Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
AC 07-28-2026 Searchable Packet
CITY OF CUPERTINO AUDIT COMMITTEE AGENDA 10300 Torre Avenue, Cupertino CA 95014, Conference Room A and via teleconference Tuesday, July 28, 2026 5:00 PM Special 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 CIty Hall, Conference Room A, 10300 Torre Avenue. 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 CIty Hall, Conference Room A, 10300 Torre Avenue: 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 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 Page 1 1 AC 07-28-2026 1 of 178 Audit Committee Agenda July 28, 2026 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 5:00 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 5:00 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_wgz_DzRvRQGxF5-aFiJ7Lg 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: 847 6000 7363 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. NOTICE AND CALL FOR A SPECIAL MEETING OF THE CUPERTINO CITY COUNCIL Page 2 2 AC 07-28-2026 2 of 178 Audit Committee Agenda July 28, 2026 NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for Tuesday, July 28, 2026, commencing at 5: 00 p.m. in City Hall, Conference Room A, 10300 Torre Avenue, Cupertino, California 95014 and via teleconference. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading, “Special Meeting." SPECIAL MEETING ROLL CALL 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. CONSENT CALENDAR 1.Subject: Approval of April 27, 2026 Audit Committee meeting minutes Recommended Action: Approve the April 27, 2026 Audit Committee meeting minutes A - Draft Minutes 2.Subject: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2026 Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2026 Presenter: PARS and US Bank A - OPEB Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2026 3.Subject: Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 and forward to City Council Presenter: Jonathan Orozco, Finance Director and City Treasurer, and Chandler Asset Management Staff Report A – Chandler Investment Report June 2026 B – Chandler Custodial Statement June 2026 C – PARS Pension and OPEB Account Statement June 2026 D – LAIF Account Statement June 2026 OLD BUSINESS - None Page 3 3 AC 07-28-2026 3 of 178 Audit Committee Agenda July 28, 2026 NEW BUSINESS 4.Subject: INFORMATIONAL ITEM Receive the Fiscal Year 2025-26 ACFR Interim Testing Update Recommended Action: Receive the Fiscal Year 2025-26 ACFR Interim Testing Update Presenter: The Pun Group 4:00(15) 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 4:15(15) A - City of Cupertino Internal Audit Status Report 07-27-26 B - Cupertino Audit Validation Report - July 2026 6.Subject: ACTION ITEM Receive Grants Management Internal Control Review Final Report Recommended Action: Receive Grants Management Internal Control Review Final Report and forward to City Council Presenter: Baker Tilly 4:30(15) A - Grants Management ICR Report FINAL 7-20-26 7.Subject: ACTION ITEM FY 2026-27 Internal Audit Work Program Review Receive the FY 2026-27 Internal Audit Work Program and forward to City Council Presenter: Baker Tilly 4:45(60) A - City of Cupertino FY 26-27 Internal Audit Program 8.Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2026 Schedule and Workplan Receive the proposed Audit Committee 2026 Schedule and Workplan Presenter: Jonathan Orozco, Finance Director and City Treasurer 5:45 (5) A - Proposed Audit Committee 2026 Schedule and Work Plan STAFF AND COMMITTEE REPORTS Page 4 4 AC 07-28-2026 4 of 178 Audit Committee Agenda July 28, 2026 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 publicly available on the City website. Page 5 5 AC 07-28-2026 5 of 178 CITY OF CUPERTINO Agenda Item Subject: Approval of April 27, 2026 Audit Committee meeting minutes Approve the April 27, 2026 Audit Committee meeting minutes CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 6 AC 07-28-2026 6 of 178 MINUTES AUDIT COMMITTEE Monday, April 27, 2026 At 1:00 p.m. Chair Eno Schmidt called the regular Audit Committee meeting to order at the Quinlan Conference Room, 10185 North Stelling Road and via teleconference. ROLL CALL Present: Chair Eno Schmidt, Vice Chair Hanyan Wu, Mayor Kitty Moore, Committee Member William Wong. Absent: Councilmember R “Ray” Wang. POSTPONEMENTS – None ORAL COMMUNICATIONS – None CONSENT Chair Schmidt opened the public comment period, and seeing no one, closed the public comment period. MOTION: Moore moved and Wu seconded to approve all consent items. The motion carried with the following vote: Ayes: Schmidt, Wu, Moore, Wong. Noes: None. Abstain: None. Absent: Wang. 1. Subject: Approval of January 26, 2026 Audit Committee meeting minutes Recommended Action: Approval of January 26, 2026 Audit Committee meeting Minutes 2. Subject: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending March 31, 2026 and forward to City Council Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending March 31, 2026 and forward to City Council Presenter: PARS and US Bank 3. Subject: Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2026 Recommended Action: Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2026 and forward to City Council 7 AC 07-28-2026 7 of 178 Presenter: Jonathan Orozco, Acting Director of Administrative Services and City Treasurer, and Chandler Asset Management Committee members asked questions which Investment Pool Strategist at Chandler Asset Management Carlos Oblites and staff responded to. NEW BUSINESS 4. 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 4:00(15) Written Communications included a report. Baker Tilly Director Chelsea Ritchie gave a report. Committee members asked questions which the presenter and staff responded to. Chair Schmidt opened the public comment period and, seeing no one, closed the public comment period. The Committee received the report. 5. Subject: INFORMATIONAL ITEM Receive City Council Policy Review Final Report Recommended Action: Receive City Council Policy Review Final Report Presenter: Baker Tilly 4:15(15) Written Communications included a report. Baker Tilly Director Annie Rose Favreau gave a report. Committee members asked questions which the presenter responded to. Chair Schmidt opened the public comment period and, seeing no one, closed the public comment period. MOTION: Moore moved and Wong seconded that they received the report, with points of 8 AC 07-28-2026 8 of 178 emphasis to include the disciplinary element and attendance of council members in regard to their Committee assignments. The motion carried with the following vote: Ayes: Schmidt, Wu, Moore, Wong. Noes: None. Abstain: None. Absent: Wang. 6. Subject: ACTION ITEM Annual Review of the City’s Investment Policy Recommended Action: Receive Updated City’s Investment Policy and forward to City Council for Adoption Presenter: Jonathan Orozco, Acting Director of Administrative Services and City Treasurer, and Chandler 4:30(15) Written communications included a report. Acting Director of Administrative Services Jonathan Orozco and Senior Portfolio and Investment Pool Strategist at Chandler Asset Management Carlos Oblites gave a verbal report. Chair Schmidt opened the public comment period and, seeing no one, closed the public comment period. MOTION: Moore moved and Wu seconded to accept and forward the redline version to City Council for approval. The motion carried with the following vote: Ayes: Schmidt, Wu, Moore, Wong. Noes: None. Abstain: None. Absent: Wang. 7. Subject: INFORMATIONAL ITEM Receive the Single Audit and Agreed Upon Procedures (AUP) Reviews - GANN Limit, Investment Policy, Storm Drain Recommended Action: Receive the Single Audit and Agreed Upon Procedures (AUP) Reviews - GANN Limit, Investment Policy, Storm Drain Presenter: Jonathan Orozco, Acting Director of Administrative Services and City Treasurer, and The Pun Group 4:45(15) Written Communications included a report. Pun Group representatives Sophia Kuo and Mark Hu gave a verbal report. Committee members asked questions which the presenters and staff responded to. The Committee received the report. 8. Subject: ACTION ITEM Discuss amendments to Audit Committee Duties, Powers, and 9 AC 07-28-2026 9 of 178 Responsibilities Recommended Action: Receive the presentation and provide feedback on proposed amendments to the Audit Committee’s duties, powers, and responsibilities, including potential changes to meeting frequency and expanded financial oversight. Presenter: Jonathan Orozco, Finance Manager 5:00(30) Staff Report Acting Director of Administrative Services Jonathan Orozco introduced the item. Committee members asked questions which staff responded to. Chair Schmidt opened the public comment period, and seeing no one, closed the public comment period. MOTION: Schmidt moved and Moore seconded to retain the three original motions by the Audit Committee: to change the name of the Committee, clarification on oversight of internal audit reports and the use of artificial intelligence as the tool for financial reporting. In addition, not to change the meeting requirements as set by municipal code, and the request of additional appropriations for additional projects as set at a future date per recommendation in July. The motion carried with the following vote: Ayes: Schmidt, Wu, Moore, Wong. Noes: None. Abstain: None. Absent: Wang. 9. Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2026 Schedule and Workplan Recommended Action: Receive the proposed Audit Committee 2026 Schedule and Workplan Presenter: Jonathan Orozco, Acting Director of Administrative Services and City Treasurer 5:30 (5) Written Communications included a report. Committee members asked questions and made comments, which Acting Director of Administrative Services Jonathan Orozco responded to. STAFF AND COMMITTEE REPORTS – None. COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS – None. FUTURE AGENDA SETTING – None. 10 AC 07-28-2026 10 of 178 ADJOURNMENT At 5:59 p.m. Chair Schmidt adjourned the regular Audit Committee meeting. Minutes prepared by: Lindsay Nelson, Administrative Assistant 11 AC 07-28-2026 11 of 178 CITY OF CUPERTINO Agenda Item Subject: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2026 Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending June 30, 2026 Presenter: PARS and US Bank CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 12 AC 07-28-2026 12 of 178 City of Cupertino PARS 115 Trust – OPEB Prefunding Program & Pension Rate Stabilization Program Plan Client Review July 27, 2026 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. 13 AC 07-28-2026 13 of 178 City of Cupertino ▎ 2 Pars Trust Team Trust Administrator & Consultant* 40+ Years of Experience (1984-2026) 2,300+ Total Plans Administered 1,100+ Public Agency Clients $11.7 B+ Assets under Administration Investment Manager •A division of U.S. Bancorp Asset Management, Inc. •Fixed income and multi asset portfolios •Strategic Blend and Index platform options •Customized portfolios (with minimum asset level) 41 Years of Investment Experience (As of 3/31/2026) $252.8 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 163 Years of Experience (1863-2026) $11.0 T Assets under Administration 550+ 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 *Please see disclosures at the end of this presentation * See important information regarding PARS in the Disclaimer page at the end of the presentation. 14 AC 07-28-2026 14 of 178 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 combo Trust 15 AC 07-28-2026 15 of 178 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $50,005,336 Net Realized Cap Gains YTD $511,997 Annual Income Projected $1,198,209 Current Yield 2.40% Number of Securities 8 Portfolio Mgr.Dennis S. Mullins, CFA Portfolio Asset Allocation Equity $32,065,971 64.13% Fixed Income $14,512,400 29.02% Real Assets $2,546,563 5.09% Cash $880,403 1.76% Invested Total $50,005,336 100.00% 64% 29% 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 Global Infrastructure 0% 5% 10% 15% 20% 25% 30% 35% 40% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced City of Cupertino ▎ 416 AC 07-28-2026 16 of 178 PARS/CITY OF CUPERTINO 115P - OPEB Fixed Income Overview Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $14,512,400 Current Yield 4.31% Annual Income Projected $624,822 Number of Securities 2 Portfolio Mgr.Dennis S. Mullins, CFA Fixed Income Asset Allocation Investment Grade $12,021,314 82.83% High Yield $2,491,086 17.17% 83% 17% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $14,512,400 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 12/3 1 / 2 0 2 5 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 16,000,000 City of Cupertino ▎ 517 AC 07-28-2026 17 of 178 PARS/CITY OF CUPERTINO 115P - OPEB Equity Overview Account: XXXXXX9600 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/30/2026 © 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: 6/30/2026 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $32,065,971 Current Yield 1.48% Annual Income Projected $475,884 Number of Securities 4 Portfolio Mgr.Dennis S. Mullins, CFA Equity Asset Allocation Large Cap U.S. $20,389,005 63.58% Developed Mkts $7,944,107 24.77% Emerging Mkts $2,663,024 8.30% Small Cap U.S. $1,069,835 3.34% 64% 25% 8% 3% Large Cap U.S.Developed Mkts Emerging Mkts Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) IWBFSPSXFPADXFSSNX 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 67.60% 16.31% 15.01% 0.54% 0.33% 0.21% Equity Country Distribution United States Japan United Kingdom France Switzerland 67.39% 5.80% 3.55% 2.39% 2.37% City of Cupertino ▎ 618 AC 07-28-2026 18 of 178 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: 06/30/2026 © 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: 6/30/2026 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return* (%) 52 Wk Return* (%) NVIDIA Corporation 4.07 2.74 0.51 7.4 26.8 Apple Inc.3.65 2.46 0.35 6.6 41.6 Microsoft Corporation 2.42 1.63 0.94 -22.5 -24.4 Amazon.com, Inc.2.02 1.36 0.00 3.3 8.6 Alphabet Inc. Class A 1.82 1.22 0.24 14.3 103.4 Broadcom Inc.1.53 1.03 0.70 9.5 38.0 Alphabet Inc. Class C 1.47 0.99 0.24 12.7 99.8 Taiwan Semiconductor Manufa…1.15 0.77 0.89 56.4 130.4 Micron Technology, Inc.1.14 0.77 0.06 304.6 838.8 Meta Platforms Inc Class A 1.08 0.73 0.35 -14.5 -23.4 Common Stock Characteristics Portfolio ACWI Market Cap - Wtd Avg $851.7B $985.6B Market Cap - Median $7.3B $21.2B Dividend Yield 1.65 1.48 P/E NTM 18.1 17.3 P/E LTM 22.9 22.7 ROE (%)19.4 21.7 1 Yr Beta vs. S&P Composite .90 .90 Est 3-5 Yr EPS Growth (%)17.0 18.5 Hist 3 Yr EPS Growth (%)22.7 25.4 Number of Securities 4800 2222 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% 35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio ACWI Portfolio ACWI 7.08 7.90 8.34 8.81 4.42 4.75 2.93 3.53 14.15 15.43 8.61 8.42 11.44 11.03 28.25 32.61 3.02 3.44 9.39 1.60 2.36 2.48 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. City of Cupertino ▎ 719 AC 07-28-2026 19 of 178 PARS/CITY OF CUPERTINO 115P - OPEB Portfolio Holdings Account: XXXXXX9600 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 50,005,336 40,463,251 9,542,086 2.40 1,198,209 Cash 1.76 880,403 880,403 0 3.56 31,319 Cash Equivalents 1.76 880,403 880,403 0 3.56 31,319 FIRST AM GOVT OB FD CL X 31846V336 1.76 1.00 880,403 880,403 880,403 0 3.56 31,319 Fixed Income 29.02 14,512,400 14,443,313 69,087 4.31 624,822 Investment Grade 24.04 12,021,314 11,831,564 189,750 3.72 446,769 Mutual Funds & ETFs 24.04 12,021,314 11,831,564 189,750 3.72 446,769 Fidelity U.S. Bond Index Fund FXNAX 24.04 10.44 1,151,467 12,021,314 11,831,564 189,750 3.72 446,769 High Yield 4.98 2,491,086 2,611,749 -120,663 7.15 178,053 Mutual Funds & ETFs 4.98 2,491,086 2,611,749 -120,663 7.15 178,053 Artisan High Income Fund - Institutional Sh…APHFX 4.98 9.01 276,480 2,491,086 2,611,749 -120,663 7.15 178,053 Equity 64.13 32,065,971 22,950,611 9,115,360 1.48 475,884 Large Cap U.S. Equity 40.77 20,389,005 15,005,456 5,383,549 0.92 187,708 Mutual Funds & ETFs 40.77 20,389,005 15,005,456 5,383,549 0.92 187,708 iShares Russell 1000 ETF IWB 40.77 409.50 49,790 20,389,005 15,005,456 5,383,549 0.92 187,708 Small Cap U.S. Equity 2.14 1,069,835 697,221 372,614 1.02 10,961 Mutual Funds & ETFs 2.14 1,069,835 697,221 372,614 1.02 10,961 Fidelity Small Cap Index Fund FSSNX 2.14 37.87 28,250 1,069,835 697,221 372,614 1.02 10,961 Developed Markets Equity 15.89 7,944,107 5,718,427 2,225,680 2.86 227,534 Mutual Funds & ETFs 15.89 7,944,107 5,718,427 2,225,680 2.86 227,534 Fidelity International Index Fund FSPSX 15.89 66.93 118,693 7,944,107 5,718,427 2,225,680 2.86 227,534 Emerging Markets Equity 5.33 2,663,024 1,529,507 1,133,517 1.87 49,681 Mutual Funds & ETFs 5.33 2,663,024 1,529,507 1,133,517 1.87 49,681 Fidelity Emerging Markets Index Fund FPADX 5.33 17.26 154,289 2,663,024 1,529,507 1,133,517 1.87 49,681 Real Assets 5.09 2,546,563 2,188,924 357,639 2.60 66,184 U.S. Listed Real Estate 5.09 2,546,563 2,188,924 357,639 2.60 66,184 iShares Core U.S. REIT ETF USRT 5.09 66.45 38,323 2,546,563 2,188,924 357,639 2.60 66,184 City of Cupertino ▎ 820 AC 07-28-2026 20 of 178 Selected Period Performance Period Ending: 06/30/2026PARS/CITY OF CUPERTINO OPEB AGG (****60596) Year Inception to Date to Date Market Value (6 Months) 3 Months 1 Year 3 Years 5 Years 145 Months 07/01/2010 Total Portfolio Gross of Fees 50,056,767 8.75 10.05 17.49 14.70 6.76 7.39 7.72 Total Portfolio Net of Fees 50,056,767 8.67 10.00 17.31 14.51 6.58 7.18 City of Cupertino 8.55 9.85 17.47 14.52 7.57 7.56 8.50 Total Equity 32,065,971 11.92 14.36 24.13 19.64 9.52 11.04 12.53 MSCI ACWI (Net)11.25 14.93 23.67 19.70 10.98 10.36 11.41 Russell 3000 Index 10.88 15.44 22.82 20.36 12.31 13.40 14.97 S&P 500 Index (Total Return)10.21 15.20 22.33 20.61 13.41 13.90 15.32 S&P MidCap 400 Index 17.34 14.47 25.89 15.41 9.07 10.60 12.86 S&P SmallCap 600 Index 23.90 19.70 37.50 16.05 7.37 10.45 12.86 MSCI EAFE Index (Net)9.44 10.82 20.23 16.44 9.05 6.68 8.26 MSCI Emerging Markets Index (Net)23.85 24.05 43.51 23.03 7.20 6.89 6.53 Total Fixed Income 14,561,087 .78 .87 3.86 4.91 1.03 1.31 2.04 BB US Aggregate Bond Index .62 .67 3.79 4.16 .08 1.93 2.38 BB Global Aggregate Index -.21 .87 .62 3.41 -1.55 .47 1.42 Total Real Assets 2,546,563 17.76 12.91 20.87 12.47 5.38 S&P Global REIT Index (Gross)12.24 11.08 16.65 11.31 4.05 5.74 8.39 S&P GSCI Index 24.09 -11.38 30.39 14.56 13.34 -.23 1.18 Total Cash Equivalents 883,146 1.78 .89 3.87 4.62 3.52 1.86 1.41 FTSE 3 Month Treasury Bill Index 1.87 .93 4.05 4.86 3.69 2.00 1.53 Pending Cash 0 .00 .00 .00 .00 .00 .00 .00 City of Cupertino ▎ 921 AC 07-28-2026 21 of 178 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Portfolio Summary Inv. Objective Balanced/Nontaxable-1 Total Portfolio Value $28,470,162 Net Realized Cap Gains YTD $294,085 Annual Income Projected $673,424 Current Yield 2.37% Number of Securities 8 Portfolio Mgr.Dennis S. Mullins, CFA Portfolio Asset Allocation Equity $18,297,278 64.27% Fixed Income $7,942,660 27.90% Real Assets $1,428,741 5.02% Cash $801,483 2.82% Invested Total $28,470,162 100.00% 64% 28% 5% 3% 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 Global Infrastructure 0% 5% 10% 15% 20% 25% 30% 35% 40% Portfolio Affluent Non-Taxable Strategic Balanced Affluent Non-Taxable Tactical Balanced City of Cupertino ▎ 1022 AC 07-28-2026 22 of 178 PARS/CITY OF CUPERTINO 115P- PENSION Fixed Income Overview Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Fixed Income Summary Inv. Objective Balanced/Nontaxable-1 Total Fixed Income Value $7,942,660 Current Yield 4.23% Annual Income Projected $335,860 Number of Securities 2 Portfolio Mgr.Dennis S. Mullins, CFA Fixed Income Asset Allocation Investment Grade $6,757,243 85.08% High Yield $1,185,417 14.92% 85% 15% Investment Grade High Yield Fixed Income Sector Exposures Mutual Funds & ETFs $7,942,660 100.00%100% Mutual Funds & ETFs Fixed Income Market Value 12/3 0 / 2 0 2 2 12/2 9 / 2 0 2 3 12/3 1 / 2 0 2 4 12/3 1 / 2 0 2 5 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 8,000,000 City of Cupertino ▎ 1123 AC 07-28-2026 23 of 178 PARS/CITY OF CUPERTINO 115P- PENSION Equity Overview Account: XXXXXX9601 Holdings Method: Direct and Indirect (securities held in mutual funds & ETFs)Report Date: 06/30/2026 © 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: 6/30/2026 Equity Summary Inv. Objective Balanced/Nontaxable-1 Total Equity Value $18,297,278 Current Yield 1.49% Annual Income Projected $271,920 Number of Securities 4 Portfolio Mgr.Dennis S. Mullins, CFA Equity Asset Allocation Large Cap U.S. $11,467,638 62.67% Developed Mkts $4,520,830 24.71% Emerging Mkts $1,570,110 8.58% Small Cap U.S. $738,700 4.04% 63% 25% 9% 4% Large Cap U.S.Developed Mkts Emerging Mkts Small Cap U.S. Bottom 5/ Top 5 Contributors (Trailing 12 Months) IWBFSPSXFPADXFSSNX 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 67.39% 16.28% 15.22% 0.55% 0.34% 0.22% Equity Country Distribution United States Japan United Kingdom France Switzerland 67.18% 5.79% 3.54% 2.38% 2.37% City of Cupertino ▎ 1224 AC 07-28-2026 24 of 178 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: 06/30/2026 © 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: 6/30/2026 Top 10 Common Stock Holdings Stock Wt. (%) Full