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AC 10-27-2025 Searchable Packet
CITY OF CUPERTINO AUDIT COMMITTEE AGENDA 10185 North Stelling Road, Quinlan Conference Room and via Teleconference Monday, October 27, 2025 4:00 PM Regular Meeting IN-PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION OPTIONS TO OBSERVE: Members of the public wishing to observe the meeting may do so in one of the following ways: 1) Attend in person at Quinlan Community Center, Conference Room, 10185 N. Stelling Road. 2) Watch a live stream online at https://youtube.com/@cupertinocitycommission and www.Cupertino.org/webcast. OPTIONS TO PARTICIPATE AND COMMENT: Members of the public wishing to address the Audit Committee may do so in the following ways: 1) Appear in person at Quinlan Community Center, Conference Room, 10185 N. Stelling Road: A. During “Oral Communications”, the public may comment on matters not on the agenda, and for agendized matters, the public may comment during the public comment period for each agendized item. B. Speakers are requested to complete a Speaker Card. While completion of Speaker Cards is voluntary and not required to attend the meeting or provide comments, it is helpful for the purposes of ensuring that all speakers are called upon. C. Speakers must wait to be called and may begin speaking when recognized by the Chair. D. Speakers are limited to three (3) minutes each. However, the Chair may reduce the speaking time depending on the number of people who wish to speak on an item. A speaker representing a group of 2 to 5 or more people who are present may have up to 2 Page 1 1 AC 10-27-2025 1 of 207 Audit Committee Agenda October 27, 2025 minutes per group member, up to 10 minutes maximum. E. Please note that due to cyber security concerns, speakers are not allowed to connect any personal devices to any City equipment. However, speakers that wish to share a document (e.g. presentations, photographs or other documents) during oral comments may do so by: a. E-mailing the document to AuditCommittee@cupertino.gov by 3:00 p.m. and staff will advance the slides/share the documents during your oral comment. 2) Written communications as follows: A. E-mail comments to AuditCommittee@cupertino.gov B. Regular mail or hand delivered addressed to the: Cupertino Audit Committee, City Hall, 10300 Torre Avenue, Cupertino, CA 95014 C. Comments addressed to the Audit Committee received by 3:00 p.m. on the day of the meeting will be included in written communications published and distributed before the beginning of the meeting. D. Comments addressed to the Audit Committee received after the 3:00 p.m. deadline, but through the end of the Commission meeting, will be posted to the City’s website by the end of the following business day. 3) Teleconference in one of the following ways: A. Online via Zoom on an electronic device (Audio and Video): Speakers must register in advance by clicking on the link below to access the meeting: https://cityofcupertino.zoom.us/webinar/register/WN_bLMJXGkLS4yyoMAq7MkdlQ a. Registrants will receive a confirmation email containing information about joining the webinar. b. Speakers will be recognized by the name they use for registration. Once recognized, speakers must click ‘unmute’ when prompted to speak. c. Please read the following instructions about technical compatibility carefully: One can directly download the teleconference (Zoom) software or connect to the meeting in their internet browser. If a browser is used, make sure the most current and up-to-date browser, such as the following, is used: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+. Certain functionality may be disabled in older browsers, including Internet Explorer. B. By Phone (Audio only): No registration is required in advance and speakers may join the meeting as follows: a. Dial 669-900-6833 and enter WEBINAR ID: 991 6141 1468 b. To “raise hand” to speak: Dial *9; When asked to unmute: Dial *6 c. Speakers will be recognized to speak by the last four digits of their phone number. C. Via an H.323/SIP room system: Page 2 2 AC 10-27-2025 2 of 207 Audit Committee Agenda October 27, 2025 H.323 Information: 144.195.19.161 (US West) 206.247.11.121 (US East) Meeting ID: 991 6141 1468 SIP: 99161411468@zoomcrc.com ROLL CALL ORDERS OF THE DAY APPROVAL OF MINUTES 1.Subject: Approve Minutes of Regular Meeting on July 28, 2025 Recommended Action: Approve Minutes of Regular Meeting on July 28, 2025 A - Draft Minutes 2.Subject: Approve Minutes of Special Meeting on August 4, 2025 Recommended Action: Approve Minutes of Special Meeting on August 4, 2025 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. OLD BUSINESS NEW BUSINESS 3.Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 Presenter: PARS and US Bank 4:15(10) A - OPEB Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 4.Subject: INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Page 3 3 AC 10-27-2025 3 of 207 Audit Committee Agenda October 27, 2025 Recommended Action: Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Presenter: Jonathan Orozco, Finance Manager, and Chandler 4:25(15) Staff Report A – Chandler Investment Report September 2025 B – Chandler Custodial Statement September 2025 C – PARS Pension and OPEB Account Statement September 2025 D – LAIF Account Statement September 2025 5.Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and Abuse programs update Recommended Action: Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Baker Tilly 4:40(10) A - Internal Audit Status Report 10-21-25 B - Cupertino Audit Validation Report - October 2025 6.Subject: ACTION ITEM Review and accept the OPEB and Pension Trust Investment Policies Recommended Action: Review and accept the OPEB and Pension Trust Investment Policies Presenter: Jonathan Orozco, Finance Manager 4:50(10) Staff Report A - OPEB Trust Investment Policy B - Pension Trust Investment Policy 7.Subject: INFORMATIONAL ITEM Receive the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) Update Recommended Action: Receive the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) Update Presenter: The Pun Group 5:05(10) 8.Subject: ACTION ITEM OpenGov Budget Format Review Presentation and Finalize Recommendations Page 4 4 AC 10-27-2025 4 of 207 Audit Committee Agenda October 27, 2025 Recommended Action: a. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation numbers 15, 17, 18, 19, and 30 b. Finalize OpenGov budget format for recommendation to City Council Presenter: Toni Oasay-Anderson, Interim Budget Manager 5:15(30) Staff Report A – Sample Current Budget Council & Commissions Department Overview through budget financials page 9.Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 5:45(10) A - Proposed Audit Committee 2025 Schedule and Work Plan STAFF AND COMMITTEE REPORTS COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS FUTURE AGENDA SETTING ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this meeting who is visually or hearing impaired or has any disability that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for assistance. In addition, upon request in advance by a person with a disability, meeting agendas and writings distributed for the meeting that are public records will be made available in the appropriate alternative format. Any writings or documents provided to a majority of the members after publication of the agenda will be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at 10300 Torre Avenue, Cupertino, California 95014, during normal business hours. IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section 2.08.100 written communications sent to the City Council, Commissioners or 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 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 Page 5 5 AC 10-27-2025 5 of 207 Audit Committee Agenda October 27, 2025 publicly available on the City website. Page 6 6 AC 10-27-2025 6 of 207 CITY OF CUPERTINO Agenda Item Subject: Approve Minutes of Regular Meeting on July 28, 2025 Approve Minutes of Regular Meeting on July 28, 2025 CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 7 AC 10-27-2025 7 of 207 DRAFT MINUTES CUPERTINO AUDIT COMMITTEE Monday, July 28, 2025 At 4:00 p.m. Chair Eno Schmidt called the Regular Audit Committee meeting to order at the Quinlan Conference Room, 10185 North Stelling Road. ROLL CALL Present: Chair Eno Schmidt, Vice Mayor Kitty Moore, Council Member Sheila Mohan, and Committee Member William Wong. Absent: Vice Chair Hanyan Wu. APPROVAL OF MINUTES 1. Subject: Approve Minutes of Regular Meeting on April 28, 2025 Recommended Action: Approve Minutes of Regular Meeting on April 28, 2025 Chair Schmidt opened the public comment period, and seeing no one, closed the public comment period. MOTION: Mohan moved and Moore seconded to approve the corrected April 28, 2025 Regular Audit Committee Minutes. The motion carried with the following vote: Ayes: Schmidt, Moore, Mohan, Wong. Noes: None. Abstain: None. Absent: Wu. 2. Subject: Approve Minutes of Special Meeting on May 12, 2025 Recommended Action: Approve Minutes of Special Meeting on May 12, 2025 Chair Schmidt opened the public comment period, and seeing no one, closed the public comment period. MOTION: Mohan moved and Moore seconded to approve the corrected May 12, 2025 Special Audit Committee Minutes. The motion carried with the following vote: Ayes: Schmidt, Moore, Mohan, Wong. Noes: None. Abstain: None. Absent: Wu. POSTPONEMENTS – None ORAL COMMUNICATIONS – None OLD BUSINESS – None NEW BUSINESS – 8 AC 10-27-2025 8 of 207 3. Subject: INFORMATIONAL ITEM Fiscal Year 2024-25 ACFR Interim Testing Update Recommended Action: Receive the Fiscal Year 2024-25 ACFR Interim Testing Update Presenter: The Pun Group Chair Schmidt introduced Pun Group Partner Sophia Kuo, who gave a presentation. Committee Members asked questions and made comments, which staff and the presenter responded to. 4. Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2025 Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2025 Presenter: PARS and US Bank 4:25(10) Chair Schmidt introduced Vice President & Senior Institutional Client Portfolio Manager from PFM Asset Management Dennis Mullins, who gave a presentation. Chair Schmidt opened the public comment period, and seeing no one, closed the public comment period. Committee Members asked questions and made comments, which the presenter responded to. 5. Subject: INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2025 Recommended Action: Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2025 Chair Schmidt introduced Finance Manager Jonathan Orozco and Senior Portfolio Strategist at Chandler Asset Management, Carlos Oblites, who gave a presentation. Committee Members asked questions and made comments, which staff and the presenter responded to. 6. Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and Abuse programs update Recommended Action: Receive the Internal Audit and Fraud, Waste, and Abuse programs update Chair Schmidt introduced representatives from Baker Tilly, who gave a presentation. 9 AC 10-27-2025 9 of 207 Committee Members asked questions and made comments, which presenters and staff responded to. 7. Subject: ACTION ITEM Discuss Audit Committee Duties, Powers, and Responsibilities Recommended Action: Provide recommendation (if any) to City Council for an Audit Committee municipal code Government Code Section 2.88.100 update Chair Schmidt introduced Finance Manager Jonathan Orozco who gave a presentation. Committee Members asked questions and made comments, which staff responded to. MOTION: Chair Schmidt moved and Moore seconded to approve the following updates to Audit Committee municipal code Government Code Section 2.88.100 • Change the name of the Committee to “Audit and Finance Committee”. • Modify the wording of current item 2.88.100(g) to read “To review city’s internal controls and internal audit reports”. • Add new item 2.88.100(i): “To review the use of artificial intelligence in the city’s financial reporting, internal control over financial reporting, risk management and compliance.” The motion carried with the following vote: Ayes: Schmidt, Moore, Mohan, Wong. Noes: None. Abstain: None. Absent: Wu. 8. Subject: ACTION ITEM Special Revenue Fund Process Audit Update Recommended Action: Receive Special Revenue Fund Process Audit Update and forward to City Council Chair Schmidt introduced representatives from Baker Tilly, who gave a presentation. Committee Members asked questions and made comments, which staff and the presenter responded to. Committee Members made the following recommendations: • Forward the report and its recommendations to the City Council • Staff to update the BMR handbook to address audit findings • Ensure internal audit findings are clearly explained and reflected accurately in presentations to City Council. 10 AC 10-27-2025 10 of 207 • Track and verify the status of key funds (e.g., SB-1, Measure B 2016, Art In-Lieu) to confirm proper classification and use. Moore moved and Mohan seconded to forward the Special Revenue Fund Process Audit Update to City Council incorporating these recommendations. The motion carried with the following vote: Ayes: Schmidt, Moore, Mohan, Wong. Noes: None. Abstain: None. Absent: Wu. Due to time constraints, Committee Members continued the following items to the next meeting: 9. Subject: ACTION ITEM Budget Format Review Presentation and Formation of Budget Format Review Subcommittee Recommended Action: 1. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation #30 2. Form Budget Format Review subcommittee Presenter: Kristina Alfaro, Director of Administrative Services This item was continued to the next Audit Committee meeting. 10. Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Recommended Action: Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 5:55(5) This item was continued to the next Audit Committee meeting. STAFF AND COMMISSION REPORTS – None FUTURE AGENDA SETTING – None ADJOURNMENT At 6:03 p.m. Chair Schmidt adjourned the Regular Audit Committee Meeting. Minutes prepared by: 11 AC 10-27-2025 11 of 207 Lindsay Nelson, Administrative Assistant 12 AC 10-27-2025 12 of 207 CITY OF CUPERTINO Agenda Item Subject: Approve Minutes of Special Meeting on August 4, 2025 Approve Minutes of Special Meeting on August 4, 2025 CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 13 AC 10-27-2025 13 of 207 DRAFT MINUTES AUDIT COMMITTEE Monday, August 4, 2025 At 2:00 p.m. Chair Eno Schmidt called the Special Audit Committee meeting to order in the City of Cupertino Conference Room A, 10300 Torre Avenue. ROLL CALL Present: Chair Eno Schmidt and Vice Mayor Kitty Moore and Council Member Sheila Mohan. Absent: Vice Chair Hanyan Wu and Committee Member William Wong. APPROVAL OF MINUTES – None. POSTPONEMENTS – None. ORAL COMMUNICATIONS – None. OLD BUSINESS – None. NEW BUSINESS – 1. Subject: ACTION ITEM Budget Format Review Presentation and Formation of Budget Format Review Subcommittee Recommended Action: 1. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation #30 2. Form Budget Format Review subcommittee Presenter: Kristina Alfaro, Director of Administrative Services Director of Administrative Services, Kristina Alfaro introduced Budget Intern II, Alexis Chiu, who gave a presentation. Committee Members asked questions and made comments, which staff responded to. MOTION: Schmidt moved to form an ad hoc subcommittee to study the budget format as described in the staff report that would report back to the Audit Committee no later than its regular meeting of October, with a recommendation that the Audit Committee would consider and present to City Council. FRIENDLY AMENDMENT: Moore made a friendly amendment to include in the motion that the Audit Committee received the presentation and gave feedback and nominated 14 AC 10-27-2025 14 of 207 herself to be on the Budget Format Review Subcommittee Schmidt accepted the friendly amendment. MOTION: Moore moved and Mohan seconded to receive the presentation with the comments made during the presentation, and the Budget Format Review Subcommittee consist of Schmidt and Moore. FRIENDLY AMENDMENT: Schmidt made a friendly amendment for a report back from the Budget Format Review Subcommittee by the next regular Audit Committee meeting in October. Moore accepted the friendly amendment. The motion carried with the following vote: Ayes: Schmidt, Moore, Mohan. Noes: None. Abstain: None. Absent: Wu, Wong. MOTION: Moore moved and Schmidt seconded that Mohan would act as an alternate member of the Budget Format Review Subcommittee. The motion carried with the following vote: Ayes: Schmidt, Mohan, Moore. Noes: None. Abstain: None. Absent: Wu, Wong. 2. Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Recommended Action: Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager Finance Manager Jonathan Orozco gave a presentation. Committee Members asked questions and made comments, which staff responded to. STAFF AND COMMITTEE REPORTS – None FUTURE AGENDA SETTING – None ADJOURNMENT At 3:07 p.m. Chair Schmidt adjourned the Special Audit Committee Meeting. Minutes prepared by: 15 AC 10-27-2025 15 of 207 Lindsay Nelson, Administrative Assistant 16 AC 10-27-2025 16 of 207 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 Presenter: PARS and US Bank 4:15(10) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 17 AC 10-27-2025 17 of 207 City of Cupertino PARS 115 Trust – OPEB Prefunding Program & Pension Rate Stabilization Program Plan Client Review October 27 , 2025 Replace with local or generic image. Image should reflect the agency in the best possible way. Try to find bright, energetic imagery. Send image to back (make sure white gradient on top is visible) The title box is adjustable; simply type the full name (Title Case – not CAPS) of the agency and allow the box to grow upwards as necessary. Afterwards, the white line can be manually adjusted to fit. 18 AC 10-27-2025 18 of 207 City of Cupertino ▎ 2 Pars 115 Trust Team Trust Administrator & Consultant* 40+ Years of Experience (1984-2025) 2,000+ Plans under Administration 1,100+ Public Agency Clients $9.8 B+ Assets under Administration Investment Manager •A division of U.S. Bancorp Asset Management, Inc. •Fixed income and multi asset portfolios •Strategic blend and passive platform options •Customized portfolios (with minimum asset level) 40+ Years of Investment Experience (As of 6/30/2025) $256.3 B * Assets under Management & Advisement Trustee •5th largest commercial bank and one of the nation’s largest trustees for Section 115 trusts •Safeguard plan assets •Oversight protection as plan fiduciary •Custodian of assets 162 Years of Experience (1863-2025) $11.0 T Assets under Administration 500+ 115 Trust Clients •Serves as record-keeper, consultant, and central point of contact •Sub-trust accounting •Coordinates all agency services •Monitors plan compliance (IRS/GASB/State Government Code) •Processes contributions/disbursements •Hands-on, dedicated support teams 750 K+ Plan Participants *As of June 30, 2025. Total assets under management for U.S. Bancorp Asset Management, Inc. were $404.9 billion. Please see disclosures at the end of this presentation As of June 30, 2025 * See important information regarding PARS in the Disclaimer page at the end of the presentation. 19 AC 10-27-2025 19 of 207 City of Cupertino ▎ 3 Subaccounts OPEB and pension assets are individually sub-accounted, and can be divided by dept., bargaining group, or cost center. Assets in the PARS Section 115 Combination Trust can be used to address unfunded liabilities. Financial Stability Allows separate investment strategies for OPEB and pension subaccounts. Flexible Investing OPEB and pension assets aggregate and reach lower fees on tiered schedule sooner – saving money! Economies-of-ScaleAnytime Access Trust funds are available anytime; OPEB for OPEB and pension for pension. No set-up costs, no minimum annual contribution amounts, and no fees until assets are added. No Set Up Cost or Minimums Retiree Medical Benefits Prefund OPEB GASB 75 OPEB Reimburse agency; or Pay benefits provider Pension Rate Stabilization Program Prefund Pension (PRSP)GASB 68 Pension Reimburse agency; or Pay retirement system Assets can be used to:Assets can be used to: prefund either or both General Fund PARS IRS -Approved Section 115 Trust 20 AC 10-27-2025 20 of 207 Client CONFIDENTIAL Client CONFIDENTIAL Investment and insurance products and services including annuities are: NOT A DEPOSIT ●NOT FDIC INSURED ●MAY LOSE VALUE ●NOT BANK GUARANTEED ●NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY PARS/CITY OF CUPERTINO 115P OPEB & PENSION ACCOUNTS September 30, 2025 Review 21 AC 10-27-2025 21 of 207 Client CONFIDENTIAL Your Team Sub-advised investment services are provided by PFM Asset Management (“PFMAM”). PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. For more information regarding PFMAM’s services please visit www.pfmam.com. Dennis Mullins Vice President & Senior Institutional Client Portfolio Manager PFM Asset Management 513.304.0398 Dennis.Mullins@usbank.com Ryan Maxey Vice President & Relationship Manager U.S. Bank Institutional Trust & Custody 503.464.3789 Ryan.Maxey@usbank.com Jennifer Meza, CEBS Manager, Consulting PARS (Public Agency Retirement Services) 800.540.6369 Ext. 141 (office) 949.375.8239 (cell) www.pars.org Mitch Barker Executive Vice President PARS (Public Agency Retirement Services) 949.310.4876 (cell) www.pars.org City of Cupertino ▎ 522 AC 10-27-2025 22 of 207 Client CONFIDENTIAL Table of Contents Page 4 – PORTFOLIO REVIEW PARS/CITY OF CUPERTINO 115P - OPEB (X9600) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance (AGG460596) •Holdings PARS/CITY OF CUPERTINO 115P – PENSION (X9601) •Portfolio Overview •Equity Analysis •Fixed Income Analysis •Performance •Holdings Page 20 – INVESTMENT POLICIES Page 33 – MARKET REVIEW Page 36 – DISCLOSURES, DEFINITIONS, DESCRIPTIONS City of Cupertino ▎ 623 AC 10-27-2025 23 of 207 Client CONFIDENTIAL Portfolio Review - OPEB Provided by U.S Bank 24 AC 10-27-2025 24 of 207 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $45,059,924 Net Realized Cap Gains YTD $69,697 Annual Income Projected $1,050,426 Current Yield 2.33% Number of Securities 8 Portfolio Mgr.Dennis S. Mullins, CFA Portfolio Asset Allocation Equity $29,330,955 65.09% Fixed Income $12,512,780 27.77% Real Assets $2,250,327 4.99% Cash $965,863 2.14% Invested Total $45,059,924 100.00% 65% 28% 5% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Inflation Protected Securities Reinsurance Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate Commodities 0% 5% 10% 15% 20% 25% 30% 35% 40% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced C ity of Cupertino ▎ 825 AC 10-27-2025 25 of 207 PARS/CITY OF CUPERTINO 115P - OPEB Fixed Income Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $12,512,780 Current Yield 4.05% Annual Income Projected $506,883 Number of Securities 2 Portfolio Mgr.Dennis S. Mullins, CFA Fixed Income Asset Allocation Investment Grade $10,468,633 83.66% High Yield $2,044,146 16.34% 84% 16% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $12,512,780 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 Prev i o u s C l o s e 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 C ity of Cupertino ▎ 926 AC 10-27-2025 26 of 207 PARS/CITY OF CUPERTINO 115P - OPEB Equity Overview Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $29,330,955 Current Yield 1.49% Annual Income Projected $438,360 Number of Securities 4 Portfolio Mgr.Dennis S. Mullins, CFA Equity Asset Allocation Large Cap U.S. $18,261,939 62.26% Developed Mkts $7,363,611 25.11% Emerging Mkts $2,657,056 9.06% Small Cap U.S. $1,048,349 3.57% 62% 25% 9% 4% Large Cap U.S.Developed Mkts Emerging Mkts Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) IWBFSPSXFPADXFSSNXHNACXFSMDXJVLIX -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Equity Global Distribution North America Europe Asia Middle East South America Africa 69.32% 15.19% 14.21% 0.68% 0.35% 0.26% Equity Country Distribution United States Japan United Kingdom Hong Kong France 69.09% 5.15% 3.41% 2.71% 2.42% C ity of Cupertino ▎ 1027 AC 10-27-2025 27 of 207 PARS/CITY OF CUPERTINO 115P - OPEB Common Stock Detail Comparison Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return* (%) 52 Wk Return* (%) NVIDIA Corporation 4.25 2.88 0.02 39.0 53.7 Microsoft Corporation 3.74 2.53 0.70 23.6 21.3 Apple Inc.3.61 2.44 0.40 2.0 9.8 Amazon.com, Inc.2.05 1.39 0.00 0.1 17.8 Meta Platforms Inc Class A 1.56 1.06 0.30 25.7 28.7 Broadcom Inc.1.48 1.00 0.70 43.3 93.1 Alphabet Inc. Class A 1.38 0.93 0.34 28.8 47.2 Tesla, Inc.1.22 0.82 0.00 10.1 70.0 Alphabet Inc. Class C 1.12 0.76 0.34 28.3 46.3 Taiwan Semiconductor Manufa…0.93 0.63 1.36 23.0 38.6 Common Stock Characteristics Portfolio ACWI Market Cap - Wtd Avg $774.1B $905.4B Market Cap - Median $6.7B $19.0B Dividend Yield 1.80 1.62 P/E NTM 19.2 18.9 P/E LTM 22.5 22.5 ROE (%)20.2 22.1 1 Yr Beta vs. S&P Composite .83 .84 Est 3-5 Yr EPS Growth (%)10.7 11.1 Hist 3 Yr EPS Growth (%)16.9 18.3 Number of Securities 4888 2234 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio ACWI Portfolio ACWI 7.97 8.92 10.12 10.75 4.87 5.27 2.90 3.43 15.54 16.65 8.68 8.67 10.88 10.67 24.15 27.79 3.07 3.46 9.41 1.88 2.41 2.53 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio ACWI *Specific to the security - does not represent performance in the portfolio. C ity of Cupertino ▎ 1128 AC 10-27-2025 28 of 207 Client CONFIDENTIAL Custom Benchmark ActualTargetRangeBenchmarkAsset Class 65.1%63%50%-70%MSCI ACWI Index (net)Equities 27.8%29%20%-40%BBARC Global Aggregate IndexFixed Income 5.0%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.1%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO OPEB City of Cupertino ▎ 1229 AC 10-27-2025 29 of 207 Selected Period Performance Period Ending: 09/30/2025PARS/CITY OF CUPERTINO OPEB AGG (****60596) Year Inception to Date to Date Market Value (9 Months) 3 Months 1 Year 3 Years 5 Years 136 Months 07/01/2010 Total Portfolio Gross of Fees 45,106,108 13.80 5.63 12.09 16.58 8.69 6.89 7.37 Total Portfolio Net of Fees 45,106,108 13.66 5.59 11.91 16.38 8.50 6.68 City of Cupertino 14.56 5.27 11.74 16.71 8.83 6.62 7.87 Total Equity 29,330,955 18.16 7.51 17.11 22.51 12.27 10.40 12.13 MSCI ACWI (Net)18.44 7.62 17.27 23.12 13.54 9.72 10.98 Russell 3000 Index 14.40 8.18 17.41 24.12 15.74 13.07 14.80 S&P 500 Index (Total Return)14.83 8.12 17.60 24.94 16.47 13.64 15.19 S&P MidCap 400 Index 5.76 5.55 6.13 15.84 13.61 9.63 12.23 S&P SmallCap 600 Index 4.24 9.11 3.64 12.82 12.94 8.93 11.83 MSCI EAFE Index (Net)25.14 4.77 14.99 21.70 11.15 5.84 7.71 MSCI Emerging Markets Index (Net)27.53 10.64 17.32 18.21 7.02 4.93 5.06 Total Fixed Income 12,555,778 6.25 2.00 3.65 5.55 .93 1.23 2.02 BBARC US Aggregate Bond Index 6.13 2.03 2.88 4.93 -.45 1.90 2.38 BBARC Global Aggregate Index 7.91 .60 2.40 5.45 -1.56 .50 1.49 Total Real Assets 2,250,327 4.56 4.53 -1.81 10.79 7.97 S&P Global REIT Index (Gross)9.48 4.50 -.14 10.79 7.70 5.10 8.04 S&P GSCI Index 6.09 4.07 10.13 4.70 17.57 -2.22 -.24 Total Cash Equivalents 969,049 3.20 1.06 4.41 4.75 2.96 1.74 1.30 FTSE 3 Month Treasury Bill Index 3.34 1.11 4.61 4.98 3.10 1.87 1.41 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 ▎ 1330 AC 10-27-2025 30 of 207 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 45,059,924 39,194,211 5,865,713 2.33 1,050,426 Cash 2.14 965,863 965,863 0 4.04 38,998 Cash Equivalents 2.14 965,863 965,863 0 4.04 38,998 FIRST AM GOVT OB FD CL X 31846V336 2.14 1.00 965,863 965,863 965,863 0 4.04 38,998 Fixed Income 27.77 12,512,780 12,269,703 243,076 4.05 506,883 Investment Grade 23.23 10,468,633 10,160,639 307,994 3.49 365,162 Mutual Funds & ETFs 23.23 10,468,633 10,160,639 307,994 3.49 365,162 Fidelity U.S. Bond Index Fund FXNAX 23.23 10.55 992,287 10,468,633 10,160,639 307,994 3.49 365,162 High Yield 4.54 2,044,146 2,109,065 -64,918 6.93 141,722 Mutual Funds & ETFs 4.54 2,044,146 2,109,065 -64,918 6.93 141,722 Artisan High Income Fund - Institutional Sh…APHFX 4.54 9.26 220,750 2,044,146 2,109,065 -64,918 6.93 141,722 Equity 65.09 29,330,955 23,769,721 5,561,234 1.49 438,360 Large Cap U.S. Equity 40.53 18,261,939 15,058,800 3,203,140 0.99 181,680 Mutual Funds & ETFs 40.53 18,261,939 15,058,800 3,203,140 0.99 