AC 06-27-2022 Searchable PacketCITY OF CUPERTINO
AUDIT COMMITTEE
AGENDA
This is a teleconference meeting without a physical location.
Monday, June 27, 2022
4:00 PM
Regular Meeting
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, June 27 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
the record, and display any attachments on the screen, for up to 3 minutes (subject to the
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
Members of the public may observe the teleconference meeting or provide oral public
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Oral public comments will be accepted during the teleconference meeting. Comments may
be made during “oral communications” for matters not on the agenda, and during the
public comment period for each agenda item.
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Audit Committee Agenda June 27, 2022
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In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to
attend this teleconference 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 6
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.
ROLL CALL
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Audit Committee Agenda June 27, 2022
ORDERS OF THE DAY
APPROVAL OF MINUTES
1.Subject: ACTION ITEM Approve Minutes of Regular Meeting on May 23, 2022
Recommended Action: Approve Minutes of Regular Meeting on May 23, 2022
A - Draft Minutes
2.Subject: ACTION ITEM Approve Minutes of Regular Meeting on May 24, 2022
Recommended Action: Approve Minutes of Regular Meeting on May 24, 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
3.Subject: INFORMATION ITEM Consider the FY 2022-23 Internal Audit Program
Recommended Action: Receive the FY 2022-23 Internal Audit Program and provide
input
Presenter: Moss Adams
A - City of Cupertino FY 22-23 Internal Audit Program
4.Subject: INFORMATION ITEM Consider an update on the Fraud, Waste, and Abuse
Program
Recommended Action: Receive an update on the Fraud, Waste, and Abuse Program
Presenter: Moss Adams
5.Subject: ACTION ITEM Consider the Monthly Treasurer’s Investment Report for May
2022
Recommended Action: Review the Monthly Treasurer's Investment Report for May
2022 and recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
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Audit Committee Agenda June 27, 2022
Staff Report
A - Chandler Investment Report May 2022
B - Chandler Custodial Statement May 2022
C - PARS Pension and OPEB Statement May 2022
D - LAIF Statement May 2022
E - Wells Fargo Operating Checking Account Statement May 2022
F - Wells Fargo Payroll Checking Account Statement May 2022
G - Wells Fargo Workers' Compensation Checking Account Statement May 2022
H - Wells Fargo Employee Benefits Checking Account Statement May 2022
I - BNY Mellon Statement May 2022
6.Subject: ACTION ITEM Consider the Monthly Treasurer's Report for May 2022
Recommended Action: Review Monthly Treasurer's Report for May 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 May 2022
B - Report of City-wide Fund Balances May 2022
7.Subject: INFORMATION ITEM Consider an update on the FY 2021-22 Audit and AUP
Engagements
Recommended Action: Receive an update on the FY 2021-22 Audit and AUP
Engagements
Presenter: Thomas Leung, Acting Finance Manager
8.Subject: INFORMATION ITEM Consider an update on Budget Format Review
Recommended Action: Receive an update on Budget Format Review
Presenter: Thomas Leung, Acting Finance Manager
9.Subject: INFORMATION ITEM Consider the Audit Committee 2022 Schedule and
Work Plan
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 - 6.27.2022
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 6 hours in advance of the meeting to arrange for
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Audit Committee Agenda June 27, 2022
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
22-11154 Agenda Date: 6/27/2022
Agenda #: 1.
Subject: ACTION ITEM Approve Minutes of Regular Meeting on May 23, 2022
Approve Minutes of Regular Meeting on May 23, 2022
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
powered by Legistar™6
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City of Cupertino
Audit Committee Regular Meeting
Minutes
May 23, 2022
CALL TO ORDER
At 4:00 p.m., Chair Moore called the regular meeting to order. This was a teleconference meeting
with no physical location.
ROLL CALL
Committee Members Present: Chair Kitty Moore, Vice Chair Angela Chen, Mayor Darcy Paul,
Committeemember Hammer
City Staff Present: Dianne Thompson, Kristina Alfaro, Thomas Leung, Beth Viajar
Absent: Committeemember Song
Guests: Matt Morley, Susan Michael, Chelsea Ritchie (Moss Adams), Chris McCarry (Chandler),
Annie Rose Favreau (Moss Adams), Colleen Rozillis (Moss Adams)
ORDERS OF THE DAY
Chair Moore asked to move item 8 after item 2 and item 3, 4, and 5 ahead of item 2 so the meeting
would begin with item 3, 4, and 5, then 2 and 8. No public comment. Mayor Paul moved the item
and Vice Chair Chen seconded. The motion carried unanimously.
1. APPROVAL OF MINUTES
Vice Chair Chen moved to approve the minutes with the edit. Mayor Paul seconded. The motion
carried unanimously with Committeemember Hammer abstaining.
ORAL COMMUNICATIONS
None.
NEW BUSINESS
3. Receive Internal Audit Status Report and provide direction
Rozillis provided an overview of the internal audit status reports. She noted that they would
present a proposed work program for next year at the next meeting. No public comment. Mayor
Paul asked if there was a presentation or timetable in the packet for them to review. Rozillis
confirmed that a memo was provided. Mayor Paul inquired if they would be looking to involve
this Committee or Council in any policy-making activities between now and the beginning of
next year. Rozillis said no, as these were the City's internal financial policies. If any policy updates
came to the Committee for approval, they would be at the governance level. Mayor Paul asked if
now was the time to provide policy recommendations. Rozillis noted that they did an inventory
of the City's financial policies and looked at where they were compared to best practices. They
did a gap analysis and provided recommendations for prioritized updates of those policies. In
terms of building next year's internal audit work program, they had some ideas. They have a
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regular meeting on Friday to discuss with management. The next step would be to reach out to
members of the Committee to ask for input on potential projects they would like to see for the
next fiscal year.
Mayor Paul inquired if the Procurement Officer was a part of the Fraud, Waste, and Abuse
Program or separate. Rozillis confirmed it would be separate as this was about establishing
policy, procedures, and training for more preventive and detective controls around fraud, waste,
and abuse. Mayor Paul asked if they would be recommending any personnel adjustments or
significant training. Rozillis said probably not personnel adjustments as these were easily
absorbed in the regular workflow. She also stated that they regularly administered these hotlines
for clients. They would work with the City to determine the appropriate ownership and develop
training. Mayor Paul asked if the Capital Program Effectiveness Study was where they should
expect discussion of a Procurement Officer. Rozillis said that procurement was a piece of the
effectiveness of the capital program. Mayor Paul asked if the capital program was where we
should be focusing on procurement or if we should be tracking it separately. Rozillis noted that
the capital program depended on the City's procurement function. It was important to keep in
mind their procurement report and recommendations. She said that if the City did not do some
of the procurement stuff, it would hamper the ability to deliver some of the capital programs.
Mayor Paul asked if they should internalize the recommendations with existing staff. Mayor Paul
asked if the recommendations were actionable, and should they start implementing training or
looking for appropriate personnel for the function. Rozillis confirmed that the reports were
actionable. Rozillis said they recommended a Procurement Manager, and the City could either
add an FTE or find pieces from across the City. Mayor Paul asked if their firm would be available
to help with identifying training programs for existing personnel or hiring personnel. Rozillis
said that their firm helped clients with this all the time. Mayor Paul asked if they could agendize
this item or how the Committee could have a more active role in formulating the job descriptions
or identifying training. Rozillis noted that they would pull examples from other cities they liked,
and the HR department would come up with the job description that the Committee would want.
She noted that it would be up to the City Manager to come up with the job description as Council
would not hire the Procurement Manager. Mayor Paul asked if it wouldn't be unusual for Council
to interface with the City Manager's Office to get a sense of the best job descriptions. Rozillis said
they could check in on the procurement study's implementation and status to see if the City was
moving forward. It would be appropriate to ask for status updates. Chair Moore asked if this
status update would go to City Council. Rozillis stated that status updates haven't typically been
provided to the Council, but they could be provided. For other clients, they provide reports and
an annual program update. Chair Moore noted that it was her preference that it goes to Council.
Chair Moore noted her concerns about the addition of a legislative strategy consultant in the City
Manager's Office. Chair Moore wanted to ensure that a Procurement Officer was in the next
budget. Alfaro noted that the position was being requested in the Administrative Services
Department under the Finance division. Leung confirmed that it was a position under finance.
Mayor Paul asked if the Purchasing Officer could be placed under the City Manager's Office.
Rozillis noted that it could be. They see it more commonly within finance or equally with finance.
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She noted that they want to ensure that whoever is in charge of procurement has appropriate
authority to partner with departments. The Administrative Services Department behaved that
way. Mayor Paul asked if half an FTE could be placed in the City Manager's Office. He noted the
14-year embezzlement and how he wanted more access to the staff accountant that discovered it.
He was told by the Administrative Services Department/Finance Manager that the Mayor would
not be able to talk to that person and would have to go through a transmittal of information. He
stated that the municipal code said they could get direct information from any employee. To
ensure that the public has a little more transparency into this function, he asked if the position
should be within the City Manager's Office or should it be clarified that they can get that
information from City staff. Rozillis noted that when this position is established, the job
description should clearly state the Procurement Officer's level of authority, and that the position,
if it reported to the Director of Administrative Services, had a dotted line relationship to the
Assistant City Manager or City Manager. Chair Moore noted that this was direction from the
Mayor to delineate the level of authority in the Procurement Officer's relationship with the
Assistant City Manager. She noted that the City of Chico's budget policies were nice and concise
and asked if Moss Adams could provide a comparison between their pages 8 and 14. Chair Moore
mentioned that the City of Chico included a policy related to the movement of money within the
budget and that the City of Cupertino was light on policies.
4. Receive Capital Program Effectiveness Study Report and provide direction
Favreau provided an overview of the report. She pointed out that the CIP division experienced
significant staff turnover before this assessment. Current city staff is stabilized and making
admirable progress towards improving the consistency and efficiency of their operat ions.
Favreau provided an overview of the recommendations. No public comment. Mayor Paul asked
what the redundancy in the Capital Program Manager's knowledge would look like. Would that
be in a different department or multiple people within Public Works? Favreau stated the key one
referenced was the Public Works Senior Management Analyst position, as the role supported
much of the CIP division's work. Mayor Paul asked if that position would be in Public Works,
somewhere else, or if it was not critical where this position was placed. Favreau confirmed that
the recommendation would be within Public Works. Mayor Paul noted that we were losing
opportunities if we did not have decent mobility in grant fundraising and asked if this was
covered in the report. Favreau confirmed it was covered. They recommended having at least one
enterprise-wide grant-related position, ideally with a background in Public Works. Mayor Paul
inquired if the recommendation could be interpreted as a more general city-wide position out of
the City Manager's Office. Favreau confirmed that they saw this as an enterprise-wide position
that could support the City as a whole. Mayor Paul inquired if we had lost expertise in grant
writing, as there was a Public Works position and an employee that was writing some grants. He
noted that we were not systematically looking for these funding opportunities.
Favreau noted that grant writing and identification is currently a decentralized process where
members of the team have expertise in this area, but it's not their singular job focus. If it were
centralized, there would be benefits similar to centralized coordination for procurement. Mayor
Paul agreed, adding that it is an added benefit not just logistically but also from the perspective
of neutrality and completeness. He noted that in Community Development, a grant was obtained
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a year ago and not brought back to the Council until a month and a half ago. During that time,
we lost all our opportunities to go ahead with the grant. He inquired if centralization would help
offset that tendency. Favreau noted that she was unsure. The primary benefit of centralization is
increased consistency and dedicated time to focus on the topic. Mayor Paul asked if they had
concerns about the grants, could they add to the administrative requirements that grant updates
be provided every two or three months. Director Alfaro noted that in the Administrative Services
budget under finance, we included a one-time special project for grant management using a
portion of an analyst for the first year to help identify city-wide grants. Administrative Services
would take the financial reporting piece, and the departments would take the operational
reporting piece until we knew what would happen with our budget in the wake of the CDTFA
Audit. Once we know the status of the audit, if appropriate, staff would ask for a Contract Analyst
position who would work under the Purchasing Officer. Chair Moore noted a contract under the
former Public Works Director for $100k for grant writing. She didn't know if it was utilized much
and whether a new contract had been initiated.
Chair Moore inquired about the recommendation to pursue retaining the two limited-term
Project Managers as full-time city employees. She also noted that the report said to hire support
for the Public Works Senior Management Analyst immediately. To her, this report should go to
City Council ahead of the June 7 meeting for budget adoption so that the positions could be
accounted for properly. Chair Moore also noted an issue with the policy, saying we were
supposed to have a five-year plan. The plan is supposed to indicate where the funding will come
from for various projects, and Council is supposed to prioritize these items. That piece of the
policy hasn't been brought forward to Council or focused on. Director Alfaro noted that one of
the limited-term positions was extended as part of the mid-year financial report. Because it is
vacant, the second position will be brought forward next year after the status of the CDTFA audit
is known. The Management Analyst position for Public Works is one of the 12 positions being
recommended for the Council's consideration. Director Alfaro noted that it is recommended as a
Management Analyst and not a Senior Management Analyst to provide that entry level.
Chair Moore inquired if there were any recommendations to the five-year plan as the policy states
shall. Shall ordinarily means that we must do it. Favreau noted that the interpretation of policies
would be left to the legal team and that it is best practice to have this because it will give the team
a clearer insight into what is coming up and the major expenses anticipated in the next 5 to 10
years. Chair Moore wondered if funding was available or if funding strategies were planned for
some of the CIP items as they are big-ticket items. She pointed out that there was a work plan and
a CIP budget, and the work plan had some CIP projects. She encouraged those items to be
removed to not muddy the waters. She noted that other cities did not have CIP projects embedded
in the work plan and asked for guidance. When the CIP moved forward, she would like more
information about how to know if we had adequate funding available, which would help the
decision-making process. Director Alfaro noted that Leung covered this in his portion of the
proposed budget presentation. There was a change in how we normally show transfers to the
capital reserve. Historically, it was not shown in the budget, making it more difficult for CIP to
do longer-term planning. We would transfer funds as part of mid-year once we closed out the
previous fiscal year and identified how much fund balance we had. To make the CIP a better
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planning tool, $2.5 million is included annually for Council's consideration in the long-term
forecast and the operating budget. CIP has planned that in their CIP budget as well.
Mayor Paul noted that we have a specialized, localized economy and inquired how we would
conduct a localized economic analysis. In our forecasts, there is an assumption of recessions every
so many years with the loss of fund balance. There is no historical precedence for that type of
loss. If we look at the CIP, there are three houses where nothing is being done. We could be
deriving income from that. Some of our peer jurisdictions have capital asset strategies to purchase
properties as an income stream. He inquired how we would get the requisite evaluations done,
whether these recommendations could be provided, and, budgetarily, what we should be setting
aside. Mayor Paul noted that Mountain View had a Strategic Acquisition program, which is a
significant revenue source for them. What kind of consultancy would be appropriate in this
context? Rozillis noted there are folks who work with municipal real estate, and they have a real
estate advisory director on the team to whom they can connect the City. The number one way
that they have seen it is clients have commercial property. They provide subsidized rent to not-
for-profits, community groups, and sometimes lower-income housing or affordable housing as
ways to perpetuate community culture. She provided Santa Monica as an example of how they
rent out a large portion of their real estate to arts organizations. Higher education also acquires
real estate near campus like the private sector because they are often landlocked. She mentioned
that the other piece is if these investments align with the City's mission and vision. As a Council,
that is a good policy direction to think about. She recommended putting clear policy language
around when to spend the money, what it's for, who gets to spend it, and how it's authorized as
a future set of elected officials will spend it. Mayor Paul asked whether that began and ended
with policy statements. Rozillis noted that at the policy level, they could look at the City's
property inventory on an annual basis and see if it is at its highest and best use, currently vacant,
or underutilized. Mayor Paul said it sounded like the recommendation would be to examine the
policies first and determine the reason for the delay. If it wasn't one of those situations, then we
should implement a policy related to real estate owned by the City. Rozillis confirmed and noted
that a holistic approach is needed as it is also related to reserves and investments.
Chair Moore wanted to hear comments on funding for Enterprise Funds because the proposed
budget revenues and expenditures for all four are negative . She would like guidance and advice
on those. She noted that the Capital Improvement Fund, Stevens Creek Corridor Park Fund, and
the Capital Reserve had $42.8 million in the proposed budget ending fund balance. She also noted
some IT improvements within Public Works. Because it's specialized project management, would
someone from our IT department be best suited to select software or improvements? She
mentioned that we funded this in our budget so Public Works can make these improvements.
Favreau noted that the funding question is outside the scope of this assessment. Regarding the IT
question, Public Works is actively working with IT to develop an in-house solution. Michael
noted that they were working on developing new software, which is being managed by IT. Alfaro
confirmed that the item for additional software was approved as part of the mid -year financial
report. Leung added that the Enterprise Funds built up fund balance during the pandemic, which
is why the transfers are slightly lower this year. Chair Moore mentioned that there was a policy
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regarding how the fees would or would not cover what was provided and noted that in the future,
this is something that they could look at with Moss Adams.
5. Receive Fiscal Policy Inventory and Gap Analysis Report and provide direction
Leung stated that policies and procedures are currently being reviewed by the City Manager and
Director of Administrative Services and should be finalized by the end of this fiscal year. Ritchie
provided an overview of the report and noted that management was proactive in completing and
updating policies and procedures. Chair Moore wanted to see the prioritized work plan. Alfaro
agreed with Moss Adams's comments and noted that staff had been documenting existing non-
formalized procedures or security setups in our system and formalizing them. Once the policies
were approved, staff would provide training sessions in July and August and refresher courses.
No public comment.
Committeemember Hammer asked how the risk assessments were measured or evaluated: was
it based on the risk of the area or the gap in the documentation. Ritchie noted that it was a mixture
of both, and page 4 of the document explained this in further detail. Chair Moore pointed out that
many high-risk areas were related to budgeting and wanted the Audit Committee to have full
access to this report. Ritchie screen shared and provided an overview of the recommendations.