Port Wt. (%)Yield (%) YTD Return* (%) 52 Wk Return* (%) NVIDIA Corporation 4.02 2.71 0.51 7.4 26.8 Apple Inc.3.60 2.43 0.35 6.6 41.6 Microsoft Corporation 2.39 1.61 0.94 -22.5 -24.4 Amazon.com, Inc.1.99 1.34 0.00 3.3 8.6 Alphabet Inc. Class A 1.79 1.21 0.24 14.3 103.4 Broadcom Inc.1.51 1.02 0.70 9.5 38.0 Alphabet Inc. Class C 1.45 0.98 0.24 12.7 99.8 Taiwan Semiconductor Manufa…1.19 0.80 0.89 56.4 130.4 Micron Technology, Inc.1.12 0.76 0.06 304.6 838.8 Meta Platforms Inc Class A 1.07 0.72 0.35 -14.5 -23.4 Common Stock Characteristics Portfolio ACWI Market Cap - Wtd Avg $843.0B $985.6B Market Cap - Median $7.3B $21.2B Dividend Yield 1.65 1.48 P/E NTM 18.0 17.3 P/E LTM 22.8 22.7 ROE (%)19.3 21.7 1 Yr Beta vs. S&P Composite .90 .90 Est 3-5 Yr EPS Growth (%)17.0 18.5 Hist 3 Yr EPS Growth (%)22.7 25.4 Number of Securities 4800 2222 Common Stock Sector Exposures 5% 10% 15% 20% 25% 30% 35% Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Portfolio ACWI Portfolio ACWI 7.03 7.90 8.34 8.81 4.40 4.75 2.95 3.53 14.19 15.43 8.66 8.42 11.50 11.03 28.21 32.61 3.04 3.44 9.30 1.60 2.37 2.48 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. City of Cupertino ▎ 1325 AC 07-28-2026 25 of 178 PARS/CITY OF CUPERTINO 115P- PENSION Portfolio Holdings Account: XXXXXX9601 Holdings Method: Direct Report Date: 06/30/2026 © 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: 6/30/2026 Symbol % of Port.Price Shares/ Units Portfolio Value Cost Basis Unrealized Gain/Loss Current Yield Projected Annual Income Total 100.0 28,470,162 23,050,086 5,420,077 2.37 673,424 Cash 2.82 801,483 801,483 0 3.56 28,511 Cash Equivalents 2.82 801,483 801,483 0 3.56 28,511 FIRST AM GOVT OB FD CL X 31846V336 2.82 1.00 801,483 801,483 801,483 0 3.56 28,511 Fixed Income 27.90 7,942,660 8,064,392 -121,732 4.23 335,860 Investment Grade 23.73 6,757,243 6,813,771 -56,528 3.72 251,131 Mutual Funds & ETFs 23.73 6,757,243 6,813,771 -56,528 3.72 251,131 Fidelity U.S. Bond Index Fund FXNAX 23.73 10.44 647,245 6,757,243 6,813,771 -56,528 3.72 251,131 High Yield 4.16 1,185,417 1,250,622 -65,204 7.15 84,729 Mutual Funds & ETFs 4.16 1,185,417 1,250,622 -65,204 7.15 84,729 Artisan High Income Fund - Institutional Sh…APHFX 4.16 9.01 131,567 1,185,417 1,250,622 -65,204 7.15 84,729 Equity 64.27 18,297,278 12,955,715 5,341,562 1.49 271,920 Large Cap U.S. Equity 40.28 11,467,638 8,439,703 3,027,935 0.92 105,575 Mutual Funds & ETFs 40.28 11,467,638 8,439,703 3,027,935 0.92 105,575 iShares Russell 1000 ETF IWB 40.28 409.50 28,004 11,467,638 8,439,703 3,027,935 0.92 105,575 Small Cap U.S. Equity 2.59 738,700 453,131 285,568 1.02 7,568 Mutual Funds & ETFs 2.59 738,700 453,131 285,568 1.02 7,568 Fidelity Small Cap Index Fund FSSNX 2.59 37.87 19,506 738,700 453,131 285,568 1.02 7,568 Developed Markets Equity 15.88 4,520,830 3,178,510 1,342,320 2.86 129,485 Mutual Funds & ETFs 15.88 4,520,830 3,178,510 1,342,320 2.86 129,485 Fidelity International Index Fund FSPSX 15.88 66.93 67,546 4,520,830 3,178,510 1,342,320 2.86 129,485 Emerging Markets Equity 5.51 1,570,110 884,372 685,739 1.87 29,292 Mutual Funds & ETFs 5.51 1,570,110 884,372 685,739 1.87 29,292 Fidelity Emerging Markets Index Fund FPADX 5.51 17.26 90,968 1,570,110 884,372 685,739 1.87 29,292 Real Assets 5.02 1,428,741 1,228,495 200,246 2.60 37,132 U.S. Listed Real Estate 5.02 1,428,741 1,228,495 200,246 2.60 37,132 iShares Core U.S. REIT ETF USRT 5.02 66.45 21,501 1,428,741 1,228,495 200,246 2.60 37,132 City of Cupertino ▎ 1426 AC 07-28-2026 26 of 178 Selected Period Performance Period Ending: 06/30/2026PARS/CITY OF CUPERTINO 115P- PENSION (****059601) Year Inception to Date to Date Market Value (6 Months) 3 Months 1 Year 3 Years 5 Years 05/01/2019 Total Portfolio Gross of Fees 28,499,534 8.83 10.15 17.54 14.65 6.76 9.31 Total Portfolio Net of Fees 28,499,534 8.74 10.11 17.36 14.46 6.58 9.12 City of Cupertino 8.55 9.85 17.47 14.52 7.57 9.34 Total Equity 18,297,278 11.98 14.45 24.15 19.62 9.51 13.07 MSCI ACWI (Net)11.25 14.93 23.67 19.70 10.98 12.99 Russell 3000 Index 10.88 15.44 22.82 20.36 12.31 15.14 S&P 500 Index (Total Return)10.21 15.20 22.33 20.61 13.41 15.71 S&P MidCap 400 Index 17.34 14.47 25.89 15.41 9.07 11.53 S&P SmallCap 600 Index 23.90 19.70 37.50 16.05 7.37 10.75 MSCI EAFE Index (Net)9.44 10.82 20.23 16.44 9.05 9.79 MSCI Emerging Markets Index (Net)23.85 24.05 43.51 23.03 7.20 9.36 Total Fixed Income 7,969,729 .81 .90 3.90 4.92 1.03 1.13 BB US Aggregate Bond Index .62 .67 3.79 4.16 .08 1.61 BB Global Aggregate Index -.21 .87 .62 3.41 -1.55 .35 Total Real Assets 1,428,741 17.76 12.91 20.91 12.47 5.41 6.78 S&P Global REIT Index (Gross)12.24 11.08 16.65 11.31 4.05 5.21 S&P GSCI Index 24.09 -11.38 30.39 14.56 13.34 9.09 Total Cash Equivalents 803,786 1.78 .89 3.87 4.62 3.49 2.65 FTSE 3 Month Treasury Bill Index 1.87 .93 4.05 4.86 3.69 2.85 Pending Cash 0 .00 .00 .00 .00 .00 .00 City of Cupertino ▎ 1527 AC 07-28-2026 27 of 178 7/1/2026 New Old Pension OPEB Benchmark Benchmark Average Held Average Held Selection Weighting Interaction Portfolio Total Selection Weighting Interaction Portfolio Total Benchmark Compostion 64% MSCI ACWI (net)64.00%63.00%64.23%64.46%-0.31%0.06%0.03%-0.23%-0.36%0.06%0.01%-0.30% 30% BB Aggregate 30.00%29.00%28.34%28.38%0.03%0.03%0.00%0.06%0.02%0.04%0.00%0.06% 5% S&P Global REIT TR USD 5.00%5.00%4.94%5.01%0.09%-0.01%0.00%0.09%0.09%-0.01%0.00%0.09% S&P GSCI 0.00%2.00%0.00%0.00%0.25%0.45%-0.25%0.45%0.25%0.45%-0.25%0.45% 1% FTSE 3 month US T-bill. 1.00%1.00%2.48%2.15%0.00%-0.11%0.00%-0.11%0.00%-0.14%0.00%-0.14% 0.26%0.16% 100.00%100.00% Total Portfolio Return for the quarter net 10.11%10.00% benchmark 9.85%9.85% Variance 0.26%0.15% Slight positive variance in the quarter from bonds due to HY exposure, Real Estate, Global Infrastructure. Stocks slightly under performed. Performance of stocks was helped by our allocation to small cap stocks which is not in the index. Large Stocks +15.2% vs small stocks +21.49%. Detracting from stock performance was our slight underweight to EM Overall performance detractor comes from higher cash balance than the benchmark. Pension For the quarter ending June 30, 2026 OPEB For the quarter ending June 30, 2026 Explanation of Variance between Portfolio and Benchmark returns City of Cupertino ▎ 1628 AC 07-28-2026 28 of 178 RESOLUTION NO. 26-062 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO ACCEPTING THE CITY INVESTMENT POLICY FOR THE OTHER POST-EMPLOYMENT BENEFITS TRUST WHEREAS, the City’s Other Post-Employment Benefit Trust, established for sole purpose to benefit the general public, has available funds to invest in accordance with principles of sound treasury management; and WHEREAS, the City invests funds in accordance with provisions of California Government Code Section 53600; and WHEREAS, the City’s Audit Committee reviewed and accepted the attached City Investment Policy for the Other Post-Employment Benefits Trust on January 26, 2026. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Cupertino accepts the attached City Investment Policy for the Other Post-Employment Benefits Trust dated May 19, 2026. BE IT FURTHER RESOLVED that this Resolution is not a project under the requirements of the California Environmental Quality Act, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment. In the event that this Resolution is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action to accept the City’s Investment Policy would have no or only a de minimis effect on the environment. The foregoing determination is made by the City Council in its independent judgment. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 19th day of May 2026, by the following vote: City of Cupertino ▎ 1729 AC 07-28-2026 29 of 178 Resolution No. 26-062 Page 2 Vote Members of the City Council AYES: Moore, Chao, Fruen, Mohan NOES: None ABSENT: Wang ABSTAIN: None SIGNED: ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Kitty Moore, Mayor City of Cupertino ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Date ATTEST: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Lauren Sapudar, City Clerk _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Date City of Cupertino ▎ 1830 AC 07-28-2026 30 of 178 1 | P a g e Other Post- Employment Benefits (OPEB) Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: May 19, 2026 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 million (September 2025) 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 ▎ 1931 AC 07-28-2026 31 of 178 2 | P a g e Investment Objective: Balanced This investment objective is designed to provide a moderate amount of current income with moderate growth ofcapital.Investorsshould have sufficienttolerance forpriceand returnvolatilityand substantial periodic declinesin investment value. This objective is recommendedfor 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 Cupertinos 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 20 40% 30% Equities 50 70% 64% Real Estate 0 10% 5% Global Infrastructure 0 10% 0% Commodities 0 10% 0% Cash 0 10% 1% City of Cupertino ▎ 2032 AC 07-28-2026 32 of 178 3 | P a g e All investment decisions shall be made in accordance with the fiduciary duty to act prudently and solely in the best financial interests of the Trusts and their beneficiaries. Investment decisions shall prioritize the preservation and long term growth of Trust assets while balancing risk, diversification, liquidity needs, and long term funding objectives. Environmental, Social, and Governance (ESG) factors may be considered as part of the overall investment evaluation process when determined to be consistent with the Citys fiduciary obligations and long term investment objectives. Consideration of ESG related factors shall not supersede the fiduciary duty to act prudently and in the best financial interests of the Trusts. Diversification Your Portfolio Manager is responsible for maintaining the balance between the various asset classes based on the investment objectives 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 City of Cupertino ▎ 2133 AC 07-28-2026 33 of 178 4 | P a g e 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) 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 City of Cupertino ▎ 2234 AC 07-28-2026 34 of 178 5 | P a g e 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 Portfolios asset allocation, investment structure and performance annually or more frequently as the need arises. 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 Citys 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 Citys 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. City of Cupertino ▎ 2335 AC 07-28-2026 35 of 178 6 | P a g e 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 Citys Audit Committee. Revisions: 6.5.2018, 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024, 05.19.2026 City Managers signature: _______________________________ Date: _______________________________ Director of Administrative Services signature: _______________________________ Date: _______________________________ City of Cupertino ▎ 2436 AC 07-28-2026 36 of 178 RESOLUTION NO. 26-063 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO ACCEPTING THE CITY INVESTMENT POLICY FOR THE PENSION TRUST WHEREAS, the City’s Pension Trust, established for sole purpose to benefit the general public, has available funds to invest in accordance with principles of sound treasury management; and WHEREAS, the City invests funds in accordance with provisions of California Government Code Section 53600; and WHEREAS, the City’s Audit Committee reviewed and accepted the attached City Investment Policy for the Pension Trust on January 26, 2026. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Cupertino accepts the attached City Investment Policy for the Pension Trust dated May 19, 2026. BE IT FURTHER RESOLVED that this Resolution is not a project under the requirements of the California Environmental Quality Act, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment. In the event that this Resolution is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action to accept the City’s Investment Policy would have no or only a de minimis effect on the environment. The foregoing determination is made by the City Council in its independent judgment. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 19th day of May 2026, by the following vote: City of Cupertino ▎ 2537 AC 07-28-2026 37 of 178 Resolution No. 26-063 Page 2 Vote Members of the City Council AYES: Moore, Chao, Fruen, Mohan NOES: None ABSENT: Wang ABSTAIN: None SIGNED: __________ Kitty Moore, Mayor City of Cupertino Date ATTEST: ____________________________________ Lauren Sapudar, City Clerk Date City of Cupertino ▎ 2638 AC 07-28-2026 38 of 178 1 | P a g e Pension Trust Investment Policy Citywide Policy Manual Attachments: N/A Effective Date: May 19, 2026 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 Million (September 2025 ) 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 ▎ 2739 AC 07-28-2026 39 of 178 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% 30% Equities 50-70% 64% Real Estate 0-10% 5% Global Infrastructure 0-10% 0% Commodities 0-10% 0% Cash 0-10% 1% City of Cupertino ▎ 2840 AC 07-28-2026 40 of 178 3 | P a g e All investment decisions shall be made in accordance with the fiduciary duty to act prudently and solely in the best financial interests of the Trusts and their beneficiaries. Investment decisions shall prioritize the preservation and long-term growth of Trust assets while balancing risk, diversification, liquidity needs, and long-term funding objectives. Environmental, Social, and Governance (ESG) factors may be considered as part of the overall investment evaluation process when determined to be consistent with the City’s fiduciary obligations and long-term investment objectives. Consideration of ESG-related factors shall not supersede the fiduciary duty to act prudently and in the best financial interests of the Trusts. 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 City of Cupertino ▎ 2941 AC 07-28-2026 41 of 178 4 | P a g e 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) 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 City of Cupertino ▎ 3042 AC 07-28-2026 42 of 178 5 | P a g e 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. 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. City of Cupertino ▎ 3143 AC 07-28-2026 43 of 178 6 | P a g e 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. Revisions: 11.19.2019, 11.17.2020, 12.7.2021, 12.06.2022, 12.05.2023, 12.03.2024, 05.19.2026 City Manager’s signature: _______________________________ Date: _______________________________ Director of Administrative Services’ signature: _______________________________ Date: _______________________________ City of Cupertino ▎ 3244 AC 07-28-2026 44 of 178 DisclaimerDisclosures Public Agency Retirement Services (“PARS”) is a third-party and not affiliated with PFMAM, USBAM or U.S. Bank. PARS serves as the trust administrator to the Public Agencies Post-Employment Benefits Trust, Public Agencies Post-Retirement Health Care Plan Trust, and the Public Agency Retirement System Trust (the “Trusts”). U.S. Bank N.A. serves as the discretionary trustee to the Trust s. In its capacity as discretionary trustee, U.S. Bank N.A. delegates the investment management of the Trusts to its affiliate USBAM th rough a sub-advisory agreement. PARS is serviced by PFMAM, a division of USBAM. U.S. Bank N.A. pays the sub-adviser up to 67% of the annual management fee for assets sub-advised under its sub-advisory agreement with U.S. Bank N.A. Refer to your U.S. Bank N.A. fee schedule for investment management fees applied to your specif ic portfolio. U.S. Bank N.A. compensates the sub-adviser for these services from its own fees. The views expressed within this material constitute the perspective and judgment of U.S. Bancorp Asset Management, Inc. (USBA M) at the time of distribution and are subject to change. Any forecast, projection, or prediction of the market, the economy, ec onomic 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. Additional information on U.S. Bancorp Asset Management, Inc. and a description of its fees are described in its ADV which is available at www.adviserinfo.sec.gov. PFM Asset Management (PFMAM) 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. NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE 45 AC 07-28-2026 45 of 178 CITY OF CUPERTINO Agenda Item Subject: Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 and forward to City Council Presenter: Jonathan Orozco, Finance Director and City Treasurer, and Chandler Asset Management CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 46 AC 07-28-2026 46 of 178 AUDIT COMMITTEE STAFF REPORT Meeting: July 28, 2026 Subject Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 Recommended Action Receive the Treasurer's Investment Report for the Quarter Ending June 30, 2026 Reasons for Recommendation Background On May 19, 2026, 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 Finance Director 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 June 30, 2026. The report is as of July 23, 2026. 47 AC 07-28-2026 47 of 178 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 $331.3 million, a $14.0 million increase from the prior quarter. Cash and Investments – General Ledger Balance Fund Type General Fund Special Revenue Debt Service Capital Projects Enterprise Internal Service Total $317,362,114 $331,331,772 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. 48 AC 07-28-2026 48 of 178 Cash and Investments – Bank Balance Quarter Ending March 31, 2026 Quarter Ending June 30, 2026 % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo) 11,912,804 5,345,420 2% 34,369 14,961 0% Payroll Checking (Wells Fargo) - - 0% 1 - - 0% Cash Equivalents Local Agency Investment Fund 73,980,261 74,905,307 23% CalFIT 14,468,801 4% Investments Investments (Chandler) 205,686,359 207,356,231 63% Restricted for Pension2 (PARS) 25,892,783 28,499,534 9% Total Cash and Investments3 $317,506,576 $330,590,255 100% 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 June 2026 quarter, there the interest rate changed to 3.25%. 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). To maintain daily liquidity, the City utilizes the Local Agency Investment Fund (LAIF) and CalFIT as a buffer for short-term needs. The combination of the Government Advantage Checking account, LAIF, and CalFIT, 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. 49 AC 07-28-2026 49 of 178 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 $74.9 million. The quarterly interest rate was 3.92%. CalFIT CalFIT is a local government investment program managed by Chandler Asset Management, Inc. that provides public agencies with same-day liquidity while offering competitive short-term investment yields. Similar to the Local Agency Investment Fund (LAIF), CALFit invests in a diversified portfolio of high-quality, short-term securities designed to preserve principal and maintain liquidity. The City established a CALFit account during the quarter to further diversify its short- term investment options and enhance liquidity management. As staff continues refining the City's cash flow model, excess operating cash can be strategically allocated among the Government Advantage Checking account, LAIF, CALFit, and the City's longer-term investment portfolio based on anticipated cash needs and relative investment yields. This approach reduces idle cash balances while maintaining sufficient liquidity to meet the City's operational and seasonal cash flow requirements. 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. 50 AC 07-28-2026 50 of 178 The portfolio's total market value was $208.6 million, compared to $207.8 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. 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 May 19, 2026, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank acts as custodian, PFM 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 Section 115 Pension Trust had a balance of $28.5 million, an increase of $2.6 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $50.1 million, an increase of $4.5 million from the prior quarter mainly due to investment gains. The quarterly investment return for OPEB Trust was 10.05% and Pension Trust was 10.16%. 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. 51 AC 07-28-2026 51 of 178 City Work Program Item/Description None City Council Goal Fiscal Strategy California Environmental Quality Act Not applicable. _____________________________________ Prepared by: __________________ Jonathan Orozco Finance Director Approved for Submission by: __________________ Tina Kapoor City Manager Attachments: A – Chandler Investment Report June 2026 B – Chandler Custodial Statement June 2026 C – PARS Pension and OPEB Account Statement June 2026 D – LAIF Account Statement June 2026 F – CalFIT Statement June 2026 52 AC 07-28-2026 52 of 178 INVESTMENT REPORT City of Cupertino | As of June 30, 2026 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.53 AC 07-28-2026 53 of 178 TABLE OF CONTENTS ECONOMIC UPDATE ACCOUNT PROFILE CONSOLIDATED INFORMATION PORTFOLIO HOLDINGS TRANSACTIONS 54 AC 07-28-2026 54 of 178 ECONOMIC UPDATE 55 AC 07-28-2026 55 of 178 ▪ ▪ ▪ Energy prices and inflation remained the primary drivers of the macro backdrop as the U.S.