Agenda packet, regular meeting — Campbell City Council, September 1, 2026 (part 1 of 2)

City Council Agenda
Campbell Police Department EOC
100 N. First Street, Campbell, California
ATTENTION: This meeting is being held at an alternate location and will not be conducted in the City Hall Council Chambers. Please see meeting location above. Location map will be provided on the City's website Agenda Center with the posting of this agenda.

This City Council Regular meeting will be conducted in person as well as telecommunication and is compliant with provisions of the Brown Act.

The City Council meeting will be live-streamed on Channel 26 (Xfinity) or Channel 88 (Direct TV), the City's website and on YouTube https://www.youtube.com/user/CityofCampbell for those who only wish to view the meeting.

Those members of the public wishing to provide public comment virtually are asked to register in advance at: https://www.campbellca.gov/signup. After registering, you will receive a confirmation email containing information about joining the meeting. Members of the public may attend the meeting in person at Campbell City Hall - Council Chambers.

Public comment will also be accepted via email at [email protected] until 12:00 p.m. prior to the start of the meeting. Written comments will be posted on the website and distributed to the Council. If you choose to email your comments, please indicate in the subject line “FOR PUBLIC COMMENT” and indicate the item number.

REGULAR MEETING OF THE CAMPBELL CITY COUNCIL
Tuesday, September 01, 2026 07:00 PM
Campbell Police Department EOC
CALL TO ORDER/ROLL CALL
PLEDGE OF ALLEGIANCE
SPECIAL PRESENTATIONS AND PROCLAMATIONS
Please Note: Items listed under Special Presentations and Proclamations are considered ceremonial. The City Council will not take action on these matters.

Proclamation Declaring the Month of September 2026 as Page 5

1. 2.

3. 3.1
National Childhood Cancer Awareness Month
Recommended Action
That the Mayor proclaim September 2026, as National Childhood Cancer Awareness Month in the City of Campbell.

COMMUNICATIONS AND PETITIONS
ORAL REQUESTS
NOTE: This portion of the meeting is reserved for persons wishing to address the City Council on any matter not on the agenda. Persons wishing to address the Council are requested, but not required to complete a Speaker’s Card. Speakers are limited to two (2) minutes. The law generally prohibits the Council from discussion or taking action on such items. However, the Council may instruct staff accordingly regarding Oral Requests.

COUNCIL ANNOUNCEMENTS
CONSENT CALENDAR
NOTE: All matters listed under consent calendar are considered by the City Council to be routine and will be enacted by one motion. There will be no separate discussion of these items unless a request is made by a member of City Council, City staff, or a member of the public. Any person wishing to speak on any item on the consent calendar should ask to have the item removed from the consent calendar prior to the time the Council votes to approve. If removed, the item will be discussed in the order in which it appears.

Minutes of City Council Executive Session Meeting of August 18, 2026

Page 10 ends

Recommended Action
Approve the executive session meeting minutes of August 18, 2026.

Minutes of City Council Regular Minutes of August 18, 2026 Page 12 Recommended Action
Approve the regular meeting minutes of August 18, 2026.

Approving Payment of Bills and Claims Page 21
Recommended Action
Approve the bills and claims in the amount of $2,145,540.83.

Monthly Investment Transactions Report- July 2026 Page 23

4. 5.

6. 7.

7.1 7.2

7.3 7.4
Tuesday, September 01, 2026 2 of 195
Recommended Action
That the City Council review and accept the Monthly Investment Transactions Report for July 2026.

Monthly Treasurer’s Report (July 2026) Page 81
Recommended Action
That the City Council review and accept the Monthly Treasurer’s Report for the month ended July 31, 2026.

PUBLIC HEARINGS AND INTRODUCTIONS OF ORDINANCES
NOTE: Members of the public may be allotted up to two (2) minutes to comment on any public hearing item.

Applicants/Appellants and their representatives may be allotted up to a total of five (5) minutes for opening statements and up to a total of three (3) minutes maximum for closing statements. Items requested/recommended for continuance are subject to Council’s consent at the meeting.

NEW BUSINESS
Response to Santa Clara County Civil Grand Jury Report
Regarding the Santa Clara Valley Transportation Authority (”VTA”)

Page 84 ends

Recommended Action
That the City Council authorize the Mayor to submit a letter as the City’s response to the 2025-2026 Santa Clara County Civil Grand Jury Report titled, "VTA’s Management and Oversight of BART Silicon Valley Phase II." Response to 2025-2026 Civil Grand Jury Report on Pothole Damage Claims Processes

Page 132 ends

Recommended Action
That the City Council authorize the Mayor to submit, on behalf of the City Council, the attached letter as the City’s response to the 2025-2026 Santa Clara County Civil Grand Jury Report, “Pothole Damage: Improving claims processes within Santa Clara County.”
Authorization To Execute Low Carbon Transportation and
Operations Program (LCTOP) Fund Agreement
(Resolution/Roll Call Vote)

Page 167 ends

Recommended Action
Adoption of a Resolution for Authorization to Execute Low Carbon Transportation

7.5 8.

9. 9.1

9.2 9.3
Tuesday, September 01, 2026 3 of 195
and Operations Program (LCTOP) Fund Agreement for Transit Reliability Improvement and Performance System (TRIPS) Project.

UNFINISHED BUSINESS
COUNCIL COMMITTEE REPORTS
Council Committee Reports Page 192
Recommended Action
That the City Council report on activities from their committee assignments.

ADJOURN
IMPORTANT NOTICE: Materials related to an item on this agenda submitted to the City Council after distribution of the agenda packet are available for public inspection with the agenda packet in the lobby of City Clerk’s Office, 70 N. First Street, Campbell, CA 95008, during normal business hours. These materials will also be available on the City website at https://pub-campbell.escribemeetings.com with the agenda packet following the last item of the agenda, subject to staff’s ability to post the documents prior to the meeting. All documents not posted prior to the meeting will be posted the next business day.

In compliance with the Americans with Disabilities Act, listening assistive devices are available for all meetings held in the City Council Chambers. If you require accommodation, please contact the City Clerk’s Office, (408) 866-2117, at least one week in advance of the meeting.

10. 11.

11.1 12.

Tuesday, September 01, 2026 4 of 195
City Council Report
DATE: September 1, 2026
TITLE: Proclamation Declaring the Month of September 2026 as National Childhood Cancer Awareness Month
RECOMMENDED ACTION:

That the Mayor proclaim September 2026, as National Childhood Cancer Awareness Month in the City of Campbell.

BACKGROUND
National Childhood Cancer Awareness Month was first officially recognized in September of 2019. Every September events are held to bring attention to childhood cancer and advocate for childhood cancer research. These events are hosted by various advocacy organizations and bring people together to share stories while encouraging continued efforts to find new treatments. Local community groups such as Jacob’s Heart Children’s Cancer Support Services (“Jacob’s Heart”) help to bring recognition to Childhood Cancer Awareness Month and support to those affected by childhood cancer.

DISCUSSION
Childhood cancer remains the leading cause of disease-related death among children in the United States, with thousands of families impacted each year by a diagnosis. While progress has been made through research and treatment developments, many children continue to face difficult battles with long-term health impacts, and many lives are still lost.

Jacob’s Heart has been keeping medically fragile children and families housed, fed, and emotionally supported by adhering to the following commitments: 1) Parents of children with cancer and other serious illnesses will be relieved of financial fears and able to focus attention on their children: 2) No child undergoing intensive treatment in our community will be homeless; 3) Families of seriously ill children will not experience food insecurity during and after the pandemic; and 4) No seriously ill child in our community will ever miss a medical appointment because of a lack of transportation.

September is recognized nationally as Childhood Cancer Awareness Month, symbolized by the gold ribbon. This observance provides an important opportunity to raise awareness, encourage support for affected families, and highlights the importance of continued research and advocacy. This month is a chance for people to learn more, show Item 3.1
Tuesday, September 01, 2026 5 of 195

support for families, and remind everyone why research and better treatments are so important.

FISCAL IMPACT
There is no fiscal impact associated with this action.

PREPARED BY: Kristen Epolite, Deputy City Clerk
Item 3.1
Tuesday, September 01, 2026 6 of 195

Report Approval Details
Document Title: Report - Proclamation for Childhood Cancer Awareness Month 2026.docx
Attachments: Proclamation - Childhood Cancer Awareness 2026.docx Final Approval
Date:

August 26, 2026
This document and all of its attachments were approved and signed as outlined below:

Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Angelique Gaeta, Assistant City Manager
Item 3.1
Tuesday, September 01, 2026 7 of 195

PROCLAMATION OF THE

MAYOR OF THE CITY OF CAMPBELL

WHEREAS, childhood cancer is the leading cause of death by disease in children under the age of 15; and
WHEREAS, cancer occurs regularly and randomly and spares no racial or ethnic group, socioeconomic class or geographic region; and
WHEREAS, families and communities are affected by childhood cancer, facing not only the emotional toll but also the physical, social, and financial challenges that accompany a diagnosis; and
WHEREAS, Jacob’s Heart Children’s Cancer Support Services holds the memories and honors legacies of hundreds of children from our local community who have been lost to cancer, ensuring that their memories will never be forgotten; and WHEREAS, the oncology department at Lucile Packard Children's Hospital at Stanford has worked closely with Jacob's Heart Children’s Cancer Support Services for the past 28 years as a trusted community partner in providing family-centered care that addresses the emotional, practical, and financial struggles of families of children with cancer in the City of Campbell; and
WHEREAS, the City of Campbell recognizes the resilience of children battling cancer, honors the families who support them, and commends the dedicated health professionals, researchers, and advocates working toward a cure; and
WHEREAS, Childhood Cancer Awareness Month, symbolized by the gold ribbon, serves as an important reminder of our dedication to support children and families affected by cancer.

NOW, THEREFORE, I, Daniel E. Furtado, Mayor of the City of Campbell, on this 1st day of September 2026, do proclaim September 2026 Childhood Cancer Awareness Month in the City of Campbell and do hereby honor Jacob’s Heart Children’s Cancer Support Services for outstanding support to our community and acknowledge the organization’s contributions to Childhood Cancer Awareness Month.

WITNESS MY HAND AND SEAL OF THE CITY OF CAMPBELL this 1st day of September 2026.
___________________________________
Daniel E. Furtado, Mayor
Item 3.1
Tuesday, September 01, 2026 8 of 195
City of Campbell, California
Item 3.1
Tuesday, September 01, 2026 9 of 195

CITY COUNCIL MINUTES
City of Campbell, 70 N. First St., Campbell, California

EXECUTIVE SESSION MEETING OF THE CAMPBELL CITY COUNCIL
Tuesday, August 18, 2026 06:00 PM
Campbell Community Center - Room C-34
This City Council meeting was duly noticed pursuant to open meeting requirements of the Ralph M. Brown Act (G.C. Section 54956).

PRESENT:

Mayor Furtado
Vice Mayor Bybee
Councilmember Hines
Councilmember Scozzola
Councilmember Lopez
ABSENT:

1. CALL TO ORDER/ROLL CALL
The City Council of the City of Campbell convened this day in the special meeting place, the Campbell Community Center Room C-35, 1W. Campbell Ave, Campbell, California.

2. PUBLIC COMMENT
There was no public comment.

3. MOVE INTO CLOSED EXECUTIVE SESSION
A. Personnel
B. Litigation
C. Real Property
D. Labor Negotiations – Pursuant to G.C. Section 54957.6: Conference with Labor Negotiator - Agency Designated Representatives: City Council; and City Manager, Brian Loventhal
Employee Organization: Campbell Police Civilian Employees Association (CPCEA) Item 7.1
Tuesday, September 01, 2026 10 of 195
Pursuant to G.C. Section 54957.6: Conference with Labor Negotiator - Agency Designated Representatives: City Council; and City Manager, Brian Loventhal Unrepresented Employee Group: (Classified Management, Confidential, Unclassified Management)
Pursuant to G.C. Section 54957.6: Conference with Labor Negotiator - Agency Designated Representatives: City Council and City Manager Performance/ Compensation Subcommittee Members Dan Furtado and Anne Bybee
Unrepresented Employee: City Manager
The City Council met in Executive Session to discuss three items under Item D. City Manager Loventhal, Assistant City Manager Gaeta and City Attorney Seligmann, were in attendance.

4. ADJOURN
Mayor Furtado adjourned the meeting at 6:43 p.m.

APPROVED: Daniel E. Furtado, Mayor
ATTEST: Andrea Sanders, City Clerk
Item 7.1
Tuesday, September 01, 2026 11 of 195

CITY COUNCIL MINUTES
City of Campbell, 70 N. First St., Campbell, California

REGULAR MEETING OF THE CAMPBELL CITY COUNCIL
Tuesday, August 18, 2026 07:00 PM
Campbell Community Center - Room C-35
This City Council meeting was duly noticed pursuant to open meeting requirements of the Ralph M. Brown Act (G.C. Section 54956).

This meeting was recorded and can be viewed in its entirety at: https://pubcampbell.escribemeetings.com PRESENT:

Councilmember Hines
Councilmember Lopez
Mayor Furtado
Councilmember Scozzola
Vice Mayor Bybee
ABSENT:

1. CALL TO ORDER/ROLL CALL
The City Council of the City of Campbell convened this day in regular meeting, at the Campbell Community Center, 1 W. Campbell Avenue Room C-35.

Roll call was taken and quorum was confirmed.

2. PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Mayor Furtado.

3. SPECIAL PRESENTATIONS AND PROCLAMATIONS
There were no special presentations and proclamations.

4. COMMUNICATIONS AND PETITIONS
There were no communications and petitions.

Item 7.2
Tuesday, September 01, 2026 12 of 195

5. ORAL REQUESTS
There were no oral requests.

6. COUNCIL ANNOUNCEMENTS
City offices will be closed on Monday, September 7 in observance of the Labor Day holiday.

Police and Emergency services will remain open to the public.

I would like to invite you to the City of Campbell's Annual State of the City Address. Please join me as I share updates on our community, highlight the City's accomplishments over the past year, and discuss the opportunities and priorities that lie ahead. The State of the City Address will be held at the Orchard City Banquet Hall on Wednesday, September 16. Doors will open at 6:00 p.m., with the program beginning promptly at 6:30 p.m. Please RSVP by Wednesday, September 2 by emailing [email protected].

Get Involved in Your Community! Are you passionate about making a difference in Campbell? Explore opportunities to serve on one of our Boards or Commissions. To find out more, contact the City Clerk’s Office at [email protected] or call 408-866- 2117.

Register today for the California Coastal Cleanup Day at Campbell Park on Saturday, September 19 from 9:00am to noon. To find out more and to register, please visit:
cleanacreek.org
“Groovin in the Garden” A 70’s flashback on Saturday, September 26 from 6-9pm at the Ainsley House. For more information, please visit: campbellmuseums.com.

Back to School means sharing the road. As the school year begins again this fall, please remember to keep an eye out for young students who are walking or bicycling to school. Pay attention to school zones; avoid distractions, stay alert; take extra precautions when you’re behind or approaching a school bus and be prepared for more traffic and for motorists making sudden stops. If you would like to do your part to help improve traffic safety for our young students, consider serving as a volunteer at your child’s school. Help make our schools safe places to walk and bike.

