AC 05-23-2022 Searchable PacketCITY OF CUPERTINO
AUDIT COMMITTEE
AGENDA
This is a teleconference meeting without a physical location.
Monday, May 23, 2022
4:00 PM
Amended
Amended on 5/20/22 at 1:45 p.m. to update staff report signature block for item #2, to add
"(Continued from April 25, 2022)" to item #9 subject description, and to reorder item 5
Consider the Fiscal Policy Inventory and Gap Analysis Report to be heard after item 6
Consider the report on Interim Audit and AUP Engagements.
TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION TO HELP STOP THE
SPREAD OF COVID-19
In accordance with Government Code 54953(e), this will be a teleconference meeting
without a physical location to help stop the spread of COVID-19. Members of the public
wishing comment on an item on the agenda may do so in the following ways:
1) E-mail comments by 9:00 a.m. on Monday, May 23 to the Audit Committee at
AuditCommittee@cupertino.org. These e-mail comments will be received by the Audit
Committee members before the meeting and posted to the City’s website after the meeting.
2) E-mail comments during the times for public comment during the meeting to the Audit
Committee at AuditCommittee@cupertino.org. The staff liaison will read the emails into
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Chair’s discretion to shorten time for public comments). Members of the public that wish to
share a document must email AuditCommittee@cupertino.org prior to speaking.
3) Teleconferencing Instructions
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public comment period for each agenda item.
To address the Audit Committee, click on the link below to register in advance and access
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Audit Committee Agenda May 23, 2022
the meeting:
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that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 6
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advance, by a person with a disability, meeting agendas and writings distributed for the
meeting that are public records will be made available in the appropriate alternative
format.
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Audit Committee Agenda May 23, 2022
ROLL CALL
ORDERS OF THE DAY
APPROVAL OF MINUTES
1.Subject: Approve Minutes of Regular Meeting on April 25, 2022
Recommended Action: Approve Minutes of Regular Meeting on April 25, 2022
A - Draft Minutes
POSTPONEMENTS
ORAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Committee on any matter
within the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3)
minutes. In most cases, State law will prohibit the Commission from making any decisions with respect
to a matter not on the agenda.
PUBLIC HEARINGS
OLD BUSINESS
NEW BUSINESS
2.Subject: ACTION ITEM Consider the Monthly Treasurer’s Investment Report for April
2022
Recommended Action: Review and consider accepting the Monthly Treasurer’s
Investment Report for April 2022
Staff Report
A - Chandler Investment Report April 2022
B - LAIF Statement April 2022
C - PARS Pension and OPEB Account Statement April 2022
D - Wells Fargo Operating Checking Account Statement April 2022
E - Wells Fargo Workers' Compensation Account Statement April 2022
F - Wells Fargo Payroll Account Statement April 2022
G - Wells Fargo Employee Benefits Account Statement April 2022
H - Chandler Custodial Statement April 2022
3.Subject: INFORMATION ITEM Consider the Internal Audit Status Report
Recommended Action: Receive Internal Audit Status Report and provide direction
A - Internal Audit Status Report - May 17, 2022
4.Subject: INFORMATION ITEM Consider the Capital Program Effectiveness Study
Report
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Audit Committee Agenda May 23, 2022
Recommended Action: Receive Capital Program Effectiveness Study Report and
provide direction
Presenter: Moss Adams
A - Capital Program Effectiveness Report
5.Subject: INFORMATION ITEM Consider the Fiscal Policy Inventory and Gap Analysis
Report
Recommended Action: Receive Fiscal Policy Inventory and Gap Analysis Report and
provide direction
Presenter: Moss Adams
A - Fiscal Policy Inventory and Gap Analysis Report
6.Subject: INFORMATION ITEM Consider the report on Interim Audit and AUP
Engagements
Recommended Action: Receive report on Interim Audit and AUP Engagements and
provide direction
Presenter: Crowe
7.Subject: ACTION ITEM Consider the Monthly Treasurer's Report for March 2022
(Continued from April 25, 2022)
Recommended Action: Review Monthly Treasurer's Report for March 2022 and
recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
Staff Report
A - Report of City-wide Receipts, Disbursements, and Cash Balances March 2022
B - Report of City-wide Fund Balances March 2022
8.Subject: ACTION ITEM Consider the Monthly Treasurer's Report for April 2022
Recommended Action: Review Monthly Treasurer's Report for April 2022 and
recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
Staff Report
A - Report of City-wide Receipts, Disbursements, and Cash Balances April 2022
B - Report of City-wide Fund Balances April 2022
9.Subject: INFORMATION ITEM Consider the Audit Committee 2022 Schedule and
Work Plan (Continued from April 25, 2022)
Recommended Action: Receive Audit Committee 2022 Schedule and Work Plan and
provide direction to staff
Presenter: Thomas Leung, Acting Finance Manager
A - Proposed Audit Committee 2022 Schedule and Work Plan - 5.23.2022
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Audit Committee Agenda May 23, 2022
STAFF AND COMMITTEE REPORTS
FUTURE AGENDA SETTING
ADJOURNMENT
In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this
meeting who is visually or hearing impaired or has any disability that needs special assistance should
call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for
assistance. In addition, upon request, in advance, by a person with a disability, meeting agendas and
writings distributed for the meeting that are public records will be made available in the appropriate
alternative format.
Any writings or documents provided to a majority of the members after publication of the agenda will
be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at
10300 Torre Avenue, Cupertino, California 95014, during normal business hours.
IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section
2.08.100 written communications sent to the Cupertino City Council, Commissioners or City staff
concerning a matter on the agenda are included as supplemental material to the agendized item. These
written communications are accessible to the public through the City’s website and kept in packet
archives. Do not include any personal or private information in written communications to the City
that you do not wish to make public, as written communications are considered public records and will
be made publicly available on the City website.
Members of the public are entitled to address the members concerning any item that is described in the
notice or agenda for this meeting, before or during consideration of that item. If you wish to address the
members on any other item not on the agenda, you may do so during the public comment.
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CITY OF CUPERTINO
Agenda Item
22-10975 Agenda Date: 5/23/2022
Agenda #: 1.
Subject: Approve Minutes of Regular Meeting on April 25, 2022
Approve Minutes of Regular Meeting on April 25, 2022
CITY OF CUPERTINO Printed on 5/20/2022Page 1 of 1
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City of Cupertino
Audit Committee Regular Meeting
Minutes
April 25, 2022
CALL TO ORDER
At 4:00 p.m., Chair Moore called the regular meeting to order at Cupertino City Hall Conference
Room A, 10300 Torre Avenue, Cupertino CA 95014.
ROLL CALL
Committee Members Present: C hair Moore, Vice Chair Angela Chen , Mayor Darcy Paul ,
Committeemember Song
City Staff Present: Jim Throop, Chris Jensen, Kristina Alfaro, Thomas Leung, Beth Viajar
Absent:
Guests: Kathy Lai (Crowe), Matt Geerdes (Crowe), Carlos Oblites (Chandler), Christopher
McCarry (Chandler), Ryan Maxey (US Bank), Richard Rosenthal (US Bank), Jennifer Meza
(PARS), Mitch Barker (PARS)
ORDERS OF THE DAY
APPROVAL OF MINUTES
1. Approve Minutes of Regular Meeting on February 24, 2022
Mayor Paul moved to approve the minutes with edits. Vice Chair Chen seconded. The motion
carried unanimously by all members present.
2. Approve Minutes of Regular Meeting on March 28, 2022
Vice Chair Chen moved to approve the minutes with edits. Chair Moore seconded the action. The
motion carried unanimously by all members present.
ORAL COMMUNICATIONS
None.
NEW BUSINESS
3. OPEB & Pension Section 115 Trust Performance Report for Quarter Ending March 31, 2022
Barker provided an overview of the quarterly Section 115 Trust client presentation. Rosenthal
provided an overview of investment management.
Chair Moore asked about the 0% allocation to commodities and why the custom benchmark for
the City wa s 2%. She mentioned that the 2% was probably intended for diversification and asked
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for an explanation regarding the targets and what the 2% target meant. Kristina noted that
Rosenthal could explain how the ranges work and how the ranges are used when investing the
OPEB asset s. Rosenthal noted that the policy was created to allow for latitude across the various
different sectors. He noted that the low end of the real estate and commodities range wa s 0% and
provided tactical guidance . They have not held commodities for 3 -4 years, and it was good that
Cupertino did not hold them as they performed poorly. He noted that they do not recommend
commodities as a firm, and therefore, the City does not hold any. Chair Moore asked to have a
column added for the actual asset allocation amount next time. Chair Moore said if commodities
were 0% and we ha d no intention of investing in them, why was the target not 0%. Rosenthal
noted that it is not that there is no intention. It is a tactical guidance position, but there may be a
time when that guidance may change and they may allocate a percentage into commodities. Chair
Moore requested the actuals column be added to the benchmark table and have discussion on it
next time.
Mayor Paul asked how they performed compared to the S&P 500 over time and whether they
outperformed. Rosenthal noted that the equities in this portfolio tend to be around 63% of the
portfolio. The S&P 500 is one domestic large-cap index, so the City has a custom blended
benchmark for all the different asset classes. Mayor Paul asks if it benefitted us versus something
simple like dumping all the money into one thing that has been fairly stable over its life. He
wanted a metric without casting aspersions as he indicated that there are times they do well and
times they get hit. To better understand how they were performing against the S&P 500, Mayor
Paul requested a table. Rosenthal noted that a table in the report compares how they do against
the S&P 500. Mayor Paul asked for clarification that it is not just the portion of the portfolio in the
S&P 500 but the performance of the S&P 500. Rosenthal confirmed. Maxey explained the table.
Mayor Paul noted that there are underperformers, and it seemed like we did not benefit when
times we re good and got hit when times were bad. Chair Moore asked if there wa s some leeway
to change the targeted percentages. She noted that we are above in equities and asked if we ha d
anything in the S&P 500 or if we were using the MSCI. Rosenthal noted that the MSCI is the
broadest equity index and captures domestic and international, which is why it was chosen.
Within that space, there is domestic large-cap which is essentially the S&P 500. The equity
allocation wa s above its target because there was n o commodities exposure.
Chair Moore asked if management had considered what wa s happening in Europe/Ukraine and
inflation to strategize due to the foreseeable declining stock markets there . Rosenthal noted that
steps had been made in the portfolio to mitigate that downside. In the fixed income space, a short-
term bond fund was added to stabilize the positions, given that interest rates are rising, and
reduce the high yield fixed income exposure. On the international equity side, funds that were
hit hard were moved to an index fund to stop some of that. He note d that the overall asset
allocation did not fluctuate that much. The pension funds are managed identically with no
notable differences. The only variation would resul t from inflows and outflows coming at
different times.
C h air Moore asked why the total portfolio gross of fees and total portfolio net of fees were
identical numbers. Maxey noted that the calculation is based on the current market value. Chair
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Moore asked US Bank to point out where the fees we re listed. Rosenthal noted that the
administrative and trustee fees were not listed in this report. Maxey sa id they did not flow into
the reports, but they can pull that information on another page for the committee. Rosenthal
noted that the fees we re included on page 8 or page 15 under withdrawals. The amount there
capture d the fees. It is a static fee based on the market value of the portfolio. Chair Moore asked
if they could double -check the withdrawal of fees at $28 million. Rosenthal stated it wa s a one -
off situation where the previous account was closed and moved into a new account. All other
years are an accurate representation of the fees. Leung agreed with Rosenthal. Barker noted that
this wa s a tiered fee schedule, and as assets grow, the fees will go down.
Vice Chair Chen questioned the selection of average quality of triple B minus bonds and would
like to understand why. Rosenthal stated it was the weighted average quality of all the funds
listed below. The funds at the top were considered investment grade and below that a high yield
component. When the exposure is dollar-weighted, the average is triple B minus which is
considered the low end of investment grade. Vice Chair Chen asks if there was higher risk for
choosing these investments. Rosenthal noted that the bond funds in the portfolio have a particular
purpose. There are two total return bond funds that allow the manager flexibility to navigate
across the bond markets and were offset by a US bond index fund and a short -term bond fund,
and an allocation to high yield bonds. It is a very fair and reasonable allocation. He stated that
the portfolio is managed in a way so that it is well diversified.
4. Treasurer’s Investment Report for Quarter Ending March 31, 2022
Leung provided an overview of the California government code. Oblites provided an in-depth
investment report. He note d that the portfolio is subject to California government code and all
associated sections. It is a portfolio designed for safety and liquidity and, once they are met, for
return. The majority of the return comes from yield or interest, and the value of principal can go
up and down as well. Oblites continued to go over the investment report. Mayor Paul asked, in
the interest of time, if he could wrap up. Oblites noted inflationary pressures have devalued the
portfolio, and future earnings will be higher with the shift in market rates. If we hold things to
maturity, the City would get its principal back. From a credit standpoint, there is nothing
concerning. It is a well-diversified portfolio, and they believe that they should continue as they
will get high yields down the line. Chair Moore wanted to see the chart with the -$7.2 million and
asked if Chandler c ould provide this and continue to provide it moving forward. Chandler said
they would provide it. Mayor Paul motioned to approve, and Vice Chair Chen seconded. The
motion carried unanimously by all members present.
5. Review and consider accepting City Investment Policy
Leung provided an overview of the City Investment Policy. Oblites stated there were no changes
to the California Government code this year. The City’s policy is a strong policy and they
recommended no changes, and they would continue to monitor the code. Chair Moore noted that
the old acronym CAFR needed to change to ACFR. Mayor Paul moved the motion, Vice Chair
Chen seconded the motion. The motion carried unanimously by all members present.
6. Interim Audit and AUP Engagements
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Leung noted there wa s no action at this time and to have this item continued to the next meeting.
Chair Moore moved to approve; Mayor Paul seconded the motion. Mayor Paul asks for a
summary of the Interim Audit and AUP Engagements. Leung note d that it is for audit year 2022,
but we have not engaged an external auditor, so there is nothing to report . Chair Moore asked if
it was for the ACFR, and Leung confirmed it was. The motion carried unanimously by all
members present.
7. Previous Fiscal Year Management Letter Items and Management Responses
Lai presented the Single Audit and Management Letter. She note d that management needed more
time as the audit guidance related to the grant received was delayed. Lai reports that they issued
a clean report and no recommendations relative to internal control over compliance that rose to
the level of modifying the report. Lai discussed the internal control recommendation related to
procurement provided in the management letter. She note d that there weren’t references to
federal requirements under the uniform guidance. She recommended that management
document federal guidance within the procurement policy similar to how the state and local
procedures were documented. Chair Moore asked Crowe to reference that specific page in the
report. Geerdes brought up the letter. Chair Moore asked for clarification as to the
recommendation. Lai noted that the letter had references to city and state guidance. The City
needed to include guidance for federal fundi ng. Chair Moore wondered if this should come as a
recommendation from the Audit Committee to Council or if it wa s strictly an internal policy.
Throop noted that it would be best to come forward with the rest of the procurement process and
then brought to Council. Chair Moore would like staff to inform Moss Adams. Throop confirmed
that staff will. Chair Moore asked for follow-up to make sure that Moss Adams was aware of this
and to have the procurement policy updated. Alfaro noted that staff will add the federal guidance
and bring the completed policy forward. Chair Moore noted the CDBG item, and there was some
issue with the CDBG grants and if that would be relevant to the single audit. Throop replied that
it did not relate to the single audit. Chair Moore would like us to inform Moss Adams. Alfaro
noted that staff will be coming in July with a calendar for the audit committee to create a new
internal audit committee work program. Mayor Paul noted that the single audit draft references
the CDBG grants and wanted to know if those funds were implicated in the letter from HUD.
Throop noted that the City was waiting on a response from HCD and it shouldn’t affect the single
audit at this point. Mayor Paul asked what the ideal timing for approval would be. Lai note d they
were unaware of the HUD letter, and they did not select CDBG funds as the other two programs
were higher dollar amounts. She asked if they could review the communications with HUD.
Mayor Paul inquired as to what the ideal timing would be. Lai noted that the single audit would
occur in the fall and reports would be issued in December, technically through March 31st as the
ultimate deadline. However, due to the pandemic, the OMB and different federal agencies that
administered funding have been delayed in providing guidance with the deadline extended to
September. Mayor Paul asked if we were having challenges getting this out pre-pandemic. Lai
noted that the single audit had never been required because the level of federal expenditures has
been below the $75,000 threshold. This is the first year they had to do it. Chair Moore confirmed
that staff would be providing Crowe with the HCD documentation they are requesting. Chair
Moore thought that the City received $4 million and will be receiving another $4-5 million.
Geerdes confirmed and stated the single audit is driven by expenditures.
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8. Monthly Treasurer's Report for March 2022
Leung provide d an overview of the receipts, disbursements, and cash balances for March 2022.
Chair Moore mentioned that she and Mayor Paul were on the subcommittee to go over the format
of the monthly report, and the comments may be reserved until they bring it back to Council.
Mayor Paul requested to schedule time with staff to figure out what the discussion looks like.
Alfaro noted that staff is working on reviewing the proposed budget document and if a meeting
could be schedule d after May 1st. Leung provide d an overview of how to review revenues and
expenditures through OpenGov. Alfaro noted that OpenGov allows us to create saved view s, so
if there is a view that the committee would like, staff could create it. Mayor Paul note d that in the
past, the data in OpenGov has not been updated directly and wanted to know how the data in
OpenGov wa s tie d to the City’s financial data. Is it updated in real-time, a separate updating
process, or a hybrid? Leung noted that it wa s a hybrid. Under the title of the report, it would
show you when the data was last updated. Monthly reports are updated monthly, and the annual
reports are updated daily. Mayor Paul asked how it was updated. Leung noted that software
update d it regularly, as there was an integration between New World and OpenGov . Mayor Paul
asked if there were aspects of OpenGov that were not updated that way and what types of data
did that comprise. Leung noted that the staffing report was not updated like that, and it was
updated annually with our annual budget. Throop noted that it wa s whenever Council adopted
the budget. Mayor Paul asked if a summary of OpenGov data and how they went online, as well
as the sources, could be readily provided and requested that we have that documentation for
public consumption. Leung confirmed that it can be readily provided. Chair Moore agreed and
would like to put it under future agenda settings as a report back. Vice Chair Chen asked if she
could tie OpenGov to the monthly actuals from the report. Leung confirmed. Mayor Paul move d
items 8 and 9 to the next audit committee meeting. Chair Moore seconded the motion. The motion
carried unanimously by all members present.
9. Audit Committee 2022 Schedule and Work Plan
Continued to May 23, 2022.
OLD BUSINESS
None.
STAFF AND COMMITTEE REPORTS
FUTURE AGENDA SETTING
Chair Moore noted that the committee wanted to see the OpenGov data sources and hear about
alternate software packages, which would make it easier to have a connection to the systems.
Chair Moore also asked for an update on the Moss Adams report. Throop noted that nothing was
sent back to the City, and the City was awaiting a response. Chair Moore also requested a staff
report and presentation on the public records request she made in regard to Chamber from 2015
to 2021, as there were issues related to policy that she would like explained. However, she was
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not sure if it wa s within the A udit Committee’s purview. Throop w ould check in with the City
Attorney.
ADJOURNMENT
The meeting adjourned at 6:0 0 p.m.
Recording Secretary:
Janet Liang, Administrative Assistant
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CITY OF CUPERTINO
Agenda Item
22-10976 Agenda Date: 5/23/2022
Agenda #: 2.
Subject: ACTION ITEM Consider the Monthly Treasurer’s Investment Report for April 2022
Review and consider accepting the Monthly Treasurer’s Investment Report for April 2022
CITY OF CUPERTINO Printed on 5/20/2022Page 1 of 1
powered by Legistar™13
While not governed by the City’s Investment Policy, statements for the City’s Wells Fargo
cash accounts and Public Agency Retirement Services (PARS) Section 115 Trusts are also
attached per a request from the Treasurer’s Report sub-committee.
Local Agency Investment Fund (LAIF)
As of April 30, 2022, the City’s Local Agency Investment Fund (LAIF) account had a
balance of $21.1 million, an increase of $16,58 3 from the prior month due to a quarterly
interest deposit. The City did not make any deposits or withdrawals in April 2022.