-Israel-Iran conflict entered its third month, disrupting global oil supply. Headline CPI accelerated at the fastest pace in more than three years, reflecting volatility in the energy component. Crude oil, however, retraced roughly 20%from its May–early June peak as diplomatic progress between the United States and Iran pointed to a potential framework for de-escalation. The labor market remained resilient, with continued payroll growth and subdued jobless claims. Risk assets held firm,as equities hovered near record highs and credit spreads remained historically tight amid broadly better-than-expected corporate earnings. Taken together, the current market environment has further constrained the case for near-term monetary policy easing, leading the Chandler team to push out its expected timing for rate cuts beyond the six-month investment horizon. The Federal Reserve’s June FOMC meeting ended with policymakers unanimously holding the target range at 3.50%–3.75%,a notable shift from the 8–4 split at April’s meeting, which marked Jerome Powell’s final session as Chair. Under new Chair Kevin Warsh, sworn in on May 22,the Committee released an unusually concise statement that referenced Middle East tensions and energy supply disruptions while removing prior forward guidance that had suggested a bias toward rate cuts. Updated projections leaned more hawkish, with 9 of 18 officials expecting at least one rate hike this year and 6 anticipating multiple increases. The shift signals that restoring price stability has reemerged as the central focus of monetary policy deliberations. The Treasury yield curve flattened modestly in June as short-term yields responded to a more hawkish shift in Federal Reserve guidance. The 2-year yield rose to 4.15% from 3.98% the prior month, while the 10-year yield edged down slightly to 4.44% from 4.45%.As a result, the 2s/10s spread narrowed to 29 basis points, down from roughly 47 basis points a month earlier and significantly below the 69 basis point spread at the start of the year. Meanwhile, the 3-month/10-year spread remained positive at 64 basis points. Front-end rates absorbed the bulk of the Fed’s updated rate outlook, while longer maturities were partly anchored by a late-month decline in oil prices. ECONOMIC UPDATE 56 AC 07-28-2026 56 of 178 -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% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) Nonfarm payrolls increased by just 57,000 in June, well below the 113,000 consensus and marking a sharp slowdown from May’s pace. The unemployment rate edged down to 4.2%, though the decline was driven by a drop in labor force participation to 61.5%, its lowest level since March 2021.Revisions further weakened the report’s signal. April payrolls were revised down by 31,000 to 148,000, while May was lowered by 43,000 to 129,000, resulting in a combined two-month downward revision of 74,000. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 57 AC 07-28-2026 57 of 178 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 ) Job openings were essentially unchanged at 7.6 million in May, remaining elevated by historical standards even as hiring momentum moderates. Gains in wholesale trade and accommodation and food services were offset by declines in health care and social assistance,as well as finance and insurance. April openings were revised down by 33,000 to 7.6 million, while hires were revised up by 99,000, highlighting ongoing churn but a broadly stable labor market backdrop. Source: US Department of Labor JOB OPENINGS & LABOR TURNOVER SURVEY 58 AC 07-28-2026 58 of 178 Source: Bloomberg Indices Source: Bloomberg Indices ENERGY MARKETS Crude oil prices declined sharply in June as supply disruptions tied to the Middle East conflict began to ease. Tanker traffic through the Strait of Hormuz normalized, and signs of progress in U.S.–Iran negotiations helped unwind the geopolitical risk premium that had driven prices higher earlier in the year. West Texas Intermediate settled near $69.37 per barrel on June 30,while Brent crude closed around $72.96, both well below their recent peaks.Brent’s 21%monthly decline marked its steepest drop since March 2020,while WTI fell more than 20%, its largest monthly loss since late 2021.Beyond crude, broader energy markets also softened. Refined product cracks narrowed as gasoline and diesel demand showed signs of seasonal moderation, while U.S. natural gas prices remained range-bound amid ample storage and steady production. Taken together, the retracement in oil and broader energy prices reflects a rapid compression in geopolitical risk premia and improved near-term supply visibility, even as underlying structural risks in the region remain unresolved. 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 US Fuel Prices Average Retail Price US Diesel Average Retail Price US Gas ($ ) Pe r G a l l o n 40 60 80 100 120 140 160 Oil Prices West Texas Intermediate (WTI Spot Cushing) Dated Brent (Global Spot) Pr i c e Pe r B a r r e l ( W T I S p o t ) 59 AC 07-28-2026 59 of 178 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e 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 Inflation firmed in May, with the Personal Consumption Expenditures (PCE) price index rising 0.4%on the month and 4.1% year over year, up from 3.8%in April and marking the highest annual rate of the current cycle. Core PCE, which excludes food and energy, increased 0.3% in May and 3.4% over the year. Energy prices remained the primary driver of the headline acceleration, reflecting supply disruptions tied to the Iranian conflict. A similar pattern was evident in the headline Consumer Price Index (CPI), which rose 0.5%on the month and 4.2% year over year, the fastest annual pace since 2023.Energy prices climbed 3.9%in May and 23.5% from a year earlier, largely due to crude oil reaching a four-year high.In contrast, core CPI rose a more modest 0.2%on the month and 2.9% year over year, indicating that inflation pressures remain concentrated in energy rather than broad-based. Source: US Department of Labor Source: US Department of Commerce INFLATION 60 AC 07-28-2026 60 of 178 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Retail sales rose a robust 0.9%in May to $763.7 billion, nearly double the pace economists had penciled in and an acceleration from April's downwardly revised 0.4% gain. The closely watched control group, which feeds directly into gross domestic product calculations, advanced 0.7%, pointing to durable underlying demand. Gasoline station receipts rose as energy prices stayed high, while auto sales rebounded after an April pullback. The Conference Board's Consumer Confidence Index ticked up 0.6 points to 91.2 in June, though the improvement masked a further deterioration in how households view the job market, with the share calling jobs ‘hard-to-get’climbing to a five year high. Spending has proven more resilient than sentiment across recent months. 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 61 AC 07-28-2026 61 of 178 -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) edged up 0.1%in May to 99.3, following a revised 0.2% increase in April. Despite the monthly gains, the LEI’s six- and twelve-month growth rates remained negative at -0.6% and -1.5%, respectively. The advance was driven primarily by financial components, including equity prices and the interest rate spread, while consumer expectations continued to weigh on the index. The Chicago Fed National Activity Index fell to -0.10 in May from an upwardly revised 0.19 in April. Production-related and employment-related indicators each subtracted from the index, while the sales, orders, and inventories category made a small positive contribution. Source: The Conference Board Source: Federal Reserve Bank of Chicago LEADING INDICATORS OF ECONOMIC ACTIVITY 62 AC 07-28-2026 62 of 178 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 declined sharply in May to a seasonally adjusted annual rate of 1,177,000, a 15.4% drop from a downwardly revised 1,392,000 in April. The pullback was driven primarily by multifamily construction, while single-family starts edged down a more modest 1.9%to 882,000; total multifamily starts came in at 295,000 units. The S&P CoreLogic Case-Shiller 20-City Composite rose 1.1% year over year in April, marking its first pickup since November 2025,following an upwardly revised 0.9% gain in March. Freddie Mac’s average 30- year fixed mortgage rate increased to 6.44% in May from 6.33% in April, reinforcing ongoing affordability constraints for prospective buyers. 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 63 AC 07-28-2026 63 of 178 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING Manufacturing activity cooled slightly in June, with the Institute for Supply Management's Manufacturing Index easing to 53.3%, down 0.7 percentage point from May but still marking a sixth consecutive month of expansion. Services activity also moderated,as the ISM Services Index eased to 54.0% from 54.5%, a twenty-fourth consecutive month in expansion territory. Business activity and new orders both slowed, though the employment component jumped to 51.2% from 47.9%, its strongest reading since late 2021 and the first expansion in services hiring in four months. Source: Institute for Supply Management PURCHASING MANAGERS INDEX (PMI) 64 AC 07-28-2026 64 of 178 Components of GDP 6/25 9/25 12/25 3/26 1.7% 2.3% 1.3% 0.4% -2.7% 0.0% 0.4% 1.4% 4.8% 1.6% -0.2% -0.4% -0.4% 0.2% -1.2% 0.6% 0.3% 0.2% 0.2% 0.2% 3.8% 4.4% 0.5% 2.1% Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total State and Local (Consumption and Gross Investment)-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce Real gross domestic product increased at an annualized rate of 2.1%in the first quarter of 2026,according to the Bureau of Economic Analysis’third estimate,up from 1.6%in the prior estimate and an acceleration from 0.5%in the fourth quarter of 2025.The 0.5 percentage point upward revision was driven primarily by a downward revision to imports—which subtract from GDP—partly offset by a downward revision to consumer spending. GROSS DOMESTIC PRODUCT (GDP) 65 AC 07-28-2026 65 of 178 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 Open Market Committee (FOMC) held the target range for the federal funds rate at 3.50%to 3.75%at its June 16–17 meeting, with a unanimous 12–0 vote. This marked a notable shift from the April meeting—Jerome Powell’s last as chair—which saw four dissents in an 8–4 decision. The return to consensus under Chair Kevin Warsh signals a clear change in tone. Minutes from the June meeting are scheduled for release in early July. The June Summary of Economic Projections reflected a more hawkish outlook. The median projection for the federal funds rate at year-end 2026 rose to 3.8%,up from 3.4%in March, before easing to 3.6%in 2027 and 3.4%in 2028.Officials also revised their inflation forecasts, with headline PCE projected at 3.6%in 2026 (from 2.7%) and core PCE at 3.3%.By contrast, median projections for real GDP growth and the unemployment rate—2.2% and 4.3%, respectively—were little changed. FEDERAL RESERVE 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Effective Federal Funds Rate Recession Yi e l d ( % ) 66 AC 07-28-2026 66 of 178 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 ( % ) 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% US Treasury Yield Curve Jun-26 Mar-26 Jun-25 Yi e l d ( % ) Treasury yields ended June mixed, with a modest flattening across the curve as markets digested a more hawkish Federal Reserve signal. The 2-year yield rose to 4.15% from 3.98%at the end of May, while the 10-year yield edged down to 4.44% from 4.45%. The 2s/10s spread narrowed to 29 basis points, down from 47 basis points a month earlier. The 3-month/10-year spread remained positive at roughly 64 basis points at month-end. Relative to the 69 basis point spread at the start of 2026,the curve has flattened materially year to date, reflecting a repricing higher in front-end rates as expectations shift toward the possibility of further Fed tightening rather than easing. BOND YIELDS 67 AC 07-28-2026 67 of 178 ACCOUNT PROFILE 68 AC 07-28-2026 68 of 178 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. 69 AC 07-28-2026 69 of 178 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2026 Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES Max % (MV)100.0 11.6 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 11.6 Compliant Max Maturity (Years)5.0 4.6 Compliant ASSET-BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS)20.0 7.8 Compliant Max % Issuer (MV)5.0 1.6 Compliant Max Maturity (Years)5 4 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV)40.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)180 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COLLATERALIZED TIME DEPOSITS (NON- NEGOTIABLE CD/TD) Max % (MV; FDIC & Collateralized CD/TD)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COMMERCIAL PAPER Max % (MV)25.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)270 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CORPORATE MEDIUM TERM NOTES 70 AC 07-28-2026 70 of 178 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2026 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 27.0 Compliant Max % Issuer (MV)5.0 1.3 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE CD/TD) Max % (MV; FDIC & Collateralized CD/TD)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant FEDERAL AGENCIES Max % (MV)100.0 3.4 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 11.6 Compliant Max Callables (MV)20.0 0.0 Compliant Max Maturity (Years)5 1 Compliant LOCAL AGENCY INVESTMENT FUND (LAIF) Max Concentration (MV)75.0 0.0 Compliant MONEY MARKET MUTUAL FUNDS Max % (MV)20.0 0.2 Compliant Min Rating (AAA by 2)0.0 0.0 Compliant MORTGAGE-BACKED SECURITIES (NON-AGENCY) Max % (MV)20.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, LOCAL AGENCY) Max % (MV)30.0 0.9 Compliant Max % Issuer (MV)5.0 0.9 Compliant Max Maturity (Years)5 3 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) 71 AC 07-28-2026 71 of 178 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2026 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A- by 1)0.0 0.0 Compliant NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant REPURCHASE AGREEMENTS Max % (MV)10.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)1.0 0.0 Compliant SUPRANATIONAL OBLIGATIONS Max % (MV)30.0 1.7 Compliant Max % Issuer (MV)10.0 1.7 Compliant Max Maturity (Years)5 3 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 47.3 Compliant Max Maturity (Years)5 4 Compliant 72 AC 07-28-2026 72 of 178 PORTFOLIO SUMMARY City of Cupertino | Account #10659 | As of June 30, 2026 Portfolio Characteristics Account Summary Top Issuers Average Modified Duration 2.52 Average Coupon 3.82% Average Purchase YTM 4.11% Average Market YTM 4.31% Average Credit Quality*AA+ Average Final Maturity 2.91 Average Life 2.77 End Values as of 03/31/2026 End Values as of 06/30/2026 Market Value 206,386,615.39 206,884,323.76 Accrued Interest 1,408,186.33 1,712,686.71 Total Market Value 207,794,801.72 208,597,010.47 Income Earned 2,049,095.66 2,104,316.42 Cont/WD 0.00 0.00 Par 207,849,407.81 209,750,558.47 Book Value 206,277,628.74 208,055,759.90 Cost Value 205,686,359.19 207,356,230.92 United States 47.26% Federal Home Loan Mortgage Corp 11.70% Farm Credit System 2.53% International Bank for Recon and Dev 1.66% Chase Issuance Trust 1.59% Guardian Life Global Funding 1.29% The Home Depot, Inc.1.26% Toyota Motor Corporation 1.22% Sector Allocation Maturity Distribution Credit Quality* Performance Review Total Rate of Return**1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19) City of Cupertino 0.08%0.41%0.67%3.09%4.63%4.71%1.89%--2.33% Benchmark Return 0.06%0.24%0.43%2.71%4.12%4.25%1.54%--2.06% *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 73 AC 07-28-2026 73 of 178 PORTFOLIO CHARACTERISTICS City of Cupertino | Account #10659 | As of June 30, 2026 Benchmark*6/30/2026 Portfolio 3/31/2026 Portfolio Average Maturity (yrs)2.64 2.91 2.96 Average Modified Duration 2.46 2.52 2.56 Average Purchase Yield 4.11%4.01% Average Market Yield 4.16%4.31%4.04% Average Quality**AA+AA+AA+ Total Market Value 208,597,010 207,794,802 *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. 74 AC 07-28-2026 74 of 178 SECTOR DISTRIBUTION City of Cupertino | Account #10659 | As of June 30, 2026 Sector as a Percentage of Market Value Sector 06/30/2026 03/31/2026 US Treasury 47.26%44.82% Corporate 26.95%28.58% Agency CMBS 11.70%11.42% ABS 7.90%7.43% Agency 3.44%3.47% Supras 1.66%2.87% Muni Bonds 0.84%0.86% Money Mkt Fd 0.22%0.53% 75 AC 07-28-2026 75 of 178 DURATION ALLOCATION City of Cupertino | Account #10659 | As of June 30, 2026 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ 06/30/2026 1.2%3.2%10.7%16.3%28.4%33.3%6.9%0.0%0.0% 76 AC 07-28-2026 76 of 178 ISSUERS City of Cupertino | Account #10659 | As of June 30, 2026 Issuer Investment Type % Portfolio United States US Treasury 47.26% Federal Home Loan Mortgage Corp Agency CMBS 11.70% Farm Credit System Agency 2.53% International Bank for Recon and Dev Supras 1.66% Chase Issuance Trust ABS 1.59% Guardian Life Global Funding Corporate 1.29% The Home Depot, Inc.Corporate 1.26% Toyota Motor Corporation Corporate 1.22% Meta Platforms, Inc.Corporate 1.15% New York Life Insurance Company Corporate 1.15% Deere & Company Corporate 0.98% Northwestern Mutual Global Funding Corporate 0.97% UnitedHealth Group Incorporated Corporate 0.92% Federal Home Loan Banks Agency 0.91% Simon Property Group, Inc.Corporate 0.90% Mastercard Incorporated Corporate 0.85% Chubb Limited Corporate 0.85% State of California Muni Bonds 0.84% Caterpillar Inc.Corporate 0.84% American Honda Finance Corporation Corporate 0.84% Prudential Financial, Inc.Corporate 0.83% The Goldman Sachs Group, Inc.Corporate 0.81% Bank of America Credit Card Trust ABS 0.79% Mercedes-Benz Auto Lease Trust ABS 0.78% Berkshire Hathaway Inc.Corporate 0.77% PepsiCo, Inc.Corporate 0.73% Citigroup Inc.ABS 0.72% Prologis, Inc.Corporate 0.72% Bank of America Corporation Corporate 0.72% JPMorgan Chase & Co.Corporate 0.72% 77 AC 07-28-2026 77 of 178 ISSUERS City of Cupertino | Account #10659 | As of June 30, 2026 Issuer Investment Type % Portfolio The Progressive Corporation Corporate 0.72% Alphabet Inc.Corporate 0.71% Morgan Stanley Corporate 0.70% Realty Income Corporation Corporate 0.69% American Express Credit Master Trust ABS 0.69% Marsh & McLennan Companies, Inc.Corporate 0.68% WF Card Issuance Trust ABS 0.66% Salesforce, Inc.Corporate 0.65% Visa Inc.Corporate 0.64% Met Tower Global Funding Corporate 0.62% Toyota Auto Receivables Owner Trust ABS 0.57% Hyundai Motor Company Corporate 0.53% Cargill, Incorporated Corporate 0.52% NVIDIA Corporation Corporate 0.51% BMW Vehicle Lease Trust ABS 0.51% Nat Rural Util Coop Fin Corp Corporate 0.49% Massachusetts Mutual Life Insurance Corporate 0.48% Pacific Life Global Funding II Corporate 0.48% Hyundai Auto Lease Sec Trust ABS 0.37% Honda Auto Receivables Owner Trust ABS 0.32% GM Financial Securitized Term ABS 0.32% Wells Fargo & Company Money Mkt Fd 0.22% Mercedes-Benz Auto Receivables Trust ABS 0.21% BMW Vehicle Owner Trust ABS 0.21% John Deere Owner Trust ABS 0.16% WC MMF Sweep Cash 0.03% Cash Cash 0.00% TOTAL 100.00% 78 AC 07-28-2026 78 of 178 QUALITY DISTRIBUTION City of Cupertino | Account #10659 | As of June 30, 2026 S&P Rating Moody’s Rating Fitch Rating Rating 06/30/2026 03/31/2026 AAA 10.50%11.34% AA 69.91%65.98% A 15.59%17.45% BBB 1.33%1.34% A-1+--0.95% NA 2.66%2.94% Rating 06/30/2026 03/31/2026 Aaa 6.07%7.57% Aa 72.47%69.14% A 16.57%17.86% P-1 --0.95% NA 4.89%4.47% Rating 06/30/2026 03/31/2026 AAA 16.03%15.60% AA 59.66%58.14% A 11.31%10.20% F1+--0.95% NA 12.99%15.11% 79 AC 07-28-2026 79 of 178 DURATION DISTRIBUTION City of Cupertino | Account #10659 | As of June 30, 2026 Portfolio Compared to the Benchmark 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ Portfolio 1.2%3.2%10.7%16.3%28.4%33.3%6.9%0.0%0.0% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.0%0.0%2.5%36.2%28.4%20.6%12.3%0.0%0.0% 80 AC 07-28-2026 80 of 178 INVESTMENT PERFORMANCE City of Cupertino | Account #10659 | As of June 30, 2026 Total and Realized Rate of Return : Inception | 02/01/2019 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN* City of Cupertino Gross of Fees 0.41%3.09%4.63%4.71%1.89%2.33% City of Cupertino Net of Fees 0.39%3.02%4.56%4.65%1.83%2.26% Benchmark 0.24%2.71%4.12%4.25%1.54%2.06% REALIZED RATE OF RETURN City of Cupertino 1.02%3.94%3.48% *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 81 AC 07-28-2026 81 of 178 PORTFOLIO CHARACTERISTICS City of Cupertino Reporting | Account #10663 | As of June 30, 2026 6/30/2026 Portfolio 3/31/2026 Portfolio Average Maturity (yrs)0.00 0.00 Average Modified Duration 0.00 0.00 Average Purchase Yield 3.77%3.29% Average Market Yield 3.77%3.29% Average Quality**AAA AAA Total Market Value 95,445,962 86,638,115 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 82 AC 07-28-2026 82 of 178 SECTOR DISTRIBUTION City of