181,680 iShares Russell 1000 ETF IWB 40.53 365.48 49,967 18,261,939 15,058,800 3,203,140 0.99 181,680 Small Cap U.S. Equity 2.33 1,048,349 836,017 212,332 0.93 9,736 Mutual Funds & ETFs 2.33 1,048,349 836,017 212,332 0.93 9,736 Fidelity Small Cap Index Fund FSSNX 2.33 30.58 34,282 1,048,349 836,017 212,332 0.93 9,736 Developed Markets Equity 16.34 7,363,611 5,919,487 1,444,124 2.59 191,027 Mutual Funds & ETFs 16.34 7,363,611 5,919,487 1,444,124 2.59 191,027 Fidelity International Index Fund FSPSX 16.34 59.98 122,768 7,363,611 5,919,487 1,444,124 2.59 191,027 Emerging Markets Equity 5.90 2,657,056 1,955,417 701,639 2.10 55,917 Mutual Funds & ETFs 5.90 2,657,056 1,955,417 701,639 2.10 55,917 Fidelity Emerging Markets Index Fund FPADX 5.90 13.40 198,288 2,657,056 1,955,417 701,639 2.10 55,917 Real Assets 4.99 2,250,327 2,188,924 61,402 2.94 66,184 U.S. Listed Real Estate 4.99 2,250,327 2,188,924 61,402 2.94 66,184 iShares Core U.S. REIT ETF USRT 4.99 58.72 38,323 2,250,327 2,188,924 61,402 2.94 66,184 City of Cupertino ▎ 1431 AC 10-27-2025 31 of 207 Client CONFIDENTIAL Portfolio Review - Pension Provided by U.S Bank 32 AC 10-27-2025 32 of 207 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $25,638,576 Net Realized Cap Gains YTD $67,598 Annual Income Projected $597,146 Current Yield 2.33% Number of Securities 8 Portfolio Mgr.Dennis S. Mullins, CFA Portfolio Asset Allocation Equity $16,686,535 65.08% Fixed Income $7,108,655 27.73% Real Assets $1,262,539 4.92% Cash $580,847 2.27% Invested Total $25,638,576 100.00% 65% 28% 5% 2% Equity Fixed Income Real Assets Cash Portfolio Model Allocation Cash Equivalents Investment Grade High Yield Inflation Protected Securities Reinsurance Large Cap U.S. Equity Mid Cap U.S. Equity Small Cap U.S. Equity Developed Markets Equity Emerging Markets Equity U.S. Listed Real Estate Commodities 0% 5% 10% 15% 20% 25% 30% 35% 40% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced C ity of Cupertino ▎ 1633 AC 10-27-2025 33 of 207 PARS/CITY OF CUPERTINO 115P- PENSION Fixed Income Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $7,108,655 Current Yield 4.08% Annual Income Projected $289,930 Number of Securities 2 Portfolio Mgr.Dennis S. Mullins, CFA Fixed Income Asset Allocation Investment Grade $5,890,346 82.86% High Yield $1,218,309 17.14% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $7,108,655 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 1 / 2 0 2 1 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 Prev i o u s C l o s e 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 City of Cupertino ▎ 1734 AC 10-27-2025 34 of 207 PARS/CITY OF CUPERTINO 115P- PENSION Equity Overview Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $16,686,535 Current Yield 1.48% Annual Income Projected $246,631 Number of Securities 4 Portfolio Mgr.Dennis S. Mullins, CFA Equity Asset Allocation Large Cap U.S. $10,576,626 63.38% Developed Mkts $4,051,388 24.28% Emerging Mkts $1,462,022 8.76% Small Cap U.S. $596,499 3.57% 63% 24% 9% 4% Large Cap U.S.Developed Mkts Emerging Mkts Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) IWBFSPSXFPADXHNACXFSSNXFSMDXJVLIX -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Equity Global Distribution North America Europe Asia Middle East South America Africa 70.30% 14.70% 13.75% 0.66% 0.34% 0.25% Equity Country Distribution United States Japan United Kingdom Hong Kong France 70.08% 4.98% 3.30% 2.62% 2.34% C ity of Cupertino ▎ 1835 AC 10-27-2025 35 of 207 PARS/CITY OF CUPERTINO 115P- PENSION Common Stock Detail Comparison Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return* (%) 52 Wk Return* (%) NVIDIA Corporation 4.33 2.93 0.02 39.0 53.7 Microsoft Corporation 3.81 2.57 0.70 23.6 21.3 Apple Inc.3.68 2.49 0.40 2.0 9.8 Amazon.com, Inc.2.09 1.41 0.00 0.1 17.8 Meta Platforms Inc Class A 1.59 1.07 0.30 25.7 28.7 Broadcom Inc.1.51 1.02 0.70 43.3 93.1 Alphabet Inc. Class A 1.40 0.95 0.34 28.8 47.2 Tesla, Inc.1.24 0.84 0.00 10.1 70.0 Alphabet Inc. Class C 1.14 0.77 0.34 28.3 46.3 Berkshire Hathaway Inc. Class …0.92 0.62 0.00 10.9 9.2 Common Stock Characteristics Portfolio ACWI Market Cap - Wtd Avg $786.4B $905.4B Market Cap - Median $6.7B $19.0B Dividend Yield 1.78 1.62 P/E NTM 19.3 18.9 P/E LTM 22.6 22.5 ROE (%)20.3 22.1 1 Yr Beta vs. S&P Composite .84 .84 Est 3-5 Yr EPS Growth (%)10.8 11.1 Hist 3 Yr EPS Growth (%)16.9 18.3 Number of Securities 4888 2234 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio ACWI Portfolio ACWI 8.01 8.92 10.13 10.75 4.86 5.27 2.90 3.43 15.47 16.65 8.68 8.67 10.82 10.67 24.38 27.79 3.04 3.46 9.31 1.88 2.40 2.53 Common Stock Market Cap Distribution > 50B 10B to 50B 2B to 10B 250MM to 2B < 250MM 0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio ACWI *Specific to the security - does not represent performance in the portfolio. C ity of Cupertino ▎ 1936 AC 10-27-2025 36 of 207 Client CONFIDENTIAL Custom Benchmark ActualTargetRangeBenchmarkAsset Class 65.1%63%50%-70%MSCI ACWI Index (net)Equities 27.7%29%20%-40%BBARC Global Aggregate IndexFixed Income 4.9%5%0%-15%S&P Global REIT TR USDReal Estate 0%2%0%-10%S&P GSCI Commodity IndexCommodities 2.3%1%0%-10%FTSE 3-Mo US T-Bill IndexCash CITY OF CUPERTINO PENSION City of Cupertino ▎ 2037 AC 10-27-2025 37 of 207 Selected Period Performance Period Ending: 09/30/2025PARS/CITY OF CUPERTINO 115P- PENSION (****059601) Year Inception to Date to Date Market Value (9 Months) 3 Months 1 Year 3 Years 5 Years 05/01/2019 Total Portfolio Gross of Fees 25,665,074 13.77 5.61 12.10 16.51 8.60 8.63 Total Portfolio Net of Fees 25,665,074 13.63 5.57 11.92 16.31 8.42 8.44 City of Cupertino 14.56 5.27 11.74 16.71 8.83 8.29 Total Equity 16,686,535 18.12 7.48 17.19 22.47 12.25 12.15 MSCI ACWI (Net)18.44 7.62 17.27 23.12 13.54 12.16 Russell 3000 Index 14.40 8.18 17.41 24.12 15.74 14.76 S&P 500 Index (Total Return)14.83 8.12 17.60 24.94 16.47 15.46 S&P MidCap 400 Index 5.76 5.55 6.13 15.84 13.61 9.90 S&P SmallCap 600 Index 4.24 9.11 3.64 12.82 12.94 8.11 MSCI EAFE Index (Net)25.14 4.77 14.99 21.70 11.15 8.63 MSCI Emerging Markets Index (Net)27.53 10.64 17.32 18.21 7.02 6.12 Total Fixed Income 7,133,235 6.25 2.00 3.66 5.55 .93 .97 BBARC US Aggregate Bond Index 6.13 2.03 2.88 4.93 -.45 1.53 BBARC Global Aggregate Index 7.91 .60 2.40 5.45 -1.56 .38 Total Real Assets 1,262,539 4.53 4.56 -1.84 10.79 8.01 5.19 S&P Global REIT Index (Gross)9.48 4.50 -.14 10.79 7.70 4.04 S&P GSCI Index 6.09 4.07 10.13 4.70 17.57 6.40 Total Cash Equivalents 582,765 3.20 1.06 4.41 4.75 2.93 2.53 FTSE 3 Month Treasury Bill Index 3.34 1.11 4.61 4.98 3.10 2.73 Pending Cash 0 .00 .00 .00 .00 .00 .00 ▎ 2138 AC 10-27-2025 38 of 207 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 09/30/2025 © 2025 FactSet Research Systems Inc. All rights reserved. Past Performance is no guarantee of future results. Not A Deposit | Not FDIC Insured | May Lose Value | Not Bank Guaranteed | Not Insured By Any Federal Government Agency Material is based on data from sources deemed to be reliable, accuracy/completeness is not guaranteed. Holdings Date: 9/30/2025 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 25,638,576 22,353,795 3,284,781 2.33 597,146 Cash 2.27 580,847 580,847 0 4.04 23,453 Cash Equivalents 2.27 580,847 580,847 0 4.04 23,453 FIRST AM GOVT OB FD CL X 31846V336 2.27 1.00 580,847 580,847 580,847 0 4.04 23,453 Fixed Income 27.73 7,108,655 7,131,376 -22,721 4.08 289,930 Investment Grade 22.97 5,890,346 5,880,755 9,592 3.49 205,464 Mutual Funds & ETFs 22.97 5,890,346 5,880,755 9,592 3.49 205,464 Fidelity U.S. Bond Index Fund FXNAX 22.97 10.55 558,327 5,890,346 5,880,755 9,592 3.49 205,464 High Yield 4.75 1,218,309 1,250,622 -32,312 6.93 84,466 Mutual Funds & ETFs 4.75 1,218,309 1,250,622 -32,312 6.93 84,466 Artisan High Income Fund - Institutional Sh…APHFX 4.75 9.26 131,567 1,218,309 1,250,622 -32,312 6.93 84,466 Equity 65.08 16,686,535 13,413,077 3,273,459 1.48 246,631 Large Cap U.S. Equity 41.25 10,576,626 8,721,488 1,855,137 0.99 105,222 Mutual Funds & ETFs 41.25 10,576,626 8,721,488 1,855,137 0.99 105,222 iShares Russell 1000 ETF IWB 41.25 365.48 28,939 10,576,626 8,721,488 1,855,137 0.99 105,222 Small Cap U.S. Equity 2.33 596,499 453,131 143,368 0.93 5,540 Mutual Funds & ETFs 2.33 596,499 453,131 143,368 0.93 5,540 Fidelity Small Cap Index Fund FSSNX 2.33 30.58 19,506 596,499 453,131 143,368 0.93 5,540 Developed Markets Equity 15.80 4,051,388 3,178,510 872,878 2.59 105,101 Mutual Funds & ETFs 15.80 4,051,388 3,178,510 872,878 2.59 105,101 Fidelity International Index Fund FSPSX 15.80 59.98 67,546 4,051,388 3,178,510 872,878 2.59 105,101 Emerging Markets Equity 5.70 1,462,022 1,059,948 402,075 2.10 30,768 Mutual Funds & ETFs 5.70 1,462,022 1,059,948 402,075 2.10 30,768 Fidelity Emerging Markets Index Fund FPADX 5.70 13.40 109,106 1,462,022 1,059,948 402,075 2.10 30,768 Real Assets 4.92 1,262,539 1,228,495 34,043 2.94 37,132 U.S. Listed Real Estate 4.92 1,262,539 1,228,495 34,043 2.94 37,132 iShares Core U.S. REIT ETF USRT 4.92 58.72 21,501 1,262,539 1,228,495 34,043 2.94 37,132 C ity of Cupertino ▎ 2239 AC 10-27-2025 39 of 207 Client CONFIDENTIAL Investment Policies Provided by U.S Bank 40 AC 10-27-2025 40 of 207 1 | P a g e Other Post- Employment Benefits (OPEB) Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: December 3, 2024 Responsible Department: Administrative Services Related Policies & Notes: City Investment Policy, Pension Investment Policy Overview In response to the Government Accounting Standards Board (GASB) Statement No. 45, replaced by GASB Statement No. 74 and GASB Statement No. 75, new disclosure requirements for Other Post-employment Benefit (OPEB) Plans, the City of Cupertino has adopted a Section 115 Trust and Plan that seeks to satisfy these liabilities for certain eligible employees Executive Summary Account Name: City of Cupertino OPEB Trust Account Number: 6746035000 Investment Authority: Full Investment Authority Current Assets: $40.7 million (September 2024) Time Horizon: Long-Term Target Rate of Return: 6.5% Communication Schedule: Meetings will be conducted at least quarterly U.S. Bank Portfolio Manager: Dennis Mullins Dennis.mullins@usbank.com 513-304-0398 U.S. Bank Relationship Manager : Ryan Maxey ryan.maxey@usbank.com 503-464-3789 City of Cupertino ▎ 2441 AC 10-27-2025 41 of 207 2 | P a g e Investment Objective: ‘Balanced’ This investment objective is designed to provide a moderate amount of current income with moderate growth of capital. Investors should have sufficient tolerance for price and return volatility and substantial periodic declines in investment value. This objective is recommended for investors with a long-term time horizon. The strategic asset allocation ranges and tactical targets for this objective are listed below: Investment Guidelines Overview This document defines the investment policy, guidelines and performance objectives applicable to the assets of The City of Cupertino’s OPEB Trust. The goal of this Policy is to create an investment framework within which the assets can be actively yet prudently managed. The purpose of this document is threefold. First, it will set forth an investment structure for managing the Portfolio assets. This structure is expected to produce an appropriate level of overall diversification and total investment return over the investment time horizon. Second, it will serve as to encourage effective communications between the organization and parties involved with investment management decisions. Third, these guidelines will provide a framework to measure ongoing investment performance. Within the constraints imposed by these policies, Investment Managers are expected to comply with all applicable fiduciary and due diligence requirements under the “prudent investor” rules, which state: “Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.” All applicable laws, rules and regulations from various local, state, federal and international political entities that may impact the Portfolio are to be adhered to. Asset Class Range Target Fixed Income 20-40% 29% Equities Real Estate 0-15% 5% Commodities 0-10% 2% Cash 0-10% 1% City of Cupertino ▎ 2542 AC 10-27-2025 42 of 207 3 | P a g e Diversification Your Portfolio Manager is responsible for maintaining the balance between the various asset classes based on the investment objective’s strategic asset allocation. As a general policy, the Investment Manager will maintain reasonable diversification at all times by asset class, credit quality, issuer, sector, industry, and country. The following parameters shall be adhered to in managing the portfolio: Fixed Income Assets The fixed income investments are to maintain intermediate-term average weighted duration, between three-seven years. At the time of purchase, no single fixed income issuer shall exceed 2% of the total market value of the Portfolio, with the exception of U.S. Treasury or Agency obligations. The direct high-yield portion shall constitute no more than 10% of the total market value of the Portfolio. Hedged fixed income positions shall constitute no more than 10% of the total market value of the Portfolio. Equity & Growth Assets The domestic equity investments are expected to be diversified at all times by size, industry, sector, and style (Large Cap, Mid Cap, and Small Cap). At the time of purchase, no individual equity security shall exceed 2% of the total market value of the Portfolio. The real estate investments shall be captured through the use of diversified mutual funds or ETFs investing in REITs; and shall constitute no more than 15% of the total market value of the Portfolio . The commodities investments shall be captured through the use of diversified mutual funds or ETFs; and shall constitute no more than 10% of the total market value of the Portfolio. Hedged equity positions shall constitute no more than 10% of the total market value of the Portfolio Permitted Asset Classes and Security Types Fixed Income & Cash Equivalent Investments: Domestic Certificates of Deposit (rated A-1/P-1 or better) Domestic Commercial Paper (rated A-1/P-1 or better) Floating Rate Notes Money Market Mutual Funds U.S. Treasury Bonds, Bills and Notes U.S. Agency (and Instrumentality) Discount Notes, Notes, and Bonds Treasury Inflation-Protected Securities (TIPS) Municipal Bonds and Notes Corporate Bonds Mortgage-Backed Bonds (MBS) C ity of Cupertino ▎ 2643 AC 10-27-2025 43 of 207 4 | P a g e Asset-Backed Bonds (ABS) High-Yield Bonds (rated B-/B3 or better) Dollar denominated Foreign Bonds and Notes Bond Mutual Funds Equity Investments: Common & Preferred Stocks American Depository Receipts (ADRs) Domestic and International Equity Mutual Funds (Open and Closed) Emerging Market Equity Funds or Exchange Traded Funds (ETFs) Alternative Investments: Commodities Mutual Funds or Exchange Traded Notes (ETNs) REIT Investment or Pooled Strategy or Fund of REITs Registered Hedge Funds or Hedge Fund of Funds Prohibited Asset Classes and Transactions The Investment Manager is prohibited from purchasing or holding any of the following types of investments: Partnerships unless investing in Master Limited Partnerships invested in a mutual fund and limited in scope and allocation of Portfolio based on asset class limitations of table above Letter stock and other unregistered securities; physical commodities or other commodity contracts; and short sales or margin transactions Investments in the equity securities of any company with a record of less than three years continuous operation, including the operation of any predecessor Investments for the purpose of exercising control of management Direct or indirect exposure to cryptocurrencies Leveraged securities, other than registered Hedged Equity and Hedged Fixed Income positions Duties and Responsibilities 1) CITY OF CUPERTINO AUDIT COMMITTEE a) Establish, approve, and maintain investment objectives, guidelines, and policies (including this Policy). b) Appoint Investment Managers who can be reasonably expected to adhere to the investment guidelines and meet the investment objectives as established. c) Monitor the investment performance of the Portfolio and compare actual investment performance relative to an appropriate benchmark index given the stated investment guidelines and objectives set forth in this Policy. d) Conduct a formal review of the Portfolio’s asset allocation, investment structure and performance annually or more frequently as the need arises. e) Periodically review the Portfolio performance against objectives. C ity of Cupertino ▎ 2744 AC 10-27-2025 44 of 207 5 | P a g e 2) CITY OF CUPERTINO CITY COUNCIL a) Adopt the Policy by resolution of the City Council on an annual basis. 3) PORTFOLIO MANAGER The Portfolio Manager will be responsible for carrying out the activities related to the Portfolio in accordance with the Policy including: a) Manage the day-to-day investment of Portfolio assets in accordance with the Policy guidelines and objectives included herein. b) Exercise full investment discretion and prudence in the selection and diversification of investments. c) Promptly bring to the attention of the City Treasurer or designee any investment that is subsequently downgraded and fails to meet the quality guidelines, along with a recommendation of retention or disposal. d) Provide on a quarterly basis the following investment reporting: (i) Year-to-date rate of return (ii) Annualized one, three, five, etc. rates of return e) Provide annually to the City’s Audit Committee a commentary and analysis of investment performance to include an evaluation of the current and future investment environment and potential impact of the investment environment on achievement of investment objectives. Investment Policy Statement Review The City’s Audit Committee will review and the Cupertino City Council will adopt this Investment Policy Statement at least annually to determine whether stated investment objectives are still relevant and the continued feasibility of achieving the same. It is not expected that the Policy will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the Policy. If at any time the Portfolio Manager finds the above guidelines too restrictive or possibly injurious to investment returns, they should communicate that information immediately to the City’s Audit Committee. City Manager’s signature: _______________________________ Date: _______________________________ C ity of Cupertino ▎ 2845 AC 10-27-2025 45 of 207 6 | P a g e Revisions: 6.5.2018, 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024 Director of Administrative Services’ signature: _______________________________ Date: _______________________________ City of Cupertino ▎ 2946 AC 10-27-2025 46 of 207 1 | P a g e Pension Trust Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: December 3, 2024 Responsible Department: Administrative Services Related Policies & Notes: N/A Investment Policy Statement Overview The City has established a Section 115 Trust with PARS to assist in stabilizing the potential impact of pension cost volatility on the City’s operating budget. The City intends to use the Section 115 Trust to pre-fund pension costs and proactively address the unfunded liability. The City’s goal is to have sufficient assets in the trust to increase the funded status to over 80% within 20 years, as well as fund the difference between a 7.0% and 6.25% discount rate. Executive Summary Account Name: City of Cupertino Pension Trust Account Number: 6746050100 Investment Authority: Full Investment Authority Current Assets: $23.0 Million (September 2024) Time Horizon: Long-Term Target Rate of Return: 6.25% Communication Schedule: Meetings will be conducted at least quarterly U.S. Bank Portfolio Manager: Dennis Mullins Dennis.mullins@usbank.com 513-304-0398 U.S. Bank Relationship Manager : Ryan Maxey ryan.maxey@usbank.com 503-464-3789 City of Cupertino ▎ 3047 AC 10-27-2025 47 of 207 2 | P a g e Investment Objective: ‘Balanced’ This investment objective is designed to provide a moderate amount of current income with moderate growth of capital. Investors should have sufficient tolerance for price and return volatility and substantial periodic declines in investment value. This objective is recommended for investors with a long-term time horizon. The strategic asset allocation ranges and tactical targets for this objective are listed below: Investment Guidelines Overview This document defines the investment policy, guidelines and performance objectives applicable to the assets of The City of Cupertino’s Pension Trust. The goal of this Policy is to create an investment framework within which the assets can be actively yet prudently managed. The purpose of this document is threefold. First, it will set forth an investment structure for managing the Portfolio assets. This structure is expected to produce an appropriate level of overall diversification and total investment return over the investment time horizon. Second, it will serve as to encourage effective communications between the organization and parties involved with investment management decisions. Third, these guidelines will provide a framework to measure ongoing investment performance. Within the constraints imposed by these policies, Investment Managers are expected to comply with all applicable fiduciary and due diligence requirements under the “prudent investor” rules, which state: “Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.” All applicable laws, rules and regulations from various local, state, federal and international political entities that may impact the Portfolio are to be adhered to. Asset Class Range Benchmark Target Fixed Income 20-40% 29% Equities 50-70% 63% Real Estate Commodities 0-10% 2% Cash 0-10% 1% City of Cupertino ▎ 3148 AC 10-27-2025 48 of 207 3 | P a g e Diversification Your Portfolio Manager is responsible for maintaining the balance between the various asset classes based on the investment objective’s strategic asset allocation. As a general policy, the Investment Manager will maintain reasonable diversification at all times by asset class, credit quality, issuer, sector, industry, and country. The following parameters shall be adhered to in managing the portfolio: Fixed Income Assets The fixed income investments are to maintain intermediate-term average weighted duration, between three-seven years. At the time of purchase, no single fixed income issuer shall exceed 2% of the total market value of the Portfolio, with the exception of U.S. Treasury or Agency obligations. The direct high-yield portion shall constitute no more than 10% of the total market value of the Portfolio. Hedged fixed income positions shall constitute no more than 10% of the total market value of the Portfolio Equity & Growth Assets The domestic equity investments are expected to be diversified at all times by size, industry, sector, and style (Large Cap, Mid Cap, and Small Cap). At the time of purchase, no individual equity security shall exceed 2% of the total market value of the Portfolio. The real estate investments shall be captured through the use of diversified mutual funds or ETFs investing in REITs; and shall constitute no more than 15% of the total market value of the Portfolio . The commodities investments shall be captured through the use of diversified mutual funds or ETFs; and shall constitute no more than 10% of the total market value of the Portfolio. Hedged equity positions shall constitute no more than 10% of the total market value of the Portfolio Permitted Asset Classes and Security Types Fixed Income & Cash Equivalent Investments: Domestic Certificates of Deposit (rated A-1/P-1 or better) Domestic Commercial Paper (rated A-1/P-1 or better) Floating Rate Notes Money Market Mutual Funds U.S. Treasury Bonds, Bills and Notes U.S. Agency (and Instrumentality) Discount Notes, Notes, and Bonds Treasury Inflation-Protected Securities (TIPS) Municipal Bonds and Notes Corporate Bonds Mortgage-Backed Bonds (MBS) C ity of Cupertino ▎ 3249 AC 10-27-2025 49 of 207 4 | P a g e Asset-Backed Bonds (ABS) High-Yield Bonds (rated B-/B3 or better) Dollar denominated Foreign Bonds and Notes Bond Mutual Funds Equity Investments: Common & Preferred Stocks American Depository Receipts (ADRs) Domestic and International Equity Mutual Funds (Open and Closed) Emerging Market Equity Funds or Exchange Traded Funds (ETFs) Alternative Investments: Commodities Mutual Funds or Exchange Traded Notes (ETNs) REIT Investment or Pooled Strategy or Fund of REITs Registered Hedge Funds or Hedge Fund of Funds Prohibited Asset Classes and Transactions The Investment Manager is prohibited from purchasing or holding any of the following types of investments: Partnerships unless investing in Master Limited Partnerships invested in a mutual fund and limited in scope and allocation of Portfolio based on asset class limitations of table above Letter stock and other unregistered securities; physical commodities or other commodity contracts; and short sales or margin transactions Investments in the equity securities of any company with a record of less than three years continuous operation, including the operation of any predecessor Investments for the purpose of exercising control of management Direct or indirect exposure to cryptocurrencies Leveraged securities, other than registered Hedged Equity and Hedged Fixed Income positions Duties and Responsibilities 1) CITY OF CUPERTINO AUDIT COMMITTEE a) Establish, approve, and maintain investment objectives, guidelines, and policies (including this Policy). b) Appoint Investment Managers who can be reasonably expected to adhere to the investment guidelines and meet the investment objectives as established. c) Monitor the investment performance of the Portfolio and compare actual investment performance relative to an appropriate benchmark index given the stated investment guidelines and objectives set forth in this Policy. d) Conduct a formal review of the Portfolio’s asset allocation, investment structure and performance annually or more frequently as the need arises. e) Periodically review the Portfolio performance against objectives. C ity of Cupertino ▎ 3350 AC 10-27-2025 50 of 207 5 | P a g e 2) CITY OF CUPERTINO CITY COUNCIL a) Adopt the Policy by resolution of the City Council on an annual basis. 