7. CONSENT CALENDAR
Mayor Furtado asked if anyone wished to remove an item off the Consent Calendar.

Item 7.2 was pulled from the agenda
The Consent Calendar was considered as follows:

Item 7.2
Tuesday, September 01, 2026 13 of 195
MOVER Hines
SECONDER Bybee
That the City Council approve the Consent Calendar with the exception of Item

7.2. The motion was adopted unanimously by roll call vote.

RESULT: ADOPTED [UNANIMOUS] (5 to 0)

7.1 Minutes of City Council Regular Meeting of August 3, 2026 MOVER Hines
SECONDER Bybee
Recommended Action: Approve the regular meeting minutes of August 3, 2026.

RESULT: ADOPTED [UNANIMOUS]
This action approves the regular meeting minutes of August 3, 2026.

7.3 Acceptance of Campbell Police Foundation Donations
MOVER Hines
SECONDER Bybee
Recommend Action: It is recommended that the City Council adopt a resolution to accept donations in the aggregate amount of $41,911.62 from the Campbell Police Foundation for K9 veterinarian services, equipment, and support for the Campbell Police Department.

RESULT: ADOPTED [UNANIMOUS]
Resolution 26-13427 accepts donations in the aggregate amount of $41,911.62 from the Campbell Police Foundation for K9 veterinarian services, equipment, and support for the Campbell Police Department.

7.4 Approval of Memorandum of Understanding between City of Campbell and Campbell Peace Officers Association (CPOA) (Resolution/Roll Call Vote)
MOVER Hines
SECONDER Bybee
Recommended Action: That the City Council adopt a resolution ratifying a successor Memorandum of Understanding, effective July 1, 2026 through June 30, 2028, between the City of Campbell and the Campbell Peace Officers Association (CPOA).

Item 7.2
Tuesday, September 01, 2026 14 of 195
RESULT: ADOPTED [UNANIMOUS]
Resolution 26-13428 approves ratifying a successor Memorandum of Understanding, effective July 1, 2026 through June 30, 2028, between the City of Campbell and the Campbell Peace Officers Association (CPOA).

7.5 Approval of Memorandum of Understanding between City of Campbell and North Coast States Carpenters Union (CARP) (Resolution/Roll Call Vote)
MOVER Hines
SECONDER Bybee
Recommended Action: That the City Council adopt a resolution ratifying a successor Memorandum of Understanding, effective July 1, 2026 through June 30, 2028, between the City of Campbell (City) and the North Coast States Carpenters Union (CARP).

RESULT: ADOPTED [UNANIMOUS]
Resolution 26-13429 approves ratifying a successor Memorandum of Understanding, effective July 1, 2026 through June 30, 2028, between the City of Campbell and the Campbell Peace Officers Association (CPOA).

7.2 Approving Payment of Bills and Claims
MOVER Bybee
SECONDER Furtado
Recommended Action: Approve the bills and claims in the amount of $3,599,705.93.

AYES (4): Lopez, Furtado, Scozzola, and Bybee
NAYS (1): Hines
RESULT: ADOPTED BY ROLL CALL VOTE: (4 to 1)
Councilmember Hines stated his concern on the $200,000 payment to the City of San Jose, questioning what services those fees pay for.

The bills and claims were approved in the amount of $3,599,705.93 as follows: payroll checks dated July 16, 2026, in the amount of $36,764.83; bills and claims checks dated July 17, 2026, in the amount of $2,555,107.23; bills and claims checks dated July 20, 2026, in the amount of $126,025.84; bills and claims checks dated July 24, 2026, in the amount of $376,819.99; bills and claims checks dated July 27, Item 7.2
Tuesday, September 01, 2026 15 of 195
2026, in the amount of $472,291.46; and payroll checks dated July 30, 2026, in the amount of $32,696.81.

8. PUBLIC HEARINGS AND INTRODUCTIONS OF ORDINANCES
There were no public hearings and introduction of ordinances.

9. NEW BUSINESS

9.1 FY 2025 Annual Report of the Citizen’s Bond Oversight Committee for Measure O
Recommended Action: That the City Council receive the FY 2025 Annual Report of the Citizen's Bond Oversight Committee for Measure O.

Finance Director Fuentes introduced the item and introduced Measure O Citizens' Oversight Committee Vice Chair Saunders.

Vice Chair Saunders presented the FY 2025 Annual Report of the Measure O Citizens' Oversight Committee.

Following City Council questions, Mayor Furtado asked if anyone from the public wished to speak. There were no public comments.

After discussion, the City Council motioned for approval of Item 9.1.

MOVER Bybee
SECONDER Hines
That the City Council receive the FY 2025 Annual Report of the Citizen's Bond Oversight Committee for Measure O.

RESULT: ADOPTED [UNANIMOUS] (5 to 0)

9.2 Designation of Voting Delegates for the 2026 League of California Cities Annual Conference
Recommended Action: That the City Council designate a voting delegate and alternate(s) for the League of California Cities Annual Conference General Business Meeting to be held on September 25, 2026.

Item 7.2
Tuesday, September 01, 2026 16 of 195
Mayor Furtado introduced the item. Councilmember Hines requested being appointed as the conference delegate. Councilmember Lopez noted he will be attending the conference as well.

Mayor Furtado asked if anyone from the public wished to speak. There were no public comments.

After discussion, the City Council motioned for approval of Item 9.2.

MOVER Bybee
SECONDER Furtado
That the City Council designate Councilmember Hines to be the voting delegate and Councilmember Lopez to be the alternate at the League of California Cities Annual Conference General Business meeting to be held on September 25, 2026.

RESULT: ADOPTED [UNANIMOUS] (5 to 0)

9.3 Resolution Amending the First Amended Agreement for City Clerk Services (Resolution/Roll Call Vote)
Recommended Action: That the City Council adopt a resolution amending the First Amended Agreement for City Clerk Services to provide for a merit increase.

Assistant City Manager Gaeta presented a staff report dated August 18, 2026.

Following City Council questions Mayor Furtado asked if anyone from the public wished to speak. There were no public comments.

After discussion, the City Council motioned for approval of Item 9.3.

MOVER Hines
SECONDER Bybee
That the City Council adopt Resolution 26-13430 amending the First Amended Agreement for City Clerk Services to provide for a merit increase.

AYES (5): Lopez, Furtado, Scozzola, Bybee, and Hines
RESULT: ADOPTED [UNANIMOUS] (5 to 0)
Item 7.2
Tuesday, September 01, 2026 17 of 195

9.4 CTFGP Grant Acceptance
Recommended Action: That the City Council adopt a resolution approving an agreement setting forth terms under which the City of Campbell accepts the 2026 Cannabis Tax Fund Grant Program - Department of California Highway Patrol, authorizing the City Manager to execute the agreement, and approving a budget adjustment to recognize the grant revenue and corresponding grant related expenditures.

Police Captain White presented a staff report dated August 18, 2026.

Following City Council questions, Mayor Furtado asked if anyone from the public wished to speak. There were no public speakers.

Vice Mayor Bybee expressed concerns with not having advance notice of the grant application. She requested a better coordination for the grant application process to ensure Council can determine if it is a priority of the Council.

The Council discussed Vice Mayor Bybee's concerns.

City Manager Loventhal stated he has spoken to the Executive Team and they are currently evaluating the grant process, this review will potentially will result in a Council policy.

After discussion, the City Council motioned for approval of Item 9.4.

MOVER Hines
SECONDER Scozzola
That the City Council adopt resolution 26-13431 approving an agreement setting forth terms under which the City of Campbell accepts the 2026 Cannabis Tax Fund Grant Program - Department of California Highway Patrol, authorizing the City Manager to execute the agreement, and approving a budget adjustment to recognize the grant revenue and corresponding grant related expenditures.

AYES (5): Lopez, Furtado, Scozzola, Bybee, and Hines
RESULT: ADOPTED [UNANIMOUS] (5 to 0)

10. UNFINISHED BUSINESS
Item 7.2
Tuesday, September 01, 2026 18 of 195
There was no unfinished business.

11. COUNCIL COMMITTEE REPORTS

11.1 Review of Councilmember’s Action on June 10, 2026
Recommended Action: Staff recommends that the City Council receive the report.

City Manger Loventhal presented a staff report dated August 18, 2026.

Councilmember Scozzola provided his comments.

Mayor Furtado asked if anyone from the public wished to speak. There were no public comments.

11.2 Council Committee Reports
That the City Council report on activities from their committee assignments.

Councilmember Lopez attended a meeting of the Valley Transportation Authority Board of Directors; National Night Out, and attended Congrassman Sam Liccardo's Office Hours event in Campbell.

Councilmember Hines attended multiple National Night Out events; a meeting of the Downtown Campbell Business Association; San Jose District 9 Town Hall meeting; a meeting of Silicon Valley Youth Climate Action group; Silicon Valley Clean Energy meeting; attended as the Alternate to the Valley Transportation Authority Policy Advisory Committee; and gave a business shout out to Hono Izakaya & Sushi.

Vice Mayor Bybee attended a meeting of the Santa Clara Cities Association.

Mayor Furtado attended a Youth Commission opening workshop; and a VTA Policy Advisory Committee meeting.

12. ADJOURN
Mayor Furtado adjourned the meeting at 7:40 p.m. in memory of Historic Preservation Commissioner, Todd Walter.

Item 7.2
Tuesday, September 01, 2026 19 of 195
APPROVED: Daniel E. Furtado, Mayor
ATTEST: Andrea Sanders, City Clerk
Item 7.2
Tuesday, September 01, 2026 20 of 195
City Council Report
DATE: September 1, 2026
TITLE: Approving Payment of Bills and Claims
RECOMMENDED ACTION:

Approve the bills and claims in the amount of $2,145,540.83.

DISCUSSION
The bills and claims that have been audited and approved by staff for payments made are noted below:

Type Check Date Amount
Bills & Claims July 31, 2026 $243,816.49
Bills & Claims August 03, 2026 $168,207.65
Bills & Claims August 07, 2026 $112,888.19
Bills & Claims August 10, 2026 $1,620,628.50
Total $2,145,540.83

FISCAL IMPACT
Requested action does not require a budget adjustment. Adequate funding was available to cover all expenses as listed.

PREPARED BY: Celia Cruz Deniz, Accounting Clerk II
Item 7.3
Tuesday, September 01, 2026 21 of 195

Report Approval Details
Document Title: Report-Approving Bills and Claims - 09.01.26.docx Attachments: Bills and Claims 07.31.26.pdf
Bills and Claims 08.03.26.pdf
Bills and Claims 08.07.26.pdf
Bills and Claims 08.10.26.pdf
Final Approval Date: August 26, 2026
This document and all of its attachments were approved and signed as outlined below:

Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Angelique Gaeta, Assistant City Manager
Item 7.3
Tuesday, September 01, 2026 22 of 195
City Council Report
DATE: September 1, 2026
TITLE: Monthly Investment Transactions Report- July 2026 RECOMMENDED ACTION:

That the City Council review and accept the Monthly Investment Transactions Report for July 2026.

BACKGROUND
As required by California Government Code (GC) Section 53607, staff will submit to the City Council Monthly Investment Transaction Reports within 45 days of the prior month end that show a listing of investments purchased, sold, called, or reached maturity, along with any Local Agency Investment Fund (LAIF) or California Asset Management Program (CAMP) transfers. This is in addition to the Quarterly Investment Report, which shows several other items listed under Section VII.A of the City’s Investment Policy and is also submitted to the City Council within 45 days from the end of the prior quarter.

DISCUSSION
As detailed in Attachment 1, staff withdrew $3.2 million from the City’s primary Local Agency Investment Fund (LAIF) account to manage operating expenses and received $146,000 in earned interest for the Q4 quarter ending June 30. $405,000 was withdrawn from the Measure O 2022 LAIF bond account to cover project expenditures. while receiving $38,000 in earned interest for Q4. The monthly LAIF rate rose slightly to

3.840%.

Within the City’s California Asset Management Program (CAMP) pooled account, staff withdrew $8.5 million while $52,000 in July dividends were posted. In the Measure K escrow account, $581,000—representing the July’s Measure K sales tax remittance from the California Department of Tax and Fee Administration (CDTFA)—was deposited, along with $24,000 in July dividends earnings. The CAMP yield rose slightly to 3.810%.

Within the City’s BNY Mellon custodial account managed by Chandler Asset Management, new security purchases totaled $610,000 while $675,000 in securities were sold. The portfolio earned $129,000 net in interest, dividends, realized loss & other transfers for the month, and the average market Yield to Maturity (YTM) rose to 4.470%.

Item 7.4
Tuesday, September 01, 2026 23 of 195

Chandler’s strategy remains focused on diversification and taking advantage and locking in favorable long-term rates by purchasing new, high-yielding bonds with longer maturities, while selling shorter-term holdings that are set to mature sooner, ahead of potential rate declines. Consistent with the FY 2025–26 Investment Strategy approved by City Council on September 16, 2025, staff and investment advisors are monitoring moderately long-term opportunities outside of LAIF and CAMP to secure the highest possible returns while maintaining safety and compliance with the City’s Investment Policy. All investment purchases adhere strictly to this policy

FISCAL IMPACT
There is no fiscal impact associated with the review and acceptance of the Monthly Investment Transactions Report
PREPARED BY: John Formale, Accountant
Item 7.4
Tuesday, September 01, 2026 24 of 195

Report Approval Details
Document Title: Monthly Investment Transactions Report- July 2026.docx Attachments: Monthly Investment tranx rpt- Jul'26.pdf
Chandler BNY Investment Statement- 7.31.26.pdf
Final Approval Date: August 26, 2026
Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Angelique Gaeta, Assistant City Manager
Item 7.4
Tuesday, September 01, 2026 25 of 195

CITY OF CAMPBELL
Monthly Investment Transactions Report
July 1 to July 31, 2026
Account Trans. Date July26
LAIF - ******133, Main account
Average Monthly Yield 3.840%
Beginning Balance $ 17,436,685
Transactions
Q4'26 (Apr-Jun) Interest Earnings 7/15/2026 146,254
Withdrawal 7/29/2026 (3,200,000)
Net change (3,053,746)
Ending Balance $ 14,382,940
Account Trans. Date July26
LAIF - ******032, MEAS O, Series 2022
Average Monthly Yield 3.840%
Beginning Balance $ 3,172,524
Transactions
Q4'26 (Apr-Jun) Interest Earnings 7/15/2026 37,610
Withdrawal- June project expenditures 7/15/2026 (405,000) Net change (367,390)
Ending Balance $ 2,805,134
Account Trans. Date July26
CAMP - ******001, Regular
Average Monthly Yield 3.810%
Beginning Balance $ 18,516,267
Transactions
Withdrawal 7/13/2026 (450,000)
Withdrawal 7/15/2026 (800,000)
Withdrawal 7/20/2026 (1,400,000)
Withdrawal 7/27/2026 (5,800,000)
July Dividends 7/31/2026 52,406
Net change (8,397,594)
Ending Balance $ 10,118,673

Page 1 of 2 ends

Item 7.4
Tuesday, September 01, 2026 26 of 195

CITY OF CAMPBELL
Monthly Investment Transactions Report
July 1 to July 31, 2026
Account Trans. Date July26
CAMP - ******002, Meas K Sales Tax escrow
Average Monthly Yield 3.810%
Beginning Balance $ 7,450,466
Transactions
Deposit- July sales tax receipts 7/29/2026 581,076
July Dividends 7/31/2026 24,115
Net change 605,191
Ending Balance $ 8,055,657
Account Trans. Date
Bank of New York (BNY) - ******818
Average Monthly Yield/Market YTM 4.470%
Note: Purchases listed at par value, see Chandler Monthly Statement for add'l detail Beginning Balance 21,396,152
Transactions
Purchase - Corporate; Amazon- 4.800%, 5 yrs 7/9/2026 285,000 Purchase - Corporate; Comet- 4.480%, 3 yrs 7/16/2026 220,000 Purchase - Asset Backed Security; Toyota Auto Receivables- 4.510%, 5 yrs 7/21/2026 105,000 Sale - Corporate; JP Morgan Chase- 5.110%, 7/25/2028 7/16/2026 (150,000) Sale - Corporate; State Street Corp- 4.330%, 10/2/2027 7/16/2026 (175,000) Sale- US Treasury 4.125%, 9/30/2027 7/9/2026 (350,000)
Interest and dividends 7/31/2026
Realized Gain 7/31/2026
MM transfers 7/31/2026
51,012
677
74,169
Net change 60,858
Ending Balance 21,457,010
Total of all Investments
Beginning $ 67,972,094

Page 2 of 2 ends

Item 7.4
Tuesday, September 01, 2026 27 of 195

MONTHLY ACCOUNT STATEMENT
City of Campbell | Account #11214 | As of July 31, 2026 CHANDLER ASSET MANAGEMENT | 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.

Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:

PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (03/01/25)
City of Campbell (0.08%) 0.10% 0.58% 3.06% -- -- -- -- 3.59% Benchmark Return (0.04%) 0.05% 0.39% 2.81% -- -- -- -- 3.23% Average Modified Duration 2.54
Average Coupon 3.94%
Average Purchase YTM 4.20%
Average Market YTM 4.47%
Average Credit Quality* AA+
Average Final Maturity 3.02
Average Life 2.82
End Values as of
06/30/2026
End Values as of
07/31/2026
Market Value 21,336,659.25 21,307,417.43
Accrued Interest 166,065.91 176,899.81
Total Market Value 21,502,725.16 21,484,317.25
Income Earned 92,253.09 75,227.59
Cont/WD 0.00 0.00
Par 21,630,382.00 21,691,503.21
Book Value 21,431,077.59 21,496,299.71
Cost Value 21,396,203.33 21,457,212.49
United States 42.11%
Federal Home Loan Mortgage Corp 12.80%
Federal Home Loan Banks 2.33%
International Bank for Recon and Dev 2.20%
Toyota Motor Corporation 1.85%
American Express Credit Master Trust 1.74%
Money Market Fund 1.33%
Amazon.com, Inc. 1.32%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch.

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV; Agencies & Agency CMOs) 75.0 2.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 12.7 Compliant Max Maturity (Years) 5.0 4.2 Compliant

BANKERS' ACCEPTANCES
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180.0 0.0 Compliant

CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS)
Max % (MV) 30.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant

COLLATERALIZED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 20.0 0.0 Compliant Max Issuer Amount (MV) 1.0 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 0.0 Compliant
Min Rating(A-1 by 1 or A issuer by 1) 0.0 0.0 Compliant

CORPORATE MEDUIM TERM NOTES
Max % (MV) 30.0 27.0 Compliant
Max % Issuer (MV) 5.0 1.9 Compliant
Max Maturity (Years) 5.0 4.9 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) 20.0 0.0 Compliant Max Maturity (Years) 5.0 0.0 Compliant

FEDERAL AGENCIES
Max % (MV; Agencies & Agency CMOs) 75.0 2.3 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 30.0 12.7 Compliant The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional.

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5.0 1.1 Compliant

JOINT POWERS AUTHORITY
Min Rating (AAA by 1) 0.0 0.0 Compliant

LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant

MONEY MARKET MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund) 20.0 1.3 Compliant Max % Issuer (MV) 20.0 1.3 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant

MUNICIPAL SECURITIES
Max % (MV) 30.0 1.0 Compliant
Max % Issuer (MV) 5.0 1.0 Compliant
Max Maturity (Years) 5.0 3.0 Compliant
Min Rating (A by 1 or A-1 by S&P) 0.0 0.0 Compliant

MUTUAL FUNDS
Max % (MV; Money Market Fund & Mutual Fund) 20.0 1.3 Compliant Max % Issuer (MV) 10.0 0.0 Compliant
Min Rating (AAA by 2) 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 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

NON- AGENCY ASSET-BACKED SECURITIES (ABS)
Max % (MV; ABS, CMO & MBS) 20.0 11.3 Compliant
Max % Issuer (MV) 20.0 1.7 Compliant
Max Maturity (Years) 5.0 4.6 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

NON-AGENCY MORTGAGE-BACKED SECURITIES, CMOS
Max % (MV; ABS, CMO & MBS) 20.0 11.3 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional.

STATEMENT OF COMPLIANCE
Rules Name Limit Actual Compliance
Status Notes
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max % (MV) 10.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
Min Rating (A by 1 or A-1 by 1) 0.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.2 Compliant
Max % Issuer (MV) 10.0 1.9 Compliant
Max Maturity (Years) 5.0 3.6 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant

US TREASURIES
Max % (MV) 100.0 42.1 Compliant
Max Maturity (Years) 5.0 4.4 Compliant
The Statement of Compliance reflects Chandler's assessment of compliance with the applicable investment policy for the assets Chandler directly manages. The report may also present assets reported to Chandler by clients, custodians, or other third parties. Chandler includes those assets in the assessment but has no discretionary authority over them, does not independently verify the information provided, and assumes no responsibility for the accuracy or completeness of that information. Questions regarding this report should be directed to the designated investment professional.

RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2026)
Beginning Book Value 21,431,077.59 21,431,077.59
Maturities/Calls 0.00 0.00
Principal Paydowns (44,107.04) (44,107.04)
Purchases 955,732.95 955,732.95
Sales (851,444.42) (851,444.42)
Change in Cash, Payables, Receivables 150.72 150.72
Amortization/Accretion 4,212.19 4,212.19
Realized Gain (Loss) 677.72 677.72
Ending Book Value 21,496,299.71 21,496,299.71
Month to Date Fiscal Year to Date
(07/01/2026)
Beginning Market Value 21,336,659.25 21,336,659.25
Maturities/Calls 0.00 0.00
Principal Paydowns (44,107.04) (44,107.04)
Purchases 955,732.95 955,732.95
Sales (851,444.42) (851,444.42)
Change in Cash, Payables, Receivables 150.72 150.72
Amortization/Accretion 4,212.19 4,212.19
Change in Net Unrealized Gain (Loss) (94,463.94) (94,463.94) Realized Gain (Loss) 677.72 677.72
Ending Market Value 21,307,417.43 21,307,417.43
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date 0.00
Principal Paydowns
Month to Date (44,107.04)
Fiscal Year to Date (44,107.04)
Purchases
Month to Date 955,732.95
Fiscal Year to Date 955,732.95
Sales
Month to Date (851,444.42)
Fiscal Year to Date (851,444.42)
Interest Received
Month to Date 51,012.40
Fiscal Year to Date 51,012.40
Purchased / Sold Interest
Month to Date 9,169.09
Fiscal Year to Date 9,169.09
Item 7.4
Tuesday, September 01, 2026 33 of 195
CONFIDENTIAL | 7
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

HOLDINGS REPORT
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
891940AC2 TAOT 2023-A A3 4.63
09/15/2027 9,847.93 11/14/20244.63%
9,851.77
9,848.34
100.07

3.67%
9,855.07

20.26 0.05%

6.73 NA/AAA
AAA

1.13 0.07
362962AD4 GMALT 2025-2 A3 4.58
05/22/2028 95,000.00 05/20/20254.84%
94,998.42
94,999.04
100.19

4.29%
95,178.79
132.95

0.45%
179.75
NA/AAA
AAA

1.81 0.56
379965AD8 GMALT 2025-3 A3 4.17
08/21/2028 90,000.00 08/05/20254.18%
89,986.32
89,990.69

99.87 4.37%
89,883.90
114.68

0.42%
(106.79)
NA/AAA
AAA

2.06 0.79
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 125,009.22 02/20/2025

4.63%
125,761.23
125,370.49
100.40

4.36%
125,513.26
275.58

0.59%
142.77
Aaa/NA
AAA

2.29 0.61
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 227,606.65 --4.69%
229,971.62
228,818.89
100.50

4.29%
228,743.09
196.50

1.07%
(75.80)
Aaa/AAA
NA

2.57 0.53
36275AAD1 GMALT 2026-2 A3 4.3
03/20/2029 70,000.00 05/05/20264.40%
69,992.43
69,993.00

99.71 4.53%
69,798.54

91.97 0.33%
(194.46)
NA/AAA
AAA

2.64 1.50
89239TAD4 TAOT 2024-D A3 4.4 06/15/2029 53,440.46 10/10/2024

4.51%
53,437.48
53,438.63
100.08

4.32%
53,485.30
104.51

0.25%

46.68 Aaa/AAA
NA

2.87 0.68
02589BAE0 AMXCA 2024-3 A 4.65
07/15/2027 200,000.00 02/20/20254.57%
200,546.88
200,217.75
100.35

4.31%
200,702.60
413.33

0.94%
484.85
NA/AAA
AAA

0.96 0.91
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 120,000.00 11/19/20244.66%
119,996.15
119,997.53
100.26

4.31%
120,315.12
245.87

0.56%
317.59
Aaa/NA
AAA

3.04 0.77
38014AAD3 GMCAR 2024-4 A3 4.4
08/16/2029 51,400.78 10/08/20244.32%
51,390.87
51,394.54
100.09

4.26%
51,449.35

94.23 0.24%

54.81 Aaa/AAA
NA

3.04 0.54
47800DAD6 JDOT 2025 A3 4.23 09/17/2029 100,000.00 03/04/2025

5.09%
99,993.71
99,995.65

99.74 4.47%
99,744.40
188.00

0.47%
(251.25)
Aaa/NA
AAA

3.13 1.29
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029 110,000.00 10/17/20244.29%
109,983.65
109,989.46

99.97 4.36%
109,962.71
209.73

0.52%
(26.75)
Aaa/AAA
NA

3.21 1.14
89231HAD8 TAOT 2025-B A3 4.34
11/15/2029 65,000.00 04/24/20254.82%
64,996.28
64,997.31

99.98 4.40%
64,987.26
125.38

0.30%
(10.05)
NA/AAA
AAA

3.29 1.05
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029 77,464.16 01/09/20255.03%
77,458.41
77,460.21
100.26

4.28%
77,664.87
149.12

0.36%
204.66
Aaa/NA
AAA

3.38 0.67
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029 115,000.00 01/14/20254.84%
114,975.54
114,983.13
100.38

4.34%
115,436.20
244.31

0.54%
453.07
Aaa/NA
AAA

3.38 0.78
44935XAD7 HART 2025-B A3 4.36
12/17/2029 80,000.00 06/03/20254.36%
79,992.78
79,994.60

99.98 4.42%
79,983.36
155.02

0.38%
(11.24)
NA/AAA
AAA

3.38 1.11
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 60,000.00 01/13/20263.97%
59,988.10
59,989.67

99.13 4.49%
59,480.94
104.80

0.28%
(508.73)
Aaa/NA
AAA

HOLDINGS REPORT
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
02582JKP4 AMXCA 2025-2 A 4.28
04/15/2030 170,000.00 05/06/20254.28%
169,996.92
169,997.68

99.81 4.44%
169,672.58
323.38

0.80%
(325.10)
NA/AAA
AAA

3.71 1.60
43814YAD3 HAROT 2026-2 A3 4.3
11/15/2030 160,000.00 05/05/20264.34%
159,995.38
159,995.60

99.51 4.59%
159,216.00
305.78

0.75%
(779.60)
Aaa/AAA
NA

4.29 1.92
44935KAD5 HART 26B A3 4.51 02/18/2031 120,000.00 06/09/2026

4.86%
119,985.52
119,985.90

99.99 4.56%
119,992.68
240.53

0.56%

6.78 NA/AAA
AAA

4.55 2.17
89231DAD7 TAOT 2026-C A3 4.51
03/17/2031 105,000.00 07/14/20264.80%
104,984.73
104,984.83

99.84 4.62%
104,834.31
131.54

0.49%
(150.52)
NA/AAA
AAA

4.63 2.25
14041NGJ4 COMET 2026-1 A 4.48
07/16/2029 220,000.00 07/09/20264.53%
219,948.87
219,949.62

99.87 4.57%
219,723.46
410.67

1.03%
(226.16)
NA/AAA
AAA

2.96 2.70
Total ABS 2,424,769.20 4.58%
2,428,233.08
2,426,392.57
100.04

4.41%
2,425,623.79
4,278.14

11.38%
(768.79)

3.01 1.27
AGENCY
3130B7QM9 FEDERAL HOME LOAN BANKS 3.5
09/09/2027 500,000.00 09/23/20253.63%
498,795.00
499,319.13

99.32 4.14%
496,597.50
6,902.78

2.33%
(2,721.63)
Aa1/AA+
AA+

1.11 1.05
Total Agency 500,000.00 3.63%
498,795.00
499,319.13

99.32 4.14%
496,597.50
6,902.78

2.33%
(2,721.63)

1.11 1.05

AGENCY CMBS
3137FJEH8 FHMS K-081 A2 3.9 08/25/2028 250,000.00 11/21/2024

4.53%
244,335.94
246,919.32

98.57 4.55%
246,425.50
812.50

1.16%
(493.82)
Aa1/AA+
AAA

2.07 1.91
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 250,000.00 06/10/2025

4.27%
246,992.19
248,051.06

98.59 4.55%
246,463.50
816.67

1.16%
(1,587.56)
Aa1/AA+
AAA

2.15 1.94
3137FKSH0 FHMS K-086 A2 3.859
11/25/2028 150,000.00 09/18/20243.82%
150,005.86
150,003.22

98.33 4.56%
147,490.05
482.38

0.69%
(2,513.17)
Aaa/AA+
AA+

2.32 2.12
3137FLN91 FHMS K-091 A2 3.505
03/25/2029 300,000.00 11/14/20244.62%
287,074.22
292,201.53

97.31 4.58%
291,936.00
876.25

1.37%
(265.53)
Aa1/AAA
AA+

2.65 2.37
3137FMCR1 FHMS K-093 A2 2.982
05/25/2029 146,653.59 10/16/20244.15%
139,733.37
142,450.38

95.98 4.58%
140,751.22
364.43

0.66%
(1,699.17)
Aa1/AA+
AAA

2.82 2.46
3137FNAE0 FHMS K-095 A2 2.785
06/25/2029 250,000.00 03/13/20254.39%
234,707.03
239,695.17

95.22 4.60%
238,049.25
580.21

1.12%
(1,645.92)
Aa1/AA+
AAA

2.90 2.61
3137FPHK4 FHMS K-098 A2 2.425
08/25/2029 300,000.00 10/17/20244.26%
276,445.31
285,197.28

93.93 4.61%
281,793.60
606.25

1.32%
(3,403.68)
Aa1/AA+
AAA

3.07 2.79
3137FRUJ8 FHMS K-105 A2 1.872
01/25/2030 275,000.00 03/17/20254.43%
244,868.16
253,469.87

91.33 4.63%
251,144.30
429.00

1.18%
(2,325.57)
Aa1/AA+
AAA

HOLDINGS REPORT
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
3137FWG79 FHMS K-115 A2 1.383
06/25/2030 250,000.00 06/17/20264.39%
222,822.27
223,558.85