Cupertino Reporting | Account #10663 | As of June 30, 2026 Sector as a Percentage of Market Value Sector 06/30/2026 03/31/2026 LAIF 78.48%85.39% LGIP 15.16%-- Cash 6.36%14.61% 83 AC 07-28-2026 83 of 178 CONSOLIDATED INFORMATION 84 AC 07-28-2026 84 of 178 PORTFOLIO CHARACTERISTICS City of Cupertino Cons | Account #10664 | As of June 30, 2026 6/30/2026 Portfolio 3/31/2026 Portfolio Average Maturity (yrs)1.99 2.09 Average Modified Duration 1.72 1.81 Average Purchase Yield 4.00%3.80% Average Market Yield 4.14%3.82% Average Quality**AA+AA+ Total Market Value 304,042,972 294,432,916 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 85 AC 07-28-2026 85 of 178 SECTOR DISTRIBUTION City of Cupertino Cons | Account #10664 | As of June 30, 2026 Sector as a Percentage of Market Value Sector 06/30/2026 03/31/2026 US Treasury 32.34%31.57% LAIF 24.78%25.25% Corporate 18.44%20.13% Agency CMBS 8.01%8.05% ABS 5.40%5.23% LGIP 4.79%-- Agency 2.35%2.44% Cash 2.03%4.34% Supras 1.13%2.02% Muni Bonds 0.58%0.60% Money Mkt Fd 0.15%0.37% 86 AC 07-28-2026 86 of 178 PORTFOLIO HOLDINGS 87 AC 07-28-2026 87 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 44934FAD7 HALST 2024-B A3 5.41 05/17/2027 135,797.59 05/14/2024 5.41% 135,793.82 135,796.49 100.11 3.96% 135,952.13 326.52 0.07% 155.65 NA/AAA AAA 0.88 0.08 89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 427,019.00 11/21/2023 5.65% 425,284.24 426,310.41 100.30 4.31% 428,311.59 979.30 0.21% 2,001.18 NA/AAA AAA 1.80 0.34 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 331,773.72 -- 5.64% 332,594.98 332,036.30 100.62 4.34% 333,814.13 522.54 0.16% 1,777.83 Aaa/NA AAA 1.98 0.42 05594HAD5 BMWLT 2025-2 A3 3.97 09/25/2028 1,050,000.00 10/08/2025 4.32% 1,049,997.06 1,049,997.77 99.67 4.34% 1,046,585.40 694.75 0.51% (3,412.37) NA/AAA AAA 2.24 0.97 58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 433,673.99 11/29/2023 3.88% 442,855.68 436,862.80 100.76 4.41% 436,959.51 1,146.83 0.21% 96.71 NA/AAA AAA 2.38 0.47 47800RAD5 JDOT 2024 A3 4.96 11/15/2028 331,331.05 03/25/2024 5.13% 331,175.74 331,251.47 100.37 4.44% 332,565.92 730.40 0.16% 1,314.45 Aaa/NA AAA 2.38 0.65 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024 4.58% 858,798.83 851,184.55 100.32 4.15% 852,717.45 1,881.33 0.41% 1,532.90 Aaa/NA AAA 0.38 0.36 437930AC4 HAROT 2024-2 A3 5.27 11/20/2028 332,043.31 05/14/2024 5.27% 332,002.97 332,021.89 100.54 4.37% 333,843.98 631.90 0.16% 1,822.09 NA/AAA AAA 2.39 0.56 448970AD5 HALST 2026-A A3 3.97 12/15/2028 635,000.00 01/12/2026 3.98% 634,906.91 634,921.06 99.32 4.46% 630,713.12 1,120.42 0.30% (4,207.95) NA/AAA AAA 2.46 1.49 36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 651,739.89 -- 4.97% 650,706.39 651,189.97 100.28 4.28% 653,541.96 1,317.06 0.32% 2,351.99 Aaa/NA AAA 2.47 0.45 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4.61% 1,689,742.61 1,689,867.89 100.22 4.22% 1,693,719.69 3,455.11 0.82% 3,851.80 NA/AAA AAA 2.55 0.52 096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 431,494.98 06/04/2024 5.18% 431,429.44 431,458.00 100.51 4.33% 433,679.21 372.52 0.21% 2,221.21 Aaa/AAA NA 2.66 0.56 58770XAD5 MBALT 2025-B A3 3.88 04/16/2029 1,045,000.00 10/16/2025 4.57% 1,044,828.52 1,044,862.49 99.38 4.35% 1,038,494.88 1,802.04 0.50% (6,367.62) NA/AAA AAA 2.79 1.41 05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024 4.93% 784,955.96 784,974.39 100.65 4.21% 790,067.18 1,720.02 0.38% 5,092.79 Aaa/AAA NA 2.87 0.84 58770YAD3 MBALT 2026-A A3 3.93 01/15/2030 570,000.00 01/13/2026 3.97% 569,886.97 569,899.48 99.21 4.40% 565,515.81 995.60 0.27% (4,383.67) Aaa/NA AAA 3.54 1.78 02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025 4.28% 1,419,974.30 1,419,980.22 99.90 4.38% 1,418,568.64 2,701.16 0.69% (1,411.58) NA/AAA AAA 3.79 1.69 88 AC 07-28-2026 88 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 1,364,982.20 100.03 4.36% 1,365,423.15 2,632.93 0.66% 440.95 NA/AAA AAA 3.87 1.76 17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025 3.90% 1,515,000.00 1,510,979.70 99.83 4.39% 1,497,465.00 1,791.67 0.72% (13,514.70) Aaa/AAA NA 3.97 1.87 89240QAD7 TAOT 2026-B A3 4.13 12/16/2030 760,000.00 04/14/2026 4.27% 759,839.72 759,846.41 99.42 4.46% 755,567.68 1,395.02 0.37% (4,278.73) Aaa/AAA NA 4.46 1.97 161571JA3 CHAIT 2026-1 A 4.4 05/15/2029 1,595,000.00 05/21/2026 4.45% 1,594,622.62 1,594,634.47 100.06 4.42% 1,596,033.56 6,433.17 0.77% 1,399.09 NA/AAA AAA 2.87 2.63 16,369,374.10 100.00 16,339,539.96 7.90%2.89 Total ABS 16,339,873.54 4.50%16,353,057.94 4.34%32,650.29 (13,517.97)1.29 AGENCY 3130B0TY5 FEDERAL HOME LOAN BANKS 4.75 04/09/2027 1,875,000.00 04/10/2024 4.85% 1,870,050.00 1,873,722.87 100.52 4.06% 1,884,682.50 20,286.46 0.91% 10,959.63 Aa1/AA+ AA+ 0.77 0.75 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 2,403,697.40 100.52 4.11% 2,412,568.80 17,416.67 1.17% 8,871.40 Aa1/AA+ AA+ 0.85 0.82 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 2,796,430.68 100.52 4.22% 2,814,672.00 16,547.22 1.36% 18,241.32 Aa1/AA+ AA+ 1.38 1.31 7,072,214.00 100.52 7,111,923.30 3.44%1.04 Total Agency 7,075,000.00 4.70%7,073,850.95 4.14%54,250.35 38,072.35 0.99 AGENCY CMBS 3137BSP72 FHMS K-058 A2 2.653 08/25/2026 537,800.82 11/12/2021 1.36% 568,787.39 538,359.95 99.68 3.63% 536,085.78 1,188.99 0.26% (2,274.18) Aa1/AA+ AAA 0.15 0.15 3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,929,399.14 07/01/2024 4.86% 1,845,816.97 1,883,506.82 98.38 4.42% 1,898,102.36 6,063.14 0.92% 14,595.54 Aa1/AAA AA+ 2.49 2.22 3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024 4.70% 1,228,178.44 1,254,562.78 97.80 4.43% 1,259,680.74 3,824.29 0.61% 5,117.96 Aa1/AA+ AA+ 2.57 2.37 3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024 4.74% 1,801,718.75 1,889,170.83 94.87 4.43% 1,897,338.00 3,766.67 0.92% 8,167.17 Aa1/AA+ AAA 2.57 2.36 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024 4.50% 2,465,830.08 2,502,576.68 98.12 4.43% 2,502,095.70 7,841.25 1.21% (480.98) Aaa/AA+ AA+ 2.57 2.33 89 AC 07-28-2026 89 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025 4.25% 2,431,738.28 2,453,732.14 97.59 4.43% 2,439,825.00 7,302.08 1.18% (13,907.14) Aa1/AAA AA+ 2.73 2.45 3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,957,816.94 09/19/2024 3.82% 1,888,834.48 1,915,318.82 96.24 4.43% 1,884,181.49 4,865.18 0.91% (31,137.33) Aa1/AA+ AAA 2.90 2.54 3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024 4.47% 2,039,382.82 2,103,756.09 95.51 4.43% 2,101,156.20 5,105.83 1.02% (2,599.89) Aa1/AA+ AAA 2.99 2.70 3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024 4.00% 1,488,375.00 1,529,719.90 94.24 4.43% 1,507,812.80 3,233.33 0.73% (21,907.10) Aa1/AA+ AAA 3.15 2.88 3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025 4.21% 1,407,011.72 1,430,258.79 94.58 4.43% 1,418,764.50 3,243.75 0.69% (11,494.29) Aa1/AA+ AAA 3.24 2.94 3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025 4.37% 1,810,078.13 1,853,994.00 92.25 4.44% 1,844,956.00 3,448.33 0.89% (9,038.00) Aa1/AA+ AAA 3.57 3.33 3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025 3.96% 1,348,652.34 1,375,542.44 90.04 4.45% 1,350,600.00 1,846.25 0.65% (24,942.44) Aa1/AA+ AAA 3.82 3.48 3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025 3.99% 1,787,343.75 1,813,191.47 88.98 4.45% 1,779,620.00 2,305.00 0.86% (33,571.47) Aa1/AA+ AAA 3.99 3.75 3137FX3Q9 FHMS K-117 A2 1.406 08/25/2030 1,000,000.00 06/03/2026 4.46% 885,820.31 887,553.73 88.69 4.46% 886,929.00 1,171.67 0.43% (624.73) Aa1/AA+ AAA 4.15 3.88 3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026 4.11% 910,937.50 918,152.06 90.37 4.46% 903,728.00 1,756.67 0.44% (14,424.06) Aa1/AA+ AAA 4.57 4.22 23,908,505.97 94.82 24,210,875.56 11.70%3.05 Total Agency CMBS 25,563,016.90 4.26%24,349,396.51 4.42%56,962.42 (138,520.94)2.78 CASH 992995944 WC MMF SWEEP 53,252.50 -- 2.85% 53,252.50 53,252.50 1.00 1.80% 53,252.50 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 CCYUSD Receivable 4,328.15 --4,328.15 4,328.15 1.00 4,328.15 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 57,580.65 1.00 57,580.65 0.03%0.00 Total Cash 57,580.65 2.85%57,580.65 1.80%0.00 0.00 0.00 CORPORATE 90 AC 07-28-2026 90 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 084664CZ2 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022 2.30% 1,614,693.15 1,614,956.81 98.68 4.21% 1,593,693.31 10,937.14 0.77% (21,263.51) Aa2/AA A+ 0.71 0.69 79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,355,000.00 03/12/2026 4.37% 1,358,284.45 1,357,771.25 99.87 4.57% 1,353,289.99 18,292.50 0.65% (4,481.26) A2/A+ NA 1.71 1.60 58989V2M5 MET TOWER GLOBAL FUNDING 4.0 01/14/2029 1,310,000.00 01/07/2026 4.05% 1,308,310.10 1,308,569.14 98.60 4.59% 1,291,705.85 24,307.78 0.62% (16,863.29) Aa3/AA- AA- 2.54 2.34 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024 4.68% 1,481,235.00 1,489,293.31 99.74 4.48% 1,496,172.00 27,343.75 0.72% 6,878.69 A2/A NA 2.59 2.37 743315AV5 PROGRESSIVE CORP 4.0 03/01/2029 1,500,000.00 07/16/2024 4.72% 1,455,495.00 1,474,319.98 98.97 4.41% 1,484,511.00 20,000.00 0.72% 10,191.02 A2/A A 2.67 2.47 38151LAJ9 GOLDMAN SACHS BANK USA 4.656 06/03/2029 675,000.00 05/27/2026 4.57% 675,000.00 675,000.00 100.06 4.54% 675,417.83 2,444.40 0.33% 417.83 A1/A+ AA- 2.93 1.81 64952WFG3 NEW YORK LIFE GLOBAL FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024 5.12% 994,880.00 996,953.60 101.27 4.53% 1,012,705.00 3,472.22 0.49% 15,751.40 Aa1/AA+ AAA 2.93 2.69 437076BY7 HOME DEPOT INC 2.95 06/15/2029 1,663,000.00 09/17/2024 3.93% 1,593,203.89 1,619,453.03 96.03 4.40% 1,596,960.61 2,180.38 0.77% (22,492.43) A2/A A 2.96 2.78 44891AEN3 HYUNDAI CAPITAL AMERICA 4.75 06/18/2029 1,100,000.00 06/15/2026 4.79% 1,098,909.75 1,098,922.68 99.66 4.87% 1,096,239.10 1,886.81 0.53% (2,683.58) A3/A- A- 2.97 2.73 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,000,000.00 07/01/2024 4.93% 992,260.00 995,361.96 100.99 4.39% 1,009,897.00 791.67 0.49% 14,535.04 A2/A A 2.99 2.68 756109CB8 REALTY INCOME CORP 4.0 07/15/2029 1,463,000.00 08/08/2024 4.69% 1,419,212.41 1,436,012.65 98.17 4.65% 1,436,172.97 26,984.22 0.69% 160.32 A3/A- NA 3.04 2.77 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024 4.53% 1,497,675.00 1,498,584.12 100.31 4.39% 1,504,641.00 30,750.00 0.73% 6,056.88 A1/A+ NA 3.05 2.69 46647PAV8 JPMORGAN CHASE & CO 4.203 07/23/2029 1,500,000.00 09/17/2024 4.27% 1,496,610.00 1,498,181.86 99.14 4.84% 1,487,158.50 27,669.75 0.72% (11,023.36) A1/A AA- 3.06 1.92 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,500,000.00 09/17/2024 4.29% 1,498,710.00 1,499,308.14 99.21 4.88% 1,488,169.50 28,117.42 0.72% (11,138.64) A1/A- AA- 3.06 1.91 30303M8S4 META PLATFORMS INC 4.3 08/15/2029 912,000.00 08/12/2024 4.33% 910,584.09 911,115.25 99.78 4.38% 909,975.36 14,814.93 0.44% (1,139.89) Aa3/AA- NA 3.13 2.85 171239AL0 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 1,750,000.00 -- 4.44% 1,765,746.34 1,759,973.52 100.49 4.48% 1,758,617.00 30,741.67 0.85% (1,356.52) A2/A A 3.13 2.76 91324PDS8 UNITEDHEALTH GROUP INC 2.875 08/15/2029 2,000,000.00 09/17/2024 3.94% 1,906,080.00 1,940,199.38 95.34 4.49% 1,906,708.00 21,722.22 0.92% (33,491.38) A2/A+ A 3.13 2.91 91 AC 07-28-2026 91 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 02665WFQ9 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 1,750,000.00 10/02/2024 4.29% 1,758,102.50 1,755,236.43 98.95 4.76% 1,731,598.75 24,811.11 0.84% (23,637.68) A3/BBB+ A- 3.18 2.89 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 98.69 4.62% 1,189,225.35 13,288.64 0.57% (15,774.66) Aa1/AA+ NA 3.24 2.96 61748UAK8 MORGAN STANLEY 4.133 10/18/2029 1,470,000.00 10/17/2025 4.25% 1,470,184.60 1,470,142.00 98.64 4.70% 1,449,934.50 12,319.78 0.70% (20,207.50) A1/A- A+ 3.30 2.15 38141GD27 GOLDMAN SACHS GROUP INC 4.153 10/21/2029 1,025,000.00 10/14/2025 4.37% 1,025,000.00 1,025,000.00 98.59 4.72% 1,010,547.50 8,277.16 0.49% (14,452.50) A2/BBB+ A 3.31 2.15 14913UAU4 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 1,200,000.00 11/14/2024 4.74% 1,198,092.00 1,198,711.63 100.77 4.45% 1,209,266.40 7,206.67 0.58% 10,554.77 A1/A A+ 3.38 3.07 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 1,365,000.00 12/02/2024 4.61% 1,364,221.95 1,364,466.10 99.95 4.62% 1,364,280.65 4,534.83 0.66% (185.46) Aa1/AA+ AAA 3.43 3.13 89236TNA9 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 1,445,000.00 01/06/2025 5.00% 1,441,907.70 1,442,818.79 101.15 4.59% 1,461,585.71 34,174.25 0.71% 18,766.92 A1/A+ A+ 3.53 3.13 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 1,002,058.75 101.05 4.63% 1,010,538.00 19,800.00 0.49% 8,479.25 A2/NA A 3.61 3.14 571748CA8 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025 4.69% 1,397,340.00 1,398,026.88 99.90 4.68% 1,398,584.60 19,168.33 0.68% 557.73 A3/A- A- 3.71 3.32 57629TBX4 MASSMUTUAL GLOBAL FUNDING II 4.55 05/07/2030 1,000,000.00 05/01/2025 4.58% 998,670.00 998,975.91 99.26 4.76% 992,633.00 6,825.00 0.48% (6,342.91) Aa3/AA+ AA+ 3.85 3.47 66815L2W8 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025 4.51% 1,004,040.00 1,003,187.95 99.72 4.68% 997,198.00 3,577.78 0.48% (5,989.95) Aa1/AA+ AAA 3.93 3.54 828807DK0 SIMON PROPERTY GROUP LP 2.65 07/15/2030 2,000,000.00 08/19/2025 4.32% 1,853,380.00 1,879,181.84 92.73 4.64% 1,854,652.00 24,438.89 0.90% (24,529.84) A3/A NA 4.04 3.71 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 98.37 4.75% 1,475,488.50 15,324.79 0.71% (24,511.50) Aa1/AA+ NA 4.27 3.81 24422EYF0 JOHN DEERE CAPITAL CORP 4.375 10/15/2030 1,000,000.00 11/04/2025 4.22% 1,006,920.00 1,006,007.56 99.40 4.53% 993,959.00 9,236.11 0.48% (12,048.56) A1/A A+ 4.29 3.83 141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025 4.14% 1,099,171.70 1,099,285.56 97.93 4.66% 1,077,252.00 8,570.83 0.52% (22,033.56) A2/A NA 4.31 3.87 30303MAB8 META PLATFORMS INC 4.2 11/15/2030 1,500,000.00 11/13/2025 4.16% 1,502,895.00 1,502,530.10 98.43 4.60% 1,476,469.50 8,050.00 0.71% (26,060.60) Aa3/AA- NA 4.38 3.93 92 AC 07-28-2026 92 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 74153WCZ0 PRICOA GLOBAL FUNDING I 4.35 11/25/2030 1,750,000.00 12/08/2025 4.36% 1,749,440.00 1,749,503.05 98.33 4.77% 1,720,761.00 7,612.50 0.83% (28,742.05) Aa3/NA AA- 4.41 3.94 89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2 01/10/2031 1,080,000.00 01/07/2026 4.21% 1,079,665.20 1,079,696.40 98.20 4.64% 1,060,583.76 21,294.00 0.51% (19,112.64) A1/A+ A+ 4.53 3.99 66815L2Z1 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/2026 4.30% 1,019,908.20 1,019,916.70 98.44 4.69% 1,004,050.26 20,468.00 0.49% (15,866.44) Aa1/AA+ AAA 4.54 3.99 6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II 4.375 02/03/2031 1,000,000.00 01/29/2026 4.34% 1,001,380.00 1,001,268.15 98.72 4.69% 987,156.00 17,986.11 0.48% (14,112.15) Aa3/AA- AA- 4.60 4.04 92826CAZ5 VISA INC 4.1 02/12/2031 1,345,000.00 02/03/2026 4.13% 1,343,197.70 1,343,334.90 98.91 4.36% 1,330,348.92 21,292.10 0.64% (12,985.98) Aa3/AA- NA 4.62 4.09 02079KBK2 ALPHABET INC 4.1 02/15/2031 1,500,000.00 02/12/2026 4.10% 1,500,087.78 1,500,080.84 98.26 4.52% 1,473,870.00 23,575.00 0.71% (26,210.84) Aa2/AA+ NA 4.63 4.10 24422EYL7 JOHN DEERE CAPITAL CORP 4.2 03/10/2031 1,060,000.00 03/05/2026 4.20% 1,059,766.80 1,059,781.23 98.32 4.60% 1,042,178.22 13,727.00 0.50% (17,603.01) A1/A A+ 4.69 4.15 14913V2D9 CATERPILLAR FINANCIAL SERVICES CORP 4.5 05/15/2031 525,000.00 05/11/2026 4.53% 524,280.75 524,299.26 99.53 4.61% 522,516.23 3,018.75 0.25% (1,783.04) A1/A A+ 4.87 4.30 57636QBL7 MASTERCARD INC 4.6 06/08/2031 1,765,000.00 06/04/2026 4.62% 1,763,588.00 1,763,605.79 99.85 4.63% 1,762,287.20 5,187.14 0.85% (1,318.59) Aa3/A+ NA 4.94 4.36 67066GAR5 NVIDIA CORP 4.5 06/15/2031 1,065,000.00 06/15/2026 4.54% 1,062,976.50 1,062,990.93 99.65 4.58% 1,061,229.90 1,730.63 0.51% (1,761.03) Aa1/AA NA 4.96 4.39 Total Corporate 56,413,000.00 4.36% 55,998,979.17 56,129,083.42 98.87 4.59% 55,760,228.93 647,952.25 26.95% (368,854.49) 3.51 3.07 MONEY MARKET FUND VP4520004 WF ADV 100% TREAS MM FD-SVC CL #008 462,087.37 -- 0.01% 462,087.37 462,087.37 1.00 3.22% 462,087.37 0.00 0.22% 0.00 Aaa/AAAm NA 0.00 0.00 Total Money Market Fund 462,087.37 0.01% 462,087.37 462,087.37 1.00 3.22% 462,087.37 0.00 0.22% 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 1,745,973.62 100.46 4.34% 1,747,990.08 32,625.00 0.84% 2,016.46 Aa2/AA- AA 3.09 2.80 93 AC 07-28-2026 93 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 Municipal Bonds 1,740,000.00 4.38% 1,749,169.80 1,745,973.62 100.46 4.34% 1,747,990.08 32,625.00 0.84% 2,016.46 3.09 2.80 SUPRANATIONAL 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 1,730,614.55 99.00 4.20% 1,732,557.75 14,122.50 0.84% 1,943.20 Aaa/AAA NA 3.30 3.03 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 1,695,701.40 99.70 4.21% 1,694,879.60 19,673.96 0.82% (821.80) Aaa/AAA NA 3.72 3.38 Total Supranational 3,450,000.00 4.23% 3,415,730.00 3,426,315.96 99.35 4.21% 3,427,437.35 33,796.46 1.66% 1,121.39 3.51 3.20 US TREASURY 91282CCZ2 UNITED STATES TREASURY 0.875 09/30/2026 1,400,000.00 10/18/2021 1.19% 1,379,054.68 1,398,945.20 99.28 3.81% 1,389,864.00 3,079.24 0.67% (9,081.20) Aa1/AA+ AA+ 0.25 0.25 91282CDG3 UNITED STATES TREASURY 1.125 10/31/2026 1,400,000.00 11/15/2021 1.25% 1,391,468.75 1,399,424.65 99.08 3.92% 1,387,162.00 2,653.53 0.67% (12,262.65) Aa1/AA+ AA+ 0.34 0.33 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 2,500,000.00 12/28/2023 4.01% 2,525,097.66 2,503,873.67 100.23 3.85% 2,505,800.00 4,781.42 1.21% 1,926.33 Aa1/AA+ AA+ 0.46 0.45 912828V98 UNITED STATES TREASURY 2.25 02/15/2027 3,000,000.00 06/29/2026 3.99% 2,968,007.81 2,968,146.91 98.92 4.01% 2,967,651.00 25,359.12 1.43% (495.91) Aa1/AA+ AA+ 0.63 0.61 91282CKJ9 UNITED STATES TREASURY 4.5 04/15/2027 2,300,000.00 04/17/2024 4.77% 2,283,109.38 2,295,545.33 100.36 4.02% 2,308,332.90 21,774.59 1.12% 12,787.57 Aa1/AA+ AA+ 0.79 0.76 91282CKR1 UNITED STATES TREASURY 4.5 05/15/2027 3,200,000.00 05/08/2024 4.65% 3,186,500.00 3,196,079.45 100.33 4.10% 3,210,688.00 18,391.30 1.55% 14,608.55 Aa1/AA+ AA+ 0.87 0.84 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 3,250,000.00 -- 3.18% 3,260,312.50 3,252,003.31 99.16 4.12% 3,222,729.25 287.02 1.56% (29,274.06) Aa1/AA+ AA+ 1.00 0.97 91282CFB2 UNITED STATES TREASURY 2.75 07/31/2027 400,000.00 08/22/2022 3.12% 393,218.75 398,514.37 98.54 4.15% 394,140.80 4,588.40 0.19% (4,373.57) Aa1/AA+ AA+ 1.08 1.04 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 4,500,000.00 -- 3.28% 4,468,902.34 4,492,706.40 98.86 4.13% 4,448,673.00 47,002.38 2.15% (44,033.40) Aa1/AA+ AA+ 1.17 1.12 94 AC 07-28-2026 94 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 3,450,000.00 -- 4.31% 3,421,152.34 3,442,678.64 99.97 4.14% 3,449,058.15 35,772.54 1.67% 6,379.51 Aa1/AA+ AA+ 1.25 1.19 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 850,000.00 12/05/2022 3.81% 852,656.25 850,754.55 99.61 4.16% 846,646.75 2,789.79 0.41% (4,107.80) Aa1/AA+ AA+ 1.42 1.36 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 2,750,000.00 -- 3.67% 2,775,107.42 2,757,652.34 99.58 4.17% 2,738,397.75 289.57 1.32% (19,254.59) Aa1/AA+ AA+ 1.50 1.44 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/07/2023 3.81% 2,957,929.69 2,986,601.37 98.97 4.18% 2,969,064.00 43,798.34 1.44% (17,537.37) Aa1/AA+ AA+ 1.59 1.50 91282CGP0 UNITED STATES TREASURY 4.0 02/29/2028 3,700,000.00 -- 4.01% 3,699,113.28 3,699,749.06 99.73 4.16% 3,690,172.80 49,467.39 1.78% (9,576.26) Aa1/AA+ AA+ 1.67 1.57 91282CNY3 UNITED STATES TREASURY 3.375 09/15/2028 5,000,000.00 10/28/2025 3.50% 4,982,812.50 4,986,815.29 98.34 4.17% 4,916,795.00 49,524.46 2.38% (70,020.29) Aa1/AA+ AA+ 2.21 2.08 91282CQA2 UNITED STATES TREASURY 3.5 02/15/2029 4,000,000.00 04/27/2026 3.81% 3,966,718.75 3,968,798.83 98.34 4.17% 3,933,752.00 52,596.69 1.90% (35,046.83) Aa1/AA+ AA+ 2.63 2.45 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 2,300,000.00 04/17/2024 4.62% 2,249,867.19 2,272,160.76 99.88 4.17% 2,297,304.40 23,848.36 1.11% 25,143.64 Aa1/AA+ AA+ 2.75 2.55 91282CKX8 UNITED STATES TREASURY 4.25 06/30/2029 2,000,000.00 07/01/2024 4.41% 1,985,546.88 1,991,323.37 100.23 4.17% 2,004,532.00 230.98 0.97% 13,208.63 Aa1/AA+ AA+ 3.00 2.79 91282CLK5 UNITED STATES TREASURY 3.625 08/31/2029 3,500,000.00 09/11/2024 3.45% 3,527,480.47 3,517,537.18 98.40 4.17% 3,443,944.00 42,406.59 1.66% (73,593.18) Aa1/AA+ AA+ 3.17 2.92 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 5,000,000.00 -- 3.83% 4,925,039.06 4,950,936.14 97.97 4.17% 4,898,440.00 43,989.07 2.37% (52,496.14) Aa1/AA+ AA+ 3.25 3.01 91282CLR0 UNITED STATES TREASURY 4.125 10/31/2029 3,000,000.00 10/31/2024 4.17% 2,993,789.06 2,995,854.84 99.84 4.18% 2,995,194.00 20,849.18 1.45% (660.84) Aa1/AA+ AA+ 3.34 3.06 91282CMD0 UNITED STATES TREASURY 4.375 12/31/2029 4,400,000.00 -- 4.53% 4,369,171.88 4,378,223.83 100.64 4.17% 4,428,358.00 523.10 2.14% 50,134.17 Aa1/AA+ AA+ 3.50 3.21 91282CMG3 UNITED STATES TREASURY 4.25 01/31/2030 4,000,000.00 02/07/2025 4.34% 3,983,906.25 3,988,390.52 100.22 4.18% 4,008,752.00 70,911.60 1.94% 20,361.48 Aa1/AA+ AA+ 3.59 3.24 91282CGQ8 UNITED STATES TREASURY 4.0 02/28/2030 4,500,000.00 -- 4.01% 4,496,958.99 4,497,715.63 99.39 4.18% 4,472,752.50 60,163.04 2.16% (24,963.13) Aa1/AA+ AA+ 3.67 3.33 91282CNK3 UNITED STATES TREASURY 3.875 06/30/2030 5,000,000.00 -- 3.78% 5,020,507.81 5,018,010.74 98.84 4.19% 4,942,190.00 526.49 2.39% (75,820.74) Aa1/AA+ AA+ 4.00 3.66 91282CHR5 UNITED STATES TREASURY 4.0 