Chair Moore wondered if the report mentioned the staffing level and if more staff was needed to
implement these changes. Alfaro noted that, aside from the Purchasing Manager, the Budget
Manager was requested to help alleviate the Finance Manager. Mayor Paul stated that the
management responses were the same response pasted seven times over and inquired as to where
the public was in this process and the Audit Committee's role. Ritchie noted that these are policies
and procedures on what staff should be doing on a day-to-day basis. The Audit Committee has
oversight but does not have to dabble that deep into management. They don't need to be as
worried about the processes if the financial policies are being done correctly and they have
reasonable assurances that the financial statements are correct. Mayor Paul noted that seven
categories are being presented as high risk, and all they had to understand the corrective action
is a statement that it is being worked on. How would they be able to get more of an
understanding? He asked if he needed to submit a PRA asking for details. Rozillis noted that they
have a recommendation tracking process where they provide the findings, recommendations ,
and status quarterly or annually. Mayor Paul asked if quarterly was the most frequent she had
seen these types of updates. Rozillis confirmed. It hadn't been started for the Audit Committee
because this is their first year. They could build it into the program for the next fiscal year. Chair
Moore would like to see this item go to City Council. She was thinking of a budget audit, where
someone would see, in regards to the entire budget, if funds coming in were attributed to
departments correctly. Rozillis noted that there's a very important role that the external auditor
plays in looking at how the City's funds are managed. Some of the questions are covered in that.
She added that they could add value by looking at the City's budget process. Leung said that staff
intended to bring both internal audit reports to City Council in June.
2. Review and consider accepting the Monthly Treasurer's Investment Report for April 2022
Leung provided an overview of how to review the reports. Chair Moore asked for the BNY
Mellon statement and the Petty Cash and Change reports. Leung noted that staff would provide
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the BNY Mellon statement moving forward and the Petty Cash and Change reports if requested.
Chair Moore inquired about LAIF. She asked why the account value was not moving and for staff
to provide any missing statements. Leung responded that the BNY Mellon account would be
provided moving forward. Leung showed the bank statement balances. LAIF deposits interest
quarterly, so the balance changes every quarter. McCarry provided an overview of their report
and noted no recessionary trends. Mayor Paul motioned. Vice Chair Chen seconded. Motion
carried unanimously by all members present.
8. Review Monthly Treasurer's Report for April 2022 and recommend filing with City
Council
Leung provided an overview of the April 2022 reports. No public comment. Mayor Paul thanked
Chair Moore for getting this information to the Audit Committee. Chair Moore asked how the
accounts fit in with the fund statements and balances and how she should interpret them. She
thinks the investment fund should be covering the $228 million. The March report for workers'
compensation had an ending balance of $4 million. When she tried to compare it to the Wells
Fargo account, it showed $720k. Where is that $4 million? She noted the same with parkland fees
of $22 million. We don't have a separate account somewhere for it. Where is that money sitting?
Leung said that the City pooled funds for all of its accounts. All the funds, General Fund,
Enterprise Funds, and Internal Services Funds, are pooled in the $228 million. For example,
worker's compensation funds would be transferred from the main checking account into those
funds if transactions needed to be made. Chair Moore noted that the actual balance isn't high
enough. Where would the money come from? We seemed to have more funds earmarked in the
statement than in assets that could cover it. Leung noted that for all funds combined, the City has
$228.4 million. $31.9 million is in cash in operating accounts, $21 million is in cash equivalents in
LAIF, and $156.9 million was in our investment accounts with Chandler. Pooling the accounts
allows the City to have greater liquidity and earn higher returns by allowing more funds to be
allocated towards investments. Chair Moore noted that staff should anticipate that these
questions may be asked again at City Council. Committeemember Hammer asked if Chair Moore
was asking about cash flow and how we were monitoring it. Chair Moore confirmed.
Chair Moore asked how to interpret these fund balances when deciding on next year's budget.
Alfaro noted that the $43 million in fund balance was already tied up in existing projects because
of how CIP was funded. CIP is funded completely in year one, and the funds are carried over to
the next year. Staff will work with CIP to show the $43 million and which projects have been
allocated towards the remaining balance. Leung added that neither of these reports showed how
much money was available to spend. Cash balance is different from fund balance because it is
measured on a cash basis. Fund balance is the total fund balance for the entire fund, so it's not
showing if funds have been earmarked for other projects. Monthly fund balances are based on
what's been received and spent to date. Chair Moore requested if Special Revenue Funds 210, 215,
and 230 should be rolled together. She requested if the funds could show the source of how the
funds came to be (ex. resolution or municipal code by ordinance). She noted having the same
question for Special Revenue Fund 270. She wondered how the Enterprise Funds were being kept
in the black as it seemed they operated at a loss. Leung confirmed that the City transfers funds to
these funds if they have a low fund balance on an annual basis as part of the proposed and
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adopted budget process. Alfaro added that the fee study from Matrix Consulting recommended
raising Parks and Recreation fees, but the City did not do that based on Council direction. Since
then, they have been increasing it based on market data from the Parks and Recreation
department. Leung added that for Parks and Recreation, fees are not increased based on CPI or
other escalators. In 2016, Council voted to maintain the fees below cost-recovery levels. Mayor
Paul motioned. Vice Chair Chen seconded. Motion carried unanimously by all members present.
6. Receive report on Interim Audit and AUP Engagements and provide direction
Chair Moore moved items 6, 7 (to include similar format to the April 2022 report) and 9 to a
5/24/22 continuation meeting. Mayor Paul seconded. Motion carried unanimously by all members
present.
7. Review Monthly Treasurer's Report for March 2022 and recommend filing with City
Council
Chair Moore moved items 6, 7 (to include similar format to the April 2022 report) and 9 to a
5/24/22 continuation meeting. Mayor Paul seconded. Motion carried unanimously by all members
present.
9. Receive Audit Committee 2022 Schedule and Work Plan and provide direction to staff
Chair Moore moved items 6, 7 (to include similar format to the April 2022 report) and 9 to a
5/24/22 continuation meeting. Mayor Paul seconded. Motion carried unanimously by all members
present.
OLD BUSINESS
None.
STAFF AND COMMITTEE REPORTS
FUTURE AGENDA SETTING
ADJOURNMENT
The meeting adjourned at 6:30 p.m.
Recording Secretary:
Janet Liang, Administrative Assistant
14
CITY OF CUPERTINO
Agenda Item
22-11162 Agenda Date: 6/27/2022
Agenda #: 2.
Subject: ACTION ITEM Approve Minutes of Regular Meeting on May 24, 2022
Approve Minutes of Regular Meeting on May 24, 2022
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
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Page 1
City of Cupertino
Audit Committee Regular Meeting
Minutes
May 24, 2022
CALL TO ORDER
At 4:00 p.m., Chair Moore called the regular meeting to order. This was a teleconference meeting
with no physical location.
ROLL CALL
Committee Members Present: Chair Kitty Moore, Mayor Darcy Paul, Committeemember
Hammer
City Staff Present: Thomas Leung, Beth Viajar
Absent: Committeemember Song, Vice Chair Angela Chen
Guests:
ORDERS OF THE DAY
APPROVAL OF MINUTES
ORAL COMMUNICATIONS
None.
NEW BUSINESS
6. Receive report on Interim Audit and AUP Engagements and provide direction
Staff recommended that this item be postponed until the next meeting because the ACFR was
delayed due to the single audit. Chair Moore asked for a reminder of what the single audit was.
Leung noted that the single audit was conducted for FY 2021 due to the grant revenues received
from the American Rescue Plan Act. The expenditures were over a certain threshold, so the
auditors conducted a single audit. Mayor Paul moved this item to a date uncertain.
Committeemember Hammer seconded. Motion carried unanimously by all members present.
Vice Chair Chen and Committeemember Song absent.
7. Review Monthly Treasurer's Report for March 2022 and recommend filing with City Council
Leung noted that this item was presented at the April meeting and would answer any questions.
Chair Moore asked Leung to pull up the reports for journal adjustments and asked what those
were. Leung noted that we had journal adjustments in March due to the mid-year report that
went to Council in March, which included a $10 million transfer to the Capital Reserve and other
adjustments requested by departments. Committeemember Hammer inquired if these
adjustments were made due to the review of closed results or for budgetary or funding reasons
prior to the close of the books. Leung noted that the adjustments were made prior to the close of
the books. Leung showed a report of receipts, disbursements, and journal adjustments. Journal
adjustments include transactions that take place in other systems. For example, revenues received
16
Page 2
in the Parks and Recreation system would not be recorded in the financial system but as journal
adjustments. Chair Moore said that the Environmental Management Clean Creek Storm Drain
Special Revenue Fund had a journal adjustment of $104k. What does this mean? Leung noted that
he would have to look into the details for that specific adjustment. Adjustments may have been
due to transfers between funds. Chair Moore said this should be looked into as Special Revenue
Funds are for a designated purpose. The same with BMR Housing and Transportation funds. She
requested that the budget have the mechanism which created them. She said she could locate
some within the municipal code. For example, the purpose of the Tree Fund wasn't clear. She
noted that the Park Dedication Fund had a policy associated with this fund. The fees came from
a certain zone. The money would benefit the zone, and if there were no projects within that area,
it would go out to a wider area. She inquired where that policy exists and, as this item is going to
City Council to include a table that will explain these funds in the staff report. She noted statutory
requirements for some of these Special Revenue Funds. If you have not expended the money or
identified where it will be spent within five years of receiving the funds, it would need to be
refunded. Mayor Paul motioned. Committeemember Hammer seconded. Motion carried
unanimously by all members present. Vice Chair Chen and Committeemember Song absent.
9. Receive Audit Committee 2022 Schedule and Work Plan and provide direction to staff
Leung provided an overview of the 2022 Schedule and Work Plan. No public comment. Chair
Moore commented on how the budget format review is shown for May 23rd, but it was not shown
on the agenda yesterday. She asked if the internal audit update would take place in June. Leung
noted they planned to bring the two internal audit policies to Council in June and would work
with the auditors to bring the work plan in June or July. Chair Moore asked if recommendations
regarding the budget review, such as having a budget auditor, would be under future agenda-
setting or the work plan. Leung noted that input could be provided when the internal auditors
come in June or July to discuss the work plan. It could also be stated here, and staff has noted that
recommendation. Chair Moore commented on the budget format review from 1995 when the
head of the finance department was the chair. They had a discussion and decided the budget
format review was one of the Audit Committee's duties. The rationale was that the City Council
did the budget review. She said the budget format review should be a budget review and a budget
format review. She added that it was a severe handicap. She hoped it could be remedied when it
went to Council. Committeemember Hammer asked if the Audit Committee looked at budget
versus actuals on a regular basis. Leung noted that the Audit Committee did not. City Council
reviewed budget versus actuals as part of the quarterly financial reports. Committeemember
Hammer asked if we reviewed the budget, would we consider also looking at the performance
of the budget on a regular basis. Leung noted that he would check with the City Attorney to see
if a budget review could be added. Chair Moore asked about the frequency of the appointment
of auditors. Leung noted that it was approximately every 4-5 years and believed that the Audit
Committee would be reviewing the appointment of an auditor in FY 2024. Chair Moore asked for
confirmation regarding whether the review of the City's investment policies and internal controls
is around the Chandler account investments and the US bank accounts. Leung confirmed. The
Audit Committee reviews the pension and OPEB investment policies in September/October and
the City Investment Policy, which governs the Chandler investments, in April. Chair Moore asked
the difference between recommending the appointment of auditors and the appointment of
17
Page 3
internal auditors. Leung noted that one was for external auditors and one was for internal
auditors. Chair Moore asked if they suggested a budget audit would that be something Moss
Adams would apply for or make a bid for. Leung said he would need to confirm with the City
Attorney. Chair Moore asked if we could bring this back to the June 27th meeting as a potential
work plan item to investigate having a budget audit. Leung noted that staff would check with the
City Manager to see what he recommended. Currently, the external auditor audits budget versus
actuals, and the internal auditor audits the City's budget policies. Committeemember Hammer
noted that the external auditors audit budget versus actuals and if we can request results of that
audit on a regular basis. Leung confirmed that it can be requested and will bring the external
auditors back for further discussion. Chair Moore asked if the external auditors could look at it
quarterly. Leung noted that staff would look into it.
OLD BUSINESS
None.
STAFF AND COMMITTEE REPORTS
FUTURE AGENDA SETTING
ADJOURNMENT
The meeting adjourned at 4:30 p.m.
Recording Secretary:
Janet Liang, Administrative Assistant
18
CITY OF CUPERTINO
Agenda Item
22-11155 Agenda Date: 6/27/2022
Agenda #: 3.
Subject: INFORMATION ITEM Consider the FY 2022-23 Internal Audit Program
Receive the FY 2022-23 Internal Audit Program and provide input
Presenter: Moss Adams
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Overview
1.Introduction
2.Internal Audit Program Components
3.Internal Audit Program Review
4.Internal Audit Departments Covered
5.Potential Internal Audit Projects
6.Recommended Internal Audit Plan
21
1. Introduction
•The City retained Moss Adams to serve as the designated Internal
Auditor and conduct projects focusing on:
o Risks
o Internal controls
o Efficiency and effectiveness
o Best practices
o Compliance
•Work is being completed under appropriate industry standards
3
22
3. Internal Audit Program Review
Focus Accomplishments
•Enterprise Risk Assessments 2021
•Internal Controls Projects Completed 1
•Performance/Efficiency Projects Completed 2
•Policies Reviewed To Come
•Recommendations Delivered 27
•Ethics Hotline To Come
•Recommendations Validated To Come
5
24
4. Internal Audit Departments Covered
Department Projects
Administrative Services Procurement (22), Finance P&Ps (22)
City Clerk
City Manager’s Office FWA Program (22)
Community Development
Communications
Innovation & Technology
Parks & Recreation
Public Works Capital Program (22)
Enterprise Projects: Risk Assessment (21)
25
5. Potential Internal Audit Projects
Items in italics are recommended
7
1.Library Construction Audit ($30,000)
2.Enterprise Leadership Effectiveness Study ($35,000)
3.Budget Process Review ($15,000)
4.Policy Review Ongoing Support ($10,000)
5.Ongoing Internal Audit Services ($10,000)
6.Grants Management Performance Audit ($35,000)
7.IT General Controls or Cybersecurity Review ($30,000)
8.Performance Management or Succession Planning Study ($35,000)
9.Contract/Vendor Management Performance Audit ($30,000)
26
6. Recommended Internal Audit Plan
1.Library Construction Audit: Perform mid-point audit of library construction to review
reporting, project accounting consistency controls, and related construction controls;
identify non-compliant project charges and change orders and control improvement
opportunities. (8 weeks)
2.Enterprise Leadership Effectiveness Study: Assess the effectiveness of the City’s
management and governance collaboration framework and provide recommendations to
strengthen and streamline procedures to align with best practices for municipal leadership.
(15 weeks)
3.Budget Process Review: Document and review the City’s budget process, compare to best
practice, and provide recommendations for improvements in efficiency and effectiveness. (6
weeks)
4.Policy Review Ongoing Support: As the City updates and develops draft financial policies
based on the prioritized inventory, review drafts and provide recommendations to align
policies with best practice. (52 weeks)
5.Ongoing Internal Audit Services: Attend Audit Committee and Council meetings; prepare
status reports, manage internal audit program, and prepare FY 23-24 internal audit plan.
(52 weeks)
8
27
The material appearing in this presentation is for informational purposes only and is not legal or accounting advice. Communication of this information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials may have been prepared by professionals, they should not be used as a substitute for professional services. If legal, accounting, or other professional advice is required, the services of a professional should be sought.
10
29
CITY OF CUPERTINO
Agenda Item
22-11156 Agenda Date: 6/27/2022
Agenda #: 4.
Subject: INFORMATION ITEM Consider an update on the Fraud, Waste, and Abuse Program
Receive an update on the Fraud, Waste, and Abuse Program
Presenter: Moss Adams
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CITY OF CUPERTINO
Agenda Item
22-11157 Agenda Date: 6/27/2022
Agenda #: 5.
Subject: ACTION ITEM Consider the Monthly Treasurer’s Investment Report for May 2022
Review the Monthly Treasurer's Investment Report for May 2022 and recommend filing with City
Council
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
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3
The $229.8 million in cash and investments includes $33.4 million in cash, $21.1 million in
cash equivalents, $156.9 million in investments, and $18.5 million restricted for funding
pension costs.
The City pools cash for all funds except restricted funds. However, the City accounts for
interest earnings, revenues, and expenditures separately for each fund to adequately meet
the purpose and restrictions of each funding source. Pooling funds is a common and
appropriate practice used in public agencies. By pooling funds, the City can benefit from
economies of scale, diversification, liquidity, and ease of administration.
34
8
Approved for Submission by: __________________
Jim Throop
City Manager
Attachments:
A – Chandler Investment Report May 2022
B – Chandler Custodial Statement May 2022
C – PARS Pension and OPEB Statement May 2022
D – LAIF Statement May 2022
E – Wells Fargo Operating Checking Account Statement May 2022
F – Wells Fargo Payroll Checking Account Statement May 2022
G – Wells Fargo Workers' Compensation Checking Account Statement May 2022
H – Wells Fargo Employee Benefits Checking Account Statement May 2022
I – BNY Mellon Statement May 2022
39
SECTION 1 Economic Update
SECTION 2 Account Profile
SECTION 3 Portfolio Holdings
SECTION 4 Transactions
Table of Contents As of May 31, 2022
1
41
Economic Update
Financial markets are experiencing heightened volatility and tighter conditions as central banks employ more restrictive
monetary policies to combat persistent inflation.The conflict between Russia and Ukraine has exacerbated inflationary
pressures,particularly with energy and commodities,and strict COVID lockdowns in China are intensifying distressed
supply chains.Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending.Labor
markets remain strong,but wage gains are not keeping up with inflation. While we expect the Fed to continue to tighten
monetary policy,the FOMC has very little margin for error as it attempts to combat inflation withoutpushing the economy
into a recession.We continue to believe the risk of an economic slowdown later this year has increased.Over the near-
term,we expect financial market volatility to remain intensified and conditions to remain tighterwith 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 believe
that monetary policy is not on 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 May,yields fell and the curve steepened.The 2-year Treasury yield declined 16 basis points to 2.56%,the 5-year Treasury
yield fell 14 basis points to 2.82%,and the 10-year Treasury yield dropped 9 basis points to 2.85%.The spread between the 2-
year and 10-year Treasury yield increased to 29 basis points at May month-end versus 22 basis points at April month-end,
but down from 145 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 is still steep at about 179 basis points,which indicates likely economic growth in
the coming year.