88.57 4.65%
221,413.75
288.13

1.04%
(2,145.10)
Aa1/AA+
AAA

3.90 3.66
3137FX3Q9 FHMS K-117 A2 1.406
08/25/2030 250,000.00 06/03/20264.46%
221,455.08
222,472.52

88.28 4.65%
220,696.50
292.92

1.04%
(1,776.02)
Aa1/AA+
AAA

4.07 3.79
3137F62M8 FHMS K-118 A2 1.493
09/25/2030 250,000.00 01/29/20264.03%
223,632.81
226,513.52

88.35 4.66%
220,880.50
311.04

1.04%
(5,633.02)
Aa1/AA+
AAA

4.15 3.85
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030 250,000.00 01/08/20264.00%
223,603.52
226,669.31

88.17 4.67%
220,418.50
322.29

1.03%
(6,250.81)
Aa1/AA+
AAA

4.24 3.98
Total Agency CMBS 2,921,653.59 4.31%
2,715,675.76
2,757,202.04

93.54 4.61%
2,727,462.67
6,182.06

12.80%
(29,739.37)

3.15 2.89
CASH
CCYUSD Receivable 660.40 -- 660.40
660.40

1.00 660.40

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 660.40
660.40
660.40

1.00 660.40

0.00 0.00%

0.00 0.00

0.00 CORPORATE
17275RBW1 CISCO SYSTEMS INC 4.55
02/24/2028 250,000.00 03/11/20254.32%
251,557.50
250,804.01
100.21

4.41%
250,518.75
4,960.76

1.18%
(285.26)
A1/AANA1.57

1.38 00287YDY2 ABBVIE INC 4.65 03/15/2028 125,000.00 02/18/2025

4.70%
124,833.75
124,911.57
100.27

4.47%
125,337.75
2,195.83

0.59%
426.18
A2/ANA1.62

1.44 79466LAQ7 SALESFORCE INC 4.5 03/15/2028 140,000.00 03/12/2026

4.37%
140,339.50
140,271.50

99.77 4.65%
139,678.84
2,415.00

0.66%
(592.66)
A2/A+
NA

1.62 1.52
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028 225,000.00 09/05/20244.31%
223,128.00
224,414.31

99.56 4.68%
224,010.68
1,197.60

1.05%
(403.63)
Aa3/A
AA1.870.83
46647PEU6 JPMORGAN CHASE & CO 4.915
01/24/2029 115,000.00 01/16/20254.92%
115,000.00
115,000.00
100.36

4.58%
115,418.95
109.90

0.54%
418.95
A1/A
AA2.481.41
91159HJK7 US BANCORP 4.653 02/01/2029 200,000.00 09/05/2024

4.47%
201,116.00
200,492.91

99.93 4.78%
199,863.20
4,653.00

0.94%
(629.71)
A3/A
A+

2.51 1.43
756109CW2 REALTY INCOME CORP 3.95
02/01/2029 250,000.00 01/07/20264.01%
249,577.50
249,654.83

98.23 4.71%
245,584.00
4,937.50

1.15%
(4,070.83)
A3/ANA2.51

2.34 24422EXT1 JOHN DEERE CAPITAL CORP 4.85
06/11/2029 225,000.00 08/12/20244.40%
229,338.00
227,571.30
100.76

4.56%
226,717.20
1,515.63

1.06%
(854.10)
A1/A
A+

2.86 2.62
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029 170,000.00 07/21/20254.35%
170,000.00
170,000.00

99.42 4.60%
169,013.83
226.01

0.79%
(986.17)
A2/AA2.97

HOLDINGS REPORT
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
89236TMK8 TOYOTA MOTOR CREDIT CORP

4.55 08/09/2029 225,000.00 08/12/20244.49%
225,567.00
225,343.56

99.57 4.70%
224,041.95
4,891.25

1.05%
(1,301.61)
A1/A+
A+

3.02 2.73
532457CQ9 ELI LILLY AND CO 4.2 08/14/2029 235,000.00 08/12/2024

4.22%
234,769.70
234,860.13

99.02 4.55%
232,689.72
4,578.58

1.09%
(2,170.42)
Aa3/AANA3.04

2.76 26442CAY0 DUKE ENERGY CAROLINAS LLC

2.45 08/15/2029 250,000.00 12/18/20244.72%
226,517.50
234,667.31

93.72 4.69%
234,301.50
2,824.31

1.10%
(365.81)
Aa3/A
NA

3.04 2.84
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 155,000.00 10/17/20254.25%
155,019.50
155,014.45

98.45 4.79%
152,595.33
1,832.87

0.72%
(2,419.12)
A1/AA+3.22

2.06 38141GD27 GOLDMAN SACHS GROUP INC

4.153 10/21/2029 105,000.00 10/14/20254.37%
105,000.00
105,000.00

98.41 4.81%
103,333.23
1,211.29

0.48%
(1,666.77)
A2/BBB+
A

3.22 2.07
14913UAU4 CATERPILLAR FINANCIAL
SERVICES CORP 4.7 11/15/2029 250,000.00 11/12/20244.74% 249,592.50
249,731.76
100.28

4.60%
250,709.50
2,480.56

1.18%
977.74
A1/A
A+

3.29 2.98
89236TNA9 TOYOTA MOTOR CREDIT CORP

4.95 01/09/2030 170,000.00 01/06/20255.00%
169,636.20
169,749.56
100.42

4.81%
170,720.97
514.25

0.80%
971.41
A1/A+
A+

3.44 3.12
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030
250,000.00 02/20/2025

4.90%
250,550.00
250,387.56
100.31

4.85%
250,781.00
5,981.25

1.18%
393.44
A2/NA
A

3.52 3.05
571748CA8

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
250,000.00 03/24/2025

4.67%
249,755.00
249,821.65

99.28 4.87%
248,201.75
4,391.67

1.16%
(1,619.90)
A3/AA3.62

3.23 931142FN8 WALMART INC 4.35 04/28/2030 185,000.00 04/23/2025

4.39%
184,679.95
184,760.58

99.36 4.54%
183,818.78
2,078.94

0.86%
(941.80)
Aa2/AA
AA

3.74 3.37
69371RT71 PACCAR FINANCIAL CORP 4.55
05/08/2030 230,000.00 05/05/20254.59%
229,643.50
229,731.36

99.67 4.64%
229,250.66
2,412.76

1.08%
(480.70)
A1/A+
NA

3.77 3.39
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 250,000.00 11/13/20254.16%
250,482.50
250,413.34

96.92 5.01%
242,307.25
2,216.67

1.14%
(8,106.09)
Aa3/AANA4.29

3.83 74340XCQ2 PROLOGIS LP 4.75 01/15/2031 250,000.00 01/14/2026

4.22%
255,812.50
255,171.34

99.59 4.85%
248,971.75
527.78

1.17%
(6,199.59)
A2/A
NA

4.46 3.96
92826CAZ5 VISA INC 4.1 02/12/2031 140,000.00 02/03/2026

4.13%
139,812.40
139,829.87

98.08 4.58%
137,306.68
2,694.61

0.64%
(2,523.19)
Aa3/AANA4.54

4.00 02079KBK2 ALPHABET INC 4.1 02/15/2031 200,000.00 02/12/2026

4.10%
200,011.33
200,010.22

96.94 4.86%
193,880.00
3,826.67

0.91%
(6,130.22)
Aa2/AA+
NA

4.54 4.00
06051GJB6 BANK OF AMERICA CORP 2.592
04/29/2031 300,000.00 05/20/20265.02%
275,859.00
276,822.50

91.74 5.20%
275,226.00
1,987.20

1.29%
(1,596.50)
A1/AAA4.74

3.47 58933YCK9 MERCK & CO INC 4.65
05/22/2031 85,000.00 05/18/20264.66%
84,947.30
84,949.35

99.32 4.81%
84,425.57
757.56

0.40%
(523.78)
Aa3/A+
NA

HOLDINGS REPORT
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
57636QBL7 MASTERCARD INC 4.6
06/08/2031 180,000.00 06/04/20264.62%
179,856.00
179,860.26

98.93 4.85%
178,077.78
1,219.00

0.84%
(1,782.48)
Aa3/A+
NA

4.85 4.26
67066GAR5 NVIDIA CORP 4.5 06/15/2031 110,000.00 06/15/2026

4.54%
109,791.00
109,796.04

97.87 5.00%
107,655.35
591.25

0.51%
(2,140.69)
Aa1/AA
NA

4.87 4.29
023135EC6 AMAZON.COM INC 4.8
07/09/2031 285,000.00 07/07/20264.83%
284,638.05
284,642.61

99.05 5.02%
282,296.49
836.00

1.32%
(2,346.12)
A1/AA
AA4.944.33
Total Corporate 5,805,000.00 4.50%
5,766,831.18
5,773,683.88

98.70 4.75%
5,726,734.44
70,065.70

26.88%
(46,949.44)

3.43 2.89

MONEY MARKET
FUND
X9USDDGCM BNY DREYFUS GVT CM INST 284,420.02 --

3.55%
284,420.02
284,420.02

1.00 3.55%
284,420.02

0.00 1.33%

0.00 Aaa/
AAAm
NA

0.00 0.00
Total Money
Market Fund 284,420.02 3.55%
284,420.02
284,420.02

1.00 3.55%
284,420.02

0.00 1.33%

0.00 0.00

0.00 MUNICIPAL
BONDS
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029 205,000.00 10/30/20244.38%
206,080.35
205,684.43
100.09

4.47%
205,176.10
4,612.50

0.96%
(508.33)
Aa2/AAAA3.00

2.77 Total Municipal
Bonds 205,000.00 4.38%
206,080.35
205,684.43
100.09

4.47%
205,176.10
4,612.50

0.96%
(508.33)

3.00 2.77

SUPRANATIONAL
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
350,000.00 12/13/2024

4.29%
343,689.50
345,809.69

98.54 4.37%
344,893.85
3,955.00

1.62%
(915.84)
Aaa/AAA
NA

3.21 2.94
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
125,000.00 03/14/2025

4.20%
124,553.75
124,675.70

99.15 4.38%
123,942.75
1,876.30

0.58%
(732.95)
Aaa/AAA
NA

3.64 3.29
Total
Supranational 475,000.00 4.27%
468,243.25
470,485.38

98.70 4.37%
468,836.60
5,831.30

2.20%
(1,648.78)

3.32 3.03

HOLDINGS REPORT
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
91282CKV2 UNITED STATES TREASURY 4.625
06/15/2027 300,000.00 05/28/20263.90%
302,214.84
301,843.77
100.42

4.12%
301,252.20
1,781.76

1.41%
(591.57)
Aa1/AA+
AA+

0.87 0.84
91282CKZ3 UNITED STATES TREASURY 4.375
07/15/2027 375,000.00 08/08/20243.91%
379,804.69
376,562.65
100.21

4.15%
375,776.25
757.90

1.76%
(786.40)
Aa1/AA+
AA+

0.96 0.92
91282CPS4 UNITED STATES TREASURY 3.375
12/31/2027 300,000.00 05/28/20264.01%
297,105.47
297,424.32

98.82 4.25%
296,460.90
880.43

1.39%
(963.42)
Aa1/AA+
AA+

1.42 1.35
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 375,000.00 08/08/20243.87%
376,552.73
375,689.70

99.61 4.25%
373,549.88
6,277.17

1.75%
(2,139.83)
Aa1/AA+
AA+

1.58 1.49
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028 350,000.00 08/20/20243.76%
353,007.81
351,492.16

99.50 4.28%
348,236.35
1,217.39

1.63%
(3,255.81)
Aa1/AA+
AA+

1.92 1.81
91282CNU1 UNITED STATES TREASURY 3.625
08/15/2028 250,000.00 01/29/20263.60%
250,156.25
250,125.44

98.72 4.29%
246,806.75
4,180.77

1.16%
(3,318.69)
Aa1/AA+
AA+

2.04 1.90
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 375,000.00 08/08/20243.85%
389,765.63
382,860.98
101.20

4.31%
379,497.00
4,619.99

1.78%
(3,363.98)
Aa1/AA+
AA+

2.25 2.08
91282CPP0 UNITED STATES TREASURY 3.5
12/15/2028 250,000.00 01/29/20263.62%
249,169.92
249,314.59

98.19 4.31%
245,478.50
1,123.63

1.15%
(3,836.09)
Aa1/AA+
AA+

2.38 2.23
91282CKD2 UNITED STATES TREASURY 4.25
02/28/2029 375,000.00 11/26/20244.21%
375,585.94
375,355.18

99.84 4.32%
374,384.63
6,669.50

1.76%
(970.56)
Aa1/AA+
AA+

2.58 2.37
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 350,000.00 11/18/20244.31%
347,498.05
348,471.82

99.50 4.32%
348,250.00
4,851.95

1.63%
(221.82)
Aa1/AA+
AA+

2.67 2.46
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 375,000.00 08/08/20243.84%
387,583.01
382,316.38
100.76

4.33%
377,856.38
4,383.07

1.77%
(4,460.01)
Aa1/AA+
AA+

2.75 2.52
91282CEV9 UNITED STATES TREASURY 3.25
06/30/2029 350,000.00 11/18/20244.31%
334,591.80
340,264.65

97.05 4.34%
339,691.45
989.13

1.59%
(573.20)
Aa1/AA+
AA+

2.91 2.73
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029 350,000.00 08/20/20243.70%
354,634.77
352,811.67

99.06 4.34%
346,718.75

38.04 1.63%
(6,092.92)
Aa1/AA+
AA+

3.00 2.79
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 400,000.00 --3.60%
400,687.50
400,340.94

97.95 4.34%
391,781.20
6,067.93

1.84%
(8,559.74)
Aa1/AA+
AA+

3.08 2.83
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 400,000.00 --4.09%
389,617.18
393,256.97

97.52 4.35%
390,078.00
4,704.92

1.83%
(3,178.97)
Aa1/AA+
AA+

3.17 2.92
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 400,000.00 --4.33%
396,388.68
397,606.18

99.30 4.36%
397,203.20
4,169.84

1.86%
(402.98)
Aa1/AA+
AA+

3.25 2.97
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 400,000.00 12/11/20244.09%
400,546.88
400,366.90