07/31/2030 5,000,000.00 10/23/2025 3.59% 5,089,062.50 5,076,273.51 99.27 4.19% 4,963,670.00 83,425.41 2.40% (112,603.51) Aa1/AA+ AA+ 4.08 3.67 95 AC 07-28-2026 95 of 178 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2026 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 91282CNX5 UNITED STATES TREASURY 3.625 08/31/2030 5,000,000.00 -- 3.66% 4,991,425.79 4,992,876.07 97.83 4.20% 4,891,600.00 60,580.84 2.36% (101,276.07) Aa1/AA+ AA+ 4.17 3.77 91282CPA3 UNITED STATES TREASURY 3.625 09/30/2030 5,000,000.00 -- 3.59% 5,008,789.06 5,007,563.14 97.80 4.20% 4,889,845.00 45,560.11 2.36% (117,718.14) Aa1/AA+ AA+ 4.25 3.86 91282CPN5 UNITED STATES TREASURY 3.5 11/30/2030 1,750,000.00 12/15/2025 3.73% 1,731,816.41 1,733,795.51 97.20 4.20% 1,700,917.75 5,187.84 0.82% (32,877.76) Aa1/AA+ AA+ 4.42 4.03 91282CQG9 UNITED STATES TREASURY 3.875 03/31/2031 3,500,000.00 05/21/2026 4.28% 3,438,066.41 3,439,462.88 98.58 4.21% 3,450,233.50 34,091.53 1.67% 10,770.62 Aa1/AA+ AA+ 4.75 4.25 Total US Treasury 98,650,000.00 3.83% 98,322,589.86 98,458,413.49 99.11 4.15% 97,766,660.55 854,449.94 47.26% (691,752.94) 2.66 2.44 Total Portfolio 209,750,558.47 4.11% 207,356,230.92 208,055,759.90 98.43 4.31% 206,884,323.76 1,712,686.71 100.00% (1,171,436.14) 2.91 2.52 Total Market Value + Accrued 208,597,010.47 96 AC 07-28-2026 96 of 178 HOLDINGS REPORT City of Cupertino Reporting | Account #10663 | As of June 30, 2026 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$02 Wells Fargo WC Distribution Account 14,961.31 01/31/2026 0.00% 14,961.31 14,961.31 1.00 0.00% 14,961.31 0.00 0.02% 0.00 NA/NA NA 0.00 0.00 90CASH$00 Wells Fargo Government Advantage Checking 5,345,419.77 -- 3.00% 5,345,419.77 5,345,419.77 1.00 3.00% 5,345,419.77 0.00 5.60% 0.00 NA/NA NA 0.00 0.00 CCYUSD Receivable 711,472.08 --711,472.08 711,472.08 1.00 711,472.08 0.00 0.75% 0.00 Aaa/AAA AAA 0.00 0.00 Total Cash 6,071,853.16 2.99% 6,071,853.16 6,071,853.16 1.00 2.99% 6,071,853.16 0.00 6.36% 0.00 0.00 0.00 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 74,905,307.18 -- 3.82% 74,905,307.18 74,905,307.18 1.00 3.82% 74,905,307.18 0.00 78.48% 0.00 NA/NA NA 0.00 0.00 Total LAIF 74,905,307.18 3.82% 74,905,307.18 74,905,307.18 1.00 3.82% 74,905,307.18 0.00 78.48% 0.00 0.00 0.00 LOCAL GOV INVESTMENT POOL 90CALFT$0 CalFIT 14,468,801.25 -- 3.78% 14,468,801.25 14,468,801.25 1.00 3.78% 14,468,801.25 0.00 15.16% 0.00 NA/NA NA 0.00 0.00 Total Local Gov Investment Pool 14,468,801.25 3.78% 14,468,801.25 14,468,801.25 1.00 3.78% 14,468,801.25 0.00 15.16% 0.00 0.00 0.00 Total Portfolio 95,445,961.59 3.77% 95,445,961.59 95,445,961.59 1.00 3.77% 95,445,961.59 0.00 100.00% 0.00 0.00 0.00 Total Market Value + Accrued 95,445,961.59 97 AC 07-28-2026 97 of 178 TRANSACTIONS 98 AC 07-28-2026 98 of 178 TRANSACTION LEDGER City of Cupertino | Account #10659|04/01/2026 Through 06/30/2026| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss ACQUISITIONS Purchase 04/21/2026 89240QAD7 760,000.00 TAOT 2026-B A3 4.13 12/16/2030 99.979 4.27%(759,839.72)0.00 (759,839.72)0.00 Purchase 04/28/2026 91282CQA2 4,000,000.00 UNITED STATES TREASURY 3.5 02/15/2029 99.168 3.81%(3,966,718.75)(27,845.30)(3,994,564.05)0.00 Purchase 05/15/2026 14913V2D9 525,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.5 05/15/2031 99.863 4.53%(524,280.75)0.00 (524,280.75)0.00 Purchase 05/22/2026 91282CQG9 3,500,000.00 UNITED STATES TREASURY 3.875 03/31/2031 98.230 4.28%(3,438,066.41)(19,269.13)(3,457,335.54)0.00 Purchase 05/28/2026 161571JA3 1,595,000.00 CHAIT 2026-1 A 4.4 05/15/2029 99.976 4.45%(1,594,622.62)0.00 (1,594,622.62)0.00 Purchase 06/03/2026 38151LAJ9 675,000.00 GOLDMAN SACHS BANK USA 4.656 06/03/2029 100.000 4.57%(675,000.00)0.00 (675,000.00)0.00 Purchase 06/03/2026 38151LAJ9 (675,000.00) GOLDMAN SACHS BANK USA 4.656 06/03/2029 100.000 4.57%675,000.00 0.00 0.00 0.00 Purchase 06/03/2026 38151LAJ9 675,000.00 GOLDMAN SACHS BANK USA 4.656 06/03/2029 100.000 4.57%(675,000.00)0.00 0.00 0.00 Purchase 06/08/2026 3137FX3Q9 1,000,000.00 FHMS K-117 A2 1.406 08/25/2030 88.582 4.46%(885,820.31)(273.39)(886,093.70)0.00 Purchase 06/08/2026 57636QBL7 1,765,000.00 MASTERCARD INC 4.6 06/08/2031 99.920 4.62%(1,763,588.00)0.00 (1,763,588.00)0.00 Purchase 06/18/2026 44891AEN3 555,000.00 HYUNDAI CAPITAL AMERICA 4.75 06/18/2029 99.834 4.81%(554,078.70)0.00 (554,078.70)0.00 Purchase 06/18/2026 44891AEN3 545,000.00 HYUNDAI CAPITAL AMERICA 4.75 06/18/2029 99.969 4.76%(544,831.05)0.00 (544,831.05)0.00 Purchase 06/18/2026 67066GAR5 1,065,000.00 NVIDIA CORP 4.5 06/15/2031 99.810 4.54%(1,062,976.50)0.00 (1,062,976.50)0.00 99 AC 07-28-2026 99 of 178 TRANSACTION LEDGER City of Cupertino | Account #10659|04/01/2026 Through 06/30/2026| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss Purchase 06/30/2026 912828V98 3,000,000.00 UNITED STATES TREASURY 2.25 02/15/2027 98.934 3.99%(2,968,007.81)(25,172.65)(2,993,180.46)0.00 Total Purchase 18,985,000.00 (18,737,830.62)(72,560.47)(18,810,391.09)0.00 TOTAL ACQUISITIONS 18,985,000.00 (18,737,830.62)(72,560.47)(18,810,391.09)0.00 DISPOSITIONS Maturity 04/20/2026 4581X0DV7 (2,460,000.00) INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 100.000 0.97%2,460,000.00 0.00 2,460,000.00 0.00 Maturity 04/30/2026 91282CBW0 (2,500,000.00) UNITED STATES TREASURY 0.75 04/30/2026 100.000 0.80%2,500,000.00 0.00 2,500,000.00 0.00 Maturity 06/23/2026 912797UB1 (2,000,000.00)UNITED STATES TREASURY 06/23/2026 100.000 3.68%2,000,000.00 0.00 2,000,000.00 0.00 Total Maturity (6,960,000.00)6,960,000.00 0.00 6,960,000.00 0.00 Sale 04/17/2026 57636QAW4 (945,000.00)MASTERCARD INC 4.875 03/09/2028 101.604 4.90%960,157.80 4,862.81 965,020.61 15,504.99 Sale 04/17/2026 931142ER0 (350,000.00)WALMART INC 1.05 09/17/2026 98.797 1.09%345,789.50 306.25 346,095.75 (4,155.07) Sale 05/12/2026 78016HZV5 (2,000,000.00) ROYAL BANK OF CANADA 4.95 02/01/2029 101.596 4.69%2,031,920.00 27,775.00 2,059,695.00 19,144.52 Sale 06/04/2026 61690U8E3 (1,950,000.00) MORGAN STANLEY BANK NA 4.968 07/14/2028 100.562 4.97%1,960,959.00 37,674.00 1,998,633.00 10,959.00 Sale 06/08/2026 808513BY0 (960,000.00)CHARLES SCHWAB CORP 2.45 03/03/2027 98.764 2.46%948,134.40 6,206.67 954,341.07 (11,821.65) Sale 06/17/2026 69371RU20 (1,865,000.00)PACCAR FINANCIAL CORP 4.0 11/07/2028 99.418 4.02%1,854,145.70 8,288.89 1,862,434.59 (10,021.45) Total Sale (8,070,000.00)8,101,106.40 85,113.62 8,186,220.02 19,610.34 TOTAL DISPOSITIONS (15,030,000.00)15,061,106.40 85,113.62 15,146,220.02 19,610.34 100 AC 07-28-2026 100 of 178 TRANSACTION LEDGER City of Cupertino Reporting | Account #10663|04/01/2026 Through 06/30/2026| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/ Sold Total Amount Gain/Loss ACQUISITIONS Purchase 04/15/2026 90LAIF$00 725,046.48 Local Agency Investment Fund State Pool 1.000 3.81%(725,046.48)0.00 (725,046.48)0.00 Purchase 05/01/2026 90CALFT$0 8,200,848.13 CalFIT 1.000 3.76%(8,200,848.13)0.00 (8,200,848.13)0.00 Purchase 05/15/2026 90CALFT$0 4,700,000.00 CalFIT 1.000 3.76%(4,700,000.00)0.00 (4,700,000.00)0.00 Purchase 05/28/2026 90CALFT$0 7,000,000.00 CalFIT 1.000 3.76%(7,000,000.00)0.00 (7,000,000.00)0.00 Purchase 05/31/2026 90LAIF$00 200,000.00 Local Agency Investment Fund State Pool 1.000 3.81%(200,000.00)0.00 (200,000.00)0.00 Purchase 05/31/2026 90CALFT$0 29,340.36 CalFIT 1.000 3.76%(29,340.36)0.00 (29,340.36)0.00 Purchase 06/25/2026 90CALFT$0 4,500,000.00 CalFIT 1.000 3.78%(4,500,000.00)0.00 (4,500,000.00)0.00 Purchase 06/30/2026 90CALFT$0 38,612.76 CalFIT 1.000 3.78%(38,612.76)0.00 (38,612.76)0.00 Total Purchase 25,393,847.73 (25,393,847.73)0.00 (25,393,847.73)0.00 TOTAL ACQUISITIONS 25,393,847.73 (25,393,847.73)0.00 (25,393,847.73)0.00 DISPOSITIONS Sale 05/21/2026 90CALFT$0 (7,000,000.00)CalFIT 1.000 3.76%7,000,000.00 0.00 7,000,000.00 0.00 Sale 06/17/2026 90CALFT$0 (3,000,000.00)CalFIT 1.000 3.78%3,000,000.00 0.00 3,000,000.00 0.00 Total Sale (10,000,000.00)10,000,000.00 0.00 10,000,000.00 0.00 TOTAL DISPOSITIONS (10,000,000.00)10,000,000.00 0.00 10,000,000.00 0.00 101 AC 07-28-2026 101 of 178 IMPORTANT DISCLOSURES 2026 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. LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds. LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 102 AC 07-28-2026 102 of 178 BENCHMARK DISCLOSURES Benchmark Disclosure ICE BofA 1-5 Yr Unsubordinated US Treasury & Agency Index The ICE BofA 1-5 Year Unsubordinated 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. 103 AC 07-28-2026 103 of 178 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 JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT MANAGER: INDIA JONES TELEPHONE NUMBER: 254-294-6020 PFGEDD INVESTMENT CONTACT: IMR/DEREK JOHNSON TELEPHONE NUMBER: ADMINISTRATOR: BELINDA CONWAY TELEPHONE NUMBER: 254-265-6137 18226 SE 104 AC 07-28-2026 104 of 178 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. 105 AC 07-28-2026 105 of 178 TABLE OF CONTENTS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE REPORT NAME NUMBER_________________ ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 106 AC 07-28-2026 106 of 178 PAGE 1 ASSET SUMMARY CITY OF CUPERTINO AS OF JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ ASSET SUMMARY % TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00 CASH EQUIVALENTS 515,339.87 515,339.87 0.25 0.00 15,820 3.07 4,328.15 BONDS AND NOTES 206,836,562.93 206,364,701.52 99.75 471,861.41- 7,988,066 3.87 1,713,005.61 ===================================================================================================================================== TOTAL INVESTMENTS 207,351,902.80 206,880,041.39 100.00 471,861.41- 8,003,886 3.87 1,717,333.76 TOTAL ACCRUALS 1,717,333.76 1,717,333.76 ===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 209,069,236.56 208,597,375.15 471,861.41- 8,003,886 3.87 1,717,333.76 107 AC 07-28-2026 107 of 178 PAGE 2 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS______________________________________________________________________________________________________________________________________ 462,087.37 ALLSPRING 100% TREASURY 462,087.37 462,087.37 0.22 0.00 4,249.37 MONEY MARKET FUND - #008 1.0000 1.0000 53,252.5 PRINCIPAL PUBLIC DEPOSIT SWEEP 53,252.50 53,252.50 0.03 0.00 78.78 PROGRAM 1.0000 1.0000 ====================================================================================================================================== TOTAL CASH EQUIVALENTS 515,339.87 515,339.87 0.25 0.00 4,328.15 BOND & NOTES______________________________________________________________________________________________________________________________________ 1,500,000 ALPHABET INC 1,500,087.78 1,473,870.00 0.71 26,217.78- 23,575.00 DTD 02/13/2026 4.100% 02/15/2031 100.0059 98.2580 CALLABLE MOODY'S RATING AA2 CUSIP 02079KBK2 1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,418,565.80 0.69 1,408.50- 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 99.8990 DTD 05/13/2025 4.280% 04/15/2030 NON CALLABLE CUSIP 02582JKP4 1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,731,607.50 0.84 26,495.00- 24,811.11 MEDIUM TERM NOTE 100.4630 98.9490 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 1,488,165.00 0.72 10,545.00- 28,117.42 DTD 07/23/18 07/23/2029 VAR CPN 99.9140 99.2110 MOODY'S RATING A1 CUSIP 06051GHM4 108 AC 07-28-2026 108 of 178 PAGE 3 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 858,798.83 852,720.00 0.41 6,078.83- 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 100.3200 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 784,955.96 790,063.25 0.38 5,107.29 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 100.6450 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 1,593,698.15 0.77 20,995.00- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 98.6810 CALLABLE MOODY'S RATING AA2 CUSIP 084664CZ2 1,050,000 BMW VEHICLE LEASE TRUST 1,049,997.06 1,046,587.50 0.51 3,409.56-694.75 ASSET BCKD SEC SER 2025-2 CL A3 99.9997 99.6750 DTD 10/15/2025 3.970% 09/25/2028 CALLABLE CUSIP 05594HAD5 431,494.98 BMW VEHICLE OWNER TRUST 431,429.43 433,678.34 0.21 2,248.91 372.52 ASSET BCKD SEC SER 2024-A CL A3 99.9848 100.5060 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 1,747,986.60 0.84 1,183.20- 32,625.00 GENERAL OBLIGATION 100.5270 100.4590 DTD 11/05/2024 4.500% 08/01/2029 NON CALLABLE MOODY'S RATING AA2 CUSIP 13063EGT7 109 AC 07-28-2026 109 of 178 PAGE 4 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,100,000 CARGILL INC 1,099,171.70 1,077,252.00 0.52 21,919.70- 8,570.83 DTD 10/23/2025 4.125% 10/23/2030 99.9247 97.9320 CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING A2 CUSIP 141781CF9 525,000 CATERPILLAR FINL SERVICE 524,280.75 522,516.75 0.25 1,764.00- 3,018.75 MEDIUM TERM NOTE 99.8630 99.5270 DTD 05/15/2026 4.500% 05/15/2031 NON CALLABLE MOODY'S RATING A1 CUSIP 14913V2D9 1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,209,264.00 0.58 11,172.00 7,206.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 100.7720 NON CALLABLE MOODY'S RATING A1 CUSIP 14913UAU4 1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,693,718.00 0.82 3,975.39 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.2200 DTD 01/31/2024 4.600% 01/16/2029 NON CALLABLE CUSIP 161571HV9 1,595,000 CHASE ISSUANCE TRUST 1,594,622.62 1,596,036.75 0.77 1,414.13 6,433.17 ASSET BCKD SEC SER 2026-A1I CL A 99.9764 100.0650 DTD 05/28/2026 4.400% 05/15/2031 CALLABLE CUSIP 161571JA3 1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,758,610.00 0.85 7,136.34- 30,741.67 DTD 07/31/2024 4.650% 08/15/2029 100.8998 100.4920 CALLABLE MOODY'S RATING A2 CUSIP 171239AL0 110 AC 07-28-2026 110 of 178 PAGE 5 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 CITIBANK CREDIT CARD ISSURANCE 1,515,000.00 1,497,465.00 0.72 17,535.00- 1,791.67 ASSET BCKD SEC SER 2025-A1 CL A 101.0000 99.8310 DTD 06/26/2025 4.300% 06/21/2030 NON CALLABLE MOODY'S RATING AAA CUSIP 17305EHA6 1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,259,676.88 0.61 31,498.44 3,824.29 SER K089 CL A2 *24 DAY DELAY*95.3555 97.8010 DTD 03/01/19 3.563 01/25/2029 CUSIP 3137FL6P4 1,957,816.96 FED HOME LN MTG CORP 1,888,834.51 1,884,183.46 0.91 4,651.05- 4,865.18 SER K093 CL A2 *24 DAY DELAY*96.4766 96.2390 DTD 06/01/19 2.982 05/25/2029 CUSIP 3137FMCR1 1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,418,760.00 0.69 11,748.28 3,243.75 SER K099 CL A2 *24 DAY DELAY*93.8008 94.5840 DTD 10/01/19 2.595 09/25/2029 CUSIP 3137FPJG1 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,814,672.00 1.36 25,060.00 16,547.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 100.5240 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133EPC60 2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,412,576.00 1.17 24.00 17,416.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 100.5240 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133ERDS7 1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,884,675.00 0.91 14,625.00 20,286.46 DTD 04/11/2024 4.750% 04/09/2027 99.7360 100.5160 NON CALLABLE MOODY'S RATING AA1 CUSIP 3130B0TY5 111 AC 07-28-2026 111 of 178 PAGE 6 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 FEDERAL HOME LOAN MORTGAGE CORP 1,348,652.34 1,350,600.00 0.65 1,947.66 1,846.25 CMO SER 2020-K110 CL A2 89.9102 90.0400 DTD 06/01/2020 1.477% 04/25/2030 NON CALLABLE CUSIP 3137FTZQ3 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,787,343.75 1,779,620.00 0.86 7,723.75- 2,305.00 CMO SER 2020-K115 CL A2 89.3672 88.9810 DTD 09/01/2020 1.383% 06/25/2030 NON CALLABLE CUSIP 3137FWG79 1,000,000 FEDERAL HOME LOAN MORTGAGE CORP 885,820.31 886,930.00 0.43 1,109.69 1,171.67 CMO SER 2020-K117 CL A2 88.5820 88.6930 DTD 10/01/2020 1.406% 08/25/2030 NON CALLABLE CUSIP 3137FX3Q9 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,897,340.00 0.92 95,621.25 3,766.67 CMO SER K748 CL A2 90.0860 94.8670 DTD 03/01/2022 2.260% 01/25/2029 NON CALLABLE CUSIP 3137H5YC5 537,800.82 FHLMC MULTIFAMILY STRUCTURED P 568,787.39 536,085.24 0.26 32,702.15- 1,188.99 SER K058 CL A2 *24 DAY DELAY*105.7617 99.6810 DTD 11/01/16 2.653 08/25/2026 CUSIP 3137BSP72 1,929,399.14 FHLMC MULTIFAMILY STRUCTURED P 1,845,816.95 1,898,104.29 0.92 52,287.34 6,063.14 SER K087 CL A2 *24 DAY DELAY*95.6680 98.3780 DTD 01/01/19 3.771 12/25/2028 CUSIP 3137FKUP9 2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,502,085.50 1.21 36,255.42 7,841.25 SER K088 CL A2 *24 DAY DELAY*96.6992 98.1210 DTD 03/01/19 3.690 01/25/2029 MOODY'S RATING AAA CUSIP 3137FKZZ2 112 AC 07-28-2026 112 of 178 PAGE 7 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 FHLMC MULTIFAMILY STRUCTURED P 2,431,738.28 2,439,825.00 1.18 8,086.72 7,302.08 SER K091 CL A2 *24 DAY DELAY*97.2695 97.5930 DTD 04/01/19 3.505 03/25/2029 CUSIP 3137FLN91 2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,101,154.00 1.02 61,771.18 5,105.83 SER K095 CL A2 *24 DAY DELAY*92.6992 95.5070 DTD 08/01/19 2.785 06/25/2029 CUSIP 3137FNAE0 1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,507,808.00 0.73 19,433.00 3,233.33 SER K098 CL A2 *24 DAY DELAY*93.0235 94.2380 DTD 10/01/19 2.425 08/25/2029 CUSIP 3137FPHK4 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,810,078.13 1,844,960.00 0.89 34,881.87 3,448.33 SER K106 CL A2 *24 DAY DELAY*90.5039 92.2480 DTD 03/01/20 2.069 01/25/2030 CUSIP 3137FRUT6 1,000,000 FHLMC MULTIFAMILY STRUCTURED P 910,937.50 903,730.00 0.44 7,207.50- 1,756.67 SER K127 CL A2 *24 DAY DELAY*91.0938 90.3730 DTD 03/01/21 2.108 01/25/2031 CUSIP 3137FXZ35 651,739.9 GM FINANCIAL SECURITIZED TERM 650,706.41 653,538.70 0.32 2,832.29 1,317.06 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.2760 DTD 01/17/2024 4.850% 12/18/2028 CALLABLE MOODY'S RATING AAA CUSIP 36268GAD7 675,000 GOLDMAN SACHS BANK 675,000.00 675,418.50 0.33 418.50 2,444.40 DTD 06/03/2026 VAR CPN 06/03/2029 100.0000 100.0620 CALLABLE MOODY'S RATING A1 CUSIP 38151LAJ9 113 AC 07-28-2026 113 of 178 PAGE 8 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,025,000 GOLDMAN SACHS GROUP INC 1,025,000.00 1,010,547.50 0.49 14,452.50- 8,277.16 DTD 10/21/2025 VAR CPN 10/21/2029 100.0000 98.5900 CALLABLE MOODY'S RATING A2 CUSIP 38141GD27 1,500,000 GUARDIAN LIFE 1,500,000.00 1,475,490.00 0.71 24,510.00- 15,324.79 DTD 10/06/2025 4.327% 10/06/2030 100.0000 98.3660 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 40139LBN2 1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,189,226.55 0.57 15,773.45- 13,288.64 MEDIUM TERM NOTE 100.0000 98.6910 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 1,596,962.27 0.77 3,758.38 2,180.38 DTD 06/17/19 2.950 06/15/2029 95.8030 96.0290 MOODY'S RATING A2 CUSIP 437076BY7 1,000,000 HOME DEPOT INC 992,260.00 1,009,900.00 0.49 17,640.00 791.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 100.9900 CALLABLE MOODY'S RATING A2 CUSIP 437076DC3 332,043.3 HONDA AUTO RECEIVABLES OWNER 332,002.95 333,842.97 0.16 1,840.02 631.90 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 100.5420 DTD 05/21/2024 5.270% 11/20/2028 CALLABLE CUSIP 437930AC4 114 AC 07-28-2026 114 of 178 PAGE 9 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 331,773.72 HONDA AUTO RECEIVABLES OWNER 332,594.99 333,814.13 0.16 1,219.14 522.54 DTD 11/08/2023 5.670% 06/21/2028 100.2476 100.6150 ASSET BCKD SEC SER 2023-4 CL A3 NON CALLABLE MOODY'S RATING AAA CUSIP 438123AC5 635,000 HYUNDAI AUTO LEASE SECURITIZAT 634,906.91 630,713.75 0.30 4,193.16- 1,120.42 ASSET BCKD SEC SER 2026-A CL A3 99.9854 99.3250 DTD 01/21/2026 3.970% 12/15/2028 CALLABLE 144A PRIVATE PLACEMENT CUSIP 448970AD5 135,797.6 HYUNDAI AUTO LEASE SECURITIZAT 135,793.82 135,952.41 0.07 158.59 326.52 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.1140 DTD 05/22/2024 5.410% 05/17/2027 CALLABLE 144A PRIVATE PLACEMENT CUSIP 44934FAD7 1,100,000 HYUNDAI CAPITAL AMERICA 1,098,909.75 1,096,238.00 0.53 2,671.75- 1,886.81 DTD 06/18/2026 4.750% 06/18/2029 99.9009 99.6580 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING A3 CUSIP 44891AEN3 1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,732,552.50 0.84 11,042.50 14,127.60 DTD 10/16/2024 3.875% 10/16/2029 98.3720 99.0030 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LN1 1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,694,883.00 0.82 663.00 19,673.96 DTD 03/20/2025 4.125% 03/20/2030 99.6600 99.6990 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LR2 115 AC 07-28-2026 115 of 178 PAGE 10 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 JOHN DEERE CAPITAL CORP 1,006,920.00 993,960.00 0.48 12,960.00- 9,236.11 MEDIUM TERM NOTE 100.6920 99.3960 DTD 07/24/2025 4.375% 10/15/2030 NON CALLABLE MOODY'S RATING A1 CUSIP 24422EYF0 1,060,000 JOHN DEERE CAPITAL CORP 1,059,766.80 1,042,181.40 0.50 17,585.40- 13,727.00 MEDIUM TERM NOTE 99.9780 98.3190 DTD 03/10/2026 4.200% 03/10/2031 NON CALLABLE MOODY'S RATING A1 CUSIP 24422EYL7 331,331.05 JOHN DEERE OWNER TRUST 331,175.74 332,566.91 0.16 1,391.17 730.40 ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.3730 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 1,487,160.00 0.72 9,450.00- 27,669.75 DTD 07/23/18 07/23/2029 99.7740 99.1440 MOODY'S RATING A1 CUSIP 46647PAV8 1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,398,586.00 0.68 1,246.00 19,168.