3
43
Objectives
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is
equal to or above the return on the benchmark index.
Investment Objectives
The City of Cupertino’s investment objectives,in order of priority,are to provide safety to ensure the
preservation of capital in the overall portfolio,provide sufficient liquidity for cash needs and a market rate
of return consistent with the investment program.
Strategy
In order to achieve these objectives,the portfolio invests in high quality fixed incomes securities
consistent with the investment policy and California Government Code.
As of May 31, 2022
9
49
Compliance As of May 31, 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
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
City of Cupertino
Assets managed by Chandler Asset Management are in full compliance with state law and with the City's investment policy.
10
50
Compliance As of May 31, 2022
Category Standard Comment
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
51
Portfolio Summary –City of Cupertino # 10659 As of May 31, 2022
12
52
Purchase Yield as of 05/31/22 = 1.41%
0.00
0.50
1.00
1.50
2.00
2.50
Pe
r
c
e
n
t
(
%
)
Historical Average Purchase Yield
City of Cupertino
As of May 31, 2022
13
53
Issue Name Investment Type % Portfolio
Government of United States US Treasury 23.35%
Federal National Mortgage Association Agency 9.97%
Federal Home Loan Bank Agency 6.18%
Federal Home Loan Mortgage Corp Agency 5.88%
Federal Home Loan Mortgage Corp CMO 5.31%
International Finance Corp Supranational 3.38%
Inter-American Dev Bank Supranational 3.34%
American Express ABS ABS 1.93%
Hyundai Auto Receivables ABS 1.85%
Royal Bank of Canada Corporate 1.70%
Toyota Motor Corp Corporate 1.63%
Bank of America Corp Corporate 1.63%
Bank of New York Corporate 1.60%
Honda ABS ABS 1.55%
JP Morgan Chase & Co Corporate 1.54%
Intl Bank Recon and Development Supranational 1.48%
Toronto Dominion Holdings Corporate 1.45%
Paccar Financial Corporate 1.26%
Toyota ABS ABS 1.25%
GM Financial Automobile Leasing Trust ABS 1.24%
Toyota Lease Owner Trust ABS 1.21%
Bank of Montreal Chicago Corporate 1.17%
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%
United Health Group Inc Corporate 1.09%
New York Life Global Funding Corporate 1.08%
Berkshire Hathaway Corporate 1.04%
John Deere ABS ABS 0.99%
Hyundai Auto Lease Securitization ABS 0.87%
Guardian Life Global Funding Corporate 0.85%
US Bancorp Corporate 0.83%
Caterpillar Inc Corporate 0.72%
GM Financial Securitized Term Auto Trust ABS 0.68%
Deere & Company Corporate 0.66%
Verizon Owner Trust ABS 0.66%
Issuers
City of Cupertino –Account #10659
As of May 31, 2022
15
55
Issue Name Investment Type % Portfolio
Charles Schwab Corp/The Corporate 0.61%
Mass Mutual Insurance Corporate 0.61%
BMW Vehicle Lease Trust ABS 0.57%
Northwestern Mutual Glbl Corporate 0.52%
State of California Municipal Bonds 0.50%
Northern Trust Corp Corporate 0.46%
Morgan Stanley Corporate 0.42%
Nissan ABS ABS 0.36%
BMW ABS ABS 0.35%
Wal-Mart Stores Corporate 0.22%
Mercedes-Benz Auto Lease Trust ABS 0.20%
Wells Fargo 100% Treasury MMKT Fund Money Market Fund 0.07%
TOTAL 100.00%
Issuers
City of Cupertino –Account #10659
As of May 31, 2022
16
56
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
3,665.03 Various
1.94%
3,737.01
3,670.08
100.03
2.12%
3,666.08
4.74
0.00%
(4.00)
Aaa / NR
AAA
1.13
0.04
43815NAC8 Honda Auto Receivables Trust 2019-3 A3
1.780% Due 08/15/2023
246,021.44 Various
1.93%
245,607.87
245,979.93
99.94
2.06%
245,879.73
194.63
0.16%
(100.20)
Aaa / AAA
NR
1.21
0.21
58769EAC2 Mercedes-Benz Auto Lease Trust 2020-B A3
0.400% Due 11/15/2023
298,951.22 09/15/2020
0.40%
298,936.06
298,947.12
99.39
2.14%
297,121.93
53.15
0.20%
(1,825.19)
NR / AAA
AAA
1.46
0.35
477870AC3 John Deere Owner Trust 2019-B A3
2.210% Due 12/15/2023
154,040.88 08/27/2019
1.79%
155,466.96
154,551.69
100.09
1.87%
154,175.82
151.30
0.10%
(375.87)
Aaa / NR
AAA
1.54
0.25
92348AAA3 Verizon Owner Trust 2019-C A1A
1.940% Due 04/22/2024
206,363.29 10/01/2019
1.95%
206,347.38
206,356.66
100.00
1.96%
206,354.83
122.33
0.14%
(1.83)
NR / AAA
AAA
1.90
0.30
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
687,750.00
97.90
2.92%
685,281.80
83.42
0.46%
(2,468.20)
Aaa / AAA
NR
1.90
0.84
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
789,932.02
97.79
2.73%
772,559.96
115.87
0.52%
(17,372.06)
Aaa / AAA
NR
2.05
0.92
65479JAD5 Nissan Auto Receivables Owner 2019-C A3
1.930% Due 07/15/2024
533,989.82 Various
1.70%
536,638.84
535,319.49
99.91
2.22%
533,503.36
458.04
0.36%
(1,816.13)
Aaa / AAA
NR
2.13
0.32
43813DAC2 Honda Auto Receivables 2020-2 A3
0.820% Due 07/15/2024
112,790.54 05/18/2020
0.83%
112,781.67
112,785.99
99.16
2.41%
111,843.33
41.11
0.07%
(942.66)
Aaa / AAA
NR
2.13
0.53
47789KAC7 John Deere Owner Trust 2020-A A3
1.100% Due 08/15/2024
156,284.79 03/04/2020
1.11%
156,275.23
156,280.03
99.33
2.53%
155,236.90
76.41
0.10%
(1,043.13)
Aaa / NR
AAA
2.21
0.47
43813KAC6 Honda Auto Receivables Trust 2020-3 A3
0.370% Due 10/18/2024
515,799.55 09/22/2020
0.38%
515,723.78
515,764.15
98.69
2.46%
509,030.71
68.92
0.34%
(6,733.44)
NR / AAA
AAA
2.39
0.63
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
964,991.13
97.19
2.83%
937,897.01
115.00
0.63%
(27,094.12)
NR / AAA
AAA
2.39
1.16
47787NAC3 John Deere Owner Trust 2020-B A3
0.510% Due 11/15/2024
172,857.42 07/14/2020
0.52%
172,831.08
172,845.14
98.78
2.47%
170,740.78
39.18
0.11%
(2,104.36)
Aaa / NR
AAA
2.46
0.63
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
424,969.81
97.55
2.74%
414,571.78
23.38
0.28%
(10,398.03)
Aaa / NR
AAA
2.58
1.03
89236XAC0 Toyota Auto Receivables 2020-D A3
0.350% Due 01/15/2025
400,759.46 10/06/2020
0.36%
400,684.80
400,713.42
98.78
2.51%
395,851.36
62.34
0.26%
(4,862.06)
NR / AAA
AAA
2.63
0.57
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
539,990.01
97.23
3.07%
525,017.70
278.40
0.35%
(14,972.31)
Aaa / AAA
NR
2.63
1.47
92290BAA9 Verizon Owner Trust 2020-B A
0.470% Due 02/20/2025
800,000.00 08/04/2020
0.48%
799,832.00
799,898.87
98.55
2.61%
788,363.20
114.89
0.53%
(11,535.67)
Aaa / NR
AAA
2.73
0.68
As of May 31, 2022
17
57
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
1,149,838.96
97.97
3.17%
1,126,623.95
688.72
0.75%
(23,215.01)
NR / AAA
AAA
2.73
1.70
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
944,992.88
97.88
3.25%
924,985.85
548.63
0.62%
(20,007.03)
Aaa / NR
AAA
2.81
1.59
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
449,943.97
97.26
3.13%
437,677.65
82.50
0.29%
(12,266.32)
NR / AAA
AAA
2.82
1.36
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
294,996.83
97.85
2.96%
288,656.32
22.13
0.19%
(6,340.51)
Aaa / NR
AAA
2.89
0.80
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
1,089,883.20
97.99
2.72%
1,068,076.83
125.96
0.71%
(21,806.37)
Aaa / NR
AAA
2.96
0.82
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
514,965.24
97.14
3.00%
500,267.40
86.98
0.33%
(14,697.84)
NR / AAA
AAA
3.30
1.10
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
459,918.50
96.10
3.20%
442,068.74
112.44
0.30%
(17,849.76)
Aaa / NR
AAA
3.65
1.70
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
579,960.49
95.16
3.53%
551,904.22
134.04
0.37%
(28,056.27)
Aaa / NR
AAA
3.79
1.63
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
429,992.37
95.88
3.71%
412,300.77
135.69
0.28%
(17,691.60)
NR / AAA
AAA
3.88
1.39
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
739,897.97
97.03
3.37%
717,987.23
618.31
0.48%
(21,910.74)
Aaa / AAA
NR
3.96
2.02
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
1,298,697.14
95.92
3.22%
1,275,736.00
437.42
0.85%
(22,961.14)
NR / AAA
AAA
3.96
1.67
05602RAD3 BMW Vehicle Owner Trust 2022-A A3
3.210% Due 08/25/2026
530,000.00 05/10/2022
3.23%
529,972.44
529,972.78
99.89
3.28%
529,428.66
614.36
0.35%
(544.12)
Aaa / AAA
NR
4.24
2.04
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
349,992.68
96.24
3.15%
336,850.50
99.17
0.23%
(13,142.18)
Aaa / AAA
NR
4.30
1.54
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
449,906.45
97.52
3.69%
438,833.70
464.00
0.29%
(11,072.75)
Aaa / NR
AAA
4.30
1.84
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
1,009,963.64
97.76
3.36%
987,348.74
996.53
0.66%
(22,614.90)
NR / AAA
AAA
4.38
2.00
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
294,977.17
96.82
3.29%
285,622.84
154.88
0.19%
(9,354.33)
NR / AAA
AAA
4.47
1.58
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
389,921.68
99.64
3.28%
388,600.68
503.75
0.26%
(1,321.00)
Aaa / AAA
NR
4.72
2.20
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
1,525,687.73
97.50
3.17%
1,506,413.63
1,517.53
1.01%
(19,274.10)
Aaa / NR
AAA
4.79
2.66
As of May 31, 2022
18
58
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
02582JJT8 American Express Credit Trust 2022-2 A
3.390% Due 05/17/2027
1,375,000.00 05/17/2022
3.42%
1,374,695.85
1,374,698.09
100.51
3.23%
1,382,034.50
906.35
0.92%
7,336.41
NR / AAA
AAA
4.96
2.77
TOTAL ABS 20,951,523.44 1.53%
20,885,033.03
20,888,953.31 3.01%
20,508,514.49
10,252.50
13.71%
(380,438.82)
Aaa / AAA
Aaa
3.33
1.48
Agency
3137EAER6 FHLMC Note
0.375% Due 05/05/2023
1,350,000.00 05/05/2020
0.39%
1,349,433.00
1,349,824.66
98.38
2.15%
1,328,135.40
365.63
0.89%
(21,689.26)
Aaa / AA+
AAA
0.93
0.92
3130A3DL5 FHLB Note
2.375% Due 09/08/2023
2,000,000.00 09/06/2019
1.52%
2,066,320.00
2,021,077.04
100.10
2.29%
2,002,096.00
10,951.39
1.34%
(18,981.04)
Aaa / AA+
NR
1.27
1.24
3135G0U43 FNMA Note
2.875% Due 09/12/2023
1,500,000.00 06/21/2019
1.89%
1,559,805.00
1,518,162.71
100.71
2.30%
1,510,701.00
9,463.54
1.02%
(7,461.71)
Aaa / AA+
AAA
1.28
1.25
3137EAFA2 FHLMC Note
0.250% Due 12/04/2023
1,755,000.00 12/02/2020
0.28%
1,753,262.55
1,754,125.72
96.89
2.36%
1,700,386.16
2,157.19
1.14%
(53,739.56)
Aaa / AA+
AAA
1.51
1.49
3130A0F70 FHLB Note
3.375% Due 12/08/2023
2,100,000.00 Various
1.75%
2,222,418.00
2,150,034.89
101.40
2.43%
2,129,414.70
34,059.38
1.45%
(20,620.19)
Aaa / AA+
AAA
1.52
1.45
3130A0XE5 FHLB Note
3.250% Due 03/08/2024
1,500,000.00 03/28/2019
2.27%
1,568,115.00
1,524,364.50
101.26
2.52%
1,518,868.50
11,239.58
1.02%
(5,496.00)
Aaa / AA+
NR
1.77
1.70
3130A1XJ2 FHLB Note
2.875% Due 06/14/2024
1,500,000.00 06/18/2019
1.96%
1,564,890.20
1,526,497.42
100.60
2.57%
1,508,935.50
20,005.21
1.02%
(17,561.92)
Aaa / AA+
NR
2.04
1.94
3135G0V75 FNMA Note
1.750% Due 07/02/2024
1,500,000.00 07/16/2019
1.96%
1,484,895.00
1,493,647.90
98.44
2.52%
1,476,619.50
10,864.58
0.99%
(17,028.40)
Aaa / AA+
AAA
2.09
2.02
3130A2UW4 FHLB Note
2.875% Due 09/13/2024
2,000,000.00 09/13/2019
1.79%
2,103,380.00
2,047,325.82
100.46
2.67%
2,009,106.00
12,458.33
1.35%
(38,219.82)
Aaa / AA+
AAA
2.29
2.18
3135G0W66 FNMA Note
1.625% Due 10/15/2024
1,975,000.00 Various
1.73%
1,965,802.75
1,970,509.76
97.51
2.72%
1,925,777.08
4,100.87
1.29%
(44,732.68)
Aaa / AA+
AAA
2.38
2.30
3135G0X24 FNMA Note
1.625% Due 01/07/2025
1,295,000.00 Various
1.38%
1,309,953.95
1,303,085.55
97.32
2.70%
1,260,249.97
8,417.50
0.85%
(42,835.58)
Aaa / AA+
AAA
2.61
2.51
3137EAEP0 FHLMC Note
1.500% Due 02/12/2025
2,365,000.00 02/13/2020
1.52%
2,363,178.95
2,364,015.14
96.78
2.75%
2,288,733.48
10,741.04
1.54%
(75,281.66)
Aaa / AA+
AAA
2.71
2.60
3135G03U5 FNMA Note
0.625% Due 04/22/2025
1,860,000.00 04/22/2020
0.67%
1,856,168.40
1,857,781.71
94.09
2.77%
1,750,003.32
1,259.38
1.17%
(107,778.39)
Aaa / AA+
AAA
2.90
2.83
3135G04Z3 FNMA Note
0.500% Due 06/17/2025
2,500,000.00 Various
0.50%
2,499,227.30
2,499,657.63
93.41
2.77%
2,335,192.50
5,694.44
1.56%
(164,465.13)
Aaa / AA+
AAA
3.05
2.98
3137EAEU9 FHLMC Note
0.375% Due 07/21/2025
1,250,000.00 07/21/2020
0.48%
1,243,775.00
1,246,088.90
92.86
2.76%
1,160,807.50
1,692.71
0.78%
(85,281.40)
Aaa / AA+
AAA
3.14
3.08
As of May 31, 2022
19
59
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
3135G05X7 FNMA Note
0.375% Due 08/25/2025
2,500,000.00 Various
0.48%
2,487,983.75
2,491,995.51
92.57
2.79%
2,314,287.51
2,500.00
1.55%
(177,708.00)
Aaa / AA+
AAA
3.24
3.17
3137EAEX3 FHLMC Note
0.375% Due 09/23/2025
2,500,000.00 Various
0.46%
2,489,362.80
2,492,795.88
92.41
2.79%
2,310,125.00
1,770.83
1.54%
(182,670.88)
Aaa / AA+
AAA
3.32
3.25
3135G06G3 FNMA Note
0.500% Due 11/07/2025
2,500,000.00 Various
0.56%
2,492,700.00
2,494,967.51
92.56
2.79%
2,314,000.00
833.33
1.55%
(180,967.51)
Aaa / AA+
AAA
3.44
3.36
TOTAL Agency 33,950,000.00 1.15%
34,380,671.65
34,105,958.25 2.61%
32,843,439.12
148,574.93
22.04%
(1,262,519.13)
Aaa / AA+
Aaa
2.37
2.30
CMO
3137B4WB8 FHLMC K033 A2
3.060% Due 07/25/2023
1,000,000.00 08/13/2019
2.02%
1,037,656.25
1,010,964.54
100.64
2.22%
1,006,446.00
510.00
0.67%
(4,518.54)
Aaa / NR
NR
1.15
0.98
3137B5JM6 FHLMC K034 A2
3.531% Due 07/25/2023
1,000,000.00 09/26/2019
2.00%
1,053,867.19
1,016,202.69
100.86
2.47%
1,008,648.00
2,942.50
0.68%
(7,554.69)
NR / NR
AAA
1.15
1.01
3137B7MZ9 FHLMC K036 A2
3.527% Due 10/25/2023
1,000,000.00 08/19/2019
1.92%
1,061,914.06
1,020,746.29
100.85
2.66%
1,008,495.00
587.83
0.67%
(12,251.29)
Aaa / NR
AAA
1.40
1.21
3137BFE98 FHLMC K041 A2
3.171% Due 10/25/2024
1,300,000.00 07/01/2021
0.72%
1,398,414.06
1,371,021.31
100.25
2.98%
1,303,277.30
3,435.25
0.87%
(67,744.01)
Aaa / AAA
AAA
2.41
2.19
3137BLMZ8 FHLMC K049 A2
3.010% Due 07/25/2025
1,000,000.00 07/01/2021
0.87%
1,079,687.50
1,061,668.81
99.71
3.06%
997,148.00
2,508.33
0.67%
(64,520.81)
NR / NR
AAA
3.15
2.85
3137BLW95 FHLMC K050 A2
3.334% Due 08/25/2025
950,000.00 11/16/2021
1.17%
1,018,132.81
1,008,349.12
100.64
3.06%
956,069.62
2,639.42
0.64%
(52,279.50)
NR / NR
AAA
3.24
2.89
3137BM7C4 FHLMC K051 A2
3.308% Due 09/25/2025
440,000.00 03/15/2022
2.21%
453,079.69
452,302.99
100.57
3.07%
442,521.20
1,212.93
0.30%
(9,781.79)
NR / NR
AAA
3.32
2.97
3137BN6G4 FHLMC KO53
2.995% Due 12/25/2025
570,000.00 03/15/2022
2.29%
582,001.17
581,347.99
99.60
3.08%
567,721.14
1,422.63
0.38%
(13,626.85)
NR / NR
AAA
3.57
3.19
3137BSP72 FHLMC K058 A2
2.653% Due 08/25/2026
650,000.00 11/12/2021
1.35%
687,451.17
683,178.51
97.98
3.15%
636,851.80
1,437.04
0.43%
(46,326.71)
NR / NR
AAA
4.24
3.90
TOTAL CMO 7,910,000.00 1.51%
8,372,203.90
8,205,782.25 2.82%
7,927,178.06
16,695.93
5.31%
(278,604.19)
Aaa / AAA
Aaa
2.44
2.18
Corporate
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
1,029,585.20
96.44
2.70%
993,288.74
1,725.25
0.66%
(36,296.46)
A2 / A
A
1.63
1.60
As of May 31, 2022
20
60
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
06051GHF9 Bank of America Corp Callable Note 1X 3/5/2023
3.550% Due 03/05/2024
1,200,000.00 Various
2.61%
1,226,303.25
1,207,823.89
100.42
2.73%
1,204,980.00
10,176.68
0.81%
(2,843.89)
A2 / A-
AA-
1.76
1.69
89114QCA4 Toronto Dominion Bank Note
2.650% Due 06/12/2024
1,500,000.00 09/11/2019
2.24%
1,527,255.00
1,511,662.75
99.12
3.10%
1,486,864.50
18,660.42
1.01%
(24,798.25)
A1 / A
AA-
2.04
1.94
06367TQW3 Bank of Montreal Note
0.625% Due 07/09/2024
600,000.00 02/09/2022
1.89%
582,216.00
584,441.53
94.87
3.16%
569,243.40
1,479.17
0.38%
(15,198.13)
A2 / A-
AA-
2.11
2.06
