,499,561.34 Federal Farm Credit Bank .2416 Call 1,500,000.003133EL7K4 09/16/2025 1,0810.55009/22/2020 1,339,650.00 0.542 0.5491,500,000.00 Federal Farm Credit Bank .2417 Call 1,500,000.003133EMBH4 09/29/2025 1,0940.53009/29/2020 1,333,380.00 0.522 0.5301,500,000.00 Federal Farm Credit Bank .2423 Call 1,500,000.003133EMBJ0 09/29/2025 1,0940.53009/29/2020 1,336,710.00 0.537 0.5451,499,326.25 Federal Farm Credit Bank .2427 Call 2,000,000.003133EMAZ5 06/24/2030 2,8231.25010/01/2020 1,587,540.00 1.246 1.2631,998,013.85 Federal Farm Credit Bank .2442 Call 1,500,000.003133EMFG2 11/04/2030 2,9561.37011/04/2020 1,177,350.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2443 Call 1,500,000.003133EMFG2 11/04/2030 2,9561.37011/04/2020 1,177,350.00 1.351 1.3701,500,000.00 Federal Farm Credit Bank .2472 Call 1,500,000.003133EMNB4 01/14/2031 3,0271.38001/14/2021 1,183,830.00 1.361 1.3801,500,000.00 Federal Farm Credit Bank .2525 Call 1,500,000.003133EMRE4 02/18/2031 3,0621.42004/01/2021 1,184,340.00 1.834 1.8591,449,681.33 Federal Farm Credit Bank .2538 Call 1,000,000.003133EMUG5 03/24/2031 3,0961.98005/27/2021 823,770.00 1.887 1.9131,005,084.02 Federal Home Loan Bank1699 500,000.003133827E7 02/06/2023 1282.13010/05/2016 496,900.00 1.578 1.600500,871.33 Federal Home Loan Bank1886 1,000,000.003130A3VC5 12/08/2023 4332.25001/03/2018 976,650.00 2.359 2.392998,432.00 Federal Home Loan Bank1896 1,000,000.003130A3DL5 09/08/2023 3422.37501/09/2018 981,880.00 2.376 2.409999,701.26 Federal Home Loan Bank1903 500,000.003130ADEV0 01/17/2023 1082.38001/18/2018 498,545.00 2.385 2.418499,946.97 Federal Home Loan Bank2347 Call 1,500,000.003130AJMF3 11/28/2028 2,2501.32005/28/2020 1,247,775.00 1.301 1.3201,500,000.00 Federal Home Loan Bank2358 Call 1,000,000.003130AJP78 06/11/2029 2,4451.40006/11/2020 820,850.00 1.380 1.4001,000,000.00 Federal Home Loan Bank2361 Call 1,000,000.003130AJP78 06/11/2029 2,4451.40006/11/2020 820,850.00 1.427 1.447997,024.69 Federal Home Loan Bank2368 Call 900,000.003130AJR76 06/29/2029 2,4631.25006/29/2020 730,440.00 1.232 1.250900,000.00 Federal Home Loan Bank2369 Call 1,500,000.003130AJRG6 06/24/2030 2,8231.36006/24/2020 1,189,035.00 1.341 1.3601,500,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 204
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 8
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal Home Loan Bank2375 Call 1,500,000.003130AJSR1 07/09/2030 2,8381.39007/09/2020 1,190,775.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2377 Call 1,500,000.003130AJSR1 07/09/2030 2,8381.39007/09/2020 1,190,775.00 1.370 1.3901,500,000.00 Federal Home Loan Bank2384 Call 1,500,000.003130AJSR1 07/09/2030 2,8381.39007/09/2020 1,190,775.00 1.382 1.4011,498,717.58 Federal Home Loan Bank2395 Call 1,500,000.003130AJZ36 08/27/2025 1,0610.60008/27/2020 1,346,040.00 0.611 0.6201,499,128.33 Federal Home Loan Bank2399 Call 1,500,000.003130AJZ36 08/27/2025 1,0610.60008/27/2020 1,346,040.00 0.611 0.6201,499,128.33 Federal Home Loan Bank2405 Call 1,500,000.003130AK3Z7 09/29/2025 1,0940.57009/29/2020 1,333,050.00 0.582 0.5901,499,101.67 Federal Home Loan Bank2411 Call 1,180,000.003130AJZ36 08/27/2025 1,0610.60009/16/2020 1,058,884.80 0.591 0.5991,180,000.00 Federal Home Loan Bank2419 Call 1,500,000.003130AKAZ91 09/29/2025 1,0940.52009/29/2020 1,330,980.00 0.512 0.5201,500,000.00 Federal Home Loan Bank2445 Call 1,200,000.003130AJQS1 06/25/2030 2,8241.35011/04/2020 950,388.00 1.334 1.3531,199,692.00 Federal Home Loan Bank2475 Call 1,500,000.003130AKQN9 01/09/2031 3,0221.40001/28/2021 1,173,540.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2476 Call 1,500,000.003130AKQV1 01/28/2031 3,0411.40001/28/2021 1,180,125.00 1.380 1.4001,500,000.00 Federal Home Loan Bank2485 Call 1,500,000.003130AKVH6 02/10/2031 3,0541.35002/10/2021 1,150,950.00 1.331 1.3501,500,000.00 Federal Home Loan Bank2490 Call 2,000,000.003130AKYB6 02/18/2031 3,0621.40002/18/2021 1,570,720.00 1.380 1.4002,000,000.00 Federal Home Loan Bank2494 Call 1,500,000.003130AL2J2 02/26/2031 3,0701.50002/26/2021 1,187,130.00 1.479 1.5001,500,000.00 Federal Home Loan Bank2500 Call 1,500,000.003130ALF66 02/25/2031 3,0691.62502/25/2021 1,199,400.00 1.602 1.6251,500,000.00 Federal Home Loan Bank2520 Call 1,925,000.003130ALF33 03/16/2026 1,2620.75003/25/2021 1,694,019.25 0.853 0.8651,917,506.37 Federal Home Loan Bank2607 Call 1,000,000.003130APPJ8 11/04/2031 3,3212.00011/04/2021 810,060.00 1.972 2.0001,000,000.00 Federal Home Loan Bank2613 Call 1,000,000.003130APV77 12/10/2026 1,5311.50012/10/2021 887,240.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2616 Call 1,000,000.003130APW84 12/03/2026 1,5241.50012/03/2021 887,140.00 1.479 1.5001,000,000.00 Federal Home Loan Bank2618 Call 1,000,000.003130APXD2 12/17/2026 1,5381.55012/17/2021 888,080.00 1.528 1.5501,000,000.00 Federal Home Loan Bank2619 Call 1,000,000.003130APWY7 12/07/2026 1,5281.35012/07/2021 881,670.00 1.331 1.3501,000,000.00 Federal Home Loan Bank2620 Call 1,000,000.003130APXT7 12/17/2026 1,5381.60012/17/2021 894,470.00 1.578 1.6001,000,000.00 Federal Home Loan Bank2659 Call 1,000,000.003130AQSM6 02/25/2027 1,6082.05002/25/2022 902,090.00 2.021 2.0501,000,000.00 Federal Home Loan Bank2662 Call 1,000,000.003130AQX65 03/04/2027 1,6152.25003/04/2022 914,030.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2663 Call 1,000,000.003130AQYA5 02/24/2027 1,6072.25002/28/2022 914,390.00 2.219 2.2501,000,000.00 Federal Home Loan Bank2664 Call 1,500,000.003130AQYG2 02/25/2027 1,6082.50002/28/2022 1,388,280.00 2.470 2.5041,500,000.00 Federal Home Loan Bank2665 Call 1,000,000.003130AQZD8 02/25/2027 1,6082.62502/25/2022 921,980.00 2.589 2.6251,000,000.00 Fed. Home Loan Mortgage Corp.2345 Call 455,000.003134GVUA4 05/18/2028 2,0561.20005/18/2020 381,249.05 1.183 1.200455,000.00 Fed. Home Loan Mortgage Corp.2370 Call 1,500,000.003134GV3B2 06/28/2030 2,8271.40006/30/2020 1,204,020.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2373 Call 1,500,000.003134GV3U0 06/29/2029 2,4631.25006/29/2020 1,217,400.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2379 Call 1,500,000.003134GV4E5 12/29/2028 2,2811.20007/01/2020 1,235,925.00 1.183 1.1991,500,000.00 Fed. Home Loan Mortgage Corp.2380 Call 1,500,000.003134GV5D6 01/08/2029 2,2911.20007/08/2020 1,230,465.00 1.183 1.2001,500,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 205
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 9
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Fed. Home Loan Mortgage Corp.2382 Call 1,500,000.003134GV5A2 07/15/2030 2,8441.37507/15/2020 1,200,300.00 1.356 1.3751,500,000.00 Fed. Home Loan Mortgage Corp.2386 Call 1,500,000.003134GV7L6 07/29/2030 2,8581.35007/29/2020 1,196,775.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2387 Call 1,500,000.003134GV7L6 07/29/2030 2,8581.35007/29/2020 1,196,775.00 1.331 1.3501,500,000.00 Fed. Home Loan Mortgage Corp.2396 Call 1,000,000.003134GWNC6 08/19/2025 1,0530.62508/20/2020 898,040.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2400 Call 1,500,000.003134GWC53 09/15/2025 1,0800.65009/15/2020 1,340,385.00 0.641 0.6501,500,000.00 Fed. Home Loan Mortgage Corp.2404 Call 1,447,000.003134GWA55 09/09/2025 1,0740.65009/09/2020 1,293,777.17 0.641 0.6501,447,000.00 Fed. Home Loan Mortgage Corp.2407 Call 1,500,000.003134GWD52 09/02/2025 1,0670.68009/04/2020 1,343,295.00 0.670 0.6791,500,000.00 Fed. Home Loan Mortgage Corp.2409 Call 1,500,000.003134GWP75 09/23/2025 1,0880.62509/23/2020 1,338,150.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2410 Call 1,000,000.003134GWP75 09/23/2025 1,0880.62509/23/2020 892,100.00 0.616 0.6251,000,000.00 Fed. Home Loan Mortgage Corp.2418 Call 1,500,000.003134GWVV5 10/15/2025 1,1100.50010/15/2020 1,339,740.00 0.493 0.5001,500,000.00 Fed. Home Loan Mortgage Corp.2421 Call 2,000,000.003134GWW93 09/30/2025 1,0950.55009/30/2020 1,778,760.00 0.542 0.5502,000,000.00 Fed. Home Loan Mortgage Corp.2422 Call 1,500,000.003134GWW93 09/30/2025 1,0950.55009/30/2020 1,334,070.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2424 Call 1,500,000.003134GWXK7 09/30/2025 1,0950.55009/30/2020 1,334,070.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2426 Call 1,500,000.003134GWXX9 10/15/2025 1,1100.55010/15/2020 1,332,105.00 0.542 0.5501,500,000.00 Fed. Home Loan Mortgage Corp.2428 Call 1,500,000.003134GWY26 10/08/2025 1,1030.57010/08/2020 1,333,875.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2430 Call 1,500,000.003134GWYZ3 10/28/2025 1,1230.53010/28/2020 1,329,585.00 0.522 0.5301,500,000.00 Fed. Home Loan Mortgage Corp.2431 Call 1,500,000.003134GWZ33 10/22/2030 2,9431.25010/22/2020 1,181,220.00 1.232 1.2501,500,000.00 Fed. Home Loan Mortgage Corp.2432 Call 1,500,000.003134GWZL3 10/29/2025 1,1240.57010/29/2020 1,331,175.00 0.562 0.5701,500,000.00 Fed. Home Loan Mortgage Corp.2433 Call 2,000,000.003134GW3T1 10/28/2030 2,9491.40010/28/2020 1,577,440.00 1.380 1.4002,000,000.00 Fed. Home Loan Mortgage Corp.2434 Call 1,500,000.003134GW3H7 10/29/2025 1,1240.61010/29/2020 1,333,005.00 0.601 0.6101,500,000.00 Fed. Home Loan Mortgage Corp.2436 Call 2,000,000.003134GWZZ2 10/28/2030 2,9491.30010/28/2020 1,579,880.00 1.282 1.3002,000,000.00 Fed. Home Loan Mortgage Corp.2437 Call 750,000.003134GW3Z7 10/28/2025 1,1230.60010/28/2020 666,285.00 0.591 0.600750,000.00 Fed. Home Loan Mortgage Corp.2438 Call 1,500,000.003134GW3X2 10/27/2025 1,1220.62510/27/2020 1,331,205.00 0.616 0.6251,500,000.00 Fed. Home Loan Mortgage Corp.2440 Call 1,500,000.003134GW6N1 11/05/2030 2,9571.40011/05/2020 1,182,435.00 1.380 1.4001,500,000.00 Fed. Home Loan Mortgage Corp.2444 Call 1,500,000.003134GW6N1 11/05/2030 2,9571.40011/05/2020 1,182,435.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso1715 500,000.0031364CCC0 04/30/2026 1,3077.12511/10/2016 547,305.00 2.367 2.400575,261.00 Federal National Mortgage Asso1926 1,500,000.003135G0T94 01/19/2023 1102.37502/08/2018 1,493,775.00 2.574 2.6101,499,013.56 Federal National Mortgage Asso2392 Call 1,000,000.003136G4R62 08/28/2025 1,0620.62508/28/2020 894,490.00 0.616 0.6251,000,000.00 Federal National Mortgage Asso2393 Call 1,000,000.003136G4S87 08/27/2025 1,0610.65008/27/2020 895,250.00 0.641 0.6501,000,000.00 Federal National Mortgage Asso2394 Call 1,500,000.003136G4Q97 08/27/2025 1,0610.65008/27/2020 1,346,670.00 0.641 0.6501,500,000.00 Federal National Mortgage Asso2397 Call 1,500,000.003136G4V59 08/27/2025 1,0610.62508/27/2020 1,341,870.00 0.616 0.6251,500,000.00 Federal National Mortgage Asso2412 Call 1,500,000.003136G44G5 09/22/2025 1,0870.51509/22/2020 1,333,755.00 0.507 0.5151,500,000.00 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 206
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 10
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Federal Agency Bonds
Federal National Mortgage Asso2413 Call 1,500,000.003136G43L5 09/30/2025 1,0950.55009/30/2020 1,334,085.00 0.542 0.5501,500,000.00 Federal National Mortgage Asso2415 Call 1,500,000.003136G44L4 09/25/2025 1,0900.60009/25/2020 1,336,845.00 0.591 0.6001,500,000.00 Federal National Mortgage Asso2460 2,000,000.003135G05Q2 08/05/2030 2,8650.87512/07/2020 1,564,280.00 1.139 1.1551,958,541.28 Federal National Mortgage Asso2463 Call 1,500,000.003135GAAS0 12/23/2030 3,0051.40012/23/2020 1,188,030.00 1.380 1.4001,500,000.00 Federal National Mortgage Asso2467 Call 1,000,000.003135G06Q1 12/30/2025 1,1860.64012/30/2020 885,610.00 0.597 0.6051,001,097.56 Tennessee Valley Authority1508 1,000,000.00880591CJ9 11/01/2025 1,1276.75011/20/2015 1,068,860.00 2.807 2.8461,104,171.38 Tennessee Valley Authority1519 750,000.00880591ER9 09/15/2024 7152.87501/15/2016 728,827.50 2.564 2.600753,586.00 Tennessee Valley Authority1589 775,000.00880591CJ9 11/01/2025 1,1276.75004/18/2016 828,366.50 2.337 2.370868,184.14 Tennessee Valley Authority1714 1,250,000.00880591CJ9 11/01/2025 1,1276.75011/10/2016 1,336,075.00 2.317 2.3501,402,088.21 Subtotal and Average 215,249,088.06 214,480,000.00 188,470,810.79 1.419 1.439 1,699 Treasury Securities (Notes)
U.S. Treasury1898 TB 1,500,000.00912828P38 01/31/2023 1221.75001/11/2018 1,490,430.00 2.308 2.3401,497,226.25 U.S. Treasury1905 TB 1,500,000.00912828N30 12/31/2022 912.12501/22/2018 1,494,915.00 2.387 2.4201,501,057.22 U.S. Treasury1923 TB 1,500,000.00912828P38 01/31/2023 1221.75002/05/2018 1,490,430.00 2.560 2.5961,496,047.46 U.S. Treasury1925 TB 1,000,000.00912828P38 01/31/2023 1221.75002/08/2018 993,620.00 2.487 2.521997,590.97 U.S. Treasury1929 TB 1,000,000.00912828P79 02/28/2023 1501.50002/09/2018 990,660.00 2.534 2.570995,902.36 U.S. Treasury1934 TB 1,000,000.00912828P79 02/28/2023 1501.50002/15/2018 990,660.00 2.601 2.638995,649.18 U.S. Treasury2505 TB 1,500,000.0091282CBC4 12/31/2025 1,1870.37502/26/2021 1,326,390.00 0.731 0.7421,482,460.72 U.S. Treasury2516 TB 1,500,000.0091282CBQ3 02/28/2026 1,2460.50003/09/2021 1,323,570.00 0.819 0.8311,483,428.95 U.S. Treasury2587 TB 1,500,000.0091282CCP4 07/31/2026 1,3990.62509/24/2021 1,311,855.00 0.888 0.9011,484,510.68 Subtotal and Average 11,933,873.79 12,000,000.00 11,412,530.00 1.851 1.876 553 Municipal Bonds
County of Alameda2173 MUN 290,000.00010878AS5 08/01/2026 1,4004.00012/05/2019 284,182.60 2.139 2.168308,857.50 County of Alameda2691 MUN 1,500,000.00010878BK1 08/01/2031 3,2263.69909/21/2022 1,387,875.00 4.281 4.3401,430,049.97 Alameda County Joint Pws Auth.2005 MUN 505,000.00010831DS1 06/01/2025 9743.36512/24/2018 489,728.80 3.175 3.220506,747.12 Alameda County Joint Pws Auth.2566 MUN 110,000.00010831DT9 06/01/2026 1,3393.39508/13/2021 105,492.20 0.925 0.938119,657.45 Antelope Valley Community Coll2069 MUN 500,000.0003667PFN7 08/01/2024 6703.02608/16/2019 486,915.00 1.876 1.902509,783.53 Antelope Valley Community Coll2694 MUN 1,080,000.0003667PHJ4 08/01/2029 2,4961.66109/23/2022 886,960.80 4.389 4.450904,239.98 Bay Area Toll Authority2558 MUN 1,750,000.00072024XC1 04/01/2026 1,2781.07907/26/2021 1,553,650.00 0.739 0.7501,769,759.94 Beverly Hills Public Fing Auth2612 MUN 350,000.00088006KA8 06/01/2026 1,3391.14711/15/2021 311,412.50 1.183 1.200349,339.19 Beverly Hills Public Fing Auth2680 MUN 490,000.00088006KB6 06/01/2027 1,7041.32704/01/2022 425,187.70 2.810 2.850457,824.39 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 207
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 11
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Beverly Hills Unified Sch Dist2682 MUN 920,000.00088023PL4 08/01/2026 1,4002.70004/13/2022 861,267.20 2.644 2.681920,639.72 Burlingame School District1548 MUN 355,000.00121457EQ4 08/01/2025 1,0356.23802/24/2016 365,195.60 3.557 3.606377,267.28 Burbank Unified School Distri.2570 MUN 1,000,000.0012082SDN1 08/01/2026 1,4001.36708/30/2021 884,330.00 0.947 0.9601,015,194.81 Cabrillo Community College Dis2119 MUN 2,000,000.00127109QD1 08/01/2027 1,7652.38510/08/2019 1,806,440.00 2.342 2.3752,000,000.00 Carlsbad Unified School Dist .1857 MUN 305,000.00142665DJ4 08/01/2026 1,4005.23409/27/2017 312,920.85 2.850 2.890329,024.61 CA Infrastructure -Econ Dev Bk2666 MUN 210,000.0013034AL73 10/01/2026 1,4611.03502/16/2022 181,801.20 2.224 2.254200,319.57 CA ST Dept of WTR Resources2633 MUN 180,000.0013067WRC8 12/01/2025 1,1570.79012/13/2021 160,709.40 1.301 1.320177,065.70 CA ST Dept of WTR Resources2645 MUN 300,000.0013067WRD6 12/01/2026 1,5220.92012/23/2021 259,431.00 1.430 1.450293,627.11 Chabot-Las Positas CCD2564 MUN 285,000.0015722TJR3 08/01/2026 1,4001.08008/16/2021 250,762.95 0.897 0.910286,811.16 Chabot-Las Positas CCD2589 MUN 125,000.0015722TJQ5 08/01/2025 1,0350.88009/29/2021 113,081.25 0.897 0.910124,894.83 City of Chula Vista2653 MUN 1,000,000.0017131RAU0 06/01/2026 1,3390.84001/10/2022 864,770.00 1.676 1.700969,734.35 Calleguas Municipal Water Dist2544 MUN 550,000.0013124MCE3 07/01/2029 2,4651.86507/01/2021 445,274.50 1.425 1.445564,673.66 Calleguas Municipal Water Dist2646 MUN 600,000.0013124MCB9 07/01/2026 1,3691.09712/27/2021 519,468.00 1.233 1.250596,658.25 City of Corona2601 MUN 500,000.0021969AAJ1 05/01/2030 2,7692.24210/14/2021 403,960.00 2.052 2.081505,562.92 Contra Costa Community College2103 MUN 400,000.00212204JJ1 08/01/2028 2,1312.21309/12/2019 346,624.00 2.071 2.100402,389.50 Contra Costa Community College2120 MUN 990,000.00212204JK8 08/01/2029 2,4962.26309/20/2019 839,114.10 2.505 2.539973,526.24 Contra Costa Community College2244 MUN 1,500,000.00212204JK8 08/01/2029 2,4962.26302/07/2020 1,271,385.00 2.100 2.1301,512,278.38 Contra Costa Community College2291 MUN 320,000.00212204JF9 08/01/2025 1,0351.91803/09/2020 297,638.40 1.128 1.143326,788.51 Contra Costa Community College2555 MUN 1,000,000.00212204LM1 08/01/2026 1,4001.30008/02/2021 884,590.00 0.764 0.7751,019,698.94 Desert Community Clg Dist2611 MUN 200,000.00250375JX1 08/01/2027 1,7651.16911/12/2021 170,030.00 1.479 1.500196,942.54 Desert Sands Unif Sch District2635 MUN 880,000.00250433UA5 08/01/2026 1,4001.98212/16/2021 797,816.80 1.390 1.410898,606.21 City of El Segundo2696 MUN 935,000.00284035AK8 07/01/2031 3,1952.26709/29/2022 738,939.85 5.118 5.190744,726.76 Fremon Union High School Distr1646 MUN 510,000.00357172VA0 02/01/2026 1,2196.08006/28/2016 526,263.90 2.994 3.035555,195.48 Fremon Union High School Distr2595 MUN 235,000.00357172C52 08/01/2031 3,2262.02010/01/2021 188,613.35 1.825 1.851238,185.52 Fullerton School District1916 MUN 995,000.00359819DN6 08/01/2026 1,4003.16002/14/2018 945,707.70 3.028 3.070997,996.76 Fullerton School District1917 MUN 750,000.00359819DM8 08/01/2025 1,0353.04002/14/2018 720,127.50 2.959 3.000750,751.62 Fullerton School District2085 MUN 365,000.00359819DN6 08/01/2026 1,4003.16008/29/2019 346,917.90 1.913 1.940380,899.29 State of Georgia1613 MUN 500,000.00373384RU2 10/01/2022 03.57005/17/2016 500,000.00 1.878 1.904500,000.00 State of Georgia1645 MUN 365,000.00373384W69 02/01/2023 1233.25006/27/2016 364,441.55 1.898 1.925366,506.80 State of Georgia1666 MUN 1,825,000.003733844V5 02/01/2025 8542.37507/29/2016 1,745,466.50 1.972 1.9991,839,614.07 State of Georgia1691 MUN 385,000.00373384RU2 10/01/2022 03.57009/26/2016 385,000.00 1.630 1.653385,000.00 State of Georgia1775 MUN 250,000.00373384RX6 10/01/2025 1,0964.00004/10/2017 246,477.50 2.739 2.777258,122.12 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 208
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 12
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Georgia1919 MUN 1,095,000.00373384RY4 10/01/2026 1,4614.31001/26/2018 1,084,345.65 2.979 3.0201,144,366.54 State of Georgia1945 MUN 200,000.00373384RY4 10/01/2026 1,4614.31003/19/2018 198,054.00 3.204 3.248207,349.98 State of Georgia1962 MUN 390,000.00373384SP2 10/01/2023 3653.74010/25/2018 388,596.00 3.093 3.136392,165.29 State of Georgia1967 MUN 350,000.00373385BU6 02/01/2027 1,5842.72010/31/2018 327,467.00 3.412 3.460340,302.53 State of Georgia2086 MUN 1,500,000.00373384RV0 10/01/2023 3653.72008/29/2019 1,494,315.00 1.749 1.7741,528,030.84 State of Georgia2229 MUN 425,000.00373384RY4 10/01/2026 1,4614.31001/31/2020 420,864.75 1.837 1.863463,938.50 State of Georgia2332 MUN 1,000,000.00373384RW8 10/01/2024 7313.82003/23/2020 987,810.00 1.889 1.9151,036,311.20 City of Glendora2109 MUN 1,345,000.00378612AL9 06/01/2028 2,0702.26509/16/2019 1,169,437.15 2.318 2.3501,339,153.56 City of Glendora2137 MUN 400,000.00378612AL9 06/01/2028 2,0702.26510/02/2019 347,788.00 2.194 2.225400,816.26 City of Glendora2590 MUN 1,365,000.00378612AJ4 06/01/2026 1,3392.10809/29/2021 1,241,972.55 1.075 1.0901,414,533.43 Glendale Unified School Dist.2697 MUN 400,000.00378460ZC6 09/01/2031 3,2571.84209/30/2022 307,552.00 4.941 5.010309,764.11 State of Hawaii1685 MUN 1,045,000.00419792DA1 10/01/2026 1,4613.15010/19/2016 992,164.80 2.431 2.4651,070,235.44 State of Hawaii1944 MUN 1,000,000.00419792NH5 10/01/2022 01.92103/20/2018 1,000,000.00 2.584 2.6201,000,000.00 State of Hawaii1947 MUN 1,500,000.00419792NH5 10/01/2022 01.92103/29/2018 1,500,000.00 2.663 2.7001,500,000.00 State of Hawaii1961 MUN 250,000.00419791YS1 02/01/2025 8545.23010/25/2018 253,335.00 3.363 3.410259,480.72 State of Hawaii1995 MUN 800,000.00419791YT9 02/01/2026 1,2195.33012/06/2018 818,912.00 3.304 3.350846,587.03 State of Hawaii2019 MUN 750,000.00419792NH5 10/01/2022 01.92101/17/2019 750,000.00 2.613 2.650750,000.00 City of Huntington Beach2560 MUN 1,000,000.00446201AE5 06/15/2026 1,3531.34408/12/2021 881,990.00 0.909 0.9211,015,253.37 City of Huntington Beach2562 MUN 1,000,000.00446201AE5 06/15/2026 1,3531.34408/13/2021 881,990.00 0.927 0.9391,014,595.89 City of La Habra2660 MUN 500,000.00503433AK0 08/01/2031 3,2262.67302/07/2022 407,465.00 2.638 2.675499,906.85 Los Altos Elementary Sch Distr2681 MUN 500,000.00544290JH3 10/01/2024 7311.00003/24/2022 468,040.00 2.522 2.557484,984.79 City of Los Angeles1748 MUN 1,000,000.00544351KS7 09/01/2023 3352.64002/14/2017 986,030.00 2.784 2.8231,000,249.22 City of Los Angeles1969 MUN 295,000.00544351NP0 09/01/2026 1,4313.30011/02/2018 283,379.95 3.530 3.579292,195.03 City of Los Angeles2008 MUN 1,000,000.00544351MS5 09/01/2026 1,4313.50001/07/2019 967,720.00 3.077 3.1191,013,132.35 City of Los Angeles2200 MUN 840,000.00544351NQ8 09/01/2027 1,7963.40001/06/2020 800,091.60 2.360 2.393877,777.13 City of Los Angeles2213 MUN 985,000.00544351LQ0 09/01/2029 2,5273.05001/22/2020 895,768.85 2.413 2.4461,021,424.58 City of Los Angeles2283 MUN 1,000,000.00544351KV0 09/01/2026 1,4313.15003/05/2020 955,280.00 1.519 1.5411,059,749.96 City of Los Angeles2692 MUN 1,000,000.00544351QX0 09/01/2032 3,6234.40009/28/2022 972,070.00 4.346 4.406999,500.42 Los Angeles Community College2487 MUN 1,000,000.0054438CYN6 08/01/2030 2,8611.80601/28/2021 812,510.00 1.432 1.4521,025,816.57 Los Angeles Community College2592 MUN 250,000.0054438CYL0 08/01/2026 1,4001.17409/30/2021 219,332.50 1.064 1.078250,885.78 Los Angeles Community College2614 MUN 1,500,000.0054438CYL0 08/01/2026 1,4001.17411/15/2021 1,315,995.00 1.233 1.2501,495,752.59 Los Angeles Community College2642 MUN 275,000.0054438CYL0 08/01/2026 1,4001.17412/21/2021 241,265.75 1.282 1.300273,712.90 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 209
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 13