99.28 4.36%
397,109.20
2,795.08

1.86%
(3,257.70)
Aa1/AA+
AA+

3.33 3.05
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 400,000.00 --4.45%
398,679.69
399,089.67
100.02

4.37%
400,078.00
1,521.74

1.88%
988.33
Aa1/AA+
AA+

HOLDINGS REPORT
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
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030 300,000.00 04/07/20253.75%
303,375.00
302,483.91

98.73 4.38%
296,191.50
4,032.79

1.39%
(6,292.41)
Aa1/AA+
AA+

3.67 3.32
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 500,000.00 09/16/20253.57%
506,425.78
505,213.80

98.26 4.38%
491,308.50
4,896.40

2.31%
(13,905.30)
Aa1/AA+
AA+

3.75 3.41
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 350,000.00 06/09/20254.08%
348,742.19
349,031.02

98.64 4.39%
345,242.10
2,371.58

1.62%
(3,788.92)
Aa1/AA+
AA+

3.83 3.48
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 325,000.00 07/29/20253.95%
323,933.59
324,151.50

98.15 4.39%
318,982.30
1,095.11

1.50%
(5,169.20)
Aa1/AA+
AA+

3.91 3.57
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 225,000.00 08/26/20253.77%
226,081.05
225,877.34

98.11 4.40%
220,746.15

23.69 1.04%
(5,131.19)
Aa1/AA+
AA+

4.00 3.65
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 500,000.00 09/16/20253.58%
500,937.50
500,772.70

97.11 4.41%
485,547.00
7,584.92

2.28%
(15,225.70)
Aa1/AA+
AA+

4.08 3.68
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 150,000.00 12/09/20253.77%
148,154.30
148,392.13

96.43 4.41%
144,644.55
889.34

0.68%
(3,747.58)
Aa1/AA+
AA+

4.33 3.93
91282CPR6 UNITED STATES TREASURY 3.625
12/31/2030 350,000.00 01/29/20263.82%
347,033.20
347,335.50

96.87 4.41%
339,035.20
1,103.26

1.59%
(8,300.30)
Aa1/AA+
AA+

4.42 4.01
Total US Treasury 9,075,000.00 3.92%
9,088,273.45
9,078,451.86

98.88 4.33%
8,971,905.93
79,027.34

42.11%
(106,545.93)

2.91 2.67
Total Portfolio 21,691,503.21 4.20%
21,457,212.49
21,496,299.71

96.99 4.47%
21,307,417.43
176,899.81
100.00%
(188,882.28)

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/02/2026 X9USDDGCM 509.68 BNY DREYFUS GVT CM INST 1.000 3.53% (509.68) 0.00 (509.68) 0.00
Purchase 07/09/2026 023135EC6 285,000.00 AMAZON.COM INC 4.8 07/09/2031 99.873 4.83% (284,638.05) 0.00 (284,638.05) 0.00 Purchase 07/09/2026 X9USDDGCM 144,544.81 BNY DREYFUS GVT CM INST 1.000 3.50% (144,544.81) 0.00 (144,544.81) 0.00
Purchase 07/15/2026 X9USDDGCM 16,487.96 BNY DREYFUS GVT CM INST 1.000 3.53% (16,487.96) 0.00 (16,487.96) 0.00
Purchase 07/15/2026 X9USDDGCM 19,718.93 BNY DREYFUS GVT CM INST 1.000 3.53% (19,718.93) 0.00 (19,718.93) 0.00
Purchase 07/16/2026 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 99.977 4.53% (219,948.87) 0.00 (219,948.87) 0.00 Purchase 07/16/2026 X9USDDGCM 511.74 BNY DREYFUS GVT CM INST 1.000 3.54% (511.74) 0.00 (511.74) 0.00
Purchase 07/16/2026 X9USDDGCM 117,405.16 BNY DREYFUS GVT CM INST 1.000 3.54% (117,405.16) 0.00 (117,405.16) 0.00
Purchase 07/20/2026 X9USDDGCM 4,624.51 BNY DREYFUS GVT CM INST 1.000 3.51% (4,624.51) 0.00 (4,624.51) 0.00
Purchase 07/21/2026 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 99.985 4.80% (104,984.73) 0.00 (104,984.73) 0.00 Purchase 07/24/2026 X9USDDGCM 2,826.13 BNY DREYFUS GVT CM INST 1.000 3.55% (2,826.13) 0.00 (2,826.13) 0.00
Purchase 07/27/2026 X9USDDGCM 20,918.47 BNY DREYFUS GVT CM INST 1.000 3.53% (20,918.47) 0.00 (20,918.47) 0.00
Purchase 07/27/2026 X9USDDGCM 7,254.53 BNY DREYFUS GVT CM INST 1.000 3.53% (7,254.53) 0.00 (7,254.53) 0.00
Purchase 07/31/2026 X9USDDGCM 11,359.38 BNY DREYFUS GVT CM INST 1.000 3.55% (11,359.38) 0.00 (11,359.38) 0.00
Total Purchase 956,161.30 (955,732.95) 0.00 (955,732.95) 0.00 TOTAL
ACQUISITIONS 956,161.30 (955,732.95) 0.00 (955,732.95) 0.00 Item 7.4
Tuesday, September 01, 2026 41 of 195
CONFIDENTIAL | 15
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

DISPOSITIONS
Sale 07/09/2026 91282CFM8 (350,000.00)

UNITED STATES
TREASURY 4.125
09/30/2027

99.980 4.17% 349,931.64 (3,944.67) 353,876.31 133.31
Sale 07/09/2026 X9USDDGCM (71,099.05) BNY DREYFUS GVT CM INST 1.000 3.50% 71,099.05 0.00 71,099.05 0.00
Sale 07/16/2026 46647PDG8 (150,000.00) JPMORGAN CHASE & CO 4.851 07/25/2028 100.223 4.62% 150,334.50 (3,456.34) 153,790.84 10.20 Sale 07/16/2026 857477CP6 (175,000.00) STATE STREET CORP

4.33 10/22/2027 100.054 4.54% 175,094.50 (1,768.08) 176,862.58 534.20 Sale 07/21/2026 X9USDDGCM (104,984.73) BNY DREYFUS GVT CM INST 1.000 3.51% 104,984.73 0.00 104,984.73 0.00
Total Sale (851,083.78) 851,444.42 (9,169.09) 860,613.51 677.72 TOTAL
DISPOSITIONS (851,083.78) 851,444.42 (9,169.09) 860,613.51 677.72 OTHER

TRANSACTIONS
Coupon 07/01/2026 3137FLN91 0.00 FHMS K-091 A2 3.505
03/25/2029 4.62% 876.25 0.00 876.25 0.00
Coupon 07/01/2026 3137FJEH8 0.00 FHMS K-081 A2 3.9
08/25/2028 4.53% 812.50 0.00 812.50 0.00
Coupon 07/01/2026 3137FX3Q9 0.00 FHMS K-117 A2 1.406
08/25/2030 4.46% 292.92 0.00 292.92 0.00
Coupon 07/01/2026 3137FRUJ8 0.00 FHMS K-105 A2 1.872
01/25/2030 4.43% 429.00 0.00 429.00 0.00
Coupon 07/01/2026 3137FWG79 0.00 FHMS K-115 A2 1.383
06/25/2030 4.39% 288.13 0.00 288.13 0.00
Coupon 07/01/2026 3137FNAE0 0.00 FHMS K-095 A2 2.785
06/25/2029 4.39% 580.21 0.00 580.21 0.00
Coupon 07/01/2026 3137FJKE8 0.00 FHMS K-082 A2 3.92
09/25/2028 4.27% 816.67 0.00 816.67 0.00
Item 7.4
Tuesday, September 01, 2026 42 of 195
CONFIDENTIAL | 16
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 07/01/2026 3137FPHK4 0.00 FHMS K-098 A2 2.425
08/25/2029 4.26% 606.25 0.00 606.25 0.00
Coupon 07/01/2026 3137FMCR1 0.00 FHMS K-093 A2 2.982
05/25/2029 4.15% 364.89 0.00 364.89 0.00
Coupon 07/01/2026 3137F62M8 0.00 FHMS K-118 A2 1.493
09/25/2030 4.03% 311.04 0.00 311.04 0.00
Coupon 07/01/2026 3137F83Q4 0.00 FHMS K-121 A2 1.547
10/25/2030 4.00% 322.29 0.00 322.29 0.00
Coupon 07/01/2026 3137FKSH0 0.00 FHMS K-086 A2 3.859
11/25/2028 3.82% 482.37 0.00 482.37 0.00
Coupon 07/09/2026 89236TNA9 0.00 TOYOTA MOTOR CREDIT
CORP 4.95 01/09/2030 5.00% 4,207.50 0.00 4,207.50 0.00
Coupon 07/15/2026 47800DAD6 0.00 JDOT 2025 A3 4.23
09/17/2029 5.09% 352.50 0.00 352.50 0.00
Coupon 07/15/2026 44935KAD5 0.00 HART 26B A3 4.51
02/18/2031 4.86% 420.93 0.00 420.93 0.00
Coupon 07/15/2026 58773DAD6 0.00 MBART 2025-1 A3 4.78
12/17/2029 4.84% 458.08 0.00 458.08 0.00
Coupon 07/15/2026 89231HAD8 0.00 TAOT 2025-B A3 4.34
11/15/2029 4.82% 235.08 0.00 235.08 0.00
Coupon 07/15/2026 34535VAD6 0.00 FORDO 2024-D A3 4.61
08/15/2029 4.66% 461.00 0.00 461.00 0.00
Coupon 07/15/2026 47800RAD5 0.00 JDOT 2024 A3 4.96
11/15/2028 4.63% 547.80 0.00 547.80 0.00
Coupon 07/15/2026 891940AC2 0.00 TAOT 2023-A A3 4.63
09/15/2027 4.63% 58.36 0.00 58.36 0.00
Coupon 07/15/2026 02589BAE0 0.00 AMXCA 2024-3 A 4.65
07/15/2027 4.57% 775.00 0.00 775.00 0.00
Coupon 07/15/2026 89239TAD4 0.00 TAOT 2024-D A3 4.4
06/15/2029 4.51% 209.47 0.00 209.47 0.00
Coupon 07/15/2026 44935XAD7 0.00 HART 2025-B A3 4.36
12/17/2029 4.36% 290.67 0.00 290.67 0.00
Coupon 07/15/2026 43814YAD3 0.00 HAROT 2026-2 A3 4.3
11/15/2030 4.34% 573.33 0.00 573.33 0.00
Item 7.4
Tuesday, September 01, 2026 43 of 195
CONFIDENTIAL | 17
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 07/15/2026 92970QAE5 0.00 WFCIT 2024-2 A 4.29
10/15/2029 4.29% 393.25 0.00 393.25 0.00
Coupon 07/15/2026 02582JKP4 0.00 AMXCA 2025-2 A 4.28
04/15/2030 4.28% 606.33 0.00 606.33 0.00
Coupon 07/15/2026 74340XCQ2 0.00 PROLOGIS LP 4.75
01/15/2031 4.22% 5,937.50 0.00 5,937.50 0.00
Coupon 07/15/2026 58770YAD3 0.00 MBALT 2026-A A3 3.93
01/15/2030 3.97% 196.50 0.00 196.50 0.00
Coupon 07/15/2026 91282CKZ3 0.00

UNITED STATES
TREASURY 4.375
07/15/2027

3.91% 8,203.13 0.00 8,203.13 0.00
Coupon 07/16/2026 362955AD8 0.00 GMCAR 2025-1 A3 4.62
12/17/2029 5.03% 308.00 0.00 308.00 0.00
Coupon 07/16/2026 38014AAD3 0.00 GMCAR 2024-4 A3 4.4
08/16/2029 4.32% 203.74 0.00 203.74 0.00
Coupon 07/20/2026 362962AD4 0.00 GMALT 2025-2 A3 4.58
05/22/2028 4.84% 362.58 0.00 362.58 0.00
Coupon 07/20/2026 36275AAD1 0.00 GMALT 2026-2 A3 4.3
03/20/2029 4.40% 250.83 0.00 250.83 0.00
Coupon 07/20/2026 025816EJ4 0.00 AMERICAN EXPRESS CO

4.351 07/20/2029 4.35% 3,698.35 0.00 3,698.35 0.00
Coupon 07/20/2026 379965AD8 0.00 GMALT 2025-3 A3 4.17
08/21/2028 4.18% 312.75 0.00 312.75 0.00
Coupon 07/24/2026 46647PEU6 0.00 JPMORGAN CHASE &
CO 4.915 01/24/2029 4.92% 2,826.13 0.00 2,826.13 0.00
Coupon 07/25/2026 096919AD7 0.00 BMWOT 2024-A A3

5.18 02/26/2029 4.69% 1,072.01 0.00 1,072.01 0.00
Coupon 07/31/2026 91282CNN7 0.00

UNITED STATES
TREASURY 3.875
07/31/2030

3.77% 4,359.38 0.00 4,359.38 0.00
Coupon 07/31/2026 91282CLC3 0.00

UNITED STATES
TREASURY 4.0
07/31/2029

3.70% 7,000.00 0.00 7,000.00 0.00
Total Coupon 0.00 50,502.72 0.00 50,502.72 0.00
Item 7.4
Tuesday, September 01, 2026 44 of 195
CONFIDENTIAL | 18
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Dividend 07/31/2026 X9USDDGCM 0.00 BNY DREYFUS GVT CM
INST 3.54% 660.40 0.00 660.40 0.00
Total Dividend 0.00 660.40 0.00 660.40 0.00
Principal Paydown 07/01/2026 3137FMCR1 182.69 FHMS K-093 A2 2.982 05/25/2029 4.15% 182.69 -- 182.69 0.01
Principal Paydown 07/15/2026 47800RAD5 7,523.20 JDOT 2024 A3 4.96 11/15/2028 4.63% 7,523.20 -- 7,523.20 0.00
Principal Paydown 07/15/2026 891940AC2 5,277.87 TAOT 2023-A A3 4.63 09/15/2027 4.63% 5,277.87 -- 5,277.87 0.00
Principal Paydown 07/15/2026 89239TAD4 3,686.89 TAOT 2024-D A3 4.4 06/15/2029 4.51% 3,686.89 -- 3,686.89 (0.00)
Principal Paydown 07/16/2026 362955AD8 2,535.84 GMCAR 2025-1 A3 4.62 12/17/2029 5.03% 2,535.84 -- 2,535.84 0.00
Principal Paydown 07/16/2026 38014AAD3 4,164.77 GMCAR 2024-4 A3 4.4 08/16/2029 4.32% 4,164.77 -- 4,164.77 0.00
Principal Paydown 07/25/2026 096919AD7 20,735.78 BMWOT 2024-A A3

5.18 02/26/2029 4.69% 20,735.78 -- 20,735.78 (0.00)
Total Principal
Paydown 44,107.04 44,107.04 -- 44,107.04 0.01

TOTAL OTHER
TRANSACTIONS 44,107.04 95,270.16 0.00 95,270.16 0.01
Item 7.4
Tuesday, September 01, 2026 45 of 195
CONFIDENTIAL | 19
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