Investment Portfolio
In FY 2018-19, the City selected Chandler Asset Management for investment management
services through a Request for Proposal (RFP). Under the City's Treasurer's direction,
Chandler Asset Management manages the City's investment portfolio in accordance with
the City's investment objectives. The City's investment objectives, in order of priority, are
to provide:
• Safety to ensure the preservation of capital in the overall portfolio
• Sufficient liquidity for cash needs
• A market rate of return consistent with the investment program
The performance objective is to earn a total rate of return through a market cycle equal
to or above the return on the benchmark index. To achieve the objective, Chandler Asset
Management invests in high-quality fixed-income securities consistent with the City's
Investment Policy and California Government Code.
As of April 30, 2022, the book value was $154.8 million, compared to $154.7 million the
prior month. The market value was $148 .9 million, compared to $150.2 million the prior
month. The portfolio’s average modified duration was 2.50 and the monthly rate of return
was -0.88%. The market value of the portfolio fluctuates depending on interest rates.
When interest rates decrease after an investment is purchased , the market value of the
investment increase s. In contrast, when interest rates increase after an investment is
purchased, the market value of the investment decrease s. The market values we re
provided by Chandler Asset Management.
The assets managed by Chandler Asset Management are in full compliance with state law
and the City's Investment Policy.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre -fund
Other Post-Employment Benefits (OPEB) costs. A Section 115 Trust is a tax-exempt
investment tool that allows local governments to pre-fund pension and retiree health
costs. Once contributions are placed into the trust, assets from the trust can only be used
to fund retirement plans. Public Agency Retirement Services (PARS) is the trust
administrator, and US Bank is the investment manager for the Section 115 Trusts.
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Attachments:
A – Chandler Investment Report April 2022
B – LAIF Statement April 2022
C – PARS Pension and OPEB Statement April 2022
D – Wells Fargo Operating Checking Account Statement April 2022
E – Wells Fargo Workers’ Compensation Account Statement April 2022
F – Wells Fargo Payroll Account Statement April 2022
G – Wells Fargo Employee Benefits Account Statement April 2022
H – Chandler Custodial Statement April 2022
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SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of April 30, 2022
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Economic Update
Financial markets are experiencing heightened volatility and tighter conditions as central banks employ more restrictive
monetary policies to combat persistent inflation.Risk assets have sold off,and bond returns have been negatively
impacted by the dramatic rise in rates.The conflict between Russia and Ukraine has exacerbated inflationary pressures,
particularly with energy and commodities,and shows no sign of abating in the short run.Additionally,strict COVID
lockdowns in China are intensifying distressed supply chains.While labor markets and consumer spending remain strong,
we believe the risk of an economic slowdown later this year has increased. Although we expect the Fed to continue to
tighten monetary policy,the FOMC has very little margin for error as it attempts to combat inflation without pushing the
economy into a recession.Over the near-term,we expect financial market volatility to remain intensified and conditions to
remain tighter with persistent inflation, geopolitical risk,supply chain bottlenecks,and the Fed's shift to a more hawkish
monetary policy.
As expected at the May meeting,the Federal Open Market Committee (FOMC)announced it would raise the federal funds
rate by 0.50%to a range of 0.75%-1.00%and begin shrinking its $9 trillion balance sheet starting June 1st.Federal Reserve
Chair Powell indicated that a 75 basis point increase is not currently under consideration,and the Treasury yield curve
steepened after the announcement.We are anticipating additional rate hikes by the Fed in the near term,but we do not
believe that monetary policyis noton a pre-set course and the timing and magnitude of rate hikes in the second half of this
year will be dependent on how economic and geopolitical conditions continue to transpire.
In April,yields continued to rise and the curve steepened.The 2-year Treasury yield increased 38 basis points to 2.72%,the
5-year Treasury yield increased 50 basis points to 2.96%,and the 10-year Treasury yield increased 60 basis points to 2.94%.
The spread between the 2-year and 10-year Treasury yield increased to 22 basis points at April month-end versus zero basis
points at March month-end, but down from 147 basis points one year ago.While the flat yield curve bears watching over
the longer run,the spread between 3-month and 10-year treasuries isstill steep at about 210 basis points,which indicates
likely economic growth in the coming year.
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Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is
equal to or above the return on the benchmark index.
Investment Objectives
The City of Cupertino’s investment objectives,in order of priority,are to provide safety to ensure the
preservation of capital in the overall portfolio,provide sufficient liquidity for cash needs and a market rate
of return consistent with the investment program.
Strategy
In order to achieve these objectives,the portfolio invests in high quality fixed incomes securities
consistent with the investment policy and California Government Code.
As of April 30, 2022
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Compliance As of April 30, 2022
Category Standard Comment
Treasury Issues No Limitation Complies
Agency Issues 25% per Agency/GSE issuer; 20% max agency callable securities; Issued by Federal Agencies or U.S. Government
Sponsored Enterprise obligations.Complies
Supranational "AA" rating category or better by a NRSRO; 30% maximum; 10% max per issuer; USD denominated senior unsecured
unsubordinated obligations issued or unconditionally guaranteed by IBRD, IFC, or IADB.Complies
Municipal Securities
"A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Obligations of the City, State of California,
and any local agency within the State of California; Obligations of any of the other 49 states in addition to California,
including bonds payable solely out of the revenues from a revenue-producing property owned, controlled, or operated
by a state or by a department, board, agency, or authority of any of the other 49 states in addition to California.
Complies
Corporate Medium Term Notes "A" rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by corporations organized and
operating within the U.S. or by depository institutions licensed by the U.S. or any state and operating within the U.S.Complies
Asset Backed/ Mortgage Backed/
Collateralized Mortgage Obligation
"AA" rating category or better by a NRSRO; 20% maximum; 5% max per issuer on Asset-Backed or Commercial Mortgage
security; There is no issuer limitation on any Mortgage security where the issuer is the U.S. Treasury or a Federal
Agency/GSE .
Complies
Negotiable Certificates of Deposit (NCDs)
No rating required if amount of the NCD is insured up to the FDIC limit; If above FDIC insured limit, requires "A-1" short-
term rated or "A" long-term rating category or better by a NRSRO; 30% maximum; 5% max per issuer; Issued by
nationally or state chartered banks, state or federal savings associations, or state or federal credit unions, or by a
federally licensed or state-licensed branch of a foreign bank.
Complies
Certificates of Deposit (CDs)/Time
Deposit (TDs)
30% maximum; 5% max per issuer; Certificates of Deposit, Time Deposit, non-negotiable, and collateralized in
accordance with California Government Code.Complies
Banker’s Acceptances "A-1" short-term rated or better by a NRSRO; or "A" long-term rating category or better by a NRSRO; 40% maximum; 5%
max per issuer; 180 days max maturity Complies
Commercial Paper
"A-1" short term rated or better a NRSRO; "A" long-term issuer rating category or better by a NRSRO; 25% maximum;
5% max per issuer; 270 days max maturity; Issued by corporations organized and operating in the U.S. with assets >
$500 million; 10% max outstanding paper of the issuing corporation.
Complies
Money Market Funds
20% maximum; Daily money market funds administered for or by trustees, paying agents and custodian banks
contracted by a City of Cupertino as allowed under California Government Code; Only funds holding U.S. Treasury
obligations, Government agency obligations or repurchase agreements collateralized by U.S. Treasury or Government
agency obligations can be utilized.
Complies
Local Agency Investment Fund (LAIF) Maximum amount permitted by LAIF; Not used by investment adviser Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
10
28
Compliance As of April 30, 2022
Category Standard Comment
Repurchase Agreements 1 year max maturity; 102% collateralized; A PSA Master Repurchase Agreement is required between City of Cupertino
and the broke/dealer or financial institution for all repurchase agreements; Not used by investment adviser Complies
Prohibited Securities
Reverse Repurchase Agreement; Common stocks; Long-term (> 5 years maturity) notes and bonds; Special circumstances
arise that necessitate purchase of securities beyond the 5-year limitation. On such occasions, request must be approved
by City Council prior to purchase; Futures/Options; Inverse floaters; Ranges notes, Mortgage-derived, Interest-only
strips; Zero interest accrual securities; Purchasing/selling securities on margin; Foreign currency denominated securities.
Complies
Minimum Budgeted Operating
Expenditures in Short Term Investments
Minimum 6 months of budgeted operating expenditures in short term investments to provide sufficient liquidity for
expected disbursements Complies
Max Per Issuer 5% per issuer, unless otherwise specified in the policy Complies
Maximum maturity 5 years Complies
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
11
29
Portfolio Summary –City of Cupertino # 10659 As of April 30, 2022
12
30
Issue Name Investment Type % Portfolio
Government of United States US Treasury 23.33%
Federal National Mortgage Association Agency 9.97%
Federal Home Loan Mortgage Corp Agency 6.26%
Federal Home Loan Bank Agency 6.19%
Federal Home Loan Mortgage Corp CMO 5.33%
International Finance Corp Supranational 3.38%
Inter-American Dev Bank Supranational 3.34%
Hyundai Auto Receivables ABS 1.86%
Royal Bank of Canada Corporate 1.70%
Toyota Motor Corp Corporate 1.63%
Bank of America Corp Corporate 1.63%
Honda ABS ABS 1.62%
Bank of New York Corporate 1.61%
JP Morgan Chase & Co Corporate 1.54%
Intl Bank Recon and Development Supranational 1.48%
Toronto Dominion Holdings Corporate 1.46%
Toyota ABS ABS 1.28%
Paccar Financial Corporate 1.27%
GM Financial Automobile Leasing Trust ABS 1.25%
Toyota Lease Owner Trust ABS 1.22%
Bank of Montreal Chicago Corporate 1.18%
Metlife Inc Corporate 1.16%
Amazon.com Inc Corporate 1.16%
Air Products & Chemicals Corporate 1.14%
Salesforce.com Inc Corporate 1.12%
Prudential Financial Inc Corporate 1.12%
John Deere ABS ABS 1.09%
New York Life Global Funding Corporate 1.08%
Berkshire Hathaway Corporate 1.04%
American Express ABS ABS 1.01%
Wal-Mart Stores Corporate 0.90%
Honda Motor Corporation Corporate 0.88%
Hyundai Auto Lease Securitization ABS 0.87%
Guardian Life Global Funding Corporate 0.86%
US Bancorp Corporate 0.83%
Caterpillar Inc Corporate 0.73%
Verizon Owner Trust ABS 0.69%
GM Financial Securitized Term Auto Trust ABS 0.68%
Issuers
City of Cupertino –Account #10659
As of April 30, 2022
14
32
Issue Name Investment Type % Portfolio
Deere & Company Corporate 0.67%
United Health Group Inc Corporate 0.64%
Mass Mutual Insurance Corporate 0.61%
Charles Schwab Corp/The Corporate 0.61%
BMW Vehicle Lease Trust ABS 0.57%
Northwestern Mutual Glbl Corporate 0.52%
State of California Municipal Bonds 0.50%
Nissan ABS ABS 0.40%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.38%
Mercedes-Benz Auto Lease Trust ABS 0.22%
TOTAL 100.00%
Issuers
City of Cupertino –Account #10659
As of April 30, 2022
15
33
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
ABS
47789JAD8 John Deere Owner Trust 2019-A A3
2.910% Due 07/17/2023
57,586.04 Various
1.94%
58,716.88
57,698.21
100.08
1.12%
57,634.76
74.48
0.04%
(63.45)
Aaa / NR
AAA
1.21
0.05
43815NAC8 Honda Auto Receivables Trust 2019-3 A3
1.780% Due 08/15/2023
296,609.03 Various
1.93%
296,110.42
296,544.35
100.06
1.56%
296,776.32
234.65
0.20%
231.97
Aaa / AAA
NR
1.29
0.24
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3
0.400% Due 11/15/2023
324,386.81 09/15/2020
0.40%
324,370.36
324,381.76
99.43
1.83%
322,536.18
57.67
0.22%
(1,845.58)
NR / AAA
AAA
1.55
0.40
477870AC3 John Deere Owner Trust 2019-B A3
2.210% Due 12/15/2023
207,296.29 08/27/2019
1.79%
209,215.40
208,021.61
100.19
1.49%
207,699.68
203.61
0.14%
(321.93)
Aaa / NR
AAA
1.63
0.27
92348AAA3 Verizon Owner Trust 2019-C A1A
1.940% Due 04/22/2024
239,729.44 10/01/2019
1.95%
239,710.96
239,721.39
100.06
1.76%
239,881.91
142.11
0.16%
160.52
NR / AAA
AAA
1.98
0.33
89238EAC0 Toyota Lease Owner Trust 2021-A A3
0.390% Due 04/22/2024
700,000.00 03/23/2022
2.16%
686,000.00
686,952.21
97.90
2.67%
685,290.20
83.42
0.46%
(1,662.01)
Aaa / AAA
NR
1.98
0.93
44891VAC5 Hyundai Auto Lease Trust 2021-B A3
0.330% Due 06/17/2024
790,000.00 06/08/2021
0.34%
789,881.50
789,927.54
97.59
2.73%
770,981.54
115.87
0.52%
(18,946.00)
Aaa / AAA
NR
2.13
1.01
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
598,178.11 Various
1.70%
601,145.55
599,727.20
99.99
1.97%
598,105.13
513.10
0.40%
(1,622.07)
Aaa / AAA
NR
2.21
0.35
43813DAC2 Honda Auto Receivables 2020-2 A3
0.820% Due 07/15/2024
122,630.26 05/18/2020
0.83%
122,620.62
122,625.11
99.14
2.36%
121,580.18
44.69
0.08%
(1,044.93)
Aaa / AAA
NR
2.21
0.55
47789KAC7 John Deere Owner Trust 2020-A A3
1.100% Due 08/15/2024
177,030.71 03/04/2020
1.11%
177,019.88
177,025.11
99.51
2.09%
176,160.43
86.55
0.12%
(864.68)
Aaa / NR
AAA
2.30
0.49
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
553,959.92 09/22/2020
0.38%
553,878.54
553,919.69
98.67
2.42%
546,575.08
74.02
0.37%
(7,344.61)
NR / AAA
AAA
2.47
0.65
36262XAC8 GM Financial Auto Lease Trust 2021-3 A2
0.390% Due 10/21/2024
965,000.00 08/10/2021
0.39%
964,986.88
964,990.68
96.87
2.93%
934,785.85
115.00
0.63%
(30,204.83)
NR / AAA
AAA
2.48
1.24
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
194,979.08 07/14/2020
0.52%
194,949.37
194,964.51
98.83
2.40%
192,691.59
44.20
0.13%
(2,272.92)
Aaa / NR
AAA
2.55
0.62
09690AAC7 BMW Vehicle Lease Trust 2021-2 A3
0.330% Due 12/26/2024
425,000.00 09/08/2021
0.34%
424,956.14
424,968.17
97.37
2.71%
413,837.80
23.38
0.28%
(11,130.37)
Aaa / NR
AAA
2.66
1.11
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
432,028.52 10/06/2020
0.36%
431,948.03
431,977.28
98.87
2.26%
427,149.62
67.20
0.29%
(4,827.66)
NR / AAA
AAA
2.72
0.59
44891WAC3 Hyundai Auto Lease Trust 2022-A A3
1.160% Due 01/15/2025
540,000.00 01/11/2022
1.16%
539,988.07
539,989.56
97.23
2.97%
525,019.32
278.40
0.35%
(14,970.24)
Aaa / AAA
NR
2.72
1.55
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
800,000.00 08/04/2020
0.48%
799,832.00
799,895.72
98.46
2.49%
787,699.20
114.89
0.53%
(12,196.52)
Aaa / NR
AAA
2.81
0.76
As of April 30, 2022
16
34
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
89238LAC4 Toyota Lease Owner Trust 2022-A A3
1.960% Due 02/20/2025
1,150,000.00 02/23/2022
1.98%
1,149,818.99
1,149,832.30
97.66
3.29%
1,123,079.65
688.72
0.75%
(26,752.65)
NR / AAA
AAA
2.81
1.79
36265MAC9 GM Financial Auto Lease Trust 2022-1 A3
1.900% Due 03/20/2025
945,000.00 02/15/2022
1.91%
944,991.87
944,992.56
98.06
3.07%
926,683.07
548.63
0.62%
(18,309.49)
Aaa / NR
AAA
2.89
1.68
05601XAC3 BMW Vehicle Lease Trust 2022-1 A3
1.100% Due 03/25/2025
450,000.00 01/11/2022
1.11%
449,932.73