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Los Angeles Cnty Met Tran Auth2641 MUN 1,000,000.005447122K7 06/01/2025 9745.13012/21/2021 1,012,450.00 1.085 1.1001,105,173.42 Los Angeles Dept. of WTR & PWR1949 MUN 1,500,000.00544495VX9 07/01/2027 1,7345.51603/29/2018 1,543,095.00 3.254 3.3001,635,055.10 Los Angeles Dept. of WTR & PWR1965 MUN 425,000.00544495VX9 07/01/2027 1,7345.51610/29/2018 437,210.25 3.600 3.650457,028.68 State of Massachusetts2227 MUN 250,000.0057582PUT5 05/01/2029 2,4044.91001/30/2020 249,617.50 2.331 2.363287,447.92 State of Massachusetts2543 MUN 1,000,000.0057582PUT5 05/01/2029 2,4044.91007/01/2021 998,470.00 1.484 1.5051,211,039.26 State of Massachusetts2684 MUN 1,000,000.0057582PUS7 05/01/2027 1,6734.76004/05/2022 998,730.00 2.968 3.0101,073,843.37 State of Maryland1943 MUN 1,280,000.005741925D8 03/01/2023 1514.40003/20/2018 1,282,444.80 2.633 2.6701,288,587.71 State of Maryland2184 MUN 500,000.005741926N5 08/01/2025 1,0354.35012/16/2019 497,970.00 2.089 2.118529,642.96 State of Maryland2581 MUN 245,000.005741926N5 08/01/2025 1,0354.35009/23/2021 244,005.30 0.690 0.700269,952.19 State of Maryland - Dept/Trans2134 MUN 1,000,000.00574204WH2 06/15/2023 2574.45010/15/2019 1,001,810.00 1.893 1.9201,017,152.70 State of Michigan2002 MUN 825,000.005946108C4 05/15/2026 1,3223.85012/21/2018 801,924.75 3.452 3.500834,130.57 City of Manhattan Beach2647 MUN 650,000.00562784AM0 01/01/2032 3,3792.34101/05/2022 521,137.50 2.129 2.159658,848.21 Menlo Park City School Dist.2104 MUN 1,000,000.00586840ND8 07/01/2027 1,7342.21410/08/2019 903,680.00 2.183 2.2141,000,000.00 Marin Community College Dist.1858 MUN 500,000.0056781RGU5 08/01/2027 1,7653.27209/28/2017 471,050.00 2.791 2.830509,259.86 Marin Community College Dist.1973 MUN 120,000.0056781RGT8 08/01/2026 1,4003.17211/05/2018 114,427.20 3.452 3.500118,685.78 Marin Community College Dist.2084 MUN 250,000.0056781RJL2 08/01/2027 1,7653.33008/29/2019 236,145.00 1.874 1.900265,969.32 Marin Community College Dist.2287 MUN 310,000.0056781RJJ7 08/01/2025 1,0355.00003/06/2020 314,110.60 1.193 1.210342,127.22 Marin Community College Dist.2495 MUN 1,000,000.0056781RKH9 08/01/2030 2,8611.45102/25/2021 779,450.00 1.431 1.4511,000,000.00 Marin Community College Dist.2499 MUN 710,000.0056781RKH9 08/01/2030 2,8611.45102/25/2021 553,409.50 1.470 1.490707,936.48 Marin Community College Dist.2568 MUN 1,000,000.0056781RKU0 08/01/2026 1,4000.89309/14/2021 874,330.00 0.880 0.8931,000,000.00 Marin Community College Dist.2588 MUN 285,000.0056781RKD8 08/01/2026 1,4000.67909/29/2021 247,063.65 1.025 1.040281,161.83 Mt. San Antonio Community Coll1489 MUN 1,335,000.00623040GX4 08/01/2023 3044.10310/26/2015 1,334,746.35 2.490 2.5251,350,846.62 Mt. San Antonio Community Coll2208 MUN 230,000.00623040KQ4 08/01/2029 2,4962.56902/04/2020 201,305.20 2.533 2.569230,000.00 Mt. San Antonio Community Coll2661 MUN 785,000.00623040KX9 08/01/2030 2,8612.64902/07/2022 676,607.20 2.173 2.203809,876.94 State of Mississippi1968 MUN 1,500,000.00605581LM7 11/01/2026 1,4923.75111/07/2018 1,454,145.00 3.377 3.4241,517,331.58 State of Mississippi1972 MUN 500,000.00605581LM7 11/01/2026 1,4923.75111/07/2018 484,715.00 3.401 3.449505,329.65 State of Mississippi2087 MUN 750,000.00605581HL4 12/01/2024 7922.98708/30/2019 726,502.50 1.745 1.770768,799.81 State of Mississippi2090 MUN 500,000.00605581HL4 12/01/2024 7922.98709/04/2019 484,335.00 1.783 1.807512,131.96 State of Mississippi2096 MUN 150,000.006055805W5 11/01/2025 1,1274.68109/09/2019 150,738.00 1.888 1.914162,048.67 State of Mississippi2189 MUN 250,000.006055805V7 11/01/2024 7624.51112/19/2019 249,977.50 2.079 2.108261,833.26 State of Mississippi2329 MUN 1,000,000.00605581LJ4 11/01/2023 3963.40803/20/2020 993,280.00 1.626 1.6491,018,409.05 State of Mississippi2626 MUN 1,000,000.00605581QR1 10/01/2031 3,2872.11712/09/2021 795,920.00 1.992 2.0201,007,870.67 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 210
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 14
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Mississippi2629 MUN 250,000.00605581LL9 11/01/2025 1,1273.64612/06/2021 243,877.50 1.080 1.095269,195.89 City of Napa Solid Waste2055 MUN 595,000.00630337AL7 08/01/2024 6702.20008/08/2019 570,819.20 1.968 1.996597,106.96 New York St Envrnmntl Facs2007 MUN 450,000.0064985HWS2 07/15/2024 6532.12001/04/2019 432,922.50 2.860 2.900444,236.02 New York State Urban Dev Corp.2097 MUN 700,000.006500357D4 03/15/2026 1,2613.07009/09/2019 667,730.00 2.071 2.100721,818.25 New York State Urban Dev Corp.2683 MUN 1,000,000.00650036AV8 03/15/2027 1,6261.49603/28/2022 873,860.00 2.777 2.816945,453.23 New York State Envrnmntl Corp2022 MUN 1,000,000.00649791CN8 03/01/2023 1514.69001/22/2019 1,001,530.00 2.752 2.7911,007,423.94 New York State Envrnmntl Corp2024 MUN 1,000,000.00649791CN8 03/01/2023 1514.69002/08/2019 1,001,530.00 2.751 2.7901,007,433.36 New York State Envrnmntl Corp2146 MUN 1,500,000.00649791PQ7 02/15/2025 8682.12010/31/2019 1,415,460.00 2.063 2.0911,500,988.49 New York State Envrnmntl Corp2224 MUN 580,000.00649791PS3 02/15/2027 1,5982.36001/30/2020 527,301.20 1.933 1.960589,428.10 New York State Envrnmntl Corp2575 MUN 1,500,000.00649791PR5 02/15/2026 1,2332.26009/13/2021 1,390,020.00 0.794 0.8051,572,153.69 New York State Envrnmntl Corp2677 MUN 1,000,000.00649791PS3 02/15/2027 1,5982.36003/16/2022 909,140.00 2.325 2.3581,000,071.18 New York State Envrnmntl Corp2678 MUN 1,000,000.00649791PS3 02/15/2027 1,5982.36003/21/2022 909,140.00 2.367 2.400998,340.34 City of Oakland2293 MUN 1,500,000.00672240WY0 01/15/2030 2,6632.11003/09/2020 1,238,385.00 1.436 1.4561,566,288.19 City of Oakland2307 MUN 1,500,000.00672240WY0 01/15/2030 2,6632.11003/13/2020 1,238,385.00 1.638 1.6611,545,105.09 City of Oakland2313 MUN 1,080,000.00672240WY0 01/15/2030 2,6632.11003/16/2020 891,637.20 2.247 2.2791,068,060.54 City of Oakland2316 MUN 1,500,000.00672240WX2 01/15/2029 2,2982.07003/16/2020 1,271,580.00 2.151 2.1811,490,385.66 City of Oakland Pension2630 MUN 450,000.00672319CF5 12/15/2025 1,1714.67612/06/2021 447,210.00 1.562 1.584493,035.60 Ohlone Community College Distr2165 MUN 600,000.00677765GY9 08/01/2027 1,7652.23711/22/2019 538,440.00 2.271 2.303598,243.03 Ohlone Community College Distr2175 MUN 280,000.00677765GY9 08/01/2027 1,7652.23712/06/2019 251,272.00 2.327 2.360278,482.69 Ohlone Community College Distr2179 MUN 970,000.00677765HA0 08/01/2029 2,4962.33712/11/2019 834,966.30 2.382 2.415965,392.64 Ohlone Community College Distr2341 MUN 1,185,000.00677765GZ6 08/01/2028 2,1312.28705/08/2020 1,041,223.95 1.849 1.8751,211,245.57 State of Ohio1688 MUN 800,000.00677522JB1 05/01/2023 2122.11009/13/2016 791,032.00 1.764 1.788801,407.04 State of Ohio1742 MUN 2,000,000.00677522JB1 05/01/2023 2122.11001/31/2017 1,977,580.00 2.485 2.5201,995,596.53 State of Ohio1832 MUN 900,000.006775207G7 04/01/2024 5484.97106/30/2017 909,648.00 2.416 2.450931,183.17 State of Ohio2308 MUN 500,000.00677521CT1 09/01/2026 1,4315.26203/13/2020 514,625.00 1.710 1.734565,073.20 Orange Cnty Water District2578 MUN 315,000.0068442CCY0 08/15/2025 1,0492.09509/16/2021 293,828.85 0.690 0.700327,427.37 Orchard School District1910 MUN 200,000.00685585FD8 08/01/2027 1,7653.12501/25/2018 191,856.00 3.208 3.253198,966.90 State of Oregon1974 MUN 500,000.0068607LXQ5 06/01/2027 1,7045.89211/06/2018 517,245.00 3.516 3.565539,712.19 State of Oregon2015 MUN 445,000.0068607LXQ5 06/01/2027 1,7045.89201/16/2019 460,348.05 3.537 3.587486,017.58 State of Oregon2223 MUN 570,000.0068609TDT2 05/01/2024 5783.22701/30/2020 561,906.00 1.641 1.664583,556.25 State of Oregon2230 MUN 495,000.0068607LXQ5 06/01/2027 1,7045.89201/31/2020 512,072.55 2.583 2.619563,355.00 State of Oregon2266 MUN 1,000,000.0068607LXQ5 06/01/2027 1,7045.89202/24/2020 1,034,490.00 2.482 2.5171,143,072.83 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 211
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 15
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Oregon2310 MUN 350,000.0068609BXT9 05/01/2027 1,6733.08003/13/2020 330,477.00 1.302 1.320376,829.65 State of Oregon2378 MUN 355,000.0068609TVS4 06/01/2030 2,8001.67207/02/2020 286,421.10 1.433 1.452360,534.54 State of Oregon2542 MUN 870,000.0068608KA24 08/01/2030 2,8615.33207/01/2021 900,171.60 1.943 1.9701,078,773.84 State of Oregon2549 MUN 1,225,000.0068609TU30 08/01/2028 2,1311.48407/08/2021 1,032,920.00 1.134 1.1501,247,852.05 State of Oregon2584 MUN 265,000.0068609TT81 08/01/2025 1,0350.80309/24/2021 240,047.60 0.690 0.700265,760.04 State of Oregon2624 MUN 250,000.0068609TZT8 08/01/2026 1,4000.98411/19/2021 220,182.50 1.292 1.310246,978.19 State of Oregon2627 MUN 900,000.0068609T3M8 11/01/2031 3,3182.03711/26/2021 718,074.00 2.020 2.048899,110.93 State of Oregon2679 MUN 1,000,000.0068607LXQ5 06/01/2027 1,7045.89204/01/2022 1,034,490.00 3.259 3.3041,110,130.32 City of Pacifica2138 MUN 1,015,000.0069511AAS3 06/01/2025 9742.56310/23/2019 961,824.15 2.469 2.5031,016,472.71 City of Pacifica2139 MUN 580,000.0069511AAT1 06/01/2026 1,3392.66310/23/2019 539,301.40 2.611 2.647580,289.76 Pasadena CA Public Finance Aut1985 MUN 665,000.00702274CP4 12/01/2023 4263.43812/06/2018 657,818.00 3.205 3.250666,335.04 Pasadena CA Public Finance Aut2573 MUN 120,000.0070227RBM1 05/01/2026 1,3081.98409/09/2021 109,076.40 0.903 0.915124,489.39 Pasadena CA Public Finance Aut2615 MUN 550,000.00702274CS8 12/01/2026 1,5223.50012/01/2021 523,836.50 1.380 1.400596,319.17 Polomar Community Clge Distri2582 MUN 1,000,000.00697511FU2 08/01/2026 1,4001.03110/13/2021 874,300.00 1.016 1.0311,000,000.00 Polomar Community Clge Distri2676 MUN 335,000.00697511FD0 08/01/2026 1,4001.19903/15/2022 295,382.90 2.288 2.320321,383.27 Redondo Beach Unified School D2388 MUN 750,000.00757710UE6 08/01/2030 2,8611.66008/06/2020 595,102.50 1.439 1.459760,966.23 State of Rhode Island2192 MUN 260,000.0076222RYN6 01/15/2025 8372.00012/20/2019 245,278.80 2.231 2.262259,745.26 State of Rhode Island2219 MUN 1,500,000.0076222RXB3 04/01/2028 2,0093.25001/27/2020 1,394,250.00 2.077 2.1061,586,214.74 State of Rhode Island2239 MUN 550,000.0076222RXB3 04/01/2028 2,0093.25002/06/2020 511,225.00 1.990 2.018584,183.84 Riverside Cmnty College Distt.2596 MUN 1,365,000.0076886PJP9 08/01/2026 1,4001.12410/04/2021 1,204,871.85 1.006 1.0201,370,292.15 Rancho Santiago Comm College D2522 MUN 450,000.00752147HH4 09/01/2024 7010.63403/29/2021 418,882.50 0.625 0.633450,000.00 Redwood City School District2130 MUN 1,000,000.00757889EH9 08/01/2027 1,7652.28410/16/2019 898,900.00 2.252 2.2841,000,000.00 Redwood City School District2253 MUN 1,095,000.00757889EG1 08/01/2026 1,4002.15902/13/2020 1,002,702.45 1.727 1.7511,111,117.10 City of Santa Ana2603 MUN 175,000.00801139AE6 08/01/2026 1,4001.17610/18/2021 150,325.00 1.223 1.240174,583.72 Santa Barbara Unified School D2385 MUN 490,000.00801315KU5 08/01/2029 2,4961.65307/21/2020 404,686.10 1.483 1.504494,632.44 San Bernardino Cmty College Di2166 MUN 1,500,000.00796720NC0 08/01/2028 2,1312.59012/12/2019 1,331,025.00 2.554 2.5901,500,000.00 San Bernardino Cmty College Di2365 MUN 2,000,000.00796720NV8 08/01/2029 2,4961.84807/07/2020 1,650,640.00 1.822 1.8482,000,000.00 County of Santa Clara1897 MUN 1,340,000.00801546PH9 08/01/2023 3042.50001/11/2018 1,322,419.20 2.436 2.4701,340,309.54 County of Santa Clara1899 MUN 1,460,000.00801546PJ5 08/01/2024 6702.68001/12/2018 1,417,514.00 2.643 2.6801,460,000.00 Santa Clarita Community Colleg2557 MUN 1,250,000.00801686TF3 08/01/2026 1,4001.14608/02/2021 1,101,487.50 0.742 0.7521,268,582.82 Santa Clara Valley Water Dist.2181 MUN 1,555,000.0080168ACV7 06/01/2028 2,0702.43412/12/2019 1,379,051.75 2.416 2.4501,553,720.30 Santa Cruz County Capital Fin.1906 MUN 465,000.0080181PCT2 06/01/2024 6092.50001/25/2018 450,101.40 2.968 3.010461,424.02 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 212
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 16
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Santa Cruz County Capital Fin.1907 MUN 465,000.0080181PCU9 06/01/2025 9742.75001/25/2018 445,586.25 3.008 3.050461,684.90 Santa Cruz County Capital Fin.1908 MUN 470,000.0080181PCV7 06/01/2026 1,3393.00001/25/2018 442,070.85 3.107 3.150468,044.67 Santa Cruz County Capital Fin.1909 MUN 280,000.0080181PCW5 06/01/2027 1,7043.00001/25/2018 262,108.00 3.205 3.250277,436.51 Santa Cruz MET Transit Dist.2671 MUN 1,000,000.00801747AF3 08/01/2027 1,7652.47003/03/2022 906,860.00 2.030 2.0581,018,721.97 San Diego Unified Sch District2602 MUN 1,000,000.00797356DL3 07/01/2031 3,1951.98410/21/2021 795,630.00 1.824 1.8501,010,677.51 San Diego Unified Sch District2606 MUN 900,000.00797356DL3 07/01/2031 3,1951.98410/23/2021 716,067.00 2.024 2.053895,123.28 San Diego Unified Sch District2617 MUN 270,000.00797356DH2 07/01/2028 2,1001.59911/17/2021 227,628.90 1.712 1.736267,995.56 San Diego Unified Sch District2693 MUN 260,000.00797356DF6 07/01/2026 1,3691.20109/23/2022 229,808.80 4.053 4.110233,967.07 San Diego Community College Di2550 MUN 255,000.00797272QS3 08/01/2027 1,7652.40707/09/2021 231,001.95 1.007 1.021271,521.83 San Diego Community College Di2639 MUN 1,980,000.00797272RN3 08/01/2026 1,4001.44512/28/2021 1,767,249.00 1.193 1.2101,997,290.32 San Diego Community College Di2651 MUN 500,000.00797272RT0 08/01/2031 3,2262.11301/10/2022 405,570.00 2.120 2.150498,525.98 San Diego Regl Trans Commissio2632 MUN 200,000.00797400MR6 04/01/2026 1,2781.03612/08/2021 177,464.00 1.292 1.310198,140.21 San Diego Cnty Wtr Authority2580 MUN 875,000.00797412DN0 05/01/2026 1,3080.97109/17/2021 772,896.25 0.887 0.900877,170.67 San Diego Cnty Wtr Authority2600 MUN 210,000.00797412DM2 05/01/2025 9430.74310/08/2021 190,476.30 0.838 0.850209,429.17 San Diego Cnty Wtr Authority2604 MUN 250,000.00797412DN0 05/01/2026 1,3080.97110/20/2021 220,827.50 1.134 1.150248,439.90 San Diego Cnty Wtr Authority2623 MUN 750,000.00797412DN0 05/01/2026 1,3080.97111/19/2021 662,482.50 1.282 1.300741,430.20 San Diego Cnty Wtr Authority2688 MUN 1,275,000.00797412DQ3 05/01/2028 2,0391.33109/12/2022 1,067,608.50 3.945 4.0001,106,368.78 San Dieguito Union High Sch Di2536 MUN 430,000.00797508JW9 08/01/2026 1,4001.07406/09/2021 377,974.30 1.059 1.074430,000.00 San Dieguito Union High Sch Di2537 MUN 435,000.00797508JX7 08/01/2027 1,7651.37206/09/2021 374,274.00 1.353 1.372435,000.00 San Dieguito Union High Sch Di2674 MUN 435,000.00797508HF8 08/01/2026 1,4001.86003/11/2022 394,244.85 2.070 2.099431,208.23 Sequoia Union High School Dist2320 MUN 400,000.00817409N35 07/01/2025 1,0041.73503/18/2020 371,816.00 1.381 1.400403,537.57 Sequoia Union High School Dist2531 MUN 250,000.00817409N76 07/01/2029 2,4652.10304/30/2021 210,620.00 1.658 1.681256,610.00 City & County of San Francisco1509 MUN 1,000,000.00797646NC6 06/15/2025 9885.45011/27/2015 1,020,000.00 3.067 3.1101,054,405.75 City & County of San Francisco1711 MUN 2,105,000.00797646T48 06/15/2025 9882.29011/01/2016 1,974,805.75 2.219 2.2492,107,047.63 City & County of San Francisco1712 MUN 245,000.00797646T55 06/15/2026 1,3532.39011/01/2016 225,755.25 2.376 2.410244,836.77 City & County of San Francisco1839 MUN 230,000.00797646T48 06/15/2025 9882.29007/14/2017 215,774.50 2.682 2.720227,605.79 City & County of San Francisco2014 MUN 1,420,000.00797646ND4 06/15/2026 1,3535.60001/16/2019 1,464,275.60 3.304 3.3501,524,039.90 City & County of San Francisco2148 MUN 1,120,000.007976466C5 06/15/2029 2,4492.10010/31/2019 954,116.80 2.337 2.3691,101,946.85 San Francisco Cmnty Facs Dist1937 MUN 680,000.0079772EBC2 09/01/2027 1,7963.25003/02/2018 632,434.00 3.451 3.499672,960.92 San Francisco Cmnty Facs Dist2132 MUN 350,000.0079772ECL1 09/01/2029 2,5273.64810/11/2019 322,731.50 2.398 2.431376,019.43 San Francisco Cmnty Facs Dist2309 MUN 130,000.0079772ECJ6 09/01/2027 1,7963.46803/13/2020 121,859.40 1.577 1.599141,209.27 San Francisco Cmnty Facs Dist2571 MUN 300,000.0079772ECF4 09/01/2024 7013.10808/30/2021 291,564.00 0.741 0.752313,384.12 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 213
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 17
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
San Francisco Cmnty Facs Dist2608 MUN 575,000.0079772EDY2 09/01/2031 3,2572.59111/03/2021 474,449.75 2.305 2.337586,568.52 San Francisco Cmnty Facs Dist2628 MUN 1,295,000.0079772EDA4 09/01/2026 1,4312.23611/29/2021 1,175,872.95 1.425 1.4451,333,588.52 SF Bay Area Rapid Transit Dist2029 MUN 200,000.00797669XW3 07/01/2023 2732.62102/25/2019 197,520.00 2.672 2.710199,874.14 SF Bay Area Rapid Transit Dist2572 MUN 500,000.00797669ZJ0 07/01/2024 6391.97109/08/2021 478,630.00 0.419 0.425513,430.20 SF Bay Area Rapid Transit Dist2636 MUN 480,000.00797669ZR2 07/01/2031 3,1952.76812/16/2021 407,491.20 1.846 1.872514,303.52 SF Bay Area Rapid Transit Dist2638 MUN 600,000.00797669XW3 07/01/2023 2732.62112/20/2021 592,560.00 0.572 0.580609,129.04 Sierra Joint Com. College Dist2501 MUN 585,000.00826239GD1 08/01/2029 2,4961.44503/09/2021 470,111.85 1.425 1.445585,000.00 Sierra Joint Com. College Dist2535 MUN 500,000.00826239GD1 08/01/2029 2,4961.44505/27/2021 401,805.00 1.461 1.481498,830.16 City of San Jose2656 MUN 350,000.00798135E96 09/01/2026 1,4312.50001/28/2022 324,359.00 1.686 1.710360,368.58 San Jose Financing Authority2622 MUN 345,000.00798153NF5 06/01/2026 1,3391.31111/18/2021 302,875.50 1.459 1.480342,939.13 San Jose Evergreen Cmnty Colll1966 MUN 315,000.00798189PK6 09/01/2027 1,7963.72810/29/2018 301,190.40 3.676 3.727315,000.00 San Jose Evergreen Cmnty Colll2105 MUN 500,000.00798189QA7 08/01/2028 2,1312.35010/01/2019 438,580.00 2.317 2.350500,000.00 San Jose Unified School Dist.1435 MUN 580,000.00798186C83 08/01/2023 3042.50001/29/2015 571,700.20 2.663 2.700579,141.37 San Jose Unified School Dist.2518 MUN 1,000,000.00798186N81 08/01/2025 1,0350.55803/15/2021 895,210.00 0.739 0.750994,654.06 Santa Monica Cmnty College Dis2091 MUN 315,000.00802385RC0 08/01/2028 2,1313.47209/05/2019 297,300.15 1.972 2.000339,660.79 Santa Monica Cmnty College Dis2481 MUN 570,000.00802385RV8 08/01/2030 2,8611.69601/22/2021 457,493.40 1.499 1.520577,291.11 Santa Monica Cmnty College Dis2482 MUN 600,000.00802385RT3 08/01/2028 2,1311.49601/22/2021 506,286.00 1.085 1.100613,269.90 Santa Monica-Malibu USD2561 MUN 650,000.00802498VW2 07/01/2026 1,3690.98908/12/2021 570,245.00 0.877 0.890652,354.63 Santa Monica-Malibu USD2637 MUN 215,000.00802498ZA6 08/01/2026 1,4000.84912/20/2021 187,101.60 1.193 1.210212,113.38 San Mateo Cnty Comm. College D2521 MUN 2,000,000.00799038NP5 09/01/2024 7010.50004/14/2021 1,849,620.00 0.444 0.4502,001,893.67 San Mateo Cnty Comm. College D2523 MUN 1,500,000.00799038NP5 09/01/2024 7010.50004/14/2021 1,387,215.00 0.444 0.4501,501,420.25 San Mateo Foster City SCH Dist1902 MUN 1,000,000.00799017UW6 09/01/2025 1,0662.69901/16/2018 949,290.00 2.786 2.825996,706.56 San Mateo Foster City SCH Dist1940 MUN 1,000,000.00799017UW6 09/01/2025 1,0662.69903/09/2018 949,290.00 2.959 3.000992,183.51 San Mateo Foster City SCH Dist2153 MUN 1,360,000.00799017WD6 09/01/2028 2,1622.23711/07/2019 1,182,588.00 2.447 2.4801,342,473.10 San Mateo Foster City SCH Dist2178 MUN 1,565,000.00799017VM7 09/01/2028 2,1622.54212/11/2019 1,385,150.20 2.311 2.3431,581,486.78 San Mateo Foster City SCH Dist2567 MUN 500,000.00799017XW3 09/01/2026 1,4310.92509/21/2021 434,825.00 0.912 0.925500,000.00 San Mateo Foster City SCH Dist2585 MUN 175,000.00799055QV3 08/01/2026 1,4001.79909/27/2021 157,946.25 0.897 0.910180,820.09 San Mateo Foster City SCH Dist2591 MUN 1,260,000.00799055ME5 08/01/2026 1,4006.00009/29/2021 1,304,566.20 2.297 2.3291,426,693.23 Solano Cnty Community Clg Dist2176 MUN 1,150,000.0083412PFQ0 08/01/2028 2,1312.71712/09/2019 1,031,596.00 2.462 2.4961,163,215.76 Solano Cnty Community Clg Dist2579 MUN 750,000.0083412PHQ8 08/01/2026 1,4001.02510/06/2021 655,567.50 1.011 1.025750,000.00 Solano Cnty Community Clg Dist2583 MUN 200,000.0083412PGZ9 08/01/2026 1,4001.02510/06/2021 174,818.00 0.887 0.900200,933.79 Solano Cnty Community Clg Dist2594 MUN 390,000.0083412PHE5 08/01/2031 3,2261.86110/06/2021 305,210.10 1.948 1.975386,421.49 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 214
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 18
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
Solano Cnty Community Clg Dist2597 MUN 750,000.0083412PHU9 08/01/2030 2,8611.76110/06/2021 598,710.00 1.834 1.860744,650.88 Solano Cnty Community Clg Dist2598 MUN 825,000.0083412PHW5 08/01/2031 3,2261.86110/06/2021 645,636.75 1.879 1.905822,067.02 Solano Cnty Community Clg Dist2649 MUN 350,000.0083412PHB1 08/01/2028 2,1311.47901/07/2022 292,152.00 1.775 1.800343,840.80 Sonoma Cnty Jr. College Distr.2577 MUN 155,000.00835569GT5 08/01/2026 1,4002.44709/15/2021 143,791.95 0.843 0.855164,244.23 South Pasadena Unified School1914 MUN 180,000.00839278JM1 08/01/2027 1,7653.00002/15/2018 167,315.40 3.057 3.100179,249.44 South Pasadena Unified School2161 MUN 370,000.00839278KC1 08/01/2029 2,4965.00012/12/2019 375,094.90 2.598 2.634422,518.20 South Pasadena Unified School2162 MUN 250,000.00839278KB3 08/01/2028 2,1315.00012/12/2019 253,750.00 2.549 2.584281,391.93 South Pasadena Unified School2163 MUN 145,000.00839278KA5 08/01/2027 1,7655.00012/12/2019 147,183.70 2.500 2.534160,620.76 South Pasadena Unified School2164 MUN 390,000.00839278JZ2 08/01/2026 1,4005.00012/12/2019 395,584.80 2.378 2.411425,563.10 San Rafael City High Sch Distr2150 MUN 1,755,000.00799289MR1 08/01/2024 6701.96511/13/2019 1,673,410.05 1.938 1.9651,755,000.00 San Ramon Vly Unif Sch Dist.2605 MUN 1,500,000.007994082K4 08/01/2030 2,8611.91411/03/2021 1,216,470.00 1.805 1.8301,509,056.61 Sunnyvale Elementary Sch Distr2100 MUN 135,000.00867578UT1 09/01/2028 2,1622.19009/19/2019 118,293.75 2.157 2.187135,000.00 Sunnyvale Elementary Sch Distr2101 MUN 135,000.00867578US3 09/01/2027 1,7962.09009/19/2019 120,528.00 2.061 2.090135,000.00 Tracy Unified School District2493 MUN 500,000.00892404CN2 08/01/2029 2,4961.64402/08/2021 414,875.00 1.437 1.457505,978.77 Temecula Valley Unified School2539 MUN 250,000.0087970GPS0 08/01/2028 2,1311.50306/16/2021 210,807.50 1.482 1.503250,000.00 Temecula Valley Unified School2569 MUN 355,000.0087970GPQ4 08/01/2026 1,4001.05108/27/2021 312,570.40 0.887 0.900357,004.89 State of Tennessee1673 MUN 1,000,000.00880541XY8 08/01/2026 1,4002.11608/25/2016 916,520.00 1.923 1.9501,005,753.86 State of Tennessee1674 MUN 1,650,000.00880541XX0 08/01/2025 1,0352.06608/25/2016 1,542,750.00 1.893 1.9201,656,238.55 State of Tennessee1676 MUN 700,000.00880541XX0 08/01/2025 1,0352.06608/25/2016 654,500.00 1.893 1.920702,646.66 State of Tennessee2001 MUN 205,000.00880541QU4 08/01/2024 6703.72812/20/2018 202,619.95 2.860 2.900207,850.61 State of Texas2195 MUN 1,500,000.008827237P8 10/01/2025 1,0963.05112/23/2019 1,443,495.00 1.975 2.0031,544,296.63 State of Texas2225 MUN 940,000.008827237T0 10/01/2029 2,5573.52101/30/2020 884,709.20 2.191 2.2211,016,555.59 State of Texas2255 MUN 1,265,000.008827237T0 10/01/2029 2,5573.52102/14/2020 1,190,592.70 2.192 2.2221,367,980.56 State of Texas2311 MUN 250,000.008827237N3 10/01/2024 7312.89903/16/2020 242,982.50 1.231 1.248257,999.27 State of Texas2541 MUN 245,000.008827235K1 10/01/2025 1,0962.92206/30/2021 234,893.75 0.641 0.650261,442.88 State of Texas2548 MUN 1,000,000.00882724RF6 10/01/2030 2,9222.42607/02/2021 858,780.00 1.480 1.5011,068,837.97 State of Texas2631 MUN 500,000.00882723A90 10/01/2025 1,0962.83112/07/2021 478,115.00 1.030 1.045526,190.39 University of California2077 MUN 1,500,000.0091412GQG3 05/15/2025 9573.05008/26/2019 1,444,770.00 1.930 1.9571,540,444.37 University of California2095 MUN 1,000,000.0091412GQG3 05/15/2025 9573.05009/09/2019 963,180.00 1.797 1.8211,030,451.61 University of California2685 MUN 440,000.0091412HGF4 05/15/2027 1,6871.31604/05/2022 378,087.60 3.028 3.070407,211.97 State of Utah1731 MUN 285,000.00917542QR6 07/01/2024 6394.55401/04/2017 284,997.15 2.904 2.944292,154.70 State of Utah2306 MUN 1,101,100.00917542QV7 07/01/2025 1,0043.53903/13/2020 1,080,806.73 1.948 1.9751,145,829.07 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