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 99.8990 CALLABLE MOODY'S RATING A3 CUSIP 571748CA8 1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 992,630.00 0.48 6,040.00- 6,825.00 MEDIUM TERM NOTE 99.8670 99.2630 DTD 05/07/2025 4.550% 05/07/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 57629TBX4 116 AC 07-28-2026 116 of 178 PAGE 11 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,765,000 MASTERCARD INCORPORATED 1,763,588.00 1,762,281.90 0.85 1,306.10- 5,187.14 DTD 06/08/2026 4.600% 06/08/2031 99.9200 99.8460 CALLABLE MOODY'S RATING AA3 CUSIP 57636QBL7 1,045,000 MERCEDES-BENZ AUTO LEASE TRUST 1,044,828.52 1,038,500.10 0.50 6,328.42- 2,099.29 ASSET BCKD SEC SER 2025-B CL A3 99.9836 99.3780 DTD 10/22/2025 4.520% 04/16/2029 CALLABLE CUSIP 58770XAD5 570,000 MERCEDES-BENZ AUTO LEASE TRUST 569,886.97 565,514.10 0.27 4,372.87-995.60 ASSET BCKD SEC SER 2026-A CL A3 99.9802 99.2130 DTD 01/21/2026 3.930% 01/15/2030 CALLABLE MOODY'S RATING AAA CUSIP 58770YAD3 433,674.01 MERCEDES-BENZ AUTO RECEIVABLES TRUST 442,855.71 436,961.26 0.21 5,894.45- 1,146.83 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 100.7580 DTD 10/25/2023 5.950% 11/15/2028 CALLABLE CUSIP 58769FAC9 1,310,000 MET TOWER GLOBAL FUNDING 1,308,310.10 1,291,712.40 0.62 16,597.70- 24,307.78 MEDIUM TERM NOTE 99.8710 98.6040 DTD 01/14/2026 4.000% 01/14/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 58989V2M5 1,500,000 META PLATFORMS INC 1,502,895.00 1,476,465.00 0.71 26,430.00- 8,050.00 DTD 11/03/2025 4.200% 11/15/2030 100.1930 98.4310 CALLABLE MOODY'S RATING AA3 CUSIP 30303MAB8 117 AC 07-28-2026 117 of 178 PAGE 12 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 912,000 META PLATFORMS INC 910,584.09 909,975.36 0.44 608.73- 14,814.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 99.7780 CALLABLE MOODY'S RATING AA3 CUSIP 30303M8S4 1,470,000 MORGAN STANLEY SR 1,470,184.60 1,449,934.50 0.70 20,250.10- 12,319.78 DTD 10/22/2025 VAR CPN 10/18/2029 100.0126 98.6350 MEDIUM TERM NOTE CALLABLE MOODY'S RATING A1 CUSIP 61748UAK8 1,000,000 NATIONAL RURAL UTILS COOP 1,002,873.61 1,010,540.00 0.49 7,666.39 19,800.00 MEDIUM TERM NOTE 100.2874 101.0540 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 1,012,710.00 0.49 17,830.00 3,472.22 DTD 06/06/2024 5.000% 06/06/2029 99.4880 101.2710 MEDIUM TERM NOTE NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFG3 1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,364,276.55 0.66 54.60 4,534.83 DTD 12/05/2024 4.600% 12/05/2029 99.9430 99.9470 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFK4 1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 997,200.00 0.48 6,840.00- 3,577.78 MEDIUM TERM NOTE 100.4040 99.7200 DTD 06/03/2025 4.600% 06/03/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 66815L2W8 118 AC 07-28-2026 118 of 178 PAGE 13 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,020,000 NORTHWESTERN MUTUAL GLBL 1,019,908.20 1,004,047.20 0.49 15,861.00- 20,468.00 DTD 01/13/2026 4.300% 01/13/2031 99.9910 98.4360 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 66815L2Z1 1,065,000 NVIDIA CORPORATION SR 1,062,976.50 1,061,229.90 0.51 1,746.60- 1,730.63 DTD 06/18/2026 4.500% 06/15/2031 99.8100 99.6460 CALLABLE MOODY'S RATING AA1 CUSIP 67066GAR5 1,000,000 PACIFIC LIFE GF II 1,001,380.00 987,160.00 0.48 14,220.00- 17,986.11 DTD 02/03/2026 4.375% 02/03/2031 100.1380 98.7160 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 6944PL3M9 1,500,000 PEPSICO INC 1,497,675.00 1,504,635.00 0.73 6,960.00 30,750.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 100.3090 CALLABLE MOODY'S RATING A1 CUSIP 713448FX1 1,750,000 PRICOA GLOBAL FDG 1,749,440.00 1,720,757.50 0.83 28,682.50- 7,612.50 MEDIUM TERM NOTE 99.9680 98.3290 DTD 11/25/2025 4.350% 11/25/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 74153WCZ0 1,500,000 PROGRESSIVE CORP 1,455,495.00 1,484,505.00 0.72 29,010.00 20,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 98.9670 MOODY'S RATING A2 CUSIP 743315AV5 119 AC 07-28-2026 119 of 178 PAGE 14 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 1,496,175.00 0.72 14,940.00 27,343.75 DTD 02/01/20 4.375 02/01/2029 98.7490 99.7450 MOODY'S RATING A2 CUSIP 74340XBL4 1,463,000 REALTY INCOME CORP 1,419,212.41 1,436,168.58 0.69 16,956.17 26,984.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 98.1660 CALLABLE MOODY'S RATING A3 CUSIP 756109CB8 1,355,000 SALESFORCE INC 1,358,284.45 1,353,292.70 0.65 4,991.75- 18,292.50 DTD 03/13/2026 4.500% 03/15/2028 100.2424 99.8740 CALLABLE MOODY'S RATING A2 CUSIP 79466LAQ7 2,000,000 SIMON PROPERTY GROUP LP 1,853,380.00 1,854,660.00 0.90 1,280.00 24,438.89 DTD 07/09/20 2.650 07/15/2030 92.6690 92.7330 MOODY'S RATING A3 CUSIP 828807DK0 427,019 TOYOTA AUTO RECEIVABLES OWNER 425,284.24 428,312.87 0.21 3,028.63 979.30 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.3030 DTD 08/15/2023 5.160% 04/17/2028 CALLABLE CUSIP 89231FAD2 760,000 TOYOTA AUTO RECEIVABLES OWNER 759,839.72 755,569.20 0.37 4,270.52- 1,395.02 ASSET BCKD SEC SER 2026-B CL A3 99.9789 99.4170 DTD 04/21/2026 4.130% 12/16/2030 NON CALLABLE MOODY'S RATING AAA CUSIP 89240QAD7 1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,461,588.60 0.71 19,680.90 34,174.25 MEDIUM TERM NOTE 99.7860 101.1480 DTD 01/09/2025 4.950% 01/09/2030 NON CALLABLE MOODY'S RATING A1 CUSIP 89236TNA9 120 AC 07-28-2026 120 of 178 PAGE 15 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,080,000 TOYOTA MTR CR CORP 1,079,665.20 1,060,581.60 0.51 19,083.60- 21,294.00 DTD 01/12/2026 4.200% 01/10/2031 99.9690 98.2020 NON CALLABLE MOODY'S RATING A1 CUSIP 89236TPH2 3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,222,732.50 1.56 37,580.00-287.02 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.1610 MOODY'S RATING AA1 CUSIP 91282CEW7 400,000 UNITED STATES TREASURY NOTES 393,218.75 394,140.00 0.19 921.25 4,588.40 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.5350 MOODY'S RATING AA1 CUSIP 91282CFB2 4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,448,655.00 2.15 20,247.34- 47,002.38 DTD 08/31/2022 3.125% 08/31/2027 99.3090 98.8590 MOODY'S RATING AA1 CUSIP 91282CFH9 3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,449,068.50 1.67 27,916.16 35,772.54 DTD 09/30/2022 4.125% 09/30/2027 99.1639 99.9730 MOODY'S RATING AA1 CUSIP 91282CFM8 850,000 UNITED STATES TREASURY NOTES 852,656.25 846,651.00 0.41 6,005.25- 2,789.79 DTD 11/30/2022 3.875% 11/30/2027 100.3125 99.6060 MOODY'S RATING AA1 CUSIP 91282CFZ9 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,738,395.00 1.32 36,712.42-289.57 DTD 12/31/2022 3.875% 12/31/2027 100.9130 99.5780 MOODY'S RATING AA1 CUSIP 91282CGC9 3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,969,070.00 1.44 11,140.31 43,798.34 DTD 01/31/2023 3.500% 01/31/2028 98.5977 98.9690 MOODY'S RATING AA1 CUSIP 91282CGH8 121 AC 07-28-2026 121 of 178 PAGE 16 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,690,158.00 1.78 8,955.28- 49,467.39 DTD 02/28/2023 4.000% 02/29/2028 99.9760 99.7340 MOODY'S RATING AA1 CUSIP 91282CGP0 4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,472,775.00 2.16 24,183.99- 60,163.04 DTD 02/28/2023 4.000% 02/28/2030 99.9324 99.3950 MOODY'S RATING AA1 CUSIP 91282CGQ8 5,000,000 UNITED STATES TREASURY NOTES 5,089,062.50 4,963,650.00 2.40 125,412.50- 83,425.41 DTD 07/31/2023 4.000% 07/31/2030 101.7813 99.2730 MOODY'S RATING AA1 CUSIP 91282CHR5 2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,505,800.00 1.21 19,297.66- 4,781.42 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.2320 MOODY'S RATING AA1 CUSIP 91282CJP7 2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,297,309.00 1.11 47,441.81 23,848.36 DTD 03/31/2024 4.125% 03/31/2029 97.8203 99.8830 MOODY'S RATING AA1 CUSIP 91282CKG5 2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,308,326.00 1.12 25,216.62 21,774.59 DTD 04/15/2024 4.500% 04/15/2027 99.2656 100.3620 MOODY'S RATING AA1 CUSIP 91282CKJ9 3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,210,688.00 1.55 24,188.00 18,391.30 DTD 05/15/2024 4.500% 05/15/2027 99.5781 100.3340 MOODY'S RATING AA1 CUSIP 91282CKR1 2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,004,540.00 0.97 18,993.12 230.98 DTD 06/30/2024 4.250% 06/30/2029 99.2774 100.2270 MOODY'S RATING AA1 CUSIP 91282CKX8 122 AC 07-28-2026 122 of 178 PAGE 17 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,443,930.00 1.66 83,550.47- 42,406.59 DTD 08/31/2024 3.625% 08/31/2029 100.7852 98.3980 MOODY'S RATING AA1 CUSIP 91282CLK5 5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,898,450.00 2.37 26,589.06- 43,989.07 DTD 09/30/2024 3.500% 09/30/2029 98.5008 97.9690 MOODY'S RATING AA1 CUSIP 91282CLN9 3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 2,995,200.00 1.45 1,410.94 20,849.18 DTD 10/31/2024 4.125% 10/31/2029 99.7930 99.8400 MOODY'S RATING AA1 CUSIP 91282CLR0 4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,428,380.00 2.14 59,208.12 523.10 DTD 12/31/2024 4.375% 12/31/2029 99.2994 100.6450 MOODY'S RATING AA1 CUSIP 91282CMD0 4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,008,760.00 1.94 24,853.75 70,911.60 DTD 01/31/2025 4.250% 01/31/2030 99.5977 100.2190 MOODY'S RATING AA1 CUSIP 91282CMG3 5,000,000 UNITED STATES TREASURY NOTES 5,020,507.81 4,942,200.00 2.39 78,307.81-526.49 DTD 06/30/2025 3.875% 06/30/2030 100.4102 98.8440 CUSIP 91282CNK3 5,000,000 UNITED STATES TREASURY NOTES 4,991,425.79 4,891,600.00 2.36 99,825.79- 60,580.84 DTD 08/31/2025 3.625% 08/31/2030 99.8285 97.8320 MOODY'S RATING AA1 CUSIP 91282CNX5 5,000,000 UNITED STATES TREASURY NOTES 4,982,812.50 4,916,800.00 2.38 66,012.50- 49,524.46 DTD 09/15/2025 3.375% 09/15/2028 99.6563 98.3360 CUSIP 91282CNY3 123 AC 07-28-2026 123 of 178 PAGE 18 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 5,000,000 UNITED STATES TREASURY NOTES 5,008,789.06 4,889,850.00 2.36 118,939.06- 45,560.11 DTD 09/30/2025 3.625% 09/30/2030 100.1758 97.7970 MOODY'S RATING AA1 CUSIP 91282CPA3 1,750,000 UNITED STATES TREASURY NOTES 1,731,816.41 1,700,912.50 0.82 30,903.91- 5,187.84 DTD 11/30/2025 3.500% 11/30/2030 98.9610 97.1950 MOODY'S RATING AA1 CUSIP 91282CPN5 4,000,000 UNITED STATES TREASURY NOTES 3,966,718.75 3,933,760.00 1.90 32,958.75- 52,596.69 DTD 02/15/2026 3.500% 02/15/2029 99.1680 98.3440 MOODY'S RATING AA1 CUSIP 91282CQA2 3,500,000 UNITED STATES TREASURY NOTES 3,438,066.41 3,450,230.00 1.67 12,163.59 34,091.53 DTD 03/31/2026 3.875% 03/31/2031 98.2305 98.5780 MOODY'S RATING AA1 CUSIP 91282CQG9 2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,906,700.00 0.92 620.00 21,722.22 DTD 07/25/19 2.875 08/15/2029 95.3040 95.3350 MOODY'S RATING A2 CUSIP 91324PDS8 1,400,000 US TREASURY NOTE 1,379,054.68 1,389,864.00 0.67 10,809.32 3,095.79 DTD 09/30/21 0.875 09/30/2026 98.5039 99.2760 MOODY'S RATING AA1 CUSIP 91282CCZ2 1,400,000 US TREASURY NOTE 1,391,468.75 1,387,162.00 0.67 4,306.75- 2,653.53 DTD 11/01/21 1.125 10/31/2026 99.3906 99.0830 CUSIP 91282CDG3 3,000,000 US TREASURY NOTE 2,968,007.81 2,967,660.00 1.43 347.81- 25,359.12 DTD 02/15/17 2.250 02/15/2027 98.9336 98.9220 MOODY'S RATING AA1 CUSIP 912828V98 124 AC 07-28-2026 124 of 178 PAGE 19 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2026 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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,345,000 VISA INC 1,343,197.70 1,330,352.95 0.64 12,844.75- 21,292.10 DTD 02/12/2026 4.100% 02/12/2031 99.8660 98.9110 CALLABLE MOODY'S RATING AA3 CUSIP 92826CAZ5 1,365,000 WELLS FARGO CARD ISSUANCE TRUST 1,364,977.34 1,365,423.15 0.66 445.81 2,632.93 ASSET BCKD SEC SER 2025-A1 CL A 99.9984 100.0310 DTD 06/10/2025 4.340% 05/15/2030 NON CALLABLE CUSIP 92970QAJ4 ====================================================================================================================================== TOTAL BOND & NOTES 206,836,562.93 206,364,701.52 99.75 471,861.41- 1,713,005.61 ====================================================================================================================================== TOTAL INVESTMENTS 207,351,902.80 206,880,041.39 100.00 471,861.41- 1,717,333.76 TOTAL ACCRUALS 1,717,333.76 1,717,333.76 ====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 209,069,236.56 208,597,375.15 125 AC 07-28-2026 125 of 178 PAGE 20 CASH SUMMARY CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH SUMMARY DESCRIPTION PRINCIPAL CASH INCOME CASH ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00 RECEIPTS NET INTEREST COLLECTED 0.00 771,443.52 TRANSFER RECEIPTS 771,443.52 0.00 SALES 7,195,165.54 0.00 CASH MANAGEMENT SALES 7,844,884.88 0.00 TOTAL CASH RECEIPTS 15,811,493.94 771,443.52 DISBURSEMENTS INVESTMENT MANAGEMENT EXPENSES 12,083.00-0.00 TRANSFER DISBURSEMENTS 0.00 771,443.52- PURCHASES 8,454,302.37-0.00 CASH MANAGEMENT PURCHASES 7,345,108.57-0.00 TOTAL CASH DISBURSEMENTS 15,811,493.94-771,443.52- ======================================================================================================================================== ENDING BALANCE 0.00 0.00 ________________________________________________________________________________________________________________________________________ 126 AC 07-28-2026 126 of 178 PAGE 21 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 206,607,026.37 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS 06/01/26 INTEREST RECEIVED 10,062.43 AS 100% TREAS MM FD-SVC CL #008 INTEREST FROM 5/1/26 THROUGH 5/31/26 06/01/26 INTEREST RECEIVED 81.29 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM INTEREST FROM 5/1/26 TO 5/31/26 06/23/26 2,000,000- MATURED 1,976,657.85 1,976,657.85- U.S. TREASURY BILLS 6/23/26 CUSIP 912797UB1 AT $100.0000 ON TRADE DATE 06/23/2026 06/23/26 INTEREST RECEIVED 23,342.15 U.S. TREASURY BILLS 6/23/26 CUSIP 912797UB1 INTEREST ON 2,000,000.000 UNITS 2,000,000 PAR VALUE AT 100 % 06/30/26 7,345,027.28 CASH SWEEP PURCHASES FOR STMT PERIOD 7,345,027.28- 7,345,027.28 AS 100% TREAS MM FD-SVC CL #008 11 TRANSACTIONS 06/30/26 81.29 CASH SWEEP PURCHASES FOR STMT PERIOD 81.29-81.29 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM 1 TRANSACTIONS 06/30/26 7,844,884.88- CASH SWEEP SALES FOR STMT PERIOD 7,844,884.88 7,844,884.88- AS 100% TREAS MM FD-SVC CL #008 6 TRANSACTIONS 127 AC 07-28-2026 127 of 178 PAGE 22 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BONDS & NOTES 06/15/26 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 6/15/26 06/15/26 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 6/15/26 06/15/26 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 6/15/26 06/25/26 INTEREST RECEIVED 3,473.75 BMW VEHICLE LEA ABS 3.970% 9/25/28 CUSIP 05594HAD5 $0.00331/PV ON 1,050,000.00 PV DUE 6/25/26 06/25/26 INTEREST RECEIVED 2,024.61 BMW VEHICLE OWN ABS 5.180% 2/26/29 CUSIP 096919AD7 $0.00291/PV ON 469,022.46 PV DUE 6/25/26 06/25/26 37,527.48- PAID DOWN 37,527.48 37,521.78-5.70 BMW VEHICLE OWN ABS 5.180% 2/26/29 CUSIP 096919AD7 128 AC 07-28-2026 128 of 178 PAGE 23 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/08/26 960,000- SOLD 948,134.40 959,729.90-11,595.50- CHARLES SCHWAB CORP 2.450% 3/03/27 CUSIP 808513BY0 AT $98.7640 ON TRADE DATE 06/05/2026 TO SETTLE ON 06/08/2026 TORONTO DOMINION SECURITIES (U 06/08/26 ACCRUED INTEREST ON SALE 6,206.67 CHARLES SCHWAB CORP 2.450% 3/03/27 CUSIP 808513BY0 06/15/26 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 6/15/26 06/22/26 INTEREST RECEIVED 32,250.00 CITIBANK CREDIT ABS 4.300% 6/21/30 CUSIP 17305EHA6 $0.02150/PV ON 1,500,000.00 PV DUE 6/21/26 06/25/26 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 6/25/26 06/25/26 INTEREST RECEIVED 4,870.76 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 $0.00244/PV ON 1,960,062.68 PV DUE 6/25/26 129 AC 07-28-2026 129 of 178 PAGE 24 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/26 2,245.72- PAID DOWN 2,245.72 2,166.59-79.13 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 06/25/26 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 6/25/26 06/25/26 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 6/25/26 06/25/26 INTEREST RECEIVED 1,756.67 FHLMC MULTIFAMILY ST 2.108% 1/25/31 CUSIP 3137FXZ35 $0.00176/PV ON 1,000,000.00 PV DUE 6/25/26 06/25/26 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 6/25/26 06/25/26 INTEREST RECEIVED 1,326.95 FHLMC MULTIFAMILY ST 2.653% 8/25/26 CUSIP 3137BSP72 $0.00204/PV ON 600,204.32 PV DUE 6/25/26 06/25/26 62,403.5- PAID DOWN 62,403.50 65,999.01-3,595.51- FHLMC MULTIFAMILY ST 2.653% 8/25/26 CUSIP 3137BSP72 130 AC 07-28-2026 130 of 178 PAGE 25 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/26 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 6/25/26 06/25/26 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 6/25/26 06/25/26 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 6/25/26 06/25/26 INTEREST RECEIVED 6,070.08 FHLMC MULTIFAMILY ST 3.771% 12/25/28 CUSIP 3137FKUP9 $0.00304/PV ON 1,931,607.36 PV DUE 6/25/26 06/25/26 2,208.22- PAID DOWN 2,208.22 2,112.56-95.66 FHLMC MULTIFAMILY ST 3.771% 12/25/28 CUSIP 3137FKUP9 06/25/26 INTEREST RECEIVED 1,846.25 FHLMC SER K110 CMO 1.477% 4/25/30 CUSIP 3137FTZQ3 $0.00123/PV ON 1,500,000.00 PV DUE 6/25/26 06/25/26 INTEREST RECEIVED 2,305.00 FHLMC SER K115 CMO 1.383% 6/25/30 CUSIP 3137FWG79 $0.00115/PV ON 2,000,000.00 PV DUE 6/25/26 131 AC 07-28-2026 131 of 178 PAGE 26 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/08/26 1,000,000 PURCHASED 885,820.31-885,820.31 FHLMC SER K117 CMO 1.406% 8/25/30 CUSIP 3137FX3Q9 AT $88.5820 ON TRADE DATE 06/03/2026 TO SETTLE ON 06/08/2026 MORGAN STANLEY & CO. 06/08/26 ACCRUED INTEREST ON PURCHASE 273.39- FHLMC SER K117 CMO 1.406% 8/25/30 CUSIP 3137FX3Q9 06/25/26 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 6/25/26 06/16/26 INTEREST RECEIVED 2,898.53 GM FINANCIAL ABS 4.850% 12/18/28 CUSIP 36268GAD7 $0.00221/PV ON 717,162.43 PV DUE 6/16/26 06/16/26 65,422.53- PAID DOWN 65,422.53 65,318.79-103.74 GM FINANCIAL ABS 4.850% 12/18/28 CUSIP 36268GAD7 06/03/26 675,000 PURCHASED 675,000.00-675,000.00 GOLDMAN SACHS BK V-D 4.656% 6/03/29 CUSIP 38151LAJ9 AT $100.0000 ON TRADE DATE 05/27/2026 TO SETTLE ON 06/03/2026 GOLDMAN SACHS 06/15/26 INTEREST RECEIVED 24,529.25 HOME DEPOT INC 2.950% 6/15/29 CUSIP 437076BY7 INTEREST ON 1,663,000.000 UNITS 132 AC 07-28-2026 132 of 178 PAGE 27 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/26 INTEREST RECEIVED 23,750.00 HOME DEPOT INC 4.750% 6/25/29 CUSIP 437076DC3 INTEREST ON 1,000,000.000 UNITS 06/18/26 INTEREST RECEIVED 1,581.96 HONDA AUTO RECE ABS 5.270% 11/20/28 CUSIP 437930AC4 $0.00296/PV ON 360,217.86 PV DUE 6/18/26 06/18/26 28,174.56- PAID DOWN 28,174.56 28,171.14-3.42 HONDA AUTO RECE ABS 5.270% 11/20/28 CUSIP 437930AC4 06/22/26 INTEREST RECEIVED 1,734.58 HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 $0.00215/PV ON 367,107.02 PV DUE 6/21/26 06/22/26 35,333.3- PAID DOWN 35,333.30 35,420.76-87.46- HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 TO SETTLE ON 06/22/2026 06/15/26 INTEREST RECEIVED 2,100.79 HYUNDAI AUTO ABS 3.970% 12/15/28 CUSIP 448970AD5 $0.00331/PV ON 635,000.00 PV DUE 6/15/26 06/15/26 INTEREST RECEIVED 941.99 HYUNDAI AUTO ABS 5.410% 5/17/27 CUSIP 44934FAD7 $0.00154/PV ON 208,943.15 PV DUE 6/15/26 133 AC 07-28-2026 133 of 178 PAGE 28 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/15/26 73,145.55- PAID DOWN 73,145.55 73,143.52-2.03 HYUNDAI AUTO ABS 5.410% 5/17/27 CUSIP 44934FAD7 06/18/26 545,000 PURCHASED 544,831.05-544,831.05 HYUNDAI CAPITAL AMER 4.750% 6/18/29 CUSIP 44891AEN3 AT $99.9690 ON TRADE DATE 06/15/2026 TO SETTLE ON 06/18/2026 STIFEL NICOLAUS & CO., INC. 06/18/26 555,000 PURCHASED 554,078.70-554,078.70 HYUNDAI CAPITAL AMER 4.750% 6/18/29 CUSIP 44891AEN3 AT $99.8340 ON TRADE DATE 06/15/2026 TO SETTLE ON 06/18/2026 PERSHING LLC 06/12/26 0.01 SHARE ADJUSTMENT JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 06/15/26 INTEREST RECEIVED 124.97 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 $0.00012/PV ON 29,462.25 PV DUE 6/15/26 06/15/26 29,462.25- PAID DOWN 29,462.25 29,459.95-2.30 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 06/15/26 INTEREST RECEIVED 1,445.12 JOHN DEERE OWNER ABS 4.960% 11/15/28 CUSIP 47800RAD5 $0.00289/PV ON 349,626.44 PV DUE 6/15/26 134 AC 07-28-2026 134 of 178 PAGE 29 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/15/26 18,295.39- PAID DOWN 18,295.39 18,286.81-8.58 JOHN DEERE OWNER ABS 4.960% 11/15/28 CUSIP 47800RAD5 06/08/26 1,765,000 PURCHASED 1,763,588.00- 1,763,588.00 MASTERCARD INCORPOR 4.600% 6/08/31 CUSIP 57636QBL7 AT $99.9200 ON TRADE DATE 06/04/2026 TO SETTLE ON 06/08/2026 J.P. MORGAN SECURITIES INC., - 06/15/26 INTEREST RECEIVED 1,866.75 MERCEDES-BENZ ABS 3.930% 1/15/30 CUSIP 58770YAD3 $0.00328/PV ON 570,000.00 PV DUE 6/15/26 06/15/26 INTEREST RECEIVED 3,378.83 MERCEDES-BENZ ABS 4.520% 4/16/29 CUSIP 58770XAD5 $0.00323/PV ON 1,045,000.00 PV DUE 6/15/26 06/15/26 INTEREST RECEIVED 2,359.72 MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 $0.00215/PV ON 475,909.88 PV DUE 6/15/26 06/15/26 42,235.87- PAID DOWN 42,235.87 43,130.08-894.21- MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 06/04/26 1,950,000- SOLD 1,960,959.00 1,950,000.00-10,959.00 MORGAN STANLEY V-D 4.968% 7/14/28 CUSIP 61690U8E3 AT $100.5620 ON TRADE DATE 06/03/2026 TO SETTLE ON 06/04/2026 MERRILL LYNCH,PIERCE,FENNER 135 AC 07-28-2026 135 of 178 PAGE 30 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/04/26 ACCRUED INTEREST ON SALE 37,674.00 MORGAN STANLEY V-D 4.968% 7/14/28 CUSIP 61690U8E3 06/05/26 INTEREST RECEIVED 31,395.00 NEW YORK LIFE GL FDG 4.600% 12/05/29 CUSIP 64952WFK4 INTEREST