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
1,751,045.88
95.40
2.88%
1,678,996.00
4,155.56
1.12%
(72,049.88)
A2 / A+
NR
2.13
2.08
78013XZU5 Royal Bank of Canada Note
2.550% Due 07/16/2024
1,500,000.00 Various
1.98%
1,533,359.18
1,517,227.19
98.83
3.12%
1,482,508.50
14,343.76
1.00%
(34,718.69)
A1 / A
AA-
2.13
2.03
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
1,258,057.61
98.77
2.99%
1,234,628.75
10,083.33
0.83%
(23,428.86)
A2 / A+
A+
2.17
2.08
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
1,713,964.19
100.91
2.86%
1,690,240.83
18,860.03
1.14%
(23,723.36)
A2 / A
NR
2.17
1.83
69371RR40 Paccar Financial Corp Note
0.500% Due 08/09/2024
680,000.00 08/03/2021
0.52%
679,632.80
679,731.97
94.80
2.97%
644,631.84
1,057.78
0.43%
(35,100.13)
A1 / A+
NR
2.19
2.14
69371RQ25 Paccar Financial Corp Note
2.150% Due 08/15/2024
370,000.00 08/08/2019
2.20%
369,182.30
369,639.26
98.15
3.02%
363,139.46
2,342.31
0.24%
(6,499.80)
A1 / A+
NR
2.21
2.12
14913Q3B3 Caterpillar Finl Service Note
2.150% Due 11/08/2024
1,100,000.00 01/28/2020
1.92%
1,111,517.00
1,105,883.97
98.20
2.92%
1,080,214.30
1,510.97
0.72%
(25,669.67)
A2 / A
A
2.44
2.35
74153WCQ0 Pricoa Global Funding Note
1.150% Due 12/06/2024
885,000.00 12/01/2021
1.19%
884,088.45
884,234.26
95.03
3.22%
841,050.02
4,890.85
0.57%
(43,184.24)
Aa3 / AA-
AA-
2.52
2.43
89114TZL9 Toronto-Dominion Bank Note
1.450% Due 01/10/2025
700,000.00 03/15/2022
2.79%
674,737.00
676,601.07
95.39
3.31%
667,754.50
3,919.03
0.45%
(8,846.57)
A1 / A
NR
2.62
2.51
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
1,213,578.38
96.01
3.05%
1,166,491.12
6,753.38
0.78%
(47,087.26)
A1 / A+
A+
2.62
2.52
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
1,678,414.06
95.82
3.12%
1,609,750.80
9,270.33
1.08%
(68,663.26)
Aaa / AA+
AAA
2.63
2.52
69371RR73 Paccar Financial Corp Note
2.850% Due 04/07/2025
885,000.00 03/31/2022
2.86%
884,769.90
884,781.45
99.07
3.19%
876,774.81
3,783.38
0.59%
(8,006.64)
A1 / A+
NR
2.85
2.70
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
1,049,628.51
99.65
3.50%
1,046,353.35
4,626.56
0.70%
(3,275.16)
A1 / A
AA-
2.87
2.70
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
1,369,814.51
100.13
3.30%
1,371,827.58
4,462.01
0.92%
2,013.07
A1 / A
AA-
2.90
2.66
As of May 31, 2022
21
61
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
06367WB85 Bank of Montreal Note
1.850% Due 05/01/2025
1,240,000.00 07/23/2021
0.85%
1,285,656.80
1,275,389.00
95.35
3.54%
1,182,367.28
1,911.67
0.79%
(93,021.72)
A2 / A-
AA-
2.92
2.80
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
1,371,183.14
94.72
2.84%
1,297,618.80
5,644.40
0.87%
(73,564.34)
A2 / A-
AA-
3.01
2.91
46647PCK0 JP Morgan Chase & Co Callable Note Cont 6/23/2024
0.969% Due 06/23/2025
655,000.00 Various
0.95%
655,406.85
655,279.78
94.62
2.95%
619,772.79
2,785.61
0.42%
(35,506.99)
A2 / A-
AA-
3.07
2.97
74153WCM9 Pricoa Global Funding Note
0.800% Due 09/01/2025
904,000.00 04/06/2022
3.26%
832,972.72
836,060.86
91.50
3.60%
827,127.46
1,808.00
0.55%
(8,933.40)
Aa3 / AA-
AA-
3.26
3.15
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
1,023,847.95
101.86
3.36%
1,018,582.00
1,426.39
0.68%
(5,265.95)
A1 / A
AA-
3.47
3.14
40139LBC6 Guardian Life Glob Fun Note
0.875% Due 12/10/2025
1,400,000.00 Various
1.12%
1,385,860.00
1,388,075.24
90.80
3.68%
1,271,176.20
5,818.76
0.85%
(116,899.04)
Aa2 / AA+
NR
3.53
3.40
66815L2A6 Northwestern Mutual Glbl Note
0.800% Due 01/14/2026
850,000.00 12/06/2021
1.47%
827,449.50
830,083.90
90.93
3.49%
772,907.55
2,587.78
0.52%
(57,176.35)
Aaa / AA+
AAA
3.63
3.50
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
615,258.38
95.07
3.51%
570,412.20
3,627.00
0.38%
(44,846.18)
A2 / A-
AA-
3.71
3.50
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
412,062.01
95.07
3.59%
381,241.53
904.89
0.26%
(30,820.48)
A2 / A-
AA-
3.90
3.68
6174468Q5 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due 04/28/2026
650,000.00 05/23/2022
3.80%
615,699.50
615,866.94
95.42
3.61%
620,197.50
1,303.68
0.42%
4,330.56
A1 / A-
A
3.91
3.69
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
1,868,607.83
92.26
3.10%
1,729,935.00
989.58
1.16%
(138,672.83)
A1 / AA
AA-
3.95
3.82
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
1,026,071.38
92.13
3.29%
953,518.59
529.00
0.64%
(72,552.79)
A3 / A+
A
3.96
3.81
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
1,384,506.74
91.45
3.40%
1,266,557.57
7,054.84
0.85%
(117,949.17)
A1 / A+
A+
4.05
3.88
06051GJD2 Bank of America Corp Callable Note Cont 6/19/2025
1.319% Due 06/19/2026
700,000.00 07/16/2021
1.27%
701,274.00
700,992.47
92.48
3.47%
647,370.50
4,154.85
0.44%
(53,621.97)
A2 / A-
AA-
4.05
3.86
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
1,001,878.29
91.00
3.56%
910,018.00
4,500.00
0.61%
(91,860.29)
Aa3 / AA+
AA+
4.13
3.94
As of May 31, 2022
22
62
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
58989V2D5 Met Tower Global Funding Note
1.250% Due 09/14/2026
770,000.00 09/07/2021
1.27%
769,291.60
769,392.47
90.29
3.72%
695,212.98
2,058.68
0.47%
(74,179.49)
Aa3 / AA-
AA-
4.29
4.09
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
349,431.60
91.82
3.10%
321,369.65
755.42
0.22%
(28,061.95)
Aa2 / AA
AA
4.30
4.13
59217GER6 Metlife Note
1.875% Due 01/11/2027
1,115,000.00 01/03/2022
1.90%
1,113,728.90
1,113,827.05
92.68
3.61%
1,033,348.55
8,130.21
0.70%
(80,478.50)
Aa3 / AA-
AA-
4.62
4.32
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
959,742.97
95.27
3.54%
914,615.04
5,749.33
0.61%
(45,127.93)
A2 / A
A
4.76
4.41
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
1,614,706.26
96.02
3.20%
1,550,774.68
7,841.72
1.04%
(63,931.58)
Aa2 / AA
A+
4.79
4.46
665859AW4 Northern Trust Company Callable Note Cont 4/10/2027
4.000% Due 05/10/2027
670,000.00 05/05/2022
4.04%
668,914.60
668,927.68
102.52
3.43%
686,875.29
1,563.33
0.46%
17,947.61
A2 / A+
A+
4.95
4.39
91324PEG3 United Health Group Inc Callable Note Cont 4/15/2027
3.700% Due 05/15/2027
675,000.00 05/17/2022
3.69%
675,316.70
675,314.61
101.02
3.47%
681,887.70
763.12
0.46%
6,573.09
A3 / A+
A
4.96
4.43
TOTAL Corporate 41,670,000.00 1.85%
41,769,264.58
41,642,622.23 3.22%
39,961,625.36
194,009.06
26.82%
(1,680,996.87)
A1 / A+
AA-
3.13
2.96
Money Market Fund
94975H270 Wells Fargo 100% Treasury Money Mkt Fund 105,375.61 Various
0.24%
105,375.61
105,375.61
1.00
0.24%
105,375.61
0.00
0.07%
0.00
Aaa / AAA
NR
0.00
0.00
TOTAL Money Market Fund 105,375.61 0.24%
105,375.61
105,375.61 0.24%
105,375.61
0.00
0.07%
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
763,200.12
98.31
3.15%
742,270.70
3,020.00
0.50%
(20,929.42)
Aa2 / AA-
AA
2.34
2.24
TOTAL Municipal Bonds 755,000.00 1.91%
772,342.35
763,200.12 3.15%
742,270.70
3,020.00
0.50%
(20,929.42)
Aa2 / AA-
AA
2.34
2.24
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
2,780,173.01
100.56
2.38%
2,715,206.40
26,090.63
1.83%
(64,966.61)
Aaa / AAA
NR
1.17
1.13
As of May 31, 2022
23
63
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
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
2,795,247.80
96.91
2.42%
2,713,499.60
311.11
1.81%
(81,748.20)
Aaa / AAA
NR
1.46
1.44
45950KCT5 International Finance Corp Note
0.375% Due 07/16/2025
2,500,000.00 05/27/2021
0.66%
2,471,150.00
2,478,142.20
92.83
2.79%
2,320,850.00
3,515.63
1.55%
(157,292.20)
Aaa / AAA
NR
3.13
3.06
459058JL8 Intl. Bank Recon & Development Note
0.500% Due 10/28/2025
2,400,000.00 Various
0.60%
2,388,859.25
2,391,921.01
92.44
2.84%
2,218,670.40
1,100.00
1.48%
(173,250.61)
Aaa / AAA
AAA
3.41
3.33
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
2,451,244.47
92.57
2.91%
2,277,202.32
2,451.46
1.52%
(174,042.15)
Aaa / AAA
AAA
3.89
3.77
TOTAL Supranational 12,860,000.00 0.57%
12,943,467.45
12,896,728.49 2.65%
12,245,428.72
33,468.83
8.20%
(651,299.77)
Aaa / AAA
Aaa
2.51
2.45
US Treasury
912828T91 US Treasury Note
1.625% Due 10/31/2023
650,000.00 Various
1.94%
641,405.27
647,253.48
99.05
2.31%
643,830.20
918.48
0.43%
(3,423.28)
Aaa / AA+
AAA
1.42
1.39
912828V23 US Treasury Note
2.250% Due 12/31/2023
1,500,000.00 06/21/2019
1.80%
1,529,472.66
1,510,318.11
99.82
2.37%
1,497,246.00
14,171.27
1.01%
(13,072.11)
Aaa / AA+
AAA
1.59
1.53
912828B66 US Treasury Note
2.750% Due 02/15/2024
2,000,000.00 Various
2.14%
2,053,613.28
2,019,888.52
100.54
2.43%
2,010,704.00
16,104.97
1.35%
(9,184.52)
Aaa / AA+
AAA
1.71
1.65
91282CBR1 US Treasury Note
0.250% Due 03/15/2024
1,450,000.00 03/30/2021
0.33%
1,446,488.28
1,447,876.71
96.18
2.45%
1,394,549.10
768.34
0.93%
(53,327.61)
Aaa / AA+
AAA
1.79
1.77
912828X70 US Treasury Note
2.000% Due 04/30/2024
1,700,000.00 06/10/2019
1.92%
1,705,976.56
1,702,340.40
99.09
2.49%
1,684,460.30
2,956.52
1.13%
(17,880.10)
Aaa / AA+
AAA
1.92
1.86
912828XX3 US Treasury Note
2.000% Due 06/30/2024
2,000,000.00 Various
1.80%
2,018,574.22
2,007,995.90
98.90
2.55%
1,977,968.00
16,795.59
1.33%
(30,027.90)
Aaa / AA+
AAA
2.08
2.01
912828D56 US Treasury Note
2.375% Due 08/15/2024
1,700,000.00 09/18/2019
1.71%
1,753,191.41
1,723,924.26
99.51
2.60%
1,691,632.60
11,822.51
1.14%
(32,291.66)
Aaa / AA+
AAA
2.21
2.12
912828YY0 US Treasury Note
1.750% Due 12/31/2024
2,100,000.00 03/15/2022
1.97%
2,087,203.13
2,088,168.22
97.71
2.67%
2,051,847.00
15,430.94
1.38%
(36,321.22)
Aaa / AA+
AAA
2.59
2.48
912828ZC7 US Treasury Note
1.125% Due 02/28/2025
1,500,000.00 03/18/2020
0.81%
1,523,144.53
1,512,846.69
95.88
2.69%
1,438,125.00
4,264.61
0.96%
(74,721.69)
Aaa / AA+
AAA
2.75
2.67
91282CED9 US Treasury Note
1.750% Due 03/15/2025
3,100,000.00 Various
2.23%
3,057,617.20
3,059,980.96
97.43
2.71%
3,020,320.70
11,498.64
2.03%
(39,660.26)
Aaa / AA+
AAA
2.79
2.69
912828ZL7 US Treasury Note
0.375% Due 04/30/2025
2,500,000.00 03/21/2022
2.24%
2,360,839.85
2,369,545.02
93.44
2.73%
2,336,035.00
815.22
1.56%
(33,510.02)
Aaa / AA+
AAA
2.92
2.86
91282CAB7 US Treasury Note
0.250% Due 07/31/2025
1,500,000.00 03/12/2021
0.72%
1,469,765.63
1,478,142.01
92.43
2.76%
1,386,387.00
1,253.45
0.93%
(91,755.01)
Aaa / AA+
AAA
3.17
3.11
As of May 31, 2022
24
64
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
91282CAM3 US Treasury Note
0.250% Due 09/30/2025
2,400,000.00 Various
0.56%
2,366,140.63
2,375,337.97
92.01
2.78%
2,208,187.20
1,016.39
1.48%
(167,150.77)
Aaa / AA+
AAA
3.34
3.27
91282CAT8 US Treasury Note
0.250% Due 10/31/2025
2,450,000.00 Various
0.49%
2,422,492.19
2,430,322.09
91.82
2.78%
2,249,501.80
532.61
1.50%
(180,820.29)
Aaa / AA+
AAA
3.42
3.36
91282CAZ4 US Treasury Note
0.375% Due 11/30/2025
2,250,000.00 03/26/2021
0.77%
2,209,658.20
2,219,796.82
91.97
2.80%
2,069,385.75
23.05
1.38%
(150,411.07)
Aaa / AA+
AAA
3.50
3.43
91282CBH3 US Treasury Note
0.375% Due 01/31/2026
2,500,000.00 05/27/2021
0.75%
2,456,445.31
2,465,849.45
91.59
2.80%
2,289,745.00
3,133.63
1.53%
(176,104.45)
Aaa / AA+
AAA
3.67
3.59
91282CBW0 US Treasury Note
0.750% Due 04/30/2026
2,500,000.00 05/27/2021
0.80%
2,493,652.34
2,494,955.06
92.42
2.81%
2,310,547.50
1,630.43
1.54%
(184,407.56)
Aaa / AA+
AAA
3.92
3.81
91282CCZ2 US Treasury Note
0.875% Due 09/30/2026
1,400,000.00 10/18/2021
1.19%
1,379,054.68
1,381,662.70
92.07
2.83%
1,289,038.80
2,075.14
0.86%
(92,623.90)
Aaa / AA+
AAA
4.34
4.19
91282CDG3 US Treasury Note
1.125% Due 10/31/2026
1,400,000.00 11/15/2021
1.25%
1,391,468.75
1,392,393.09
92.97
2.83%
1,301,563.20
1,369.57
0.87%
(90,829.89)
Aaa / AA+
AAA
4.42
4.25
TOTAL US Treasury 36,600,000.00 1.34%
36,366,204.12
36,328,597.46 2.67%
34,851,074.15
106,581.36
23.35%
(1,477,523.31)
Aaa / AA+
Aaa
2.88
2.80
TOTAL PORTFOLIO 154,801,899.05 1.41%
155,594,562.69
154,937,217.72 2.86%
149,184,906.21
512,602.61
100.00%
(5,752,311.51)
Aa1 / AA
Aaa
2.84
2.49
TOTAL MARKET VALUE PLUS ACCRUALS 149,697,508.82
As of May 31, 2022
25
65
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 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
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
February 28, 2022 through May 31, 2022
As of May 31, 2022
27
67
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 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
Purchase 05/10/2022 665859AW4 670,000.00 Northern Trust Company Callable Note Cont
4/10/2027
4% Due: 05/10/2027
99.838 4.04%668,914.60 0.00 668,914.60 0.00
Purchase 05/18/2022 05602RAD3 530,000.00 BMW Vehicle Owner Trust 2022-A A3
3.21% Due: 08/25/2026
99.995 3.23%529,972.44 0.00 529,972.44 0.00
Purchase 05/20/2022 91324PEG3 260,000.00 United Health Group Inc Callable Note Cont
4/15/2027
3.7% Due: 05/15/2027
100.077 3.68%260,200.20 0.00 260,200.20 0.00
Purchase 05/20/2022 91324PEG3 260,000.00 United Health Group Inc Callable Note Cont
4/15/2027
3.7% Due: 05/15/2027
100.077 3.68%260,200.20 0.00 260,200.20 0.00
Purchase 05/20/2022 91324PEG3 155,000.00 United Health Group Inc Callable Note Cont
4/15/2027
3.7% Due: 05/15/2027
99.946 3.71%154,916.30 0.00 154,916.30 0.00
Purchase 05/24/2022 02582JJT8 1,375,000.00 American Express Credit Trust 2022-2 A
3.39% Due: 05/17/2027
99.978 3.42%1,374,695.85 0.00 1,374,695.85 0.00
February 28, 2022 through May 31, 2022
As of May 31, 2022
28
68
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 05/25/2022 6174468Q5 650,000.00 Morgan Stanley Callable Note Cont 4/28/2025
2.188% Due: 04/28/2026
94.723 3.80%615,699.50 1,066.65 616,766.15 0.00
Subtotal 26,189,000.00 25,843,157.65 33,666.45 25,876,824.10 0.00
TOTAL ACQUISITIONS 26,189,000.00 25,843,157.65 33,666.45 25,876,824.10 0.00
DISPOSITIONS
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
Sale 05/09/2022 931142EK5 1,000,000.00 Wal-Mart Stores Callable Note Cont 5/26/2023
3.4% Due: 06/26/2023
100.893 2.80%1,008,930.00 12,561.11 1,021,491.11 3,041.77
Sale 05/19/2022 3137EAEN5 550,000.00 FHLMC Note
2.75% Due: 06/19/2023
100.505 1.83%552,777.50 6,302.08 559,079.58 -2,517.91
Sale 05/23/2022 02665WCQ2 700,000.00 American Honda Finance Note
3.625% Due: 10/10/2023
100.908 2.52%706,356.00 3,030.90 709,386.90 -1,428.72
February 28, 2022 through May 31, 2022
As of May 31, 2022
29
69
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 05/25/2022 02665WCQ2 600,000.00 American Honda Finance Note
3.625% Due: 10/10/2023
100.903 2.52%605,418.00 2,718.75 608,136.75 -1,228.19
Subtotal 8,785,000.00 8,852,036.12 67,910.35 8,919,946.47 36,541.35
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 9,135,000.00 9,202,036.12 68,762.01 9,270,798.13 36,541.35
February 28, 2022 through May 31, 2022
As of May 31, 2022
30
70
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 May 31, 2022
31
71
Benchmark Disclosures
ICE BofA 1-5 Yr US Treasury & Agency Index
The ICE BofA 1-5 Year US Treasury &Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market.Qualifying
securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch).Qualifying securities must have at least one year remaining term to final maturity and less than five
years remaining term to final maturity, at least 18 months to maturity at time of issuance,a fixed coupon schedule,and a minimum amount outstanding of $1 billion for sovereigns and $250 million for
agencies.