449,941.35
97.40
2.91%
438,312.15
82.50
0.29%
(11,629.20)
NR / AAA
AAA
2.90
1.45
43813GAC5 Honda Auto Receivables Trust 2021-1 A3
0.270% Due 04/21/2025
295,000.00 02/17/2021
0.27%
294,994.60
294,996.68
97.77
2.86%
288,427.40
22.13
0.19%
(6,569.28)
Aaa / NR
AAA
2.98
0.86
89240BAC2 Toyota Auto Receivables Owners 2021-A A3
0.260% Due 05/15/2025
1,090,000.00 02/02/2021
0.27%
1,089,797.70
1,089,877.65
97.91
2.68%
1,067,168.86
125.96
0.72%
(22,708.79)
Aaa / NR
AAA
3.04
0.87
44933LAC7 Hyundai Auto Receivables Trust 2021-A A3
0.380% Due 09/15/2025
515,000.00 04/20/2021
0.38%
514,945.82
514,963.73
97.12
2.86%
500,193.24
86.98
0.34%
(14,770.49)
NR / AAA
AAA
3.38
1.16
43815GAC3 Honda Auto Receivables Trust 2021-4 A3
0.880% Due 01/21/2026
460,000.00 11/16/2021
0.89%
459,903.03
459,915.96
96.22
3.03%
442,591.76
112.44
0.30%
(17,324.20)
Aaa / NR
AAA
3.73
1.78
47789QAC4 John Deere Owner Trust 2021-B A3
0.520% Due 03/16/2026
580,000.00 07/13/2021
0.52%
579,948.26
579,959.28
95.26
3.28%
552,508.00
134.04
0.37%
(27,451.28)
Aaa / NR
AAA
3.88
1.74
89238JAC9 Toyota Auto Receivables Trust 2021-D A3
0.710% Due 04/15/2026
430,000.00 11/09/2021
0.71%
429,990.84
429,992.13
96.23
2.97%
413,805.34
135.69
0.28%
(16,186.79)
NR / AAA
AAA
3.96
1.69
43815BAC4 Honda Auto Receivables Trust 2022-1 A3
1.880% Due 05/15/2026
740,000.00 02/15/2022
1.89%
739,888.70
739,895.04
97.25
3.28%
719,666.28
618.31
0.48%
(20,228.76)
Aaa / AAA
NR
4.04
1.99
44935FAD6 Hyundai Auto Receivables Trust 2021-C A3
0.740% Due 05/15/2026
1,330,000.00 Various
2.02%
1,296,371.65
1,297,685.26
95.80
3.18%
1,274,145.32
437.42
0.86%
(23,539.94)
NR / AAA
AAA
4.04
1.75
362554AC1 GM Financial Securitized Term 2021-4 A3
0.680% Due 09/16/2026
350,000.00 10/13/2021
0.68%
349,991.08
349,992.46
96.12
3.10%
336,420.00
99.17
0.23%
(13,572.46)
Aaa / AAA
NR
4.38
1.63
47787JAC2 John Deere Owner Trust 2022-A A3
2.320% Due 09/16/2026
450,000.00 03/10/2022
2.34%
449,900.46
449,904.04
97.78
3.57%
440,004.60
464.00
0.30%
(9,899.44)
Aaa / NR
AAA
4.38
1.81
448977AD0 Hyundai Auto Receivables Trust 2022-A A3
2.220% Due 10/15/2026
1,010,000.00 03/09/2022
2.23%
1,009,961.12
1,009,962.63
97.86
3.23%
988,423.38
996.53
0.66%
(21,539.25)
NR / AAA
AAA
4.46
2.15
380146AC4 GM Financial Auto Receivables 2022-1 A3
1.260% Due 11/16/2026
295,000.00 01/11/2022
1.27%
294,974.36
294,976.52
96.07
4.65%
283,408.27
154.88
0.19%
(11,568.25)
NR / AAA
AAA
4.55
1.17
362585AC5 GM Financial Securitized ART 2022-2 A3
3.100% Due 02/16/2027
390,000.00 04/05/2022
3.13%
389,918.49
389,919.66
99.77
3.22%
389,115.87
604.50
0.26%
(803.79)
Aaa / AAA
NR
4.80
2.19
As of April 30, 2022
17
35
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
02589BAA8 American Express Credit Accoun 22-1 A
2.210% Due 03/15/2027
1,545,000.00 03/21/2022
2.69%
1,524,359.77
1,525,099.63
97.31
3.22%
1,503,391.61
1,517.53
1.01%
(21,708.02)
Aaa / NR
AAA
4.88
2.73
TOTAL ABS 19,449,414.21 1.35%
19,385,020.07
19,385,236.98 2.88%
18,991,749.59
9,102.67
12.76%
(393,487.39)
Aaa / AAA
Aaa
3.24
1.41
Agency
3137EAER6 FHLMC Note
0.375% Due 05/05/2023
1,350,000.00 05/05/2020
0.39%
1,349,433.00
1,349,808.58
98.18
2.20%
1,325,428.65
2,475.00
0.89%
(24,379.93)
Aaa / AA+
AAA
1.01
1.00
3137EAEN5 FHLMC Note
2.750% Due 06/19/2023
550,000.00 06/21/2019
1.83%
569,470.00
555,536.11
100.49
2.31%
552,693.90
5,545.83
0.38%
(2,842.21)
Aaa / AA+
AAA
1.14
1.10
3130A3DL5 FHLB Note
2.375% Due 09/08/2023
2,000,000.00 09/06/2019
1.52%
2,066,320.00
2,022,485.21
99.86
2.48%
1,997,250.00
6,993.06
1.35%
(25,235.21)
Aaa / AA+
NR
1.36
1.32
3135G0U43 FNMA Note
2.875% Due 09/12/2023
1,500,000.00 06/21/2019
1.89%
1,559,805.00
1,519,365.80
100.56
2.46%
1,508,329.50
5,869.79
1.02%
(11,036.30)
Aaa / AA+
AAA
1.37
1.33
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
1,755,000.00 12/02/2020
0.28%
1,753,262.55
1,754,076.53
96.36
2.59%
1,691,140.82
1,791.56
1.14%
(62,935.71)
Aaa / AA+
AAA
1.60
1.57
3130A0F70 FHLB Note
3.375% Due 12/08/2023
2,100,000.00 Various
1.75%
2,222,418.00
2,152,829.63
101.22
2.60%
2,125,557.00
28,153.13
1.45%
(27,272.63)
Aaa / AA+
AAA
1.61
1.54
3130A0XE5 FHLB Note
3.250% Due 03/08/2024
1,500,000.00 03/28/2019
2.27%
1,568,115.00
1,525,533.70
101.02
2.68%
1,515,231.00
7,177.08
1.02%
(10,302.70)
Aaa / AA+
NR
1.86
1.78
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,527,601.48
100.30
2.73%
1,504,543.51
16,411.46
1.02%
(23,057.97)
Aaa / AA+
NR
2.13
2.02
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,493,389.48
97.96
2.72%
1,469,430.00
8,677.08
0.99%
(23,959.48)
Aaa / AA+
AAA
2.18
2.10
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,049,082.83
100.19
2.79%
2,003,740.00
7,666.67
1.35%
(45,342.83)
Aaa / AA+
AAA
2.38
2.27
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,970,349.22
97.12
2.85%
1,918,169.38
1,426.39
1.29%
(52,179.84)
Aaa / AA+
AAA
2.46
2.38
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,303,349.12
96.80
2.87%
1,253,552.23
6,663.86
0.85%
(49,796.89)
Aaa / AA+
AAA
2.69
2.59
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,363,984.20
96.35
2.87%
2,278,783.93
7,784.79
1.54%
(85,200.27)
Aaa / AA+
AAA
2.79
2.69
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,857,716.58
93.61
2.88%
1,741,175.76
290.63
1.17%
(116,540.82)
Aaa / AA+
AAA
2.98
2.91
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,648.09
92.85
2.91%
2,321,167.50
4,652.78
1.56%
(178,480.59)
Aaa / AA+
AAA
3.13
3.06
As of April 30, 2022
18
36
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,245,983.10
92.30
2.89%
1,153,791.25
1,302.08
0.78%
(92,191.85)
Aaa / AA+
AAA
3.23
3.16
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,491,785.40
92.03
2.91%
2,300,872.49
1,718.75
1.55%
(190,912.91)
Aaa / AA+
AAA
3.32
3.25
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,492,611.31
91.80
2.93%
2,294,877.50
989.58
1.54%
(197,733.81)
Aaa / AA+
AAA
3.40
3.33
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,494,843.21
91.90
2.94%
2,297,432.50
6,041.67
1.55%
(197,410.71)
Aaa / AA+
AAA
3.53
3.43
TOTAL Agency 34,500,000.00 1.17%
34,950,141.65
34,669,979.58 2.75%
33,253,166.92
121,631.19
22.42%
(1,416,812.66)
Aaa / AA+
Aaa
2.44
2.36
CMO
3137B4WB8 FHLMC K033 A2
3.060% Due 07/25/2023
1,000,000.00 08/13/2019
2.02%
1,037,656.25
1,011,775.76
100.40
2.52%
1,003,953.00
510.00
0.67%
(7,822.76)
Aaa / NR
NR
1.24
1.07
3137B5JM6 FHLMC K034 A2
3.531% Due 07/25/2023
1,000,000.00 09/26/2019
2.00%
1,053,867.19
1,017,401.46
100.76
2.65%
1,007,647.00
2,942.50
0.68%
(9,754.46)
NR / NR
AAA
1.24
1.10
3137B7MZ9 FHLMC K036 A2
3.527% Due 10/25/2023
1,000,000.00 08/19/2019
1.92%
1,061,914.06
1,022,004.87
100.75
2.80%
1,007,471.00
587.83
0.68%
(14,533.87)
Aaa / NR
AAA
1.49
1.30
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,300,000.00 07/01/2021
0.72%
1,398,414.06
1,373,602.39
100.15
3.03%
1,301,912.30
3,435.25
0.88%
(71,690.09)
Aaa / AAA
AAA
2.49
2.27
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,063,366.62
99.52
3.13%
995,202.00
2,508.33
0.67%
(68,164.62)
NR / NR
AAA
3.24
2.93
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
1,009,912.49
100.47
3.13%
954,462.15
2,639.42
0.64%
(55,450.34)
NR / NR
AAA
3.32
2.97
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
452,624.02
100.40
3.13%
441,770.12
1,212.93
0.30%
(10,853.90)
NR / NR
AAA
3.41
3.05
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
581,617.97
99.41
3.13%
566,626.17
1,422.63
0.38%
(14,991.80)
NR / NR
AAA
3.66
3.27
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
683,854.29
97.78
3.19%
635,596.00
1,437.04
0.43%
(48,258.29)
NR / NR
AAA
4.32
3.98
TOTAL CMO 7,910,000.00 1.51%
8,372,203.90
8,216,159.87 2.94%
7,914,639.74
16,695.93
5.33%
(301,520.13)
Aaa / AAA
Aaa
2.52
2.27
As of April 30, 2022
19
37
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
Corporate
931142EK5 Wal-Mart Stores Callable Note Cont 5/26/2023
3.400% Due 06/26/2023
1,000,000.00 03/13/2019
2.80%
1,023,630.00
1,006,011.55
101.11
2.35%
1,011,058.00
11,805.56
0.69%
5,046.45
Aa2 / AA
AA
1.16
1.04
02665WCQ2 American Honda Finance Note
3.625% Due 10/10/2023
1,300,000.00 Various
2.77%
1,345,306.00
1,315,087.17
100.78
3.07%
1,310,123.10
2,748.96
0.88%
(4,964.07)
A3 / A-
A
1.45
1.40
24422EVN6 John Deere Capital Corp Note
0.450% Due 01/17/2024
1,030,000.00 03/01/2021
0.47%
1,029,268.70
1,029,563.59
96.08
2.81%
989,640.48
1,339.00
0.67%
(39,923.11)
A2 / A
A
1.72
1.68
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
1,200,000.00 Various
2.57%
1,226,303.25
1,210,115.70
100.08
2.80%
1,200,954.01
6,626.67
0.81%
(9,161.69)
A2 / A-
AA-
1.85
1.77
89114QCA4 Toronto Dominion Bank Note
2.650% Due 06/12/2024
1,500,000.00 09/11/2019
2.24%
1,527,255.00
1,512,150.01
98.90
3.19%
1,483,440.00
15,347.92
1.01%
(28,710.01)
A1 / A
AA-
2.12
2.02
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
583,814.33
94.16
3.41%
564,976.80
1,166.67
0.38%
(18,837.53)
A2 / A-
AA-
2.19
2.14
79466LAG9 Salesforce.com Inc Callable Note Cont 7/15/2022
0.625% Due 07/15/2024
1,760,000.00 Various
0.87%
1,748,937.40
1,750,687.70
94.78
3.09%
1,668,156.16
3,238.88
1.12%
(82,531.54)
A2 / A+
NR
2.21
2.16
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.98%
1,533,359.18
1,517,915.40
98.35
3.33%
1,475,256.00
11,156.26
1.00%
(42,659.40)
A1 / A
AA-
2.21
2.11
91159HHX1 US Bancorp Callable Note Cont 6/28/2024
2.400% Due 07/30/2024
1,250,000.00 10/10/2019
2.07%
1,268,262.50
1,258,387.14
98.32
3.18%
1,229,052.50
7,583.33
0.83%
(29,334.64)
A2 / A+
A+
2.25
2.16
009158AV8 Air Products & Chemicals Callable Note Cont 4/30/2024
3.350% Due 07/31/2024
1,675,000.00 08/07/2019
2.07%
1,771,212.00
1,715,692.21
100.50
3.09%
1,683,331.45
14,183.99
1.14%
(32,360.76)
A2 / A
NR
2.25
1.91
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,721.58
94.31
3.11%
641,274.00
774.44
0.43%
(38,447.58)
A1 / A+
NR
2.28
2.23
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,625.39
97.87
3.12%
362,118.26
1,679.39
0.24%
(7,507.13)
A1 / A+
NR
2.30
2.20
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,106,088.69
97.82
3.05%
1,076,039.80
11,365.14
0.73%
(30,048.89)
A2 / A
A
2.53
2.41
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,208.43
94.72
3.29%
838,263.15
4,042.73
0.57%
(45,945.28)
Aa3 / AA-
AA-
2.61
2.51
89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
675,840.72
94.92
3.44%
664,449.80
3,073.19
0.45%
(11,390.92)
A1 / A
NR
2.70
2.59
89236TJT3 Toyota Motor Credit Corp Note
1.450% Due 01/13/2025
1,215,000.00 01/10/2022
1.50%
1,213,371.90
1,213,532.33
95.33
3.27%
1,158,317.82
5,285.25
0.78%
(55,214.51)
A1 / A+
A+
2.71
2.60
64952WEK5 New York Life Global Note
1.450% Due 01/14/2025
1,680,000.00 01/11/2022
1.49%
1,678,185.60
1,678,362.74
95.29
3.28%
1,600,826.64
7,240.33
1.08%
(77,536.10)
Aaa / AA+
AAA
2.71
2.61
As of April 30, 2022
20
38
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,774.94
99.07
3.19%
876,732.33
1,681.50
0.59%
(8,042.61)
A1 / A+
NR
2.94
2.79
78016EZ59 Royal Bank of Canada Note
3.375% Due 04/14/2025
1,050,000.00 04/07/2022
3.39%
1,049,611.50
1,049,617.53
99.03
3.72%
1,039,849.65
1,673.44
0.70%
(9,767.88)
A1 / A
AA-
2.96
2.78
06406RBC0 Bank of NY Mellon Corp Callable Note Cont 3/25/2025
3.350% Due 04/25/2025
1,370,000.00 04/19/2022
3.35%
1,369,808.20
1,369,809.08
99.86
3.40%
1,368,088.85
637.43
0.92%
(1,720.23)
A1 / A
AA-
2.99
2.82
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,276,419.11
95.00
3.62%
1,178,002.48
11,470.00
0.80%
(98,416.63)
A2 / A-
AA-
3.01
2.85
46647PCH7 JP Morgan Chase & Co Callable Note Cont 6/1/2024
0.824% Due 06/01/2025
1,370,000.00 05/24/2021
0.78%
1,371,773.90
1,371,233.31
94.12
2.83%
1,289,474.14
4,703.67
0.87%
(81,759.17)
A2 / A-
AA-
3.09
3.00
46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024
0.969% Due 06/23/2025
655,000.00 Various
0.93%
655,406.85
655,320.19
94.12
2.91%
616,495.17
2,256.70
0.42%
(38,825.02)
A2 / A-
AA-
3.15
3.05
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
834,288.04
91.52
3.52%
827,320.91
1,205.33
0.56%
(6,967.13)
Aa3 / AA-
AA-
3.34
3.24
06406HCQ0 Bank of New York Callable Note Cont 10/18/2025
3.950% Due 11/18/2025
1,000,000.00 04/05/2022
3.20%
1,024,910.00
1,024,446.56
101.66
3.44%
1,016,575.00
17,884.72
0.69%
(7,871.56)
A1 / A
AA-
3.56
3.16
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,387,788.23
90.83
3.60%
1,271,688.60
4,797.92
0.86%
(116,099.63)
Aa2 / AA+
NR
3.62
3.48
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
829,617.24
90.70
3.50%
770,915.15
2,021.11
0.52%
(58,702.09)
Aaa / AA+
AAA
3.71
3.58
06051GHY8 Bank of America Corp Callable Note Cont 2/13/2025
2.015% Due 02/13/2026
600,000.00 05/24/2021
1.05%
620,988.00
615,737.14
94.67
3.52%
568,000.20
2,619.50
0.38%
(47,736.94)
A2 / A-
AA-
3.79
3.58
46647PBK1 JP Morgan Chase & Co Callable Note Cont 4/22/2025
2.083% Due 04/22/2026
401,000.00 05/20/2021
1.11%
415,969.33
412,386.75
94.09
3.71%
377,320.15
208.82
0.25%
(35,066.60)
A2 / A-
AA-
3.98
3.76
023135BX3 Amazon.com Inc Callable Note Cont 4/12/2026
1.000% Due 05/12/2026
1,875,000.00 05/10/2021
1.09%
1,866,900.00
1,868,470.32
91.25
3.34%
1,710,907.50
8,802.08
1.16%
(157,562.82)
A1 / AA
AA-
4.04
3.87
91324PEC2 United Health Group Inc Callable Note Cont 4/15/2026
1.150% Due 05/15/2026
1,035,000.00 Various
1.37%
1,025,051.35
1,025,880.10
91.24
3.49%
944,342.28
5,488.37
0.64%
(81,537.82)
A3 / A+
A
4.04
3.87
89236TJK2 Toyota Motor Credit Corp Note
1.125% Due 06/18/2026
1,385,000.00 06/15/2021
1.13%
1,384,390.60
1,384,496.39
90.88
3.52%
1,258,646.45
5,756.41
0.85%
(125,849.94)
A1 / A+
A+
4.14
3.96
As of April 30, 2022
21
39
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025
1.319% Due 06/19/2026
700,000.00 07/16/2021
1.27%
701,274.00
701,020.09
91.69
3.53%
641,814.60
3,385.43
0.43%
(59,205.49)
A2 / A-
AA-
4.14
3.94
57629WDE7 Mass Mutual Global funding Note
1.200% Due 07/16/2026
1,000,000.00 08/19/2021
1.15%
1,002,230.00
1,001,916.95
90.77
3.58%
907,663.00
3,500.00
0.61%
(94,253.95)
Aa3 / AA+
AA+
4.21
4.03
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,380.44
90.37
3.65%
695,871.33
1,256.60
0.47%
(73,509.11)
Aa3 / AA-
AA-
4.38
4.18
931142ER0 Wal-Mart Stores Callable Note Cont 08/17/2026
1.050% Due 09/17/2026
350,000.00 09/08/2021
1.09%
349,338.50
349,420.37
91.09
3.25%
318,823.40
449.17
0.21%
(30,596.97)
Aa2 / AA
AA
4.39
4.21
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,113,805.47
91.98
3.75%
1,025,563.62
6,388.02
0.69%
(88,241.85)
Aa3 / AA-
AA-
4.70
4.40
808513BY0 Charles Schwab Corp Callable Note Cont 2/3/2027
2.450% Due 03/03/2027
960,000.00 03/01/2022
2.46%
959,729.90
959,738.46
94.20
3.77%
904,287.36
3,789.33
0.61%
(55,451.10)
A2 / A
A
4.84
4.48
084664CZ2 Berkshire Hathaway Callable Note Cont 2/15/2027
2.300% Due 03/15/2027
1,615,000.00 03/07/2022
2.30%
1,614,693.15
1,614,701.05
95.59
3.29%
1,543,805.96
4,746.31
1.04%
(70,895.09)
Aa2 / AA
A+
4.88
4.54
TOTAL Corporate 41,975,000.00 1.80%
42,178,269.78
42,007,072.44 3.29%
40,109,466.10
203,379.57
27.08%
(1,897,606.34)
A1 / A+
AA-
3.03
2.88
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 562,715.17 Various
0.03%
562,715.17
562,715.17
1.00
0.03%
562,715.17
0.00
0.38%
0.00
Aaa / AAA
NR
0.00
0.00
TOTAL Money Market Fund 562,715.17 0.03%
562,715.17
562,715.17 0.03%
562,715.17
0.00
0.38%
0.00
Aaa / AAA
NR
0.00
0.00
Municipal Bonds
13063DRK6 California State Taxable GO
2.400% Due 10/01/2024
755,000.00 10/16/2019
1.91%
772,342.35
763,498.14
98.41
3.09%
742,987.95
1,510.00
0.50%
(20,510.19)
Aa2 / AA-
AA
2.42
2.32
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
763,498.14 3.09%
742,987.95
1,510.00
0.50%
(20,510.19)
Aa2 / AA-
AA
2.42
2.32
Supranational
45950KCP3 International Finance Corp Note
2.875% Due 07/31/2023
2,700,000.00 07/01/2021
0.31%
2,842,425.00
2,786,020.93
100.41
2.54%
2,711,016.00
19,621.88
1.83%
(75,004.93)
Aaa / AAA
NR
1.25
1.21
4581X0DP0 Inter-American Dev Bank Note
0.250% Due 11/15/2023
2,800,000.00 07/01/2021
0.37%
2,792,300.00
2,794,970.88
96.47
2.60%
2,701,106.80
3,227.78
1.82%
(93,864.08)
Aaa / AAA
NR
1.55
1.52
As of April 30, 2022
22
40
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,477,548.34
92.11
2.97%
2,302,675.00
2,734.38
1.55%
(174,873.34)
Aaa / AAA
NR
3.21
3.14
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,391,719.85
91.80
2.99%
2,203,142.40
100.00
1.48%
(188,577.45)
Aaa / AAA
AAA
3.50
3.42
4581X0DV7 Inter-American Dev Bank Note
0.875% Due 04/20/2026
2,460,000.00 04/13/2021
0.97%