ON 1,365,000.000 UNITS 06/08/26 INTEREST RECEIVED 25,000.00 NEW YORK LIFE MTN 5.000% 6/06/29 CUSIP 64952WFG3 INTEREST ON 1,000,000.000 UNITS 06/18/26 1,065,000 PURCHASED 1,062,976.50- 1,062,976.50 NVIDIA CORPORATION 4.500% 6/15/31 CUSIP 67066GAR5 AT $99.8100 ON TRADE DATE 06/15/2026 TO SETTLE ON 06/18/2026 GOLDMAN SACHS 06/03/26 INTEREST RECEIVED 23,000.00 NW MUTUAL GLOBAL MTN 4.600% 6/03/30 CUSIP 66815L2W8 INTEREST ON 1,000,000.000 UNITS 06/17/26 1,865,000- SOLD 1,854,145.70 1,863,955.60-9,809.90- PACCAR FINANCIAL MTN 4.000% 11/07/28 CUSIP 69371RU20 AT $99.4180 ON TRADE DATE 06/16/2026 TO SETTLE ON 06/17/2026 J.P. MORGAN SECURITIES INC., - 06/17/26 ACCRUED INTEREST ON SALE 8,288.89 PACCAR FINANCIAL MTN 4.000% 11/07/28 CUSIP 69371RU20 136 AC 07-28-2026 136 of 178 PAGE 31 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/15/26 INTEREST RECEIVED 2,615.67 TOYOTA AUTO REC ABS 4.130% 12/16/30 CUSIP 89240QAD7 $0.00344/PV ON 760,000.00 PV DUE 6/15/26 06/15/26 INTEREST RECEIVED 2,089.08 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 $0.00161/PV ON 485,833.22 PV DUE 6/15/26 06/15/26 58,814.22- PAID DOWN 58,814.22 58,575.29-238.93 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 06/30/26 INTEREST RECEIVED 52,812.50 U.S. TREASURY NOTES 3.250% 6/30/27 CUSIP 91282CEW7 INTEREST ON 3,250,000.000 UNITS 06/01/26 INTEREST RECEIVED 30,625.00 U.S. TREASURY NOTES 3.500% 11/30/30 CUSIP 91282CPN5 INTEREST ON 1,750,000.000 UNITS 06/30/26 INTEREST RECEIVED 96,875.00 U.S. TREASURY NOTES 3.875% 6/30/30 CUSIP 91282CNK3 INTEREST ON 5,000,000.000 UNITS 06/01/26 INTEREST RECEIVED 16,468.75 U.S. TREASURY NOTES 3.875% 11/30/27 CUSIP 91282CFZ9 INTEREST ON 850,000.000 UNITS 137 AC 07-28-2026 137 of 178 PAGE 32 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/30/26 INTEREST RECEIVED 53,281.25 U.S. TREASURY NOTES 3.875% 12/31/27 CUSIP 91282CGC9 INTEREST ON 2,750,000.000 UNITS 06/30/26 INTEREST RECEIVED 42,500.00 U.S. TREASURY NOTES 4.250% 6/30/29 CUSIP 91282CKX8 INTEREST ON 2,000,000.000 UNITS 06/15/26 INTEREST RECEIVED 54,687.50 U.S. TREASURY NOTES 4.375% 12/15/26 CUSIP 91282CJP7 INTEREST ON 2,500,000.000 UNITS 06/30/26 INTEREST RECEIVED 96,250.00 U.S. TREASURY NOTES 4.375% 12/31/29 CUSIP 91282CMD0 INTEREST ON 4,400,000.000 UNITS 06/30/26 3,000,000 PURCHASED 2,968,007.81- 2,968,007.81 US TREASURY NOTE 2.250% 2/15/27 CUSIP 912828V98 AT $98.9336 ON TRADE DATE 06/29/2026 TO SETTLE ON 06/30/2026 MERRILL LYNCH,PIERCE,FENNER 06/30/26 ACCRUED INTEREST ON PURCHASE 25,172.65- US TREASURY NOTE 2.250% 2/15/27 CUSIP 912828V98 06/15/26 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 6/15/26 138 AC 07-28-2026 138 of 178 PAGE 33 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ TRANSFER RECEIPTS 06/01/26 ADDITION TO ACCOUNT 57,237.47 TRANSFER FROM INCOME 06/03/26 ADDITION TO ACCOUNT 23,000.00 TRANSFER FROM INCOME 06/04/26 ADDITION TO ACCOUNT 37,674.00 TRANSFER FROM INCOME 06/05/26 ADDITION TO ACCOUNT 31,395.00 TRANSFER FROM INCOME 06/08/26 ADDITION TO ACCOUNT 30,933.28 TRANSFER FROM INCOME 06/15/26 ADDITION TO ACCOUNT 119,371.96 TRANSFER FROM INCOME 06/16/26 ADDITION TO ACCOUNT 2,898.53 TRANSFER FROM INCOME 06/17/26 ADDITION TO ACCOUNT 8,288.89 TRANSFER FROM INCOME 06/18/26 ADDITION TO ACCOUNT 1,581.96 TRANSFER FROM INCOME 06/22/26 ADDITION TO ACCOUNT 32,250.00 TRANSFER FROM INCOME 06/23/26 ADDITION TO ACCOUNT 25,076.73 TRANSFER FROM INCOME 139 AC 07-28-2026 139 of 178 PAGE 34 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/26 ADDITION TO ACCOUNT 85,189.60 TRANSFER FROM INCOME 06/30/26 ADDITION TO ACCOUNT 316,546.10 TRANSFER FROM INCOME INVESTMENT MANAGEMENT EXPENSES 06/09/26 INVESTMENT MGMT FEE 12,083.00- PAID TO CHANDLER ASSET MANAGEMENT INC INV 2605CUPERTIN CUPERTIN 05/26 CITY OF CUPERTINO FOR PERIOD 5/1/2026 - 5/31/2026 TRANSFER DISBURSEMENTS 06/01/26 TRANSFER TO PRINCIPAL 57,237.47- 06/03/26 TRANSFER TO PRINCIPAL 23,000.00- 06/04/26 TRANSFER TO PRINCIPAL 37,674.00- 06/05/26 TRANSFER TO PRINCIPAL 31,395.00- 06/08/26 TRANSFER TO PRINCIPAL 30,933.28- 06/15/26 TRANSFER TO PRINCIPAL 119,371.96- 06/16/26 TRANSFER TO PRINCIPAL 2,898.53- 06/17/26 TRANSFER TO PRINCIPAL 8,288.89- 06/18/26 TRANSFER TO PRINCIPAL 1,581.96- 06/22/26 TRANSFER TO PRINCIPAL 32,250.00- 140 AC 07-28-2026 140 of 178 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 35 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2026 THROUGH JUNE 30, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/23/26 TRANSFER TO PRINCIPAL 25,076.73- 06/25/26 TRANSFER TO PRINCIPAL 85,189.60- 06/30/26 TRANSFER TO PRINCIPAL 316,546.10- ================================================================================================================= ENDING BALANCE 0.00 207,351,902.80 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 141 AC 07-28-2026 141 of 178 CITY OF CUPERTINO PARS Post-Employment Benefits Trust 6/1/2026 to 6/30/2026 Jonathan Orozco Acting Director of Administrative Services City of Cupertino 10300 Torre Ave. Cupertino, CA 95014 Account Summary Source 6/1/2026 Contributions Earnings Expenses Distributions Transfers 6/30/2026 OPEB 1001 $49,980,985.72 $0.00 $88,287.96 $12,506.32 $0.00 $0.00 $50,056,767.36 PENSION 1002 $28,452,982.97 $0.00 $53,640.10 $7,088.99 $0.00 $0.00 $28,499,534.08 Totals $78,433,968.69 $0.00 $141,928.06 $19,595.31 $0.00 $0.00 $78,556,301.44 Investment Selection Source OPEB PENSION Investment Objective Source OPEB PENSION Investment Return Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB 0.18%10.05%17.49%14.72%6.77%8.94%6/21/2010 PENSION 0.19%10.16%17.54%14.66%6.74%-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 142 AC 07-28-2026 142 of 178 143 AC 07-28-2026 143 of 178 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the Fiscal Year 2025‐26 ACFR Interim Testing Update Receive the Fiscal Year 2025‐26 ACFR Interim Testing Update Presenter: The Pun Group 4:00(15) CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 144 AC 07-28-2026 144 of 178 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 4:15(15) CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 145 AC 07-28-2026 145 of 178 July 20, 2026 To: City of Cupertino Audit Committee From: Baker Tilly Subject: Internal Audit Status Report April 21 through July 20, 2026 _____ 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 2025 through July 2026 Activities for This Period Finalized Report Activities for Next Period None Issues Working with City officials to finalize report \ 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 November 2025 through March 2026 October 2025 through August 2026 December 2025 through August 2026 July 2025 through June 2026 Activities for This Period None Reviewed policies and developed best practice recommendations. Performed interviews, provided preliminary observations, testing select high-risk controls. Continue to monitor FWA hotline, perform validation continuation, and provide ongoing support to City. Activities for Next Period None Work with City on feedback and finalize policies. 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 Working with City on feedback to finalize policies None None 14 6 AC 07-28-2026 146 of 178 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 0 0 0 0 0 HOTLINE STATISTICS: LIFETIME (OCTOBER 2022-PRESENT) Total Reports 39 Reports Closed 31 Reports Open 8 OUTSTANDING REPORTS Open Reports Days Outstanding Currently being held with Last Day BT Followed-up Report 2000302663 878 Under City Attorney’s review 6/29/26 Report 2000309461 856 Under City Attorney’s review 6/29/26 Report 2000311746 848 Under City Attorney’s review 6/29/26 Report 2000230154 821 Under City Attorney’s review 6/29/26 Report 2000320491 819 Under City Attorney’s review 6/29/26 Report 2000435031 456 Under City Attorney’s review 6/29/26 Report 2000465974 366 Under City Attorney’s review 6/29/26 Report 2000520302 219 Under City Attorney’s review 6/29/26 14 7 AC 07-28-2026 147 of 178 City of Cupertino- Audit Recommendations Tracking Report 7/17/2026 ( 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 79 25 54 0 Legend: 148 AC 07-28-2026 148 of 178 CITY OF CUPERTINO Agenda Item Subject: ACTION ITEM Receive Grants Management Internal Control Review Final Report Receive Grants Management Internal Control Review Final Report and forward to City Council Presenter: Baker Tilly 4:30(15) CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 149 AC 07-28-2026 149 of 178 As of June 3, 2025, Moss Adams LLP has merged with Baker Tilly. FINAL REPORT City of Cupertino GRANTS MANAGEMENT INTERNAL CONTROLS REVIEW July 20, 2026 Baker Tilly Advisory Group, LP 999 Third Avenue, Suite 2800 Seattle, WA 98104 (206) 302-6500 150 AC 07-28-2026 150 of 178 Table of Contents I. Executive Summary 1 II. Scope and Methodology 4 III. Internal Controls Review 6 Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. 151 AC 07-28-2026 151 of 178 I. Executive Summary The City of Cupertino (the City) contracted Baker Tilly to assess the internal controls over the City’s grants management activities for compliance with policies and procedures and best practices. This included reviewing the application, review, administration, and reporting processes as well as assessing the overall adequacy of the grants management function. The internal controls review took place between June and October 2025. As of June 30, 2024, the City's operating grants and contributions constituted approximately 25% of its total program revenues, or $8,350,734 out of $34,401,318. Grants management typically encompasses processes such as grant application and award administration, compliance monitoring, expenditure tracking, documentation and recordkeeping, and financial reporting. These processes are essential to ensure that grant funds are used in accordance with grantor requirements and applicable regulations. Effective internal controls over grants management are critical for safeguarding grant resources, maintaining accurate financial records, and supporting the integrity of the City’s Annual Comprehensive Financial Report (ACFR). Implementing comprehensive controls helps mitigate risks of misstatement, noncompliance, and misappropriation of funds, ultimately enhancing the City’s financial accountability and transparency to stakeholders. The City currently employs a primarily decentralized approach to grants management, where individual programs and departments are responsible for the end-to-end management of their respective grants. This includes administering grant application and award, monitoring compliance, tracking and approving expenditures, preparing and submitting required reports, and maintaining documentation in accordance with grantor requirements and applicable regulations. The Finance Department provides centralized financial support by tracking grant revenues and budgets within the Enterprise Resource Planning (ERP) system and producing budget-to-actual reports to assist departments in financial oversight. While many departments maintain organized electronic folders and utilize spreadsheets for grant tracking, these practices vary and are not fully standardized or integrated across the City. Recognizing opportunities to strengthen internal controls and improve consistency, the City is planning to hire a Grants Management Analyst to formalize and centralize key aspects of the grants management function. This role is expected to support standardized grant opportunity identification and monitoring, enhance documentation and recordkeeping practices, enforce segregation of duties, and coordinate training programs. The review of internal controls was completed in accordance with Standards for Consulting Services established by the American Institute of Certified Public Accountants (AICPA). As such, this work was not an audit of internal controls that resulted in a formal opinion or other form of assurance. Specific areas where controls were reviewed included: • Grant Application and Award Approval • Compliance Monitoring and Reporting • Expenditure Authorization and Tracking • Documentation and Recordkeeping 152 AC 07-28-2026 152 of 178 • Financial Reporting and Reconciliation • Overall Grants Management Control Environment Specific departments where controls were reviewed included the Finance, Public Works, and Housing Division departments. These departments were selected for review due to their critical roles in the City’s grants management environment. Finance is responsible for supporting accounting, financial reporting, and budget monitoring for all City grants, providing centralized financial oversight. Public Works and the Housing Division were selected because they receive and administer a substantial portion of the City’s overall grant funding, making their grant management practices particularly impactful on the City’s financial accountability and compliance. The City appeared to have internal controls developed for many grants management functions and was in the process of implementing additional internal controls in this area. Per interviews, the planned hiring of the Grants Management Analyst is to help formalize the grants management function and to assist in implementing these additional internal controls. Based on the review performed, the following are examples of commendable activities that appeared to have well-designed internal controls: • The City requires City Manager approval for grant applications, supporting executive oversight. • Departments seemed to maintain organized electronic folders for grant documentation, aiding record retention and audit readiness. • Finance tracks grant revenues and budgets within the ERP system, facilitating centralized financial management. • Project managers are generally responsible for monitoring grant expenditures and compliance, providing operational accountability. • A quarterly grants tracking spreadsheet is maintained and reviewed to monitor statuses and deadlines, supporting timely reporting. • Segregation of duties appeared to be practiced in invoice review and approval, reducing risk of errors or unauthorized transactions. • Recruitment of a Grants Management Analyst appeared aimed at centralizing oversight and enhancing internal controls. • The City’s grant reimbursement packets undergo multiple levels of review before submission, supporting accuracy. • Training resources from federal agencies appeared to be utilized to educate staff on grant compliance requirements. • Departments appeared to prepare handoff lists to mitigate risks associated with staff turnover. Similar to many other cities, there is an opportunity to strengthen controls, policies and procedures, and documentation. While our review identified gaps in internal controls of varying degrees across the departments reviewed, it is important to acknowledge that the City appeared to have internal controls developed for many functions. However, enhancing the documentation of these controls will strengthen this foundation and promote greater consistency and effectiveness in operations. Suggested priorities to address over the next six to 18 months include, but are not limited to: 153 AC 07-28-2026 153 of 178 • Develop and Implement Standardized Grants Management Policies and Procedures and Continuity Plans ○ Establish comprehensive, documented grants management policies and procedures that apply to all departments, including those with limited grant activity, to ensure consistency and reduce reliance on informal practices. ○ All departments should develop continuity plans and implement cross-training and handoff lists to maintain grant management activities during staff absences or transitions. • Centralize Grant Opportunity Identification and Monitoring ○ Centralize the process for identifying, tracking, and communicating grant opportunities, using a consolidated system to ensure departments are aligned with City priorities and deadlines. • Enhance Grant Tracking and Documentation Practices: ○ Departments should maintain dedicated tracking spreadsheets and complete electronic grant files for each active grant, and the City should conduct regular oversight to verify that documentation is accurate and complete. • Standardize and Enforce Segregation of Duties Across Departments: ○ Departments should clearly define and separate responsibilities for key grant management activities, and where staffing is limited, use compensating controls such as supervisory review or independent reconciliation. • Standardize Grant Documentation and Recordkeeping Policies: ○ Implement formal policies for organizing, retaining, and securing grant documents, and use a centralized electronic folder structure to improve accessibility and audit readiness. • Implement Structured Grant Management Training Programs: ○ Provide mandatory, tailored training for all staff involved in grant management, covering internal processes, compliance requirements, and best practices, with periodic refresher courses. • Formalize Grant Application and Approval Workflows: ○ Standardize the workflow for grant application preparation and approval, ensuring that required executive authorizations are consistently documented and retained. • Establish Consistent Internal Review and Approval Processes for Grant Reporting: ○ All grant reports and reimbursement requests should be subject to formal internal review and approval, with designated reviewers and documentation of the approval process. • Strengthen Subrecipient Monitoring and Documentation: ○ Distribute monitoring responsibilities for subrecipients, maintain complete documentation of contracts and payments, and formalize Council approval and payment tracking procedures. 154 AC 07-28-2026 154 of 178 II. Scope and Methodology The scope of our grants management internal controls review included an evaluation of the City’s key grants management internal controls, to determine the general adequacy of internal controls and identify areas warranting more in-depth review in the future. Our review included the following functional areas: • Grant Application and Award Approval • Compliance Monitoring and Reporting • Expenditure Authorization and Tracking • Documentation and Recordkeeping • Financial Reporting and Reconciliation • Overall Grants Management Control Environment For each functional area assessed, we conducted a review of key controls which included: • Identifying control objectives in specific areas and controls that would satisfy each objective • Reviewing policies and procedures • Examining relevant documentation in support of select key controls • Performing control walkthroughs to observe the design of key controls and understand workflow processes • Obtaining an understanding of the characteristics of each relevant control activity, including who performs it, how often it is designed to operate, whether it is designed to mitigate fraud, whether it is a manual or programmed (automated) control, and whether it is a preventive, detective, or corrective control • Assessing whether the controls in place would prevent or detect errors • Providing recommendations on key controls that need to be implemented or changed The work performed included interviews with employees involved in managing functions and processing key transactions in the following departments: • Finance • Public Works • Housing Division In addition to the interviews conducted, the following procedures performed to assess compliance with controls and policies related to grants management: • A sample of nine grants received by the City and five subrecipient grants awarded by the City, were assessed for adherence to select applicable control and policy requirements • The sample of nine grants received was evaluated for proper application procedures, documentation, expenditure tracking, and compliance with select established grant management controls and policies • The sample of five subrecipient grants was assessed for proper authorization and monitoring 155 AC 07-28-2026 155 of 178 In support of the internal controls review, the matrix in Section III provides results and includes: • Control objectives • Control issues • Corresponding recommendations • Likelihood of occurrence • Impact of occurrence “Likelihood of occurrence” is defined as the probability of a negative event occurring. “Impact of occurrence” is defined as the level of significance if a negative event occurs. Risk levels of low, moderate, or high were used to rate the likelihood and impact of occurrence for each control issue. Beyond the controls noted within this report as an issue, additional controls were reviewed without exception. It should be noted that many controls were reviewed multiple times in relevant, separate department reviews, but not all controls or departments were reviewed. The departments selected provide a broad understanding of the City’s grants management control environment. Key controls with exception conditions are reported in this document. 