13.b
Packet Pg. 215
September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 19
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Municipal Bonds
State of Washington1802 MUN 485,000.0093974CRC6 08/01/2024 6704.66905/23/2017 488,302.85 2.416 2.450502,985.22 State of Washington2196 MUN 500,000.0093974CRC6 08/01/2024 6704.66912/24/2019 503,405.00 1.978 2.005523,207.54 State of Wisconsin2547 MUN 2,000,000.0097705MNU5 05/01/2031 3,1342.45107/02/2021 1,683,580.00 1.553 1.5752,138,792.43 State of Wisconsin2574 MUN 1,500,000.0097705MNP6 05/01/2026 1,3082.08909/09/2021 1,381,590.00 0.739 0.7501,570,595.10 State of Wisconsin2576 MUN 1,000,000.0097705MNP6 05/01/2026 1,3082.08909/13/2021 921,060.00 0.769 0.7801,045,969.78 Yosemite Community College Dis2657 MUN 1,000,000.00987388GX7 08/01/2027 1,7652.08202/17/2022 885,180.00 2.053 2.0821,000,000.00 Yosemite Community College Dis2687 MUN 500,000.00987388GX7 08/01/2027 1,7652.08209/02/2022 442,590.00 3.846 3.900460,360.66 Subtotal and Average 205,721,271.10 202,276,100.00 185,831,891.08 2.050 2.078 1,579 Supranationals (World Bank) Bonds
Inter-American Dev. Bank2528 IADB 2,000,000.004581X0DV7 04/20/2026 1,2970.87504/20/2021 1,772,620.00 0.910 0.9231,996,660.39 Inter-American Dev. Bank2586 IADB 2,000,000.0045818WDH6 06/17/2026 1,3550.80009/27/2021 1,762,780.00 0.914 0.9271,990,782.02 Inter-American Dev. Bank2652 IADB 1,000,000.004581X0EB0 01/13/2027 1,5651.50001/13/2022 894,130.00 1.504 1.525998,954.87 Inter-American Dev. Bank2655 IADB 1,000,000.004581X0EB0 01/13/2027 1,5651.50001/14/2022 894,130.00 1.518 1.540998,354.29 Intl Bk Recon & Development1976 IBRD 1,500,000.00459056LD7 01/19/2023 1107.62511/08/2018 1,515,870.00 3.111 3.1551,518,694.80 Intl Bk Recon & Development1982 IBRD 1,000,000.00459058GL1 09/27/2023 3613.00011/27/2018 986,150.00 3.018 3.060999,447.16 Intl Bk Recon & Development2470 IBRD 1,500,000.00459058JL8 10/28/2025 1,1230.50001/08/2021 1,334,400.00 0.480 0.4871,500,573.98 Intl Bk Recon & Development2492 IBRD 1,500,000.00459058JS3 02/10/2026 1,2280.65002/10/2021 1,295,130.00 0.641 0.6501,500,000.00 Intl Bk Recon & Development2497 IBRD 1,500,000.0045905U5Y6 02/18/2026 1,2360.60002/18/2021 1,317,495.00 0.591 0.6001,500,000.00 Intl Bk Recon & Development2498 IBRD 1,500,000.00459058JL8 10/28/2025 1,1230.50002/18/2021 1,334,400.00 0.591 0.6001,495,457.70 Intl Bk Recon & Development2510 IBRD 1,500,000.00459058JL8 10/28/2025 1,1230.50003/01/2021 1,334,400.00 0.787 0.7981,486,523.91 Intl Bk Recon & Development2534 IBRD 1,500,000.00459058JS3 02/10/2026 1,2280.65005/26/2021 1,295,130.00 0.833 0.8451,490,387.59 Intl Bk Recon & Development2553 IBRD 1,500,000.00459058JS3 02/10/2026 1,2280.65007/15/2021 1,295,130.00 0.839 0.8511,490,078.12 Intl Bk Recon & Development2559 IBRD 1,500,000.00459058JS3 02/10/2026 1,2280.65008/12/2021 1,295,130.00 0.871 0.8831,488,508.15 Intl Bk Recon & Development2650 IBRD 1,000,000.0045906M2L4 02/24/2026 1,2420.65001/07/2022 879,330.00 1.368 1.387975,737.39 Intl Bk Recon & Development2673 IBRD 1,000,000.0045906M2Z3 03/17/2025 8982.05003/17/2022 943,100.00 2.107 2.136997,949.07 International Finance Corp.2441 IFC 1,000,000.0045950VPE0 10/15/2025 1,1100.25010/30/2020 889,530.00 0.497 0.5041,000,000.00 International Finance Corp.2454 IFC 1,500,000.0045950VPH3 11/15/2025 1,1410.25011/30/2020 1,343,610.00 0.683 0.6921,500,000.00 International Finance Corp.2483 IFC 1,500,000.0045950VPJ9 01/15/2026 1,2020.58001/25/2021 1,324,770.00 0.501 0.5081,503,472.63 International Finance Corp.2502 IFC 1,500,000.0045950VPJ9 01/15/2026 1,2020.58002/11/2021 1,324,770.00 0.522 0.5301,502,422.73 International Finance Corp.2503 IFC 1,500,000.0045950VPS9 02/26/2026 1,2440.50002/26/2021 1,315,005.00 0.616 0.6251,493,728.10 International Finance Corp.2514 IFC 2,000,000.0045950VPT7 03/15/2026 1,2610.50003/15/2021 1,782,400.00 0.808 0.8192,000,000.00 International Finance Corp.2515 IFC 1,500,000.0045950VPU4 03/23/2026 1,2690.75003/23/2021 1,323,480.00 0.746 0.7571,499,624.40 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