2,448,733.20
2,451,053.20
91.98
3.03%
2,262,683.40
657.71
1.52%
(188,369.80)
Aaa / AAA
AAA
3.98
3.85
TOTAL Supranational 12,860,000.00 0.57%
12,943,467.45
12,901,313.20 2.81%
12,180,623.60
26,341.75
8.20%
(720,689.60)
Aaa / AAA
Aaa
2.60
2.53
US Treasury
912828T91 US Treasury Note
1.625% Due 10/31/2023
650,000.00 Various
1.94%
641,405.27
647,088.79
98.71
2.51%
641,595.50
28.71
0.43%
(5,493.29)
Aaa / AA+
AAA
1.50
1.47
912828V23 US Treasury Note
2.250% Due 12/31/2023
1,500,000.00 06/21/2019
1.80%
1,529,472.66
1,510,871.50
99.45
2.59%
1,491,679.50
11,281.08
1.01%
(19,192.00)
Aaa / AA+
AAA
1.67
1.61
912828B66 US Treasury Note
2.750% Due 02/15/2024
2,000,000.00 Various
2.14%
2,053,613.28
2,020,876.57
100.19
2.64%
2,003,750.00
11,395.03
1.35%
(17,126.57)
Aaa / AA+
AAA
1.80
1.73
91282CBR1 US Treasury Note
0.250% Due 03/15/2024
1,450,000.00 03/30/2021
0.33%
1,446,488.28
1,447,775.91
95.62
2.66%
1,386,449.40
462.98
0.93%
(61,326.51)
Aaa / AA+
AAA
1.88
1.85
912828X70 US Treasury Note
2.000% Due 04/30/2024
1,700,000.00 06/10/2019
1.92%
1,705,976.56
1,702,444.20
98.65
2.70%
1,677,089.10
92.39
1.13%
(25,355.10)
Aaa / AA+
AAA
2.00
1.94
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,008,322.05
98.45
2.74%
1,968,906.00
13,370.16
1.33%
(39,416.05)
Aaa / AA+
AAA
2.17
2.09
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,724,844.43
99.02
2.82%
1,683,397.80
8,364.99
1.14%
(41,446.63)
Aaa / AA+
AAA
2.30
2.21
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,087,779.68
97.17
2.86%
2,040,528.00
12,283.84
1.38%
(47,251.68)
Aaa / AA+
AAA
2.67
2.57
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,513,243.74
95.32
2.86%
1,429,746.00
2,843.07
0.96%
(83,497.74)
Aaa / AA+
AAA
2.84
2.75
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,058,762.29
96.93
2.87%
3,004,820.70
6,928.66
2.02%
(53,941.59)
Aaa / AA+
AAA
2.88
2.77
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,365,744.17
92.87
2.87%
2,321,680.00
25.48
1.56%
(44,064.17)
Aaa / AA+
AAA
3.00
2.94
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,477,555.85
91.79
2.91%
1,376,836.50
932.32
0.93%
(100,719.35)
Aaa / AA+
AAA
3.25
3.19
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,374,709.77
91.37
2.92%
2,192,906.40
508.20
1.47%
(181,803.37)
Aaa / AA+
AAA
3.42
3.36
As of April 30, 2022
23
41
Holdings Report
City of Cupertino -Account #10659
CUSIP Security Description Par Value/Units Purchase Date
Book Yield
Cost Value
Book Value
Mkt Price
Mkt YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody/S&P
Fitch
Maturity
Duration
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,429,833.30
91.17
2.92%
2,233,616.00
16.65
1.50%
(196,217.30)
Aaa / AA+
AAA
3.51
3.44
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,219,064.20
91.36
2.93%
2,055,586.50
3,523.35
1.38%
(163,477.70)
Aaa / AA+
AAA
3.59
3.51
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,465,059.40
90.96
2.94%
2,274,022.50
2,330.80
1.53%
(191,036.90)
Aaa / AA+
AAA
3.76
3.67
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,494,845.62
91.81
2.94%
2,295,215.00
50.95
1.54%
(199,630.62)
Aaa / AA+
AAA
4.00
3.89
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,381,303.38
91.50
2.94%
1,280,945.40
1,037.57
0.86%
(100,357.98)
Aaa / AA+
AAA
4.42
4.27
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,392,246.89
92.39
2.94%
1,293,523.00
42.80
0.87%
(98,723.89)
Aaa / AA+
AAA
4.51
4.33
TOTAL US Treasury 36,600,000.00 1.34%
36,366,204.12
36,322,371.74 2.84%
34,652,293.30
75,519.03
23.33%
(1,670,078.44)
Aaa / AA+
Aaa
2.96
2.88
TOTAL PORTFOLIO 154,612,129.38 1.37%
155,530,364.49
154,828,347.12 2.94%
148,407,642.37
454,180.14
100.00%
(6,420,704.75)
Aa1 / AA
Aaa
2.83
2.50
TOTAL MARKET VALUE PLUS ACCRUALS 148,861,822.51
As of April 30, 2022
24
42
Transaction Ledger
City of Cupertino -Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 02/11/2022 06367TQW3 600,000.00 Bank of Montreal Note
0.625% Due: 07/09/2024
97.036 1.89%582,216.00 333.33 582,549.33 0.00
Purchase 02/23/2022 36265MAC9 945,000.00 GM Financial Auto Lease Trust 2022-1 A3
1.9% Due: 03/20/2025
99.999 1.91%944,991.87 0.00 944,991.87 0.00
Purchase 02/23/2022 43815BAC4 740,000.00 Honda Auto Receivables Trust 2022-1 A3
1.88% Due: 05/15/2026
99.985 1.89%739,888.70 0.00 739,888.70 0.00
Purchase 02/28/2022 89238LAC4 1,150,000.00 Toyota Lease Owner Trust 2022-A A3
1.96% Due: 02/20/2025
99.984 1.98%1,149,818.99 0.00 1,149,818.99 0.00
Purchase 03/03/2022 808513BY0 550,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027
2.45% Due: 03/03/2027
99.892 2.47%549,406.00 0.00 549,406.00 0.00
Purchase 03/03/2022 808513BY0 410,000.00 Charles Schwab Corp Callable Note Cont 2/3/2027
2.45% Due: 03/03/2027
100.079 2.43%410,323.90 0.00 410,323.90 0.00
Purchase 03/15/2022 084664CZ2 1,615,000.00 Berkshire Hathaway Callable Note Cont 2/15/2027
2.3% Due: 03/15/2027
99.981 2.30%1,614,693.15 0.00 1,614,693.15 0.00
Purchase 03/15/2022 91282CED9 2,100,000.00 US Treasury Note
1.75% Due: 03/15/2025
99.258 2.01%2,084,414.07 0.00 2,084,414.07 0.00
Purchase 03/16/2022 448977AD0 1,010,000.00 Hyundai Auto Receivables Trust 2022-A A3
2.22% Due: 10/15/2026
99.996 2.23%1,009,961.12 0.00 1,009,961.12 0.00
Purchase 03/16/2022 47787JAC2 450,000.00 John Deere Owner Trust 2022-A A3
2.32% Due: 09/16/2026
99.978 2.34%449,900.46 0.00 449,900.46 0.00
Purchase 03/16/2022 912828YY0 2,100,000.00 US Treasury Note
1.75% Due: 12/31/2024
99.391 1.97%2,087,203.13 7,613.95 2,094,817.08 0.00
Purchase 03/17/2022 89114TZL9 700,000.00 Toronto-Dominion Bank Note
1.45% Due: 01/10/2025
96.391 2.79%674,737.00 1,832.64 676,569.64 0.00
Purchase 03/18/2022 3137BM7C4 440,000.00 FHLMC K051 A2
3.308% Due: 09/25/2025
102.973 2.21%453,079.69 687.33 453,767.02 0.00
Purchase 03/18/2022 3137BN6G4 570,000.00 FHLMC KO53
2.995% Due: 12/25/2025
102.105 2.29%582,001.17 806.15 582,807.32 0.00
January 31, 2022 through April 30, 2022
As of April 30, 2022
26
44
Transaction Ledger
City of Cupertino -Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Purchase 03/22/2022 44935FAD6 1,000,000.00 Hyundai Auto Receivables Trust 2021-C A3
0.74% Due: 05/15/2026
96.645 2.46%966,445.31 143.89 966,589.20 0.00
Purchase 03/22/2022 912828ZL7 2,500,000.00 US Treasury Note
0.375% Due: 04/30/2025
94.434 2.24%2,360,839.85 3,677.49 2,364,517.34 0.00
Purchase 03/23/2022 02589BAA8 1,545,000.00 American Express Credit Accoun 22-1 A
2.21% Due: 03/15/2027
98.664 2.69%1,524,359.77 474.23 1,524,834.00 0.00
Purchase 03/25/2022 89238EAC0 700,000.00 Toyota Lease Owner Trust 2021-A A3
0.39% Due: 04/22/2024
98.000 2.16%686,000.00 37.92 686,037.92 0.00
Purchase 04/07/2022 06406HCQ0 1,000,000.00 Bank of New York Callable Note Cont 10/18/2025
3.95% Due: 11/18/2025
102.491 3.21%1,024,910.00 15,251.39 1,040,161.39 0.00
Purchase 04/07/2022 69371RR73 885,000.00 Paccar Financial Corp Note
2.85% Due: 04/07/2025
99.974 2.86%884,769.90 0.00 884,769.90 0.00
Purchase 04/08/2022 74153WCM9 904,000.00 Pricoa Global Funding Note
0.8% Due: 09/01/2025
92.143 3.26%832,972.72 743.29 833,716.01 0.00
Purchase 04/12/2022 91282CED9 1,000,000.00 US Treasury Note
1.75% Due: 03/15/2025
97.320 2.71%973,203.13 1,331.52 974,534.65 0.00
Purchase 04/13/2022 362585AC5 390,000.00 GM Financial Securitized ART 2022-2 A3
3.1% Due: 02/16/2027
99.979 3.13%389,918.49 0.00 389,918.49 0.00
Purchase 04/14/2022 78016EZ59 1,050,000.00 Royal Bank of Canada Note
3.375% Due: 04/14/2025
99.963 3.39%1,049,611.50 0.00 1,049,611.50 0.00
Purchase 04/26/2022 06406RBC0 1,370,000.00 Bank of NY Mellon Corp Callable Note Cont
3/25/2025
3.35% Due: 04/25/2025
99.986 3.35%1,369,808.20 0.00 1,369,808.20 0.00
Subtotal 25,724,000.00 25,395,474.12 32,933.13 25,428,407.25 0.00
TOTAL ACQUISITIONS 25,724,000.00 25,395,474.12 32,933.13 25,428,407.25 0.00
DISPOSITIONS
Sale 02/17/2022 912828N30 50,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.910 1.69%50,455.08 140.88 50,595.96 266.78
January 31, 2022 through April 30, 2022
As of April 30, 2022
27
45
Transaction Ledger
City of Cupertino -Account #10659
Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/Disp
Yield Amount Interest
Pur/Sold Total Amount Gain/Loss
Sale 02/18/2022 808513AT2 1,500,000.00 Charles Schwab Corp Callable Note Cont
12/25/2022
2.65% Due: 01/25/2023
101.135 2.40%1,517,025.00 2,539.58 1,519,564.58 15,694.60
Sale 02/25/2022 912828N30 700,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.953 1.69%706,671.88 2,301.10 708,972.98 4,102.15
Sale 03/03/2022 3137EAER6 150,000.00 FHLMC Note
0.375% Due: 05/05/2023
99.057 0.39%148,585.80 184.38 148,770.18 -1,389.53
Sale 03/03/2022 912828N30 750,000.00 US Treasury Note
2.125% Due: 12/31/2022
100.953 1.69%757,148.44 2,729.63 759,878.07 4,448.62
Sale 03/08/2022 3137EAEN5 250,000.00 FHLMC Note
2.75% Due: 06/19/2023
101.717 1.83%254,292.50 1,508.68 255,801.18 1,447.86
Sale 03/08/2022 912828T91 1,350,000.00 US Treasury Note
1.625% Due: 10/31/2023
100.156 1.82%1,352,109.38 7,756.91 1,359,866.29 8,751.54
Sale 04/04/2022 69371RP59 435,000.00 Paccar Financial Corp Note
3.4% Due: 08/09/2023
101.510 2.56%441,568.50 2,259.58 443,828.08 1,907.08
Sale 04/07/2022 06406RAG2 1,000,000.00 Bank of NY Mellon Corp Note
3.5% Due: 04/28/2023
101.441 3.15%1,014,410.00 15,458.33 1,029,868.33 10,927.58
Sale 04/12/2022 037833AK6 1,000,000.00 Apple Inc Note
2.4% Due: 05/03/2023
100.336 2.79%1,003,360.00 10,600.00 1,013,960.00 7,230.21
Sale 04/12/2022 24422ETG4 1,000,000.00 John Deere Capital Corp Note
2.8% Due: 03/06/2023
100.708 2.60%1,007,080.00 2,800.00 1,009,880.00 5,351.04
Subtotal 8,185,000.00 8,252,706.58 48,279.07 8,300,985.65 58,737.93
Maturity 04/28/2022 89114W7M1 350,000.00 Toronto Dominion Yankee CD
0.24% Due: 04/28/2022
100.000 350,000.00 851.66 350,851.66 0.00
Subtotal 350,000.00 350,000.00 851.66 350,851.66 0.00
TOTAL DISPOSITIONS 8,535,000.00 8,602,706.58 49,130.73 8,651,837.31 58,737.93
January 31, 2022 through April 30, 2022
As of April 30, 2022
28
46
Important Disclosures
2022 Chandler Asset Management,Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential.Prices are provided by ICE Data Services Inc (“IDS”),an independent pricing source.In the event IDS does not provide a price or if the price provided is not
reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures.Our valuation
procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return.The deduction of advisory fees lowers performance results.These results include the reinvestment of
dividends and other earnings.Past performance may not be indicative of future results.Therefore,clients should not assume that future performance of any specific investment or investment strategy
will be profitable or equal to past performance levels.All investment strategies have the potential for profit or loss.Economic factors,market conditions or changes in investment strategies,
contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions.Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the
deduction of an investment management fee,the incurrence of which would have the effect of decreasing historical performance results.It is not possible to invest directly in an index.
Source ICE Data Indices,LLC ("ICE"),used with permission. ICE permits use of the ICE indices and related data on an "as is"basis; ICE,its affiliates and their respective third party suppliers disclaim any and
all warranties and representations, express and/or implied,including any warranties of merchantability or fitness for a particular purpose or use,including the indices,index data and any data included
in,related to,or derived therefrom.Neither ICE data,its affiliates or their respective third party providers guarantee the quality,adequacy,accuracy,timeliness or completeness of the indices or the
index data or any component thereof,and the indices and index data and all components thereof are provided on an "as is"basis and licensee's use it at licensee's own risk. ICE data,its affiliates and their
respective third party do not sponsor,endorse,or recommend chandler asset management,or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice.The information contained herein was obtained from sources believed to be
reliable as of the date of publication,but may become outdated or superseded at any time without notice.Any opinions or views expressed are based on current market conditions and are subject to
change.This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results.Past performance is not indicative of
future results.This report is not intended to constitute an offer,solicitation,recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a
substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk.Interest rate risk:the value of fixed income investments will decline as interest rates rise.Credit risk:the possibility that the
borrower may not be able to repay interest and principal.Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk.Market risk:the bond market in
general could decline due to economic conditions,especially during periods of rising interest rates.
Ratings information have been provided by Moody’s,S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S.Agency issued mortgage-backed securities (“MBS”)reflect the issuer rating because the securities themselves are not rated.The issuing U.S.Agency guarantees the full and
timely payment of both principal and interest and carries a AA+/Aaa/AAA by S&P,Moody’s and Fitch respectively.
As of April 30, 2022
29
47
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s,S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity,at least 18 months to maturity at time of issuance,a fixed coupon schedule,and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
As of April 30, 2022
30
48
5/2/22, 11:53 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
May 02, 2022
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
April 2022 Statement
Tran Type Definitions
Effective
Date
Transaction
Date
Tran
Type Confirm
Number
Web
Confirm
Number Authorized Caller Amount
4/15/2022 4/14/2022 QRD N/A SYSTEM 16,582 56
Account Summary
Total Deposit:16,582.56 Beginning Balance:21,043,169.35
Total Withdrawal 0.00 Ending Balance 21,059,751 91
49
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 4/1/2022 to 4/30/2022
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 4/1/2022 Contributions Earnings Expenses Distributions Transfers 4/30/2022
OPEB $36,063,575.16 $0.00 -$2,392,859.73 $10,468.65 $0.00 $0.00 $33,660,246.78
PENSION $17,536,945.14 $0.00 -$1,163,593.73 $5,090.68 $0.00 $0.00 $16,368,260.73
Totals $53,600,520.30 $0.00 -$3,556,453.46 $15,559.33 $0.00 $0.00 $50,028,507.51
Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years
OPEB -6.64%-8.36%-8.98%5.40%6.33%6.25%6/21/2010
PENSION -6.64%-8.36%-9.12%6.65%--3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value
Headquarters - 4350 Von Karman Ave , Suite 100, Newport Beach, CA 92660 800 540 6369 Fax 949 250 1250 www pars org
Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
City of Cupertino - PEN
Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees
Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return
Past performance does not guarantee future results Performance returns may not reflect the deduction of applicable fees, which could reduce returns Information is deemed reliable but may be subject to change
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth.
Income production and longer term growth of capital.
Account Report for the Period
Balance as of
City of Cupertino - OPEB
50
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
IRT - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075
CITY OF CUPERTINO -CHANDLER ASSET MANAGEMENT
MONTHLY STATEMENT
APRIL 1, 2022 THROUGH APRIL 30, 2022
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR-SD/BAILEY JUERGENS
TELEPHONE NUMBER:
ADMINISTRATOR: DILLON GUERRERO
TELEPHONE NUMBER: 254-265-6137
12022 SE
65
Custody and trust services are provided by Principal Bank
®, Member FDIC, and/or Principal Trust Company
®. These services are provided under the name
Principal®Custody Solutions, a division of Principal Bank. Principal Trust Company is a trade name of Delaware Guarantee & Trust Company. Principal
Bank and Principal Trust Company are members of the Principal Financial Group
®, Des Moines, IA 50392.