156 AC 07-28-2026 156 of 178 III. Internal Controls Review NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE Overall Grants Management Controls 1 Grant management processes are formalized and consistent across departments, regardless of grant volume or diversity in purpose, funding source, or dollar amount. Whether a department manages a large federal infrastructure grant, a small community funding grant, or any other type of grant with varying requirements and funding levels, it follows standardized policies and procedures to ensure effective oversight, compliance, and accountability. The City currently lacks formal, City-wide grants management policies and procedures (P&Ps). As a result, departments with low grant volume or specialized grants, such as Planning and Information Technology (IT), rely heavily on informal practices and individual knowledge. This increases continuity risks during staff absences or transitions. While larger departments may have more established practices, the absence of City-wide P&Ps disproportionately affects smaller departments, highlighting the need for both City-wide policies and tailored departmental procedures to ensure consistent and resilient grants management. The City should develop and implement standardized, City-wide grant management policies and procedures to provide a consistent framework for all departments. While some departments currently manage grants more frequently, their department- specific procedures are not formally documented and should be formalized to ensure consistency and accountability. Additionally, departments with limited grant activity, such as Planning and IT, should create tailored procedures that clearly define roles, responsibilities, and specific processes for grant application, monitoring, and reporting to ensure compliance with City-wide policies and reduce reliance on individual knowledge. All departments should also establish formal grant management continuity plans that include comprehensive documentation, cross-training, and periodic knowledge transfer sessions. This approach will help ensure seamless continuation of grant management activities during staff absences or transitions, reducing operational risks and enhancing organizational resilience. High High 2 Grants management functions, including grant Grants management functions are decentralized, with grant The City should centralize certain grants management functions, potentially under High High 157 AC 07-28-2026 157 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE and monitoring, are centralized to improve oversight, coordination, and control and alignment with City priorities. disparate departmental processes. This increases the risk of inconsistent controls, missed funding opportunities, and lack of strategic alignment across departments. include formalized grant opportunity identification and monitoring through a consolidated database or tracking system that captures available grants, deadlines, eligibility criteria, and application status. Regular communication and updates should be provided to all departments to ensure alignment with City priorities and reduce the risk of missed opportunities. This communication and decision-making process should be documented to ensure grant applications and acceptances align with City priorities and Council direction. Centralization will improve consistency in policies and procedures, enhance oversight, and support strategic resource allocation. 3 All grants received, including report due dates, period of availability and budget-to-actual financial data, are consistently tracked throughout their lifecycle. Comprehensive grant reporting packets are maintained electronically, in a centralized repository, and contain all grant- related documentation, such as applications, contracts, invoices, and approvals. The City does not track all key grant information in a consistent manner and does not deploy a centralized repository to maintain complete grant reporting packets resulting in missing grant documentation. Our testing found that four of nine grants received were not supported by a dedicated tracking spreadsheet. In addition, all nine grant reporting packets lacked complete documentation. Missing items included things such as grant applications, executed contracts, and documented approvals. The City should require all departments to maintain dedicated, up-to-date tracking spreadsheets for each active grant that consistently capture key grant information, such as report due dates, period of availability, and budget-to-actual financial data. In addition, departments should include required supporting documents such as invoices and signed agreements, in their grant reporting packets. All grant tracking spreadsheets and supporting documentation should be stored electronically and in a centralized repository to ensure consistency, accessibility, and audit readiness across the organization. To ensure consistent adherence, the City Moderate Moderate 158 AC 07-28-2026 158 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE mechanisms, such as periodic audits or reviews, to verify that all grants are actively tracked, and that required documentation is properly retained across all departments. This approach will address root causes by promoting accountability, reducing risks of incomplete or inaccurate reporting, and supporting compliance with grantor requirements. 4 Segregation of duties is established and consistently applied in grant management activities. Segregation of duties appears to vary by department and grant type; smaller grants or community funding appear to often be managed entirely by one individual, increasing the risk of errors or misappropriation. The City should require that all departments that manage grants adequately segregate duties. Multiple individuals should participate in critical grant management activities such as application approval, expenditure authorization, and reporting. In cases where staffing is limited, compensating controls such as periodic supervisory reviews or independent reconciliations, should be implemented. All roles and responsibilities should be clearly defined in the City-wide grants management policies and procedures to ensure that no one individual is responsible for incompatible duties. High Moderate 5 Grant tracking and monitoring systems are integrated, comprehensive, and efficient. Departments primarily use spreadsheets or electronic folders for grant tracking, lacking integration with financial systems and detailed compliance checkpoints. An assessment of current grant tracking practices and available technology solutions should be conducted to identify opportunities for improved integration and efficiency. Implementing a centralized grant management system, or enhancing existing ERP functionalities, can provide significant benefits, such as enabling real-time tracking of grant applications, budgets, High Moderate 159 AC 07-28-2026 159 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE and reporting deadlines. System integration can also improve data accuracy, reduce manual entry errors, and support comprehensive monitoring and reporting of grant performance. If implementing a new system or enhancing ERP functionalities is not feasible at this time, the City should establish a centralized electronic repository for grant files and tracking spreadsheets, which may help address finding number six below. This repository should be accessible to all relevant staff and used to consistently maintain tracking spreadsheets and to store key grant documentation, including applications and related approvals, budgets, expenditure support, grant reports and supporting documentation, and other support to demonstrate compliance with grant requirements. Centralizing grant documentation in this manner will improve data accuracy, streamline oversight, support compliance, and enhance monitoring of grant performance. 6 Grant recordkeeping is standardized, accessible, and secure. Based on interviews, most departments appear to have processes in place to store documentation electronically, but there is a lack of standardized organization and retention policies across departments, potentially posing challenges during audits or staff transitions. Currently, based on interviews, there is no centralized City-wide Formal policies governing the organization, retention, and security of grant-related documentation are essential. These policies should specify document types to be retained, retention periods in compliance with legal and grantor requirements, and procedures for secure storage and disposal. Implementing a centralized repository for electronic document management with standardized folder structures, version Moderate Moderate 160 AC 07-28-2026 160 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE structure for retaining grant documents; instead, each department is responsible for establishing and maintaining its own documentation on individual drives. sensitive information. Regular audits of documentation practices should be conducted to ensure compliance and audit readiness. 7 Staff receive structured training on grant management and compliance requirements. Grant-related training appears to be minimal and mostly self- directed or external; limited internal training may lead to inconsistent knowledge, reliance on informal learning, and grant noncompliance. A comprehensive internal training curriculum focused on the City’s specific grant management processes, appropriate uses of grant funds, compliance obligations, and best practices should be designed and rolled out. Training should be mandatory for all staff involved in grant activities and cover topics such as federal and state grant regulations, internal control requirements, documentation standards, and use of grant management systems. Incorporating refresher courses and updates on regulatory changes will further enhance staff competency, reduce reliance on informal learning, and promote consistent policy application across departments. This will improve staff competency, consistency, and reduce compliance risks. Moderate Moderate 8 Grant application and approval processes are formalized and documented. Application approvals require City Manager authorization but appear to lack formal workflows and standardized documentation, risking inconsistencies and accountability gaps. Of the nine grants tested, four did not have documentation supporting that the City Manager approved the Formalized workflows for grant application preparation, approval, and submission should be developed, clearly delineating required review steps, responsible parties, and approval thresholds. City Manager authorization and other executive approvals must be consistently documented in writing and retained in the grant file. Utilizing standardized forms or Moderate Low 161 AC 07-28-2026 161 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE related grant application. tracking and audit trails. These measures will improve accountability, reduce inconsistencies, and support effective governance over grant pursuits. 9 Grant reporting undergoes consistent internal review and approval prior to submission. Review processes vary widely; some departments have formal departmental reviews, others submit reports directly with minimal internal review, increasing risk of errors or noncompliance. Standardized procedures requiring all grant reports, reimbursement requests, and related submissions to undergo formal internal review and approval should be implemented. This process must include verification of compliance with grant terms, accuracy of financial data, and completeness of supporting documentation. Designated reviewers and approvers with appropriate expertise and authority should be assigned, and documentation of reviews and approvals maintained. Consistent application of these procedures will reduce errors and enhance compliance. Moderate Moderate Management Response to Overall Grants Management Control Issues and Recommendations • An updated Citywide Grants Policy governing grant application and approval authority and overall grants guidance • Formalized grant opportunity identification, monitoring, review and communication with departmental staff The City is currently developing with plans of release in 2026: • Standardized internal grants management policies and procedures to clarify roles and responsibilities across the grant lifecycle including application, approvals, budgeting, monitoring, reporting and closeout • Staff training to ensure comprehensive understanding of internal grants management procedures and support with accurate recordkeeping. • Processes for documentation of application approvals The state and federal grants landscape continue to evolve and the City is committed to retaining active awareness, adapting as appropriate and ensuring the internal controls for grants fit the City’s needs. 162 AC 07-28-2026 162 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE Public Works 1 Grant applications require documented review and approval by the Transportation Director and City Manager prior to submission. Two of five tested grant applications lacked evidence of City Manager approval, leading to potential non-compliance with City policies and unauthorized commitments of City resources. See Control Issue #8 in the Overall Grants Management Controls section. High Moderate Management Response to Public Works Control Issues and Recommendations Since the preparation of this report, the City has hired a Grants Analyst, enhancing staff's capacity to effectively manage grant processes and ensure compliance with City policies. Housing/Community Development Block Grant 1 Subrecipient contracts and reports are managed with complete documentation and monitoring. Supporting documentation was not provided to demonstrate that ongoing monitoring of subrecipient expenditures and activity was occurring. There appeared to be heavy reliance on the Senior Housing Coordinator to monitor and approve all subrecipient expense reports. While this staff member demonstrated strong competence, dependence on a single individual creates potential risks related to continuity and oversight. NOTE: After testing was complete, on April 20, 2026, we were provided with expense reports for our selected The City should conduct a thorough review of subrecipient monitoring requirements from funding agencies and compare to their current practices, with a focus on distributing monitoring responsibilities to mitigate risks associated with reliance on one individual. Implementing robust document retention and management processes is key to ensuring that all subrecipient contracts, invoices, reports, and monitoring documentation are maintained in an accessible, organized, and centralized manner. These steps will strengthen compliance, enhance oversight, and improve audit readiness while supporting operational resilience. Moderate Low 163 AC 07-28-2026 163 of 178 NO. CONTROL OBJECTIVE CONTROL ISSUE RECOMMENDATION OCCURRENCE LIKELIHOOD IMPACT OF OCCURRENCE approvals were dated in 2026, after our testing period. 2 Council approves grant awards to subrecipients, and payments are tracked and monitored appropriately. At the time of our review, documentation supporting Council approval of subrecipient awards and related invoicing/payment tracking was incomplete or unavailable for the selected subrecipients. NOTE: After testing was complete, on April 20, 2026, we received documentation that showed council approval of subrecipient awards effective 9/11/2025. The City should formalize and document the process for Council approval of subrecipient awards via meeting minutes and ensure that invoicing and payment tracking is maintained in a centralized, accessible system. Regular reconciliations and monitoring of payments should be performed to ensure compliance with contract terms and grant requirements. Moderate Low Management Response to Housing/Community Development Block Grant Control Issues and Recommendations approval of invoices, while the Finance Division performs the secondary review and final approval. Accordingly, invoices that have completed the full approval process are maintained by the Finance Division rather than by the Housing division/Community Development Department. As a result, the initial audit testing, which was conducted using records maintained at the Senior Housing Coordinator level, did not reflect the complete approval process or the full extent of the established internal controls. 164 AC 07-28-2026 164 of 178 165 AC 07-28-2026 165 of 178 CITY OF CUPERTINO Agenda Item Subject: ACTION ITEM FY 2026-27 Internal Audit Work Program Review Receive the FY 2026-27 Internal Audit Work Program and forward to City Council Presenter: Baker Tilly 4:45(60) CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 166 AC 07-28-2026 166 of 178 !"" ##$## %&'( )*+,+- 16 7 AC 07-28-2026 167 of 178 ! " " # " " "! " " )*++,* - 16 8 AC 07-28-2026 168 of 178 !"#$%&'"( 16 9 AC 07-28-2026 169 of 178 )5 6&& ('%-(-,)*1-)7)*8 %( .)*8 #&.-"%3,* , 2 #"%3,*;-1,*; > 17 0 AC 07-28-2026 170 of 178 ./012/3456780943/:;<=<>?@AB?CDEF?@BFD<EFGHD;C?IA JABKF5LLM6/08/N3/7O8/3/L83421PM208/NQ3RR10S3/3N1S1/0QL3P8034P2MN23SRQLMSP483/L1Q1LM/MS8LR3/7O6/78/NQO2367QNMT12/3/L1QU6S3/21RM62L1RQ8/012/34LM/02M4RQS38/01/33/7MP12308M/RQS3/3N1S1/0QMP12308M/R3/7R12T8L17148T12VQM2N3/8W308M/3/7R03OO8/NQP2ML1RR1R3/7P2ML17621RQP2ML621S1/0QP6X48LR3O10VQ28RYS3/3N1S1/0Q3/701LU/M4MNV 17 1 AC 07-28-2026 171 of 178 !"#$ %!&'(/0,1/02300,004,*+0 565785659=>*+-><0?->@,A+0=>4.<,+,BDEFGHEIJKLFJMLNODPLFMPOQJREJH STU5V;*A,X)WW/A/,*AY?->@,A+0=>4.<,+,B Z1,[/,\,BDP]L^EOQJREJHF`JLFaDN_bcOPHdPOE^GQJREJH 79eTU5VTU5V,*B;+/>*0f,</[,-,B eg>+</*,1,.>-+01,A,/[,B Sg-,.>-+0^P``JLINFEPL_jNOEINFEPL_ELcklm e 17 2 AC 07-28-2026 172 of 178 '#() *$+635/861 93:8;36.602 <==>?/04086 9:@/8A 40- 93:86-;361 <==>B;-C62 93:8611 D65/6E <=F>G34021 H404C6.602 I026304@ J:023:@ D65/6E <=K>7L68/4@ D6560;6 ?;0- 93:8611 <=K>I05612.602MJ41N ?@:E 9:@/8A D65/6E <=O>J:;08/@P Q/-6 9:@/8A D65/6E <=O>``Ta[ ?Q, 93:C34. <==>@:L.602N0:@:CA:0 17 3 AC 07-28-2026 173 of 178 ()*+,-.2,3-)04.0*5>D>@EFGHHI>JK<@J>?NPQRPE>ES>;METUJC<=>>@A<BC>D>@EC<DKQPM@EB>JK<@J>KB<C>JJVOMESPA<CRJ<@B>JK<@J>EMD>JVJEPAAM@WPNPMQPXMQMETVP@=J>BNMC>=>QMN>BTYI>NM>O `@N>@E<BTKB<K>BETEP_B>N>@R>JP@=C<DKPB>E<B>Q>NP@EQ>WMJQPEM<@P@=M@E>BQ<CPQPWB>>D>@EJE<M=>@EMAT<KK<BER@MEM>JE<MDKB<N>R@=>BJEP@=M@W<AEP_B>N>@R>=MJEBMXREM<@JVC<R@ETJ>BNMC>=>QMN>BTVP@=M@E>BW<N>B@D>@EPQAR@=M@WY;PJSbQ<OI>NM>O ;<DKPB>>_MJEM@WM@N>JED>@EP@=CPJSAQ<OKB<C>JJ>JE<ES>;METUJ>_MJEM@WK<QMCTE<PJJ>JJPQMW@D>@EOMESES>K<QMCM>JYAAMCM>@CTcER=T ?NPQRPE>ES>>AAMCM>@CTP@=>AA>CEMN>@>JJ<AES>;METUJK>BDMEEM@WKB<C>JJE<M=>@EMAT<KK<BER@MEM>JE<JEB>PDQM@>O<BdAQ<OJVB>=RC>KB<C>JJM@WEMD>JVMDKB<N>CRJE<D>BJ>BNMC>VP@=>@SP@C><N>BPQQJ>BNMC>=>QMN>BTYW>D>@Eb<QQ<OgRK b<QQ<ORK<@<REJEP@=M@WB>C<DD>@=PEM<@JP@=PJJ>JJOSPEKB<WB>JJES>;METSPJDP=>E<P==B>JJB>C<DD>@=PEM<@JYEP@=I>E>@EM<@cER=T hiijiikljmnkopiqjrqsnktjukvuwqjkjuknxuyqvrknrjikxnwjuknzoxyyxqksunknjikxntyqx{jlnqnu|jzznrnjuro}julvurjkljmnkopiv~nnkokxvkkqvrkvuwqjkvnu€RPQMAM>=>DKQ<T>>JVP@=JRKK<BEQ<@WgE>BD<BWP@M PEM<@PQJEPXMQMETY=PEM<@‚PQM=PEM<@J ;<@EM@R>E<EBPCdP@=NPQM=PE>B>C<DD>@=PEM<@MDKQ>D>@EPEM<@Y 17 4 AC 07-28-2026 174 of 178 %*)#$ +*,#-.!+,*%/-00*%%##$;<=6>548:3LMN@BOEHPIQQEHHNNR?JHNSJGD@BOEH=__8624;`5<54ab995_7c\=bd789e7:45957>f6`<5_=__8624;243:45957>g:;6>hi;^527:3 17 5 AC 07-28-2026 175 of 178 17 6 AC 07-28-2026 176 of 178 CITY OF CUPERTINO Agenda Item Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2026 Schedule and Workplan Receive the proposed Audit Committee 2026 Schedule and Workplan Presenter: Jonathan Orozco, Finance Director and City Treasurer 5:45 (5) CITY OF CUPERTINO Printed on 7/27/2026Page 1 of 1 177 AC 07-28-2026 177 of 178 January 26, 2026 Re ular Meetin April 27, 2026 Re ular Meetin July 27, 2026 Re ular Meetin October 26, 2026 Re ular Meetin November/December 2026 S ecial Meetin 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 OPEB & Pension Trust Performance Report for Quarter Ending March 31, 2026 OPEB & Pension Trust Performance Report for Quarter Ending June 30, 2026 OPEB & Pension Trust Performance Report for Quarter Ending September 30, 2026 Review of FY 2025/26 ACFR OPEB & Pension Trust Performance Report for Quarter Ending December 31, 2025 Quarterly Treasurerʹs Investment Report for Quarter Ending March 31, 2026 Quarterly Treasurerʹs Investment Report for Quarter Ending June 30, 2026 Quarterly Treasurerʹs Investment Report for Quarter Ending September 30, 2026 OPEB & Pension Trust Policy Review Internal Audit and Fraud, Waste, and Abuse Programs Update Fiscal Year 2025‐26 ACFR Interim Testing Update Internal Audit and Fraud, Waste, and Abuse Program Update Quarterly Treasurerʹs Investment Report for Quarter Ending December 31, 2025 Annual Review of City Investment Policy Internal Audit and Fraud, Waste, and Abuse Program Update Annual Review of OPEB and Pension Trust Investment Policies Internal Audit and Fraud, Waste, and Abuse Programs Update FY 24‐25 Single Audit and Agreed Upon Procedures (AUP) Review ‐ GANN Limit, Investment Policy, Storm Drain Internal Audit Program ‐ Grants Management Intermal Control Review Fiscal Year 2025‐26 ACFR Update City Council Policy Review Fiscal Year 2026‐27 ‐ Internal Audit Program Internal Audit Program ‐Investment/Cash Flow Policy Review/Recommendation Audit Committee Roles and Responsibilities Internal Audit Program ‐ City‐Wide Control Review 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 2026 SCHEDULE AND WORK PLAN 17 8 AC 07-28-2026 178 of 178