As of May 31, 2022
32
72
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
ACCOUNT NUMBER
MONTHLY STATEMENT
MAY 1, 2022 THROUGH MAY 31, 2022
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/CONNOR GAFKJEN
TELEPHONE NUMBER:
ADMINISTRATOR: LEEANN MICHAEL
TELEPHONE NUMBER: 254-262-3243
15222 SE
73
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.
74
TABLE OF CONTENTS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
PAGE
REPORT NAME NUMBER
ASSET SUMMARY .................................................................................. 1
STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2
CASH SUMMARY ................................................................................... 21
STATEMENT OF TRANSACTIONS ...................................................................... 22
75
PAGE 1
ASSET SUMMARY CITY OF CUPERTINO
AS OF MAY 31, 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 105,375.61 105,375.61 0.07 0.00 259 0.25 85.53
BONDS AND NOTES 155,489,187.08 149,060,639.02 99.93 6,428,548.06- 2,378,049 1.60 516,926.46
TOTAL INVESTMENTS 155,594,562.69 149,166,014.63 100.00 6,428,548.06- 2,378,308 1.59 517,011.99
TOTAL ACCRUALS 517,011.99 517,011.99
=====================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 156,111,574.68 149,683,026.62 6,428,548.06- 2,378,308 1.59 517,011.99
76
PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
56,327.65 ALLSPRING 100% TREASURY 56,327.65 56,327.65 0.04 0.00 77.70
MONEY MARKET FUND - #008 1.0000 1.0000
49,047.96 PRINCIPAL PUBLIC DEPOSIT SWEEP 49,047.96 49,047.96 0.03 0.00 7.83
PROGRAM 1.0000 1.0000
TOTAL CASH EQUIVALENTS 105,375.61 105,375.61 0.07 0.00 85.53
BOND & NOTES
1,675,000 AIR PRODUCTS & CHEMICALS 1,771,212.00 1,689,924.25 1.13 81,287.75- 18,860.03
DTD 07/31/14 3.350 07/31/2024 105.7440 100.8910
MOODY'S RATING A2
CUSIP 009158AV8
1,875,000 AMAZON.COM INC 1,866,900.00 1,729,293.75 1.16 137,606.25-989.58
DTD 05/12/21 1.000 05/12/2026 99.5680 92.2290
MOODY'S RATING A1
CUSIP 023135BX3
1,375,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,374,695.85 1,381,820.00 0.93 7,124.15 906.35
ASSET BCKD SEC SER 2022-2 CL A 99.9779 100.4960
DTD 05/24/2022 3.390% 05/17/2027
NON CALLABLE
CUSIP 02582JJT8
1,545,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,524,359.77 1,506,143.25 1.01 18,216.52- 1,517.53
ASSET BCKD SEC SER 2022-1 CL A 98.6641 97.4850
DTD 03/18/2022 2.210% 03/15/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 02589BAA8
1,200,000 BANK OF AMERICA CORP 1,226,303.25 1,204,740.00 0.81 21,563.25- 10,176.67
DTD 03/05/18 03/05/2024 102.1920 100.3950
MOODY'S RATING A2
CUSIP 06051GHF9
77
PAGE 3
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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 620,988.00 570,438.00 0.38 50,550.00- 3,627.00
MED TERM NOTE 103.4980 95.0730
DTD 02/13/20 02/13/2026
MOODY'S RATING A2
CUSIP 06051GHY8
700,000 BANK OF AMERICA CORP 701,274.00 645,890.00 0.43 55,384.00- 4,154.85
MED TERM NOTE 100.1820 92.2700
DTD 06/19/20 06/19/2026
MOODY'S RATING A2
CUSIP 06051GJD2
600,000 BANK OF MONTREAL 582,216.00 569,124.00 0.38 13,092.00- 1,479.17
MED TERM NOTE 97.0360 94.8540
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 1,182,178.80 0.79 103,478.00- 1,911.67
MED TERM NOTE 103.6820 95.3370
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 1,018,420.00 0.68 6,490.00- 1,426.39
MED TERM NOTE 102.4910 101.8420
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 1,371,794.70 0.92 1,986.50 4,462.01
DTD 04/26/2022 3.350% 04/25/2025 99.9860 100.1310
CALLABLE
MOODY'S RATING A1
CUSIP 06406RBC0
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,552,531.80 1.04 62,161.35- 7,841.72
DTD 03/15/2022 2.300% 03/15/2027 99.9810 96.1320
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
78
PAGE 4
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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 449,932.73 437,611.50 0.29 12,321.23-82.50
SER 2022-1 CL A3 *0 DAY DELAY*99.9851 97.2470
DTD 01/19/22 1.100 03/25/2025
CUSIP 05601XAC3
425,000 BMW VEHICLE LEASE TRUST 424,956.14 414,523.75 0.28 10,432.39-19.48
SER 2021-2 CL A3 *0 DAY DELAY*99.9897 97.5350
DTD 09/15/21 0.330 12/26/2024
MOODY'S RATING AAA
CUSIP 09690AAC7
530,000 BMW VEHICLE OWNER TRUST 529,972.44 529,326.90 0.35 645.54-614.36
ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.8730
DTD 05/18/2022 3.210% 08/25/2026
CALLABLE
MOODY'S RATING AAA
CUSIP 05602RAD3
755,000 CALIFORNIA ST 772,342.35 742,270.70 0.50 30,071.65- 3,020.00
TXBL-REF 102.2970 98.3140
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 1,079,606.00 0.72 31,911.00- 1,510.97
MED TERM NOTE 101.0470 98.1460
DTD 11/08/19 2.150 11/08/2024
MOODY'S RATING A2
CUSIP 14913Q3B3
960,000 CHARLES SCHWAB CORP 959,729.90 913,123.20 0.61 46,606.70- 5,749.33
DTD 03/03/2022 2.450% 03/03/2027 99.9719 95.1170
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
2,100,000 FED HOME LN BK 2,222,418.00 2,129,127.00 1.43 93,291.00- 34,059.38
DTD 12/09/13 3.375 12/08/2023 105.8294 101.3870
MOODY'S RATING AAA
CUSIP 3130A0F70
79
PAGE 5
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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 1,568,115.00 1,518,615.00 1.02 49,500.00- 11,239.58
DTD 02/12/14 3.250 03/08/2024 104.5410 101.2410
MOODY'S RATING AAA
CUSIP 3130A0XE5
1,500,000 FED HOME LN BK 1,564,890.20 1,508,280.00 1.01 56,610.20- 20,005.21
DTD 05/08/14 2.875 06/14/2024 104.3260 100.5520
MOODY'S RATING AAA
CUSIP 3130A1XJ2
2,000,000 FED HOME LN BK 2,103,380.00 2,008,760.00 1.35 94,620.00- 12,458.33
DTD 08/15/14 2.875 09/13/2024 105.1690 100.4380
MOODY'S RATING AAA
CUSIP 3130A2UW4
2,000,000 FED HOME LN BK 2,066,320.00 2,001,860.00 1.34 64,460.00- 10,951.39
DTD 10/17/14 2.375 09/08/2023 103.3160 100.0930
MOODY'S RATING AAA
CUSIP 3130A3DL5
1,300,000 FED HOME LN MTG CORP 1,398,414.06 1,303,029.00 0.87 95,385.06- 3,435.25
SER KO41 CL A2 *24 DAY DELAY*107.5703 100.2330
DTD 12/01/14 3.171 10/25/2024
CUSIP 3137BFE98
1,000,000 FED HOME LN MTG CORP 1,037,656.25 1,006,330.00 0.67 31,326.25- 2,550.00
SER K033 CL A2 *24 DAY DELAY*103.7656 100.6330
DTD 10/01/13 07/25/2023
MOODY'S RATING AAA
CUSIP 3137B4WB8
2,365,000 FED HOME LN MTG CORP 2,363,178.95 2,288,397.65 1.53 74,781.30- 10,741.04
DTD 02/14/20 1.500 02/12/2025 99.9230 96.7610
MOODY'S RATING AAA
CUSIP 3137EAEP0
1,350,000 FED HOME LN MTG CORP 1,349,433.00 1,328,022.00 0.89 21,411.00-365.62
DTD 05/07/20 0.375 05/05/2023 99.9580 98.3720
MOODY'S RATING AAA
CUSIP 3137EAER6
80
PAGE 6
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,250,000 FED HOME LN MTG CORP 1,243,775.00 1,160,612.50 0.78 83,162.50- 1,692.71
SER USD 99.5020 92.8490
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 2,310,550.00 1.55 178,812.80- 1,770.83
DTD 09/25/20 0.375 09/23/2025 99.5745 92.4220
MOODY'S RATING AAA
CUSIP 3137EAEX3
1,755,000 FED HOME LN MTG CORP 1,753,262.55 1,700,138.70 1.14 53,123.85- 2,157.19
DTD 12/04/20 0.250 12/04/2023 99.9010 96.8740
MOODY'S RATING AAA
CUSIP 3137EAFA2
1,500,000 FED NATL MTG ASSN 1,559,805.00 1,510,215.00 1.01 49,590.00- 9,463.54
DTD 09/14/18 2.875 09/12/2023 103.9870 100.6810
MOODY'S RATING AAA
CUSIP 3135G0U43
1,500,000 FED NATL MTG ASSN 1,484,895.00 1,476,315.00 0.99 8,580.00- 10,864.58
DTD 07/08/19 1.750 07/02/2024 98.9930 98.4210
MOODY'S RATING AAA
CUSIP 3135G0V75
1,975,000 FED NATL MTG ASSN 1,965,802.75 1,925,328.75 1.29 40,474.00- 4,100.87
DTD 10/18/19 1.625 10/15/2024 99.5343 97.4850
MOODY'S RATING AAA
CUSIP 3135G0W66
1,295,000 FED NATL MTG ASSN 1,309,953.95 1,260,073.85 0.84 49,880.10- 8,417.50
DTD 01/10/20 1.625 01/07/2025 101.1548 97.3030
MOODY'S RATING AAA
CUSIP 3135G0X24
1,860,000 FED NATL MTG ASSN 1,856,168.40 1,749,739.20 1.17 106,429.20- 1,259.37
DTD 04/24/20 0.625 04/22/2025 99.7940 94.0720
MOODY'S RATING AAA
CUSIP 3135G03U5
81
PAGE 7
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,500,000 FED NATL MTG ASSN 2,499,227.30 2,334,800.00 1.57 164,427.30- 5,694.44
DTD 06/19/20 0.500 06/17/2025 99.9691 93.3920
MOODY'S RATING AAA
CUSIP 3135G04Z3
2,500,000 FED NATL MTG ASSN 2,487,983.75 2,313,875.00 1.55 174,108.75- 2,500.00
DTD 08/27/20 0.375 08/25/2025 99.5194 92.5550
MOODY'S RATING AAA
CUSIP 3135G05X7
2,500,000 FED NATL MTG ASSN 2,492,700.00 2,312,050.00 1.55 180,650.00-833.33
DTD 11/12/20 0.500 11/07/2025 99.7080 92.4820
MOODY'S RATING AAA
CUSIP 3135G06G3
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,079,687.50 996,990.00 0.67 82,697.50- 2,508.33
SER K049 CL A2 *24 DAY DELAY*107.9688 99.6990
DTD 10/01/15 3.010 08/25/2025
CUSIP 3137BLMZ8
950,000 FHLMC MULTIFAMILY STRUCTURED P 1,018,132.81 955,909.00 0.64 62,223.81- 2,639.42
SER K050 CL A2 *24 DAY DELAY*107.1719 100.6220
DTD 11/01/15 08/25/2025
CUSIP 3137BLW95
440,000 FHLMC MULTIFAMILY STRUCTURED P 453,079.69 442,446.40 0.30 10,633.29- 1,212.93
SER K051 CL A2 *24 DAY DELAY*102.9727 100.5560
DTD 12/01/15 3.308 09/25/2025
CUSIP 3137BM7C4
570,000 FHLMC MULTIFAMILY STRUCTURED P 582,001.17 567,611.70 0.38 14,389.47- 1,422.63
SER K053 CL A2 *24 DAY DELAY*102.1055 99.5810
DTD 03/01/16 2.995 12/25/2025
CUSIP 3137BN6G4
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 636,668.50 0.43 50,782.67- 1,437.04
SER K058 CL A2 *24 DAY DELAY*105.7617 97.9490
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
82
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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 FHLMC MULTIFAMILY STRUCTURED P 1,053,867.19 1,008,530.00 0.68 45,337.19- 2,942.50
SER K034 CL A2 *24 DAY DELAY*105.3867 100.8530
DTD 11/01/13 07/25/2023
CUSIP 3137B5JM6
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,061,914.06 1,008,360.00 0.68 53,554.06- 2,939.17
SER K036 CL A2 *24 DAY DELAY*106.1914 100.8360
DTD 02/01/14 10/25/2023
MOODY'S RATING AAA
CUSIP 3137B7MZ9
965,000 GM FINANCIAL AUTOMOBILE LEASIN 964,986.88 937,767.70 0.63 27,219.18-104.54
SER 2021-3 CL A3 *0 DAY DELAY*99.9987 97.1780
DTD 08/18/21 0.390 10/21/2024
CUSIP 36262XAC8
945,000 GM FINANCIAL AUTOMOBILE LEASIN 944,991.87 924,824.25 0.62 20,167.62-534.19
SER 2022-1 CL A3 *0 DAY DELAY*99.9992 97.8650
DTD 02/23/22 1.850 03/20/2025
MOODY'S RATING AAA
CUSIP 36265MAC9
350,000 GM FINANCIAL SECURITIZED TERM 349,991.08 336,798.00 0.23 13,193.08-99.17
SER 2021-4 CL A3 *0 DAY DELAY*99.9975 96.2280
DTD 10/21/21 0.680 09/16/2026
MOODY'S RATING AAA
CUSIP 362554AC1
390,000 GM FINANCIAL SECURITIZED TERM 389,918.49 388,525.80 0.26 1,392.69-503.75
ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.6220
DTD 04/13/2022 3.100% 02/16/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 362585AC5
295,000 GM FINANCIAL SECURITIZED TERM 294,974.36 285,568.85 0.19 9,405.51-154.88
SER 2022-1 CL A3 *0 DAY DELAY*99.9913 96.8030
DTD 01/19/22 1.260 11/16/2026
CUSIP 380146AC4
83
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,400,000 GUARDIAN LIFE GLOB FUND 1,385,860.00 1,270,934.00 0.85 114,926.00- 5,818.75
144A PRIV PLCMT 0.875 12/10/2025 98.9900 90.7810
MOODY'S RATING AA2
CUSIP 40139LBC6
112,790.54 HONDA AUTO RECEIVABLES OWNER T 112,781.67 111,844.23 0.07 937.44-41.11
SER 2020-2 CL A3 *0 DAY DELAY*99.9922 99.1610
DTD 05/27/20 0.820 07/15/2024
MOODY'S RATING AAA
CUSIP 43813DAC2
295,000 HONDA AUTO RECEIVABLES OWNER T 294,994.60 288,639.80 0.19 6,354.80-22.13
SER 2021-1 CL A3 *0 DAY DELAY*99.9982 97.8440
DTD 02/24/21 0.270 04/21/2025
MOODY'S RATING AAA
CUSIP 43813GAC5
515,799.55 HONDA AUTO RECEIVABLES OWNER T 515,723.78 509,027.10 0.34 6,696.68-68.92
SER 2020-3 CL A3 *0 DAY DELAY*99.9853 98.6870
DTD 09/29/20 0.370 10/18/2024
CUSIP 43813KAC6
740,000 HONDA AUTO RECEIVABLES OWNER T 739,888.70 717,844.40 0.48 22,044.30-618.31
SER 2022-1 CL A3 *0 DAY DELAY*99.9850 97.0060
DTD 02/23/22 1.000 05/15/2026
MOODY'S RATING AAA
CUSIP 43815BAC4
460,000 HONDA AUTO RECEIVABLES OWNER T 459,903.03 441,991.00 0.30 17,912.03-112.44
SER 2021-4 CL A3 *0 DAY DELAY*99.9789 96.0850
DTD 11/24/21 0.880 01/21/2026
MOODY'S RATING AAA
CUSIP 43815GAC3
246,021.44 HONDA AUTO RECEIVABLES OWNER T 245,607.87 245,881.21 0.16 273.34 194.63
SER 2019-3 CL A3 *0 DAY DELAY*99.8319 99.9430
DTD 08/27/19 1.780 08/15/2023
MOODY'S RATING AAA
CUSIP 43815NAC8
84
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
790,000 HYUNDAI AUTO LEASE SECURITIZAT 789,881.50 772,501.50 0.52 17,380.00-101.38
SER 2021-B CL A3 *0 DAY DELAY*99.9850 97.7850
144A PRIV PLCMT 0.330 06/17/2024
MOODY'S RATING AAA
CUSIP 44891VAC5
540,000 HYUNDAI AUTO LEASE SECURITIZAT 539,988.07 524,939.40 0.35 15,048.67-278.40
SER 2022-A CL A3 *0 DAY DELAY*99.9978 97.2110
144A PRIV PLCMT 1.160 01/15/2025
MOODY'S RATING AAA
CUSIP 44891WAC3
1,010,000 HYUNDAI AUTO RECEIVABLES TRUST 1,009,961.12 987,153.80 0.66 22,807.32-996.53