66
TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PAGE
REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1
STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2
CASH SUMMARY ................................................................................... 21
STATEMENT OF TRANSACTIONS ...................................................................... 22
67
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH 0.00 0.00 0.00
CASH EQUIVALENTS 515,433.92 515,433.92 0.35 0.00 274 0.05 14.40
BONDS AND NOTES 154,967,649.32 147,759,886.49 99.65 7,207,762.83- 2,350,984 1.59 505,776.58
TOTAL INVESTMENTS 155,483,083.24 148,275,320.41 100.00 7,207,762.83- 2,351,257 1.59 505,790.98
TOTAL ACCRUALS 505,790.98 505,790.98
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 155,988,874.22 148,781,111.39 7,207,762.83- 2,351,257 1.59 505,790.98
68
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
466,386.36 ALLSPRING 100% TREASURY 466,386.36 466,386.36 0.31 0.00 14.00
MONEY MARKET FUND - #008 1.0000 1.0000
49,047.56 PRINCIPAL PUBLIC DEPOSIT SWEEP 49,047.56 49,047.56 0.03 0.00 0.40
PROGRAM 1.0000 1.0000
TOTAL CASH EQUIVALENTS 515,433.92 515,433.92 0.35 0.00 14.40
BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,682,721.75 1.13 88,490.25- 14,183.99
DTD 07/31/14 3.350 07/31/2024 105.7440 100.4610
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,709,512.50 1.15 157,387.50- 8,802.08
DTD 05/12/21 1.000 05/12/2026 99.5680 91.1740
MOODY'S RATING A1
CUSIP 023135BX3
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,502,419.80 1.01 21,939.97- 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 97.2440
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,300,000 AMERICAN HONDA FINANCE 1,345,306.00 1,309,776.00 0.88 35,530.00- 2,748.96
MED TERM NOTE 103.4851 100.7520
DTD 10/10/18 3.625 10/10/2023
MOODY'S RATING A3
CUSIP 02665WCQ2
1,200,000 BANK OF AMERICA CORP 1,226,303.25 1,200,768.00 0.81 25,535.25- 6,626.67
DTD 03/05/18 03/05/2024 102.1920 100.0640
MOODY'S RATING A2
CUSIP 06051GHF9
69
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
600,000 BANK OF AMERICA CORP 620,988.00 567,702.00 0.38 53,286.00- 2,619.50
MED TERM NOTE 103.4980 94.6170
DTD 02/13/20 02/13/2026
MOODY'S RATING A2
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 641,438.00 0.43 59,836.00- 3,385.43
MED TERM NOTE 100.1820 91.6340
DTD 06/19/20 06/19/2026
MOODY'S RATING A2
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 564,744.00 0.38 17,472.00- 1,166.67
MED TERM NOTE 97.0360 94.1240
DTD 07/09/21 0.625 07/09/2024
MOODY'S RATING A2
CUSIP 06367TQW3
1,240,000 BANK OF MONTREAL 1,285,656.80 1,177,342.80 0.79 108,314.00- 11,470.00
MED TERM NOTE 103.6820 94.9470
DTD 04/27/20 1.850 05/01/2025
MOODY'S RATING A2
CUSIP 06367WB85
1,000,000 BANK OF NEW YORK MELLON 1,024,910.00 1,016,320.00 0.69 8,590.00- 17,884.72
MED TERM NOTE 102.4910 101.6320
DTD 11/18/13 3.950 11/18/2025
MOODY'S RATING A1
CUSIP 06406HCQ0
1,370,000 BANK OF NY MELLON CORP 1,369,808.20 1,367,342.20 0.92 2,466.00-637.43
DTD 04/26/2022 3.350% 04/25/2025 99.9860 99.8060
CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,542,341.15 1.04 72,352.00- 4,746.31
DTD 03/15/2022 2.300% 03/15/2027 99.9810 95.5010
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
70
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
450,000 BMW VEHICLE LEASE TRUST 449,932.73 438,178.50 0.30 11,754.23-82.50
SER 2022-1 CL A3 *0 DAY DELAY*99.9851 97.3730
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
425,000 BMW VEHICLE LEASE TRUST 424,956.14 413,733.25 0.28 11,222.89-19.48
SER 2021-2 CL A3 *0 DAY DELAY*99.9897 97.3490
DTD 09/15/21 0.330 12/26/2024
MOODY'S RATING AAA
CUSIP 09690AAC7
755,000 CALIFORNIA ST 772,342.35 742,987.95 0.50 29,354.40- 1,510.00
TXBL-REF 102.2970 98.4090
DTD 10/24/19 2.400 10/01/2024
MOODY'S RATING AA2
CUSIP 13063DRK6
1,100,000 CATERPILLAR FINL SERVICE 1,111,517.00 1,075,547.00 0.73 35,970.00- 11,365.14
MED TERM NOTE 101.0470 97.7770
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 903,436.80 0.61 56,293.10- 3,789.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 94.1080
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
2,100,000 FED HOME LN BK 2,222,418.00 2,125,137.00 1.43 97,281.00- 28,153.13
DTD 12/09/13 3.375 12/08/2023 105.8294 101.1970
MOODY'S RATING AAA
CUSIP 3130A0F70
1,500,000 FED HOME LN BK 1,568,115.00 1,514,925.00 1.02 53,190.00- 7,177.08
DTD 02/12/14 3.250 03/08/2024 104.5410 100.9950
MOODY'S RATING AAA
CUSIP 3130A0XE5
71
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,500,000 FED HOME LN BK 1,564,890.20 1,504,170.00 1.01 60,720.20- 16,411.46
DTD 05/08/14 2.875 06/14/2024 104.3260 100.2780
MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 2,003,060.00 1.35 100,320.00- 7,666.67
DTD 08/15/14 2.875 09/13/2024 105.1690 100.1530
MOODY'S RATING AAA
CUSIP 3130A2UW4
2,000,000 FED HOME LN BK 2,066,320.00 1,996,860.00 1.35 69,460.00- 6,993.06
DTD 10/17/14 2.375 09/08/2023 103.3160 99.8430
MOODY'S RATING AAA
CUSIP 3130A3DL5
1,300,000 FED HOME LN MTG CORP 1,398,414.06 1,301,352.00 0.88 97,062.06- 3,435.25
SER KO41 CL A2 *24 DAY DELAY*107.5703 100.1040
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
1,000,000 FED HOME LN MTG CORP 1,037,656.25 1,003,710.00 0.68 33,946.25- 2,550.00
SER K033 CL A2 *24 DAY DELAY*103.7656 100.3710
DTD 10/01/13 07/25/2023
MOODY'S RATING AAA
CUSIP 3137B4WB8
550,000 FED HOME LN MTG CORP 569,470.00 552,585.00 0.37 16,885.00- 5,545.83
SER *103.5400 100.4700
DTD 06/11/18 2.750 06/19/2023
MOODY'S RATING AAA
CUSIP 3137EAEN5
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,277,589.60 1.54 85,589.35- 7,784.79
DTD 02/14/20 1.500 02/12/2025 99.9230 96.3040
MOODY'S RATING AAA
CUSIP 3137EAEP0
72
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,350,000 FED HOME LN MTG CORP 1,349,433.00 1,325,133.00 0.89 24,300.00- 2,475.00
DTD 05/07/20 0.375 05/05/2023 99.9580 98.1580
MOODY'S RATING AAA
CUSIP 3137EAER6
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,153,075.00 0.78 90,700.00- 1,302.08
SER USD 99.5020 92.2460
DTD 07/23/20 0.375 07/21/2025
MOODY'S RATING AAA
CUSIP 3137EAEU9
2,500,000 FED HOME LN MTG CORP 2,489,362.80 2,292,550.00 1.55 196,812.80-989.58
DTD 09/25/20 0.375 09/23/2025 99.5745 91.7020
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,755,000 FED HOME LN MTG CORP 1,753,262.55 1,690,661.70 1.14 62,600.85- 1,791.56
DTD 12/04/20 0.250 12/04/2023 99.9010 96.3340
MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,559,805.00 1,507,965.00 1.02 51,840.00- 5,869.79
DTD 09/14/18 2.875 09/12/2023 103.9870 100.5310
MOODY'S RATING AAA
CUSIP 3135G0U43
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,468,860.00 0.99 16,035.00- 8,677.08
DTD 07/08/19 1.750 07/02/2024 98.9930 97.9240
MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,917,330.00 1.29 48,472.75- 1,426.39
DTD 10/18/19 1.625 10/15/2024 99.5343 97.0800
MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,252,912.50 0.84 57,041.45- 6,663.85
DTD 01/10/20 1.625 01/07/2025 101.1548 96.7500
MOODY'S RATING AAA
CUSIP 3135G0X24
73
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,740,774.00 1.17 115,394.40-290.63
DTD 04/24/20 0.625 04/22/2025 99.7940 93.5900
MOODY'S RATING AAA
CUSIP 3135G03U5
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,318,100.00 1.56 181,127.30- 4,652.78
DTD 06/19/20 0.500 06/17/2025 99.9691 92.7240
MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,299,425.00 1.55 188,558.75- 1,718.75
DTD 08/27/20 0.375 08/25/2025 99.5194 91.9770
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,295,900.00 1.55 196,800.00- 6,041.67
DTD 11/12/20 0.500 11/07/2025 99.7080 91.8360
MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 994,620.00 0.67 85,067.50- 2,508.33
SER K049 CL A2 *24 DAY DELAY*107.9688 99.4620
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 953,895.00 0.64 64,237.81- 2,639.42
SER K050 CL A2 *24 DAY DELAY*107.1719 100.4100
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 441,496.00 0.30 11,583.69- 1,212.93
SER K051 CL A2 *24 DAY DELAY*102.9727 100.3400
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 566,243.70 0.38 15,757.47- 1,422.63
SER K053 CL A2 *24 DAY DELAY*102.1055 99.3410
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
74
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 635,030.50 0.43 52,420.67- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 97.6970
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,053,867.19 1,007,400.00 0.68 46,467.19- 2,942.50
SER K034 CL A2 *24 DAY DELAY*105.3867 100.7400
DTD 11/01/13 07/25/2023
CUSIP 3137B5JM6
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,061,914.06 1,007,190.00 0.68 54,724.06- 2,939.17
SER K036 CL A2 *24 DAY DELAY*106.1914 100.7190
DTD 02/01/14 10/25/2023
MOODY'S RATING AAA
CUSIP 3137B7MZ9
965,000 GM FINANCIAL AUTOMOBILE LEASIN 964,986.88 934,525.30 0.63 30,461.58-104.54
SER 2021-3 CL A3 *0 DAY DELAY*99.9987 96.8420
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
945,000 GM FINANCIAL AUTOMOBILE LEASIN 944,991.87 926,374.05 0.62 18,617.82-534.19
SER 2022-1 CL A3 *0 DAY DELAY*99.9992 98.0290
DTD 02/23/22 1.850 03/20/2025
MOODY'S RATING AAA
CUSIP 36265MAC9
350,000 GM FINANCIAL SECURITIZED TERM 349,991.08 336,311.50 0.23 13,679.58-99.17
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 96.0890
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 388,947.00 0.26 971.49-604.50
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.7300
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
75
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
295,000 GM FINANCIAL SECURITIZED TERM 294,974.36 283,306.20 0.19 11,668.16-154.88
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 96.0360
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,270,822.00 0.86 115,038.00- 4,797.92
144A PRIV PLCMT 0.875 12/10/2025 98.9900 90.7730
MOODY'S RATING AA2
CUSIP 40139LBC6
122,630.26 HONDA AUTO RECEIVABLES OWNER T 122,620.62 121,574.41 0.08 1,046.21-44.69
SER 2020-2 CL A3 *0 DAY DELAY*99.9922 99.1390
DTD 05/27/20 0.820 07/15/2024
MOODY'S RATING AAA
CUSIP 43813DAC2
295,000 HONDA AUTO RECEIVABLES OWNER T 294,994.60 288,371.35 0.19 6,623.25-22.13
SER 2021-1 CL A3 *0 DAY DELAY*99.9982 97.7530
DTD 02/24/21 0.270 04/21/2025
MOODY'S RATING AAA
CUSIP 43813GAC5
553,959.92 HONDA AUTO RECEIVABLES OWNER T 553,878.54 546,531.32 0.37 7,347.22-74.02
SER 2020-3 CL A3 *0 DAY DELAY*99.9853 98.6590
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 719,398.40 0.49 20,490.30-618.31
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 97.2160
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
460,000 HONDA AUTO RECEIVABLES OWNER T 459,903.03 442,441.80 0.30 17,461.23-112.44
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 96.1830
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
76
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
296,609.03 HONDA AUTO RECEIVABLES OWNER T 296,110.42 296,784.03 0.20 673.61 234.65
SER 2019-3 CL A3 *0 DAY DELAY*99.8319 100.0590
DTD 08/27/19 1.780 08/15/2023
MOODY'S RATING AAA
CUSIP 43815NAC8
790,000 HYUNDAI AUTO LEASE SECURITIZAT 789,881.50 770,818.80 0.52 19,062.70-101.38
SER 2021-B CL A3 *0 DAY DELAY*99.9850 97.5720
144A PRIV PLCMT 0.330 06/17/2024
MOODY'S RATING AAA
CUSIP 44891VAC5
540,000 HYUNDAI AUTO LEASE SECURITIZAT 539,988.07 524,858.40 0.35 15,129.67-278.40
SER 2022-A CL A3 *0 DAY DELAY*99.9978 97.1960
144A PRIV PLCMT 1.160 01/15/2025
MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 988,042.60 0.67 21,918.52-996.53
ASSET BCKD SEC SER 2022-A CL A3 99.9962 97.8260
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
515,000 HYUNDAI AUTO RECEIVABLES TRUST 514,945.82 500,065.00 0.34 14,880.82-86.98
SER 2021-A CL A3 *0 DAY DELAY*99.9895 97.1000
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,330,000 HYUNDAI AUTO RECEIVABLES TRUST 1,296,371.65 1,271,679.50 0.86 24,692.15-437.42
SER 2021-C CL A3 *0 DAY DELAY*97.4716 95.6150
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,700,348.00 1.82 91,952.00- 3,227.78
DTD 09/02/20 0.250 11/15/2023 99.7250 96.4410
MOODY'S RATING AAA
CUSIP 4581X0DP0
77
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,260,617.00 1.52 188,116.20-657.71
DTD 04/20/21 0.875 04/20/2026 99.5420 91.8950
MOODY'S RATING AAA
CUSIP 4581X0DV7
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,201,688.00 1.48 187,171.25-100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 91.7370
MOODY'S RATING AAA
CUSIP 459058JL8
2,700,000 INTL FINANCE CORP 2,842,425.00 2,710,395.00 1.83 132,030.00- 19,621.88
DTD 07/31/18 2.875 07/31/2023 105.2750 100.3850
MOODY'S RATING AAA
CUSIP 45950KCP3
2,500,000 INTL FINANCE CORP 2,471,150.00 2,301,275.00 1.55 169,875.00- 2,734.38
DTD 07/16/20 0.375 07/16/2025 98.8460 92.0510
MOODY'S RATING AAA
CUSIP 45950KCT5
1,030,000 JOHN DEERE CAPITAL CORP 1,029,268.70 989,325.30 0.67 39,943.40- 1,339.00
MED TERM NOTE 99.9290 96.0510
DTD 03/04/21 0.450 01/17/2024
MOODY'S RATING A2
CUSIP 24422EVN6
450,000 JOHN DEERE OWNER TRUST 449,900.46 439,830.00 0.30 10,070.46-464.00
ASSET BCKD SEC SER 2022-A CL A3 99.9779 97.7400
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
194,979.08 JOHN DEERE OWNER TRUST 194,949.37 192,676.38 0.13 2,272.99-44.20
SER 2020-B CL A3 *0 DAY DELAY*99.9848 98.8190
DTD 07/22/20 0.510 11/15/2024
MOODY'S RATING AAA
CUSIP 47787NAC3
78
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
207,296.29 JOHN DEERE OWNER TRUST 209,215.40 207,704.66 0.14 1,510.74-203.61
SER 2019-B CL A3 *0 DAY DELAY*100.9258 100.1970
DTD 07/24/19 2.210 12/15/2023
MOODY'S RATING AAA
CUSIP 477870AC3
57,586.04 JOHN DEERE OWNER TRUST 58,716.88 57,634.41 0.04 1,082.47-65.17
SER 2019-A CL A3 *0 DAY DELAY*101.9638 100.0840
DTD 03/13/19 2.910 07/17/2023
MOODY'S RATING AAA
CUSIP 47789JAD8
177,030.71 JOHN DEERE OWNER TRUST 177,019.88 176,152.64 0.12 867.24-86.55
SER 2020-A CL A3 *0 DAY DELAY*99.9939 99.5040
DTD 03/11/20 1.100 08/15/2024
MOODY'S RATING AAA
CUSIP 47789KAC7
580,000 JOHN DEERE OWNER TRUST 579,948.26 552,316.60 0.37 27,631.66-125.67
SER 2021-B CL A3 *0 DAY DELAY*99.9911 95.2270
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JPMORGAN CHASE &655,406.85 616,250.20 0.42 39,156.65- 2,256.69
SER F2F 100.0621 94.0840
DTD 06/23/21 06/23/2025
MOODY'S RATING A2
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 377,112.43 0.25 38,856.90-208.82
DTD 04/22/20 04/22/2026 103.7330 94.0430
MOODY'S RATING A2
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,288,978.20 0.87 82,795.70- 4,703.67
DTD 06/01/21 06/01/2025 100.1295 94.0860
MOODY'S RATING A2
CUSIP 46647PCH7
79
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 906,900.00 0.61 95,330.00- 3,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 90.6900
MOODY'S RATING AA3
CUSIP 57629WDE7
324,386.81 MERCEDES-BENZ AUTO LEASE TRUST 324,370.36 322,534.56 0.22 1,835.80-57.67
SER 2020-B CL A3 *0 DAY DELAY*99.9949 99.4290
DTD 09/23/20 0.400 11/15/2023
CUSIP 58769EAC2
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,021,696.80 0.69 92,032.10- 6,388.02
144A PRIV PLCMT 1.875 01/11/2027 99.8860 91.6320
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 691,236.70 0.47 78,054.90- 1,256.60
144A PRIV PLCMT 1.250 09/14/2026 99.9080 89.7710
MOODY'S RATING AA3
CUSIP 58989V2D5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,600,015.20 1.08 78,170.40- 7,240.33
144A PRIV PLCMT 1.450 01/14/2025 99.8920 95.2390
MOODY'S RATING AAA
CUSIP 64952WEK5
598,178.11 NISSAN AUTO RECEIVABLES OWNER 601,145.55 598,106.33 0.40 3,039.22-513.10
SER 2019-C CL A3 *0 DAY DELAY*100.4961 99.9880
DTD 10/23/19 1.930 07/15/2024
MOODY'S RATING AAA
CUSIP 65479JAD5
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 770,338.00 0.52 57,111.50- 2,021.11
144A PRIV PLCMT 0.800 01/14/2026 97.3470 90.6280
MOODY'S RATING AAA
CUSIP 66815L2A6
370,000 PACCAR FINANCIAL CORP 369,182.30 361,963.60 0.24 7,218.70- 1,679.39
MED TERM NOTE 99.7790 97.8280
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
80
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
680,000 PACCAR FINANCIAL CORP 679,632.80 641,002.00 0.43 38,630.80-774.44
MED TERM NOTE 99.9460 94.2650
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 876,256.20 0.59 8,513.70- 1,681.50
DTD 04/07/2022 2.850% 04/07/2025 99.9740 99.0120
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 826,726.08 0.56 6,246.64- 1,205.33
144A PRIV PLCMT 0.800 09/01/2025 92.1430 91.4520
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 837,767.55 0.57 46,320.90- 4,042.73
144A PRIV PLCMT 1.150 12/06/2024 99.8970 94.6630
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,474,665.00 0.99 58,694.18- 11,156.25
DTD 07/16/19 2.550 07/16/2024 102.2240 98.3110
MOODY'S RATING A1
CUSIP 78013XZU5
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,038,859.50 0.70 10,752.00- 1,673.44
MEDIUM TERM NOTE 99.9630 98.9390
CONVERTIBLE
DTD 04/14/2022 3.375% 04/14/2025
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016EZ59
1,760,000 SALESFORCE.COM INC 1,748,937.40 1,667,476.80 1.12 81,460.60- 3,238.89
DTD 07/12/21 0.625 07/15/2024 99.3715 94.7430
MOODY'S RATING A2
CUSIP 79466LAG9
81
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,482,870.00 1.00 44,385.00- 15,347.92
MED TERM NOTE 101.8170 98.8580
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 664,300.00 0.45 10,437.00- 3,073.19
MED TERM NOTE SER FXD 96.3910 94.9000
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
432,028.52 TOYOTA AUTO RECEIVABLES OWNER 431,948.03 427,120.68 0.29 4,827.35-67.20
SER 2020-D CL A3 *0 DAY DELAY*99.9814 98.8640
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
430,000 TOYOTA AUTO RECEIVABLES OWNER 429,990.84 413,668.60 0.28 16,322.24-135.69
SER 2021-D CL A3 *0 DAY DELAY*99.9979 96.2020
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,090,000 TOYOTA AUTO RECEIVABLES OWNER 1,089,797.70 1,066,913.80 0.72 22,883.90-125.96
SER 2021-A CL A3 *0 DAY DELAY*99.9815 97.8820
DTD 02/08/21 0.260 05/15/2025
MOODY'S RATING AAA
CUSIP 89240BAC2
700,000 TOYOTA LEASE OWNER TRUST 686,000.00 685,153.00 0.46 847.00-68.25
SER 2021-A CL A3 *0 DAY DELAY*98.0000 97.8790
144A PRIV PLCMT 0.390 04/22/2024
MOODY'S RATING AAA
CUSIP 89238EAC0
1,150,000 TOYOTA LEASE OWNER TRUST 1,149,818.99 1,122,699.00 0.76 27,119.99-688.72
ASSET BCKD SEC SER 2022-A CL A3 99.9843 97.6260
DTD 02/28/2022 1.960% 02/20/2025
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
82
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,256,375.05 0.85 128,015.55- 5,756.41
MED TERM NOTE 99.9560 90.7130
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
1,215,000 TOYOTA MOTOR CREDIT CORP 1,213,371.90 1,157,056.65 0.78 56,315.25- 5,285.25
DTD 01/13/22 1.450 01/13/2025 99.8660 95.2310
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,003,125.00 2.03 54,492.20- 6,928.67
DTD 03/15/2022 1.750% 03/15/2025 98.6328 96.8750
MOODY'S RATING AAA
CUSIP 91282CED9
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 943,578.45 0.64 81,472.90- 5,488.38
DTD 05/19/21 1.150 05/15/2026 99.0388 91.1670
MOODY'S RATING A3
CUSIP 91324PEC2
1,250,000 US BANCORP 1,268,262.50 1,228,550.00 0.83 39,712.50- 7,583.33
DTD 07/29/19 2.400 07/30/2024 101.4610 98.2840
MOODY'S RATING A2
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,375,965.00 0.93 93,800.63-932.32
DTD 07/31/20 0.250 07/31/2025 97.9844 91.7310
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,191,416.00 1.48 174,724.63-508.20
DTD 09/30/20 0.250 09/30/2025 98.5892 91.3090
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,231,901.00 1.51 190,591.19- 3,079.14
DTD 10/31/20 0.250 10/31/2025 98.8772 91.0980
MOODY'S RATING AAA
CUSIP 91282CAT8
83
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,250,000 US TREASURY NOTE 2,209,658.20 2,053,912.50 1.39 155,745.70- 3,523.35
DTD 11/30/20 0.375 11/30/2025 98.2070 91.2850
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,272,075.00 1.53 184,370.31- 2,330.80
DTD 02/01/21 0.375 01/31/2026 98.2578 90.8830
MOODY'S RATING AAA
CUSIP 91282CBH3
1,450,000 US TREASURY NOTE 1,446,488.28 1,385,939.00 0.93 60,549.28-462.98
DTD 03/15/21 0.250 03/15/2024 99.7578 95.5820
MOODY'S RATING AAA
CUSIP 91282CBR1
2,500,000 US TREASURY NOTE 2,493,652.34 2,293,175.00 1.55 200,477.34- 9,425.95
DTD 04/30/21 0.750 04/30/2026 99.7461 91.7270
MOODY'S RATING AAA
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,279,796.00 0.86 99,258.68- 1,037.57
DTD 09/30/21 0.875 09/30/2026 98.5039 91.4140
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,292,270.00 0.87 99,198.75- 7,917.80
DTD 11/01/21 1.125 10/31/2026 99.3906 92.3050
CUSIP 91282CDG3
2,000,000 US TREASURY NOTE 2,053,613.28 2,003,200.00 1.35 50,413.28- 11,395.03
DTD 02/18/14 2.750 02/15/2024 102.6807 100.1600
MOODY'S RATING AAA
CUSIP 912828B66
1,700,000 US TREASURY NOTE 1,753,191.41 1,682,609.00 1.13 70,582.41- 8,364.99
DTD 08/15/14 2.375 08/15/2024 103.1289 98.9770
MOODY'S RATING AAA
CUSIP 912828D56
84
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
650,000 US TREASURY NOTE 641,405.27 641,446.00 0.43 40.73 5,309.95
DTD 10/31/16 1.625 10/31/2023 98.6777 98.6840
MOODY'S RATING AAA
CUSIP 912828T91
1,500,000 US TREASURY NOTE 1,529,472.66 1,491,270.00 1.01 38,202.66- 11,281.08
DTD 01/03/17 2.250 12/31/2023 101.9649 99.4180
MOODY'S RATING AAA
CUSIP 912828V23
2,000,000 US TREASURY NOTE 2,018,574.22 1,967,960.00 1.33 50,614.22- 13,370.17
DTD 06/30/17 2.000 06/30/2024 100.9287 98.3980
MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,676,557.00 1.13 29,419.56- 17,092.39
DTD 05/01/17 2.000 04/30/2024 100.3516 98.6210
MOODY'S RATING AAA
CUSIP 912828X70
2,100,000 US TREASURY NOTE 2,087,203.13 2,039,457.00 1.38 47,746.13- 12,283.84
DTD 12/31/19 1.750 12/31/2024 99.3906 97.1170
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,429,050.00 0.96 94,094.53- 2,843.07
DTD 03/02/20 1.125 02/28/2025 101.5430 95.2700
MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,320,325.00 1.56 40,514.85- 4,712.98
DTD 04/30/20 0.375 04/30/2025 94.4336 92.8130
MOODY'S RATING AAA
CUSIP 912828ZL7
800,000 VERIZON OWNER TRUST 799,832.00 787,904.00 0.53 11,928.00-114.89
SER 2020-B CL A *0 DAY DELAY*99.9790 98.4880
DTD 08/12/20 0.470 02/20/2025
MOODY'S RATING AAA
CUSIP 92290BAA9
85
PAGE 19
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
239,729.44 VERIZON OWNER TRUST 239,710.96 239,885.26 0.16 174.30 142.11
SER 2019-C CL A1A *0 DAY DELAY*99.9923 100.0650
144A PRIV PLCMT 1.940 04/22/2024
CUSIP 92348AAA3
1,000,000 WALMART INC 1,023,630.00 1,010,860.00 0.68 12,770.00- 11,805.56
DTD 06/27/18 3.400 06/26/2023 102.3630 101.0860
MOODY'S RATING AA2
CUSIP 931142EK5
350,000 WALMART INC 349,338.50 318,542.00 0.21 30,796.50-449.17
DTD 09/17/21 1.050 09/17/2026 99.8110 91.0120
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 154,967,649.32 147,759,886.49 99.65 7,207,762.83- 505,776.58
======================================================================================================================================
TOTAL INVESTMENTS 155,483,083.24 148,275,320.41 100.00 7,207,762.83- 505,790.98
TOTAL ACCRUALS 505,790.98 505,790.98
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 155,988,874.22 148,781,111.39
86
PAGE 20
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Asset Pricing:
Values reflected for publicly-traded assets are provided by unaffiliated financial industry
sources believed to be reliable. Values for non-publicly traded assets may be determined from
other unaffiliated sources. Assets for which a current value is unavailable may be reflected at
the last reported price, at par, or may be shown as having nominal or no value. Reported
values may not be the price at which an asset may be sold. Asset values are updated as pricing
becomes available from external sources, and may be updated less frequently than statements are
generated.