3) PORTFOLIO MANAGER The Portfolio Manager will be responsible for carrying out the activities related to the Portfolio in accordance with the Policy including: a) Manage the day-to-day investment of Portfolio assets in accordance with the Policy guidelines and objectives included herein. b) Exercise full investment discretion and prudence in the selection and diversification of investments. c) Promptly bring to the attention of the City Treasurer or designee any investment that is subsequently downgraded and fails to meet the quality guidelines, along with a recommendation of retention or disposal. d) Provide on a quarterly basis the following investment reporting: (i) Year-to-date rate of return (ii) Annualized one, three, five, etc. rates of return e) Provide annually to the City’s Audit Committee a commentary and analysis of investment performance to include an evaluation of the current and future investment environment and potential impact of the investment environment on achievement of investment objectives. Investment Policy Statement Review The City’s Audit Committee will review and the Cupertino City Council will adopt this Investment Policy Statement at least annually to determine whether stated investment objectives are still relevant and the continued feasibility of achieving the same. It is not expected that the Policy will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the Policy. If at any time the Portfolio Manager finds the above guidelines too restrictive or possibly injurious to investment returns, they should communicate that information immediately to the City’s Audit Committee. City Manager’s signature: _______________________________ Date: _______________________________ C ity of Cupertino ▎ 3451 AC 10-27-2025 51 of 207 6 | P a g e Revisions: 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024 Director of Administrative Services’ signature: _______________________________ Date: _______________________________ City of Cupertino ▎ 3552 AC 10-27-2025 52 of 207 Client CONFIDENTIAL Market Review Provided by Sub-Advisor - PFM Asset Management 53 AC 10-27-2025 53 of 207 PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. | For Institutional Investor or Investment Professional Use Only This material is not for inspection by, distribution to, or quotation to the general public. U.S. Equity • Domestic equity markets, as represented by the S&P 500 Index (S&P) and the Russell 3000, returned 2.03% and 2.31% respectively in August.1 • 10 of the 11 sectors saw positive returns for the month. The Materials sector was the best performing sector, returning 5.76% for the month, followed by Healthcare at 5.38%. The Utilities sector was the worst performing sector, returning -1.58% in August. • Positive returns were seen across all capitalizations, with small- caps (Russell 2000) returning 7.14%, mid-caps (Russell Mid Cap Index) returning 2.50%, and large-caps (Russell 1000 Index) returning 2.10%. Value stocks outperformed growth stocks across all capitalizations during the month. • According to FactSet Earnings Insight as of August 29, 2025, the blended growth rate for the S&P is currently 11.9% for Q2 2025, with 98% of companies reporting results. Of those companies that reported earnings, 81% posted a positive surprise. The expected growth rate for Q3 2025 is 7.5% growth, with an overall calendar year projection of 10.6%. Non-U.S. Equity •Non-U.S. equity markets, represented by the MSCI ACWI ex-U.S. Index, returned 3.47% in August. Developed markets, represented by the MSCI EAFE Index, returned 4.26% as Europe (MSCI Europe) returned 3.44% and Japan (MSCI Japan) returned 6.95%. Emerging markets (EM), as represented by the MSCI Emerging Markets Index, returned 1.28% as Chinese equities (MSCI China Index) returned 4.94% and Indian equities (MSCI India Index) returned -3.13%. •Within the ACWI ex-U.S. Index, all 11 sectors posted positive returns. Materials was the best performing sector for the month, returning 7.53%, while the Communication Services sector was the second-best performer, returning 7.05%. Information Technology was the worst performing sector, posting a return of 0.88%. Fixed Income •In August, the Treasury yield curve steepened as yields fell along the short and intermediate end of curve with a slight uptick on the long end of the curve. The 2- and 5-year yields fell 34 and 27 basis points (bps) respectively. The yield on the 10-year also fell 15 bps, while the 30-year U.S. Treasury yield rose 3 bps. •The Bloomberg U.S. Aggregate Index returned 1.20% in August. Investment-grade (IG) credit returned 1.06%, AAA-rated bonds returned 1.18%, AA-rated bonds returned 1.00%, A-rated bonds returned 1.00% and BBB-rated bonds returned 1.10%. High-yield corporates, as represented by the ICE BofA U.S. High Yield Index, returned 1.25% during the month, while the Broad Treasury Index returned 1.03%. Spreads tightened slightly for high-yield corporates while they remained near flat for investment grade corporates. Diversifying Assets •During August, real estate investment trusts (REITs), as represented by the MSCI U.S. REIT Index and the FTSE NAREIT Index returned 4.38% and 4.41% respectively. The Lodging/Resorts sector saw the strongest performance for the month while the Data Center sector was the most challenged. Listed Infrastructure, represented by the MSCI World Core Infrastructure Index, returned 0.95% for the month. Items to Watch •The tariff picture remains cloudy as the case against the global tariffs levied by the U.S. moves through the courts. While a federal appellate court ruled in August that many of the tariffs were put into effect illegally, the ruling does not go into effect until October 14 and the appeals process may escalate to the Supreme Court. Sector specific tariffs will generally not be impacted by this ruling and the Trump administration may implement new tariffs under these other authorities as replacements should the ruling be upheld by the Supreme Court. •U.S. Manufacturing remains in contractionary territory for the sixth consecutive month, with the ISM U.S. Manufacturing PMI coming in at 48.7 in August. This was a slight improvement from July’s 48.0, but it fell short of expectations as input price inflation remains elevated and demand continues to see weakness. •PCE and core PCE (excluding volatile food and energy) matched expectations, rising 2.6% and 2.9% respectively year-over-year in July. Both food and energy prices declined prompting the stronger core PCE figure. The acceleration came in core services, while core goods prices remained relatively flat, pointing to a continued lag in pass-through of tariff cost increases. The sticky inflation figures remain an area to watch as the Federal Reserve plans their interest rate decisions, balancing the dual mandate of price stability and full employment. Sources •Bloomberg •FactSet •BEA U.S. Bureau of Economic Analysis 1 - All returns are expressed as total returns (price returns net of dividends). Multi-Asset Class | September 2025 Monthly Market Review ▎ 3754 AC 10-27-2025 54 of 207 PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc. | For Institutional Investor or Investment Professional Use Only This material is not for inspection by, distribution to, or quotation to the general public. Total Return of Major Indices Domestic Equity MTD QTD YTD 1 YR S&P 500 2.03% 4.32% 10.78% 15.85% Russell 3000 2.31% 4.57% 10.57% 15.82% Russell 2000 7.14% 9.00% 7.05% 8.15% Russell 1000 2.10% 4.37% 10.75% 16.22% International Equity MTD QTD YTD 1 YR MSCI ACWI ex-U.S.3.47% 3.18% 21.64% 15.42% MSCI EAFE 4.26% 2.80% 22.79% 13.87% MSCI Emerging Markets 1.28% 3.26% 19.02% 16.80% Fixed Income MTD QTD YTD 1 YR Bloomberg U.S. Agg 1.20% 0.93% 4.99% 3.14% Bloomberg Global Agg 1.45% -0.06% 7.21% 3.47% ICE BofA U.S. HY 1.22% 1.62% 6.25% 8.15% Listed Real Assets MTD QTD YTD 1 YR MSCI U.S. REIT 4.38% 3.52% 2.79% -1.40% FTSE NAREIT Index 4.41% 3.62% 3.35% -0.44% MSCI World Core Infrastructure 0.95% 0.55% 14.06% 9.72% Economic Indicators Domestic Current Previous Month Unemployment Rate (%)4.2%4.1% Initial Jobless Claims (4 week average)228.5 K 226 K CB Leading Economic Indicators -0.1 -0.3 Capacity Utilization 77.5%77.7% GDP (annual growth rate)3.3%-0.5% University of Michigan Consumer Confidence 58.2 61.7 New Home Starts 652 K 656 K Existing Home Sales 4 MM 3.9 MM Retail Sales (YoY)3.9%4.4% U.S. Durable Goods (MoM)-2.8%-9.4% Consumer Price Index (YoY)2.7%2.7% Producer Price Index (MoM)0.5%0.4% Developed International*6/30/2025 3/31/2025 Market GDP (annual rate)1.3%1.6% Market Unemployment 4.8%4.7% 3.62%3.70% 4.23% 4.93% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%U.S. Treasury Yield Curve 8/31/2024 7/31/2025 8/31/2025 3-mo 2-yr 5-yr 10-yr 30- 8 13 18 23 28 33 Aug '20 Aug '21 Aug '22 Aug '23 Aug '24 Aug '25 P/E Ratios of Major Stock Indices** S&P 500 S&P 500 5-Year Average Russell 2000 Russell 2000 5-Year Average MSCI ACWI ex-U.S.MSCI ACWI ex-U.S. 5-Year Average Cons.Disc.Cons.Staples Energy Financial H'lthcare Industrial Info. Tech Materials RealEstate Telecom Utilities MTD 3.40% 1.59% 3.64% 3.12% 5.38% 0.01% 0.34% 5.76% 2.17% 3.58% -1.58% QTD 6.13% -0.81% 6.67% 3.07% 1.94% 3.01% 5.55% 5.29% 2.08% 6.09% 3.28% YTD 2.02% 5.54% 7.49% 12.54% 0.81% 16.12% 14.04% 11.64% 5.67% 17.91% 13.00% -5% 0% 5% 10% 15% 20% Stock Market Sector Performance (S&P 500) Source: Bloomberg. Data as of August 31, 2025, unless otherwise noted. *Developed market data is calculated with respect to the weightings in the MSCI World ex-U.S. Index. Most current data is as of June 30, 2025 due to release dates of numerous countries. **P/E ratios are calculated based on one-year-forward estimates and adjusted to include only positive earning results for consistency. Indices shown are not available for investment. The index data reference herein is the property of the index provider and/or its licensors. The index provider assumes no liability in connections with its use and does not sponsor, endorse or recommend the products or services contained herein. Index returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to be lower than the performance shown. The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon current opinion as of the date of issue and are also subject to change. Opinions and data presented are not necessarily indicative of future events or expected performance. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. No representation is made as to its accuracy or completeness. PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investment advisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bank N.A. is not responsi-ble for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE ▎ 3855 AC 10-27-2025 55 of 207 Client CONFIDENTIAL Important disclosures, definitions of terms and index descriptions Provided by U.S. Bank If you have questions regarding this information or wish to receive definitions of any additional terms or indexes used in this report, please contact your team. 56 AC 10-27-2025 56 of 207 Client CONFIDENTIAL Important disclosures (page 1 of 4) The information provided here is not intended to replace your account statement. Your account statement is the official record of your account. Equal Housing Lender. Credit products are offered by U.S. Bank National Association and subject to normal credit approval. Deposit products offered by U.S. Bank National Association. Member FDIC. For use in one-on-one meetings/presentations. This information represents the opinion of U.S. Bank. The views are subject to change at any time based on market or other conditions and are current as of the date indicated on the materials. This is not intended to be a forecast of future events or guarantee of future results. The factual information provided has been obtained from sources believed to be reliable but is not guaranteed as to accuracy or completeness. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation. Past performance is no guarantee of future results. All performance data, while obtained from sources deemed to be reliable, are not guaranteed for accuracy. Indexes shown are unmanaged and are not available for direct investment, nor are they subject to fees and expenses. Performance reports included may show performance results gross of fees and expenses. If fees and expenses were included, the performance would be lower. If you have any questions, please speak with your relationship manager for additional information. Based on our strategic approach to creating diversified portfolios, guidelines are in place concerning the construction of portfolios and how investments should be allocated to specific asset classes based on client goals, objectives and tolerance for risk. Not all recommended asset classes will be suitable for every portfolio. Diversification and asset allocation do not guarantee returns or protect against losses. City of Cupertino ▎ 4057 AC 10-27-2025 57 of 207 Client CONFIDENTIAL Important disclosures (page 2 of 4) Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Stocks of small-capitalization companies involve substantial risk. These stocks historically have experienced greater price volatility than stocks of larger companies and may be expected to do so in the future. Stocks of mid-capitalization companies can be expected to be slightly less volatile than those of small-capitalization companies, but still involve substantial risk and may be subject to more abrupt or erratic movements than large-capitalization companies. The value of large-capitalization stocks will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Growth investments focus on stocks of companies whose earnings/profitability are accelerating in the short term or have grown consistently over the long term. Such investments may provide minimal dividends, which could otherwise cushion stock prices in a market decline. Stock value may rise and fall significantly based, in part, on investors' perceptions of the company, rather than on fundamental analysis of the stocks. Investors should carefully consider the additional risks involved in growth investments. Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, or such stocks may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards and other risks associated with future political and economic developments. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility. Investments in real estate securities can be subject to fluctuations in the value of the underlying properties, the effect of economic conditions on real estate values, changes in interest rates and risks related to renting properties (such as rental defaults). There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Investments in fixed income securities are subject to various risks, including changes in interest rates, credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors. Investment in fixed income securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in high yield bonds offer the potential for high current income and attractive total return, but involve certain risks. Changes in economic conditions or other circumstances may adversely affect a bond issuer's ability to make principal and interest payments. City of Cupertino ▎ 4158 AC 10-27-2025 58 of 207 Client CONFIDENTIAL Important disclosures (page 3 of 4) The municipal bond market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issues of municipal securities. Interest rate increases can cause the price of a bond to decrease. Income on municipal bonds is free from federal taxes, but may be subject to the federal alternative minimum tax (AMT), state and local taxes. Treasury Inflation-Protected Securities (TIPS)offer a lower return compared to other similar investments and the principal value may increase or decrease with the rate of inflation. Gains in principal are taxable in that year, even though not paid out until maturity. Non-financial specialty assets, such as real estate, farm, ranch and timber properties, oil, gas and mineral interests or closely-held business interests are complex and involve unique risks specific to each asset type, including the total loss of value. Special risk considerations may include natural events or disasters, complex tax considerations and lack of liquidity. Specialty assets may not be suitable for all investors. Alternative investments very often use speculative investment and trading strategies. There is no guarantee that the investment program will be successful. Alternative investments are designed only for investors who are able to tolerate the full loss of an investment. These products are not suitable for every investor even if the investor does meet the financial requirements. It is important to consult with your investment professional to determine how these investments might fit your asset allocation, risk profile and tax situation. Hedge funds are speculative and involve a high degree of risk. An investment in a hedge fund involves a substantially more complicated set of risk factors than traditional investments in stocks or bonds, including the risks of using derivatives, leverage and short sales, which can magnify potential losses or gains. Restrictions exist on the ability to redeem or transfer interests in a fund. Exchange-traded funds (ETFs)are baskets of securities that are traded on an exchange like individual stocks at negotiated prices and are not individually redeemable. ETFs are designed to generally track a market index and shares may trade at a premium or a discount to the net asset value of the underlying securities. Private equity investments provide investors and funds the potential to invest directly into private companies or participate in buyouts of public companies that result in a delisting of the public equity. Investors considering an investment in private equity must be fully aware that these investments are illiquid by nature, typically represent a long-term binding commitment and are not readily marketable. The valuation procedures for these holdings are often subjective in nature. Private debt investments may be either direct or indirect and are subject to significant risks, including the possibility of default, limited liquidity and the infrequent availability of independent credit ratings for private companies. Structured products are subject to market risk and/or principal loss if sold prior to maturity or if the issuer defaults on the security. Investors should request and review copies of Structured Products Pricing Supplements and Prospectuses prior to approving or directing an investment in these securities. City of Cupertino ▎ 4259 AC 10-27-2025 59 of 207 Client CONFIDENTIAL Important disclosures (page 4 of 4) Mutual fund investing involves risk and principal loss is possible. Investing in certain funds involves special risks, such as those related to investments in small- and mid-capitalization stocks, foreign, debt and high-yield securities and funds that focus their investments in a particular industry. Please refer to the fund prospectus for additional details pertaining to these risks. An investment in money market funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although these funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in these funds. Holdings of First American Funds: U.S. Bancorp Asset Management, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association. U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, performance or services of U.S. Bancorp Asset Management. U.S. Bancorp Asset Management, Inc. serves as an investment advisor to First American Funds. Holdings of Nuveen mutual funds: Firstar Capital Corporation (Firstar Capital), an affiliate of U.S. Bancorp, holds a less-than-10 percent ownership interest in Windy City Investments Holdings, LLC which was formerly the parent of Windy City Investment Inc. and the indirect parent of Nuveen Fund Advisors, LLC which is the investment advisor to the Nuveen Mutual Funds. On October 1, 2014, Windy City Investments, Inc. was sold to Teachers Insurance and Annuity Association of America. As a result of the sale, U.S. Bancorp no longer has an indirect ownership interest in Nuveen Fund Advisors, LLC. Depending on the outcome of certain factors, Firstar Capital might in the future receive an earn-out payment in respect of its interest in Windy City Investment Holdings, LLC, under the terms of the sale. Non- proprietary mutual funds: U.S. Bank may enter into agreements with other non-proprietary mutual funds or their service providers whereby U.S. Bank provides shareholder services and/or sub-transfer agency, custodial and other administrative support services and receives compensation for these services. Compensation received by U.S. Bank directly or indirectly from mutual funds does not increase fund fees and expenses beyond what is disclosed in the fund prospectuses. For more information, review the fund prospectus. City of Cupertino ▎ 4360 AC 10-27-2025 60 of 207 Client CONFIDENTIAL Definitions of report and statement terms (page 1 of 5) Accredited Investor: Private placement securities generally require that investors be accredited due to the additional risks and speculative nature of the securities. For natural persons, the criteria is met by a net worth of more than $1 million (excluding primary residence) or an income of more than $200,000 individually ($300,000 jointly) for the two most recent years and a reasonable expectation for the same in the current year. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $5 million in assets. See full definition in Rule 501 of Regulation D under the Securities Act of 1933. Alpha: A measure of risk-adjusted performance. A statistic measuring that portion of a stock, fund or composite's total return attributable to specific or non-market risk. Alpha measures non-market return and indicates how much value has been added or lost. A positive Alpha indicates the fund or composite has performed better than its Beta would predict (i.e., the manager has added value above the benchmark). A negative Alpha indicates a fund or composite has underperformed given the composite's Beta. Alternative Investments: As used by U.S. Bank, an investment considered to be outside of the traditional asset classes of long-only stocks, bonds and cash. Examples of alternative investments include hedge funds, private equity, options and financial derivatives. Annualized Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided annualize only periods greater than one year. Annualized or Annual Rate of Return: Represents the average annual change in the value of an investment over the periods indicated. Batting Average: Shows how consistently the portfolio return met or beat the market. Beta: A measure of your portfolio's risk relative to a benchmark. A portfolio with a beta of 1.5, for example, would be expected to return roughly 1.5 times the benchmark's return. A high Beta indicates a riskier portfolio. Bond Credit Rating: A grade given to bonds by a private independent rating service that indicates their credit quality. Ratings are the opinion of Standard & Poor's or other agencies as noted and not the opinion of U.S. Bank. Consumer Price Index (CPI): A measure of the average change in prices over time in a market basket of goods and services and is one of the most frequently used statistics for identifying periods of inflation and deflation. Convexity to Stated Maturity: A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed. This version of convexity measures the rate change in duration of a bond as the yield to (stated) maturity changes. City of Cupertino ▎ 4461 AC 10-27-2025 61 of 207 Client CONFIDENTIAL Definitions of report and statement terms (page 2 of 5) Cost basis/book value: The original value of an asset at the time it was acquired. This is normally the purchase price or appraised value at the time of acquisition. This data is for information purposes only. Cumulative Excess Return: Shows the difference between the annualized linked returns of a portfolio and the model benchmark. Performance reports provided use unannualized returns in periods up to one year, but annualized returns for periods exceeding one year. Downside Capture: The downside capture ratio reflects how a portfolio compares to a benchmark during periods when the benchmark is down. A downside capture ratio of 0.80 (or 80 percent) means the portfolio has historically declined only 80 percent as much as the benchmark during down markets. Downside Deviation: The deviation of returns that fall below a minimum acceptable return (MAR). Although the numerator includes only returns below the MAR, the denominator includes all returns in the performance period. This risk statistic is similar to the downside standard deviation except the sum is restricted to returns less than the MAR instead of the mean. Downside Standard Deviation: The deviation of returns that fall below the mean return. Although the numerator includes only returns below the mean, the denominator includes all returns in the performance period. This risk statistic is similar to the downside deviation except the sum is restricted to returns less than the mean instead of the minimum acceptable return (MAR). Effective Maturity: The date of a bond’s most likely redemption, given current market conditions, taking into consideration the optional and mandatory calls, the optional, mandatory and recurring puts, and the stated maturity. Estimated annual income: The amount of income a particular asset is anticipated to earn over the period indicted. The shares multiplied by the annual income rate. Gain/loss calculation: If an asset was sold, the difference between the proceeds received from the sale compared to the cost of acquiring the asset. If the value of the proceeds is the higher of the two numbers, then a gain was realized. If the value of the proceeds is the lower of the two numbers, a loss was incurred. This data is for information purposes only. Information Ratio: The information ratio compares the average excess return of the portfolio over its associated benchmark divided by the tracking error. M-Squared: The hypothetical return of the portfolio after its risk has been adjusted to match a benchmark. City of Cupertino ▎ 4562 AC 10-27-2025 62 of 207 Client CONFIDENTIAL Definitions of report and statement terms (page 3 of 5) Market Value: Publicly traded assets are valued using market quotations or valuation methods from financial industry services believed by us to be reliable. Assets, that are not publicly traded, may be reflected at values from other external sources or special valuations prepared by us. Assets for which a current value is not available may be reflected as not valued, at par value, or at a nominal value. Values shown do not necessarily reflect prices at which assets could have been bought or sold. Values are updated based on internal policy and may be updated less frequently than statement generation. Market Value Over Time: Many factors can impact the portfolio value over time, such as contributions to the account, distributions from the account, the investment of dividends and interest, the deduction of fees and expenses, and market performance. Modified Duration to Effective Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration takes into consideration a “horizon date/price” that is, given current conditions, the most likely redemption date/price using the set of calls/puts, as well as stated maturity. Modified Duration to Stated Maturity: A formula that expresses the measurable change in the value of a security in response to a change in interest rates. This version of Modified Duration uses stated maturity as the “horizon date/price” and ignores any potential call/put/pre- refunding, even if they are mandatory. Price/Earnings Ratio (P/E): The P/E ratio of a company is calculated by dividing the price of the company’s stock by its trailing 12-month earnings per share. A high P/E usually indicates that the market is paying a premium for current earnings because it believes in the firm’s ability to grow its earnings. A low P/E indicates the market has less confidence that the company’s earnings will increase. Within a portfolio, P/E is the weighted average of the price/earnings ratios of the stocks in the portfolio. Qualified Purchaser: Some private placement securities require that investors be Qualified Purchasers in addition to being Accredited Investors. For natural persons, the criteria is generally met when the client (individually or jointly) owns at least $5 million in investments. For other entities, such as corporations, partnerships, trusts and employee benefit plans, the criteria is met with at least $25 million in investments though there are other eligibility tests that may apply. See full definition in Section 2(a)(51) of the Investment Company Act of 1940. R-Squared: Measures the portion of the risk in your portfolio that can be attributed to the risk in the benchmark. Realized and Unrealized Gains/Losses: Are calculated for individual tax lots based on the records we have available. Some data may be incomplete or differ from what you are required to report on your tax return. Some data used in these calculations may have been obtained from outside sources and cannot be verified by U.S. Bank. The data is intended for informational purposes only and should not be used for tax reporting purposes. Please consult with your tax or legal advisor for questions concerning your personal tax or financial situation. City of Cupertino ▎ 4663 AC 10-27-2025 63 of 207 Client CONFIDENTIAL Definitions of report and statement terms (page 4 of 5) Residual Risk: The amount of risk specific to the assets in a portfolio distinct from the market, represented by a benchmark. Return: An indication of the past performance of your portfolio. Sharpe Ratio: Measures of risk-adjusted return that calculates the return per unit of risk, where risk is the Standard Deviation of your portfolio. A high Sharpe ratio indicates that the portfolio is benefiting from taking risk. Sortino Ratio: Intended to differentiate between good and bad volatility. Similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn't discriminate between up and down volatility. Spread: The difference between the yields of two bonds with differing credit ratings (most often, a corporate