ASSET BCKD SEC SER 2022-A CL A3 99.9962 97.7380
DTD 03/16/2022 2.220% 10/15/2026
CALLABLE
CUSIP 448977AD0
515,000 HYUNDAI AUTO RECEIVABLES TRUST 514,945.82 500,204.05 0.34 14,741.77-86.98
SER 2021-A CL A3 *0 DAY DELAY*99.9895 97.1270
DTD 04/28/21 0.380 09/15/2025
CUSIP 44933LAC7
1,330,000 HYUNDAI AUTO RECEIVABLES TRUST 1,296,371.65 1,275,509.90 0.86 20,861.75-437.42
SER 2021-C CL A3 *0 DAY DELAY*97.4716 95.9030
DTD 11/17/21 0.740 05/15/2026
CUSIP 44935FAD6
2,800,000 INTER-AMERICAN DEVEL BK 2,792,300.00 2,713,116.00 1.82 79,184.00-311.11
DTD 09/02/20 0.250 11/15/2023 99.7250 96.8970
MOODY'S RATING AAA
CUSIP 4581X0DP0
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,276,484.00 1.53 172,249.20- 2,451.46
DTD 04/20/21 0.875 04/20/2026 99.5420 92.5400
MOODY'S RATING AAA
CUSIP 4581X0DV7
85
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,218,272.00 1.49 170,587.25- 1,100.00
DTD 10/28/20 0.500 10/28/2025 99.5358 92.4280
MOODY'S RATING AAA
CUSIP 459058JL8
2,700,000 INTL FINANCE CORP 2,842,425.00 2,714,904.00 1.82 127,521.00- 26,090.62
DTD 07/31/18 2.875 07/31/2023 105.2750 100.5520
MOODY'S RATING AAA
CUSIP 45950KCP3
2,500,000 INTL FINANCE CORP 2,471,150.00 2,319,725.00 1.56 151,425.00- 3,515.63
DTD 07/16/20 0.375 07/16/2025 98.8460 92.7890
MOODY'S RATING AAA
CUSIP 45950KCT5
1,030,000 JOHN DEERE CAPITAL CORP 1,029,268.70 993,136.30 0.67 36,132.40- 1,725.25
MED TERM NOTE 99.9290 96.4210
DTD 03/04/21 0.450 01/17/2024
MOODY'S RATING A2
CUSIP 24422EVN6
450,000 JOHN DEERE OWNER TRUST 449,900.46 438,750.00 0.29 11,150.46-464.00
ASSET BCKD SEC SER 2022-A CL A3 99.9779 97.5000
DTD 03/16/2022 2.320% 09/16/2026
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47787JAC2
172,857.42 JOHN DEERE OWNER TRUST 172,831.08 170,739.92 0.11 2,091.16-39.18
SER 2020-B CL A3 *0 DAY DELAY*99.9848 98.7750
DTD 07/22/20 0.510 11/15/2024
MOODY'S RATING AAA
CUSIP 47787NAC3
154,040.88 JOHN DEERE OWNER TRUST 155,466.96 154,177.98 0.10 1,288.98-151.30
SER 2019-B CL A3 *0 DAY DELAY*100.9258 100.0890
DTD 07/24/19 2.210 12/15/2023
MOODY'S RATING AAA
CUSIP 477870AC3
86
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
3,665.03 JOHN DEERE OWNER TRUST 3,737.01 3,666.09 0.00 70.92-4.15
SER 2019-A CL A3 *0 DAY DELAY*101.9640 100.0290
DTD 03/13/19 2.910 07/17/2023
MOODY'S RATING AAA
CUSIP 47789JAD8
156,284.79 JOHN DEERE OWNER TRUST 156,275.23 155,239.24 0.10 1,035.99-76.41
SER 2020-A CL A3 *0 DAY DELAY*99.9939 99.3310
DTD 03/11/20 1.100 08/15/2024
MOODY'S RATING AAA
CUSIP 47789KAC7
580,000 JOHN DEERE OWNER TRUST 579,948.26 551,806.20 0.37 28,142.06-125.67
SER 2021-B CL A3 *0 DAY DELAY*99.9911 95.1390
DTD 07/21/21 0.520 03/16/2026
MOODY'S RATING AAA
CUSIP 47789QAC4
655,000 JPMORGAN CHASE &655,406.85 619,806.85 0.42 35,600.00- 2,785.61
SER F2F 100.0621 94.6270
DTD 06/23/21 06/23/2025
MOODY'S RATING A2
CUSIP 46647PCK0
401,000 JPMORGAN CHASE & CO 415,969.33 381,266.79 0.26 34,702.54-904.89
DTD 04/22/20 04/22/2026 103.7330 95.0790
MOODY'S RATING A2
CUSIP 46647PBK1
1,370,000 JPMORGAN CHASE & CO 1,371,773.90 1,298,910.70 0.87 72,863.20- 5,644.40
DTD 06/01/21 06/01/2025 100.1295 94.8110
MOODY'S RATING A2
CUSIP 46647PCH7
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 909,710.00 0.61 92,520.00- 4,500.00
144A PRIV PLCMT 1.200 07/16/2026 100.2230 90.9710
MOODY'S RATING AA3
CUSIP 57629WDE7
87
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
298,951.22 MERCEDES-BENZ AUTO LEASE TRUST 298,936.06 297,127.62 0.20 1,808.44-53.15
SER 2020-B CL A3 *0 DAY DELAY*99.9949 99.3900
DTD 09/23/20 0.400 11/15/2023
CUSIP 58769EAC2
1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,032,969.45 0.69 80,759.45- 8,130.21
144A PRIV PLCMT 1.875 01/11/2027 99.8860 92.6430
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 694,971.20 0.47 74,320.40- 2,058.68
144A PRIV PLCMT 1.250 09/14/2026 99.9080 90.2560
MOODY'S RATING AA3
CUSIP 58989V2D5
650,000 MORGAN STANLEY 615,699.50 620,977.50 0.42 5,278.00 1,303.68
DTD 04/28/20 04/28/2026 94.7230 95.5350
MOODY'S RATING A1
CUSIP 6174468Q5
1,680,000 NEW YORK LIFE GLOBAL FDG 1,678,185.60 1,609,524.00 1.08 68,661.60- 9,270.33
144A PRIV PLCMT 1.450 01/14/2025 99.8920 95.8050
MOODY'S RATING AAA
CUSIP 64952WEK5
533,989.82 NISSAN AUTO RECEIVABLES OWNER 536,638.84 533,509.23 0.36 3,129.61-458.04
SER 2019-C CL A3 *0 DAY DELAY*100.4961 99.9100
DTD 10/23/19 1.930 07/15/2024
MOODY'S RATING AAA
CUSIP 65479JAD5
670,000 NORTHERN TRUST CORP 668,914.60 687,621.00 0.46 18,706.40 1,563.33
DTD 05/10/2022 4.000% 05/10/2027 99.8380 102.6300
CALLABLE
MOODY'S RATING A2
CUSIP 665859AW4
88
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
850,000 NORTHWESTERN MUTUAL GLBL 827,449.50 772,675.50 0.52 54,774.00- 2,587.78
144A PRIV PLCMT 0.800 01/14/2026 97.3470 90.9030
MOODY'S RATING AAA
CUSIP 66815L2A6
370,000 PACCAR FINANCIAL CORP 369,182.30 363,062.50 0.24 6,119.80- 2,342.31
MED TERM NOTE 99.7790 98.1250
DTD 08/15/19 2.150 08/15/2024
MOODY'S RATING A1
CUSIP 69371RQ25
680,000 PACCAR FINANCIAL CORP 679,632.80 643,742.40 0.43 35,890.40- 1,057.78
MED TERM NOTE 99.9460 94.6680
DTD 08/09/21 0.500 08/09/2024
MOODY'S RATING A1
CUSIP 69371RR40
885,000 PACCAR FINANCIAL CORP 884,769.90 876,654.45 0.59 8,115.45- 3,783.38
DTD 04/07/2022 2.850% 04/07/2025 99.9740 99.0570
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RR73
904,000 PRICOA GLOBAL FUNDING 1 832,972.72 832,213.36 0.56 759.36- 1,808.00
144A PRIV PLCMT 0.800 09/01/2025 92.1430 92.0590
MOODY'S RATING AA3
CUSIP 74153WCM9
885,000 PRICOA GLOBAL FUNDING 1 884,088.45 840,847.35 0.56 43,241.10- 4,890.85
144A PRIV PLCMT 1.150 12/06/2024 99.8970 95.0110
MOODY'S RATING AA3
CUSIP 74153WCQ0
1,500,000 ROYAL BANK OF CANADA 1,533,359.18 1,482,090.00 0.99 51,269.18- 14,343.75
DTD 07/16/19 2.550 07/16/2024 102.2240 98.8060
MOODY'S RATING A1
CUSIP 78013XZU5
89
PAGE 15
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,050,000 ROYAL BANK OF CANADA 1,049,611.50 1,048,236.00 0.70 1,375.50- 4,626.56
MEDIUM TERM NOTE 99.9630 99.8320
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 1,678,582.40 1.13 70,355.00- 4,155.56
DTD 07/12/21 0.625 07/15/2024 99.3715 95.3740
MOODY'S RATING A2
CUSIP 79466LAG9
1,500,000 TORONTO-DOMINION BANK 1,527,255.00 1,486,575.00 1.00 40,680.00- 18,660.42
MED TERM NOTE 101.8170 99.1050
DTD 06/12/19 2.650 06/12/2024
MOODY'S RATING A1
CUSIP 89114QCA4
700,000 TORONTO-DOMINION BANK 674,737.00 667,716.00 0.45 7,021.00- 3,919.03
MED TERM NOTE SER FXD 96.3910 95.3880
DTD 01/12/22 1.450 01/10/2025
MOODY'S RATING A1
CUSIP 89114TZL9
400,759.46 TOYOTA AUTO RECEIVABLES OWNER 400,684.80 395,850.16 0.27 4,834.64-62.34
SER 2020-D CL A3 *0 DAY DELAY*99.9814 98.7750
DTD 10/13/20 0.350 01/15/2025
CUSIP 89236XAC0
430,000 TOYOTA AUTO RECEIVABLES OWNER 429,990.84 412,232.40 0.28 17,758.44-135.69
SER 2021-D CL A3 *0 DAY DELAY*99.9979 95.8680
DTD 11/15/21 0.710 04/15/2026
CUSIP 89238JAC9
1,090,000 TOYOTA AUTO RECEIVABLES OWNER 1,089,797.70 1,068,003.80 0.72 21,793.90-125.96
SER 2021-A CL A3 *0 DAY DELAY*99.9815 97.9820
DTD 02/08/21 0.260 05/15/2025
MOODY'S RATING AAA
CUSIP 89240BAC2
90
PAGE 16
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
700,000 TOYOTA LEASE OWNER TRUST 686,000.00 685,244.00 0.46 756.00-68.25
SER 2021-A CL A3 *0 DAY DELAY*98.0000 97.8920
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 1,126,425.00 0.76 23,393.99-688.72
ASSET BCKD SEC SER 2022-A CL A3 99.9843 97.9500
DTD 02/28/2022 1.960% 02/20/2025
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 89238LAC4
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,265,460.65 0.85 118,929.95- 7,054.84
MED TERM NOTE 99.9560 91.3690
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 1,166,047.65 0.78 47,324.25- 6,753.37
DTD 01/13/22 1.450 01/13/2025 99.8660 95.9710
MOODY'S RATING A1
CUSIP 89236TJT3
3,100,000 UNITED STATES TREASURY NOTES 3,057,617.20 3,019,834.00 2.02 37,783.20- 11,498.64
DTD 03/15/2022 1.750% 03/15/2025 98.6328 97.4140
MOODY'S RATING AAA
CUSIP 91282CED9
1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 953,338.50 0.64 71,712.85-529.00
DTD 05/19/21 1.150 05/15/2026 99.0388 92.1100
MOODY'S RATING A3
CUSIP 91324PEC2
675,000 UNITEDHEALTH GROUP INC 675,316.70 681,804.00 0.46 6,487.30 763.13
DTD 05/20/2022 3.700% 05/15/2027 100.0469 101.0080
CALLABLE
CUSIP 91324PEG3
91
PAGE 17
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,250,000 US BANCORP 1,268,262.50 1,234,375.00 0.83 33,887.50- 10,083.33
DTD 07/29/19 2.400 07/30/2024 101.4610 98.7500
MOODY'S RATING A2
CUSIP 91159HHX1
1,500,000 US TREASURY NOTE 1,469,765.63 1,386,210.00 0.93 83,555.63- 1,253.45
DTD 07/31/20 0.250 07/31/2025 97.9844 92.4140
MOODY'S RATING AAA
CUSIP 91282CAB7
2,400,000 US TREASURY NOTE 2,366,140.63 2,207,808.00 1.48 158,332.63- 1,016.39
DTD 09/30/20 0.250 09/30/2025 98.5892 91.9920
MOODY'S RATING AAA
CUSIP 91282CAM3
2,450,000 US TREASURY NOTE 2,422,492.19 2,249,124.50 1.51 173,367.69-532.61
DTD 10/31/20 0.250 10/31/2025 98.8772 91.8010
MOODY'S RATING AAA
CUSIP 91282CAT8
2,250,000 US TREASURY NOTE 2,209,658.20 2,069,212.50 1.39 140,445.70-23.05
DTD 11/30/20 0.375 11/30/2025 98.2070 91.9650
MOODY'S RATING AAA
CUSIP 91282CAZ4
2,500,000 US TREASURY NOTE 2,456,445.31 2,289,250.00 1.53 167,195.31- 3,133.63
DTD 02/01/21 0.375 01/31/2026 98.2578 91.5700
MOODY'S RATING AAA
CUSIP 91282CBH3
1,450,000 US TREASURY NOTE 1,446,488.28 1,394,436.00 0.93 52,052.28-768.34
DTD 03/15/21 0.250 03/15/2024 99.7578 96.1680
MOODY'S RATING AAA
CUSIP 91282CBR1
2,500,000 US TREASURY NOTE 2,493,652.34 2,310,150.00 1.55 183,502.34- 1,630.43
DTD 04/30/21 0.750 04/30/2026 99.7461 92.4060
MOODY'S RATING AAA
CUSIP 91282CBW0
92
PAGE 18
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
1,400,000 US TREASURY NOTE 1,379,054.68 1,288,770.00 0.86 90,284.68- 2,075.14
DTD 09/30/21 0.875 09/30/2026 98.5039 92.0550
MOODY'S RATING AAA
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,301,286.00 0.87 90,182.75- 1,369.57
DTD 11/01/21 1.125 10/31/2026 99.3906 92.9490
CUSIP 91282CDG3
2,000,000 US TREASURY NOTE 2,053,613.28 2,010,460.00 1.35 43,153.28- 16,104.97
DTD 02/18/14 2.750 02/15/2024 102.6807 100.5230
MOODY'S RATING AAA
CUSIP 912828B66
1,700,000 US TREASURY NOTE 1,753,191.41 1,691,432.00 1.13 61,759.41- 11,822.51
DTD 08/15/14 2.375 08/15/2024 103.1289 99.4960
MOODY'S RATING AAA
CUSIP 912828D56
650,000 US TREASURY NOTE 641,405.27 643,779.50 0.43 2,374.23 918.48
DTD 10/31/16 1.625 10/31/2023 98.6777 99.0430
MOODY'S RATING AAA
CUSIP 912828T91
1,500,000 US TREASURY NOTE 1,529,472.66 1,497,075.00 1.00 32,397.66- 14,171.27
DTD 01/03/17 2.250 12/31/2023 101.9649 99.8050
MOODY'S RATING AAA
CUSIP 912828V23
2,000,000 US TREASURY NOTE 2,018,574.22 1,977,660.00 1.33 40,914.22- 16,795.58
DTD 06/30/17 2.000 06/30/2024 100.9287 98.8830
MOODY'S RATING AAA
CUSIP 912828XX3
1,700,000 US TREASURY NOTE 1,705,976.56 1,684,071.00 1.13 21,905.56- 2,956.52
DTD 05/01/17 2.000 04/30/2024 100.3516 99.0630
MOODY'S RATING AAA
CUSIP 912828X70
93
PAGE 19
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
2,100,000 US TREASURY NOTE 2,087,203.13 2,051,364.00 1.38 35,839.13- 15,430.94
DTD 12/31/19 1.750 12/31/2024 99.3906 97.6840
CUSIP 912828YY0
1,500,000 US TREASURY NOTE 1,523,144.53 1,437,945.00 0.96 85,199.53- 4,264.61
DTD 03/02/20 1.125 02/28/2025 101.5430 95.8630
MOODY'S RATING AAA
CUSIP 912828ZC7
2,500,000 US TREASURY NOTE 2,360,839.85 2,335,850.00 1.57 24,989.85-815.22
DTD 04/30/20 0.375 04/30/2025 94.4336 93.4340
MOODY'S RATING AAA
CUSIP 912828ZL7
800,000 VERIZON OWNER TRUST 799,832.00 788,344.00 0.53 11,488.00-114.89
SER 2020-B CL A *0 DAY DELAY*99.9790 98.5430
DTD 08/12/20 0.470 02/20/2025
MOODY'S RATING AAA
CUSIP 92290BAA9
206,363.29 VERIZON OWNER TRUST 206,347.38 206,385.99 0.14 38.61 122.33
SER 2019-C CL A1A *0 DAY DELAY*99.9923 100.0110
144A PRIV PLCMT 1.940 04/22/2024
CUSIP 92348AAA3
350,000 WALMART INC 349,338.50 321,254.50 0.22 28,084.00-755.42
DTD 09/17/21 1.050 09/17/2026 99.8110 91.7870
MOODY'S RATING AA2
CUSIP 931142ER0
TOTAL BOND & NOTES 155,489,187.08 149,060,639.02 99.93 6,428,548.06- 516,926.46
======================================================================================================================================
TOTAL INVESTMENTS 155,594,562.69 149,166,014.63 100.00 6,428,548.06- 517,011.99
TOTAL ACCRUALS 517,011.99 517,011.99
======================================================================================================================================
TOTAL ACCRUALS AND INVESTMENTS 156,111,574.68 149,683,026.62
94
PAGE 20
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MAY 31, 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.