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September 30, 2022
Par Value
Days To
Maturity
Maturity
Date
Current
RateMarket Value
Fund ALL - Portfolio Listings
Investments by Fund Page 20
CUSIP Investment # Issuer
Purchase
Date Book Value
YTM
360
YTM
365
Supranationals (World Bank) Bonds
International Finance Corp.2517 IFC 2,000,000.0045950VPU4 03/23/2026 1,2690.75003/23/2021 1,764,640.00 0.887 0.9001,989,803.16 International Finance Corp.2532 IFC 1,500,000.0045950VPY6 05/15/2026 1,3220.50005/28/2021 1,334,730.00 1.006 1.0201,500,000.00 International Finance Corp.2654 IFC 1,000,000.0045950KCX6 10/08/2026 1,4680.75001/12/2022 869,100.00 1.518 1.540969,485.48 Subtotal and Average 37,386,645.94 37,500,000.00 33,421,360.00 1.009 1.023 1,174 Total Investments and Average 540,772,792.22 536,287,513.47 485,206,551.07 1.641 1.664 1,469 Portfolio CPA
AP
Run Date: 10/15/2022 - 03:37 FI (PRF_FI) 7.3.11
Report Ver. 7.3.11

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1 General Investment Guidelines: Full Compliance
a) The max. stated final maturity of individual securities in the portfolio should be 10 years. b) A max. of 30 percent of the par value of the portfolio shall be invested in securities with maturities 28.98% beyond 5 years.
c) The City shall maintain a minimum of one month's cash needs in short term investments. d) At least $50 million shall be maintained in securities maturing in less than 2 years.