bond with a certain amount of risk is compared to a standard traditionally lower risk Treasury bond). The bond spread will show the additional yield that could be earned from a bond which has a higher risk. Standard Deviation: A measure of the volatility and risk of your portfolio. A low standard deviation indicates a portfolio with less volatile returns and therefore less inherent risk. Time-weighted Return: The method used to calculate performance. Time-weighted return calculates period by period returns that negates the effect of external cash flows. Returns for periods of greater than one year are reported as an annualized (annual) rate of return. Returns of less than one year are reported on a cumulative return basis. Cumulative return is the aggregate amount an investment has gained or lost over time, independent of the period involved. Tracking Error: A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. This is often in the context of a hedge or mutual fund that did not work as effectively as intended, creating an unexpected profit or loss instead. Traditional Investments: As used by U.S. Bank, an investment made in equity, fixed income or cash securities, mutual funds or exchange- traded funds (ETFs) where the investor buys at a price with the goal that the investment will go up in value. Top 10 Holdings: The 10 assets with the highest market values in the account. Total Portfolio Gross of Fees: Represents all assets included in the calculation of the portfolio, before the deduction of trust and asset management fees, and is inclusive of all applicable third-party security fees and expenses. Details of those fees and expenses are provided in the security’s prospectus or offering documents. City of Cupertino ▎ 4764 AC 10-27-2025 64 of 207 Client CONFIDENTIAL Definitions of report and statement terms (page 5 of 5) Total Return: The rate of return that includes the realized and unrealized gains and losses plus income for the measurement period. Treynor Ratio: Measures the performance of a sector relative to risk by dividing the return of the sector in excess of the risk-free return by the sector's Beta. The higher the Treynor ratio, the better the return relative to risk. Turnover Percent: Indicates how frequently asset are bought and sold within a portfolio. Turnover Ratio: The percentage of a mutual fund’s or other investment vehicle's holdings that have been "turned over" or replaced with other holdings in a given year. Unrealized gain (loss)— The difference between the current market value (at the end of the statement period) and the cost to acquire the asset. If the current market value is higher than the cost, a gain is reflected. If the current market value is lower than the cost paid, a loss is reflected. This data is for information purposes only. Upside Capture: The upside capture ratio reflects how a portfolio compares to the selected model benchmark during periods when the benchmark is up. An upside capture ratio of 1.15 (or 115 percent) means the portfolio has historically beat the benchmark by 15 percent during up markets. Yield: The annual rate of return on an investment, expressed as a percentage. For bonds, it is the coupon rate divided by the market price. For stocks, it is the annual dividend divided by the market price. City of Cupertino ▎ 4865 AC 10-27-2025 65 of 207 Client CONFIDENTIAL Frequently used indexes (page 1 of 5) Bloomberg Barclays 1-3 year U.S. Treasury Index: Measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity between one year and up to (but not including) three years. Bloomberg Barclays 1-5 year U.S. Treasury Index: Includes all publicly issued, U.S. Treasury securities that have a remaining maturity of greater than or equal to one year and less than five years, are rated investment grade and have $250 million or more of outstanding face value. The Bloomberg Barclays 1-5 year Municipal Index: Measures the performance of municipal bonds with time to maturity of more than one year and less than five years. Bloomberg Barclays 7-year Municipal Index: Includes municipal bonds with a minimum credit rating of Baa that have been issued as part of a transaction of at least $50 million, have a maturity value of at least $5 million and a maturity range of four to six years. Bloomberg Barclays Global Aggregate Index ex-U.S. Index: Measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes Treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Bloomberg Barclays Global Treasury ex-U.S. Index: Includes government bonds issued by investment-grade counties outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated investment grade. Bloomberg Barclays High Yield Municipal Bond Index: An unmanaged index made up of bonds that are non-investment grade, unrated or below Ba1 bonds. Bloomberg Barclays Intermediate Aggregate Index: Consists of one- to 10-year governments, one- to 10-year corporate bonds, all mortgages and all asset-backed securities within the Aggregate Index. Bloomberg Barclays Mortgage-Backed Securities Index: Covers agency mortgage-backed pass-through securities (both fixed-rate and hybrid adjustable-rate mortgages) issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Aggregate Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index: Measures the investment grade, fixed-rate, taxable corporate bond market and includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. City of Cupertino ▎ 4966 AC 10-27-2025 66 of 207 Client CONFIDENTIAL Frequently used indexes (page 2 of 5) Bloomberg Barclays U.S. Corporate High Yield Bond Index: Measures the U.S. dollar denominated, high yield, fixed-rate corporate bond market. Bloomberg Barclays U.S. Municipal Bond Index: Measures the investment grade, U.S. dollar-denominated, fixed tax-exempt bond market. The index includes state and local general obligation, revenue, insured and pre-refunded bonds. Bloomberg Barclays U.S. Treasury Index: Measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index: An unmanaged index includes all publicly issued, U.S. TIPS that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. Cambridge U.S. Private Equity Index: This index is based on returns data compiled for U.S. private equity funds (including buyout, growth equity and mezzanine funds) that represent the majority of institutional capital raised by private equity partnerships formed since 1986. Returns may be delayed by up to six months. Quarterly performance is prorated based on the cube root for the months of the quarter. Citigroup 3-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last three- month Treasury Bill issues. Citigroup 6-Month Treasury Bills: An unmanaged index and represents monthly return equivalents of yield averages of the last six- month Treasury Bill issues. Credit Suisse Leverage Loan Index: Represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans. Dow Jones Industrial Average (DJIA): The price-weighted average of 30 significant U.S. stocks traded on the New York Stock Exchange and NASDAQ. The DJIA is the oldest and single most watched index in the world. Dow Jones Select REIT Index: Measures the performance of publicly traded REITs and REIT-like securities in the U.S. and is a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. HFRI Indices: The Hedge Fund Research, Inc. (HFRI) indexes are a series of benchmarks designed to reflect hedge fund industry performance by constructing composites of constituent funds, as reported by the hedge fund managers listed within the HFR Database. City of Cupertino ▎ 5067 AC 10-27-2025 67 of 207 Client CONFIDENTIAL Frequently used indexes (page 3 of 5) HFRI Equity Hedge Total Index: Uses the HFR (Hedge Fund Research) database and consists only of equity hedge funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. HFRI Relative Value Fixed Income Corporate Index: Uses the HFR (Hedge Fund Research) database and consists of only relative value fixed income corporate funds with a minimum of $50 million assets under management or a 12-month track record and that reported assets in U.S. dollars. ICE BofAML 1-3 Year Corporate Index: Tracks U.S. dollar-denominated investment grade public debt issued in the U.S. bond market with maturities of one to three years. ICE BofAML 1-5 Year Corporate and Government Index: Tracks the performance of short-term U.S. investment grade government and corporate securities with maturities between one and five years. ICE BofAML U.S. 7-10 Year Index: Tracks the performance of U.S. dollar denominated investment grade rated corporate debt publicly issued in the U.S. domestic market and includes all securities with a remaining term to maturity of greater than or equal to seven years and less than 10 years. ICE BofAML Global Broad Market Index: Tracks the performance of investment grade public debt issued in the major domestic and Eurobond markets, including global bonds. ICE BofAML U.S. High Yield Master II Index: Commonly used benchmark index for high yield corporate bonds and measures the broad high yield market. J.P. Morgan Emerging Markets Bond Index Global (EMBI Global): Tracks total returns for traded external debt instruments in the emerging markets. London Interbank Offered Rate (LIBOR)3-months: The interest rate offered by a specific group of London banks for U.S. dollar deposits with a three-month maturity. London Interbank Offered Rate (LIBOR) 9-months:The interest rate offered by a specific group of London banks for U.S. dollar deposits with a nine-month maturity. MSCI All Country World Index (ACWI): Designed to measure the equity market performance of developed and emerging markets. City of Cupertino ▎ 5168 AC 10-27-2025 68 of 207 Client CONFIDENTIAL Frequently used indexes (page 4 of 5) Russell 2000 Value Index: Measures companies in the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. Russell 3000 Index: Measures the performance of the 3,000 largest U.S. securities based on total market capitalization. Russell Midcap Index: Measures the 800 smallest companies in the Russell 3000 Index. Russell Midcap Growth Index: Measures companies in the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. Russell Midcap Value Index: Measures companies in the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. MSCI All County World ex-U.S. Index (ACWI, excluding United States): Tracks the performance of stocks representing developed and emerging markets around the world that collectively comprise most foreign stock markets. U.S. stocks are excluded from the index. MSCI EAFE Index: Includes approximately 1,000 companies representing the stock markets of 21 countries in Europe, Australasia and the Far East. MSCI Emerging Markets (EM) Index: Designed to measure equity market performance in global emerging markets. MSCI World Index: Tracks equity market performance of developed markets through individual country indices. NAREIT Index: Includes REITs (Real Estate Investment Trusts) listed on the New York Stock Exchange, NASDAQ and American Stock Exchange. NASDAQ Composite Index: A market capitalization-weighted average of roughly 5,000 stocks that are electronically traded in the NASDAQ market. NCREIF Property Index (NPI): Measures the investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. Russell 1000 Index: Measures the performance of the 1,000 largest companies in the Russell 3000 Index and is representative of the U.S. large capitalization securities market. City of Cupertino ▎ 5269 AC 10-27-2025 69 of 207 Client CONFIDENTIAL Frequently used indexes (page 5 of 5) Russell 1000 Growth Index: Measures companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 1000 Value Index: Measures companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. It includes the largest 1,000 firms in the Russell 3000 Index. Russell 2000 Index: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index and is representative of the U.S. small capitalization securities market. Russell 2000 Growth Index: Measures companies in the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. and is representative of U.S. securities exhibiting growth characteristics. The Russell 2000 Index includes the 2,000 firms from the Russell 3000 Index with the smallest market capitalizations. S&P 500 Index: Consists of 500 widely traded stocks that are considered to represent the performance of the U.S. stock market. S&P Global ex-U.S. Property Index: Measures the investable universe of publicly traded property companies domiciled in developed and emerging markets excluding the United States. The companies included are engaged in real estate related activities such as property ownership, management, development, rental and investment. S&P GSCI: A composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. S&P/Case-Shiller Home Price Indexes: A group of indexes that track changes in home prices throughout the United States. Case- Shiller produces indexes representing certain metropolitan statistical areas (MSA) as well as a national index. Swiss Re Global Cat Bond Total Return Index: Tracks the aggregate performance of all U.S. dollar-denominated euros and Japanese yen-denominated catastrophe bonds, capturing all ratings, perils and triggers. U.S. Dollar Index: Indicates the general international value of the U.S. dollar by averaging the exchange rates between the U.S. dollar and six major world currencies. Wilshire 5000 Index: Composed of more than 6,700 publicly-traded U.S. companies and is designed to track the overall performance of the American stock markets. City of Cupertino ▎ 5370 AC 10-27-2025 70 of 207 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Presenter: Jonathan Orozco, Finance Manager, and Chandler 4:25(15) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 71 AC 10-27-2025 71 of 207 AUDIT COMMITTEE STAFF REPORT Meeting: October 27, 2025 Subject Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Recommended Action Receive the Treasurer's Investment Report for the Quarter Ending September 30, 2025 Reasons for Recommendation Background On May 20, 2025, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment reports, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments. The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report." Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly. Treasurer's Investment Report The report provides an update on the City's investment portfolio for the month ending September 30, 2025. The report is as of October 22, 2025. 72 AC 10-27-2025 72 of 207 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments. While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report subcommittee. The City's General Ledger cash and investments balance is $301.4 million, a $16.3 million decrease from the prior quarter. Cash and Investments – General Ledger Balance Fund Type General Fund Special Revenue Debt Service Capital Projects Enterprise Internal Service Total $317,754,763 $301,411,291 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. The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values. 73 AC 10-27-2025 73 of 207 Cash and Investments – Bank Balance Quarter Ending June 30, 2025 September 30, % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo) 51,674,890 5,268,303 2% Workers' Compensation Checking (Wells Fargo) 40,923 22,912 0% Payroll Checking (Wells Fargo) - - 0% Restricted for Bond Repayments1 (BNY Mellon) - - 0% Cash Equivalents Local Agency Investment Fund 68,055,207 68,800,823 23% Investments Investments (Chandler) 172,701,432 202,164,870 67% Restricted for Pension2 (PARS) 24,320,860 25,665,064 9% Total Cash and Investments3 $316,793,313 $301,921,972 100% 1 Cash held by fiscal agent for bond repayments 2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. 4 Beginning December 31, 2024, Investment amount reflect cost value. Wells Fargo Accounts The City, in collaboration with Chandler and Wells Fargo's relationship manager, continues to evaluate options to maximize investment opportunities for excess funds held in the City's operating account. As previously reported, the operating account was converted to a "Government Advantage Checking" account, which offers full FDIC insurance and an interest rate of 3% through March 31, 2025. As of the end of the September 2025 quarter, there has been no change to the interest rate. Notable disbursements from this account include: - A $3.6 million lump-sum payment to CalPERS for the City’s annual Unfunded Accrued Liability (UAL) obligation (July 29, 2025) - A $2.1 million premium payment to PLAN JPA for the City’s annual liability and property insurance coverage (August 15, 2025) - A $27.8 million transfer to the City’s investment portfolio (September 30, 2025) To support the effective deployment of funds and minimize idle cash balances, the City has developed an internal cash flow model that projects monthly cash inflows and outflows. This model enables the City to maintain a lower balance in its operating account while still meeting operational needs. The model also incorporates expected seasonal fluctuations in major revenue sources (e.g., property and sales tax) and expenditure patterns (e.g., CalPERS UAL and insurance obligations). 74 AC 10-27-2025 74 of 207 To maintain daily liquidity, the City utilizes the Local Agency Investment Fund (LAIF) as a buffer for short-term needs. The combination of the Government Advantage Checking account and LAIF, along with the City's investment portfolio, provides a diversified and flexible approach to managing public funds in alignment with the City’s Investment Policy objectives of safety, liquidity, and return. Staff will continue refining the cash flow model and evaluating investment options to enhance returns while prioritizing that adequate liquidity is preserved for City operations. Local Agency Investment Fund (LAIF) LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield. The City's LAIF account had a balance of $68.8 million. The quarterly interest rate was 4.34%. Investment Portfolio In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide: • Safety to ensure the preservation of capital in the overall portfolio • Sufficient liquidity for cash needs • A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in high- quality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective. The portfolio's total market value was $205.1 million, compared to $175.1 million at the end of the previous quarter. The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases. In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management. 75 AC 10-27-2025 75 of 207 Section 115 Trust Investment Portfolio The City established Section 115 Trusts to reduce pension rate volatility and pre-fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs. Contributions made to the trust can only be used to fund retirement plans. Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 3, 2024, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies. Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon. The strategic asset allocation ranges for this investment objective are: The Section 115 Pension Trust had a balance of $25.7 million, an increase of $1.3 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $45.1 million, an increase of $2.4 million from the prior quarter mainly due to investment gains. The quarterly investment return for OPEB Trust was 5.63% and Pension Trust was 5.61%. Compliance All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months. Sustainability Impact No sustainability impact. Fiscal Impact No fiscal impact. City Work Program Item/Description None City Council Goal Fiscal Strategy California Environmental Quality Act Not applicable. 76 AC 10-27-2025 76 of 207 _____________________________________ Prepared by: __________________ Jonathan Orozco Finance Manager Reviewed by: __________________ Kristina Alfaro Director of Administrative Services and City Treasurer Approved for Submission by: __________________ Tina Kapoor Interim City Manager Attachments: A – Chandler Investment Report September 2025 B – Chandler Custodial Statement September 2025 C – PARS Pension and OPEB Account Statement September 2025 D – LAIF Account Statement September 2025 77 AC 10-27-2025 77 of 207 INVESTMENT REPORT City of Cupertino | As of September 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com Chandler Team: For questions about your account, please call (800) 317-4747, or contact clientservice@chandlerasset.com Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement.78 AC 10-27-2025 78 of 207 TABLE OF CONTENTS ECONOMIC UPDATE ACCOUNT PROFILE CONSOLIDATED INFORMATION PORTFOLIO HOLDINGS TRANSACTIONS 79 AC 10-27-2025 79 of 207 ECONOMIC UPDATE 80 AC 10-27-2025 80 of 207 Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflation pressures have eased,though core levels remain above the Federal Reserve’s target,while tariffs continue to cloud forecasts.Signs of a softer labor market are emerging,prompting expectations that the Fed will move cautiously toward policy normalization.Given the economic outlook, we expect gradual normalization of monetary policy and a steeper yield curve. The Federal Reserve lowered the Federal Funds Rate a quarter percentage point to the range of 4.00 –4.25%upon conclusion of the September Federal Open Market Committee meeting.The move was telegraphed by the Fed and in line with market expectations. Stephen Miran was the only opposing vote in the 11-1 decision as Governor Miran called for a larger 50 basis point rate cut.Chair Powell said concerns over signs of a softening labor market prompted the policy shift.Policymakers also updated their economic forecasts penciling in two additional quarter-point cuts through year-end. The US Treasury yield curve flattened in September,as the 2-year Treasury yield declined 13 basis points to 3.57%,the 5-year Treasury also down 13 basis points to 3.66%,and the 10-year Treasury yield declined 14 basis points to 4.12%.The spread between the 2-year and 10- year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month- end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was 14 basis points. The spread between the 3- month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August. ECONOMIC UPDATE 81 AC 10-27-2025 81 of 207 -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S.economy added just 22,000 jobs in August,falling short of consensus expectations and punctuating the softening trend in the labor market.The three-month moving average and six-month moving average payrolls totaled 29,000 and 64,000 respectively.The unemployment rate rose to 4.3%in August from 4.2%in July. The labor participation rate inched up to 62.3%,remaining below the pre- pandemic level of 63.3%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons jumped to 8.1%in August from 7.9%in July.Average hourly earnings fell to 3.7%year-over-year from 3.9% last month. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 82 AC 10-27-2025 82 of 207 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Job Openings Recession Historical Average In T h o u s a n d s ( 0 0 0 ' s ) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)showed a modest increase to 7.227 million new job openings in August from 7.2 million in July. The quits rate and layoffs remained relatively stable.Job openings indicate a ratio of approximately 1 job for each unemployed individual, representing a relatively balanced labor market. Source: US Department of Labor JOB OPENINGS & LABOR TURNOVER SURVEY 83 AC 10-27-2025 83 of 207 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e In August, the Consumer Price Index (CPI)increased more than expected at 0.4%month-over-month and 2.9%year-over-year,while the Core CPI rose 0.3%month-over-month and 3.1%year-over-year,in line with expectations. The Personal Consumption Expenditures (PCE) price index rose 0.3%month-over-month and 2.7%year-over-year in August. The Core PCE deflator,which excludes food and energy and is the Fed’s preferred gauge, was up 0.2% from July leaving it unchanged at 2.9% on an annual basis in August. Source: US Department of Labor Source: US Department of Commerce INFLATION 84 AC 10-27-2025 84 of 207 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Advance Retail Sales s howed continued strength jumping 0.6%in August as July data was also revised up to 0.6%month-over-month. The increase elevated retail sales to 5.0%on an annual basis after jumping 4.1%year-over-year in July.Back-to-school shopping was a likely catalyst as online shopping, clothing, and sporting goods saw some of the largest increases.Control group sales,which feed into GDP, also jumped 0.74%in August from the prior month. The Conference Board’s Consumer Confidence Index fell to 94.2 in September from a revised 97.8 in August,marking the lowest level since April 2025.Measures of current conditions and future expectations fell, signaling weaker sentiment toward employment and income.Consumers have remained resilient,but rising debt burdens, higher delinquency rates, lingering inflation worries, and emerging signs of labor market cooling could weigh on future spending. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) CONSUMER 85 AC 10-27-2025 85 of 207 -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Leading Economic Indicators (LEI) Recession YO Y (% ) C h a n g e -1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00 Chicago Fed National Activity Index (CFNAI) Recession 3 M o n t h A v e r a g e The Conference Board’s Leading Economic Index (LEI)fell by 0.5%in August,following a 0.1%increase in July. The LEI decreased by 3.6% year-over-year.The Conference Board is expecting economic growth to slow in the second half of 2025 due to consumer pessimism,soft manufacturing new orders,and negative impacts from tariffs.The Chicago Fed National Activity Index (CFNAI)came in at -0.12%in August after a downwardly revised -0.28 in July,indicating that economic momentum remained below its historical trend for the fifth consecutive month. The three-month moving average shows a similar trend at -0.18 in August from -0.20 in the prior month signaling ongoing below-trend growth in national economic activity. Source: The Conference Board Source: Federal Reserve Bank of Chicago LEADING INDICATORS OF ECONOMIC ACTIVITY 86 AC 10-27-2025 86 of 207 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 In T h o u s a n d s o f U n i t s Annualized Housing Starts Multi Family Housing Starts Single Family Housing Starts Housing starts dropped 8.5%in August to 1.307 million units,marking a pullback amid elevated inventory levels and a softening labor market. Single-family starts fell 7.0% in August to 890,000 units, hitting their lowest level since July 2024. The S&P Cotality Case Shiller 20- City Home Price Index recorded a 0.07%month-over-month decline in July,marking the fifth consecutive month of losses,while still posting a modest year-over-year gain of 1.8%.Persistently high asking prices and elevated mortgage rates have continued to challenge affordability,contributing to the recent cooling across the housing market.However,the Freddie Mac 30-year fixed mortgage rate continued recent declines to 6.3% as of September. Source: US Department of Commerce Source: S&P -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% S&P/Case-Shiller 20 City Composite Home Price Index Recession YO Y ( % ) C h a n g e HOUSING 87 AC 10-27-2025 87 of 207 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING Manufacturing activity contracted at a slightly slower rate as the Institute for Supply Management (ISM)Manufacturing Index edged up to 49.1 in September,from 48.7 in August yet remaining below the expansion threshold,signaling the seventh consecutive month of contraction in the manufacturing sector.Production growth factored into the gain,although drops in new orders and inventories offset the increase.The ISM Services Index fell to 50.0 in September from 52.0 in August,which is the breakeven point between expansion and contraction.The 2.0-point decline generally indicated moderate to weak growth, with only isolated reports of supplier delivery delays. Employment remained in contraction territory, reflecting delayed hiring plans and ongoing challenges in finding qualified workers. Source: Institute for Supply Management SURVEY BASED MEASURES 88 AC 10-27-2025 88 of 207 Components of GDP 9/24 12/24 3/25 6/25 2.7% 2.6% 0.4% 1.7% 0.2% -1.3% 3.8% -2.7% -0.4% -0.1% -4.7% 4.8% 0.5% 0.3% -0.4% -0.4% 0.4% 0.3% 0.2% 0.3% 3.4% 1.9% -0.6% 3.8% Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total State and Local (Consumption and Gross Investment)-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce In a sharp rebound from the first quarter, real GDP increased at an annualized rate of 3.8%in the second quarter of 2025 according to the final data revision from the Bureau of Economic Analysis.The increase in real GDP in the second quarter was driven by the drop in imports following the significant rise in the first quarter in anticipation of higher tariffs and an increase in consumer spending. The consensus projection calls for 1.7% growth for the third quarter and 1.8% for the full year 2025. GROSS DOMESTIC PRODUCT (GDP) 89 AC 10-27-2025 89 of 207 Source: Federal Reserve Source: Bloomberg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets Recession In $ m i l l i o n s The Federal Reserve lowered its benchmark interest rate by a quarter point to a range of 4.00%to 4.25%at its September meeting,as officials responded to mounting signs of labor market weakness.Chair Jerome Powell said the move was aimed at cushioning the slowdown while keeping policy restrictive enough to fight lingering inflation.The Fed kept its balance-sheet runoff unchanged, maintaining a $5 billion monthly cap on Treasuries and $35 billion on agency and mortgage-backed securities.Since launching its Quantitative Tightening campaign in June 2022, the Fed has reduced its securities holdings by about $2.35 trillion, bringing the total down to roughly $6.6 trillion. FEDERAL RESERVE 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Recession 90 AC 10-27-2025 90 of 207 Source: Bloomberg Source: Bloomberg 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Sep-25 Jun-25 Sep-24 Yi e l d ( % ) At the end of September,the 2-year Treasury yield was 5 basis points lower,and the 10-Year Treasury yield was 40 basis points higher, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +54 basis points at September month-end versus +61 basis points at August month-end. The prior 2-year/10-year yield curve inversion,which spanned from July 2022 to August 2024,was historically long.The average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +21 basis points in September versus +8 basis points in August. BOND YIELDS 91 AC 10-27-2025 91 of 207 ACCOUNT PROFILE 92 AC 10-27-2025 92 of 207 OBJECTIVES 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. 