INCOME EARNED
Cusip Security Description
Trade Date
Settle Date
Units
Book Value: Begin
Book Value: Acq
Book Value: Disp
Book Value: End
Prior Accrued
Inc. Received
Ending Accrued
Total Interest
Accr. Of Discount
Amort. Of Premium
Net Accret/Amort
Income Earned
Total Income

CASH & EQUIVALENTS
CCYUSD Receivable
660.40
509.68

0.00 0.00
660.40

0.00 0.00

0.00 X9USDDGCM BNY DREYFUS GVT CM INST
284,420.02
114,342.50
346,161.30
(176,083.78)
284,420.02

0.00 509.68

0.00 0.00

0.00 509.68
509.68
Total Cash & Equivalents 285,080.42
114,852.18
346,161.30
(176,083.78)
285,080.42

0.00 509.68

0.00 0.00

0.00 509.68 509.68

FIXED INCOME
00287YDY2 ABBVIE INC 4.65 03/15/2028
02/18/2025
02/26/2025
125,000.00
124,906.94

0.00 0.00
124,911.57
1,711.46

0.00 2,195.83
484.38

4.63 0.00

4.63 489.01
489.01
02079KBK2 ALPHABET INC 4.1
02/15/2031
02/12/2026
02/17/2026
200,000.00
200,010.43

0.00 0.00
200,010.22
3,143.33

0.00 3,826.67
683.33

0.69 (0.90)
(0.21)
683.13
683.13
023135EC6 AMAZON.COM INC 4.8
07/09/2031
07/07/2026
07/09/2026
285,000.00

0.00 284,638.05

0.00 284,642.61

0.00 0.00
836.00
836.00

4.56 0.00

4.56 840.56
840.56
025816EJ4 AMERICAN EXPRESS CO 4.351
07/20/2029
07/21/2025
07/25/2025
170,000.00
170,000.00

0.00 0.00
170,000.00
3,307.97
3,698.35
226.01
616.39

0.00 0.00

0.00 616.39
616.39
02582JKP4 AMXCA 2025-2 A 4.28
04/15/2030
05/06/2025
05/13/2025
170,000.00
169,997.63

0.00 0.00
169,997.68
323.38
606.33
323.38
606.33

0.05 0.00

0.00 0.00
200,217.75
413.33
775.00
413.33
775.00

0.00 (19.40)
(19.40)
755.60
755.60
06051GJB6 BANK OF AMERICA CORP

2.592 04/29/2031
05/20/2026
05/21/2026
300,000.00
276,407.66

0.00 0.00
276,822.50
1,339.20

0.00 1,987.20
648.00
414.84

0.00 414.84
1,062.84
1,062.84
06406RBG1 BANK OF NEW YORK MELLON
CORP 3.992 06/13/2028
09/05/2024
09/06/2024
225,000.00
224,356.85

0.00 0.00
224,414.31
449.10

0.00 1,197.60
748.50

57.46 0.00

57.46 805.96
805.96
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 227,606.65
249,733.23

0.00 (20,735.78)
228,818.89
214.40
1,072.01
196.50
1,054.11

0.00 (178.55)
(178.55)
875.56
875.56
13063EGT7 CALIFORNIA STATE 4.5
08/01/2029
10/30/2024
11/05/2024
205,000.00
205,703.79

0.00 0.00
205,684.43
3,843.75

0.00 4,612.50
768.75

0.00 (19.36)
(19.36)
749.39
749.39
14041NGJ4 COMET 2026-1 A 4.48
07/16/2029
07/09/2026
07/16/2026
220,000.00

0.00 219,948.87

0.00 219,949.62

0.00 0.00
410.67
410.67

0.75 0.00

0.75 411.41
411.41
14913UAU4

CATERPILLAR FINANCIAL
SERVICES CORP 4.7
11/15/2029
11/12/2024
11/15/2024
250,000.00
249,724.84

0.00 0.00
249,731.76
1,501.39

0.00 2,480.56
979.17

6.92 0.00

6.92 986.08
986.08
17275RBW1 CISCO SYSTEMS INC 4.55
02/24/2028
03/11/2025
03/12/2025
250,000.00
250,850.09

0.00 0.00
250,804.01
4,012.85

0.00 4,960.76
947.92

0.00 (46.07)
(46.07)
901.85
901.85
24422EXT1 JOHN DEERE CAPITAL CORP

4.85 06/11/2029
08/12/2024
08/13/2024
225,000.00
227,647.58

0.00 0.00
227,571.30
606.25

0.00 1,515.63
909.38

0.00 0.00
234,667.31
2,313.89

0.00 2,824.31
510.42
428.21

0.00 428.21
938.63
938.63
30303MAB8 META PLATFORMS INC 4.2
11/15/2030
11/13/2025
11/17/2025
250,000.00
250,421.68

0.00 0.00
250,413.34
1,341.67

0.00 2,216.67
875.00

0.00 (8.34)
(8.34)
866.66
866.66
3130B7QM9 FEDERAL HOME LOAN BANKS

3.5 09/09/2027
09/23/2025
09/24/2025
500,000.00
499,266.89

0.00 0.00
499,319.13
5,444.44

0.00 6,902.78
1,458.33

52.24 0.00

52.24 1,510.58
1,510.58
3137F62M8 FHMS K-118 A2 1.493
09/25/2030
01/29/2026
01/30/2026
250,000.00
226,025.53

0.00 0.00
226,513.52
311.04
311.04
311.04
311.04
487.99

0.00 487.99
799.03
799.03
3137F83Q4 FHMS K-121 A2 1.547
10/25/2030
01/08/2026
01/13/2026
250,000.00
226,194.12

0.00 0.00
226,669.31
322.29
322.29
322.29
322.29
475.20

0.00 475.20
797.49
797.49
3137FJEH8 FHMS K-081 A2 3.9
08/25/2028
11/21/2024
11/26/2024
250,000.00
246,788.68

0.00 0.00
246,919.32
812.50
812.50
812.50
812.50
130.64

0.00 130.64
943.14
943.14
3137FJKE8 FHMS K-082 A2 3.92
09/25/2028
06/10/2025
06/13/2025
250,000.00
247,971.77

0.00 0.00
248,051.06
816.67
816.67
816.67
816.67

79.29 0.00

79.29 895.96
895.96
3137FKSH0 FHMS K-086 A2 3.859
11/25/2028
09/18/2024
09/23/2024
150,000.00
150,003.34

0.00 0.00
150,003.22
482.38
482.37
482.38
482.37

0.00 (0.12)
(0.12)
482.25
482.25
3137FLN91 FHMS K-091 A2 3.505
03/25/2029
11/14/2024
11/19/2024
300,000.00
291,945.16

0.00 0.00
292,201.53
876.25
876.25
876.25
876.25
256.37

0.00 (182.69)
142,450.38
364.89
364.89
364.43
364.44
135.18

0.00 135.18
499.61
499.61
3137FNAE0 FHMS K-095 A2 2.785
06/25/2029
03/13/2025
03/18/2025
250,000.00
239,386.52

0.00 0.00
239,695.17
580.21
580.21
580.21
580.21
308.65

0.00 308.65
888.86
888.86
3137FPHK4 FHMS K-098 A2 2.425
08/25/2029
10/17/2024
10/22/2024
300,000.00
284,778.59

0.00 0.00
285,197.28
606.25
606.25
606.25
606.25
418.69

0.00 418.69
1,024.94
1,024.94
3137FRUJ8 FHMS K-105 A2 1.872
01/25/2030
03/17/2025
03/20/2025
275,000.00
252,935.49

0.00 0.00
253,469.87
429.00
429.00
429.00
429.00
534.37

0.00 534.37
963.37
963.37
3137FWG79 FHMS K-115 A2 1.383
06/25/2030
06/17/2026
06/23/2026
250,000.00
222,973.36

0.00 0.00
223,558.85
288.13
288.13
288.13
288.13
585.48

0.00 585.48
873.61
873.61
3137FX3Q9 FHMS K-117 A2 1.406
08/25/2030
06/03/2026
06/08/2026
250,000.00
221,888.44

0.00 0.00
222,472.52
292.92
292.92
292.92
292.92
584.09

0.00 584.09
877.01
877.01
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029
11/19/2024
11/22/2024
120,000.00
119,997.46

0.00 0.00
119,997.53
245.87
461.00
245.87
461.00

0.07 0.00

0.07 461.07
461.07
36275AAD1 GMALT 2026-2 A3 4.3
03/20/2029
05/05/2026
05/14/2026
70,000.00
69,992.78

0.00 0.00
69,993.00

75.25 250.83

91.97 267.55

0.23 0.00

0.23 267.78
267.78
362955AD8 GMCAR 2025-1 A3 4.62
12/17/2029
01/09/2025
01/15/2025
77,464.16
79,995.82

0.00 (2,535.84)
77,460.21
154.00
308.00
149.12
303.12

0.23 0.00

0.00 0.00
94,999.04
132.95
362.58
132.95
362.58

0.05 0.00

0.05 362.63
362.63
379965AD8 GMALT 2025-3 A3 4.17
08/21/2028
08/05/2025
08/13/2025
90,000.00
89,990.31

0.00 0.00
89,990.69
114.68
312.75
114.68
312.75

0.38 0.00

0.38 313.13
313.13
38014AAD3 GMCAR 2024-4 A3 4.4
08/16/2029
10/08/2024
10/16/2024
51,400.78
55,558.62

0.00 (4,164.77)
51,394.54
101.87
203.74

94.23 196.10

0.69 0.00

0.69 196.80
196.80
38141GD27 GOLDMAN SACHS GROUP
INC 4.153 10/21/2029
10/14/2025
10/21/2025
105,000.00
105,000.00

0.00 0.00
105,000.00
847.90

0.00 1,211.29
363.39

0.00 0.00

0.00 363.39
363.39
43814YAD3 HAROT 2026-2 A3 4.3
11/15/2030
05/05/2026
05/13/2026
160,000.00
159,995.52

0.00 0.00
159,995.60
305.78
573.33
305.78
573.33

0.09 0.00

0.09 573.42
573.42
44935KAD5 HART 26B A3 4.51
02/18/2031
06/09/2026
06/17/2026
120,000.00
119,985.64

0.00 0.00
119,985.90
224.47
420.93
240.53
437.00

0.26 0.00

0.26 437.26
437.26
44935XAD7 HART 2025-B A3 4.36
12/17/2029
06/03/2025
06/11/2025
80,000.00
79,994.46

0.00 0.00
79,994.60
155.02
290.67
155.02
290.67

0.14 0.00

0.14 290.81
290.81
459058LN1

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
12/13/2024
12/16/2024
350,000.00
345,698.85

0.00 0.00
345,809.69
2,824.50

0.00 3,955.00
1,130.50
110.84

0.00 110.84
1,241.34
1,241.34
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
03/14/2025
03/20/2025
125,000.00
124,668.12

0.00 0.00
124,675.70
1,446.61

0.00 1,876.30
429.69

7.58 0.00

4.851 07/25/2028
08/12/2024
08/13/2024

0.00 150,337.30

0.00 (150,324.30)

0.00 3,153.15
3,456.34

0.00 303.19

0.00 (13.01)
(13.01)
290.18
290.18
46647PEU6 JPMORGAN CHASE & CO

4.915 01/24/2029
01/16/2025
01/24/2025
115,000.00
115,000.00

0.00 0.00
115,000.00
2,465.01
2,826.13
109.90
471.03

0.00 0.00

0.00 471.03
471.03
47800DAD6 JDOT 2025 A3 4.23
09/17/2029
03/04/2025
03/11/2025
100,000.00
99,995.53

0.00 0.00
99,995.65
188.00
352.50
188.00
352.50

0.12 0.00

0.12 352.62
352.62
47800RAD5 JDOT 2024 A3 4.96
11/15/2028
02/20/2025
02/21/2025
125,009.22
132,939.13

0.00 (7,523.20)
125,370.49
292.16
547.80
275.58
531.22

0.00 (45.44)
(45.44)
485.77
485.77
532457CQ9 ELI LILLY AND CO 4.2
08/14/2029
08/12/2024
08/14/2024
235,000.00
234,856.22

0.00 0.00
234,860.13
3,756.08

0.00 4,578.58
822.50

3.91 0.00

3.91 826.41
826.41
571748CA8

MARSH & MCLENNAN
COMPANIES INC 4.65
03/15/2030
03/24/2025
03/25/2025
250,000.00
249,817.46

0.00 0.00
249,821.65
3,422.92

0.00 4,391.67
968.75

4.18 0.00

4.18 972.93
972.93
57636QBL7 MASTERCARD INC 4.6
06/08/2031
06/04/2026
06/08/2026
180,000.00
179,857.81

0.00 0.00
179,860.26
529.00

0.00 1,219.00
690.00

2.44 0.00

2.44 692.44
692.44
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030
01/13/2026
01/21/2026
60,000.00
59,989.42

0.00 0.00
59,989.67
104.80
196.50
104.80
196.50

0.25 0.00

0.25 196.75
196.75
58773DAD6 MBART 2025-1 A3 4.78
12/17/2029
01/14/2025
01/23/2025
115,000.00
114,982.70

0.00 0.00
114,983.13
244.31
458.08
244.31
458.08

0.42 0.00

0.00 0.00
84,949.35
428.19

0.00 757.56
329.38

0.89 0.00

0.89 330.27
330.27
61748UAK8 MORGAN STANLEY 4.133
10/18/2029
10/17/2025
10/22/2025
155,000.00
155,015.00

0.00 0.00
155,014.45
1,299.02

0.00 1,832.87
533.85

0.00 (0.55)
(0.55)
533.29
533.29
63743HFX5

NATIONAL RURAL UTILITIES

COOPERATIVE FINANCE CORP

4.95 02/07/2030
02/20/2025
02/21/2025
250,000.00
250,397.14

0.00 0.00
250,387.56
4,950.00

0.00 5,981.25
1,031.25

0.00 (9.57)
(9.57)
1,021.68
1,021.68
67066GAR5 NVIDIA CORP 4.5 06/15/2031
06/15/2026
06/18/2026
110,000.00
109,792.49

0.00 0.00
109,796.04
178.75

0.00 591.25
412.50

3.55 0.00

3.55 416.05
416.05
69371RT71 PACCAR FINANCIAL CORP

4.55 05/08/2030
05/05/2025
05/08/2025
230,000.00
229,725.30

0.00 0.00
229,731.36
1,540.68

0.00 2,412.76
872.08

6.05 0.00

6.05 878.14
878.14
74340XCQ2 PROLOGIS LP 4.75
01/15/2031
01/14/2026
01/15/2026
250,000.00
255,271.73

0.00 0.00
255,171.34
5,475.69
5,937.50
527.78
989.58

0.00 (100.38)
(100.38)
889.20
889.20
756109CW2 REALTY INCOME CORP 3.95
02/01/2029
01/07/2026
01/08/2026
250,000.00
249,643.14