Trade Confirms:
Pursuant to federal regulation, monthly or quarterly account statements that include investment
transaction details may be provided in lieu of separate trade confirmations. Separate trade
confirms may be obtained at no additional cost upon written request to the Relationship
Manager.
Unclaimed Property Designated Representative Notification:
Except participants in qualified ERISA Plans - Your property may be transferred to the
appropriate state if no activity occurs in the account within the time period specified by
state law. If your state of residence allows, you may designate a representative for the
purpose of receiving notice of account inactivity by providing the name and mailing or email
address of a representative. The designated representative does not have any rights to your
account. Please refer to your state's unclaimed property website for more information and
instructions on how to designate a representative for notice.
87
PAGE 21
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 150,554.56
TRANSFER RECEIPTS 150,554.56 0.00
SALES 4,242,054.71 0.00
CASH MANAGEMENT SALES 4,555,151.44 0.00
TOTAL CASH RECEIPTS 8,947,760.71 150,554.56
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 17,437.57-0.00
ADMINISTRATIVE EXPENSES 4,741.54-0.00
TRANSFER DISBURSEMENTS 0.00 150,554.56-
PURCHASES 4,981,753.94-0.00
CASH MANAGEMENT PURCHASES 3,943,827.66-0.00
TOTAL CASH DISBURSEMENTS 8,947,760.71-150,554.56-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________
88
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 155,345,319.71
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
04/01/22 INTEREST RECEIVED 34.44
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 3/1/22 TO 3/31/22
04/01/22 INTEREST RECEIVED 0.42
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 3/1/22 TO 3/31/22
04/28/22 INTEREST RECEIVED 851.67
TORONTO DOMINION BK 0.240% 4/28/22
CUSIP 89114W7M1
INTEREST ON 350,000.000 UNITS
04/28/22 350,000- MATURED 349,999.99 349,999.99-
TORONTO DOMINION BK 0.240% 4/28/22
CUSIP 89114W7M1
AT $100.0000 ON TRADE DATE 04/28/2022
04/30/22 3,943,827.24 CASH SWEEP PURCHASES FOR STMT PERIOD 3,943,827.24- 3,943,827.24
AS 100% TREAS MM FD-SVC CL #008
14 TRANSACTIONS
04/30/22 0.42 CASH SWEEP PURCHASES FOR STMT PERIOD 0.42-0.42
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
04/30/22 4,555,151.44- CASH SWEEP SALES FOR STMT PERIOD 4,555,151.44 4,555,151.44-
AS 100% TREAS MM FD-SVC CL #008
8 TRANSACTIONS
89
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BONDS & NOTES
04/18/22 INTEREST RECEIVED 2,560.84
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00166/PV ON 1,545,000.00 PV
DUE 4/15/22
04/11/22 INTEREST RECEIVED 23,562.50
AMERICAN HONDA FINAN 3.625% 10/10/23
CUSIP 02665WCQ2
INTEREST ON 1,300,000.000 UNITS
04/12/22 1,000,000- SOLD 1,003,360.00 984,840.00-18,520.00
APPLE INC 2.400% 5/03/23
CUSIP 037833AK6
AT $100.3360 ON TRADE DATE 04/08/2022
TO SETTLE ON 04/12/2022
J.P. MORGAN SECURITIES INC., -
04/12/22 ACCRUED INTEREST ON SALE 10,600.00
APPLE INC 2.400% 5/03/23
CUSIP 037833AK6
04/07/22 1,000,000 PURCHASED 1,024,910.00- 1,024,910.00
BANK OF NEW YORK MEL 3.950% 11/18/25
CUSIP 06406HCQ0
AT $102.4910 ON TRADE DATE 04/05/2022
TO SETTLE ON 04/07/2022
US BANCORP INVESTMENTS, INC.
04/07/22 ACCRUED INTEREST ON PURCHASE 15,251.39-
BANK OF NEW YORK MEL 3.950% 11/18/25
CUSIP 06406HCQ0
90
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/26/22 1,370,000 PURCHASED 1,369,808.20- 1,369,808.20
BANK OF NY MELLON 3.350% 4/25/25
CUSIP 06406RBC0
AT $99.9860 ON TRADE DATE 04/19/2022
TO SETTLE ON 04/26/2022
CITIGROUP GBL MKTS/SALOMON BRO
04/07/22 1,000,000- SOLD 1,014,410.00 1,013,650.00-760.00
BANK OF NY MELLON CO 3.500% 4/28/23
CUSIP 06406RAG2
AT $101.4410 ON TRADE DATE 04/05/2022
TO SETTLE ON 04/07/2022
US BANCORP INVESTMENTS, INC.
04/07/22 ACCRUED INTEREST ON SALE 15,458.33
BANK OF NY MELLON CO 3.500% 4/28/23
CUSIP 06406RAG2
04/25/22 INTEREST RECEIVED 116.88
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00027/PV ON 425,000.00 PV
DUE 4/25/22
04/25/22 INTEREST RECEIVED 412.50
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00092/PV ON 450,000.00 PV
DUE 4/25/22
04/01/22 INTEREST RECEIVED 9,060.00
CALIFORNIA ST 2.400% 10/01/24
CUSIP 13063DRK6
INTEREST ON 755,000.000 UNITS
91
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/01/22 REVERSAL 22,706.25
ACCRUED INTEREST ON PURCHASE
CHUBB INA HOLDINGS I 3.150% 3/15/25
CUSIP 00440EAS6
04/01/22 1,500,000- REVERSAL 1,543,440.00 1,543,440.00-
PURCHASE-REV
CHUBB INA HOLDINGS I 3.150% 3/15/25
CUSIP 00440EAS6
AT $102.8960- ON TRADE DATE 03/04/2022
TO SETTLE ON 04/01/2022
MORGAN STANLEY & CO.
04/25/22 INTEREST RECEIVED 3,435.25
FED HOME LN MTG CORP 3.171% 10/25/24
CUSIP 3137BFE98
$0.00264/PV ON 1,300,000.00 PV
DUE 4/25/22
04/22/22 INTEREST RECEIVED 5,812.50
FED NATL MTG ASSN 0.625% 4/22/25
CUSIP 3135G03U5
INTEREST ON 1,860,000.000 UNITS
04/15/22 INTEREST RECEIVED 16,046.88
FED NATL MTG ASSN 1.625% 10/15/24
CUSIP 3135G0W66
INTEREST ON 1,975,000.000 UNITS
04/25/22 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 4/25/22
92
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/26/22 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 4/25/22
04/25/22 INTEREST RECEIVED 2,508.33
FHLMC MULTIFAMILY ST 3.010% 8/25/25
CUSIP 3137BLMZ8
$0.00251/PV ON 1,000,000.00 PV
DUE 4/25/22
04/13/22 390,000 PURCHASED 389,918.49-389,918.49
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
AT $99.9791 ON TRADE DATE 04/05/2022
TO SETTLE ON 04/13/2022
RBC DAIN RAUSCHER INC.
04/22/22 INTEREST RECEIVED 313.63
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00032/PV ON 965,000.00 PV
DUE 4/20/22
04/20/22 INTEREST RECEIVED 1,456.88
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00154/PV ON 945,000.00 PV
DUE 4/20/22
04/18/22 INTEREST RECEIVED 198.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00057/PV ON 350,000.00 PV
DUE 4/16/22
93
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/18/22 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
$0.00105/PV ON 295,000.00 PV
DUE 4/16/22
04/21/22 INTEREST RECEIVED 66.38
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00023/PV ON 295,000.00 PV
DUE 4/21/22
04/18/22 INTEREST RECEIVED 177.29
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00031/PV ON 575,000.00 PV
DUE 4/18/22
04/18/22 21,040.08- PAID DOWN 21,040.08 21,036.99-3.09
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
04/15/22 INTEREST RECEIVED 91.31
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00068/PV ON 133,629.84 PV
DUE 4/15/22
04/15/22 10,999.58- PAID DOWN 10,999.58 10,998.71-0.87
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
04/21/22 INTEREST RECEIVED 337.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00073/PV ON 460,000.00 PV
DUE 4/21/22
94
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 4/15/22
04/15/22 INTEREST RECEIVED 523.21
HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
$0.00148/PV ON 352,726.20 PV
DUE 4/15/22
04/15/22 56,117.17- PAID DOWN 56,117.17 56,022.83-94.34
HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
AT $626.7989 ON TRADE DATE 04/15/2022
04/15/22 INTEREST RECEIVED 217.25
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00027/PV ON 790,000.00 PV
DUE 4/15/22
04/15/22 INTEREST RECEIVED 522.00
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00097/PV ON 540,000.00 PV
DUE 4/15/22
04/19/22 INTEREST RECEIVED 1,806.22
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
$0.00179/PV ON 1,010,000.00 PV
DUE 4/15/22
95
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 INTEREST RECEIVED 163.08
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00032/PV ON 515,000.00 PV
DUE 4/15/22
04/15/22 INTEREST RECEIVED 820.17
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00062/PV ON 1,330,000.00 PV
DUE 4/15/22
04/20/22 INTEREST RECEIVED 10,762.50
INTER-AMERICAN DEVEL 0.875% 4/20/26
CUSIP 4581X0DV7
INTEREST ON 2,460,000.000 UNITS
04/28/22 INTEREST RECEIVED 6,000.00
INTL BK RECON & DEVE 0.500% 10/28/25
CUSIP 459058JL8
INTEREST ON 2,400,000.000 UNITS
04/12/22 1,000,000- SOLD 1,007,080.00 1,007,580.00-500.00-
JOHN DEERE CAPITAL 2.800% 3/06/23
CUSIP 24422ETG4
AT $100.7080 ON TRADE DATE 04/08/2022
TO SETTLE ON 04/12/2022
US BANCORP INVESTMENTS, INC.
04/12/22 ACCRUED INTEREST ON SALE 2,800.00
JOHN DEERE CAPITAL 2.800% 3/06/23
CUSIP 24422ETG4
04/19/22 INTEREST RECEIVED 841.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00187/PV ON 450,000.00 PV
DUE 4/15/22
96
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 INTEREST RECEIVED 91.68
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00042/PV ON 215,720.33 PV
DUE 4/15/22
04/15/22 20,741.25- PAID DOWN 20,741.25 20,738.09-3.16
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
04/15/22 INTEREST RECEIVED 251.33
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00043/PV ON 580,000.00 PV
DUE 4/15/22
04/15/22 INTEREST RECEIVED 176.71
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
$0.00092/PV ON 192,771.59 PV
DUE 4/15/22
04/15/22 15,740.88- PAID DOWN 15,740.88 15,739.92-0.96
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
AT $1,128.5736 ON TRADE DATE 04/15/2022
04/15/22 INTEREST RECEIVED 475.22
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
$0.00184/PV ON 258,036.46 PV
DUE 4/15/22
04/15/22 50,740.17- PAID DOWN 50,740.17 51,209.91-469.74-
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
97
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 INTEREST RECEIVED 252.78
JOHN DEERE OWNER TRU 2.910% 7/17/23
CUSIP 47789JAD8
$0.00243/PV ON 104,239.61 PV
DUE 4/15/22
04/15/22 46,653.57- PAID DOWN 46,653.57 47,569.72-916.15-
JOHN DEERE OWNER TRU 2.910% 7/17/23
CUSIP 47789JAD8
AT $1,332.7297 ON TRADE DATE 04/15/2022
04/18/22 INTEREST RECEIVED 115.00
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
$0.00033/PV ON 345,000.00 PV
DUE 4/15/22
04/18/22 20,613.19- PAID DOWN 20,613.19 20,612.15-1.04
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
TO SETTLE ON 04/18/2022
04/15/22 INTEREST RECEIVED 70.29
MERCEDES-BENZ AUTO 1.840% 12/15/22
CUSIP 58770FAC6
$0.00153/PV ON 45,840.79 PV
DUE 4/15/22
04/15/22 45,840.79- PAID DOWN 45,840.79 45,834.75-6.04
MERCEDES-BENZ AUTO 1.840% 12/15/22
CUSIP 58770FAC6
04/15/22 INTEREST RECEIVED 1,083.79
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
$0.00161/PV ON 673,855.83 PV
DUE 4/15/22
98
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 75,677.72- PAID DOWN 75,677.72 76,053.15-375.43-
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
AT $576.2417 ON TRADE DATE 04/15/2022
04/08/22 904,000 PURCHASED 832,972.72-832,972.72
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
AT $92.1430 ON TRADE DATE 04/06/2022
TO SETTLE ON 04/08/2022
J.P. MORGAN SECURITIES INC., -
04/08/22 ACCRUED INTEREST ON PURCHASE 743.29-
P/P PRICOA GLOBAL FU 0.800% 9/01/25
CUSIP 74153WCM9
04/07/22 885,000 PURCHASED 884,769.90-884,769.90
PACCAR FINANCIAL 2.850% 4/07/25
CUSIP 69371RR73
AT $99.9740 ON TRADE DATE 03/31/2022
TO SETTLE ON 04/07/2022
MITSUBISHI UFJ SECURITIES (USA
04/04/22 435,000- SOLD 441,568.50 449,315.85-7,747.35-
PACCAR FINANCIAL COR 3.400% 8/09/23
CUSIP 69371RP59
AT $101.5100 ON TRADE DATE 03/31/2022
TO SETTLE ON 04/04/2022
WACHOVIA CAPITAL MARKETS, LLC.
04/04/22 ACCRUED INTEREST ON SALE 2,259.58
PACCAR FINANCIAL COR 3.400% 8/09/23
CUSIP 69371RP59
04/20/22 1,050,000 PURCHASED 1,049,611.50- 1,049,611.50
RYL BK CAN MTN CONV 3.375% 4/14/25
CUSIP 78016EZ59
AT $99.9630 ON TRADE DATE 04/07/2022
TO SETTLE ON 04/20/2022
RBC DAIN RAUSCHER INC.