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. 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. 93 AC 10-27-2025 93 of 207 PORTFOLIO SUMMARY Sector Allocation Performance Review Total Rate of Return**1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19) City of Cupertino 0.30%1.30%4.93%4.41%5.88%4.92%1.53%--2.33% Benchmark Return 0.24%1.14%4.57%3.77%5.24%4.46%1.15%--2.06% City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Characteristics Account Summary Maturity Distribution Top Issuers Credit Quality* Average Modified Duration 2.21 Average Coupon 3.10% Average Purchase YTM 3.32% Average Market YTM 3.38% Average Credit Quality*AA+ Average Final Maturity 2.56 Average Life 2.27 End Values as of 06/30/2025 End Values as of 09/30/2025 Market Value 173,784,957.99 204,001,801.31 Accrued Interest 1,267,966.53 1,106,379.00 Total Market Value 175,052,924.52 205,108,180.31 Income Earned 1,570,445.77 1,646,763.62 Cont/WD 0.00 27,800,000.00 Par 174,552,255.38 204,299,921.15 Book Value 173,154,444.93 202,688,318.55 Cost Value 172,701,432.17 202,164,869.60 United States 37.43% FHLMC 10.76% Farm Credit System 2.59% International Bank for Recon and Dev 2.39% UnitedHealth Group Incorporated 1.43% Toyota Motor Corporation 1.39% Guardian Life Global Funding 1.33% The Home Depot, Inc.1.29% *The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. **Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 94 AC 10-27-2025 94 of 207 PORTFOLIO CHARACTERISTICS City of Cupertino | Account #10659 | As of September 30, 2025 Benchmark*9/30/2025 Portfolio 6/30/2025 Portfolio Average Maturity (yrs)2.65 2.56 2.98 Average Modified Duration 2.48 2.21 2.54 Average Purchase Yield 3.32%3.73% Average Market Yield 3.66%3.38%4.03% Average Quality**AA+AA+AA+ Total Market Value 205,108,180 175,052,925 *Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 95 AC 10-27-2025 95 of 207 SECTOR DISTRIBUTION City of Cupertino | Account #10659 | As of September 30, 2025 Sector as a Percentage of Market Value Sector 09/30/2025 06/30/2025 US Treasury 37.43%41.62% Corporate 24.29%26.43% Cash 12.89%0.00% Agency CMBS 10.76%11.78% ABS 6.40%8.06% Supras 3.58%4.74% Agency 3.53%5.90% Muni Bonds 0.88%1.02% Money Mkt Fd 0.24%0.45% 96 AC 10-27-2025 96 of 207 DURATION ALLOCATION City of Cupertino | Account #10659 | As of September 30, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ 09/30/2025 15.8%1.4%9.3%19.5%10.8%33.1%10.0%0.0%0.0% 97 AC 10-27-2025 97 of 207 ISSUERS City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio United States US Treasury 37.43% Cash Cash 13.63% FHLMC Agency CMBS 10.76% Farm Credit System Agency 2.59% International Bank for Recon and Dev Supras 2.39% UnitedHealth Group Incorporated Corporate 1.43% Toyota Motor Corporation Corporate 1.39% Guardian Life Global Funding Corporate 1.33% The Home Depot, Inc.Corporate 1.29% Inter-American Development Bank Supras 1.19% New York Life Insurance Company Corporate 1.18% Caterpillar Inc.Corporate 1.10% Royal Bank of Canada Corporate 1.01% Massachusetts Mutual Life Insurance Corporate 0.97% Morgan Stanley Corporate 0.97% Federal Home Loan Banks Agency 0.93% Simon Property Group, Inc.Corporate 0.91% Amazon.com, Inc.Corporate 0.90% State of California Muni Bonds 0.88% Chubb Limited Corporate 0.87% Honda Motor Co., Ltd.Corporate 0.86% Chase Issuance Trust ABS 0.84% Bank of America Credit Card Trust ABS 0.81% Berkshire Hathaway Inc.Corporate 0.78% PepsiCo, Inc.Corporate 0.75% Prologis, Inc.Corporate 0.74% Bank of America Corporation Corporate 0.74% JPMorgan Chase & Co.Corporate 0.74% The Progressive Corporation Corporate 0.74% Realty Income Corporation Corporate 0.71% 98 AC 10-27-2025 98 of 207 ISSUERS City of Cupertino | Account #10659 | As of September 30, 2025 Issuer Investment Type % Portfolio Deere & Company Corporate 0.71% American Express Credit Master Trust ABS 0.70% Marsh & McLennan Companies, Inc.Corporate 0.70% WF Card Issuance Trust ABS 0.68% GM Financial Securitized Term ABS 0.66% Honda Auto Receivables Owner Trust ABS 0.62% Metropolitan Life Global Funding I Corporate 0.53% Toyota Auto Receivables Owner Trust ABS 0.51% National Rural Utilities Cooperative Corporate 0.50% Northwestern Mutual Global Funding Corporate 0.50% John Deere Owner Trust ABS 0.49% Mastercard Incorporated Corporate 0.47% The Charles Schwab Corporation Corporate 0.46% Mercedes-Benz Auto Receivables Trust ABS 0.46% Meta Platforms, Inc.Corporate 0.45% Met Tower Global Funding Corporate 0.37% BMW Vehicle Owner Trust ABS 0.34% Hyundai Auto Lease Securitization Tr ABS 0.30% Wells Fargo & Company Money Mkt Fd 0.21% Walmart Inc.Corporate 0.17% WC MMF Sweep Money Mkt Fd 0.03% Receivable Cash 0.00% Payable Cash -0.74% TOTAL 100.00% 99 AC 10-27-2025 99 of 207 QUALITY DISTRIBUTION Rating 09/30/2025 06/30/2025 AAA 23.28%13.30% AA 56.92%65.23% A 16.64%18.44% NA 3.16%3.03% Rating 09/30/2025 06/30/2025 Aaa 20.99%10.52% Aa 57.92%66.43% A 16.60%18.37% NA 4.49%4.68% Rating 09/30/2025 06/30/2025 AAA 26.36%15.47% AA 52.84%61.31% A 10.00%11.68% NA 10.80%11.54% City of Cupertino | Account #10659 | As of September 30, 2025 S&P Rating Moody’s Rating Fitch Rating 100 AC 10-27-2025 100 of 207 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ Portfolio 15.8%1.4%9.3%19.5%10.8%33.1%10.0%0.0%0.0% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.0%0.1%2.6%35.0%27.7%22.6%12.0%0.0%0.0% DURATION DISTRIBUTION City of Cupertino | Account #10659 | As of September 30, 2025 Portfolio Compared to the Benchmark 101 AC 10-27-2025 101 of 207 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN* City of Cupertino Gross of Fees 1.30%4.41%5.88%4.92%1.53%2.33% City of Cupertino Net of Fees 1.29%4.33%5.81%4.86%1.46%2.25% Benchmark 1.14%3.77%5.24%4.46%1.15%2.06% *Periods over 1 year are annualized. Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index INVESTMENT PERFORMANCE City of Cupertino | Account #10659 | As of September 30, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 102 AC 10-27-2025 102 of 207 HISTORICAL AVERAGE PURCHASE YIELD City of Cupertino | Account #10659 | As of September 30, 2025 Purchase Yield as of 09/30/25 = 3.32% 103 AC 10-27-2025 103 of 207 PORTFOLIO CHARACTERISTICS City of Cupertino Reporting | Account #10663 | As of September 30, 2025 9/30/2025 Portfolio 6/30/2025 Portfolio Average Maturity (yrs)0.00 0.00 Average Modified Duration 0.00 0.00 Average Purchase Yield 3.90%2.43% Average Market Yield 3.86%2.41% Average Quality**AAA AAA Total Market Value 74,825,162 120,488,632 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 104 AC 10-27-2025 104 of 207 SECTOR DISTRIBUTION City of Cupertino Reporting | Account #10663 | As of September 30, 2025 Sector as a Percentage of Market Value Sector 09/30/2025 06/30/2025 LAIF 91.95%56.48% Cash 8.05%43.52% 105 AC 10-27-2025 105 of 207 CONSOLIDATED INFORMATION 106 AC 10-27-2025 106 of 207 PORTFOLIO CHARACTERISTICS City of Cupertino Cons | Account #10664 | As of September 30, 2025 9/30/2025 Portfolio 6/30/2025 Portfolio Average Maturity (yrs)1.87 1.76 Average Modified Duration 1.62 1.50 Average Purchase Yield 3.47%3.20% Average Market Yield 3.51%3.37% Average Quality**AA+AA+ Total Market Value 279,933,343 295,541,556 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 107 AC 10-27-2025 107 of 207 SECTOR DISTRIBUTION City of Cupertino Cons | Account #10664 | As of September 30, 2025 Sector as a Percentage of Market Value Sector 09/30/2025 06/30/2025 US Treasury 27.39%24.58% LAIF 24.68%23.13% Corporate 17.77%15.61% Cash 11.59%17.82% Agency CMBS 7.88%6.96% ABS 4.69%4.76% Supras 2.62%2.80% Agency 2.58%3.49% Muni Bonds 0.64%0.60% Money Mkt Fd 0.18%0.27% 108 AC 10-27-2025 108 of 207 PORTFOLIO HOLDINGS 109 AC 10-27-2025 109 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration ABS 47787JAC2 JDOT 2022 A3 2.32 09/15/2026 11,321.44 03/10/2022 2.34% 11,318.93 11,320.94 99.92 4.46% 11,312.23 11.67 0.01% (8.71) Aaa/NA AAA 0.96 0.04 47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 138,229.02 07/12/2022 3.77% 138,215.82 138,225.17 99.86 4.30% 138,040.49 229.77 0.07% (184.68) Aaa/NA AAA 1.38 0.26 362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 34,070.08 04/05/2022 3.13% 34,062.96 34,068.20 99.88 4.30% 34,027.96 44.01 0.02% (40.24) Aaa/AAA NA 1.38 0.10 44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024 5.41% 609,983.04 609,990.77 100.71 4.26% 614,338.81 1,466.71 0.30% 4,348.04 NA/AAA AAA 1.63 0.59 47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 335,295.97 10/12/2022 5.15% 335,269.95 335,286.57 100.33 4.32% 336,408.01 758.51 0.16% 1,121.44 Aaa/NA AAA 1.71 0.40 89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,033,485.85 11/21/2023 5.65% 1,029,287.31 1,031,057.18 100.64 4.18% 1,040,049.73 2,370.13 0.51% 8,992.54 NA/AAA AAA 2.55 0.61 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 704,600.12 -- 5.64% 706,344.26 705,486.61 101.18 4.06% 712,936.59 1,109.75 0.35% 7,449.98 Aaa/NA AAA 2.73 0.69 58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 915,551.72 11/29/2023 3.88% 934,935.67 926,018.94 101.50 3.93% 929,293.51 2,421.13 0.46% 3,274.57 NA/AAA AAA 3.13 0.72 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024 4.58% 858,798.83 853,527.89 101.23 3.89% 860,430.18 1,881.33 0.42% 6,902.29 Aaa/NA AAA 1.13 1.07 47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 5.13% 499,765.63 499,842.14 101.09 4.09% 505,436.15 1,102.22 0.25% 5,594.01 Aaa/NA AAA 3.13 1.17 437930AC4 HAROT 2024-2 A3 5.27 11/20/2028 535,000.00 05/14/2024 5.27% 534,935.00 534,954.69 101.36 3.89% 542,272.47 1,018.13 0.27% 7,317.78 NA/AAA AAA 3.14 0.94 36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 -- 4.97% 1,307,922.66 1,308,566.19 100.63 4.04% 1,318,267.28 2,647.29 0.65% 9,701.09 Aaa/NA AAA 3.22 0.73 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4.61% 1,689,742.61 1,689,829.12 100.95 3.88% 1,706,001.09 3,455.11 0.84% 16,171.97 NA/AAA AAA 3.30 1.23 096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 695,000.00 06/04/2024 5.18% 694,894.43 694,923.69 101.18 3.92% 703,192.66 600.02 0.34% 8,268.97 Aaa/AAA NA 3.41 0.89 05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024 4.93% 784,955.96 784,967.72 101.69 3.88% 798,305.67 1,720.02 0.39% 13,337.95 Aaa/AAA NA 3.62 1.53 02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025 4.28% 1,419,974.30 1,419,976.32 100.96 3.92% 1,433,565.26 2,701.16 0.70% 13,588.94 NA/AAA AAA 4.54 2.36 110 AC 10-27-2025 110 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025 4.33% 1,364,977.34 1,364,978.76 101.07 3.94% 1,379,588.30 2,632.93 0.68% 14,609.54 NA/AAA AAA 4.62 2.43 12,955,384.70 101.01 13,063,466.38 6.40%3.18 Total ABS 12,932,554.19 4.80%12,943,020.90 3.99%26,169.89 120,445.49 1.22 AGENCY 3130B0TY5 FEDERAL HOME LOAN BANKS 4.75 04/09/2027 1,875,000.00 04/10/2024 4.85% 1,870,050.00 1,872,486.51 101.62 3.65% 1,905,355.59 42,552.08 0.93% 32,869.09 Aa1/AA+ AA+ 1.52 1.43 3133ERDS7 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/2024 4.55% 2,412,552.00 2,406,964.03 101.64 3.68% 2,439,262.13 45,916.67 1.20% 32,298.10 Aa1/AA+ AA+ 1.60 1.50 3133EPC60 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023 4.73% 2,789,612.00 2,794,489.60 101.87 3.70% 2,852,380.27 48,922.22 1.40% 57,890.68 Aa1/AA+ AA+ 2.13 1.98 7,072,214.00 101.72 7,196,997.99 3.53%1.79 Total Agency 7,075,000.00 4.70%7,073,940.13 3.68%137,390.97 123,057.87 1.67 AGENCY CMBS 3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 1.36% 687,451.17 656,626.98 98.82 3.87% 642,340.27 1,437.04 0.31% (14,286.71) Aa1/AA+ AAA 0.90 0.84 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 4.36% 950,664.06 981,278.65 98.83 3.82% 988,277.20 2,703.33 0.48% 6,998.55 Aaa/AA+ AA+ 1.90 1.75 3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024 4.86% 1,913,359.38 1,937,737.14 99.53 3.88% 1,990,610.80 6,285.00 0.98% 52,873.66 Aa1/AAA AA+ 3.24 2.83 3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024 4.70% 1,228,178.44 1,244,586.43 98.84 3.90% 1,273,028.29 3,824.29 0.62% 28,441.86 Aa1/AA+ AA+ 3.32 3.04 3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024 4.74% 1,801,718.75 1,856,103.77 94.85 3.94% 1,896,993.00 3,766.67 0.93% 40,889.23 Aa1/AA+ AAA 3.32 3.06 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024 4.50% 2,465,830.08 2,488,427.42 99.29 3.87% 2,531,946.26 7,841.25 1.24% 43,518.83 Aaa/AA+ AA+ 3.32 3.00 3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025 4.25% 2,431,738.28 2,440,763.84 98.62 3.90% 2,465,436.25 7,302.08 1.21% 24,672.41 Aa1/AAA AA+ 3.48 3.12 3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,978,803.56 09/19/2024 3.82% 1,909,081.65 1,924,520.08 96.96 3.90% 1,918,668.51 4,917.33 0.94% (5,851.56) Aa1/AA+ AAA 3.65 3.19 111 AC 10-27-2025 111 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024 4.47% 2,039,382.82 2,079,108.26 96.08 3.93% 2,113,763.52 5,105.83 1.04% 34,655.26 Aa1/AA+ AAA 3.73 3.38 3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024 4.00% 1,488,375.00 1,512,695.53 94.65 3.93% 1,514,448.48 3,233.33 0.74% 1,752.95 Aa1/AA+ AAA 3.90 3.56 3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025 4.21% 1,407,011.72 1,413,817.21 95.07 3.95% 1,426,036.35 3,243.75 0.70% 12,219.14 Aa1/AA+ AAA 3.99 3.62 3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025 4.37% 1,810,078.13 1,822,853.66 92.45 3.99% 1,849,057.40 3,448.33 0.91% 26,203.74 Aa1/AA+ AAA 4.32 4.02 3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025 3.96% 1,348,652.34 1,350,741.77 89.88 3.99% 1,348,220.40 1,846.25 0.66% (2,521.37) Aa1/AA+ AAA 4.57 4.18 21,481,521.82 96.53 21,958,826.72 10.76%3.51 Total Agency CMBS 22,766,803.56 4.28%21,709,260.74 3.92%54,954.49 249,565.98 3.18 CASH CCYUSD US DOLLAR 27,800,000.00 -- 0.00% 27,800,000.00 27,800,000.00 1.00 0.00% 27,800,000.00 0.00 13.63% 0.00 Aaa/AAA AAA 0.00 0.00 CCYUSD US DOLLAR (1,500,000.00)--(1,500,000.00) (1,500,000.00) 1.00 0.00% (1,500,000.00) 0.00 (0.74%) 0.00 Aaa/AAA AAA 0.00 0.00 CCYUSD US DOLLAR 1,934.43 --1,934.43 1,934.43 1.00 0.00% 1,934.43 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 26,301,934.43 1.00 26,301,934.43 12.89%0.00 Total Cash 26,301,934.43 0.00%26,301,934.43 0.00%0.00 0.00 0.00 CORPORATE 023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021 1.09% 1,866,900.00 1,874,010.79 98.24 3.93% 1,841,971.03 7,239.58 0.90% (32,039.76) A1/AA AA- 0.61 0.60 91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 1,035,000.00 -- 1.37% 1,025,051.35 1,033,587.04 98.20 4.11% 1,016,375.40 4,496.50 0.50% (17,211.64) A2/A+ A 0.62 0.61 89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 1,385,000.00 06/15/2021 1.13% 1,384,390.60 1,384,913.23 97.99 4.01% 1,357,121.97 4,457.97 0.67% (27,791.26) A1/A+ A+ 0.71 0.70 57629WDE7 MASSMUTUAL GLOBAL FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021 1.15% 1,002,230.00 1,000,359.20 97.78 4.07% 977,846.15 2,500.00 0.48% (22,513.05) Aa3/AA+ AA+ 0.79 0.77 112 AC 10-27-2025 112 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 58989V2D5 MET TOWER GLOBAL FUNDING 1.25 09/14/2026 770,000.00 09/07/2021 1.27% 769,291.60 769,864.99 97.50 3.95% 750,737.36 454.51 0.37% (19,127.63) Aa3/AA- AA- 0.96 0.93 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021 1.09% 349,338.50 349,872.84 97.46 3.76% 341,116.15 142.92 0.17% (8,756.69) Aa2/AA AA 0.96 0.94 59217GER6 METROPOLITAN LIFE GLOBAL FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022 1.90% 1,113,728.90 1,114,674.92 97.37 4.01% 1,085,643.68 4,645.83 0.53% (29,031.24) Aa3/AA- AA- 1.28 1.24 808513BY0 CHARLES SCHWAB CORP 2.45 03/03/2027 960,000.00 03/01/2022 2.46% 959,729.90 959,919.77 97.84 4.03% 939,235.16 1,829.33 0.46% (20,684.60) A2/A- A 1.42 1.38 084664CZ2 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022 2.30% 1,614,693.15 1,614,910.94 97.92 3.78% 1,581,386.91 1,650.89 0.78% (33,524.03) Aa2/AA A+ 1.45 1.41 14913UAL4 CATERPILLAR FINANCIAL SERVICES CORP 5.0 05/14/2027 1,000,000.00 05/10/2024 5.04% 998,930.00 999,422.94 101.74 3.88% 1,017,352.43 19,027.78 0.50% 17,929.49 A2/A A+ 1.62 1.52 24422EXZ7 JOHN DEERE CAPITAL CORP 4.65 01/07/2028 1,430,000.00 01/06/2025 4.66% 1,429,571.00 1,429,675.01 101.63 3.89% 1,453,368.49 15,515.50 0.71% 23,693.48 A1/A A+ 2.27 2.12 57636QAW4 MASTERCARD INC 4.875 03/09/2028 945,000.00 03/06/2023 4.90% 944,083.35 944,553.47 102.31 3.87% 966,788.09 2,815.31 0.47% 22,234.62 Aa3/A+ NA 2.44 2.21 61690U8E3 MORGAN STANLEY BANK NA 4.968 07/14/2028 1,950,000.00 07/17/2024 4.97% 1,950,000.00 1,950,000.00 101.48 4.44% 1,978,827.47 20,720.70 0.97% 28,827.47 Aa3/A+ AA- 2.79 1.68 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024 4.68% 1,481,235.00 1,486,203.54 101.01 4.05% 1,515,215.97 10,937.50 0.74% 29,012.43 A2/A NA 3.34 2.84 78016HZV5 ROYAL BANK OF CANADA 4.95 02/01/2029 2,000,000.00 10/31/2024 4.69% 2,019,920.00 2,015,635.85 102.77 4.05% 2,055,363.44 16,500.00 1.01% 39,727.59 A1/A AA- 3.34 3.03 743315AV5 PROGRESSIVE CORP 4.0 03/01/2029 1,500,000.00 07/16/2024 4.72% 1,455,495.00 1,467,122.19 100.01 4.00% 1,500,192.24 5,000.00 0.74% 33,070.05 A2/A A 3.42 3.15 64952WFG3 NEW YORK LIFE GLOBAL FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024 5.12% 994,880.00 996,177.07 102.84 4.16% 1,028,377.03 15,972.22 0.50% 32,199.96 Aa1/AA+ AAA 3.68 3.29 437076BY7 HOME DEPOT INC 2.95 06/15/2029 1,663,000.00 09/17/2024 3.93% 1,593,203.89 1,608,445.33 96.46 3.99% 1,604,108.53 14,445.00 0.79% (4,336.80) A2/A A 3.71 3.43 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,000,000.00 07/01/2024 4.93% 992,260.00 994,200.32 102.41 4.05% 1,024,063.81 12,666.67 0.50% 29,863.49 A2/A A 3.73 3.29 756109CB8 REALTY INCOME CORP 4.0 07/15/2029 1,463,000.00 08/08/2024 4.69% 1,419,212.41 1,429,375.22 99.37 4.18% 1,453,754.59 12,354.22 0.71% 24,379.37 A3/A- NA 3.79 3.45 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024 4.53% 1,497,675.00 1,498,236.51 101.78 3.99% 1,526,659.29 13,875.00 0.75% 28,422.78 A1/A+ NA 3.79 3.36 113 AC 10-27-2025 113 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 46647PAV8 JPMORGAN CHASE & CO 4.203 07/23/2029 1,500,000.00 09/17/2024 4.27% 1,496,610.00 1,497,522.69 100.19 4.47% 1,502,901.09 11,908.50 0.74% 5,378.40 A1/A AA- 3.81 2.61 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,500,000.00 09/17/2024 4.29% 1,498,710.00 1,499,057.31 100.35 4.49% 1,505,190.86 12,101.17 0.74% 6,133.55 A1/A- AA- 3.81 2.61 30303M8S4 META PLATFORMS INC 4.3 08/15/2029 912,000.00 08/12/2024 4.33% 910,584.09 910,903.56 101.27 3.94% 923,598.01 5,010.93 0.45% 12,694.45 Aa3/AA- NA 3.87 3.45 171239AL0 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 1,750,000.00 -- 4.44% 1,765,746.34 1,762,426.46 101.97 4.09% 1,784,421.36 10,397.92 0.87% 21,994.90 A2/A A 3.87 3.43 91324PDS8 UNITEDHEALTH GROUP INC 2.875 08/15/2029 2,000,000.00 09/17/2024 3.94% 1,906,080.00 1,925,891.25 95.41 4.17% 1,908,253.10 7,347.22 0.94% (17,638.15) A2/A+ A 3.87 3.60 02665WFQ9 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 1,750,000.00 10/02/2024 4.29% 1,758,102.50 1,756,466.68 100.52 4.25% 1,759,181.67 5,561.11 0.86% 2,714.99 A3/A- NA 3.93 3.56 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 1,205,000.00 09/23/2024 4.18% 1,205,000.00 1,205,000.00 99.95 4.19% 1,204,411.91 699.40 0.59% (588.09) Aa1/AA+ NA 3.99 3.63 14913UAU4 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 1,200,000.00 11/14/2024 4.74% 1,198,092.00 1,198,426.37 102.43 4.05% 1,229,120.40 21,306.67 0.60% 30,694.03 A2/A A+ 4.13 3.66 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 1,365,000.00 12/02/2024 4.61% 1,364,221.95 1,364,349.78 101.57 4.19% 1,386,376.24 20,232.33 0.68% 22,026.46 Aa1/AA+ AAA 4.18 3.72 89236TNA9 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 1,445,000.00 01/06/2025 5.00% 1,441,907.70 1,442,356.47 103.01 4.17% 1,488,490.73 16,292.38 0.73% 46,134.26 A1/A+ A+ 4.28 3.79 63743HFX5 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 1,000,000.00 02/05/2025 4.88% 1,002,873.61 1,002,495.80 103.01 4.19% 1,030,082.76 7,425.00 0.50% 27,586.96 A2/NA A 4.36 3.80 571748CA8 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025 4.69% 1,397,340.00 1,397,628.75 101.62 4.25% 1,422,736.50 2,893.33 0.70% 25,107.75 A3/A- A- 4.45 3.92 57629TBX4 MASSMUTUAL GLOBAL FUNDING II 4.55 05/07/2030 1,000,000.00 05/01/2025 4.58% 998,670.00 998,777.07 100.97 4.31% 1,009,734.11 18,200.00 0.49% 10,957.04 Aa3/AA+ AA+ 4.60 4.04 66815L2W8 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025 4.51% 1,004,040.00 1,003,795.29 101.53 4.23% 1,015,312.75 15,077.78 0.50% 11,517.46 Aa1/AA+ AAA 4.67 4.11 828807DK0 SIMON PROPERTY GROUP LP 2.65 07/15/2030 2,000,000.00 08/19/2025 4.32% 1,853,380.00 1,856,820.25 93.13 4.25% 1,862,533.72 11,188.89 0.91% 5,713.47 A3/A NA 4.79 4.40 40139LBN2 GUARDIAN LIFE GLOBAL FUNDING 4.327 10/06/2030 1,500,000.00 09/30/2025 4.33% 1,500,000.00 1,500,000.00 100.00 4.33% 1,500,000.00 0.00 0.74% 0.00 NA/NA NA 5.02 4.45 114 AC 10-27-2025 114 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration Total Corporate 49,583,000.00 3.96% 49,163,177.84 49,243,078.88 99.99 4.12% 49,547,850.42 352,890.07 24.29% 304,771.53 3.21 2.82 MONEY MARKET FUND 992995944 WC MMF SWEEP 52,499.43 -- 2.10% 52,499.43 52,499.43 1.00 2.10% 52,499.43 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 VP4520004 WF ADV 100% TREAS MM FD-SVC CL #008 438,129.54 -- 3.69% 438,129.54 438,129.54 1.00 3.69% 438,129.54 0.00 0.21% 0.00 Aaa/AAAm NA 0.00 0.00 Total Money Market Fund 490,628.97 3.52% 490,628.97 490,628.97 1.00 3.52% 490,628.97 0.00 0.24% 0.00 0.00 0.00 MUNICIPAL BONDS 13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024 4.38% 1,749,169.80 1,747,420.65 102.61 3.76% 1,785,448.80 13,050.00 0.88% 38,028.15 Aa2/AA- AA 3.84 3.48 Total Municipal Bonds 1,740,000.00 4.38% 1,749,169.80 1,747,420.65 102.61 3.76% 1,785,448.80 13,050.00 0.88% 38,028.15 3.84 3.48 SUPRANATIONAL 459058JL8 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 1,400,000.00 -- 0.60% 1,393,501.23 1,399,897.80 99.72 4.24% 1,396,079.68 2,975.00 0.68% (3,818.12) Aaa/AAA NA 0.08 0.07 4581X0DV7 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 2,460,000.00 04/13/2021 0.97% 2,448,733.20 2,458,759.79 98.33 3.95% 2,419,007.13 9,626.46 1.19% (39,752.66) Aaa/AAA NA 0.55 0.54 459058LN1 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 1,750,000.00 12/12/2024 4.25% 1,721,510.00 1,726,215.36 100.53 3.73% 1,759,210.15 31,080.00 0.86% 32,994.78 Aaa/AAA NA 4.04 3.65 459058LR2 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 1,700,000.00 03/14/2025 4.20% 1,694,220.00 1,694,837.25 101.48 3.76% 1,725,172.09 2,142.71 0.85% 30,334.84 Aaa/AAA NA 4.47 4.05 Total Supranational 7,310,000.00 2.45% 7,257,964.43 7,279,710.20 99.87 3.91% 7,299,469.04 45,824.17 3.58% 19,758.84 2.23 2.03 115 AC 10-27-2025 115 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration US TREASURY 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 1,950,000.00 -- 0.49% 1,928,106.03 1,949,623.51 99.68 4.14% 1,943,837.12 2,040.08 0.95% (5,786.39) Aa1/AA+ AA+ 0.08 0.08 91282CAZ4 UNITED STATES TREASURY 0.375 11/30/2025 2,250,000.00 03/26/2021 0.76% 2,209,658.20 2,248,582.01 99.39 4.11% 2,236,289.06 2,835.55 1.10% (12,292.95) Aa1/AA+ AA+ 0.17 0.16 91282CBH3 UNITED STATES TREASURY 0.375 01/31/2026 2,500,000.00 05/27/2021 0.75% 2,456,445.31 2,496,890.77 98.81 4.01% 2,470,244.15 1,579.48 1.21% (26,646.62) Aa1/AA+ AA+ 0.34 0.33 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 2,500,000.00 05/27/2021 0.80% 2,493,652.34 2,499,255.08 98.25 3.82% 2,456,210.93 7,846.47 1.20% (43,044.16) Aa1/AA+ AA+ 0.58 0.57 91282CCZ2 UNITED STATES TREASURY 0.875 09/30/2026 1,400,000.00 10/18/2021 1.19% 1,379,054.68 1,395,780.80 97.24 3.72% 1,361,314.07 33.65 0.67% (34,466.73) Aa1/AA+ AA+ 1.00 0.98 91282CDG3 UNITED STATES TREASURY 1.125 10/31/2026 1,400,000.00 11/15/2021 1.25% 1,391,468.75 1,398,137.18 97.27 3.72% 1,361,773.43 6,591.03 0.67% (36,363.74) Aa1/AA+ AA+ 1.08 1.05 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 2,500,000.00 12/28/2023 4.01% 2,525,097.66 2,510,206.07 100.78 3.70% 2,519,531.25 32,274.59 1.24% 9,325.18 Aa1/AA+ AA+ 1.21 1.15 91282CKJ9 UNITED STATES TREASURY 4.5 04/15/2027 2,300,000.00 04/17/2024 4.77% 2,283,109.38 2,291,322.68 101.23 3.67% 2,328,390.63 47,790.98 1.14% 37,067.95 Aa1/AA+ AA+ 1.54 1.45 91282CKR1 UNITED STATES TREASURY 4.5 05/15/2027 3,200,000.00 05/08/2024 4.65% 3,186,500.00 3,192,713.70 101.30 3.66% 3,241,750.02 54,391.30 1.59% 49,036.32 Aa1/AA+ AA+ 1.62 1.53 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 3,250,000.00 -- 3.18% 3,260,312.50 3,253,505.79 99.35 3.63% 3,228,925.77 26,693.27 1.58% (24,580.03) Aa1/AA+ AA+ 1.75 1.67 91282CFB2 UNITED STATES TREASURY 2.75 07/31/2027 400,000.00 08/22/2022 3.12% 393,218.75 397,487.59 98.44 3.64% 393,750.00 1,853.26 0.19% (3,737.59) Aa1/AA+ AA+ 1.83 1.76 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 4,500,000.00 -- 3.28% 4,468,902.34 4,488,032.34 99.07 3.63% 4,458,339.86 12,042.47 2.19% (29,692.49) Aa1/AA+ AA+ 1.92 1.84 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 3,450,000.00 -- 4.31% 3,421,152.34 3,438,295.45 100.96 3.62% 3,483,287.12 390.97 1.71% 44,991.67 Aa1/AA+ AA+ 2.00 1.90 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 850,000.00 12/05/2022 3.81% 852,656.25 851,152.99 100.53 3.62% 854,482.42 11,069.16 0.42% 3,329.44 Aa1/AA+ AA+ 2.17 2.03 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 2,750,000.00 -- 3.67% 2,775,107.42 2,761,464.55 100.55 3.62% 2,765,146.48 26,930.20 1.36% 3,681.93 Aa1/AA+ AA+ 2.25 2.12 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/07/2023 3.81% 2,957,929.69 2,980,283.88 99.73 3.62% 2,992,031.25 17,690.22 1.47% 11,747.37 Aa1/AA+ AA+ 2.34 2.21 116 AC 10-27-2025 116 of 207 HOLDINGS REPORT City of Cupertino | Account #10659 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 91282CGP0 UNITED STATES TREASURY 4.0 02/29/2028 3,700,000.00 -- 4.01% 3,699,113.28 3,699,636.39 100.88 3.61% 3,732,664.04 12,674.03 1.83% 33,027.66 Aa1/AA+ AA+ 2.42 2.28 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 