95
PAGE 21
CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 187,311.79
TRANSFER RECEIPTS 187,311.79 0.00
SALES 3,276,372.27 0.00
CASH MANAGEMENT SALES 3,163,475.60 0.00
TOTAL CASH RECEIPTS 6,627,159.66 187,311.79
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 9,143.28-0.00
TRANSFER DISBURSEMENTS 0.00 187,311.79-
PURCHASES 3,864,599.09-0.00
CASH MANAGEMENT PURCHASES 2,753,417.29-0.00
TOTAL CASH DISBURSEMENTS 6,627,159.66-187,311.79-
ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________
96
PAGE 22
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
BEGINNING BALANCE 0.00 155,483,083.24
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
05/02/22 INTEREST RECEIVED 14.64
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 4/1/22 TO 4/30/22
05/02/22 INTEREST RECEIVED 0.40
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 4/1/22 TO 4/30/22
05/31/22 2,753,416.89 CASH SWEEP PURCHASES FOR STMT PERIOD 2,753,416.89- 2,753,416.89
AS 100% TREAS MM FD-SVC CL #008
14 TRANSACTIONS
05/31/22 0.4 CASH SWEEP PURCHASES FOR STMT PERIOD 0.40-0.40
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
05/31/22 3,163,475.6- CASH SWEEP SALES FOR STMT PERIOD 3,163,475.60 3,163,475.60-
AS 100% TREAS MM FD-SVC CL #008
6 TRANSACTIONS
BONDS & NOTES
05/12/22 INTEREST RECEIVED 9,375.00
AMAZON.COM INC 1.000% 5/12/26
CUSIP 023135BX3
INTEREST ON 1,875,000.000 UNITS
05/16/22 INTEREST RECEIVED 2,845.38
AMERICAN EXPRES ABS 2.210% 3/15/27
CUSIP 02589BAA8
$0.00184/PV ON 1,545,000.00 PV
DUE 5/15/22
97
PAGE 23
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/24/22 1,375,000 PURCHASED 1,374,695.85- 1,374,695.85
AMERICAN EXPRESS ABS 3.390% 5/17/27
CUSIP 02582JJT8
AT $99.9779 ON TRADE DATE 05/17/2022
TO SETTLE ON 05/24/2022
BARCLAYS CAPITAL INC. FIXED IN
05/23/22 700,000- SOLD 706,356.00 724,395.54-18,039.54-
AMERICAN HONDA FINAN 3.625% 10/10/23
CUSIP 02665WCQ2
AT $100.9080 ON TRADE DATE 05/19/2022
TO SETTLE ON 05/23/2022
US BANCORP INVESTMENTS, INC.
05/23/22 ACCRUED INTEREST ON SALE 3,030.90
AMERICAN HONDA FINAN 3.625% 10/10/23
CUSIP 02665WCQ2
05/25/22 600,000- SOLD 605,418.00 620,910.46-15,492.46-
AMERICAN HONDA FINAN 3.625% 10/10/23
CUSIP 02665WCQ2
AT $100.9030 ON TRADE DATE 05/23/2022
TO SETTLE ON 05/25/2022
MERRILL LYNCH PIERCE FENNER
05/25/22 ACCRUED INTEREST ON SALE 2,718.75
AMERICAN HONDA FINAN 3.625% 10/10/23
CUSIP 02665WCQ2
05/03/22 INTEREST RECEIVED 11,470.00
BANK OF MONTREAL 1.850% 5/01/25
CUSIP 06367WB85
INTEREST ON 1,240,000.000 UNITS
05/18/22 INTEREST RECEIVED 19,750.00
BANK OF NEW YORK MEL 3.950% 11/18/25
CUSIP 06406HCQ0
INTEREST ON 1,000,000.000 UNITS
98
PAGE 24
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/25/22 INTEREST RECEIVED 116.88
BMW VEHICLE LEASE TR 0.330% 12/26/24
CUSIP 09690AAC7
$0.00027/PV ON 425,000.00 PV
DUE 5/25/22
05/25/22 INTEREST RECEIVED 412.50
BMW VEHICLE LEASE TR 1.100% 3/25/25
CUSIP 05601XAC3
$0.00092/PV ON 450,000.00 PV
DUE 5/25/22
05/18/22 530,000 PURCHASED 529,972.44-529,972.44
BMW VEHICLE OWN ABS 3.210% 8/25/26
CUSIP 05602RAD3
AT $99.9948 ON TRADE DATE 05/10/2022
TO SETTLE ON 05/18/2022
RBC DAIN RAUSCHER INC.
05/09/22 INTEREST RECEIVED 11,825.00
CATERPILLAR FINL SER 2.150% 11/08/24
CUSIP 14913Q3B3
INTEREST ON 1,100,000.000 UNITS
05/05/22 INTEREST RECEIVED 2,531.25
FED HOME LN MTG CORP 0.375% 5/05/23
CUSIP 3137EAER6
INTEREST ON 1,350,000.000 UNITS
05/19/22 550,000- SOLD 552,777.50 569,470.00-16,692.50-
FED HOME LN MTG CORP 2.750% 6/19/23
CUSIP 3137EAEN5
AT $100.5050 ON TRADE DATE 05/18/2022
TO SETTLE ON 05/19/2022
MARKETAXESS CORPORATION
99
PAGE 25
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/19/22 ACCRUED INTEREST ON SALE 6,302.08
FED HOME LN MTG CORP 2.750% 6/19/23
CUSIP 3137EAEN5
05/25/22 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 5/25/22
05/09/22 INTEREST RECEIVED 6,250.00
FED NATL MTG ASSN 0.500% 11/07/25
CUSIP 3135G06G3
INTEREST ON 2,500,000.000 UNITS
05/25/22 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 5/25/22
05/25/22 INTEREST RECEIVED 1,422.62
FHLMC MULTIFAMILY ST 2.995% 12/25/25
CUSIP 3137BN6G4
$0.00250/PV ON 570,000.00 PV
DUE 5/25/22
05/25/22 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 5/25/22
05/05/22 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 4/25/22
100
PAGE 26
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/25/22 INTEREST RECEIVED 1,212.93
FHLMC MULTIFAMILY ST 3.308% 9/25/25
CUSIP 3137BM7C4
$0.00276/PV ON 440,000.00 PV
DUE 5/25/22
05/16/22 INTEREST RECEIVED 1,108.25
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00284/PV ON 390,000.00 PV
DUE 5/16/22
05/20/22 INTEREST RECEIVED 313.63
GM FINANCIAL AUTOMOB 0.390% 10/21/24
CUSIP 36262XAC8
$0.00032/PV ON 965,000.00 PV
DUE 5/20/22
05/05/22 REVERSAL 1,456.88-
INTEREST RECEIVED
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
05/05/22 INTEREST RECEIVED 1,496.25
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00158/PV ON 945,000.00 PV
DUE 4/20/22
05/23/22 INTEREST RECEIVED 1,496.25
GM FINANCIAL AUTOMOB 1.850% 3/20/25
CUSIP 36265MAC9
$0.00158/PV ON 945,000.00 PV
DUE 5/20/22
101
PAGE 27
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/16/22 INTEREST RECEIVED 198.33
GM FINANCIAL SECURIT 0.680% 9/16/26
CUSIP 362554AC1
$0.00057/PV ON 350,000.00 PV
DUE 5/16/22
05/27/22 INTEREST RECEIVED 309.75
GM FINANCIAL SECURIT 1.260% 11/16/26
CUSIP 380146AC4
05/23/22 INTEREST RECEIVED 66.38
HONDA AUTO RECEIVABL 0.270% 4/21/25
CUSIP 43813GAC5
$0.00023/PV ON 295,000.00 PV
DUE 5/21/22
05/18/22 INTEREST RECEIVED 170.80
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
$0.00031/PV ON 553,959.92 PV
DUE 5/18/22
05/18/22 38,160.37- PAID DOWN 38,160.37 38,154.76-5.61
HONDA AUTO RECEIVABL 0.370% 10/18/24
CUSIP 43813KAC6
05/16/22 INTEREST RECEIVED 83.80
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
$0.00068/PV ON 122,630.26 PV
DUE 5/15/22
05/16/22 9,839.72- PAID DOWN 9,839.72 9,838.95-0.77
HONDA AUTO RECEIVABL 0.820% 7/15/24
CUSIP 43813DAC2
AT $1,185.2485 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
102
PAGE 28
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/23/22 INTEREST RECEIVED 337.33
HONDA AUTO RECEIVABL 0.880% 1/21/26
CUSIP 43815GAC3
$0.00073/PV ON 460,000.00 PV
DUE 5/21/22
05/27/22 INTEREST RECEIVED 1,159.33
HONDA AUTO RECEIVABL 1.000% 5/15/26
CUSIP 43815BAC4
$0.00157/PV ON 740,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 439.97
HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
$0.00148/PV ON 296,609.03 PV
DUE 5/15/22
05/16/22 50,587.59- PAID DOWN 50,587.59 50,502.55-85.04
HONDA AUTO RECEIVABL 1.780% 8/15/23
CUSIP 43815NAC8
AT $456.4711 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
05/24/22 INTEREST RECEIVED 217.25
HYUNDAI AUTO LEASE 0.330% 6/17/24
CUSIP 44891VAC5
$0.00027/PV ON 790,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 522.00
HYUNDAI AUTO LEASE 1.160% 1/15/25
CUSIP 44891WAC3
$0.00097/PV ON 540,000.00 PV
DUE 5/15/22
103
PAGE 29
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/27/22 INTEREST RECEIVED 1,868.50
HYUNDAI AUTO REC ABS 2.220% 10/15/26
CUSIP 448977AD0
05/16/22 INTEREST RECEIVED 163.08
HYUNDAI AUTO RECEIVA 0.380% 9/15/25
CUSIP 44933LAC7
$0.00032/PV ON 515,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 820.17
HYUNDAI AUTO RECEIVA 0.740% 5/15/26
CUSIP 44935FAD6
$0.00062/PV ON 1,330,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 3,500.00
INTER-AMERICAN DEVEL 0.250% 11/15/23
CUSIP 4581X0DP0
INTEREST ON 2,800,000.000 UNITS
05/16/22 INTEREST RECEIVED 870.00
JOHN DEERE OWNER ABS 2.320% 9/16/26
CUSIP 47787JAC2
$0.00193/PV ON 450,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 82.87
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
$0.00042/PV ON 194,979.08 PV
DUE 5/15/22
05/16/22 22,121.66- PAID DOWN 22,121.66 22,118.29-3.37
JOHN DEERE OWNER TRU 0.510% 11/15/24
CUSIP 47787NAC3
AT $167.4369 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
104
PAGE 30
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/16/22 INTEREST RECEIVED 251.33
JOHN DEERE OWNER TRU 0.520% 3/16/26
CUSIP 47789QAC4
$0.00043/PV ON 580,000.00 PV
DUE 5/15/22
05/16/22 INTEREST RECEIVED 162.28
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
$0.00092/PV ON 177,030.71 PV
DUE 5/15/22
05/16/22 20,745.92- PAID DOWN 20,745.92 20,744.65-1.27
JOHN DEERE OWNER TRU 1.100% 8/15/24
CUSIP 47789KAC7
AT $562.1594 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
05/16/22 INTEREST RECEIVED 381.77
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
$0.00184/PV ON 207,296.29 PV
DUE 5/15/22
05/16/22 53,255.41- PAID DOWN 53,255.41 53,748.44-493.03-
JOHN DEERE OWNER TRU 2.210% 12/15/23
CUSIP 477870AC3
TO SETTLE ON 05/16/2022
05/16/22 INTEREST RECEIVED 139.65
JOHN DEERE OWNER TRU 2.910% 7/17/23
CUSIP 47789JAD8
$0.00242/PV ON 57,586.04 PV
DUE 5/15/22
105
PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/16/22 53,921.01- PAID DOWN 53,921.01 54,979.87-1,058.86-
JOHN DEERE OWNER TRU 2.910% 7/17/23
CUSIP 47789JAD8
AT $757.0111 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
05/16/22 INTEREST RECEIVED 108.13
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
$0.00033/PV ON 324,386.81 PV
DUE 5/15/22
05/16/22 25,435.59- PAID DOWN 25,435.59 25,434.30-1.29
MERCEDES-BENZ AUTO 0.400% 11/15/23
CUSIP 58769EAC2
AT $458.5116 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
05/16/22 INTEREST RECEIVED 962.07
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
$0.00161/PV ON 598,178.11 PV
DUE 5/15/22
05/16/22 64,188.29- PAID DOWN 64,188.29 64,506.71-318.42-
NISSAN AUTO RECEIVAB 1.930% 7/15/24
CUSIP 65479JAD5
AT $140.4324 ON TRADE DATE 05/15/2022
TO SETTLE ON 05/16/2022
05/10/22 670,000 PURCHASED 668,914.60-668,914.60
NORTHERN TRUST CORP 4.000% 5/10/27
CUSIP 665859AW4
AT $99.8380 ON TRADE DATE 05/05/2022
TO SETTLE ON 05/10/2022
WACHOVIA CAPITAL MARKETS, LLC.
106
PAGE 32
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/18/22 INTEREST RECEIVED 236.17
TOYOTA AUTO RECEIVAB 0.260% 5/15/25
CUSIP 89240BAC2
$0.00022/PV ON 1,090,000.00 PV
DUE 5/15/22
05/16/22 31,269.06- PAID DOWN 31,269.06 31,263.23-5.83
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
TO SETTLE ON 05/16/2022
05/19/22 INTEREST RECEIVED 126.01
TOYOTA AUTO RECEIVAB 0.350% 1/15/25
CUSIP 89236XAC0
INTEREST PAYMENT 5/15/22
05/25/22 INTEREST RECEIVED 254.42
TOYOTA AUTO RECEIVAB 0.710% 4/15/26
CUSIP 89238JAC9
05/31/22 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 5/20/22
05/06/22 INTEREST RECEIVED 227.50
TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
$0.00032/PV ON 700,000.00 PV
DUE 4/20/22
05/20/22 INTEREST RECEIVED 227.50
TOYOTA LEASE OWNER 0.390% 4/22/24
CUSIP 89238EAC0
$0.00032/PV ON 700,000.00 PV
DUE 5/20/22
107
PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/16/22 INTEREST RECEIVED 5,951.25
UNITEDHEALTH GROUP 1.150% 5/15/26
CUSIP 91324PEC2
INTEREST ON 1,035,000.000 UNITS
05/20/22 155,000 PURCHASED 154,916.30-154,916.30
UNITEDHEALTH GRP INC 3.700% 5/15/27
CUSIP 91324PEG3
AT $99.9460 ON TRADE DATE 05/17/2022
TO SETTLE ON 05/20/2022
BANC OF AMERICA SECURITIES LLC
05/20/22 260,000 PURCHASED 260,200.20-260,200.20
UNITEDHEALTH GRP INC 3.700% 5/15/27
CUSIP 91324PEG3
AT $100.0770 ON TRADE DATE 05/17/2022
TO SETTLE ON 05/20/2022
STIFEL NICOLAUS & CO., INC.