99
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/15/22 INTEREST RECEIVED 236.17
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00022/PV ON 1,090,000.00 PV
DUE 4/15/22
04/15/22 INTEREST RECEIVED 132.71
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
$0.00029/PV ON 455,000.00 PV
DUE 4/15/22
04/18/22 22,971.48- PAID DOWN 22,971.48 22,967.20-4.28
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
TO SETTLE ON 04/18/2022
04/15/22 INTEREST RECEIVED 254.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
$0.00059/PV ON 430,000.00 PV
DUE 4/15/22
04/20/22 INTEREST RECEIVED 1,878.33
TOYOTA LEASE OWN ABS 1.960% 2/20/25
CUSIP 89238LAC4
$0.00163/PV ON 1,150,000.00 PV
DUE 4/20/22
04/12/22 1,000,000 PURCHASED 973,203.13-973,203.13
U.S. TREASURY NOTES 1.750% 3/15/25
CUSIP 91282CED9
AT $97.3203 ON TRADE DATE 04/08/2022
TO SETTLE ON 04/12/2022
CITADEL DERIVATIVES GROUP LLC
100
PAGE 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/12/22 ACCRUED INTEREST ON PURCHASE 1,331.52-
U.S. TREASURY NOTES 1.750% 3/15/25
CUSIP 91282CED9
04/20/22 INTEREST RECEIVED 313.33
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00039/PV ON 800,000.00 PV
DUE 4/20/22
04/20/22 INTEREST RECEIVED 449.80
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
$0.00162/PV ON 278,229.78 PV
DUE 4/20/22
04/20/22 38,500.34- PAID DOWN 38,500.34 38,497.37-2.97
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
04/25/22 INTEREST RECEIVED 2,550.00
VR FED HOME LN MTG 3.060% 7/25/23
CUSIP 3137B4WB8
$0.00255/PV ON 1,000,000.00 PV
DUE 4/25/22
04/25/22 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 4/25/22
04/25/22 INTEREST RECEIVED 2,939.17
VR FHLMC MULTIFAMILY 3.527% 10/25/23
CUSIP 3137B7MZ9
$0.00294/PV ON 1,000,000.00 PV
DUE 4/25/22
101
PAGE 35
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/25/22 INTEREST RECEIVED 2,942.50
VR FHLMC MULTIFAMILY 3.531% 7/25/23
CUSIP 3137B5JM6
$0.00294/PV ON 1,000,000.00 PV
DUE 4/25/22
04/22/22 INTEREST RECEIVED 4,176.42
VR JPMORGAN CHASE & 2.083% 4/22/26
CUSIP 46647PBK1
INTEREST ON 401,000.000 UNITS
TRANSFER RECEIPTS
04/01/22 ADDITION TO ACCOUNT 9,094.86
TRANSFER FROM INCOME
04/04/22 ADDITION TO ACCOUNT 24,965.83
TRANSFER FROM INCOME
04/07/22 ADDITION TO ACCOUNT 206.94
TRANSFER FROM INCOME
04/11/22 ADDITION TO ACCOUNT 22,819.21
TRANSFER FROM INCOME
04/12/22 ADDITION TO ACCOUNT 12,068.48
TRANSFER FROM INCOME
04/18/22 ADDITION TO ACCOUNT 24,238.70
TRANSFER FROM INCOME
04/19/22 ADDITION TO ACCOUNT 2,560.84
TRANSFER FROM INCOME
04/20/22 ADDITION TO ACCOUNT 16,951.69
TRANSFER FROM INCOME
102
PAGE 36
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
04/21/22 ADDITION TO ACCOUNT 403.71
TRANSFER FROM INCOME
04/22/22 ADDITION TO ACCOUNT 9,988.92
TRANSFER FROM INCOME
04/25/22 ADDITION TO ACCOUNT 18,981.09
TRANSFER FROM INCOME
04/27/22 ADDITION TO ACCOUNT 1,422.62
TRANSFER FROM INCOME
04/28/22 ADDITION TO ACCOUNT 6,000.00
TRANSFER FROM INCOME
04/29/22 ADDITION TO ACCOUNT 851.67
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
04/06/22 INVESTMENT MGMT FEE 8,572.06-
PAID TO BRIDGE BANK
CHANDLER ASSET MGMT FEE
INVOICE #: 2202CUPERTIN
04/07/22 INVESTMENT MGMT FEE 8,865.51-
PAID TO BRIDGE BANK
INV 2203CUPERTIN MARCH 2022
ADMINISTRATIVE EXPENSES
04/25/22 ADMINISTRATIVE FEE/EXPENSE 4,741.54-
CUSTODIAN FEE-PRIN
103
INVESTMENT AND INSURANCE PRODUCTS ARE:
·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY
·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE
·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PAGE 37
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD APRIL 1, 2022 THROUGH APRIL 30, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
TRANSFER DISBURSEMENTS
04/01/22 TRANSFER TO PRINCIPAL 9,094.86-
04/04/22 TRANSFER TO PRINCIPAL 24,965.83-
04/07/22 TRANSFER TO PRINCIPAL 206.94-
04/11/22 TRANSFER TO PRINCIPAL 22,819.21-
04/12/22 TRANSFER TO PRINCIPAL 12,068.48-
04/18/22 TRANSFER TO PRINCIPAL 24,238.70-
04/19/22 TRANSFER TO PRINCIPAL 2,560.84-
04/20/22 TRANSFER TO PRINCIPAL 16,951.69-
04/21/22 TRANSFER TO PRINCIPAL 403.71-
04/22/22 TRANSFER TO PRINCIPAL 9,988.92-
04/25/22 TRANSFER TO PRINCIPAL 18,981.09-
04/27/22 TRANSFER TO PRINCIPAL 1,422.62-
04/28/22 TRANSFER TO PRINCIPAL 6,000.00-
04/29/22 TRANSFER TO PRINCIPAL 851.67-
=================================================================================================================
ENDING BALANCE 0.00 155,483,083.24
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
Agenda Item
22-10977 Agenda Date: 5/23/2022
Agenda #: 3.
Subject: INFORMATION ITEM Consider the Internal Audit Status Report
Receive Internal Audit Status Report and provide direction
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CITY OF CUPERTINO
Agenda Item
22-10978 Agenda Date: 5/23/2022
Agenda #: 4.
Subject: INFORMATION ITEM Consider the Capital Program Effectiveness Study Report
Receive Capital Program Effectiveness Study Report and provide direction
Presenter: Moss Adams
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This report is intended for the internal use of City of Cupertino, and may not be provided to, used, or relied upon by any
third parties.
FINAL REPORT
City of Cupertino
CAPITAL PROGRAM EFFECTIVENESS STUDY
April 2022
Moss Adams LLP
999 Third Ave, Suite 2800
Seattle, WA 98104
(206) 302-6500
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concerns about the safety of City Hall and the continued deferral of the City Hall project in favor of
other CIP projects.
In alignment with industry best practice, the City should develop a five-year CIP plan and related
financial forecast (see Recommendation 2). A prudent multi-year capital plan identifies projects
beginning in later planning years (not just those starting in the current year’s budget) and identifies
and prioritizes expected needs based on the long-range vision articulated in the City’s strategic plan
and/or comprehensive plan. A CIP typically identifies capital project and acquisition needs; provides
cost or expenditure estimates for those needs; identifies probable sources of financing; evaluates,
prioritizes, and schedules projects and acquisitions; and forecasts the impact of projects and
acquisitions on the operating budget.
A long-term CIP plan enables the City to be more strategic when prioritizing and planning for
upcoming projects and is designed to be amended on an annual basis. Projects can be added or
subtracted as the needs and resources of the community adjust. Typically, only the projects included
in the first year of long-range CIP plans are legal appropriations. The second, third, fourth, and fifth
years of the plan represent the City’s best estimate of a fundable plan for capital improvements.
Project Prioritization
Another critical element of the City’s CIP planning process is the prioritization of potential projects.
Interviewed staff report that the current project selection and prioritization process functions well but
is not highly formalized. The selection of CIP projects is informed by needs identified in various
planning documents—including the City’s General Plan, Parks and Recreation System Master Plan,
Bicycle Transportation Plan, and Climate Action Plan—and an annual process by which individual
departments submit project requests. Identified projects are then prioritized by the CIP Division staff
who evaluate various factors including health and safety, available funding and grant opportunities,
and political and community interest. High-priority projects are then submitted to City Council for
approval. While the CIP Budget document lists several principles for project evaluation (like health
and safety and funding availability), the City has not yet adopted a standardized or quantitative set of
evaluative criteria to guide the prioritization process. As a result, some staff reported concerns that
critical criteria—like sustainability—were inconsistently prioritized.
The CIP Division should create a scoring framework that can be applied to all projects and form the
primary basis for prioritization. The criteria used to determine capital project prioritization varies
across the industry with some cities simply utilizing a list of general criteria that a project must meet to
be approved, while others have developed more complex ranking systems. Best practice is to use a
rating system that assigns a quantitative value to a project priority. A decision-making tool such as a
weighted decision matrix can be useful in attributing value to higher-priority criteria in the rating scale.
The rating system helps facilitate decision making and standardizes the project prioritization process.
When evaluating capital project requests, the Government Finance Officers Association (GFOA)
recommends that capital projects be prioritized by:
• Health and Safety – Priority should be given to high-risk safety issues that require a capital
project to correct
• Asset Preservation – Capital assets that require renewal or replacement based on capital asset
life cycle
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roles. If these positions are not converted to permanent roles, it is likely that the CIP Division will
experience turnover in the limited-term positions. If the overall volume of project work does not
decrease, that will require the CIP Division to continually onboard new limited-term roles—a process
is inefficient and disruptive to ongoing projects.
When evaluating the optimal number of projects under management by one person, the CIP Division
can use the 10% method as a baseline, then assess the experience of its managers, phasing, and
complexity of projects, in addition to staff feedback to determine the target project load per person.
This should be tracked over time to provide a baseline for the City’s CIP team.
In addition, if the City invests in the creation of a multi-year CIP plan (see Recommendation 1), the
Department will be significantly better equipped to forecast staffing needs and ensure that staffing
levels are appropriate.
Administrative Support
The Public Works senior management analyst provides critical support to the entire Public Works
function, and the CIP team, for many key activities, including budget preparation and financial
reporting, RFQ processing, and contract development and administration. This individual is also often
the sole Public Works user of the City’s contract management and financial systems. This role is
central to the success of several essential workflows for a large and complex department, and yet
does not have a backup or counterpart in the City that can provide the same level of service if the
need arises. For example, staff across the organization report that the senior management analyst is
on call, even when taking time off, because no other staff members have the experience to take over
these types of tasks. The lack of support and backup for this role has also resulted in extremely high
workloads. This type of sole contributor role creates significant risks for the organization.
The CIP team does not have additional support staff or project coordinators to assist with
administrative tasks such as scheduling, filing, and document management become the responsibility
of the project manager. As a result, CIP staff report that they spend a significant amount of time
coordinating these tactical tasks rather than completing higher-priority items. The volume of
administrative work a project manager must conduct is an important factor that significantly impacts
the projects-to-project-manager ratio.
The City should establish a project coordinator position and/or additional management analyst role to
provide backup and additional support to the senior management analyst, CIP manager, and project
managers. Shifting tactical coordination responsibilities to this role could help:
• Generate the capacity needed for the senior management analyst to focus on more strategic
priorities.
• Provide essential backup of for the senior management analyst, and possibly a succession
pathway.
• Improve operational continuity by supporting the whole CIP team with project coordination tasks.
Senior Project Manager
The CIP team operates in a flat organizational structure consisting of two levels, project managers
and the CIP Manager. Under this current structure, the CIP Manager has eight direct reports. Industry
best practices suggest that the ideal direct report ratio is no more than 1:7. While the number of direct
reports is within an acceptable range, the additional administrative tasks required by the CIP manger
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• Transition project knowledge among team members and departments. Historical project data and
decision-making context is not always documented and stored in the project’s folder.
• Manage project documents. While the CIP team has developed a standardized file structure, staff
report that it is ungainly and has not been consistent adopted. The CIP Manager is in the process
of developing a more streamlined standardized file structure to improve information management.
• Develop and administer contracts. The City has taken steps to update its contract templates and
provide updated information to guide the contract development process. However, staff noted that
not all templates have been updated and they continue to rely on peers for best practices.
There have been past efforts by administrative staff to document team SOPs, and the City is
undertaking a broader effort to update and clarify citywide project processes, including contract
development, purchasing, and budgeting. To support this process, the CIP team should inventory all
current policies and procedures, determine what additional policies and procedures need to be
created, and create a prioritized schedule for policy and procedure development and updates, starting
with the procedures which will have the greatest impact on the efficiency of the team. Interviewed CIP
staff highlighted opportunities to develop the following guidelines:
• Document management: This includes establishing standards for file naming, file structure, and
guidelines for the types of documents contained in each folder, digitization, and retention
requirements.
• CIP technology: This could include an overview of the various systems the team uses, their place
in the project life cycle, and a superuser who can be contacted for training and questions.
• Review and approval: For example, a flowchart for decision-making requirements and approvals
at different stages of the project life cycle.
• Reference materials: GL codes, phase checklists, and project templates are some examples of
opportunities to optimize project operations.
• Interviewed staff also noted opportunities to develop policies and procedures related to the
following topics:
○ Cost estimates: Developing a methodology to standardize and capture cost estimates can
allow the team to track variances over time and determine if any issues arise.
○ Project prioritization: The team is mostly aligned on the informal elements that contribute to
project prioritization. Formalizing this procedure will strengthen the team’s planning abilities
and lead to more consistently reproducible results.
○ Lessons learned: Capturing institutional knowledge is a valuable element to project
management and the ability of the CIP team to advance its CIP program.
Prioritizing the development or updates to these guidelines will help the CIP Division to improve
tactical capabilities, streamline operations, and onboard new staff more quickly.
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The CIP Adopted Budget document includes a narrative of Division accomplishments, descriptions
and the status of currently budgeted projects, and proposed projects for the upcoming fiscal year.
However, given that this report focuses primarily on the projects planned for the upcoming year, there
is limited discussion on the performance of the previous year and forecasts for future year projects.
The City’s Adopted Budget document includes two key performance indicators (KPIs) to measure CIP
performance: percentage of projects completed on budget and percentage of construction projects
completed on time.
The CIP Manager makes an annual presentation to the City Council of the proposed projects for the
next fiscal year. However, staff report that this annual presentation is too short to effectively present
City Council with a holistic picture of the work performed by the CIP team.
Consistent with the City’s emphasis on public transparency, the City has developed a community-
facing dashboard to give Cupertino residents a snapshot of how taxes and fees are being used to
maintain and improve the City's facilities and assets. This public dashboard is currently populated by
data in an Excel spreadsheet, although there are plans in place to shift the data source to a more
formalized system. The data is currently updated and reconciled with information from the financial
system on a quarterly basis. However, this means that information provided to the public may be
incorrect or incomplete between the quarterly reconciliations.
Despite the tools noted above, staff report challenges with clearly communicating CIP successes,
challenges, and trade-offs to City leadership. While some of these issues may be resolved through
the establishment of a multi-year CIP Plan (see Recommendation 2), CIP and Public Works
management will need to place continued focus on ensuring that City leadership fully understands the
opportunities and challenges associated with capital improvement efforts.
To enhance the City’s communication efforts, the CIP Division should consider establishing an annual
report detailing CIP accomplishments, prior year project expenditures, project progress, and
expanded KPIs. The report should be presented to the City Council as an opportunity to represent
CIP accomplishments and set expectations for the CIP budget. This is also an opportunity to
articulate the City’s total investments more clearly into capital improvements, which can be an
important data point for members of the public. This report could be a standalone tool or part of an
expanded Annual CIP Budget document.
Regardless of the specific format, for the annual report to be an effective tool, it is important to use
plain language, be consistent, and provide project information to clearly communicate project status
and activities to multiple stakeholders, including City leaders, internal staff, and the public. The report
should highlight significant changes to project scope, scheduling, costs, or funding. It is best practice
to report on project status by providing a comparison of actual results to the project plan. Those
comparisons should include:
• Percent of project completed
• Progress on key project milestones
• Percent of project budget expended
• Contract status information including time remaining and percentage used
• Revenue and expenditure activity
• Cash flow and investment maturities
• Funding commitments
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• Available appropriation
• Comparison of results in relation to established performance measures
In addition, the CIP Division should continue efforts to ensure that the community-facing dashboard
can provide current, accurate CIP project data to the public. The data accuracy issues in the
dashboard should be resolved to ensure the intention of the dashboard is realized.
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CITY OF CUPERTINO
Agenda Item
22-10979 Agenda Date: 5/23/2022
Agenda #: 5.
Subject: INFORMATION ITEM Consider the Fiscal Policy Inventory and Gap Analysis Report
Receive Fiscal Policy Inventory and Gap Analysis Report and provide direction
Presenter: Moss Adams
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BACKGROUND, SCOPE, AND METHODOLOGY
The City of Cupertino (the City) requested that Moss Adams LLP (Moss Adams), as the City’s internal
auditor, perform an inventory of all City fiscal policies and procedures (P&Ps) and a gap analysis to
determine what gaps in coverage exist, and develop a prioritized P&P work plan to support the City in
addressing identified gaps. The objectives of this project were to:
Determine which fiscal areas are adequately covered by comprehensive current P&Ps.
Identify policy gaps, including areas where no policies to support fiscal functions are documented,
existing policies are outdated or in need of minor updates or additions, and current internal
control or gap coverage are missing key components.
Prioritize policy gaps based on overall risk, and develop an implementation plan to provide the
City with recommendations for prioritizing and addressing the identified policy gaps.
This engagement was performed in accordance with Standards for Consulting Services established
by the American Institute of Certified Public Accountants. Accordingly, we provide no opinion,
attestation, or other form of assurance with respect to our work or the information upon which our
work is based. This report was developed based on our assessment of the City’s fiscal P&Ps as of
October 2021. The procedures we performed do not constitute an examination in accordance with
generally accepted auditing standards or attestation standards.
This project was limited in scope to the City’s finance and accounting (fiscal) functional areas. All
fiscal P&Ps available as of October 2021 were provided to Moss Adams to assess as part of this
project. Other P&P documents, informal process documentation, or guideline documents that are not
approved formal P&Ps at the City level may exist; however, they were not included in this analysis
and are therefore not included in the results presented in this report.
The procedures performed included:
Fiscal P&P Inventory – We worked with City management to develop a full listing of finance and
accounting policy areas that were applicable to the City and that would be included in the scope
of this project. For each area, we performed the following:
○ Obtained all supporting/related P&P documents available
○ Documented a full inventory of the current existing P&P documents, including a summary of
the coverage areas of each.
○ Discussed the full inventory of results with management to ensure that all P&P documents
were provided and included in the inventory.
P&P Gap Analysis – We assessed the inventory results and performed a full gap analysis,
including:
○ Assessed the current content of each area to identify potential gaps in coverage.
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OVERALL RESULTS
Throughout the P&P inventory and gap analysis, we found that the City has a variety of P&P
documents; however, they are not consistently utilized, structured, or based on standard templates.
Although the City appears to have consistent practices established and has approvals/process flows
setup within the enterprise resource planning (ERP) system, the City does not have a defined P&P
framework and as a result, in many cases it was unclear what level of policy a document fell under.
Some of the City’s documents identified as “policies” included administrative procedures. In some
areas, the City uses the notes included in their financial statements as “policies”, as well as Council
Resolutions, memos, or email to communicate requirements. The City does not have a standard
template/format and there does not appear to be a structure for ensuring all policies are supported by
underlying procedures. Additionally, there is no consistent means of identifying when policies are
approved and effective. The effective date on most policies is not complete.
Utilizing a defined P&P framework with standard templates will help streamline the City’s P&P
resources. This framework can be used to define responsibilities at both the City Council and
management level.
The City can utilize the Prioritized P&P Work Plan presented on the following page to carry out their
efforts to develop and update their fiscal P&Ps. In addition to following summary table, we have
provided management with a detailed Prioritized P&P Work Plan, which includes all results from the
inventory and gap analysis performed and detailed recommendations by area.
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Appendix A – Management Responses to Fiscal Policy Inventory and Gap Analysis:
1. Accounting and Financial Reporting
Management Response:
Management agrees that formalized policy and procedures are needed in Accounting and Financial
Reporting. Currently, staff utilizes non-formalized procedures for the processes listed above. Staff
created polices in these areas the review process and expected to be approved by the Director of
Administrative Services and the City Manager.
2. Accounts Payable
Management Response:
Management agrees that formalized policy and procedures are needed in Accounts Payables.
Currently, staff utilizes system set up and security and non-formalized procedures for the processes
listed above. Staff created polices in these areas the review process and expected to be approved by
the Director of Administrative Services and the City Manager.
3. Budgeting
Management Response:
Management agrees that formalized policy and procedures are needed in Budgeting. Currently, staff
utilizes system security and non-formalized procedures for the processes listed above. Staff created
polices in these areas are in the review process and expected to be approved by the Director of
Administrative Services and the City Manager.
4. Capital Assets
●
Management Response:
Management agrees that formalized policy and procedures are needed in Capital Assets. Currently,
staff utilizes non-formalized procedures for the processes listed above. Staff created polices in these
areas are in the review process and expected to be approved by the Director of Administrative
Services and the City Manager.
5. Cash Management
Management Response:
Management agrees that formalized policy and procedures are needed in Cash Management.
Currently, staff utilizes non-formalized procedures for the processes listed above. Staff created
polices in these areas are in the review process and expected to be approved by the Director of
Administrative Services and the City Manager.
6. Payroll and Timekeeping
Management Response:
Management agrees that formalized policy and procedures are needed in Payroll and Timekeeping.
Currently, staff utilizes system security and non-formalized procedures for the processes listed above.
Staff created polices in these areas are in the review process and expected to be approved by the
Director of Administrative Services and the City Manager.