Plus two managed pool accounts which provide instant liquidity:
- Local Agency Investment Fund (LAIF) - maximum investment limit is $75 million $17 million - Fidelity Investments $1.7 million
e) Should market value of the portfolio fall below 95 percent of the book value, report this fact within a 89.72% reasonable time to the City Council and evaluate if there are risk of holding securities to maturity. d) Commitments to purchase securities newly introduced on the market shall be made no more than three (3) working days before pricing.
f) Whenever possible, the City will obtain three or more quotations on the purchase or sale of comparable securities (excludes new issues, LAIF, City of Palo Alto bonds, money market accounts, and mutual funds).
2 U.S. Government Securities:

Full Compliance
a) There is no limit on purchase of these securities.
b) Securities will not exceed 10 years maturity.
3 U.S. Government Agency Securities: Exceeded Limit
a) There is no limit on purchase of these securities except for:

Callable and Multi-step-up securities provided that:
- The potential call dates are known at the time of purchase; - the interest rates at which they "step-up" are known at the time of purchase; and - the entire face value of the security is redeemed at the call date. - No more than 25 percent of the par value of portfolio.

26.50%
b) Securities will not exceed 10 years maturity.
4 California State, California Local Government Agencies, and other United States State Bonds: Full Compliance a) Having at time of investment a minimum Double A (AA/Aa2) rating as provided by a nationally recognized rating service (e.g., Moody’s, Fitch, and/or Standard and Poor’s). b) May not exceed 40 percent of the par value of the portfolio. 37.72% 5 Certificates of Deposit (CD): Full Compliance
a) May not exceed 20 percent of the par value of the portfolio; None Held b) No more than 10 percent of the par value of the portfolio in collateralized CDs in any institution. c) Purchase collateralized deposits only from federally insured large banks that are rated by a nationally recognized rating agency (e.g. Moody's, Fitch, and/or Standard & Poor's). d) For non-rated banks, deposit should be limited to amounts federally insured (FDIC) e) Rollovers are not permitted without specific instruction from authorized City staff. 6 Banker's Acceptance Notes (BA):

Full Compliance
a) No more than 30 percent of the par value of the portfolio. None Held b) Not to exceed 180 days maturity.
c) No more than $5 million with any one institution.
$100.6 million

2.24%
Attachment C
Investment Policy Compliance
As of September 30, 2022
Investment Policy Requirements
Compliance
Check / Actual

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Attachment C
Investment Policy Compliance
As of September 30, 2022
Investment Policy Requirements
Compliance
Check / Actual
7 Commercial Paper: Full Compliance
a) No more than 15 percent of the par value of the portfolio. None Held b) Having highest letter or numerical rating from a nationally recognized rating service. c) Not to exceed 270 days maturity.
d) No more than $3 million or 10 percent of the outstanding commercial paper of any one institution, whichever is lesser.
8 Short-Term Repurchase Agreement (REPO):

Full Compliance
a) Not to exceed 1 year. None Held
b) Market value of securities that underlay a repurchase agreement shall be valued at 102 percent or greater of the funds borrowed against those securities. 9 Money Market Deposit Accounts Full Compliance
a) Liquid bank accounts which seek to maintain a net asset value of $1.00. 10 Mutual Funds: Full Compliance
a) No more than 20 percent of the par value of the portfolio. None Held b) No more than 10 percent of the par value with any one institution. 11 Negotiable Certificates of Deposit (NCD): Full Compliance a) No more than 20 percent of the par value of the portfolio. 4.89% b) No more than $5 million in any one institution. Federally Insured 12 Medium-Term Corporate Notes: Full Compliance
a) No more than 10 percent of the par value of the portfolio. 4.68% b) Not to exceed 5 years maturity.
c) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
d) No more than $5 million of the par value may be invested in securities of any single issuer, other than the U.S. Government, its agencies and instrumentality. e) If securities owned by the City are downgraded by either rating agencies to a level below AA it shall be the City's policy to review the credit situation and make a determination as to whether to sell or retain such securities.
13 Supranational Organizations Securities:

Full Compliance
a) Securities will not exceed 5 years maturity
b) No more than 20 percent of the par value of the portfolio. 6.99% c) No more than 10 percent in any one institution.
d) Securities eligible for investment shall have a minimum rating of AA or Aa2 from a nationally recognized rating service.
14 Prohibited Investments:
a) Reverse Repurchase Agreements
b) Derivatives as defined in Appendix B of the Investment Policy 15 All securities shall be delivered to the City's safekeeping custodian, and held in the name of the City, with the exception of :
- Certificates of Deposit, Mutual Funds, and Local Agency Investment Fund (LAIF) Full Compliance
None Held
Full Compliance

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City of Palo Alto (ID # 14625)
City Council Staff Report

Meeting Date: 11/7/2022 Report Type: Information Reports

City of Palo Alto Page 1

Title: FY 2022 Significant Gifts and Donations to the City From: City Manager
Lead Department: Administrative Services

This is an informational report and no Council action is required.

Discussion
The City of Palo Alto’s Policy and Procedure 1 -18, Gifts and Donations to the City of Palo Alto, (Attachment A) requires annual reports to the City Council regarding significant gifts that have been accepted on behalf of the City. This policy was updated in October 2014, to help clarify reporting of significant gifts over $5,000 only.

In compliance with this policy, Attachment B lists all significant gifts (over $5,000) received during Fiscal Year 2022. All gifts had a designated purpose as stated under the “Use of Gift” column. Staff monitors designated restrictions to comply with the Donor’s request.

In addition, the Fair Political Practices Commission (FPPC) regulates gifts to employees. The regulations contain guidelines on when these types of gifts should be disclosed as gifts to the City. Gifts required to be disclosed pursuant to this regulation are now also reported on FPPC Form 801, and that gift information is now posted to the City Clerk’s web page as required by the FPPC.

Annual reports of gifts will continue to be provided to the Council, and For m 801 information will be available on the City Clerk’s website throughout the year as gifts are received.

Attachments:
• Attachment14.a: Attachment A: Gifts to the City Policy 1-18 • Attachment14.b: Attachment B: FY 2022 Summary of Significant Gifts and Donations
14 Packet Pg. 220
POLICY AND PROCEDURES 1-18
Revised: October 1, 2014
Effective: December 1, 1989

GIFTS AND DONATIONS TO THE CITY OF PALO ALTO

POLICY STATEMENT
The purpose of this policy is to:
• Establish uniform procedures for the receipt of gifts to the City of Palo Alto; • Cultivate and maintain an
environment where residents and businesses want to contribute to the City's programs and facilities;
• Promptly acknowledge and express appreciation for the gifts; • Assure the gifts are properly inventoried, and
 Comply with the Political Reform Act and Fair Political Practices Commission Regulations.

It is essential that gifts be properly reported and reviewed carefully for impact on the City's resources and for cons istency with City policies a nd procedures c oncerning cash handling and inventory.

City employees are prohibited from accepting personal gifts (see Secti on 1301, Merit System Rules and Regulations). Gifts to elected and appointed City officials and “designated” City employees (see Palo Alto Municipal Code, Chapter 2.09) are also regulated by the State of California Fair Political Practices Commission.

Applicability of this Policy
The procedures stated in Section A apply to gifts offered or given to the City, gifts actively solicited by the City, and gifts from community groups that support various City operations (e.g. Friends of the Library, the Recreation Foundation, etc.). They do not apply to minor individual c ontributions which will be qui ckly consumed in a City- sponsored event, work cont ributed by individual volunteers, sponsorship of a City activity, or donations of adve rtising, publicity, graphics, etc. in exchange for City acknowledgment. The procedures are consistent with those applicable to grants and other funding requests (see Policy and Procedures 1-12).

The Fair Political Practices Commission has adopted requirements (2 Cal.Code Regs. §
18944.2) for reporting payments made to agencies that would otherwise constitute gifts to public officials. Payments may be consider ed gifts to the City wh en the City receives and controls the payment, uses the paymen t for official busines s, and identifies the recipient. Such payments must be reported as provided in section B of this policy.

Attachment A
Attachment A - 1

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Table 1 summarizes acknowledgement and reporting requirements for gifts.

PROCEDURES
A. City Requirements for Accepting and Acknowledging Gifts Department heads, including Council Appointe d Officers, are author ized to accept gifts tendered by cash or cash equiva lents or by electronic funds tr ansfers (e.g., ACH transfer, credit card payment or online gi fts) on behalf of the City. The City Clerk’s Office will report on behalf of the City Council. Implementation of this policy is the responsibility of the department head, including Council Appointed Officers.

Thresholds for implementation of the proc edures vary with the category of the gift, as shown in Table 1.

The esti
mated value of a gift is based on the donor' s estimate. The City will not independently assign a value to the gift unless it is cash.

Gifts accepted by the City become the property of the City of Palo Alto and are to be used for public benefit. Unless a special ag reement concerning the ultimate disposition of the gift is entered into at the time the gift is accepted, it is understood that the City has sole authority to determine the use, transfer, handling, or disposition of the gift.

Gifts made to officials directly or for which the donor donors designates by na me , class, or other title the official who may use the pa yment are not gifts to the City, but rather individual gifts that may be required to be reported on F PPC Form 700. Employees may not accept individual gifts.

Department heads should review material gifts to:
• determine what the estimated costs to the City will be fo r any related installation, maintenance, operation, storage or liability that may be incurre d by acceptance of the object;
• ensure that
the gift is properly document ed, catalogued, and/or inventoried in the department and division records;
• prepare and install an appropriate sign or na meplate consistent with the City’s naming policy;
•ensure that the object will be satisfactorily maintained.

Acknowledgment of Gifts
The manner in which a gift is acknowledged must be appropriate to th e nature of the gift and consistent with the donor's wishes.

Attachment A
Attachment A - 2

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1. Within thirty (30) days of receipt of a gift, the department head must send an acknowledgment letter if the gift is worth $100 or more, th anking the donor on behalf of the City of Palo Alto.
a. The letter should clearly identify the gi ft and confirm the placement of the object that has been given to the City, or the use to which the gift will be devoted.

b. Gifts to a governmental entity are treate d similarly to charitable contributions for purposes of tax deductions. However, the donor will be responsible to the Internal Revenue Service and Franchise Tax Board for substantiating his or her own tax deduction. The City will not provide any tax services to donors.

c. Except for gifts of cash or cash equi valents, where the donor amount is apparent, no dollar amount shoul d be stated in the letter. Instead, the letter should contain the following paragraph:

Your gift may be tax deductible . To determine the amount you may properly deduct for tax purposes, you sh ould consult your tax preparer or tax attorney.

d. The department head or his/her designee will sign the letter and forward a copy to the ASD Director.

e. For a particularly significant gift (over $5,000), recipient de partment head in consultation with the ASD Director may as k that a letter be prepared for the Mayor's signature.

2. The recipient department head, in c onsultation with the ASD Director, will determine if the gift warrant s a public announcement and in what manne r it should be made. The donor will be notifie d in advance of any announcem ent, and has the right to request anonymity.

3. The ASD Director is responsible for:

a. maintaining a record of all gifts that are accepted, including a description of the gift, the donor’s name and address ( unless anonymous), the date the gift was received, and the disposition of the gift.

b. reporting annually any significant gift s over $5,000 to the City Council regarding the gifts that have been accepted on behalf of the City.

Attachment A
Attachment A - 3

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4. Each department should also maintain a record of all gifts that are accepted, which includes a description of the gift, the donor's name and address, the date the gift was received, and the disposition of the gift.

B. Fair Political Practices Commission Requirements for Accepting and Reporting Gifts to the City
In addition to the requirements listed above, departments rece iving gifts to the City must comply with Title 2 of the California Code of Regulations section 18944.2, summarized below:

Payments or similar gifts that are controlled by the City and used for official City business may be considered gifts to the agency rath er than gifts to an individual although the individual may receive a pe rsonal benefit from the paymen t, if all of the following requirements are met:.
(1) City controls use of paym ent: Th e city manager or designee must determine and control the City’s use of a payment. The donor may identify a purpose for the pay ment, but may not designate by name , title, class, or otherwise, the official/employee wh o may use the paym ent. The City Manager or designee shall select the individual(s) who will use the payment any may not select himself or herself as the user.
(2) Official City business. The payment m ust be used fo r official City business.
(3) Reporting. Within 30 days after use of the payment, the head of the department of the official/employee who used the gift must report the payment on the Form 801 and forward it to the City Clerk. Form 801 is available at the Fair Political Pract ices Commission website online at http://www.fppc.ca.gov. The City Clerk shall post a copy of the form or the information in the form on the City website, and shall maintain the forms for a period of not less than four years.
(4) Limitations on payments for travel . Payments for travel, inclu ding transportation, lodging, and meals, are not gifts to the City but are considered personal gifts or income th at the official or employee may be required to report on his or her FPPC Fo rm 700 (a) if the donor designate s by name, title, class, or otherwise, the official or employee who may use the payment, (b) if the City Manage r or designee has not preapproved the travel in writing by signi ng the Form 801 or othe r travel pre-approval in advance or the trip, and/or (c) to the extent that such payments exceed the Attachment A
Attachment A - 4

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City’s reimbursement rates for travel, meals, lodgi ng, and other actual and necessary expenses.

NOTE: Questions and/or clarification of th is policy should be directed to the Administrative Services Department. Questi ons and/or clarifica tion of the Form 801 reporting requirements should be directed to the City Clerk or City Attorney’s Office.

Attachments:

Attachment A: Table 1- Summary of Gift Categories and Re porting Requirements Attachment A
Attachment A - 5

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Table 1
Summary of Gift Categories and Reporting Requirements
Gift Category  Acknowledge‐
ment Letter
Copy of
acknowledge‐
ment to ASD?
Account
information re
deposit to ASD?
Form 801 to City
Clerk?  Other Requirements
Cash or cash equivalent that
will be used for official City
business over $100 (cash,
check, money order, travelers
check, cashier’s check or
online donation)
X  X  X
Cash or cash equivalent that
will be used by an individual
employee for official city
business
X  X  X  X
For payments used for official travel, see
limitations set forth in policy section B(4).

Stocks, other securities
X  X
Contact ASD re deposition of this type of
gift.  The City’s investment policy (1‐39)
precludes purchase of stocks, but the City
may accept them as gifts if sold within a
reasonable amount of time and ASD
Director determines that cost of sale will
not exceed cost of stock.

Services (skilled services
performed by a business or
professional firm)  X  X
Department head evaluates services to
determine impact to department’s
operating budget or CIP.

Contact City’s Risk Manager to determine
potential liability exposure.

Material Gifts (Objects of art,
equipment, property, other
tangibles)  X  X
If item has a value of $5,000 or more, also
provide ASD Director with documentation
regarding value of gift for fixed assets
accounting.