2,300,000.00 04/17/2024 4.62% 2,249,867.19 2,264,590.93 101.52 3.66% 2,335,039.07 260.65 1.14% 70,448.14 Aa1/AA+ AA+ 3.50 3.23 91282CKX8 UNITED STATES TREASURY 4.25 06/30/2029 2,000,000.00 07/01/2024 4.41% 1,985,546.88 1,989,160.16 101.99 3.68% 2,039,765.62 21,480.98 1.00% 50,605.46 Aa1/AA+ AA+ 3.75 3.41 91282CLK5 UNITED STATES TREASURY 3.625 08/31/2029 3,500,000.00 09/11/2024 3.45% 3,527,480.47 3,521,675.16 99.76 3.69% 3,491,523.42 10,864.99 1.71% (30,151.74) Aa1/AA+ AA+ 3.92 3.61 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 5,000,000.00 -- 3.83% 4,925,039.06 4,939,651.87 99.29 3.69% 4,964,648.45 480.77 2.43% 24,996.58 Aa1/AA+ AA+ 4.00 3.70 91282CLR0 UNITED STATES TREASURY 4.125 10/31/2029 3,000,000.00 10/31/2024 4.17% 2,993,789.06 2,994,925.75 101.59 3.70% 3,047,695.32 51,786.68 1.49% 52,769.57 Aa1/AA+ AA+ 4.08 3.67 91282CMD0 UNITED STATES TREASURY 4.375 12/31/2029 4,400,000.00 -- 4.53% 4,369,171.88 4,373,575.74 102.59 3.71% 4,513,781.27 48,648.10 2.21% 140,205.53 Aa1/AA+ AA+ 4.25 3.82 91282CMG3 UNITED STATES TREASURY 4.25 01/31/2030 4,000,000.00 02/07/2025 4.34% 3,983,906.25 3,985,971.14 102.12 3.72% 4,084,687.52 28,641.30 2.00% 98,716.38 Aa1/AA+ AA+ 4.34 3.91 91282CGQ8 UNITED STATES TREASURY 4.0 02/28/2030 4,500,000.00 -- 4.01% 4,496,958.99 4,497,249.54 101.16 3.71% 4,552,207.02 15,414.36 2.23% 54,957.48 Aa1/AA+ AA+ 4.41 4.01 91282CNK3 UNITED STATES TREASURY 3.875 06/30/2030 2,500,000.00 07/09/2025 3.95% 2,491,406.25 2,491,799.03 100.61 3.73% 2,515,332.03 24,482.00 1.23% 23,533.00 Aa1/AA+ AA+ 4.75 4.26 91282CNX5 UNITED STATES TREASURY 3.625 08/31/2030 3,000,000.00 -- 3.71% 2,988,222.66 2,988,353.55 99.48 3.74% 2,984,531.25 9,312.85 1.46% (3,822.30) Aa1/AA+ AA+ 4.92 4.45 Total US Treasury 76,100,000.00 3.51% 75,692,873.61 75,899,323.65 100.35 3.72% 76,357,178.56 476,099.41 37.43% 457,854.91 2.74 2.52 Total Portfolio 204,299,921.15 3.32% 202,164,869.60 202,688,318.55 86.90 3.38% 204,001,801.31 1,106,379.00 100.00% 1,313,482.76 2.56 2.21 Total Market Value + Accrued 205,108,180.31 117 AC 10-27-2025 117 of 207 HOLDINGS REPORT City of Cupertino Reporting | Account #10663 | As of September 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration CASH 90CASH$00 Wells Fargo Government Advantage Checking 5,268,302.69 03/31/2025 0.00% 5,268,302.69 5,268,302.69 1.00 0.00% 5,268,302.69 0.00 7.04% 0.00 NA/NA NA 0.00 0.00 90CASH$02 Wells Fargo WC Distribution Account 22,911.92 04/30/2025 0.00% 22,911.92 22,911.92 1.00 0.00% 22,911.92 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 CCYUSD US DOLLAR 733,124.59 --733,124.59 733,124.59 1.00 0.00% 733,124.59 0.00 0.98% 0.00 Aaa/AAA AAA 0.00 0.00 Total Cash 6,024,339.20 0.00% 6,024,339.20 6,024,339.20 1.00 0.00% 6,024,339.20 0.00 8.05% 0.00 0.00 0.00 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 68,800,823.11 -- 4.20% 68,800,823.11 68,800,823.11 1.00 4.20% 68,800,823.11 0.00 91.95% 0.00 NA/NA NA 0.00 0.00 Total LAIF 68,800,823.11 4.20% 68,800,823.11 68,800,823.11 1.00 4.20% 68,800,823.11 0.00 91.95% 0.00 0.00 0.00 Total Portfolio 74,825,162.31 3.90% 74,825,162.31 74,825,162.31 1.00 3.86% 74,825,162.31 0.00 100.00% 0.00 0.00 0.00 Total Market Value + Accrued 74,825,162.31 118 AC 10-27-2025 118 of 207 TRANSACTIONS 119 AC 10-27-2025 119 of 207 TRANSACTION LEDGER City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/10/2025 91282CNK3 2,500,000.00 UNITED STATES TREASURY 3.875 06/30/2030 99.656 3.95%(2,491,406.25)(2,632.47)(2,494,038.72)0.00 Purchase 08/20/2025 828807DK0 2,000,000.00 SIMON PROPERTY GROUP LP 2.65 07/15/2030 92.669 4.32%(1,853,380.00)(5,152.78)(1,858,532.78)0.00 Purchase 09/04/2025 91282CNX5 2,500,000.00 UNITED STATES TREASURY 3.625 08/31/2030 99.656 3.70%(2,491,406.25)(1,001.38)(2,492,407.63)0.00 Purchase 09/08/2025 3137FTZQ3 1,500,000.00 FHMS K-110 A2 1.477 04/25/2030 89.910 3.96%(1,348,652.34)(430.79)(1,349,083.13)0.00 Purchase 09/29/2025 91282CNX5 500,000.00 UNITED STATES TREASURY 3.625 08/31/2030 99.363 3.77%(496,816.41)(1,452.00)(498,268.41)0.00 Purchase 10/06/2025 40139LBN2 1,500,000.00 GUARDIAN LIFE GLOBAL FUNDING 4.327 10/06/2030 100.000 4.33%(1,500,000.00)0.00 (1,500,000.00)0.00 Total Purchase 10,500,000.00 (10,181,661.25)(10,669.42)(10,192,330.67)0.00 TOTAL ACQUISITIONS 10,500,000.00 (10,181,661.25)(10,669.42)(10,192,330.67)0.00 DISPOSITIONS Sale 07/10/2025 3137EAEX3 (600,000.00) FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 99.187 0.46%595,122.00 668.75 595,790.75 (4,770.83) Sale 07/10/2025 91282CAM3 (1,200,000.00) UNITED STATES TREASURY 0.25 09/30/2025 99.105 0.56%1,189,265.63 827.87 1,190,093.50 (9,903.52) Sale 08/20/2025 91282CAT8 (500,000.00) UNITED STATES TREASURY 0.25 10/31/2025 99.234 0.49%496,171.88 380.43 496,552.31 (3,596.43) Sale 09/04/2025 3135G06G3 (2,000,000.00) FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 99.345 0.56%1,986,900.00 3,250.00 1,990,150.00 (12,894.69) 120 AC 10-27-2025 120 of 207 TRANSACTION LEDGER City of Cupertino | Account #10659|07/01/2025 Through 09/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Sale 09/04/2025 3135G06G3 (500,000.00) FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 99.345 0.56%496,725.00 812.50 497,537.50 (3,223.67) Sale 09/04/2025 459058JL8 (1,000,000.00) INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 99.445 0.60%994,450.00 1,750.00 996,200.00 (5,403.99) Total Sale (5,800,000.00)5,758,634.51 7,689.55 5,766,324.06 (39,793.14) TOTAL DISPOSITIONS (5,800,000.00)5,758,634.51 7,689.55 5,766,324.06 (39,793.14) 121 AC 10-27-2025 121 of 207 TRANSACTION LEDGER City of Cupertino Reporting | Account #10663|07/01/2025 Through 09/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss ACQUISITIONS Purchase 07/31/2025 90LAIF$00 745,615.67 Local Agency Investment Fund State Pool 1.000 4.26%(745,615.67)0.00 (745,615.67)0.00 Total Purchase 745,615.67 (745,615.67)0.00 (745,615.67)0.00 TOTAL ACQUISITIONS 745,615.67 (745,615.67)0.00 (745,615.67)0.00 122 AC 10-27-2025 122 of 207 IMPORTANT DISCLOSURES 2025 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. 123 AC 10-27-2025 123 of 207 BENCHMARK DISCLOSURES Benchmark Disclosure 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. 124 AC 10-27-2025 124 of 207 INVESTMENT AND INSURANCE PRODUCTS ARE:·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PCS - SAN FRANCISCO CA 510 N VALLEY MILLS DRIVE, SUITE 400 WACO, TX 76710-6075 CITY OF CUPERTINO - CHANDLER ASSET MANAGEMENT ACCOUNT NUMBER MONTHLY STATEMENT SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT MANAGER: MICHAEL J WADE TELEPHONE NUMBER: 515-878-6110 PFGEDD INVESTMENT CONTACT: IMR/DEREK JOHNSON TELEPHONE NUMBER: ADMINISTRATOR: BELINDA CONWAY TELEPHONE NUMBER: 254-265-6137 27425 SE 125 AC 10-27-2025 125 of 207 Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal®Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392. ASSET VALUATION PRACTICES VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED. TRADE CONFIRMS PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER. UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE. 126 AC 10-27-2025 126 of 207 TABLE OF CONTENTS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE REPORT NAME NUMBER_________________ ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 18 STATEMENT OF TRANSACTIONS ...................................................................... 19 127 AC 10-27-2025 127 of 207 PAGE 1 ASSET SUMMARY CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ ASSET SUMMARY % TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 27,800,000.00 27,800,000.00 13.63 CASH EQUIVALENTS 490,628.97 490,628.97 0.24 0.00 17,253 3.52 1,934.43 BONDS AND NOTES 173,872,306.29 175,709,262.18 86.13 1,836,955.89 6,236,531 3.55 1,106,430.27 ===================================================================================================================================== TOTAL INVESTMENTS 202,162,935.26 203,999,891.15 100.00 1,836,955.89 6,253,784 3.07 1,108,364.70 TOTAL ACCRUALS 1,108,364.70 1,108,364.70 ===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 203,271,299.96 205,108,255.85 1,836,955.89 6,253,784 3.07 1,108,364.70 128 AC 10-27-2025 128 of 207 PAGE 2 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ PRINCIPAL CASH 27,800,000.00 27,800,000.00 13.63 CASH EQUIVALENTS______________________________________________________________________________________________________________________________________ 438,129.54 ALLSPRING 100% TREASURY 438,129.54 438,129.54 0.21 0.00 1,839.12 MONEY MARKET FUND - #008 1.0000 1.0000 52,499.43 PRINCIPAL PUBLIC DEPOSIT SWEEP 52,499.43 52,499.43 0.03 0.00 95.31 PROGRAM 1.0000 1.0000 ====================================================================================================================================== TOTAL CASH EQUIVALENTS 490,628.97 490,628.97 0.24 0.00 1,934.43 BOND & NOTES______________________________________________________________________________________________________________________________________ 1,875,000 AMAZON.COM INC 1,866,900.00 1,841,981.25 0.90 24,918.75- 7,239.58 DTD 05/12/21 1.000 05/12/2026 99.5680 98.2390 MOODY'S RATING A1 CUSIP 023135BX3 1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,433,561.00 0.70 13,586.70 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 100.9550 DTD 05/13/2025 4.280% 04/15/2030 NON CALLABLE CUSIP 02582JKP4 1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,759,187.50 0.86 1,085.00 5,561.11 MEDIUM TERM NOTE 100.4630 100.5250 DTD 09/05/2024 4.400% 09/05/2029 NON CALLABLE MOODY'S RATING A3 CUSIP 02665WFQ9 1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,505,190.00 0.74 6,480.00 12,101.17 DTD 07/23/18 07/23/2029 99.9140 100.3460 MOODY'S RATING A1 CUSIP 06051GHM4 129 AC 10-27-2025 129 of 207 PAGE 3 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 860,429.50 0.42 1,630.67 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 101.2270 DTD 12/14/2023 4.980% 11/15/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 05522RDH8 785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 798,305.75 0.39 13,349.79 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.6950 DTD 06/13/2024 4.930% 05/15/2029 NON CALLABLE MOODY'S RATING AAA CUSIP 05522RDJ4 1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,581,391.85 0.78 33,301.30- 1,650.89 DTD 03/15/2022 2.300% 03/15/2027 99.9810 97.9190 CALLABLE MOODY'S RATING AA2 CUSIP 084664CZ2 695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,194.05 0.34 8,299.62 600.02 ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.1790 DTD 06/11/2024 5.180% 02/26/2029 CALLABLE MOODY'S RATING AAA CUSIP 096919AD7 1,740,000 CALIFORNIA STATE 1,749,169.80 1,785,448.80 0.88 36,279.00 13,050.00 GENERAL OBLIGATION 100.5270 102.6120 DTD 11/05/2024 4.500% 08/01/2029 NON CALLABLE MOODY'S RATING AA2 CUSIP 13063EGT7 1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,017,350.00 0.50 18,420.00 19,027.78 MEDIUM TERM NOTE 99.8930 101.7350 DTD 05/14/2024 5.000% 05/14/2027 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAL4 130 AC 10-27-2025 130 of 207 PAGE 4 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,229,124.00 0.60 31,032.00 21,306.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 102.4270 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAU4 960,000 CHARLES SCHWAB CORP 959,729.90 939,235.20 0.46 20,494.70- 1,829.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 97.8370 CALLABLE MOODY'S RATING A2 CUSIP 808513BY0 1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,706,004.30 0.84 16,261.69 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.9470 DTD 01/31/2024 4.600% 01/16/2029 NON CALLABLE CUSIP 161571HV9 1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,784,422.50 0.87 18,676.16 10,397.92 DTD 07/31/2024 4.650% 08/15/2029 100.8998 101.9670 CALLABLE MOODY'S RATING A2 CUSIP 171239AL0 1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,273,033.44 0.62 44,855.00 3,824.29 SER K089 CL A2 *24 DAY DELAY*95.3555 98.8380 DTD 03/01/19 3.563 01/25/2029 CUSIP 3137FL6P4 1,978,803.56 FED HOME LN MTG CORP 1,909,081.66 1,918,667.72 0.94 9,586.06 4,917.33 SER K093 CL A2 *24 DAY DELAY*96.4766 96.9610 DTD 06/01/19 2.982 05/25/2029 CUSIP 3137FMCR1 1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,426,035.00 0.70 19,023.28 3,243.75 SER K099 CL A2 *24 DAY DELAY*93.8008 95.0690 DTD 10/01/19 2.595 09/25/2029 CUSIP 3137FPJG1 131 AC 10-27-2025 131 of 207 PAGE 5 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,852,388.00 1.40 62,776.00 48,922.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.8710 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133EPC60 2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,439,264.00 1.20 26,712.00 45,916.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.6360 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133ERDS7 1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,905,356.25 0.93 35,306.25 42,552.08 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.6190 NON CALLABLE MOODY'S RATING AA1 CUSIP 3130B0TY5 1,500,000 FEDERAL HOME LOAN MORTGAGE CORP 1,348,652.34 1,348,215.00 0.66 437.34- 1,846.25 CMO SER 2020-K110 CL A2 89.9102 89.8810 DTD 06/01/2020 1.477% 04/25/2030 NON CALLABLE CUSIP 3137FTZQ3 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,897,000.00 0.93 95,281.25 3,766.67 CMO SER K748 CL A2 90.0860 94.8500 DTD 03/01/2022 2.260% 01/25/2029 NON CALLABLE CUSIP 3137H5YC5 650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 642,343.00 0.31 45,108.17- 1,437.04 SER K058 CL A2 *24 DAY DELAY*105.7617 98.8220 DTD 11/01/16 2.653 08/25/2026 CUSIP 3137BSP72 1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 988,280.00 0.48 37,615.94 2,703.33 SER K068 CL A2 *24 DAY DELAY*95.0664 98.8280 DTD 10/01/17 3.244 08/25/2027 MOODY'S RATING AAA CUSIP 3137FBBX3 132 AC 10-27-2025 132 of 207 PAGE 6 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,990,620.00 0.98 77,260.62 6,285.00 SER K087 CL A2 *24 DAY DELAY*95.6680 99.5310 DTD 01/01/19 3.771 12/25/2028 CUSIP 3137FKUP9 2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,531,946.00 1.24 66,115.92 7,841.25 SER K088 CL A2 *24 DAY DELAY*96.6992 99.2920 DTD 03/01/19 3.690 01/25/2029 MOODY'S RATING AAA CUSIP 3137FKZZ2 2,500,000 FHLMC MULTIFAMILY STRUCTURED P 2,431,738.28 2,465,425.00 1.21 33,686.72 7,302.08 SER K091 CL A2 *24 DAY DELAY*97.2695 98.6170 DTD 04/01/19 3.505 03/25/2029 CUSIP 3137FLN91 2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,113,760.00 1.04 74,377.18 5,105.83 SER K095 CL A2 *24 DAY DELAY*92.6992 96.0800 DTD 08/01/19 2.785 06/25/2029 CUSIP 3137FNAE0 1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,514,448.00 0.74 26,073.00 3,233.33 SER K098 CL A2 *24 DAY DELAY*93.0235 94.6530 DTD 10/01/19 2.425 08/25/2029 CUSIP 3137FPHK4 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,810,078.13 1,849,060.00 0.91 38,981.87 3,448.33 SER K106 CL A2 *24 DAY DELAY*90.5039 92.4530 DTD 03/01/20 2.069 01/25/2030 CUSIP 3137FRUT6 34,070.11 GM FINANCIAL SECURITIZED TERM 34,062.99 34,027.86 0.02 35.13-44.01 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.8760 DTD 04/13/2022 3.100% 02/16/2027 CALLABLE MOODY'S RATING AAA CUSIP 362585AC5 133 AC 10-27-2025 133 of 207 PAGE 7 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,318,266.10 0.65 10,343.44 2,647.29 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.6310 DTD 01/17/2024 4.850% 12/18/2028 CALLABLE MOODY'S RATING AAA CUSIP 36268GAD7 1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,204,409.55 0.59 590.45-699.40 MEDIUM TERM NOTE 100.0000 99.9510 DTD 09/26/2024 4.179% 09/26/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 40139LBJ1 1,663,000 HOME DEPOT INC 1,593,203.89 1,604,113.17 0.79 10,909.28 14,445.00 DTD 06/17/19 2.950 06/15/2029 95.8030 96.4590 MOODY'S RATING A2 CUSIP 437076BY7 1,000,000 HOME DEPOT INC 992,260.00 1,024,060.00 0.50 31,800.00 12,666.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 102.4060 CALLABLE MOODY'S RATING A2 CUSIP 437076DC3 535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 542,270.65 0.27 7,335.65 1,018.13 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.3590 DTD 05/21/2024 5.270% 11/20/2028 CALLABLE CUSIP 437930AC4 704,600.12 HONDA AUTO RECEIVABLES OWNER 706,344.27 712,935.54 0.35 6,591.27 1,109.75 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.1830 DTD 11/08/2023 5.670% 06/21/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 438123AC5 134 AC 10-27-2025 134 of 207 PAGE 8 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 614,337.10 0.30 4,354.06 1,466.71 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.7110 DTD 05/22/2024 5.410% 05/17/2027 CALLABLE 144A PRIVATE PLACEMENT CUSIP 44934FAD7 2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,419,016.40 1.19 29,716.80- 9,626.46 DTD 04/20/21 0.875 04/20/2026 99.5420 98.3340 MOODY'S RATING AAA CUSIP 4581X0DV7 1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,759,205.00 0.86 37,695.00 31,080.73 DTD 10/16/2024 3.875% 10/16/2029 98.3720 100.5260 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LN1 1,400,000 INTL BK RECON & DEVELOP 1,393,501.23 1,396,080.00 0.68 2,578.77 2,975.00 DTD 10/28/20 0.500 10/28/2025 99.5358 99.7200 MOODY'S RATING AAA CUSIP 459058JL8 1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,725,177.00 0.85 30,957.00 2,142.71 DTD 03/20/2025 4.125% 03/20/2030 99.6600 101.4810 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LR2 1,430,000 JOHN DEERE CAPITAL CORPORATION 1,429,571.00 1,453,366.20 0.71 23,795.20 15,515.50 DTD 01/09/2025 4.650% 01/07/2028 99.9700 101.6340 NON CALLABLE MOODY'S RATING A1 CUSIP 24422EXZ7 11,321.46 JOHN DEERE OWNER TRUST 11,318.95 11,312.29 0.01 6.66-11.67 ASSET BCKD SEC SER 2022-A CL A3 99.9778 99.9190 DTD 03/16/2022 2.320% 09/16/2026 NON CALLABLE MOODY'S RATING AAA CUSIP 47787JAC2 135 AC 10-27-2025 135 of 207 PAGE 9 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 138,229.03 JOHN DEERE OWNER TRUST 138,215.83 138,041.04 0.07 174.79-229.77 ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.8640 DTD 07/20/2022 3.740% 02/16/2027 NON CALLABLE MOODY'S RATING AAA CUSIP 47800AAC4 335,295.96 JOHN DEERE OWNER TRUST 335,269.95 336,409.14 0.16 1,139.19 758.51 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.3320 DTD 10/19/2022 5.090% 06/15/2027 CALLABLE MOODY'S RATING AAA CUSIP 47800BAC2 500,000 JOHN DEERE OWNER TRUST 499,765.63 505,435.00 0.25 5,669.37 1,102.22 ASSET BCKD SEC SER 2024-A CL A3 99.9531 101.0870 DTD 03/19/2024 4.960% 11/15/2028 CALLABLE MOODY'S RATING AAA CUSIP 47800RAD5 1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,502,895.00 0.74 6,285.00 11,908.50 DTD 07/23/18 07/23/2029 99.7740 100.1930 MOODY'S RATING A1 CUSIP 46647PAV8 1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,422,736.00 0.70 25,396.00 2,893.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 101.6240 CALLABLE MOODY'S RATING A3 CUSIP 571748CA8 1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 1,009,730.00 0.49 11,060.00 18,200.00 MEDIUM TERM NOTE 99.8670 100.9730 DTD 05/07/2025 4.550% 05/07/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 57629TBX4 136 AC 10-27-2025 136 of 207 PAGE 10 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 977,850.00 0.48 24,380.00- 2,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 97.7850 MOODY'S RATING AA3 CUSIP 57629WDE7 945,000 MASTERCARD INC 944,083.35 966,791.70 0.47 22,708.35 2,815.31 DTD 03/09/2023 4.875% 03/09/2028 99.9030 102.3060 CALLABLE MOODY'S RATING AA3 CUSIP 57636QAW4 915,551.73 MERCEDES-BENZ AUTO RECEIVABLES TRUST 934,935.67 929,294.16 0.46 5,641.51- 2,421.13 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.5010 DTD 10/25/2023 5.950% 11/15/2028 CALLABLE CUSIP 58769FAC9 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,085,642.05 0.53 28,086.85- 4,645.83 144A PRIV PLCMT 1.875 01/11/2027 99.8860 97.3670 MOODY'S RATING AA3 CUSIP 59217GER6 770,000 MET TOWER GLOBAL FUNDING 769,291.60 750,734.60 0.37 18,557.00-454.51 144A PRIV PLCMT 1.250 09/14/2026 99.9080 97.4980 MOODY'S RATING AA3 CUSIP 58989V2D5 912,000 META PLATFORMS INC 910,584.09 923,600.64 0.45 13,016.55 5,010.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 101.2720 CALLABLE MOODY'S RATING AA3 CUSIP 30303M8S4 1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,978,821.00 0.97 28,821.00 20,720.70 DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 101.4780 CALLABLE MOODY'S RATING AA3 CUSIP 61690U8E3 137 AC 10-27-2025 137 of 207 PAGE 11 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 NATIONAL RURAL UTILS COOP 1,002,873.61 1,030,080.00 0.50 27,206.39 7,425.00 MEDIUM TERM NOTE 100.2874 103.0080 DTD 02/07/2025 4.950% 02/07/2030 CALLABLE MOODY'S RATING A2 CUSIP 63743HFX5 1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,028,380.00 0.50 33,500.00 15,972.22 MEDIUM TERM NOTE 99.4880 102.8380 DTD 06/06/2024 5.000% 06/06/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFG3 1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,386,375.90 0.68 22,153.95 20,232.33 DTD 12/05/2024 4.600% 12/05/2029 99.9430 101.5660 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFK4 1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 1,015,310.00 0.50 11,270.00 15,077.78 MEDIUM TERM NOTE 100.4040 101.5310 DTD 06/03/2025 4.600% 06/03/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 66815L2W8 1,500,000 PEPSICO INC 1,497,675.00 1,526,655.00 0.75 28,980.00 13,875.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 101.7770 CALLABLE MOODY'S RATING A1 CUSIP 713448FX1 1,500,000 PROGRESSIVE CORP 1,455,495.00 1,500,195.00 0.74 44,700.00 5,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 100.0130 MOODY'S RATING A2 CUSIP 743315AV5 138 AC 10-27-2025 138 of 207 PAGE 12 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 PROLOGIS LP 1,481,235.00 1,515,210.00 0.74 33,975.00 10,937.50 DTD 02/01/20 4.375 02/01/2029 98.7490 101.0140 MOODY'S RATING A2 CUSIP 74340XBL4 1,463,000 REALTY INCOME CORP 1,419,212.41 1,453,753.84 0.71 34,541.43 12,354.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 99.3680 CALLABLE MOODY'S RATING A3 CUSIP 756109CB8 2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,055,360.00 1.01 35,440.00 16,500.00 MEDIUM TERM NOTE 100.9960 102.7680 CONVERTIBLE DTD 01/19/2024 4.950% 02/01/2029 NON CALLABLE MOODY'S RATING A1 CUSIP 78016HZV5 2,000,000 SIMON PROPERTY GROUP LP 1,853,380.00 1,862,540.00 0.91 9,160.00 11,188.89 DTD 07/09/20 2.650 07/15/2030 92.6690 93.1270 MOODY'S RATING A3 CUSIP 828807DK0 1,033,485.85 TOYOTA AUTO RECEIVABLES OWNER 1,029,287.32 1,040,048.49 0.51 10,761.17 2,370.13 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.6350 DTD 08/15/2023 5.160% 04/17/2028 CALLABLE CUSIP 89231FAD2 1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,357,119.95 0.67 27,270.65- 4,457.97 MED TERM NOTE 99.9560 97.9870 DTD 06/18/21 1.125 06/18/2026 MOODY'S RATING A1 CUSIP 89236TJK2 1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,488,494.50 0.73 46,586.80 16,292.38 MEDIUM TERM NOTE 99.7860 103.0100 DTD 01/09/2025 4.950% 01/09/2030 NON CALLABLE MOODY'S RATING A1 CUSIP 89236TNA9 139 AC 10-27-2025 139 of 207 PAGE 13 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,228,940.00 1.58 31,372.50- 26,693.27 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.3520 MOODY'S RATING AA1 CUSIP 91282CEW7 400,000 UNITED STATES TREASURY NOTES 393,218.75 393,752.00 0.19 533.25 1,853.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.4380 MOODY'S RATING AA1 CUSIP 91282CFB2 4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,458,330.00 2.19 10,572.34- 12,042.47 DTD 08/31/2022 3.125% 08/31/2027 99.3090 99.0740 MOODY'S RATING AA1 CUSIP 91282CFH9 3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,483,292.50 1.71 62,140.16 390.97 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.9650 MOODY'S RATING AA1 CUSIP 91282CFM8 850,000 UNITED STATES TREASURY NOTES 852,656.25 854,479.50 0.42 1,823.25 11,069.16 DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.5270 MOODY'S RATING AA1 CUSIP 91282CFZ9 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,765,152.50 1.36 9,954.92- 26,930.20 DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.5510 MOODY'S RATING AA1 CUSIP 91282CGC9 3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,992,020.00 1.47 34,090.31 17,690.