0.00 0.00
249,654.83
4,114.58

0.00 4,937.50
822.92

11.69 0.00

11.69 834.61
834.61
79466LAQ7 SALESFORCE INC 4.5
03/15/2028
03/12/2026
03/13/2026
140,000.00
140,286.45

0.00 0.00
140,271.50
1,890.00

0.00 2,415.00
525.00

0.00 (14.95)
(14.95)
510.05
510.05
857477CP6 STATE STREET CORP 4.33
10/22/2027
11/07/2024
11/08/2024

0.00 174,546.06

0.00 (174,560.30)

0.00 1,452.35
1,768.08

0.00 315.73

14.25 0.00

0.00 (5,277.87)
9,848.34

31.13 58.36

20.26 47.50

0.00 (0.48)
(0.48)

47.02 47.02
89231DAD7 TAOT 2026-C A3 4.51
03/17/2031
07/14/2026
07/21/2026
105,000.00

0.00 104,984.73

0.00 104,984.83

0.00 0.00
131.54
131.54

0.10 0.00

0.10 131.64
131.64
89231HAD8 TAOT 2025-B A3 4.34
11/15/2029
04/24/2025
04/30/2025
65,000.00
64,997.24

0.00 0.00
64,997.31
125.38
235.08
125.38
235.08

0.07 0.00

0.07 235.15
235.15
89236TMK8 TOYOTA MOTOR CREDIT
CORP 4.55 08/09/2029
08/12/2024
08/13/2024
225,000.00
225,353.21

0.00 0.00
225,343.56
4,038.13

0.00 4,891.25
853.13

0.00 (9.65)
(9.65)
843.48
843.48
89236TNA9 TOYOTA MOTOR CREDIT
CORP 4.95 01/09/2030
01/06/2025
01/09/2025
170,000.00
169,743.39

0.00 0.00
169,749.56
4,020.50
4,207.50
514.25
701.25

6.18 0.00

6.18 707.43
707.43
89239TAD4 TAOT 2024-D A3 4.4
06/15/2029
10/10/2024
10/17/2024
53,440.46
57,125.34

0.00 (3,686.89)
53,438.63
111.72
209.47
104.51
202.26

0.19 0.00

0.19 202.45
202.45
91159HJK7 US BANCORP 4.653
02/01/2029
09/05/2024
09/06/2024
200,000.00
200,520.74

0.00 0.00
200,492.91
3,877.50

0.00 4,653.00
775.50

0.00 (27.83)
(27.83)
747.67
747.67
91282CEV9 UNITED STATES TREASURY

3.25 06/30/2029
11/18/2024
11/19/2024
350,000.00
339,981.01

0.00 0.00
340,264.65

30.91 0.00
989.13
958.22
283.64

0.00 283.64
1,241.86
1,241.86
91282CFM8 UNITED STATES TREASURY

4.125 09/30/2027
10/31/2024
11/01/2024

0.00 349,794.73

0.00 (349,798.33)

0.00 3,629.10
3,944.67

0.00 315.57

3.60 0.00

0.00 0.00
375,689.70
5,013.59

0.00 6,277.17
1,263.59

0.00 (37.06)
(37.06)
1,226.53
1,226.53
91282CHK0 UNITED STATES TREASURY 4.0
06/30/2028
08/20/2024
08/21/2024
350,000.00
351,558.34

0.00 0.00
351,492.16

38.04 0.00
1,217.39
1,179.35

0.00 (66.18)
(66.18)
1,113.17
1,113.17
91282CJF9 UNITED STATES TREASURY

4.875 10/31/2028
08/08/2024
08/09/2024
375,000.00
383,157.44

0.00 0.00
382,860.98
3,079.99

0.00 4,619.99
1,540.00

0.00 (296.46)
(296.46)
1,243.54
1,243.54
91282CKD2 UNITED STATES TREASURY

4.25 02/28/2029
11/26/2024
11/27/2024
375,000.00
375,366.87

0.00 0.00
375,355.18
5,326.94

0.00 6,669.50
1,342.56

0.00 (11.69)
(11.69)
1,330.87
1,330.87
91282CKG5 UNITED STATES TREASURY

4.125 03/31/2029
11/18/2024
11/19/2024
350,000.00
348,423.13

0.00 0.00
348,471.82
3,629.10

0.00 4,851.95
1,222.85

48.69 0.00

48.69 1,271.54
1,271.54
91282CKP5 UNITED STATES TREASURY

4.625 04/30/2029
08/08/2024
08/09/2024
375,000.00
382,542.51

0.00 0.00
382,316.38
2,922.04

0.00 4,383.07
1,461.02

0.00 (226.13)
(226.13)
1,234.89
1,234.89
91282CKV2 UNITED STATES TREASURY

4.625 06/15/2027
05/28/2026
05/29/2026
300,000.00
302,023.51

0.00 0.00
301,843.77
606.56

0.00 1,781.76
1,175.20

0.00 (179.74)
(179.74)
995.47
995.47
91282CKZ3 UNITED STATES TREASURY

4.375 07/15/2027
08/08/2024
08/09/2024
375,000.00
376,701.85

0.00 0.00
376,562.65
7,568.63
8,203.13
757.90
1,392.40

0.00 (139.20)
(139.20)
1,253.20
1,253.20
91282CLC3 UNITED STATES TREASURY 4.0
07/31/2029
08/20/2024
08/21/2024
350,000.00
352,891.27

0.00 0.00
352,811.67
5,839.78
7,000.00

38.04 1,198.26

3.625 08/31/2029 400,000.00
400,350.33

0.00 0.00
400,340.94
4,846.47

0.00 6,067.93
1,221.47

36.79 (46.18)
(9.39)
1,212.08
1,212.08
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 400,000.00
393,076.14

0.00 0.00
393,256.97
3,519.13

0.00 4,704.92
1,185.79
180.83

0.00 180.83
1,366.62
1,366.62
91282CLR0 UNITED STATES TREASURY

4.125 10/31/2029 400,000.00
397,543.66

0.00 0.00
397,606.18
2,779.89

0.00 4,169.84
1,389.95

62.52 0.00

62.52 1,452.46
1,452.46
91282CMA6 UNITED STATES TREASURY

4.125 11/30/2029
12/11/2024
12/12/2024
400,000.00
400,376.24

0.00 0.00
400,366.90
1,397.54

0.00 2,795.08
1,397.54

0.00 (9.35)
(9.35)
1,388.20
1,388.20
91282CMD0 UNITED STATES TREASURY

4.375 12/31/2029 400,000.00
399,067.06

0.00 0.00
399,089.67

47.55 0.00
1,521.74
1,474.18

25.76 (3.15)

22.61 1,496.80
1,496.80
91282CMU2 UNITED STATES TREASURY 4.0
03/31/2030
04/07/2025
04/08/2025
300,000.00
302,541.46

0.00 0.00
302,483.91
3,016.39

0.00 4,032.79
1,016.39

0.00 (57.55)
(57.55)
958.84
958.84
91282CMZ1 UNITED STATES TREASURY

3.875 04/30/2030
09/16/2025
09/17/2025
500,000.00
505,331.95

0.00 0.00
505,213.80
3,264.27

0.00 4,896.40
1,632.13

0.00 (118.15)
(118.15)
1,513.98
1,513.98
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030
06/09/2025
06/10/2025
350,000.00
349,009.54

0.00 0.00
349,031.02
1,185.79

0.00 2,371.58
1,185.79

21.47 0.00

21.47 1,207.26
1,207.26
91282CNK3 UNITED STATES TREASURY

3.875 06/30/2030
07/29/2025
07/30/2025
325,000.00
324,133.10

0.00 0.00
324,151.50

34.22 0.00
1,095.11
1,060.89

18.41 0.00

3.875 07/31/2030
08/26/2025
08/27/2025
225,000.00
225,895.97

0.00 0.00
225,877.34
3,636.83
4,359.38

23.69 746.25

0.00 (18.63)
(18.63)
727.62
727.62
91282CNU1 UNITED STATES TREASURY

3.625 08/15/2028
01/29/2026
01/30/2026
250,000.00
250,130.66

0.00 0.00
250,125.44
3,404.70

0.00 4,180.77
776.07

0.00 (5.22)
(5.22)
770.85
770.85
91282CNX5 UNITED STATES TREASURY

3.625 08/31/2030
09/16/2025
09/17/2025
500,000.00
500,788.76

0.00 0.00
500,772.70
6,058.08

0.00 7,584.92
1,526.83

0.00 (16.07)
(16.07)
1,510.77
1,510.77
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030
12/09/2025
12/10/2025
150,000.00
148,360.62