Real Property (Privately
owned land and/or land
improvements)
All gifts require approval from ASD Real Estate Division and should be referred there. Real Estate/ASD will submit a written recommendation to the City Council for acceptance or rejection of the gift.

Attachment A
Attachment A - 6

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FY 2022 Gifts and Donations
Attachment B
Date Donor Dept Gift Use of Gift
1-Jul-22
Friends of the Palo Alto
Library (FOPAL) Library $80,000.00
Library collection development and
programming support
1-Aug-21 Sumeeta Vasishta CSD $20,000.00Donation for the City of Palo Alto Adopt-a-park 3-Mar-22
Pacific Library
Partnership (PLP) LIbrary $8,826.00
Redistribution of PLP funds for collections
database purchases as per the California Library
Services Act (CLSA) for Enki and OverDrive
23-Mar-22 Harumo Sato CSD $5,000.00
Gift of Artwork to the City's Permanent
Collection of Public Art in accordance with CASP
Agreement

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City of Palo Alto (ID # 14925)
City Council Staff Report
Meeting Date: 11/7/2022 Report Type: Information Reports City of Palo Alto Page 1
Title: 2022 City Council Priorities - Major Projects Quarterly Update From: City Manager
Lead Department: City Clerk
Background
This item will be a late packet release on November 3, 2022. 15 Packet Pg. 228
City of Palo Alto (ID # 14942)
City Council Staff Report
Meeting Date: 11/7/2022 Report Type: Action Items
City of Palo Alto Page 1
Title: Supplemental Report for Item #12: Legislative Update From: City Manager
Lead Department: City Manager
This supplemental memo is being transmitted to respond to evolving discussion and inquiry of the so-called “builder’s remedy” and specifically as it may relate to the Council’s discussion regarding its 2023 legislative workplan discussion.

In the past few weeks, news media have reported that several developers in Southern California have filed applications for housing developments using the “builder’s remedy.” This FAQ provides information to community stakeholders regarding the builder’s remedy.

What is the “builder’s remedy” and how does it work?
The builder’s remedy refers to a provision of the Housing Accountability Act (HAA) that obligates a city that does not have a compliant housing element to approve certain housing projects even if they are inconsistent with local Zoning Code or the Comprehensive Plan. This provision has been in the HAA since 1990 but was rarely invoked before this year.

When the builder’s remedy is available, a city cannot “disapprove” or “condition approval in a manner that renders the housing development project infeasible for [affordable housing].” A city can apply conditions that do not render the affordable elements of the project infeasible, but in practice, the builder’s remedy may require a city to approve a housing development that varies significantly from local code requirements.

There are a number of open questions about how the builder’s remedy should be interpreted and applied. These issues will likely be determined by the courts in litigation involving California cities and local developers. A legislative solution might reduce the issues in contention, but at this time there has been no indication of legislative activity on the issue given legislative session has not yet started.

What projects are eligible to use the “builder’s remedy”? The builder’s remedy applies to two different types of housing developments (projects where at least 2/3 of the square footage is residential):
12 Supplement
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City of Palo Alto Page 2
• Developments where at least 20% of the residential units are affordable to low-income households, which are households earning 80% or less of the Area Median Income (AMI); and • Developments where 100% of the residential units are affordable to moderate income households (households earning 100%-120% of AMI) or middle-income households (households earning up to 150% of AMI).

In Santa Clara County, AMI for 2022 is $117,900 for single individuals, $134,800 for 2-person households, and $168,500 for 4-person households.

When is the builder’s remedy available to developers?
According to the California Department of Housing and Community Development (HCD)—the State agency charged with administering the Housing Element process—the builder’s remedy becomes available on the date provided in State law for cities in a region to adopt a compliant Housing Element. In Northern California, this date is February 1, 2023. (Southern California and Sacramento had earlier Housing Element adoption dates, which is why a number of projects invoking the builder’s remedy have already been filed in these regions.) Some jurisdictions have argued that a 120-day “grace period” after the Housing Element adoption date should apply; HCD recently opined, however, that there is no grace period for the builder’s remedy.

What can Palo Alto do to preserve local control?
It is important for Palo Alto to adopt a substantially compliant housing element as soon as possible. Staff and residents, including a Council-appointed Housing Element Working Group, have been working for many months to prepare a draft Housing Element for submission to HCD. Staff expects to submit the draft to HCD in December 2022. By law, HCD is permitted to use 90 days for initial review and comment. The City is able to adopt its Housing Element after responding to HCD’s comments and completion of the environmental analysis. Staff is aware that HCD may seek more than one round of revisions to a city’s initial Housing Element submittal. Depending on the nature and extent of recommended revisions, the City will evaluate whether to adopt the Housing Element while concurrently considering additional revisions that will result in HCD certification.

In addition, upon City Council direction, the City’s legislative lobbyists can advocate with Palo Alto’s State representatives regarding potential State law changes to housing element deadlines or implementation of the builder’s remedy. Cities across the state are discussing this issue, so a coordinated approach may be possible.

How can I learn more about the “builder’s remedy”?
The Association of Bay Area Governments has issued a circular on the builder’s remedy here.

Additional materials from law firms and experts are here and here. 16 Packet Pg. 230
12 Supplement
City of Palo Alto (ID # 14838)
City Council Staff Report
Meeting Date: 11/7/2022 Report Type: Information Reports City of Palo Alto Page 1
Title: 2022 City Council Priorities - Major Projects Quarterly Update From: City Manager
Lead Department: City Manager
Information
This is an informational report ; no action is needed. This report provides progress updates on the 2022 City Council Priorities and associated workplan elements approved by the City Council in April 2022.

Background
Each year, the City Council reviews its priorities for the upcoming calendar year at its annual Council Retreat. A Council priority is defined as a topic that wi ll receive significant attention during the year. The Palo Alto City Council convened to set its 2022 priorities on February 5, 2022, informed in part by community feedback through an online survey, e -mails to Councilmembers, and public participation durin g the City Council retreat. The City Council adopted four priorities for 2022, including:
• Economic Recovery and Transition (ERT),
• Climate Change - Protection and Adaptation (CCPA),
• Housing for Social and Economic Balance (HSEB), and
• Community Health and Safety (CHS).

The major workplan elements for each priority are listed in Attachment A and a few projects are highlighted in the body of this report . Individual project updates can be found in Attachment B . These workplan elements, or “major projects”, provide context and enumerate the efforts underway to advance Council priorities . In addition to these major projects, there is a great deal of work being completed on other high -priority projects as directed by the City Council in addition to delivering 24/7 core services. In this time of resource challenges, the City continue s to focus on maintaining core city services and managing the vulnerabilities and risks associated with available resources while pursuing the major projects listed in this report.

Discussion
Based on the City Council’s four 2022 adopted priorities, the following discussion presents the major workplan elements involved. The attached status update and tracking table includes the following columns:
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• Project Target Start - indicates in which calendar quarter the project is targeted to begin.
• Project Status - indicates whether a project is substantially complete, ongoing, not started, or dropped. Dropped projects may no longer be feasible or relevant. • Next Review Target Date- indicates in which calendar quarter the project can be expected to be reviewed by a legislative body.
• Not Yet Resourced - Projects not yet resourced are still considered priorities but resources are not currently available or are otherwise “on hold.” While actual completion dates will vary, the workplan communicates the breadth and volume of concurrent activities. Projects that have been identified as priorities but where resources are not currently available will be considered as opportunities for new resources arise.

A brief description of a few highlighted projects is included in the body of this report.

The numbering of the major projects is consistent with the numbering presented in CMR 14103 approved by the City Council on April 4, 2022 (agenda item 15 ) for ease of tracking through the two documents. Of the 65 identified major projects supporting Council priorities, 12 have been completed, 11 have not yet started, the remaining 4 2 are mostly ongoing.

Completed Ongoing Not Yet
Started or
Dropped
Total
ERT: Economic Recovery &
Transition
1 11 1 13
CCPA: Climate Change
Protection & Adaptation
0 8 0 8
HSEB: Housing for Social &
Economic Balance
8 7 9 24
CHS: Community Health &
Safety
2 17 1 20
TOTAL 12 42 11 65
ERT: ECONOMIC RECOVERY AND TRANSITION;
I. COHESIVE VISION FOR OUR COMMERCIAL CORES
Economic Recovery and Transition reflects evolution of the Community and Economic Recovery priority set by the City Council in 2021, and the ongoing work in this priority area aligns closely with the workplan that was approved and continues for this topic. 17 Packet Pg. 232
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The 2022 priority also includes looking at a cohesive vision for Palo Alto’s commercial cores.

Project Highlights-
ERT2. Economic Development Request for Proposal (RFP): The contract for development of a near -term and longer -term Economic Development Strategy was approved unanimously by the City Council on September 12, 2022.

StreetSense was the firm selected and they will be participating in a City Council study session on November 7.

ERT5. University Avenue Streetscape Design Project: Staff has begun the work to implement the community engagement strategy, complete data collection, develop concept alternatives, and prepare cost estimates, per the scope of work approved by Council.

ERT6. California Avenue Closure: Council directed staff to return with a short -term recommendation on an interim design strategy for California Avenue and to explore whether the streets should remain closed or open to vehicular traffic.

This work is underway, and staff anticipates returning to City Council with a progress update in winter 2022 or early 2023. A longer -term recommendation is pending a consultant Alternatives Analysis study.

ERT7. Ramona Street Closure: Council directed staff to return with a short -term recommendation on whether Ramona should remain closed to vehicular traffic or open to vehicular traffic. Staff anticipates th is work will be in tandem with the work for California Ave., building on lessons learned from the pandemic and preliminary engageme nt. As with California Ave., this work is underway, and staff anticipates returning to City Council with a progress update this winter. A longer-term recommendation for Ramona is also pending a consultant Alternatives Analysis study.

CCPA. CLIMATE CHANGE - PROTECTION AND ADAPTATION
Climate Change - Protection and Adaptation reflects the continuation of the Council priority set by the City Council in 2021. The ongoing work in this priority area continues the accomplishments achieved in calendar year 202 1 and reflects next steps as part of that workplan and Council direction thus far.

Project Highlights-
CCPA1. Municipal Code Amendments to Facilitate PV, ESS, EVCS and Heat Pump (Water/Furnace) Installations : Identif y municipal code requirements that ma y impede installation of electrification systems and recommend changes after public review before the Utilities Advisory Commission (UAC) and Parking and 17 Packet Pg. 233
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Transportation Commission (PTC) and transmit recommendations to the City Council. PTC review is expected in October 2023.

CCPA4. Sustainability/Climate Action Plan (S/CAP) update: Council meetings on September 27, 2022, and October 3, 2022, included comprehensive discussions on the status of the S/CAP update and the S/CAP Ad Hoc Committee’s work and recommendations. Council accepted the full set of the draft S/CAP Goals and Key Actions, approved multiple actions allowing the new Advanced Heat Pump Water Heater Pilot Program to commence, and adopted a new goal to achieve carbon neutrality by 2030. With the draft Goals and Key Actions identified, staff is working to complete CEQA review of the S/CAP and to bring an updated 3 - Year Workplan to Council for approval in December 2022. CEQA must be complete and certified before C ouncil can approve or adopt the Goal s and Key Actions.

HSEB. HOUSING FOR SOCIAL AND ECONOMIC BALANCE
Housing for Social and Economic Balance reflects the continuation of the Council priority set by the City Council in 2021. The ongoing work in this priority area continues the accomplishments achieved in calendar year 2021 and reflects next steps as part of that workplan and Council direction thus far.

Project Highlights-
HSEB1. HomeKey Application: The City and LifeMoves publicly received a $26.6M Homekey award notification on August 24 , 2022. Staff is finalizing the agreement with the State for funding while also moving forward on a variety of agreements with LifeMoves, Santa Clara County Office of Supportive Housing, and the Santa Clara County Housing Authority in relation to building and operating the shelter.

Construction is anticipated to begin in October/November 2022. Additionally, the Planning and Transportation Commission (PTC) forwarded a Comp Plan Amendment recommendation to the City Council amending the land use designation f or a small portion of the 1237 San Antonio Road Homekey site.

The amendment will create alignment between existing use and its designation.

This item is anticipated to come before the City Council in December 2022.

CHS. COMMUNITY HEALTH AND SAFETY:

I. CRIME, MENTAL HEALTH, AIR QUALITY, NOISE, SENSE OF

BELONGING
Community Health and Safety has been interwoven in prior City Council priorities, including the previous priorities of Economic Recovery and Community Wellness and Wellbeing. As the community co ntinues to recover from effects of the pandemic, this 17 Packet Pg. 234
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priority highlights the importance of quality -of-life resources in the community. Projects in this Council priority reflect the ongoing programs provided through Community Services and Public Safety, co ntinuation of items established in 2021 for community wellness and wellbeing, and areas for new focus.

Project Highlights-
CHS4. Computer Aided Dispatch (CAD) Upgrade: The Police Department is working with its consortium partners (Mountain View and Los Altos) to identify a new CAD system to replace the legacy system version , the RFP document is expected to be completed in November 2022 . Staff will return to Council with a recommendation for purchasing a new CAD system in early 2023.

CHS5. Complete Reop ening of Libraries : On May 10, 2022 the Library expanded hours, both Mitchell Park and the Rinconada Library open 5 days a week and the Children’s, Downtown and College Terrace Libraries opened 3 days. On June 20, 2022, the City Council adopted the FY23 bu dget to restore additional hours to the Library. This includes adding a fourth day of service to the Children’s, College Terrace and Downtown Libraries; and a sixth day to Mitchell Park and Rinconada Libraries; and the hiring of additional staff.

The Library is working with the Human Resources Department to fill vacancies and move forward with the expansion of library hours. As staff vacancies are filled, the Library plans to phase the expansion of hours starting fall through the first trimester of 2023.

Resource Impact
Although there are no additional direct resource imp acts for the projects described as occurring during the 2022 calendar year, several projects in this report are identified as either not yet being resourced or temporarily ‘on hold’. To ap propriate resources for such projects, staff would need to be reallocated from existing work to those projects and additional appropriation actions would likely be necessary.

Stakeholder Engagement
Significant stakeholder engagement is planned across eac h of these workplan elements both internally and externally. Major community engagement plans were outlined in a Study Session with the City Council on March 14, 2022 at which time staff received Council input. To the extent the workplan elements are chang ed, adjustments to the community engagement plans will be evaluated based on staffing resources available and changes made within existing budgetary constraints, where possible. The staff report outlining engagement can be found here on page 181:
<https://www.cityofpaloalto.org/files/assets/public/agendas-minutes-reports/agendas- minutes/city-council-agendas-minutes/2022/20220314/20220314pccsm-amended-final- revised-ppt.pdf>
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Environmental Review
The recommended action is not a project for the purposes of t he California Environmental Quality Act.