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 99.7340 MOODY'S RATING AA1 CUSIP 91282CGH8 3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,732,671.00 1.83 33,557.72 12,674.03 DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.8830 MOODY'S RATING AA1 CUSIP 91282CGP0 140 AC 10-27-2025 140 of 207 PAGE 14 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,552,200.00 2.23 55,241.01 15,414.36 DTD 02/28/2023 4.000% 02/28/2030 99.9324 101.1600 MOODY'S RATING AA1 CUSIP 91282CGQ8 2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,519,525.00 1.24 5,572.66- 32,274.59 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.7810 MOODY'S RATING AA1 CUSIP 91282CJP7 2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,335,029.00 1.14 85,161.81 260.65 DTD 03/31/2024 4.125% 03/31/2029 97.8203 101.5230 MOODY'S RATING AA1 CUSIP 91282CKG5 2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,328,382.00 1.14 45,272.62 47,790.98 DTD 04/15/2024 4.500% 04/15/2027 99.2656 101.2340 MOODY'S RATING AA1 CUSIP 91282CKJ9 3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,241,760.00 1.59 55,260.00 54,391.30 DTD 05/15/2024 4.500% 05/15/2027 99.5781 101.3050 MOODY'S RATING AA1 CUSIP 91282CKR1 2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,039,760.00 1.00 54,213.12 21,480.98 DTD 06/30/2024 4.250% 06/30/2029 99.2774 101.9880 MOODY'S RATING AA1 CUSIP 91282CKX8 3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,491,530.00 1.71 35,950.47- 10,864.99 DTD 08/31/2024 3.625% 08/31/2029 100.7852 99.7580 MOODY'S RATING AA1 CUSIP 91282CLK5 5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,964,650.00 2.43 39,610.94 480.77 DTD 09/30/2024 3.500% 09/30/2029 98.5008 99.2930 MOODY'S RATING AA1 CUSIP 91282CLN9 141 AC 10-27-2025 141 of 207 PAGE 15 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,047,700.00 1.49 53,910.94 51,786.68 DTD 10/31/2024 4.125% 10/31/2029 99.7930 101.5900 MOODY'S RATING AA1 CUSIP 91282CLR0 4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,513,784.00 2.21 144,612.12 48,648.10 DTD 12/31/2024 4.375% 12/31/2029 99.2994 102.5860 MOODY'S RATING AA1 CUSIP 91282CMD0 4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,084,680.00 2.00 100,773.75 28,641.30 DTD 01/31/2025 4.250% 01/31/2030 99.5977 102.1170 MOODY'S RATING AA1 CUSIP 91282CMG3 2,500,000 UNITED STATES TREASURY NOTES 2,491,406.25 2,515,325.00 1.23 23,918.75 24,482.00 DTD 06/30/2025 3.875% 06/30/2030 99.6563 100.6130 CUSIP 91282CNK3 3,000,000 UNITED STATES TREASURY NOTES 2,988,222.66 2,984,520.00 1.46 3,702.66- 9,312.85 DTD 08/31/2025 3.625% 08/31/2030 99.6074 99.4840 MOODY'S RATING AA1 CUSIP 91282CNX5 2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,908,260.00 0.94 2,180.00 7,347.22 DTD 07/25/19 2.875 08/15/2029 95.3040 95.4130 MOODY'S RATING A2 CUSIP 91324PDS8 1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 1,016,380.35 0.50 8,671.00- 4,496.50 DTD 05/19/21 1.150 05/15/2026 99.0388 98.2010 MOODY'S RATING A2 CUSIP 91324PEC2 1,950,000 US TREASURY NOTE 1,928,106.03 1,943,838.00 0.95 15,731.97 2,040.08 DTD 10/31/20 0.250 10/31/2025 98.8772 99.6840 MOODY'S RATING AA1 CUSIP 91282CAT8 142 AC 10-27-2025 142 of 207 PAGE 16 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,250,000 US TREASURY NOTE 2,209,658.20 2,236,297.50 1.10 26,639.30 2,843.07 DTD 11/30/20 0.375 11/30/2025 98.2070 99.3910 MOODY'S RATING AA1 CUSIP 91282CAZ4 2,500,000 US TREASURY NOTE 2,456,445.31 2,470,250.00 1.21 13,804.69 1,579.48 DTD 02/01/21 0.375 01/31/2026 98.2578 98.8100 MOODY'S RATING AA1 CUSIP 91282CBH3 2,500,000 US TREASURY NOTE 2,493,652.34 2,456,200.00 1.20 37,452.34- 7,889.34 DTD 04/30/21 0.750 04/30/2026 99.7461 98.2480 MOODY'S RATING AA1 CUSIP 91282CBW0 1,400,000 US TREASURY NOTE 1,379,054.68 1,361,318.00 0.67 17,736.68-33.84 DTD 09/30/21 0.875 09/30/2026 98.5039 97.2370 MOODY'S RATING AA1 CUSIP 91282CCZ2 1,400,000 US TREASURY NOTE 1,391,468.75 1,361,780.00 0.67 29,688.75- 6,591.03 DTD 11/01/21 1.125 10/31/2026 99.3906 97.2700 CUSIP 91282CDG3 350,000 WALMART INC 349,338.50 341,117.00 0.17 8,221.50-142.92 DTD 09/17/21 1.050 09/17/2026 99.8110 97.4620 MOODY'S RATING AA2 CUSIP 931142ER0 1,365,000 WELLS FARGO CARD ISSUANCE TRUST 1,364,977.34 1,379,591.85 0.68 14,614.51 2,632.93 ASSET BCKD SEC SER 2025-A1 CL A 99.9984 101.0690 DTD 06/10/2025 4.340% 05/15/2030 NON CALLABLE CUSIP 92970QAJ4 ====================================================================================================================================== TOTAL BOND & NOTES 173,872,306.29 175,709,262.18 86.13 1,836,955.89 1,106,430.27 143 AC 10-27-2025 143 of 207 PAGE 17 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ====================================================================================================================================== TOTAL INVESTMENTS 202,162,935.26 203,999,891.15 100.00 1,836,955.89 1,108,364.70 TOTAL ACCRUALS 1,108,364.70 1,108,364.70 ====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 203,271,299.96 205,108,255.85 144 AC 10-27-2025 144 of 207 PAGE 18 CASH SUMMARY CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH SUMMARY DESCRIPTION PRINCIPAL CASH INCOME CASH ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00 RECEIPTS NET INTEREST COLLECTED 0.00 843,908.89 OTHER CASH RECEIPTS 27,800,000.00 0.00 TRANSFER RECEIPTS 843,908.89 0.00 SALES 3,755,835.70 0.00 CASH MANAGEMENT SALES 1,857,912.07 0.00 TOTAL CASH RECEIPTS 34,257,656.66 843,908.89 DISBURSEMENTS INVESTMENT MANAGEMENT EXPENSES 10,460.42-0.00 TRANSFER DISBURSEMENTS 0.00 843,908.89- PURCHASES 4,336,875.00-0.00 CASH MANAGEMENT PURCHASES 2,110,321.24-0.00 TOTAL CASH DISBURSEMENTS 6,457,656.66-843,908.89- ======================================================================================================================================== ENDING BALANCE 27,800,000.00 0.00 ________________________________________________________________________________________________________________________________________ 145 AC 10-27-2025 145 of 207 PAGE 19 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 173,540,434.86 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS 09/02/25 INTEREST RECEIVED 2,360.74 AS 100% TREAS MM FD-SVC CL #008 INTEREST FROM 8/1/25 TO 8/31/25 09/02/25 INTEREST RECEIVED 100.11 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM INTEREST FROM 8/1/25 TO 8/31/25 09/30/25 2,110,221.13 CASH SWEEP PURCHASES FOR STMT PERIOD 2,110,221.13- 2,110,221.13 AS 100% TREAS MM FD-SVC CL #008 15 TRANSACTIONS 09/30/25 100.11 CASH SWEEP PURCHASES FOR STMT PERIOD 100.11-100.11 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM 1 TRANSACTIONS 09/30/25 1,857,912.07- CASH SWEEP SALES FOR STMT PERIOD 1,857,912.07 1,857,912.07- AS 100% TREAS MM FD-SVC CL #008 4 TRANSACTIONS BONDS & NOTES 09/15/25 INTEREST RECEIVED 5,064.67 AMER EXPR CREDIT ABS 4.280% 4/15/30 CUSIP 02582JKP4 $0.00357/PV ON 1,420,000.00 PV DUE 9/15/25 09/05/25 INTEREST RECEIVED 38,500.00 AMERICAN HONDA MTN 4.400% 9/05/29 CUSIP 02665WFQ9 INTEREST ON 1,750,000.000 UNITS 146 AC 10-27-2025 146 of 207 PAGE 20 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 3,225.04 BANK OF AMERICA ABS 4.930% 5/15/29 CUSIP 05522RDJ4 $0.00411/PV ON 785,000.00 PV DUE 9/15/25 09/15/25 INTEREST RECEIVED 18,572.50 BERKSHIRE HATH 2.300% 3/15/27 CUSIP 084664CZ2 INTEREST ON 1,615,000.000 UNITS 09/15/25 INTEREST RECEIVED 3,527.50 BK OF AMERICA ABS 4.980% 11/15/28 CUSIP 05522RDH8 $0.00415/PV ON 850,000.00 PV DUE 9/15/25 09/24/25 0.02- SHARE ADJUSTMENT BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 09/25/25 INTEREST RECEIVED 30.45 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 $0.00006/PV ON 11,383.46 PV DUE 9/25/25 09/25/25 11,383.46- PAID DOWN 11,383.46 11,382.89-0.57 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 09/25/25 INTEREST RECEIVED 3,000.08 BMW VEHICLE OWN ABS 5.180% 2/26/29 CUSIP 096919AD7 $0.00432/PV ON 695,000.00 PV DUE 9/25/25 147 AC 10-27-2025 147 of 207 PAGE 21 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/03/25 INTEREST RECEIVED 11,760.00 CHARLES SCHWAB CORP 2.450% 3/03/27 CUSIP 808513BY0 INTEREST ON 960,000.000 UNITS 09/15/25 INTEREST RECEIVED 6,478.33 CHASE ISSUANCE ABS 4.600% 1/16/29 CUSIP 161571HV9 $0.00383/PV ON 1,690,000.00 PV DUE 9/15/25 09/25/25 INTEREST RECEIVED 3,243.75 FED HOME LN MTG CORP 2.595% 9/25/29 CUSIP 3137FPJG1 $0.00216/PV ON 1,500,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 4,922.71 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 $0.00246/PV ON 1,980,970.06 PV DUE 9/25/25 09/25/25 2,166.5- PAID DOWN 2,166.50 2,090.16-76.34 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 09/25/25 INTEREST RECEIVED 3,824.29 FED HOME LN MTG CORP 3.563% 1/25/29 CUSIP 3137FL6P4 $0.00297/PV ON 1,288,000.00 PV DUE 9/25/25 09/04/25 2,000,000- SOLD 1,986,900.00 1,994,160.00-7,260.00- FED NATL MTG ASSN 0.500% 11/07/25 CUSIP 3135G06G3 AT $99.3450 ON TRADE DATE 09/03/2025 TO SETTLE ON 09/04/2025 MARKETAXESS CORPORATION 148 AC 10-27-2025 148 of 207 PAGE 22 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/04/25 ACCRUED INTEREST ON SALE 3,250.00 FED NATL MTG ASSN 0.500% 11/07/25 CUSIP 3135G06G3 09/04/25 500,000- SOLD 496,725.00 498,540.00-1,815.00- FED NATL MTG ASSN 0.500% 11/07/25 CUSIP 3135G06G3 AT $99.3450 ON TRADE DATE 09/03/2025 TO SETTLE ON 09/04/2025 MARKETAXESS CORPORATION 09/04/25 ACCRUED INTEREST ON SALE 812.50 FED NATL MTG ASSN 0.500% 11/07/25 CUSIP 3135G06G3 09/25/25 INTEREST RECEIVED 3,448.33 FHLMC MULTIFAMILY ST 2.069% 1/25/30 CUSIP 3137FRUT6 $0.00172/PV ON 2,000,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 3,233.33 FHLMC MULTIFAMILY ST 2.425% 8/25/29 CUSIP 3137FPHK4 $0.00202/PV ON 1,600,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 1,437.04 FHLMC MULTIFAMILY ST 2.653% 8/25/26 CUSIP 3137BSP72 $0.00221/PV ON 650,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 5,105.83 FHLMC MULTIFAMILY ST 2.785% 6/25/29 CUSIP 3137FNAE0 $0.00232/PV ON 2,200,000.00 PV DUE 9/25/25 149 AC 10-27-2025 149 of 207 PAGE 23 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 INTEREST RECEIVED 2,703.33 FHLMC MULTIFAMILY ST 3.244% 8/25/27 CUSIP 3137FBBX3 $0.00270/PV ON 1,000,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 7,302.08 FHLMC MULTIFAMILY ST 3.505% 3/25/29 CUSIP 3137FLN91 $0.00292/PV ON 2,500,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 7,841.25 FHLMC MULTIFAMILY ST 3.690% 1/25/29 CUSIP 3137FKZZ2 $0.00308/PV ON 2,550,000.00 PV DUE 9/25/25 09/25/25 INTEREST RECEIVED 6,285.00 FHLMC MULTIFAMILY ST 3.771% 12/25/28 CUSIP 3137FKUP9 $0.00314/PV ON 2,000,000.00 PV DUE 9/25/25 09/08/25 1,500,000 PURCHASED 1,348,652.34- 1,348,652.34 FHLMC SER K110 CMO 1.477% 4/25/30 CUSIP 3137FTZQ3 AT $89.9102 ON TRADE DATE 09/03/2025 TO SETTLE ON 09/08/2025 WACHOVIA CAPITAL MARKETS, LLC. 09/08/25 ACCRUED INTEREST ON PURCHASE 430.79- FHLMC SER K110 CMO 1.477% 4/25/30 CUSIP 3137FTZQ3 150 AC 10-27-2025 150 of 207 PAGE 24 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 INTEREST RECEIVED 3,766.67 FHLMC SER K748 CMO 2.260% 1/25/29 CUSIP 3137H5YC5 $0.00188/PV ON 2,000,000.00 PV DUE 9/25/25 09/16/25 INTEREST RECEIVED 124.92 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 $0.00032/PV ON 48,357.40 PV DUE 9/16/25 09/16/25 14,287.29- PAID DOWN 14,287.29 14,284.31-2.98 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 09/16/25 INTEREST RECEIVED 5,294.58 GM FINANCIAL ABS 4.850% 12/18/28 CUSIP 36268GAD7 $0.00404/PV ON 1,310,000.00 PV DUE 9/16/25 09/26/25 INTEREST RECEIVED 25,178.48 GUARDIAN LIFE MTN 4.179% 9/26/29 CUSIP 40139LBJ1 INTEREST ON 1,205,000.000 UNITS 09/18/25 INTEREST RECEIVED 2,349.54 HONDA AUTO RECE ABS 5.270% 11/20/28 CUSIP 437930AC4 $0.00439/PV ON 535,000.00 PV DUE 9/18/25 09/22/25 INTEREST RECEIVED 3,564.64 HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 $0.00443/PV ON 754,421.36 PV DUE 9/21/25 151 AC 10-27-2025 151 of 207 PAGE 25 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/22/25 49,821.24- PAID DOWN 49,821.24 49,944.56-123.32- HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 TO SETTLE ON 09/22/2025 09/15/25 INTEREST RECEIVED 2,750.08 HYUNDAI AUTO ABS 5.410% 5/17/27 CUSIP 44934FAD7 $0.00451/PV ON 610,000.00 PV DUE 9/15/25 09/23/25 INTEREST RECEIVED 35,071.00 INTL BK RECON & DEV 4.125% 3/20/30 CUSIP 459058LR2 INTEREST ON 1,700,000.000 UNITS 09/04/25 1,000,000- SOLD 994,450.00 995,358.02-908.02- INTL BK RECON & DEVE 0.500% 10/28/25 CUSIP 459058JL8 AT $99.4450 ON TRADE DATE 09/03/2025 TO SETTLE ON 09/04/2025 TORONTO DOMINION SECURITIES (U 09/04/25 ACCRUED INTEREST ON SALE 1,750.00 INTL BK RECON & DEVE 0.500% 10/28/25 CUSIP 459058JL8 09/15/25 INTEREST RECEIVED 1,587.61 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 $0.00151/PV ON 374,289.62 PV DUE 9/15/25 09/15/25 38,993.66- PAID DOWN 38,993.66 38,990.63-3.03 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 AT $107,699.0034 ON TRADE DATE 09/15/2025 152 AC 10-27-2025 152 of 207 PAGE 26 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 43.23 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 $0.00010/PV ON 22,359.17 PV DUE 9/15/25 09/15/25 11,037.71- PAID DOWN 11,037.71 11,035.27-2.44 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 AT $380,475.5081 ON TRADE DATE 09/15/2025 09/15/25 INTEREST RECEIVED 486.29 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 $0.00074/PV ON 156,028.15 PV DUE 9/15/25 09/15/25 17,799.12- PAID DOWN 17,799.12 17,797.42-1.70 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 09/15/25 INTEREST RECEIVED 2,066.67 JOHN DEERE OWNER ABS 4.960% 11/15/28 CUSIP 47800RAD5 $0.00413/PV ON 500,000.00 PV DUE 9/15/25 09/15/25 INTEREST RECEIVED 32,550.00 MARSH & MCLENNAN COS 4.650% 3/15/30 CUSIP 571748CA8 INTEREST ON 1,400,000.000 UNITS 09/09/25 INTEREST RECEIVED 23,034.38 MASTERCARD INC 4.875% 3/09/28 CUSIP 57636QAW4 INTEREST ON 945,000.000 UNITS 153 AC 10-27-2025 153 of 207 PAGE 27 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/15/25 INTEREST RECEIVED 4,827.69 MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 $0.00439/PV ON 973,652.74 PV DUE 9/15/25 09/15/25 58,101.01- PAID DOWN 58,101.01 59,331.12-1,230.11- MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 AT $3.0645 ON TRADE DATE 09/15/2025 09/15/25 INTEREST RECEIVED 4,812.50 P/P MET TOWER GLOBAL 1.250% 9/14/26 CUSIP 58989V2D5 INTEREST ON 770,000.000 UNITS 09/02/25 INTEREST RECEIVED 30,000.00 PROGRESSIVE CORP 4.000% 3/01/29 CUSIP 743315AV5 INTEREST ON 1,500,000.000 UNITS 09/15/25 INTEREST RECEIVED 4,762.92 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 $0.00366/PV ON 1,107,656.56 PV DUE 9/15/25 09/15/25 74,170.71- PAID DOWN 74,170.71 73,869.39-301.32 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 09/02/25 INTEREST RECEIVED 70,312.50 U.S. TREASURY NOTES 3.125% 8/31/27 CUSIP 91282CFH9 INTEREST ON 4,500,000.000 UNITS 154 AC 10-27-2025 154 of 207 PAGE 28 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/30/25 INTEREST RECEIVED 87,500.00 U.S. TREASURY NOTES 3.500% 9/30/29 CUSIP 91282CLN9 INTEREST ON 5,000,000.000 UNITS 09/02/25 INTEREST RECEIVED 63,437.50 U.S. TREASURY NOTES 3.625% 8/31/29 CUSIP 91282CLK5 INTEREST ON 3,500,000.000 UNITS 09/04/25 2,500,000 PURCHASED 2,491,406.25- 2,491,406.25 U.S. TREASURY NOTES 3.625% 8/31/30 CUSIP 91282CNX5 AT $99.6563 ON TRADE DATE 09/03/2025 TO SETTLE ON 09/04/2025 MERRILL LYNCH,PIERCE,FENNER 09/04/25 ACCRUED INTEREST ON PURCHASE 1,001.38- U.S. TREASURY NOTES 3.625% 8/31/30 CUSIP 91282CNX5 09/29/25 500,000 PURCHASED 496,816.41-496,816.41 U.S. TREASURY NOTES 3.625% 8/31/30 CUSIP 91282CNX5 AT $99.3633 ON TRADE DATE 09/26/2025 TO SETTLE ON 09/29/2025 BICWFSLUS33 WELLS FARGO SECURI 09/29/25 ACCRUED INTEREST ON PURCHASE 1,452.00- U.S. TREASURY NOTES 3.625% 8/31/30 CUSIP 91282CNX5 09/02/25 INTEREST RECEIVED 90,000.00 U.S. TREASURY NOTES 4.000% 2/28/30 CUSIP 91282CGQ8 INTEREST ON 4,500,000.000 UNITS 155 AC 10-27-2025 155 of 207 PAGE 29 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/02/25 INTEREST RECEIVED 74,000.00 U.S. TREASURY NOTES 4.000% 2/29/28 CUSIP 91282CGP0 INTEREST ON 3,700,000.000 UNITS 09/30/25 INTEREST RECEIVED 47,437.50 U.S. TREASURY NOTES 4.125% 3/31/29 CUSIP 91282CKG5 INTEREST ON 2,300,000.000 UNITS 09/30/25 INTEREST RECEIVED 71,156.25 U.S. TREASURY NOTES 4.125% 9/30/27 CUSIP 91282CFM8 INTEREST ON 3,450,000.000 UNITS 09/30/25 INTEREST RECEIVED 6,125.00 US TREASURY NOTE 0.875% 9/30/26 CUSIP 91282CCZ2 INTEREST ON 1,400,000.000 UNITS 09/17/25 INTEREST RECEIVED 1,837.50 WALMART INC 1.050% 9/17/26 CUSIP 931142ER0 INTEREST ON 350,000.000 UNITS 09/15/25 INTEREST RECEIVED 4,936.75 WELLS FARGO CARD ABS 4.340% 5/15/30 CUSIP 92970QAJ4 $0.00362/PV ON 1,365,000.00 PV DUE 9/15/25 OTHER CASH RECEIPTS 09/30/25 ADDITION TO ACCOUNT 27,800,000.00 CONTRIBUTION TO FUND ACCOUNT CITY OF CUPERTINO 156 AC 10-27-2025 156 of 207 PAGE 30 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ TRANSFER RECEIPTS 09/02/25 ADDITION TO ACCOUNT 330,210.85 TRANSFER FROM INCOME 09/03/25 ADDITION TO ACCOUNT 11,760.00 TRANSFER FROM INCOME 09/04/25 ADDITION TO ACCOUNT 4,811.12 TRANSFER FROM INCOME 09/05/25 ADDITION TO ACCOUNT 38,500.00 TRANSFER FROM INCOME 09/09/25 ADDITION TO ACCOUNT 22,603.59 TRANSFER FROM INCOME 09/15/25 ADDITION TO ACCOUNT 76,297.21 TRANSFER FROM INCOME 09/16/25 ADDITION TO ACCOUNT 24,814.07 TRANSFER FROM INCOME 09/17/25 ADDITION TO ACCOUNT 1,837.50 TRANSFER FROM INCOME 09/18/25 ADDITION TO ACCOUNT 2,349.54 TRANSFER FROM INCOME 09/22/25 ADDITION TO ACCOUNT 38,627.14 TRANSFER FROM INCOME 09/24/25 ADDITION TO ACCOUNT 8.50 TRANSFER FROM INCOME 157 AC 10-27-2025 157 of 207 PAGE 31 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/25/25 ADDITION TO ACCOUNT 56,144.14 TRANSFER FROM INCOME 09/26/25 ADDITION TO ACCOUNT 25,178.48 TRANSFER FROM INCOME 09/30/25 ADDITION TO ACCOUNT 210,766.75 TRANSFER FROM INCOME INVESTMENT MANAGEMENT EXPENSES 09/08/25 INVESTMENT MGMT FEE 10,460.42- PAID TO CHANDLER ASSET MANAGEMENT INC INV 2508CUPERTIN CUPERTIN 08 25 CITY OF CUPERTINO TRANSFER DISBURSEMENTS 09/02/25 TRANSFER TO PRINCIPAL 330,210.85- 09/03/25 TRANSFER TO PRINCIPAL 11,760.00- 09/04/25 TRANSFER TO PRINCIPAL 4,811.12- 09/05/25 TRANSFER TO PRINCIPAL 38,500.00- 09/09/25 TRANSFER TO PRINCIPAL 22,603.59- 09/15/25 TRANSFER TO PRINCIPAL 76,297.21- 09/16/25 TRANSFER TO PRINCIPAL 24,814.07- 09/17/25 TRANSFER TO PRINCIPAL 1,837.50- 09/18/25 TRANSFER TO PRINCIPAL 2,349.54- 158 AC 10-27-2025 158 of 207 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 32 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD SEPTEMBER 1, 2025 THROUGH SEPTEMBER 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 09/22/25 TRANSFER TO PRINCIPAL 38,627.14- 09/24/25 TRANSFER TO PRINCIPAL 8.50- 09/25/25 TRANSFER TO PRINCIPAL 56,144.14- 09/26/25 TRANSFER TO PRINCIPAL 25,178.48- 09/30/25 TRANSFER TO PRINCIPAL 210,766.75- ================================================================================================================= ENDING BALANCE 27,800,000.00 174,362,935.26 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 159 AC 10-27-2025 159 of 207 CITY OF CUPERTINO PARS Post-Employment Benefits Trust 9/1/2025 to 9/30/2025 Kristina Alfaro Director of Administrative Services City of Cupertino 10300 Torre Ave. Cupertino, CA 95014 Account Summary Source 9/1/2025 Contributions Earnings Expenses Distributions Transfers 9/30/2025 OPEB 1001 $44,008,415.65 $0.00 $1,109,184.38 $11,508.63 $0.00 $0.00 $45,106,091.40 PENSION 1002 $25,041,425.51 $0.00 $630,183.17 $6,544.38 $0.00 $0.00 $25,665,064.30 Totals $69,049,841.16 $0.00 $1,739,367.55 $18,053.01 $0.00 $0.00 $70,771,155.70 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 2.52%5.63%12.11%16.60%8.69%8.43%6/21/2010 PENSION 2.52%5.61%12.10%16.52%8.62%-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 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 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 160 AC 10-27-2025 160 of 207 161 AC 10-27-2025 161 of 207 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and Abuse programs update Receive the Internal Audit and Fraud, Waste, and Abuse programs update Presenter: Baker Tilly 4:40(10) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 162 AC 10-27-2025 162 of 207 October 21, 2025 To: City of Cupertino Audit Committee From: Baker Tilly Subject: Internal Audit Status Report July 22 through October 21, 2025 _____ FY24-25 INTERNAL AUDIT PROGRAM GRANTS MANAGEMENT INTERNAL CONTROLS REVIEW Objective Assess the internal controls in place over the City’s grants management activities (including applications, review, administration, and reporting). Schedule April through October 2025 Activities for This Period Continued follow up on outstanding requests, conducted detailed testing, and developed draft report. Activities for Next Period Provide draft report to the City, incorporate feedback and finalize report. Issues None \ FY25-26 INTERNAL AUDIT PROGRAM COUNCIL-WIDE POLICY REVIEW INVENTORY INVESTMENT/CASH FLOW POLICY REVIEW/RECOMMENDATION CITY -WIDE INTERNAL CONTROL REVIEW ONGOING INTERNAL AUDIT SERVICES Objective Review and provide recommendations to align council policies with best practices. Review and provide best practice recommendations over City’s investment/cash flow policy. Conduct a review of the City’s internal controls framework in key areas that are deemed important to protecting City assets and resources. Attend Audit Committee and Council meetings, prepare status reports, manage internal audit program, and monitor FWA hotline. Schedule October 2025 through February 2026 October 2025 through January 2026 November 2025 through February 2026 July 2025 through June 2026 Activities for This Period Initiated project, held kickoff meeting, sent document request. Initiated project, sent document request. Project to begin in November 2025. Continue to monitor FWA hotline, perform validation continuation, and provide ongoing support to City. Activities for Next Period Assess received documents and schedule relevant emails. Review policy, develop best practice recommendations, finalize, and provide best practice recommendations to the City. Hold kickoff meeting, send document requests, perform interviews, provide preliminary observations, test select high-risk controls, draft report, incorporate report feedback, and provide final report to the City. Continue to monitor FWA hotline and provide ongoing support to City. Issues None Delay in receiving requested documents None None 163 AC 10-27-2025 163 of 207 FRAUD, WASTE, AND ABUSE HOTLINE STATISTICS: QUARTERLY Complaint Type Complaints Received This Quarter Under Review Referred to Appropriate City Official(s) Closed Open Compliance & Ethics 0 0 0 0 0 Fraud 0 0 0 0 0 Employment Matters 1 0 1 1 0 HOTLINE STATISTICS: LIFETIME (OCTOBER 2022 -PRESENT) OUTSTANDING R EPORTS – DAYS OPEN Total Reports 38 Open Reports Days Outstanding Reports Closed 28 Report 2000302663 607 Reports Open 10 Report 2000309461 585 Report 2000311746 577 Report 2000320154 550 Report 2000320491 548 Report 2000423152 222 Report 2000435031 185 Report 2000448473 147 Report 2000459484 114 Report 2000465974 95 164 AC 10-27-2025 164 of 207 City of Cupertino- Audit Recommendations Tracking Report 10/20/2025 ( A) ( B)( C)( D) Reports Total Recommendations Open Recommendations (Not Yet Completed by City) Validated Recommendations (By Baker Tilly) Reportable Recommendations (Newly validated since last summary) Total 78 29 49 1 Legend: Total Recommendations = number of recommendations in the report Open Recommendations = number of recommendations not yet completed by City Validated Recommendations = number of recommendations validated by Baker Tilly as completed and adequately addresses the finding Reportable Recommendations = number of recommendations validated since last summary report for Audit Committee 165 AC 10-27-2025 165 of 207 Item No.Report Year Report Code Finding Recommendation Baker Tilly Determination Notes 69 2022 CGJ-SMTM-2022 in compliance with California Government Code section 41004. However, starting in March 2022, the City of Cupertino began producing treasurer’s reports compliant with Section 41004. Code section 41004. Continued compliance is recommended.memos which includes monthly Treasurer's Reports for each month going back to 2024. These reports comply with California Code Section 41004 by including an accounting of receipts, disbursements, and fund balances from the Treasurer to the City Manager and City Council every month. 166 AC 10-27-2025 166 of 207 CITY OF CUPERTINO Agenda Item Subject: ACTION ITEM Review and accept the OPEB and Pension Trust Investment Policies Review and accept the OPEB and Pension Trust Investment Policies Presenter: Jonathan Orozco, Finance Manager 4:50(10) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 167 AC 10-27-2025 167 of 207 AUDIT COMMITTEE STAFF REPORT Meeting: October 27, 2025 Subject Consider the Other Post-Employment Benefits (OPEB) and Pension Trust Investment Policies Recommended Action Review and accept the OPEB and Pension Trust Investment Policies Discussion Background In Fiscal Year (FY) 2009-10, the City established a Section 115 Trust to help fund its retiree health obligations, also known as OPEB. In FY 2017-18, the City also established a Section 115 Trust to pre-fund its pension obligations and reduce the potential impact of pension cost volatility on the City's operating budget. OPEB and Pension Trusts Section 115 Trust Overview A Section 115 Trust is a tax-exempt investment tool that allows local governments to pre- fund pension and retiree health costs. The benefits of a Section 115 Trust include the following: • Local control over assets: The City controls the contributions, withdrawals, investment strategy, and risk level of assets in the Trust. • Potential for higher investment returns than General Fund: Investment requirements that apply to the City's General Fund assets under Government Code 53601 are not applicable to Trust assets. • Pension rate stabilization: Assets can be transferred to CalPERS at the City's discretion to pay for Normal Cost or Unfunded Accrued Liability (UAL) contributions and can be used to reduce or eliminate large fluctuations in the City's pension costs. • Diversification: Trust assets will be diversified from CalPERS investments. 168 AC 10-27-2025 168 of 207 OPEB Trust Overview In FY 2009-10, the City established a Section 115 Trust to help fund its retiree health obligations, also known as OPEB. Compared to a pay-as-you-go plan, the OPEB Trust allows the City to: • Grow assets to pay future OPEB benefits. • Earn higher returns than the General Fund. • Reduce its total cost for providing post-employment benefits. • Reduce its Net OPEB Liability. In July 2010, the City contributed $7.0 million in initial funding. With additional contributions of $12.3 million, total contributions to date are $19.3 million. As of June 30, 2025, the City's OPEB Trust had a market value of $42.7 million and had earned an annualized investment return of 7.68% gross of fees since inception. Time Period Annualized Investment Return 1-Year investment returns were impacted by financial market volatility due to heightened geopolitical risk, supply chain bottlenecks and persistent inflation, and the Federal Reserve’s pivot to a less accommodative monetary policy. As of the June 30, 2025, measurement date, using a 6.5% discount rate, the City’s OPEB plan had an accrued liability of $41.5 million and a market value of assets of $42.7 million, resulting in a net asset of $1.3 million and a funded ratio of 103.0%. Compared to June 30, 2024, the unfunded accrued liability became a net asset, primarily due to favorable market conditions. June 30, 2023* June 30, 2024* June 30, 2025* *Amounts provided from Actuarial Report, as opposed to PARS provided. Pension Trust Overview Since pension obligations are one of the City's largest financial obligations, the City has taken proactive steps to reduce the impacts of pension cost volatility. In March 2018, the City provided options to Council to address rising pension costs. In April 2018, the City presented a long-term pension funding strategy to the Fiscal Strategic Plan Committee. In May 2018, the City adopted a Section 115 Trust, also known as a Pension Rate Stabilization 169 AC 10-27-2025 169 of 207 Program (PRSP), to reduce pension rate volatility on the City's budget. The Pension Trust helps the City to: • Grow assets for future pension contributions. • Invest assets over appropriate time horizons. • Earn higher investment returns than the General Fund. • Reduce pension contribution volatility. • Diversify funds from CalPERS investments. As a fiscal sustainability measure, the City funds the Pension Trust using a more conservative discount rate of 6.25%. The City's pension funding goal is to accumulate sufficient funds in the Pension Trust to fund the difference between a 6.25% and a 7% discount rate and achieve a funded status of 80% by FY 2036-37, 20 years from the adoption of the Pension Trust. The City's projections indicated that it would need to accumulate over $42 million in the Pension Trust within 20 years to achieve its pension funding goal. As a result, the funding strategy proposed $8.0 million in initial funding, along with additional funding of $10.0 million over the first five years. To date, the City has contributed $16.0 million, including: • $8.0 million in FY 2018-19 • $4.0 million in FY 2019-20 • $2.0 million in FY 2020-21 • $2.0 million in FY 2021-22 As of June 30, 2025, the City's Pension Trust had a market value of $24.3 million, a year- over-year increase of $2.7 million, and had earned an annualized investment return of 8.03% gross of fees since inception. Time Period Annualized Investment Return Driven by favorable market performance, the Trust achieved a 12.64% return over the past year. Five-year and since-inception returns remain strong at 8.86% and 8.03%, respectively, underscoring the City’s long-term strategy to promote pension funding stability. OPEB and Pension Trust Investment Policies The Audit Committee is responsible for reviewing the OPEB and Pension Trust investment policies annually, appointing investment managers, and monitoring 170 AC 10-27-2025 170 of 207 investment performance. The City Council is responsible for annually adopting the OPEB and Pension Trust investment policies. It is not expected that the OPEB and Pension Trust investment policies will change frequently. Short-term changes in the financial markets should not require adjustments to the policies. The Audit Committee last reviewed the policies on October 31, 2024, with City Council adopting the policies on December 3, 2024. Public Agency Retirement Services (PARS) is the City’s Trust Administrator and PFM Asset Management is the City’s Investment Manager for the Pension and OPEB Trusts. The Investment Manager manages the investments per the investment policies. Within the constraints imposed by these policies, Investment Managers are expected to comply with all applicable fiduciary and due diligence requirements under the “prudent investor” rules. OPEB and Pension Trust Investment Objectives The OPEB Trust has a “Balanced” investment objective with a target rate of return of 6.50%, and the Pension Trust has a “Balanced” investment objective with a target rate of return of 6.25%. The “Balanced” investment objective is designed to provide a moderate amount of current income with moderate growth of capital. Investors should have sufficient tolerance for price and return volatility and substantial periodic declines in investment value. This objective is recommended for investors with a long-term time horizon. The strategic asset allocation ranges and tactical targets for this objective are listed below: Asset Class Range Target The target rates of return are based on the long-term expected rate of return for assets in the trusts and the City's time horizon for the investments. With strong reserves and a fully funded OPEB plan, the City can maintain a long-term investment horizon with a “balanced” investment objective. There may be periods of substantial decline in investment value, and the portfolio should expect periodic volatility. However, a 6.56% return on investment is expected over the long-term, based on the current investment objective. More conservative investment objectives such as “moderate” and “moderate-conservative” would expect less volatility and declines in 171 AC 10-27-2025 171 of 207 investment value; however, over the long term, they would also expect lower returns. Many agencies anticipate needing to access the funds in their respective trusts sooner and invest with more emphasis on preserving capital in the near term. The OPEB Trust has a higher