05/20/22 260,000 PURCHASED 260,200.20-260,200.20
UNITEDHEALTH GRP INC 3.700% 5/15/27
CUSIP 91324PEG3
AT $100.0770 ON TRADE DATE 05/17/2022
TO SETTLE ON 05/20/2022
PIERPONT SECURITIES LLC
05/02/22 INTEREST RECEIVED 3,062.50
US TREASURY NOTE 0.250% 10/31/25
CUSIP 91282CAT8
INTEREST ON 2,450,000.000 UNITS
05/02/22 INTEREST RECEIVED 4,687.50
US TREASURY NOTE 0.375% 4/30/25
CUSIP 912828ZL7
INTEREST ON 2,500,000.000 UNITS
108
PAGE 34
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/31/22 INTEREST RECEIVED 4,218.75
US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
INTEREST ON 2,250,000.000 UNITS
05/02/22 INTEREST RECEIVED 9,375.00
US TREASURY NOTE 0.750% 4/30/26
CUSIP 91282CBW0
INTEREST ON 2,500,000.000 UNITS
05/18/22 INTEREST RECEIVED 7,875.00
US TREASURY NOTE 1.125% 10/31/26
CUSIP 91282CDG3
INTEREST ON 1,400,000.000 UNITS
05/18/22 INTEREST RECEIVED 5,281.25
US TREASURY NOTE 1.625% 10/31/23
CUSIP 912828T91
INTEREST ON 650,000.000 UNITS
05/02/22 INTEREST RECEIVED 17,000.00
US TREASURY NOTE 2.000% 4/30/24
CUSIP 912828X70
INTEREST ON 1,700,000.000 UNITS
05/20/22 INTEREST RECEIVED 313.33
VERIZON OWNER TRUST 0.470% 2/20/25
CUSIP 92290BAA9
$0.00039/PV ON 800,000.00 PV
DUE 5/20/22
05/20/22 INTEREST RECEIVED 387.56
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
$0.00162/PV ON 239,729.44 PV
DUE 5/20/22
109
PAGE 35
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/20/22 33,366.15- PAID DOWN 33,366.15 33,363.58-2.57
VERIZON OWNER TRUST 1.940% 4/22/24
CUSIP 92348AAA3
AT $251.6254 ON TRADE DATE 05/20/2022
05/11/22 REVERSAL 2,550.00-
INTEREST RECEIVED
VR FED HOME LN MTG 3.060% 7/25/23
CUSIP 3137B4WB8
AP10 INCORRECT POSTING
05/11/22 INTEREST RECEIVED 2,550.00
VR FED HOME LN MTG 3.060% 7/25/23
CUSIP 3137B4WB8
05/25/22 INTEREST RECEIVED 2,550.00
VR FED HOME LN MTG 3.060% 7/25/23
CUSIP 3137B4WB8
05/25/22 INTEREST RECEIVED 2,639.42
VR FHLMC MULTIFAMI 3.334% 8/25/25
CUSIP 3137BLW95
$0.00278/PV ON 950,000.00 PV
DUE 5/25/22
05/25/22 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 5/25/22
05/25/22 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 5/25/22
110
PAGE 36
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/25/22 650,000 PURCHASED 615,699.50-615,699.50
VR MORGAN STANLEY 2.188% 4/28/26
CUSIP 6174468Q5
AT $94.7230 ON TRADE DATE 05/23/2022
TO SETTLE ON 05/25/2022
MERRILL LYNCH PIERCE FENNER
05/25/22 ACCRUED INTEREST ON PURCHASE 1,066.65-
VR MORGAN STANLEY 2.188% 4/28/26
CUSIP 6174468Q5
05/09/22 1,000,000- SOLD 1,008,930.00 1,023,630.00-14,700.00-
WALMART INC 3.400% 6/26/23
CUSIP 931142EK5
AT $100.8930 ON TRADE DATE 05/05/2022
TO SETTLE ON 05/09/2022
RBC DAIN RAUSCHER INC.
05/09/22 ACCRUED INTEREST ON SALE 12,561.11
WALMART INC 3.400% 6/26/23
CUSIP 931142EK5
TRANSFER RECEIPTS
05/02/22 ADDITION TO ACCOUNT 47,281.65
TRANSFER FROM INCOME
05/03/22 ADDITION TO ACCOUNT 14.64
TRANSFER FROM INCOME
05/04/22 ADDITION TO ACCOUNT 11,470.00
TRANSFER FROM INCOME
05/05/22 ADDITION TO ACCOUNT 2,531.25
TRANSFER FROM INCOME
111
PAGE 37
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/06/22 ADDITION TO ACCOUNT 1,252.30
TRANSFER FROM INCOME
05/09/22 ADDITION TO ACCOUNT 30,863.61
TRANSFER FROM INCOME
05/12/22 ADDITION TO ACCOUNT 9,375.00
TRANSFER FROM INCOME
05/16/22 ADDITION TO ACCOUNT 22,635.75
TRANSFER FROM INCOME
05/18/22 ADDITION TO ACCOUNT 19,920.80
TRANSFER FROM INCOME
05/19/22 ADDITION TO ACCOUNT 6,302.08
TRANSFER FROM INCOME
05/20/22 ADDITION TO ACCOUNT 3,246.36
TRANSFER FROM INCOME
05/23/22 ADDITION TO ACCOUNT 4,930.86
TRANSFER FROM INCOME
05/25/22 ADDITION TO ACCOUNT 20,718.74
TRANSFER FROM INCOME
05/26/22 ADDITION TO ACCOUNT 2,550.00
TRANSFER FROM INCOME
05/31/22 ADDITION TO ACCOUNT 4,218.75
TRANSFER FROM INCOME
112
PAGE 38
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
INVESTMENT MANAGEMENT EXPENSES
05/04/22 INVESTMENT MGMT FEE 9,143.28-
PAID TO BRIDGE BANK
CHANDLER ASSET MGMT FEE INV
2204CUPERTIN
PD 4/1-30/2022
TRANSFER DISBURSEMENTS
05/02/22 TRANSFER TO PRINCIPAL 47,281.65-
05/03/22 TRANSFER TO PRINCIPAL 14.64-
05/04/22 TRANSFER TO PRINCIPAL 11,470.00-
05/05/22 TRANSFER TO PRINCIPAL 2,531.25-
05/06/22 TRANSFER TO PRINCIPAL 1,252.30-
05/09/22 TRANSFER TO PRINCIPAL 30,863.61-
05/12/22 TRANSFER TO PRINCIPAL 9,375.00-
05/16/22 TRANSFER TO PRINCIPAL 22,635.75-
05/18/22 TRANSFER TO PRINCIPAL 19,920.80-
05/19/22 TRANSFER TO PRINCIPAL 6,302.08-
05/20/22 TRANSFER TO PRINCIPAL 3,246.36-
05/23/22 TRANSFER TO PRINCIPAL 4,930.86-
05/25/22 TRANSFER TO PRINCIPAL 20,718.74-
113
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 39
STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MAY 1, 2022 THROUGH MAY 31, 2022 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
05/26/22 TRANSFER TO PRINCIPAL 2,550.00-
05/31/22 TRANSFER TO PRINCIPAL 4,218.75-
=================================================================================================================
ENDING BALANCE 0.00 155,594,562.69
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
114
CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 5/1/2022 to 5/31/2022
Kristina Alfaro
Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 5/1/2022 Contributions Earnings Expenses Distributions Transfers 5/31/2022
OPEB $33,660,246.78 $0.00 -$125,228.91 $10,045.80 $0.00 $0.00 $33,524,972.07
PENSION $16,368,260.73 $0.00 -$60,894.49 $4,885.04 $0.00 $0.00 $16,302,481.20
Totals $50,028,507 51 $0.00 -$186,123.40 $14,930.84 $0.00 $0.00 $49,827,453.27
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 -0.37%-6.52%-9.74%6.76%5.97%6.62%6/21/2010
PENSION -0.37%-6.52%-9.87%8.02%--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
115
6/1/22, 10:14 AM LAIF Regular Monthly Statement
https://laifms.treasurer.ca.gov/RegularStatement.aspx
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
June 01, 2022
LAIF Home
PMIA Average Monthly
Yields
CITY OF CUPERTINO
FINANCE MANAGER
10300 TORRE AVENUE
CUPERTINO, CA 95014
Account Number:
May 2022 Statement
Tran Type Definitions
Account Summary
Total Deposit 0 00
Beginning Balance 21,059,751 91
Total Withdrawal:0.00 Ending Balance:21,059,751.91
116
CITY OF CUPERTINO
Agenda Item
22-11158 Agenda Date: 6/27/2022
Agenda #: 6.
Subject: ACTION ITEM Consider the Monthly Treasurer's Report for May 2022
Review Monthly Treasurer's Report for May 2022 and recommend filing with City Council
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
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2
Cash vs. Accrual Basis Accounting
Cash and accrual basis accounting differ in the timing when revenues and expenses are
recognized and recorded. Cash basis accounting recognizes revenues when payment is
received and expenses when payment is paid. Accrual basis accounting recognizes
revenues when they are earned (but not 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 Cityʹs accounts. The ending balance is the
beginning balance plus receipts minus disbursements. Journal adjustments include
transactions recorded in other systems and imported into New World, Council‐approved
budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest
earnings.
Revenues, expenditures, and fund balance are measured on an accrual basis. As a result,
the amount in fund balance does not mean the City has that much cash on hand. Instead,
fund balance is the difference between assets and liabilities. The ending balance is the
beginning balance plus revenues minus expenditures.
Treasurerʹs Report
The report provides cash and fund balances for the City of Cupertino for May 2022. The
report is as of June 23, 2022.
Receipts, Disbursements, and Cash Balance
The Cityʹs General Fund ending cash and investment balance was $119.3 million, an
increase of $1.6 million from the prior month. Receipts were $6.7 million, disbursements
were ($5.2) million, and journal adjustments were $36,643 for the month.
The City’s total ending cash and investment balance was $229.8 million, an increase of
$1.5 million from the prior month. Receipts were $8.5 million, disbursements were ($7.5)
million, and journal adjustments were $0.4 million for the month.
Fund Balance/Net Position
The Cityʹs General Fund ending fund balance was $108.5 million, decreasing by $2.9
million from the prior month due to revenues of $1.9 million and expenditures of $4.7
million.
The City’s total ending fund balance was $210.4 million, decreasing by $6.7 million from
the prior month due to revenues of $2.8 million and expenditures of $9.5 million.
Sustainability Impact
No sustainability impact.
137
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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: __________________
Jim Throop
City Manager
Attachments:
A – Report of City‐wide Receipts, Disbursements, and Cash Balances May 2022
B – Report of City‐wide Fund Balances/Net Position May 2022
138
May 2022 Report of City‐wide Receipts, Disbursements, and Cash Balances
Cash and Investments
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of April 30, 2022 Receipts Disbursements Journal Adjustments as of May 31, 2022
General Fund 100 General Fund 117,687,374 6,702,004 (5,152,788) 36,643 119,273,234
General Fund 130 Investment Fund (1,200) ‐ ‐ ‐ (1,200)
Special Revenue Funds 210 Storm Drain Improvement 2,354,881 ‐ (3,556) ‐ 2,351,326
Special Revenue Funds 215 Storm Drain AB1600 1,850,269 5,046 ‐ ‐ 1,855,315
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,118,681 (31,630) (105,522) ‐ 981,529
Special Revenue Funds 260 CDBG 478,584 86,229 (38,752) ‐ 526,060
Special Revenue Funds 261 HCD Loan Rehab 232,280 ‐ ‐ ‐ 232,280
Special Revenue Funds 265 BMR Housing 6,082,733 3,000 (40,575) ‐ 6,045,158
Special Revenue Funds 270 Transportation Fund 13,257,200 209,420 (691,307) (105,235) 12,670,077
Special Revenue Funds 271 Traffic Impact 750,695 ‐ ‐ ‐ 750,695
Special Revenue Funds 280 Park Dedication 22,204,603 ‐ (88,818) ‐ 22,115,785
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 29,201,248 1,402,454 (458,122) 130,235 30,275,814
Capital Project Funds 427 Stevens Creek Corridor Park 175,258 ‐ (1,240) ‐ 174,018
Capital Project Funds 429 Capital Reserve*9,546,568 ‐ ‐ ‐ 9,546,568
Enterprise Funds 520 Resource Recovery 6,299,708 134,646 (225,435) ‐ 6,208,920
Enterprise Funds 560 Blackberry Farm 1,236,885 ‐ (36,460) 62,544 1,262,969
Enterprise Funds 570 Sports Center 2,207,525 ‐ (71,897) 199,182 2,334,810
Enterprise Funds 580 Recreation Program 3,410,371 5,715 (105,311) 151,634 3,462,409
Internal Service Funds 610 Innovation & Technology 2,096,226 ‐ (287,138) ‐ 1,809,088
Internal Service Funds 620 Workers Compensation 3,983,867 ‐ (3,133) (33,096) 3,947,638
Internal Service Funds 630 Vehicle/Equip Replacement 935,951 ‐ (69,978) ‐ 865,973
Internal Service Funds 641 Compensated Absence/LTD 690,476 ‐ 790 ‐ 691,266
Internal Service Funds 642 Retiree Medical 110,162 ‐ (113,895) ‐ (3,732)
Total 228,333,518$ 8,516,884$ (7,493,138)$ 441,907$ 229,799,172$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed June 23, 2022
13
9
May 2022 Report of City-wide Fund Balances/Net Position
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of April 30, 2022 Revenues Expenditures as of May 31, 2022
General Fund 100 General Fund 111,395,685 1,873,942 4,726,779 108,542,849
General Fund 130 Investment Fund (1,200) - - (1,200)
Special Revenue Funds 210 Storm Drain Improvement 2,354,881 - 3,556 2,351,326
Special Revenue Funds 215 Storm Drain AB1600 1,850,269 5,046 - 1,855,315
Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,149,395 (30,450) 106,377 1,012,569
Special Revenue Funds 260 CDBG 978,218 85,742 8,480 1,055,479
Special Revenue Funds 261 HCD Loan Rehab 232,280 - - 232,280
Special Revenue Funds 265 BMR Housing 6,082,349 3,000 40,191 6,045,158
Special Revenue Funds 270 Transportation Fund 13,252,511 209,420 793,922 12,668,008
Special Revenue Funds 271 Traffic Impact 750,695 - - 750,695
Special Revenue Funds 280 Park Dedication 22,157,839 - 42,106 22,115,734
Special Revenue Funds 281 Tree Fund 138,323 - - 138,323
Debt Service Funds 365 Public Facilities Corp 2,284,850 - 2,278,000 6,850
Capital Project Funds 420 Capital Improvement Fund 27,561,509 130,235 426,998 27,264,746
Capital Project Funds 427 Stevens Creek Corridor Park 174,018 - - 174,018
Capital Project Funds 429 Capital Reserve*9,546,568 - - 9,546,568
Enterprise Funds 520 Resource Recovery 5,366,509 134,646 225,435 5,275,720
Enterprise Funds 560 Blackberry Farm 931,299 58,160 20,537 968,922
Enterprise Funds 570 Sports Center 2,315,437 218,832 74,140 2,460,129
Enterprise Funds 580 Recreation Program 2,604,427 94,791 106,984 2,592,234
Internal Service Funds 610 Innovation & Technology 725,746 - 341,156 384,590
Internal Service Funds 620 Workers' Compensation 2,547,454 - 36,229 2,511,225
Internal Service Funds 630 Vehicle/Equip Replacement 1,875,947 - 153,008 1,722,939
Internal Service Funds 641 Compensated Absence/LTD 690,476 8,714 7,925 691,266
Internal Service Funds 642 Retiree Medical 110,162 - 113,895 (3,732)
Total 217,075,648$ 2,792,078$ 9,505,716$ 210,362,011$
* For reporting purposes, this fund rolls up/combines with Fund 420
Printed June 23, 2022
140
CITY OF CUPERTINO
Agenda Item
22-11159 Agenda Date: 6/27/2022
Agenda #: 7.
Subject: INFORMATION ITEM Consider an update on the FY 2021-22 Audit and AUP Engagements
Receive an update on the FY 2021-22 Audit and AUP Engagements
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
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CITY OF CUPERTINO
Agenda Item
22-11160 Agenda Date: 6/27/2022
Agenda #: 8.
Subject: INFORMATION ITEM Consider an update on Budget Format Review
Receive an update on Budget Format Review
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 6/24/2022Page 1 of 1
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CITY OF CUPERTINO
Agenda Item
22-11161 Agenda Date: 6/27/2022
Agenda #: 9.
Subject: INFORMATION ITEM Consider the Audit Committee 2022 Schedule and Work Plan
Receive Audit Committee 2022 Schedule and Work Plan and provide direction to staff
Presenter: Thomas Leung, Acting Finance Manager
CITY OF CUPERTINO Printed on 6/24/2022Page 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
Treasurerʹs Report
for Quarter Ending
December 31, 2021
Internal Audit
Update
Monthly Treasurerʹs
Report for January
and February 2022
Monthly Treasurerʹs
Report for March
2022
Internal Audit
Update
Monthly Treasurerʹs
Report for May 2022
Monthly Treasurerʹs
Report for June 2022
Internal Audit
Update
Monthly Treasurerʹs
Report for August
2022
Monthly Treasurerʹs
Report for
September 2022
Internal Audit
Update
Monthly Treasurerʹs
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 Treasurerʹs
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 Treasurerʹs
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 Treasurerʹs
Investment Report
for November 2022
Review of FY 2020‐
21 ACFR and
Supplemental
Reports
Annual Review of
City Investment
Policy
Monthly Treasurerʹs
Report for April 2022
Proposed FY 2022‐23
Internal Audit Work
Plan
Monthly Treasurerʹs
Investment Report
for June 2022
Monthly Treasurerʹs
Report for July 2022
Annual Review of
Pension and OPEB
Trust Investment
Policy
Monthly Treasurerʹs
Report for October
2022
Committee Input to
Independent
Auditor on Interim
Audit and AUP
Engagements
Monthly Treasurerʹs
Investment Report
for April 2022
Budget Format
Review
Budget Format
Review (Fund
Balance Policy)
Monthly Treasurerʹs
Investment Report
for July 2022
Monthly Treasurerʹs
Investment Report
for September 2022
Monthly Treasurerʹs
Investment Report
for October 2022
Follow‐up on
Previous Fiscal Year
Management Letter
Items and
Management
Responses
Budget Format
Review (OpenGov
Data Sources)
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
14
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