7. Procurement
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Management Response:
Management agrees that formalized policy and procedures are needed in Procurement. Currently,
staff utilizes system security and non-formalized procedures for the processes listed above. Staff
created polices in these areas are in the review process and expected to be approved by the Director
of Administrative Services and the City Manager. These changes will be delayed as the City
prioritizes findings from the procurement audit and has requested a Purchasing Manager as part of
the Proposed Budget. To minimize changes and potential confusion all changes to procurement will
occur at one time and after the review of the new Purchasing Manager should the position be
approved.
8. Revenue and Accounts Receivable
Management Response:
Management agrees that formalized policy and procedures are needed in Revenue and Account
Receivable. Currently, staff utilizes system security and non-formalized procedures for the processes
listed above. Staff created polices in these areas are in the review process and expected to be
approved by the Director of Administrative Services and the City Manager.
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CITY OF CUPERTINO
Agenda Item
22-10980 Agenda Date: 5/23/2022
Agenda #: 6.
Subject: INFORMATION ITEM Consider the report on Interim Audit and AUP Engagements
Receive report on Interim Audit and AUP Engagements and provide direction
Presenter: Crowe
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CITY OF CUPERTINO
Agenda Item
22-10981 Agenda Date: 5/23/2022
Agenda #: 7.
Subject: ACTION ITEM Consider the Monthly Treasurer's Report for March 2022 (Continued from
April 25, 2022)
Review Monthly Treasurer's Report for March 2022 and recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
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received and expenses when payment is paid. Accrual basis accounting recognizes
revenues when they are earned (but n ot necessarily received) and expenses when they are
incurred (but not necessarily paid).
Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance
shows the total cash and investments in the City's accounts. The ending balance is the
beginning balance plus receipts minus disbursements. Adjustments to the ending balance
account for transactions recorded in other systems and imported into New World.
Revenues, expenditures, and fund balance are measured on an accrual basis. As a result,
the amount in fund balance does not mean the City has that much cash on hand. Instead,
fund balance is the difference between assets and liabilities. The ending balance is the
beginning balance plus revenues minus expenditures.
Treasurer's Report
The report provides cash and fund balances for the City of Cupertino for March 2022.
March 2022
The City's General Fund ending cash and investment balance was $108.9 million, a
decrease of $7.3 million from the prior month. Receipts were $7.9 million, disbursements
were ($4.6 ) million, and journal adjustments were ($10.6) million for the month.
The City's General Fund ending fund balance was $97.8 million, de creasing $11.8 million
from the prior month due to revenues of $6.1 million and expenditures of $17.9 million.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
_____________________________________
Prepared by: __________________
Thomas Leung
Acting Finance Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Dianne Thompson
Assistant City Manager
150
Attachments:
A – Report of City-wide Receipts, Disbursements, and Cash Balances March 2022
B – Report of City-wide Fund Balances/Net Position March 2022
151
March 2022 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of February 28, 2022 Receipts Disbursements Journal Adjustments as of March 31, 2022
General Fund 100 General Fund 116,236,763$ 7,904,640$ (4,625,187)$ (10,591,073)$ 108,925,143$
General Fund 130 Investment Fund (1,200)$ ‐$ ‐$ ‐$ (1,200)$
Special Revenue Funds 210 Storm Drain Improvement 2,378,451$ ‐$ (29,695)$ ‐$ 2,348,756$
Special Revenue Funds 215 Storm Drain AB1600 1,831,198$ 4,992$ ‐$ ‐$ 1,836,190$
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,376,381$ 16,102$ (94,716)$ (103,792)$ 1,193,974$
Special Revenue Funds 260 CDBG 556,275$ 662$ (16,821)$ ‐$ 540,116$
Special Revenue Funds 261 HCD Loan Rehab 232,280$ ‐$ ‐$ ‐$ 232,280$
Special Revenue Funds 265 BMR Housing 6,223,358$ 3,600$ (65,539)$ (25,652)$ 6,135,767$
Special Revenue Funds 270 Transportation Fund 14,113,661$ 197,816$ (316,424)$ (208,653)$ 13,786,400$
Special Revenue Funds 271 Traffic Impact 748,717$ ‐$ ‐$ ‐$ 748,717$
Special Revenue Funds 280 Park Dedication 22,245,709$ ‐$ (24,170)$ ‐$ 22,221,539$
Special Revenue Funds 281 Tree Fund 137,364$ 600$ ‐$ ‐$ 137,964$
Debt Service Funds 365 Public Facilities Corp 2,284,850$ ‐$ ‐$ ‐$ 2,284,850$
Capital Project Funds 420 Capital Improvement Fund 31,254,282$ ‐$ (1,398,650)$ ‐$ 29,855,633$
Capital Project Funds 427 Stevens Creek Corridor Park 176,498$ ‐$ ‐$ ‐$ 176,498$
Capital Project Funds 429 Capital Reserve (453,432)$ ‐$ ‐$ 10,000,000$ 9,546,568$
Enterprise Funds 520 Resource Recovery 6,275,660$ 119,834$ (155,527)$ (84,641)$ 6,155,326$
Enterprise Funds 560 Blackberry Farm 1,236,243$ ‐$ (46,327)$ 36,655$ 1,226,571$
Enterprise Funds 570 Sports Center 2,457,523$ ‐$ (338,889)$ 144,464$ 2,263,097$
Enterprise Funds 580 Recreation Program 3,183,186$ ‐$ (47,160)$ 173,442$ 3,309,468$
Internal Service Funds 610 Innovation & Technology 1,924,770$ 50$ (236,757)$ 736,187$ 2,424,249$
Internal Service Funds 620 Workers Compensation 3,952,872$ ‐$ (3,134)$ 63,100$ 4,012,839$
Internal Service Funds 630 Vehicle/Equip Replacement 659,856$ ‐$ (65,266)$ 426,124$ 1,020,714$
Internal Service Funds 641 Compensated Absence/LTD 698,079$ ‐$ 612$ (2,238)$ 696,453$
Internal Service Funds 642 Retiree Medical 343,308$ ‐$ (115,670)$ (3,720)$ 223,918$
Total 220,072,653$ 8,248,296$ (7,579,322)$ 560,202$ 221,301,829$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed April 21, 2022
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2
March 2022 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of February 28, 2022 Revenues Expenditures as of March 31, 2022
General Fund 100 General Fund 109,585,673$ 6,133,203$ 17,889,456$ 97,829,419$
General Fund 130 Investment Fund (1,200)$ ‐$ ‐$ (1,200)$
Special Revenue Funds 210 Storm Drain Improvement 2,378,451$ ‐$ 29,695$ 2,348,756$
Special Revenue Funds 215 Storm Drain AB1600 1,831,198$ 4,992$ ‐$ 1,836,190$
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,423,133$ (124)$ 200,364$ 1,222,646$
Special Revenue Funds 260 CDBG 1,087,635$ 178$ 16,821$ 1,070,993$
Special Revenue Funds 261 HCD Loan Rehab 232,280$ ‐$ ‐$ 232,280$
Special Revenue Funds 265 BMR Housing 6,223,358$ 3,600$ 112,971$ 6,113,986$
Special Revenue Funds 270 Transportation Fund 14,109,163$ 197,816$ 969,768$ 13,337,211$
Special Revenue Funds 271 Traffic Impact 748,717$ ‐$ ‐$ 748,717$
Special Revenue Funds 280 Park Dedication 22,245,700$ ‐$ 77,485$ 22,168,215$
Special Revenue Funds 281 Tree Fund 137,964$ ‐$ ‐$ 137,964$
Debt Service Funds 365 Public Facilities Corp 2,284,850$ ‐$ ‐$ 2,284,850$
Capital Project Funds 420 Capital Improvement Fund 28,692,574$ 1,402,454$ 1,397,034$ 28,697,994$
Capital Project Funds 427 Stevens Creek Corridor Park 176,498$ ‐$ ‐$ 176,498$
Capital Project Funds 429 Capital Reserve*(453,432)$ 10,000,000$ ‐$ 9,546,568$
Enterprise Funds 520 Resource Recovery 5,413,082$ 119,834$ 240,169$ 5,292,747$
Enterprise Funds 560 Blackberry Farm 939,375$ 47,055$ 62,106$ 924,324$
Enterprise Funds 570 Sports Center 2,761,054$ 181,553$ 470,446$ 2,472,161$
Enterprise Funds 580 Recreation Program 2,686,369$ 80,965$ 147,442$ 2,619,892$
Internal Service Funds 610 Innovation & Technology 703,267$ 739,901$ 353,559$ 1,089,609$
Internal Service Funds 620 Workers Compensation 2,516,459$ 89,208$ 29,241$ 2,576,425$
Internal Service Funds 630 Vehicle/Equip Replacement 1,899,112$ 429,650$ 53,102$ 2,275,659$
Internal Service Funds 641 Compensated Absence/LTD 690,424$ 8,568$ 10,194$ 688,798$
Internal Service Funds 642 Retiree Medical 343,308$ ‐$ 119,391$ 223,918$
Total 208,655,013$ 19,438,853$ 22,179,244$ 205,914,621$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed April 21, 2022
15
3
CITY OF CUPERTINO
Agenda Item
22-10982 Agenda Date: 5/23/2022
Agenda #: 8.
Subject: ACTION ITEM Consider the Monthly Treasurer's Report for April 2022
Review Monthly Treasurer's Report for April 2022 and recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 5/20/2022Page 1 of 1
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received and expenses when payment is paid. Accrual basis accounting recognizes
revenues when they are earned (but n ot necessarily received) and expenses when they are
incurred (but not necessarily paid).
Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance
shows the total cash and investments in the City's accounts. The ending balance is the
beginning balance plus receipts minus disbursements. Adjustments to the ending balance
account for transactions recorded in other systems and imported into New World.
Revenues, expenditures, and fund balance are measured on an accrual basis. As a result,
the amount in fund balance does not mean the City has that much cash on hand. Instead,
fund balance is the difference between assets and liabilities. The ending balance is the
beginning balance plus revenues minus expenditures.
Treasurer's Report
The report provides cash and fund balances for the City of Cupertino for April 2022.
April 2022
The City's General Fund ending cash and investment balance was $117.7 million, an
increase of $8.5 million from the prior month. Receipts were $16.7 million, disbursements
were ($8.2 ) million, and journal adjustments were ($20,838) for the month.
The City's General Fund ending fund balance was $106.8 million, increasing by $7.8
million from the prior month due to revenues of $12.1 million and expenditures of $4.3
million.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
Prepared by: __________________
Thomas Leung
Acting Finance Manager
Reviewed by: __________________
Kristina Alfaro
Director of Administrative Services and City Treasurer
Approved for Submission by: __________________
Dianne Thompson
Assistant City Manager
156
Attachments:
A – Report of City-wide Receipts, Disbursements, and Cash Balances April 2022
B – Report of City-wide Fund Balances/Net Position April 2022
157
April 2022 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of March 31, 2022 Receipts Disbursements Journal Adjustments as of April 30, 2022
General Fund 100 General Fund 109,253,426$ 16,714,592$ (8,237,628)$ (20,838)$ 117,709,552$
General Fund 130 Investment Fund (1,200)$ ‐$ ‐$ ‐$ (1,200)$
Special Revenue Funds 210 Storm Drain Improvement 2,354,881$ ‐$ ‐$ ‐$ 2,354,881$
Special Revenue Funds 215 Storm Drain AB1600 1,840,989$ 9,280$ ‐$ ‐$ 1,850,269$
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,197,085$ ‐$ (78,405)$ ‐$ 1,118,681$
Special Revenue Funds 260 CDBG 542,125$ 1,382$ (64,924)$ ‐$ 478,584$
Special Revenue Funds 261 HCD Loan Rehab 232,280$ ‐$ ‐$ ‐$ 232,280$
Special Revenue Funds 265 BMR Housing 6,151,792$ 3,310$ (72,369)$ ‐$ 6,082,733$
Special Revenue Funds 270 Transportation Fund 13,822,750$ 200,460$ (779,235)$ 13,225$ 13,257,200$
Special Revenue Funds 271 Traffic Impact 750,695$ ‐$ ‐$ ‐$ 750,695$
Special Revenue Funds 280 Park Dedication 22,279,753$ 15,000$ (90,150)$ ‐$ 22,204,603$
Special Revenue Funds 281 Tree Fund 138,323$ ‐$ ‐$ ‐$ 138,323$
Debt Service Funds 365 Public Facilities Corp 2,284,850$ ‐$ ‐$ ‐$ 2,284,850$
Capital Project Funds 420 Capital Improvement Fund 29,855,633$ ‐$ (654,385)$ ‐$ 29,201,248$
Capital Project Funds 427 Stevens Creek Corridor Park 176,498$ ‐$ (1,240)$ ‐$ 175,258$
Capital Project Funds 429 Capital Reserve 9,546,568$ ‐$ ‐$ ‐$ 9,546,568$
Enterprise Funds 520 Resource Recovery 6,171,414$ 188,798$ (60,503)$ ‐$ 6,299,708$
Enterprise Funds 560 Blackberry Farm 1,227,745$ 882$ (43,575)$ 53,852$ 1,238,904$
Enterprise Funds 570 Sports Center 2,256,879$ 560$ (307,551)$ 268,737$ 2,218,625$
Enterprise Funds 580 Recreation Program 3,305,164$ 24,300$ (59,478)$ 148,199$ 3,418,184$
Internal Service Funds 610 Innovation & Technology 2,430,568$ ‐$ (334,342)$ ‐$ 2,096,226$
Internal Service Funds 620 Workers Compensation 4,023,274$ ‐$ (3,013)$ (36,394)$ 3,983,867$
Internal Service Funds 630 Vehicle/Equip Replacement 1,023,412$ 2,734$ (90,194)$ ‐$ 935,951$
Internal Service Funds 641 Compensated Absence/LTD 698,262$ ‐$ (7,786)$ ‐$ 690,476$
Internal Service Funds 642 Retiree Medical 224,439$ ‐$ (114,277)$ ‐$ 110,162$
Total 221,787,605$ 17,161,298$ (10,999,056)$ 426,781$ 228,376,628$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed May 18, 2022
15
8
April 2022 Report of City‐wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of March 31, 2022 Revenues Expenditures as of April 30, 2022
General Fund 100 General Fund 99,010,130$ 12,125,420$ 4,343,554$ 106,791,996$
General Fund 130 Investment Fund (1,200)$ ‐$ ‐$ (1,200)$
Special Revenue Funds 210 Storm Drain Improvement 2,354,881$ ‐$ ‐$ 2,354,881$
Special Revenue Funds 215 Storm Drain AB1600 1,840,989$ 9,280$ ‐$ 1,850,269$
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,225,756$ ‐$ 76,361$ 1,149,395$
Special Revenue Funds 260 CDBG 1,073,001$ 412$ 95,196$ 978,218$
Special Revenue Funds 261 HCD Loan Rehab 232,280$ ‐$ ‐$ 232,280$
Special Revenue Funds 265 BMR Housing 6,130,012$ 3,310$ 50,973$ 6,082,349$
Special Revenue Funds 270 Transportation Fund 13,373,561$ 213,685$ 334,735$ 13,252,511$
Special Revenue Funds 271 Traffic Impact 750,695$ ‐$ ‐$ 750,695$
Special Revenue Funds 280 Park Dedication 22,226,429$ 15,000$ 83,589$ 22,157,839$
Special Revenue Funds 281 Tree Fund 138,323$ ‐$ ‐$ 138,323$
Debt Service Funds 365 Public Facilities Corp 2,284,850$ ‐$ ‐$ 2,284,850$
Capital Project Funds 420 Capital Improvement Fund 28,697,994$ ‐$ 663,704$ 28,034,290$
Capital Project Funds 427 Stevens Creek Corridor Park 176,498$ ‐$ 2,480$ 174,018$
Capital Project Funds 429 Capital Reserve*9,546,568$ ‐$ ‐$ 9,546,568$
Enterprise Funds 520 Resource Recovery 5,308,836$ 119,834$ 62,160$ 5,366,509$
Enterprise Funds 560 Blackberry Farm 925,498$ 54,572$ 44,395$ 935,675$
Enterprise Funds 570 Sports Center 2,463,773$ 276,752$ 393,499$ 2,347,027$
Enterprise Funds 580 Recreation Program 2,612,155$ 114,361$ 96,475$ 2,630,040$
Internal Service Funds 610 Innovation & Technology 1,095,928$ ‐$ 370,182$ 725,746$
Internal Service Funds 620 Workers Compensation 2,586,861$ ‐$ 39,407$ 2,547,454$
Internal Service Funds 630 Vehicle/Equip Replacement 2,278,357$ 2,734$ 405,262$ 1,875,829$
Internal Service Funds 641 Compensated Absence/LTD 690,607$ 40$ 7,825$ 682,821$
Internal Service Funds 642 Retiree Medical 224,439$ ‐$ 114,277$ 110,162$
Total 207,247,221$ 12,935,400$ 7,184,073$ 212,998,547$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed May 18, 2022
15
9
CITY OF CUPERTINO
Agenda Item
22-10983 Agenda Date: 5/23/2022
Agenda #: 9.
Subject: INFORMATION ITEM Consider the Audit Committee 2022 Schedule and Work Plan
(Continued from April 25, 2022)
Receive Audit Committee 2022 Schedule and Work Plan and provide direction to staff
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 5/20/2022Page 1 of 1
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January 24, 2022 February 24, 2022 March 28, 2022 April 25, 2022 May 23, 2022 June 27, 2022 July 25, 2022 August 22, 2022 September 26, 2022 October 24, 2022 November 28, 2022 December 12, 2022
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Approve Prior
Meeting Minutes
Treasurer's Report
for Quarter Ending
December 31, 2021
Internal Audit
Update
Monthly Treasurer's
Report for January
and February 2022
Monthly Treasurer's
Report for March
2022
Internal Audit
Update
Monthly Treasurer's
Report for May 2022
Monthly Treasurer's
Report for June 2022
Internal Audit
Update
Monthly Treasurer's
Report for August
2022
Monthly Treasurer's
Report for
September 2022
Internal Audit
Update
Monthly Treasurer's
Report for
November 2022
OPEB & Pension
Section 115 Trust
Performance Report
for Quarter Ending
December 31, 2021
Budget Format
Review
OPEB & Pension
Section 115 Trust
Performance Report
for Quarter Ending
March 31, 2022
Budget Format
Review
Monthly Treasurer's
Investment Report
for May 2022
OPEB & Pension
Section 115 Trust
Performance Report
for Quarter Ending
June 30, 2022
External Audit
Subcommittee and
RFP Kickoff
Monthly Treasurer's
Investment Report
for August 2022
OPEB & Pension
Section 115 Trust
Performance Report
for Quarter Ending
September 30, 2022
ACFR and AUP
Draft Review/Update
Monthly Treasurer's
Investment Report
for November 2022
Review of FY 2020-21
ACFR and
Supplemental
Reports
Annual Review of
City Investment
Policy
Monthly Treasurer's
Report for April 2022
Budget Format
Review of
Committed,
Unassigned Fund
Balance, and Use of
One-Time Funds
Policy
Monthly Treasurer's
Investment Report
for June 2022
Monthly Treasurer's
Report for July 2022
Annual Review of
Pension and OPEB
Trust Investment
Policy
Monthly Treasurer's
Report for October
2022
Committee Input to
Independent Auditor
on Interim Audit and
AUP Engagements
Monthly Treasurer's
Investment Report
for April 2022
Budget Format
Review of OpenGov
Data Sources
Proposed FY 2022-23
Internal Audit Work
Plan
Monthly Treasurer's
Investment Report
for July 2022
Monthly Treasurer's
Investment Report
for September 2022
Monthly Treasurer's
Investment Report
for October 2022
Follow-up on
Previous Fiscal Year
Management Letter
Items and
Management
Responses
Source: Cupertino, CA Municipal Code, Chapter 2.88.100: Audit Committee
The powers and functions of the Audit Committee shall be as follows:
A:To review the annual audit report and management letter;
B:To recommend appointment of auditors;
C To review the monthly Treasurer’s report;
D To recommend a budget format;
E To review City investment policies and internal controls of such policies
F To recommend appointment of internal auditors;
G To review internal audit reports (Ord 20-2208, § 1, 2020; Ord 1679, § 1 (part), 1995
CITY OF CUPERTINO - AUDIT COMMITTEE 2022 SCHEDULE AND WORK PLAN
Summary of Duties – Powers – Responsibilities of
Cupertino Audit Committee
161