Attachments:
• Attachment17.a: Attachment A - Major Projects by Council Priority • Attachment17.b: Attachment B- Major Projects by Council Priority Progress 17 Packet Pg. 236
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Attachment A- Major Projects by Council Priority
Calendar Year (CY) 2022 City Council Priorities: Major Projects by Priority Area Target
Start

Status Next

Review

Target
Date
Not Yet

Resour
ced
Priority Area, Project Number, and Project Name
ERT ‐ ECONOMIC RECOVERY AND TRANSITION
CY23Q1/Q2 Ongoing CY23Q2  FC ‐ ERT001 ERT1.  Downtown Business Improvement District (BID) Pre‐CY22 Completed ‐ ERT002    ERT2. Economic Development Request for Proposal (RFP) CY22Q1/Q2 Ongoing ‐ ERT003 ERT3.  Economic Development Committees for Downtown and California Avenue CY22Q3/Q4 Ongoing CY22Q4  CC ‐ ERT004 ERT4.  Retail and Retail‐Like Land Uses and CUP Thresholds CY22Q1/Q2 Ongoing ‐ ERT005 ERT5.  University Avenue Streetscape Design Project CY22Q1/Q2 Ongoing CY22Q4  CC ‐ ERT006 ERT6. Califo rnia Avenue Closure and feasibility study (closed to vehicles) CY22Q1/Q2 Ongoing CY22Q4  CC ‐ ERT007 ERT7.  Ramona Street Closure and feasibility study (closed to vehicles) Pre‐CY22 Ongoing CY22Q4  CC ‐ ERT008 ERT8.  Build Out Fiber Backbone as Foundation for Fiber‐to‐the‐Premises (FTTP) CY22Q3/Q4 Ongoing CY23Q1  CC ‐ ERT009 ERT9.  Electronic Plan Review RFP to integrate with Accela CY22Q3/Q4 Ongoing CY23Q1  CC ERT010 ERT10.  Development of New Par king  Facilities in the University Avenue Downtown (potential BMH site) Dropped ERT011 ERT11.  California Avenue Subscription Parking Program (Commercial Uses) CY22Q3/Q4 Ongoing CY23Q1  PTC ERT012 ERT12.  Citywide Retail Recovery Ordinance CY22Q1/Q2 Ongoing CY23Q2  PTC ERT013 ERT13.  Retail Preservation CCAP ‐ CLIMATE CHANGE: PROTECTION AND ADAPTATION
CY22Q3/Q4 Ongoing CY22Q4 ‐ CCPA001 CCPA1.  Municipal Code Amendments to Facilitate PV, ESS, EVCS and Heat Pump (Water/Furnace) Installations (see also CCPA002 & 005) CY
22Q1/Q2 Ongoing ‐ CCPA002 CCPA2.  Permit/Inspection Streamlining for Electrification Projects (see also CCPA001 & 005) Pre‐CY22 Ongoing CY23Q1  CC ‐ CCPA003 CCPA3.  Valley Water Purified Water Facility at LATP Area B CY22Q1/Q2 Ongoing CY22Q4  CC ‐ CCPA004 CCPA4.  Sustainability/Climate Action Plan (S/CAP) update CY22Q1/Q2 Ongoing CY22Q3  CC ‐ CCPA005 CCPA5.  Residential Home Electrification Strategy (see also CCPA001 & 002) CY22Q1/Q2 Ongoing CY22Q3  UAC ‐ CCPA006 CCPA6.  Grid Modernization to Prepare fo r Electrification Pre‐CY22 Ongoing ‐ CCPA007 CCPA7.  Advanced Metering Infrastructure (AMI) Pre‐CY22 Ongoing ‐ CCPA008 CCPA8.  Commercial Electrification Retrofit HSEB ‐ HOUSING FOR SOCIAL AND ECONOMIC BALANCE
Pre‐CY22 Completed ‐ HSEB001 HSEB1.  HomeKey Application CY22Q1/Q2 Completed ‐ HSEB002 HSEB2.  Parking in Lieu Downtown Office Parking Ban CY22Q1/Q2 Completed ‐ HSEB003 HSEB3.  SB35 Objective Standards Ordinance Pre‐CY22 Ongoing CY23Q4  CC ‐ HSEB004 HSEB4.  North Ventura Coordinated Area Plan (NVCAP) CY22Q1/Q2 Ongoing CY22Q4  CC ‐ HS EB005 HSEB5.  Housing Element Update Pre‐CY22 Ongoing HSEB006 HSEB6.  Respond to Grand Jury Recommendations 9b, 10a, 12b CY22Q1/Q2 Completed ‐ HSEB007 HSEB7.  SB‐9 Urban Lot Split Interim Ordinance / SB‐9 Historic Resources Policy Discussion and Follow‐up Action CY22Q1/Q2 Completed ‐ HSEB008 HSEB8.  City/Sobrato Ad Hoc Discussion Regarding 340 Portage (& Related Code Interpretation) CY22Q1/Q2 Ongoing CY23Q1  CC ‐ HSEB009 HSEB9.  Accessory Dwelling Un it Regulations (Ordinance Update) CY22Q1/Q2 Ongoing CY22Q4  CC ‐ HSEB010 HSEB10.  Downtown Housing Master Plan CY22Q1/Q2 Completed ‐ HSEB011 HSEB11.  Renter Protection ‐ Tenant Relocation Assistance Pre‐CY22 Completed ‐ HSEB012 HSEB12.  Safe Parking Program CY22Q3/Q4 Completed ‐ HSEB013 HSEB13.  LifeMoves Operating/Lease Agreement Pre‐CY22 Not  Started ‐ HSEB014 HSEB14.  SB‐9 Permanent Ordinance (Objective Standards / Urban Lot Splits) CY22Q3/Q4 Ongoing CY23Q1  CC ‐ HSEB015 HSEB15.  Renter Protection ‐ Rental Survey Pre‐CY22 Not  Started X HSEB016 HSEB16.  Renter P rotection  ‐ Just Cause Eviction Pre‐CY22 Not  Started CY22Q4  CC HSEB017 HSEB17.  Grand Jury Report Recommendation #3 CY23Q3/Q4 Not  Started X HSEB018 HSEB18.  Retail and Residential Parking Adjustment CY23Q3/Q4 Not  Started X HSEB019 HSEB19.  PHZ/PC Amendment to Allow Greater Height CY23Q3/Q4 Not  Started X HSEB020 HSEB20.  Inclusionary Housing Program CY23Q3/Q4 Not  Started X HSEB021 HSEB21.  Streamline Application Pre‐Screening Processing CY23Q3/Q4 Not  Started X HSEB022 HSEB22.  Commerical Office Zoning Adjustments Dropped X HSEB023 HSEB23.  Residential Zoning Name Change CY23Q3/Q4 Ongoing CY23Q4  CC HSEB024 HSEB24.  Grand Jury Re port Recommendations #4 and #8 CHS ‐ COMMUNITY HEALTH AND SAFETY
CY22Q1/Q2 Ongoing ‐ CHS001 CHS1.  Palo Alto Animal Shelter Services Review CY22Q1/Q2 Ongoing ‐ CHS002 CHS2.  Cubberley Next Steps
CY22Q1/Q2 Ongoing ‐ CHS003 CHS3.  Improve Fire Safety in Foothills CY22Q3/Q4 Ongoing CY23Q1  CC ‐ CHS004 CHS4.  Computer Aided Dispatch (CAD) Upgrade CY22Q1/Q2 Ongoing ‐ CHS005 CHS5.  Complete Reopening of Libraries CY22Q3/Q4 Ongoing ‐ CHS006 CHS6.  Hire Ahead up to Five Police Officers Pre
‐CY22 Completed ‐ CHS007 CHS7.  Rinconada Park Improvement Project CY22Q1/Q2 Completed CY23Q2  CC ‐ CHS008 CHS8.  Tree Protection Ordinance Update Pre‐CY22 Ongoing CY23Q1  CC ‐ CHS009 CHS9.  Public Safety Building Capital Project CY22Q1/Q2 Ongoing CHS010 CHS10.  Newell Road Bridge Replacement (PE‐12011) Pre‐CY22 Ongoing CHS011 CHS11.  Monitor and Respond to SFO/FAA Airplane Noise Issues CY22Q1/Q2 Ongoing CY22Q4  CC CHS012 CHS12.  Provide and Promote Use of Unleaded Fuel at Palo Alto Airport Pre‐CY22 Ongoing CY22Q4  Co mpl ‐ CHS013 CHS13.  Sewer System Replacement Project 30 CY22Q1/Q2 Ongoing CHS014 CHS14.  Evaluate Gym Feasibility CY22Q3/Q4 Ongoing ‐ CHS015 CHS15.  Emergency Plans Updates CY22Q3/Q4 Ongoing CY22Q4  CC ‐ CHS016 CHS16.  Gas‐Powered Leaf Blower Amendment CY22Q1/Q2 Ongoing ‐ CHS017 CHS17.  Fire Station 4 Project CY22Q1/Q2 Ongoing ‐ CHS018 CHS18.  Sewer System Laterals Repair and Replacement throughout the City CY22Q1/Q2 Ongoing ‐ CHS019 CHS19.  Water Main Replacement Project 28 CY23Q1/Q2 Not  Started X CHS020 CHS20.  Seismic and Resiliency Ordinance To
tal (65)

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ERT ‐ ECONOMIC RECOVERY AND TRANSITION
ERT1. Downtown Business Improvement Dis
trict (BID)
Status: On Track  Progress: 25%
Update: Staff is working in partnership with the Chamber to re‐establish support for the BID, and explore options for the future of BID management, and the re‐establishment of the BID levy.  On June 6, 2022 Council voted not to levy assessments against businesses within the Downtown Palo Alto Business Improvement District or FY 2023.  Staff will co
ntinue work on this item and return to City Council for consideration of next steps for FY 2024.

ERT2. Economic Development Request for Proposal (RFP)
Status: Completed  Progress: 100%
Update: The contract for the development of a near‐term and longer‐term Economic Development Strategy was brought before the City Council on September 12, 2022 and approved unanimously.

Streetsense was the firm selected and they will be participating in a study session to discuss the creation of a comprehensive economic develop
ment strategy at the City Council meeting on November 7.

ERT3. Economic Development Committees for Downtown and California Avenue Status: On Track  Progress: 60%
Update: Staff is working on the establishment of Economic Development Committees, one focused on the University Avenue downtown area and another for the California Avenue area. Outreach to potential members of the committees has begun and scheduling of the first committee meetings will be the next step.

ERT4. Retail and Retail‐Like Land Uses an
d CUP Thresholds:

Status: On Track  Progress: 85%
Update: Staff brought a permanent ordinance before the Planning & Transportation Commission (PTC) for their recommendation to City Council on August 31, 2022. PTC recommended extending the interim ordinance, allowing more time to holistically address the City’s retail recovery strategy before adopting Attachment B- Major Projects by Council Priority Progress

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a permanent ordinance. It is anticipated that this will be brought before City Council in November 2022 with a recommendation to conclude this effort and focus more on ERT12 and ERT13.

ERT5. University Avenue Streetscape Design Project
Status: On Track  Progress: 10%
Update: Staff has begun the work to implement the community engagement strategy, complete data collection, develop concept alternatives, and prepare cost estimates, per the scope of work approved by Council in the consultant contract.

ERT6. California Avenue Closure (closed to vehicular traffic) Status: On Track  Progress: 40%
Update: Council has asked staff to return with a short‐term recommendation on an interim design strategy for California Avenue to explore whether the streets should remain closed or should open to vehicular traffic. This work is underway, and staff anticipates returning to City Council with a progress update in winter 2022 or early 2023.

A longer‐term recommendation is pending a consultant
Alternatives Analysis study.

ERT7. Ramona Street Closure (closed to vehicular traffic) Status: On Track  Progress: 40%
Update: Council has also asked staff to return with a short‐term recommendation on whether Ramona should remain closed to vehicular traffic or should open to vehicular traffic.  Staff anticipates that the work for Ramona will be in tandem with the work for California Ave., building on lessons learned from the pande
mic and preliminary engagement. As with California Ave., this work is underway, and staff anticipates returning to City Council with a progress update in winter 2022 or early 2023.  A longer‐term recommendation for Ramona is also pending a consultant Alternatives Analysis study.

ERT8. Build Out Fiber Backbone as Found ation for Fiber‐to‐the‐Premises (FTTP) Status: On Track  Progress: 25%
Update: On November 2, 2022 staff will present options for next steps to the Utilities Advisory Committee (CMR 14845) and will incorporate their feedback and direction into the item scheduled for City Council December 19, 2022  (CMR 14800).  A joint Council/Utilities Advisory Committee study session was previously held on S eptember 19, 2022. At that meeting, the Council and Committee discussed risks and advantages of City provided fiber and approved the current direction.

ERT9. Electronic Plan Review RFP to integrate with Accela Status:  On Track  Progress: 60%
Update: A Request for Proposals (RFP) was posted on August 22, 2022; vendor selection is targeted for the end of November. The City Council action to award the contract is expected to be brought forward in the first quarter of 2023.

Attachment B- Major Projects by Council Priority Progress

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ERT10. Development of New Parking Facilities in the University Avenue Downtown (potential BMR site)
Status: On Track  Progress: 50%
Update: The Request for Information (RFI) has been drafted and is expected to be posted no later than December 2022, with Council review expected in the first quarter of 2023.

ERT11. California Avenue Subscription Parking Program (Commercial Uses) Status: Dropped  Progress: 0%
Update: Recent changes to State law (AB 2097) make this effort unnecessary. Commercial and residential land uses on California Avenue within ½ mile of qualifying public transit (Caltrain & certain bus lines) are exempt from parking requirements. Land uses, starting January 1, 2023, can intensify without the need of a subscription parkin g program. This program was intended to create an opportunity for restaurants and other more parking‐intensive land uses to establish on California Ave utilizing existing public parking resources.

ERT12. Citywide Retail Recovery Ordinance
Status: On Track   Progress: 25%
Update: As part of the development of a comprehensive economic development strategy (ERT2) Streetsense will conduct a retail market analysis. Data gathering, including stakeholder interviews, are underway.  The report will outline retail best practices and recommendations and is expected to be completed in the summer of 2023.

ERT13. Retail Preservatio
n
Status: On Track  Progress: 25%
Update: As part of the Citywide Retail and Recovery effort, a consultant is reviewing the City’s retail preservation policy and identifying potential implications that support or hinder the City’s policy interests and recommendations for change as appropriate. Consultant work is underway and expected to be shared with the Planning an d Transportation commission by end of the second quarter 2023.

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CCAP ‐ CLIMATE CHANGE: PROTECTION AND ADAPTATION
CCPA1.

Municipal Code Amendments to Facilitate PV, ESS, EVCS and Heat Pump (Water/Furnace) Installations
Status: On Track  Progress: 25%
Update: Identifies municipal code requirements that may impede installation of electrification systems and recommend changes after public review before the Planning and Transportation Commission (PTC) and transmit recommendations to the City Council.  PTC review is expected by December 2022.

CCPA2. Permit/Inspection Streamlining for Electrification Projects Status: On Track  Progress: 75%
Update:  On January 10, 2022, Council adopted procedures for streamlining application review for Electric Vehicle Charging Stations (EVCS) and have been posted to the website.  Implementation of the Solar App+ Pilot Program launched in 2022.

CCPA3. Valley Water Purified Water Facility at LATP Area B Status: On Track  Progress: 5%
Update: A Council study session was held on September 22, 2022, to provide Council with a status update on the City’s efforts with Valley Water and the City of Mountain View to improve the quality of recycled water produced by the City and increase water reuse at the regional level.

CCPA4.

Sustainability/Climate Action Plan (S/CAP) update
Status: On Track  Progress: 75%
Update: Council meetings on September 27, 2022, and October 3, 2022, included comprehensive discussions on the status of the S/CAP update and the S/CAP Ad Hoc Committee’s work and recommendations. Council accepted the full set of the draft S/CAP Goals and Key Actions, approved multiple actions allowing the new Advanced Heat Pump Water Heat er Pilot Program to commence, and adopted a new goal to achieve carbon neutrality by 2030. With the draft Goals and Key Actions identified, staff is working to complete CEQA review of the S/CAP and to bring an updated 3‐Year Workplan to Council for approval in  December 2022.

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CCPA5. Residential Home Electrification Strategy
Status: On Track  Progress: 75%
Update: Council approved funding for an Advanced Heat Pump Water Heater program in October 2022 with a goal of 1000 units by the end of 2023. Implementation is in progress. Staff and the Council S/CAP Ad Hoc Committee will bring an S/CAP to Council in December which will in clude additional residential electrification activities planned for 2023‐2025.

CCPA6. Grid Modernization to Prepare for Electrification Status: On Track  Progress: 70%
Update: Staff anticipates providing an update regarding the City’s planned grid modernization, including the development of the systematic grid modernization project and incorporation of Goals and Key Actions for electrification.  Review with Utilities Advisory Committee is expected in November 02, 2022.

CCPA7. Advanced Metering Infrastructure (AMI)
Status: On Track  Progress: 20%
Update: The project is in the Alpha phase, which includes testing meter configurations and software integrations.  Due to supply chain issues and delay of electric meter delivery, the Beta start date of installing 1,000 electric, gas, and water AMI meters has been moved to the end of 2022.  As part of the Beta phase, we will be in
stalling AMI meters for the electrification and grid modernization project to gather more data for transformer load analysis and time‐of‐use rate design.  Full implementation of the program is expected to begin in the summer of 2023 through beginning of 2025.

CCPA8. Co
mmercial Electrification Retrofit
Status: On Track  Progress: 25%
Update: A business pilot program for electrification of commercial kitchens and heating, ventilation, and air conditioning (HVAC) units is currently underway and early projects are being evaluated.  The Council adopted an all‐electric commercial building mandate in October 2022 for new construction. Staff and the Council S/CAP Ad Hoc Committee w ill bring an S/CAP to Council in December which will include additional commercial electrification activities planned for 2023‐2025.

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HSEB ‐ HOUSING FOR SOCIAL AND ECONOMIC BALANCE
HSEB1. Ho
meKey Application
Status: Completed  Progress: 100%
Update: The City and LifeMoves publicly received a $26.6M Homekey award notification on August 24, 2022.  Staff is finalizing the agreement with the State for funding while also moving forward on a variety of agreements with LifeMoves, Santa Clara County Office of Supportive Housing, and the Santa Clara County Housing Authority in relation to building and operating the shelter.

Construction is antici
pated to begin in November 2022.  Additionally, the Planning and Transportation Commission (PTC) forwarded a Comp Plan Amendment recommendation to the City Council amending the land use designation for a small portion of the 1237 San Antonio Road Homekey site.  The amendment will crea
te alignment between existing use and its designation.  This item is anticipated to come before Council in December 2022.