discount rate than the Pension Trust because OPEB investments are expected to have a longer time horizon. OPEB obligations are generally longer in duration, and the City expects to withdraw Pension Trust funds earlier to fund CalPERS contributions. Given that changes to the CalPERS discount rate have larger effects on the City's operating budget and are farther out of the City's control, it is important that the City be able to use the Trust to pay CalPERS contributions as needed. Sustainability Impact There is no sustainability impact. Fiscal Impact There is no direct fiscal impact at this time. _____________________________________ Prepared by: Jonathan Orozco, Finance Manager Reviewed by: Kristina Alfaro, Director of Administrative Services Approved for Submission by: Tina Kapoor, Interim City Manager Attachments: A – OPEB Trust Investment Policy B – Pension Trust Investment Policy 172 AC 10-27-2025 172 of 207 Other Post- Employment Benefits (OPEB) Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: December 2, 2025 November 19, 2024 Responsible Department: Administrative Services Related Policies & Notes: City Investment Policy, Pension Investment Policy Overview In response to the Government Accounting Standards Board (GASB) Statement No. 45, replaced by GASB Statement No. 74 and GASB Statement No. 75, new disclosure requirements for Other Post-employment Benefit (OPEB) Plans, the City of Cupertino has adopted a Section 115 Trust and Plan that seeks to satisfy these liabilities for certain eligible employees Executive Summary Account Name: City of Cupertino OPEB Trust Account Number: 6746035000 Investment Authority: Full Investment Authority Current Assets: $45.1 40.7 m illion (September 2025 2024) Time Horizon: Long-Term Target Rate of Return: 6.5% Communication Schedule: Meetings will be conducted at least quarterly U.S. Bank Portfolio Manager: Dennis Mullins Dennis.mullins@usbank.com 513-304-0398 U.S. Bank Relationship Manager : Ryan Maxey ryan.maxey@usbank.com 503-464-3789 173 AC 10-27-2025 173 of 207 Investment Objective: ‘Balanced’ This investment objective is designed to provide a moderate amount of current income with moderate growth of capital. Investors should have sufficient tolerance for price and return volatility and substantial periodic declines in investment value. This objective is recommended for investors with a long-term time horizon. The strategic asset allocation ranges and tactical targets for this objective are listed below: Investment Guidelines Overview This document defines the investment policy, guidelines and performance objectives applicable to the assets of The City of Cupertino’s OPEB Trust. The goal of this Policy is to create an investment framework within which the assets can be actively yet prudently managed. The purpose of this document is threefold. First, it will set forth an investment structure for managing the Portfolio assets. This structure is expected to produce an appropriate level of overall diversification and total investment return over the investment time horizon. Second, it will serve as to encourage effective communications between the organization and parties involved with investment management decisions. Third, these guidelines will provide a framework to measure ongoing investment performance. Within the constraints imposed by these policies, Investment Managers are expected to comply with all applicable fiduciary and due diligence requirements under the “prudent investor” rules, which state: “Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.” All applicable laws, rules and regulations from various local, state, federal and international political entities that may impact the Portfolio are to be adhered to. Asset Class Range Benchmark Target Fixed Income Equities Real Estate Global Infrastructure Commodities Cash 174 AC 10-27-2025 174 of 207 Diversification Your Portfolio Manager is responsible for maintaining the balance between the various asset classes based on the investment objective’s strategic asset allocation. As a general policy, the Investment Manager will maintain reasonable diversification at all times by asset class, credit quality, issuer, sector, industry, and country. The following parameters shall be adhered to in managing the portfolio: Fixed Income Assets • The fixed income investments are to maintain intermediate -term average weighted duration, between three-seven years. • At the time of purchase, no single fixed income issuer shall exceed 2% of the total market value of the Portfolio, with the exception of U.S. Treasury or Agency obligations. • The direct high-yield portion shall constitute no more than 10% of the total market value of the Portfolio. • Hedged fixed income positions shall constitute no more than 10% of the total market value of the Portfolio. Equity & Growth Assets • The domestic equity investments are expected to be diversified at all times by size, industry, sector, and style (Large Cap, Mid Cap, and Small Cap). • At the time of purchase, no individual equity security shall exceed 2% of the total market value of the Portfolio. • The real estate investments shall be captured through the use of diversified mutual funds or ETFs investing in REITs; and shall constitute no more than 15% of the total market value of the Portfolio . • The commodities investments shall be captured through the use of diversified mutual funds or ETFs; and shall constitute no more than 10% of the total market value of the Portfolio. • Hedged equity positions shall constitute no more than 10% of the total market value of the Portfolio Permitted Asset Classes and Security Types Fixed Income & Cash Equivalent Investments: Domestic Certificates of Deposit (rated A-1/P-1 or better) Domestic Commercial Paper (rated A-1/P-1 or better) Floating Rate Notes Money Market Mutual Funds U.S. Treasury Bonds, Bills and Notes U.S. Agency (and Instrumentality) Discount Notes, Notes, and Bonds Treasury Inflation-Protected Securities (TIPS) Municipal Bonds and Notes Corporate Bonds Mortgage-Backed Bonds (MBS) 175 AC 10-27-2025 175 of 207 Asset-Backed Bonds (ABS) High-Yield Bonds (rated B-/B3 or better) Dollar denominated Foreign Bonds and Notes Bond Mutual Funds Equity Investments: Common & Preferred Stocks American Depository Receipts (ADRs) Domestic and International Equity Mutual Funds (Open and Closed) Emerging Market Equity Funds or Exchange Traded Funds (ETFs) Alternative Investments: Commodities Mutual Funds or Exchange Traded Notes (ETNs) REIT Investment or Pooled Strategy or Fund of REITs Registered Hedge Funds or Hedge Fund of Funds Global Infrastructure Mutual Funds or Exchange Traded Funds Prohibited Asset Classes and Transactions The Investment Manager is prohibited from purchasing or holding any of the following types of investments: Partnerships unless investing in Master Limited Partnerships invested in a mutual fund and limited in scope and allocation of Portfolio based on asset class limitations of table above Letter stock and other unregistered securities; physical commodities or other commodity contracts; and short sales or margin transactions Investments in the equity securities of any company with a record of less than three years continuous operation, including the operation of any predecessor Investments for the purpose of exercising control of management Direct or indirect exposure to cryptocurrencies Leveraged securities, other than registered Hedged Equity and Hedged Fixed Income positions Duties and Responsibilities 1) CITY OF CUPERTINO AUDIT COMMITTEE a) Establish, approve, and maintain investment objectives, guidelines, and policies (including this Policy). b) Appoint Investment Managers who can be reasonably expected to adhere to the investment guidelines and meet the investment objectives as established. c) Monitor the investment performance of the Portfolio and compare actual investment performance relative to an appropriate benchmark index given the stated investment guidelines and objectives set forth in this Policy. d) Conduct a formal review of the Portfolio’s asset allocation, investment structure and performance annually or more frequently as the need arises. 176 AC 10-27-2025 176 of 207 e) Periodically review the Portfolio performance against objectives. 2) CITY OF CUPERTINO CITY COUNCIL a) Adopt the Policy by resolution of the City Council on an annual basis. 3) PORTFOLIO MANAGER The Portfolio Manager will be responsible for carrying out the activities related to the Portfolio in accordance with the Policy including: a) Manage the day-to-day investment of Portfolio assets in accordance with the Policy guidelines and objectives included herein. b) Exercise full investment discretion and prudence in the selection and diversification of investments. c) Promptly bring to the attention of the City Treasurer or designee any investment that is subsequently downgraded and fails to meet the quality guidelines, along with a recommendation of retention or disposal. d) Provide on a quarterly basis the following investment reporting: (i) Year-to-date rate of return (ii) Annualized one, three, five, etc. rates of return e) Provide annually to the City’s Audit Committee a commentary and analysis of investment performance to include an evaluation of the current and future investment environment and potential impact of the investment environment on achievement of investment objectives. Investment Policy Statement Review The City’s Audit Committee will review and the Cupertino City Council will adopt this Investment Policy Statement at least annually to determine whether stated investment objectives are still relevant and the continued feasibility of achieving the same. It is not expected that the Policy will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the Policy. If at any time the Portfolio Manager finds the above guidelines too restrictive or possibly injurious to investment returns, they should communicate that information immediately to the City’s Audit Committee. City Manager’s signature: _______________________________ Date: _______________________________ 177 AC 10-27-2025 177 of 207 Revisions: 6.5.2018, 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024 Director of Administrative Services’ signature: _______________________________ Date: _______________________________ 178 AC 10-27-2025 178 of 207 Pension Trust Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: December 2, 2025 November 19, 2024 Responsible Department: Administrative Services Related Policies & Notes: N/A Investment Policy Statement Overview The City has established a Section 115 Trust with PARS to assist in stabilizing the potential impact of pension cost volatility on the City’s operating budget. The City intends to use the Section 115 Trust to pre-fund pension costs and proactively address the unfunded liability. The City’s goal is to have sufficient assets in the trust to increase the funded status to over 80% within 20 years, as well as fund the difference between a 7.0% and 6.25% discount rate. Executive Summary Account Name: City of Cupertino Pension Trust Account Number: 6746050100 Investment Authority: Full Investment Authority Current Assets: $25.6 23.0 Million (September 2025 2024) Time Horizon: Long-Term Target Rate of Return: 6.25% Communication Schedule: Meetings will be conducted at least quarterly U.S. Bank Portfolio Manager: Dennis Mullins Dennis.mullins@usbank.com 513-304-0398 U.S. Bank Relationship Manager : Ryan Maxey ryan.maxey@usbank.com 503-464-3789 179 AC 10-27-2025 179 of 207 Investment Objective: ‘Balanced’ This investment objective is designed to provide a moderate amount of current income with moderate growth of capital. Investors should have sufficient tolerance for price and return volatility and substantial periodic declines in investment value. This objective is recommended for investors with a long-term time horizon. The strategic asset allocation ranges and tactical targets for this objective are listed below: Investment Guidelines Overview This document defines the investment policy, guidelines and performance objectives applicable to the assets of The City of Cupertino’s Pension Trust. The goal of this Policy is to create an investment framework within which the assets can be actively yet prudently managed. The purpose of this document is threefold. First, it will set forth an investment structure for managing the Portfolio assets. This structure is expected to produce an appropriate level of overall diversification and total investment return over the investment time horizon. Second, it will serve as to encourage effective communications between the organization and parties involved with investment management decisions. Third, these guidelines will provide a framework to measure ongoing investment performance. Within the constraints imposed by these policies, Investment Managers are expected to comply with all applicable fiduciary and due diligence requirements under the “prudent investor” rules, which state: “Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.” All applicable laws, rules and regulations from various local, state, federal and international political entities that may impact the Portfolio are to be adhered to. Asset Class Range Benchmark Target Fixed Income Equities Real Estate Global Infrastructure Commodities Cash 180 AC 10-27-2025 180 of 207 Diversification Your Portfolio Manager is responsible for maintaining the balance between the various asset classes based on the investment objective’s strategic asset allocation. As a general policy, the Investment Manager will maintain reasonable diversification at all times by asset class, credit quality, issuer, sector, industry, and country. The following parameters shall be adhered to in managing the portfolio: Fixed Income Assets • The fixed income investments are to maintain intermediate -term average weighted duration, between three-seven years. • At the time of purchase, no single fixed income issuer shall exceed 2% of the total market value of the Portfolio, with the exception of U.S. Treasury or Agency obligations. • The direct high-yield portion shall constitute no more than 10% of the total market value of the Portfolio. • Hedged fixed income positions shall constitute no more than 10% of the total market value of the Portfolio Equity & Growth Assets • The domestic equity investments are expected to be diversified at all times by size, industry, sector, and style (Large Cap, Mid Cap, and Small Cap). • At the time of purchase, no individual equity security shall exceed 2% of the total market value of the Portfolio. • The real estate investments shall be captured through the use of diversified mutual funds or ETFs investing in REITs; and shall constitute no more than 15% of the total market value of the Portfolio . • The commodities investments shall be captured through the use of diversified mutual funds or ETFs; and shall constitute no more than 10% of the total market value of the Portfolio. • Hedged equity positions shall constitute no more than 10% of the total market value of the Portfolio Permitted Asset Classes and Security Types Fixed Income & Cash Equivalent Investments: Domestic Certificates of Deposit (rated A-1/P-1 or better) Domestic Commercial Paper (rated A-1/P-1 or better) Floating Rate Notes Money Market Mutual Funds U.S. Treasury Bonds, Bills and Notes U.S. Agency (and Instrumentality) Discount Notes, Notes, and Bonds Treasury Inflation-Protected Securities (TIPS) Municipal Bonds and Notes Corporate Bonds Mortgage-Backed Bonds (MBS) 181 AC 10-27-2025 181 of 207 Asset-Backed Bonds (ABS) High-Yield Bonds (rated B-/B3 or better) Dollar denominated Foreign Bonds and Notes Bond Mutual Funds Equity Investments: Common & Preferred Stocks American Depository Receipts (ADRs) Domestic and International Equity Mutual Funds (Open and Closed) Emerging Market Equity Funds or Exchange Traded Funds (ETFs) Alternative Investments: Commodities Mutual Funds or Exchange Traded Notes (ETNs) REIT Investment or Pooled Strategy or Fund of REITs Registered Hedge Funds or Hedge Fund of Funds Global Infrastructure Mutual Funds or Exchange Traded Funds Prohibited Asset Classes and Transactions The Investment Manager is prohibited from purchasing or holding any of the following types of investments: Partnerships unless investing in Master Limited Partnerships invested in a mutual fund and limited in scope and allocation of Portfolio based on asset class limitations of table above Letter stock and other unregistered securities; physical commodities or other commodity contracts; and short sales or margin transactions Investments in the equity securities of any company with a record of less than three years continuous operation, including the operation of any predecessor Investments for the purpose of exercising control of management Direct or indirect exposure to cryptocurrencies Leveraged securities, other than registered Hedged Equity and Hedged Fixed Income positions Duties and Responsibilities 1) CITY OF CUPERTINO AUDIT COMMITTEE a) Establish, approve, and maintain investment objectives, guidelines, and policies (including this Policy). b) Appoint Investment Managers who can be reasonably expected to adhere to the investment guidelines and meet the investment objectives as established. c) Monitor the investment performance of the Portfolio and compare actual investment performance relative to an appropriate benchmark index given the stated investment guidelines and objectives set forth in this Policy. d) Conduct a formal review of the Portfolio’s asset allocation, investment structure and performance annually or more frequently as the need arises. 182 AC 10-27-2025 182 of 207 e) Periodically review the Portfolio performance against objectives. 2) CITY OF CUPERTINO CITY COUNCIL a) Adopt the Policy by resolution of the City Council on an annual basis. 3) PORTFOLIO MANAGER The Portfolio Manager will be responsible for carrying out the activities related to the Portfolio in accordance with the Policy including: a) Manage the day-to-day investment of Portfolio assets in accordance with the Policy guidelines and objectives included herein. b) Exercise full investment discretion and prudence in the selection and diversification of investments. c) Promptly bring to the attention of the City Treasurer or designee any investment that is subsequently downgraded and fails to meet the quality guidelines, along with a recommendation of retention or disposal. d) Provide on a quarterly basis the following investment reporting: (i) Year-to-date rate of return (ii) Annualized one, three, five, etc. rates of return e) Provide annually to the City’s Audit Committee a commentary and analysis of investment performance to include an evaluation of the current and future investment environment and potential impact of the investment environment on achievement of investment objectives. Investment Policy Statement Review The City’s Audit Committee will review and the Cupertino City Council will adopt this Investment Policy Statement at least annually to determine whether stated investment objectives are still relevant and the continued feasibility of achieving the same. It is not expected that the Policy will change frequently. In particular, short-term changes in the financial markets should not require adjustments to the Policy. If at any time the Portfolio Manager finds the above guidelines too restrictive or possibly injurious to investment returns, they should communicate that information immediately to the City’s Audit Committee. City Manager’s signature: _______________________________ Date: _______________________________ 183 AC 10-27-2025 183 of 207 Revisions: 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024 Director of Administrative Services’ signature: _______________________________ Date: _______________________________ 184 AC 10-27-2025 184 of 207 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) Update Receive the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR) Update Presenter: The Pun Group 5:05(10) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 185 AC 10-27-2025 185 of 207 CITY OF CUPERTINO Agenda Item Subject: ACTION ITEM OpenGov Budget Format Review Presentation and Finalize Recommendations a. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation numbers 15, 17, 18, 19, and 30 b. Finalize OpenGov budget format for recommendation to City Council Presenter: Toni Oasay-Anderson, Interim Budget Manager 5:15(30) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 186 AC 10-27-2025 186 of 207 AUDIT COMMITTEE STAFF REPORT Meeting: October 27, 2025 Subject OpenGov Budget Format Review Presentation and Finalize Recommendations Recommended Action 1. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation numbers 15, 17, 18, 19, and 30 2. Finalize OpenGov budget format for recommendation to City Council Reasons for Recommendation Background On May 6, 2025, the Final Budget IAP was presented to the City Council. On July 28, 2025, the Audit Committee formed a Budget Format Sub-Committee who met four times since creation. The topics of discussion at these Sub-Committee meetings were as follows: • Review, provide, and finalize budget format changes based on sample OpenGov Budgets from other agencies and the draft Proposed FY 2025-26 Budget • Review, provide, and finalize CIP budget format recommendations • Exploring options for a budget format informational video • Draft and Publish Interactive Budget Format Community Survey • Create Budget Format Focus Group for additional feedback on prototype OpenGov budget format Staff worked with the Budget Format Sub-Committee to create an Interactive Budget Format Survey to gather the community’s feedback to help guide the City’s transition from presenting the annual budget in a static PDF format to a more interactive and accessible format using OpenGov Stories. This survey was distributed on September 23, 2025, through October 14, 2025. 187 AC 10-27-2025 187 of 207 A high-level overview of the survey results are as follows: Highest Areas of Concern Staff Response expense pgs. 77- schedules in each department section department page such as pg. 138 and pg.141 or OpenGov) group we will look to enhance with drill down on pg. 137 and available on OpenGov portal filters in OpenGov The Budget Format Focus Group met on October 15, 2025, and consisted of 5 community members in addition to the Budget Format Sub-Committee. This Focus Group discussed the City’s transition to a more interactive and accessible format using OpenGov Stories. During the session, the group reviewed results from the Budget Format Survey. The goal 188 AC 10-27-2025 188 of 207 of this Focus Group was to collect community feedback on the interactive budget and ensure it meets residents’ needs. The following are highlights of this Focus Group meeting: • There was concern about whether staff would keep the PDF version of the budget document. Staff ensured that the PDF will still be available, and adding the interactive budget as another option. • Searchable line items or categories • Enhancing Artificial Intelligence options • Charts that show up as images are not mobile-friendly Below is a high-level overview of what enhancements have been made from the PDF document to the current draft online OpenGov version: • Created an interactive table of contents linking to all budget sections • Embedded individual Financial Policies as PDFs • Inclusion of the CIP book • Created navigation menu pages for departments and divisions • Added links to CIP dashboard and CWP dashboard on the City Strategic Vision and Council Goals page • Added division summaries Please note the draft OpenGov version is not available to the public as staff is awaiting Audit Committee and City Council approval of the new format. Next Steps Staff recommends Audit Committee to receive the finalized OpenGov budget format as recommended by the Budget Format Sub-Committee. Upon approval by the Audit Committee, staff will recommend the final OpenGov budget format to Council for their consideration at the November 18, 2025, Council meeting. Staff anticipate publishing the FY 2025-26 Final Budget in OpenGov stories in the first half of 2026. Sustainability Impact No sustainability impact. Fiscal Impact No fiscal impact. City Work Program (CWP) Item/Description None. 189 AC 10-27-2025 189 of 207 Council Goal: Public Engagement & Transparency and Fiscal Strategy California Environmental Quality Act Not applicable. _____________________________________ Prepared by: Toni Oasay-Anderson, Acting Budget Manager Reviewed by: Kristina Alfaro, Director of Administrative Services Approved for Submission by: Tina Kapoor, Interim City Manager Attachment: A – Sample Current Budget: Council & Commissions Department Overview through budget financials page 190 AC 10-27-2025 190 of 207 ! 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'" ( #$#% #$#% #(, *"' 1 # # #$#% ( ."' 0'(/ ' 1 #$%# #$%# #$%#" ," #$#% #$#% #$#%"" 10 #$-# #$2# #$-# , ," #$-# #$-# #$## )( ( ()) '" #$-% #$-% # ( ," #$-# #$-% #$-%.(/ ,'(( ( # # #$2# ,"" 10 # # #*1 " # #$-# #$-#" #$2# #$2# #$2#3 1 0 ," #$#% #$#% #( ( ," #$-# #$-# #67 8 67 67 Council and Commissions Budget Example - Current PDF Document 197 AC 10-27-2025 197 of 207 198 AC 10-27-2025 198 of 207 199 AC 10-27-2025 199 of 207 200 AC 10-27-2025 200 of 207 201 AC 10-27-2025 201 of 207 202 AC 10-27-2025 202 of 207 203 AC 10-27-2025 203 of 207 204 AC 10-27-2025 204 of 207 205 AC 10-27-2025 205 of 207 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager 5:45(10) CITY OF CUPERTINO Printed on 10/24/2025Page 1 of 1 206 AC 10-27-2025 206 of 207 January 27, 2025 Regular Meeting February 18, 2025 Special Meeting April 28, 2025 Regular Meeting July 28, 2025 Regular Meeting October 27, 2025 Regular Meeting November/December 2025 Special Meeting Appoint Audit Committee Chair and Vice Chair Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Approve Prior Meeting Minutes Moss Adams Status Report Update Appoint Audit Committee Chair and Vice Chair OPEB & Pension Trust Performance Report for Quarter Ending June 30, 2025 OPEB & Pension Trust Performance Report for Quarter Ending September 30, 2025 Review of FY 2024‐25 ACFR and Supplemental Reports OPEB & Pension Trust Performance Report for Quarter Ending December 31, 2024 Baker Tilly ‐ Budget Format Review OPEB & Pension Trust Performance Report for Quarter Ending March 31, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending June 30, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending September 30, 2025 2026 Audit Committee Schedule and Work Plan Quarterly Treasurerʹs Investment Report for Quarter Ending December 31, 2024 Quarterly Treasurerʹs Investment Report for Quarter Ending March 31, 2025 Internal Audit and Fraud, Waste, and Abuse Program Update Internal Audit and Fraud, Waste, and Abuse Program Update Internal Audit and Fraud, Waste, and Abuse Programs Update Internal Audit and Fraud, Waste, and Abuse Programs Update Fiscal Year 2024‐25 ACFR Interim Testing Update Annual Review of OPEB and Pension Trust Investment Policies Annual Review of City Investment Policy amending the scope of the Audit Committee ‐ 5/20/25 CC meeting Fiscal Year 2024‐25 ACFR Update Internal Audit Program Special Revenue Fund Process Audit Budget Format Review (Tentative) FY 23‐24 Agreed Upon Procedures (AUP) Review ‐ GANN Limit, Investment Policy, Storm Drain Toni Quarterly update? Updated Budget Format Implementation Action Plan (IAP) Summary of Duties – Powers – Responsibilities of Cupertino Audit Committee Source: Cupertino, CA Municipal Code, Chapter 2.88.100: Audit Committee The powers and functions of the Audit Committee shall be as follows: To review the annual audit report and management letter; To recommend appointment of auditors; To review the quarterly Treasurer’s Investment report; To recommend a budget format; To review City investment policies and internal controls of such policies. To recommend appointment of internal auditors; To review internal audit reports. To review quarterly Fraud, Waste, and Abuse Program reports. (Ord. 22-2243 § 1, 2023; Ord. 20-2208, § 1, 2020; Ord. 1679, § 1 (part), 1995) CITY OF CUPERTINO ‐ AUDIT COMMITTEE 2025 SCHEDULE AND WORK PLAN 20 7 AC 10-27-2025 207 of 207