HSEB2. Parking in Lieu Downtown Office Parking Ban
Status: Completed  Progress: 100%
Update: Staff is working with Rail Committee in performing additional studies and refinement of underpass alternatives as directed by the Council.  Staff will report to Council for approval as recommended.

HSEB3. SB35 Objective Standards Ordinance
Status: Completed  Progress: 100%
Update: Ordinance was adopted (PAMC 18.24) in June 2022, converting existing subjective development standards to objective standards for qualifying housing and mixed‐use housing projects.

HSEB4. North Ventura Coordinated Area Plan (NVCAP)
Status: On Track  Progress:40%
Update: Council approved a contract amendment with existing consultant in June 2022 to create a coordinated area plan for North Ventura.  The Plan will facilitate development of a walkable, mixed‐use neighborhood with multifamily housing, commercial services, and well‐defined connections to transit, Attachment B- Major Projects by Council Priority Progress

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bicycle, and pedestrian facilities.  The Refined Alternative Plan is scheduled for Council endorsement on October 24, 2022; following endorsement, CEQA technical studies will commence. February through July 2023, staff will hold public meetings with the Planning and Transportation Commission and Architectural Review Board, and prepare and publish the CEQA document and Draft Plan. August 2023 is the target month for Council to certif
y the CEQA document and adopt the Plan; the Plan must be adopted by December 1, 2023, to avoid forfeiting grant funding.

HSEB5. Housing Element Update
Status: On Track  Progress: 40%
Update: A draft of the Housing Element is proposed for Council review in November 2023.  It will incorporate prior Council direction on other housing topics, including outstanding items from the 2018/2019 Housing Work Plan and recent renter protection policy initiatives adopted by the City Council. The Housing Element will also in clude an implementation schedule to complete various policies over the next eight‐year housing cycle.

HSEB6. Respond to Grand Jury Recommendations #9b, #10a, #12b Status: On Track  Progress: 66%
Update: Recommendation 9b of the report stated that the City explore combining the Planning and Transportation Commission and Architectural Review Board into a single review in order to streamline processes.  In June 2022, Council approved an ordinance to streamline 100% of affordable housing projects by eliminating the legislative review comp onent.  Other qualifying projects that meet the City’s Objective Standards are required to have only one courtesy review.

Recommendation 10a calls for an Affordable Housing Manager responsible for ensuring the City meets its housing target and coordinates among key stakeholders.  This recommendation was considered during the FY 2023 budget process bu t no position was added.

Recommendation 12b requires further analysis and outreach to discuss with Santa Clara County the possibility of entering a memorandum of understanding to leverage Measure A funds.  Discussions are pending.

HSEB7. SB‐9 Urban Lot Split Interim Ordinance / SB‐9 Historic Resources Policy Discussion and Foll ow‐ up Action
Status: Completed  Progress: 100%
Update: Council adopted interim and emergency ordinances in December 2021 establishing objective development standards for R1 urban lot splits (subdivision) authorized by SB 9, with follow up meetings in early 2022. Staff provided information regarding potential implications for potentially historic resources, which led to Council authorizing implementation of a Comp Plan policy to u pdate the Historic Inventory to include properties previously found eligible for National and California registers (not yet commenced). The Interim ordinance continues to be in effect for a second year.

HSEB8. City/Sobrato Ad Hoc Discussion Regarding 340 Portage (& Related Code Interpretation) Status: Completed  Progress: 100%
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Update: At the recommendation of Council, an ad hoc committee was formed to explore potential shared redevelopment interests for the project site with Sobrato Organization representatives.  After six months of meetings, a Council study session was held on August 1, 2022, to receive public input on Initial Negotiated Terms and Conduct a preliminary sc reening for anticipated Development Agreement and associated zoning. On October 12 and 26, the Planning and Transportation Commission held public study sessions enabling public comments on the Draft EIR for the Development Agreement, Planned Community Zoning, and Tentative Map, to allow redevelopment of the 14.65‐acre site.

HSEB9. Accessory Dwelling Unit Regula tions (Ordinance Update) Status: On Track  Progress: 75%
Update: Prepare an ordinance(s) that responds to changes required by HCD to ensure the City's local Accessory Dwelling Units (ADU) regulations comply with State law; propose other ordinance modifications based on Council direction for additional community outreach.  The Planning and Transportation Commission reviewed a draft ordinance in September 2022.  Council is scheduled to receive the u
pdated ordinance December 12, 2022; adoption is expected in early 2023.

HSEB10. Downtown Housing Master Plan
Status: On Track  Progress: 15%
Update: In April 2022 Council  authorized City Manager to accept an $800K grant from Metropolitan Transportation Commission (MTC) to develop a downtown housing master plan intended to spur greater housing production in proximity to fixed transit centers. Council also initiated a planning process, directing staff to return to Council to iden tify goals for a Downtown Housing Plan. A consultant contract award is expected to be presented to Council in February 2023.

HSEB11. Renter Protection ‐ Tenant Relocation Assistance Status: Completed  Progress: 100%
Update: January 31, 2022, Council adopted ordinance 5543 lowering the threshold from 50 units to 10 units. Enhanced property‐owner provided financial assistance to renters subject to no‐fault evictions in developments with 10 or more units.

HSEB12. Safe Parking Program
Status: Completed  Progress: 100%
Update: Adopted an interim ordinance amending Title 18 (zoning) of Palo Alto Municipal Code to temporarily allow overnight safe parking as an ancillary use to churches and religious institutions.

HSEB13. LifeMoves Operating/Lease Agreement
Status: Completed  Progress: 100%
Update: In collaboration with LifeMoves, the City’s partner for its Project HomeKey application, a letter of intent outlining operating agreement and/or lease agreement terms is currently in draft.

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HSEB14. SB‐9 Permanent Ordinance (Objective Standards / Urban Lot Splits) Status: Not Started  Progress: 0%
Update: Prepare an ordinance to codify SB‐9 objective development and urban lot split standards based on additional public outreach and public hearings before the Planning and Transportation Commission.

Interim ordinance remains in effect, a limited number of SB9 project applications received. Outreach has not begun.

HSEB15. Renter Prot
ection ‐ Rental Survey
Status: On Track  Progress: 10%
Update: On September 13, 2022, the Policy and Services Committee was presented with recommendations to expand, redesign, and recommend an implementation strategy for an updated rental survey including proposed fees, resources, and timeline.  Staff will return to the Committee by late Spring with additional information on utilization of data colle cted.

HSEB16. Renter Protection ‐ Just Cause Eviction
Status: Not Started  Progress: 0%
Update: Prepare an ordinance to amend just cause eviction regulations to include properties built within the last 15 years, excluding units occupied less than a year or single‐family homes not owned by a corporation or renters who live in a duplex when one unit is owner occupied.   This project has not been resourced.

HSEB17. Grand Jury Report Recommendation #3
Status: Not Started  Progress: 0%
Update: Submit a recommended communication strategy to the City Council to increase community support for affordable housing.  Implementation of this recommendation is expected by December 2022.

HSEB18. Retail and Residential Parking Adjustment
Status: Not Started  Progress: 0%
Update: Return to Council with an ordinance for the special commercial (CS) and CDC zones to reduce rental housing parking requirements to one space/unit and allow a maximum 1,500 square feet or retail use when more is required by the City's Retail Preservation Ordinance; these changes are intended to facilitate a 15
% and 20% inclusionary requirement for rental housing in these districts respectively.  This project has not been resourced.

HSEB19. PHZ/PC Amendment to Allow Greater Height
Status: Not Started  Progress: 0%
Update: Amend the code to allow greater height for Planned Home Zone (PHZ) projects beyond 50 feet and encroach into transitional height limits.  This project has not been resourced.

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HSEB20. Inclusionary Housing Program
Status: Not Started  Progress: 0%
Update: Engage the PTC and explore possible zoning amendments or other factors that could support a future 20 percent inclusionary requirement for ownership and rental housing.  This project has been incorporated into the draft Housing Element as a future work item and is not yet resourced.

HSEB21. Streamline Applic
ation Pre‐Screening Processing
Status: Not Started  Progress: 0%
Update: Council directed to look at ways to streamline the pre‐screening process.  This project has been incorporated into the draft Housing Element as a future work item and is not yet resourced.

HSEB22. Commercial Office Zoning Adjustments
Status: Not Started  Progress: 0%
Update: Adjust commercial zoning standard to further incentivize housing and disincentivize office development including, but not limited to, the CC2 district.  This project has been incorporated into the draft Housing Element as a future work item and is not yet resourced.

HSEB23. Residential Zoning Name Change
Status: Dropped  Progress: N/A%
Update: Review changes to the designation of R‐1 Zoning to reflect the current zoning allowances for two Accessory Dwelling Units per parcel.  Project is not feasible at this time.

HSEB24. Grand Jury Report Recommendations #4 and #8
Status: On Track  Progress: 50%
Update: Recommendation #4 calls for a “lessons Learned” analysis from the 4‐year North Ventura Coordinated Area Plan (NVCAP) planning process.  Create an improved process to bring residents to a shared understanding of the needs and complexities of affordable housing development and include direct involvement of Palo Alto elec ted leaders in community outreach.  Complete analysis pending conclusion of NVCAP process.

Recommendation #8 has been completed, the City has published at least two years of Housing Element Annual Updates and cover memos.  Instead of separating the Comprehensive Plan Updates as recommended by the Grand Jury Report, for the 2023 reporting period,  staff will explore opportunities to improve readability and format to achieve the report recommendation.

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CHS ‐ COMMUNITY HEALTH AND SAFETY
CHS1. Pa
lo Alto Animal Shelter Services Review
Status: On Track  Progress: 20%
Update: In collaboration with the City’s current service provider Pets in Need (PIN), work to review services, infrastructure needs, and determine next steps such as contract negotiations and approvals.

The PIN Contract has been extended to May 2023; and progress has been made on negotiating a Term Sheet framework for a new Agreement.

CHS2. Cubberley
Next Steps
Status: On Track  Progress: 10%
Update: Updates on next steps regarding use of the Cubberley Community Center include communication with PAUSD on potential land acquisition at Cubberley.  Staff is determining next steps for repair of Cubberley Gyms A and B, which have been closed since February 2022 due to damage caused by water lin e breaks.

CHS3. Improve Fire Safety in Foothills
Status: On Track  Progress: 75%
Update: OES continues to participate in the South Bay Incident Management Team (SB‐IMT), lead a multi‐departmental Foothills Fire Management Plan group, and lead the Silicon Valley Homeland Security Coordination Group (SV‐HSCG).  Equipment improvements include early fire detection, thanks to partnership with alertwildfire.org.  OES is also working on the depl oyment of solar battery back‐up improvements in key locations to keep equipment online when electricity may be disrupted or disconnected during a fire.

CHS4. Computer Aided Dispatch (CAD) Upgrade
Status: On Track  Progress: 10%
Update: The Police Department is working with its consortium partners (Mountain View and Los Altos) to identify a new CAD system to replace the legacy system version, the RFP document is expected to be Attachment B- Major Projects by Council Priority Progress

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completed in November 2022.  Staff will return to Council with a recommendation for purchasing a new CAD system in early 2023.

CHS5. Complete Reopening of Libraries
Status: On Track  Progress: 90%
Update: On May 10, 2022 the Library expanded hours, both Mitchell Park and the Rinconada Library open 5 days a week and the Children’s, Downtown and College Terrace Libraries opened 3 days. On June 20, 2022, the City Council adopted the FY23 budget to restore additional hours to the Library. This includes adding a four
th day of service to the Children’s, College Terrace and Downtown Libraries; and a sixth day to Mitchell Park and Rinconada Libraries; and the hiring of additional staff.

Library is working with the Human Resources Department to fill vacancies and move forward with the expansion of library hours. As staff vacan
cies are filled, the Library plans to phase the expansion of hours starting this fall through first trimester of 2023.

CHS6. Hire Ahead up to Five Police Officers
Status: On Track  Progress: 80%
Update: As authorized by Council as part of the FY 2022 Mid‐Year Budget review, maintain a pipeline of recruits for police officer staffing including up to an additional five (5) officers via a hire‐ahead program.

To date, three new officers have been hired and are currently undergoing the departm ent’s field training program.

CHS7. Rinconada Park Improvement Project
Status: Completed  Progress: 100%
Update: In partnership with Community Services Department and City Manager’s Office, organized a joint Rinconada Park/Palo Alto Junior Museum & Zoo community event.

CHS8. Tree Protection Ordinance Update
Status: Completed  Progress: 100%
Update: On June 6, 2022, Council adopted an ordinance amending Title 8 of the Palo Alto Municipal Code to expand tree protection to include additional protected tree species, revise grounds for tree removal, and make clarifying changes.  Additional considerations were referred to the Planning and Transportation Commission and the Parks  and Recreation Commission.

CHS9. Public Safety Building Capital Project
Status: On Track  Progress: 60%
Update: Continue construction of the new facility in the California Avenue area including build and fixtures, furniture, and equipment, with the Public Safety Building construction scheduled to be completed in fall 2023.

Attachment B- Major Projects by Council Priority Progress

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CHS10. Newell Road Bridge Replacement (PE‐12011)
Status: On Track  Progress: 70%
Update: Complete design and right‐of‐way acquisition, obtain regulatory permits, and seek programming of construction funding by Caltrans to allow construction to begin in calendar year 2023.

CHS11. Monitor and Respond to SFO/FAA Airplane Noise Issues Status: On Track  Progress: 75%
Update: Complete consultant review of SFO Ground Based Augmentation System (GBAS) proposal and consider submitting a comment letter, while tracking other issues that may arise.  Council held a study session in August 2022 to discuss updates.

CHS12. Provide and Promote Use of Unleaded Fuel at Palo Alto Airport Status: On Track  Progress: 50%
Update: Complete upgrades at airport facilities to provide for the sale of unleaded fuel, bring unleaded fuel to the airport, and work with users to promote use of the fuel.  Next steps include tank recoating and execution of a contract for piping unleaded fuel.

CHS13. Sewer System Re placement  Project 30
Status: On Track  Progress: 90%
Update: 10‐19‐22 There have been delays due to unforeseen field conditions, so the project is now anticipated to be completed around beginning of January 2023. Contractor started construction on March 28, 2022. The work along the E. Charleston Corridor was completed in April, and now work is being performed in the Ventura area (east side of El Camino Real). The project is anticipated to be completed by November 2022.

CHS14. Evaluate Gym Feasibility
Status: On Track  Progress: 30%
Update: On March 7, 2022, Council directed staff and the Parks and Recreation Commission to conduct public outreach on a new gym, including location, siting, gym features, cost estimates, funding timeline, demand assessment and prioritization of projects, and to investigate fundraising.

CHS15. Emergency Plans Updates
Status: On Track  Progress: 25%
Update: OES will be coordinating with the County on updates to emergency plans, including the Palo Alto Local Hazard Mitigation Plan (LHMP).  See also CHS3.  Council received a progress report on September 12, 2022.  Extensive community engagement is planned in the coming months, with final recommendations and adoption of the plan target ed for 2023.

Attachment B- Major Projects by Council Priority Progress

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CHS16. Gas‐Powered Leaf Blower Amendment
Status: On Track  Progress: 25%
Update: Specifically cite those that employ and those that operate gas‐powered blowers in residential districts; modify citation authority that prevents immediate citation issuance upon violation.  A Council study session is planned for January 2023.

CHS17. Fire Station 4 Project
Status: On Track  Progress: 25%
Update: Council approved the design contract in May 2022, with a schedule to complete schematic design and begin design development stage to allow construction to begin in Fiscal Year 2024.

CHS18. Sewer System Laterals Repair and Replacement throughout the City Status: On Track  Progress: 25%
Update: 10.20.22 Casey Construction has replaced 21 laterals so far. We have more lateral replacements and main repairs planned.  As part of the Sanitary Sewer Maintenance Program (SSMP), the City’s goal is to inspect and clean 3,300 sewer laterals annually out of the approximate 18,000 City owned sewer laterals.  Currently there are approximately 188 sewer laterals on the priority 1 list to be replaced to minimize sanitary sewer overflows and reduce annual inspections.

CHS19. Water Mai
n Replacement Project 28
Status: On Track  Progress: 34%
Update: 10.20.22 Barron Park and adjacent El Camino work is nearly complete. Dinah Court work has begun.

Edgewood Drive will be next after Dinah Court. Anticipated project completion is early November 2023.

Contractor started construction on April 18, 2022.  Anticipated project completion is early November 2023. The first phase is in Barron Park neighborhood around Matadero Avenue and includes some pipe replacement on the west side of El Camino.

CHS20. Seismic and Resiliency Ordinance
Status: Not Started  Progress: 0%
Update: Comprehensively update the City’s seismic rehabilitation ordinance with mandatory and voluntary measures to seismically strengthen vulnerable buildings.  Project is expected to be resourced in early 2023.

Attachment B- Major Projects by Council Priority Progress

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