0.00 0.00
148,392.13
444.67

0.00 889.34
444.67

31.51 0.00

31.51 476.18
476.18
91282CPP0 UNITED STATES TREASURY 3.5
12/15/2028
01/29/2026
01/30/2026
250,000.00
249,290.08

0.00 0.00
249,314.59
382.51

0.00 1,123.63
741.12

24.51 0.00

24.51 765.63
765.63
91282CPR6 UNITED STATES TREASURY

3.625 12/31/2030
01/29/2026
01/30/2026
350,000.00
347,284.29

0.00 0.00
347,335.50

34.48 0.00
1,103.26
1,068.78

51.21 0.00

51.21 1,119.99
1,119.99
91282CPS4 UNITED STATES TREASURY

3.375 12/31/2027
05/28/2026
05/29/2026
300,000.00
297,269.88

0.00 0.00
297,424.32

27.51 0.00
880.43
852.92
154.44

0.00 154.44
1,007.36
1,007.36
92826CAZ5 VISA INC 4.1 02/12/2031
02/03/2026
02/12/2026
140,000.00
139,826.68

0.00 0.00
139,829.87
2,216.28

0.00 2,694.61
478.33

3.18 0.00

3.18 481.52
481.52
92970QAE5 WFCIT 2024-2 A 4.29
10/15/2029
10/17/2024
10/24/2024
110,000.00
109,989.18

0.00 0.00
109,989.46
209.73
393.25
209.73
393.25

0.28 0.00

0.00 0.00
184,760.58
1,408.31

0.00 2,078.94
670.63

5.43 0.00

5.43 676.06
676.06
Total Fixed Income 21,406,422.79
21,316,225.41
609,571.65
(718,789.96)
21,211,219.29
166,065.91
59,671.81
176,899.81
70,505.72
6,093.41
(1,881.22)
4,212.19
74,717.91 74,717.91
TOTAL PORTFOLIO 21,691,503.21
21,431,077.59
955,732.95
(894,873.74)
21,496,299.71
166,065.91
60,181.49
176,899.81
71,015.40
6,093.41
(1,881.22)
4,212.19
75,227.59 75,227.59
Item 7.4
Tuesday, September 01, 2026 57 of 195
CONFIDENTIAL | 31
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount AUGUST 2026
08/03/2026 Coupon 91159HJK7 0.00 US BANCORP 4.653 02/01/2029 4,653.00 4,653.00 08/03/2026 Coupon 756109CW2 0.00 REALTY INCOME CORP 3.95 02/01/2029 4,937.50 4,937.50 08/03/2026 Coupon 13063EGT7 0.00 CALIFORNIA STATE 4.5 08/01/2029 4,612.50 4,612.50 08/07/2026 Coupon 63743HFX5 250,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 6,187.50 6,187.50
08/10/2026 Coupon 89236TMK8 225,000.00 TOYOTA MOTOR CREDIT CORP 4.55 08/09/2029 5,118.75 5,118.75 08/12/2026 Coupon 92826CAZ5 140,000.00 VISA INC 4.1 02/12/2031 2,870.00 2,870.00 08/14/2026 Coupon 532457CQ9 235,000.00 ELI LILLY AND CO 4.2 08/14/2029 4,935.00 4,935.00 08/17/2026 Coupon 02079KBK2 200,000.00 ALPHABET INC 4.1 02/15/2031 4,145.56 4,145.56 08/17/2026 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 08/17/2026 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 08/17/2026 Coupon 26442CAY0 250,000.00 DUKE ENERGY CAROLINAS LLC 2.45 08/15/2029 3,062.50 3,062.50
08/17/2026 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 461.00 461.00 08/17/2026 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 2,773.97 2,773.97 08/17/2026 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 300.75 300.75 08/17/2026 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,796.14 3,796.14 08/17/2026 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 198.62 198.62 08/17/2026 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 3,249.23 3,249.23 08/17/2026 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 08/17/2026 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 08/17/2026 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 08/17/2026 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 08/17/2026 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 511.81 511.81 08/17/2026 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 8,903.81 8,903.81 08/17/2026 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 08/17/2026 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 458.08 458.08 08/17/2026 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,021.27 4,021.27 08/17/2026 Coupon 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 38.00 38.00 08/17/2026 Principal Paydown 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 4,618.23 4,618.23 08/17/2026 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 332.50 332.50 Item 7.4
Tuesday, September 01, 2026 58 of 195
CONFIDENTIAL | 32
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 08/17/2026 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 08/17/2026 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 195.95 195.95 08/17/2026 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 3,306.97 3,306.97 08/17/2026 Coupon 91282CNU1 250,000.00 UNITED STATES TREASURY 3.625 08/15/2028 4,531.25 4,531.25 08/17/2026 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 08/20/2026 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 08/20/2026 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 362.58 362.58 08/20/2026 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 08/24/2026 Coupon 17275RBW1 250,000.00 CISCO SYSTEMS INC 4.55 02/24/2028 5,687.50 5,687.50 08/25/2026 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 1,104.99 1,104.99 08/25/2026 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 18,264.36 18,264.36 08/25/2026 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 08/25/2026 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 08/25/2026 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 08/25/2026 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 08/25/2026 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 08/25/2026 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 08/25/2026 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 364.43 364.43 08/25/2026 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 169.42 169.42 08/25/2026 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 08/25/2026 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 08/25/2026 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 08/25/2026 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 08/25/2026 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 08/31/2026 Coupon 91282CGP0 375,000.00 UNITED STATES TREASURY 4.0 02/29/2028 7,500.00 7,500.00 08/31/2026 Coupon 91282CKD2 375,000.00 UNITED STATES TREASURY 4.25 02/28/2029 7,968.75 7,968.75 08/31/2026 Coupon 91282CLK5 400,000.00 UNITED STATES TREASURY 3.625 08/31/2029 7,250.00 7,250.00 08/31/2026 Coupon 91282CNX5 500,000.00 UNITED STATES TREASURY 3.625 08/31/2030 9,062.50 9,062.50 August 2026 Total 49,103.40 97,105.88 146,209.29
SEPTEMBER 2026
09/09/2026 Coupon 3130B7QM9 500,000.00 FEDERAL HOME LOAN BANKS 3.5 09/09/2027 8,750.00 8,750.00 09/15/2026 Coupon 00287YDY2 125,000.00 ABBVIE INC 4.65 03/15/2028 2,906.25 2,906.25 Item 7.4
Tuesday, September 01, 2026 59 of 195
CONFIDENTIAL | 33
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/15/2026 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 09/15/2026 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 09/15/2026 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 1,615.29 1,615.29 09/15/2026 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 450.34 450.34 09/15/2026 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 4,764.20 4,764.20 09/15/2026 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 09/15/2026 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 09/15/2026 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 09/15/2026 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 09/15/2026 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 475.01 475.01 09/15/2026 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 10,529.95 10,529.95 09/15/2026 Coupon 571748CA8 250,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 5,812.50 5,812.50
09/15/2026 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 09/15/2026 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 442.07 442.07 09/15/2026 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 5,642.71 5,642.71 09/15/2026 Coupon 79466LAQ7 140,000.00 SALESFORCE INC 4.5 03/15/2028 3,185.00 3,185.00 09/15/2026 Coupon 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 20.18 20.18 09/15/2026 Principal Paydown 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 4,404.26 4,404.26 09/15/2026 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 09/15/2026 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 09/15/2026 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 183.82 183.82 09/15/2026 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 3,246.52 3,246.52 09/15/2026 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 09/16/2026 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 286.13 286.13 09/16/2026 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 4,246.72 4,246.72 09/16/2026 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 186.70 186.70 09/16/2026 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 3,196.64 3,196.64 09/21/2026 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 09/21/2026 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 362.58 362.58 09/21/2026 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 Item 7.4
Tuesday, September 01, 2026 60 of 195
CONFIDENTIAL | 34
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 09/21/2026 Coupon 459058LR2 125,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 2,578.13 2,578.13
09/25/2026 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 1,026.15 1,026.15 09/25/2026 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 17,937.01 17,937.01 09/25/2026 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 09/25/2026 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 09/25/2026 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 09/25/2026 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 09/25/2026 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 09/25/2026 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 09/25/2026 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 364.01 364.01 09/25/2026 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 169.73 169.73 09/25/2026 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 09/25/2026 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 09/25/2026 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 09/25/2026 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 09/25/2026 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 09/30/2026 Coupon 91282CKG5 350,000.00 UNITED STATES TREASURY 4.125 03/31/2029 7,218.75 7,218.75 09/30/2026 Coupon 91282CLN9 400,000.00 UNITED STATES TREASURY 3.5 09/30/2029 7,000.00 7,000.00 09/30/2026 Coupon 91282CMU2 300,000.00 UNITED STATES TREASURY 4.0 03/31/2030 6,000.00 6,000.00 September 2026
Total 54,137.74 59,533.41 113,671.15
OCTOBER 2026
10/15/2026 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 10/15/2026 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 10/15/2026 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 10/15/2026 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 432.04 432.04 10/15/2026 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 6,604.25 6,604.25 10/15/2026 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 10/15/2026 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 10/15/2026 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 10/15/2026 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 Item 7.4
Tuesday, September 01, 2026 61 of 195
CONFIDENTIAL | 35
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/15/2026 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 431.49 431.49 10/15/2026 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 9,672.39 9,672.39 10/15/2026 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 10/15/2026 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 419.59 419.59 10/15/2026 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 5,403.43 5,403.43 10/15/2026 Coupon 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 3.18 3.18 10/15/2026 Effective Maturity 891940AC2 9,847.93 TAOT 2023-A A3 4.63 09/15/2027 825.43 825.43 10/15/2026 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 10/15/2026 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 10/15/2026 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 171.92 171.92 10/15/2026 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 3,112.77 3,112.77 10/15/2026 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 10/16/2026 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 269.78 269.78 10/16/2026 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 4,071.83 4,071.83 10/16/2026 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 174.98 174.98 10/16/2026 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 3,075.42 3,075.42 10/16/2026 Coupon 459058LN1 350,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 6,781.25 6,781.25
10/19/2026 Coupon 61748UAK8 155,000.00 MORGAN STANLEY 4.133 10/18/2029 3,203.08 3,203.08 10/20/2026 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 10/20/2026 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 362.58 362.58 10/20/2026 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 8,729.94 8,729.94 10/20/2026 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 10/21/2026 Coupon 38141GD27 105,000.00 GOLDMAN SACHS GROUP INC 4.153 10/21/2029 2,180.33 2,180.33
10/26/2026 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 948.72 948.72 10/26/2026 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 16,419.54 16,419.54 10/26/2026 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 10/26/2026 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 10/26/2026 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 10/26/2026 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 10/26/2026 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 Item 7.4
Tuesday, September 01, 2026 62 of 195
CONFIDENTIAL | 36
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 10/26/2026 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 10/26/2026 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 363.59 363.59 10/26/2026 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 183.51 183.51 10/26/2026 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 10/26/2026 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 10/26/2026 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 10/26/2026 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 10/26/2026 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 10/28/2026 Coupon 931142FN8 185,000.00 WALMART INC 4.35 04/28/2030 4,023.75 4,023.75 10/29/2026 Coupon 06051GJB6 300,000.00 BANK OF AMERICA CORP 2.592 04/29/2031 3,888.00 3,888.00 October 2026 Total 58,098.52 35,146.11 93,244.63
NOVEMBER 2026
11/02/2026 Coupon 91282CJF9 375,000.00 UNITED STATES TREASURY 4.875 10/31/2028 9,140.63 9,140.63 11/02/2026 Coupon 91282CKP5 375,000.00 UNITED STATES TREASURY 4.625 04/30/2029 8,671.88 8,671.88 11/02/2026 Coupon 91282CLR0 400,000.00 UNITED STATES TREASURY 4.125 10/31/2029 8,250.00 8,250.00 11/02/2026 Coupon 91282CMZ1 500,000.00 UNITED STATES TREASURY 3.875 04/30/2030 9,687.50 9,687.50 11/09/2026 Coupon 69371RT71 230,000.00 PACCAR FINANCIAL CORP 4.55 05/08/2030 5,232.50 5,232.50 11/16/2026 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 11/16/2026 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 11/16/2026 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 11/16/2026 Coupon 14913UAU4 250,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 5,875.00 5,875.00
11/16/2026 Coupon 30303MAB8 250,000.00 META PLATFORMS INC 4.2 11/15/2030 5,250.00 5,250.00 11/16/2026 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 406.67 406.67 11/16/2026 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 6,457.00 6,457.00 11/16/2026 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 254.11 254.11 11/16/2026 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,985.14 3,985.14 11/16/2026 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 163.71 163.71 11/16/2026 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 3,017.72 3,017.72 11/16/2026 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 11/16/2026 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 11/16/2026 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 Item 7.4
Tuesday, September 01, 2026 63 of 195
CONFIDENTIAL | 37
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/16/2026 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 11/16/2026 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 391.51 391.51 11/16/2026 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 11,534.57 11,534.57 11/16/2026 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 11/16/2026 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 398.06 398.06 11/16/2026 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 5,300.15 5,300.15 11/16/2026 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 11/16/2026 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 11/16/2026 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 160.51 160.51 11/16/2026 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 3,041.69 3,041.69 11/16/2026 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 11/20/2026 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 11/20/2026 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 329.26 329.26 11/20/2026 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 10,377.80 10,377.80 11/20/2026 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 11/23/2026 Coupon 58933YCK9 85,000.00 MERCK & CO INC 4.65 05/22/2031 1,976.25 1,976.25 11/25/2026 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 877.84 877.84 11/25/2026 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 16,102.64 16,102.64 11/25/2026 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 11/25/2026 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 11/25/2026 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 11/25/2026 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 11/25/2026 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 11/25/2026 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 11/25/2026 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 363.14 363.14 11/25/2026 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 170.39 170.39 11/25/2026 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 11/25/2026 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 11/25/2026 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 11/25/2026 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 11/25/2026 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 11/30/2026 Coupon 91282CMA6 400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 8,250.00 8,250.00 Item 7.4
Tuesday, September 01, 2026 64 of 195
CONFIDENTIAL | 38
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 11/30/2026 Coupon 91282CNG2 350,000.00 UNITED STATES TREASURY 4.0 05/31/2030 7,000.00 7,000.00 11/30/2026 Coupon 91282CPN5 150,000.00 UNITED STATES TREASURY 3.5 11/30/2030 2,625.00 2,625.00 November 2026
Total 59,987.10 86,795.38 146,782.48
DECEMBER 2026
12/08/2026 Coupon 57636QBL7 180,000.00 MASTERCARD INC 4.6 06/08/2031 4,140.00 4,140.00 12/11/2026 Coupon 24422EXT1 225,000.00 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 5,456.25 5,456.25 12/14/2026 Coupon 06406RBG1 225,000.00 BANK OF NEW YORK MELLON CORP 3.992 06/13/2028 4,491.00 4,491.00
12/15/2026 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 12/15/2026 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 12/15/2026 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 12/15/2026 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 381.86 381.86 12/15/2026 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 6,055.72 6,055.72 12/15/2026 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 12/15/2026 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 12/15/2026 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 12/15/2026 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 12/15/2026 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 343.83 343.83 12/15/2026 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 7,815.04 7,815.04 12/15/2026 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 12/15/2026 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 376.95 376.95 12/15/2026 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,998.77 4,998.77 12/15/2026 Coupon 67066GAR5 110,000.00 NVIDIA CORP 4.5 06/15/2031 2,433.75 2,433.75 12/15/2026 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 12/15/2026 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 12/15/2026 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 149.35 149.35 12/15/2026 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,873.93 2,873.93 12/15/2026 Coupon 91282CKV2 300,000.00 UNITED STATES TREASURY 4.625 06/15/2027 6,937.50 6,937.50 12/15/2026 Coupon 91282CPP0 250,000.00 UNITED STATES TREASURY 3.5 12/15/2028 4,375.00 4,375.00 12/15/2026 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 12/16/2026 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 238.76 238.76 Item 7.4
Tuesday, September 01, 2026 65 of 195
CONFIDENTIAL | 39
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 12/16/2026 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,764.46 3,764.46 12/16/2026 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 152.64 152.64 12/16/2026 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,861.53 2,861.53 12/21/2026 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 12/21/2026 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 289.66 289.66 12/21/2026 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 13,181.21 13,181.21 12/21/2026 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 12/25/2026 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 808.33 808.33 12/25/2026 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 15,367.26 15,367.26 12/25/2026 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 12/25/2026 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 12/25/2026 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 12/25/2026 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 12/25/2026 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 12/25/2026 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 12/25/2026 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 362.71 362.71 12/25/2026 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 184.08 184.08 12/25/2026 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 12/25/2026 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 12/25/2026 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 12/25/2026 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 12/25/2026 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 12/31/2026 Coupon 91282CEV9 350,000.00 UNITED STATES TREASURY 3.25 06/30/2029 5,687.50 5,687.50 12/31/2026 Coupon 91282CHK0 350,000.00 UNITED STATES TREASURY 4.0 06/30/2028 7,000.00 7,000.00 12/31/2026 Coupon 91282CMD0 400,000.00 UNITED STATES TREASURY 4.375 12/31/2029 8,750.00 8,750.00 12/31/2026 Coupon 91282CNK3 325,000.00 UNITED STATES TREASURY 3.875 06/30/2030 6,296.88 6,296.88 12/31/2026 Coupon 91282CPR6 350,000.00 UNITED STATES TREASURY 3.625 12/31/2030 6,343.75 6,343.75 12/31/2026 Coupon 91282CPS4 300,000.00 UNITED STATES TREASURY 3.375 12/31/2027 5,062.50 5,062.50 December 2026
Total 57,101.99 81,570.06 138,672.05
JANUARY 2027
01/11/2027 Coupon 023135EC6 285,000.00 AMAZON.COM INC 4.8 07/09/2031 6,840.00 6,840.00 Item 7.4
Tuesday, September 01, 2026 66 of 195
CONFIDENTIAL | 40
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/11/2027 Coupon 89236TNA9 170,000.00 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 4,207.50 4,207.50 01/15/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 01/15/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 01/15/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 01/15/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 358.60 358.60 01/15/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,946.29 5,946.29 01/15/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 01/15/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 01/15/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 01/15/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.50 352.50 01/15/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 105.87 105.87 01/15/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 311.53 311.53 01/15/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 11,341.31 11,341.31 01/15/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 01/15/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 357.04 357.04 01/15/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,917.52 4,917.52 01/15/2027 Coupon 74340XCQ2 250,000.00 PROLOGIS LP 4.75 01/15/2031 5,937.50 5,937.50 01/15/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 01/15/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 235.08 235.08 01/15/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 467.37 467.37 01/15/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 138.81 138.81 01/15/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,643.45 2,643.45 01/15/2027 Coupon 91282CKZ3 375,000.00 UNITED STATES TREASURY 4.375 07/15/2027 8,203.13 8,203.13 01/15/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 01/18/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 224.27 224.27 01/18/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,699.73 3,699.73 01/18/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 142.15 142.15 01/18/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,815.13 2,815.13 01/20/2027 Coupon 025816EJ4 170,000.00 AMERICAN EXPRESS CO 4.351 07/20/2029 3,698.35 3,698.35 01/20/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 01/20/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 239.35 239.35 01/20/2027 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 13,504.98 13,504.98 Item 7.4
Tuesday, September 01, 2026 67 of 195
CONFIDENTIAL | 41
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 01/20/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 312.75 312.75 01/20/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 8,109.16 8,109.16 01/25/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 741.99 741.99 01/25/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 15,112.56 15,112.56 01/25/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 01/25/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 01/25/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 01/25/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 01/25/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 01/25/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 01/25/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 362.25 362.25 01/25/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 171.04 171.04 01/25/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 01/25/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 01/25/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 01/25/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 01/25/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 01/25/2027 Coupon 46647PEU6 115,000.00 JPMORGAN CHASE & CO 4.915 01/24/2029 2,826.13 2,826.13 January 2027 Total 68,834.43 46,080.43 114,914.86
FEBRUARY 2027
02/01/2027 Coupon 13063EGT7 205,000.00 CALIFORNIA STATE 4.5 08/01/2029 4,612.50 4,612.50 02/01/2027 Coupon 756109CW2 250,000.00 REALTY INCOME CORP 3.95 02/01/2029 4,937.50 4,937.50 02/01/2027 Coupon 91159HJK7 200,000.00 US BANCORP 4.653 02/01/2029 4,653.00 4,653.00 02/01/2027 Coupon 91282CLC3 350,000.00 UNITED STATES TREASURY 4.0 07/31/2029 7,000.00 7,000.00 02/01/2027 Coupon 91282CNN7 225,000.00 UNITED STATES TREASURY 3.875 07/31/2030 4,359.38 4,359.38 02/08/2027 Coupon 63743HFX5 250,000.00 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 4.95 02/07/2030 6,187.50 6,187.50
02/09/2027 Coupon 89236TMK8 225,000.00 TOYOTA MOTOR CREDIT CORP 4.55 08/09/2029 5,118.75 5,118.75 02/12/2027 Coupon 92826CAZ5 140,000.00 VISA INC 4.1 02/12/2031 2,870.00 2,870.00 02/15/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 335.76 335.76 02/15/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,883.38 5,883.38 02/15/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 Item 7.4
Tuesday, September 01, 2026 68 of 195
CONFIDENTIAL | 42
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/15/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 02/15/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 02/15/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 352.13 352.13 02/15/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 6,895.30 6,895.30 02/15/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 264.65 264.65 02/15/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 7,627.82 7,627.82 02/15/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 02/15/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 337.45 337.45 02/15/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,875.07 4,875.07 02/15/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 02/15/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 233.39 233.39 02/15/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 3,491.87 3,491.87 02/15/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 129.12 129.12 02/15/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,613.52 2,613.52 02/16/2027 Coupon 02079KBK2 200,000.00 ALPHABET INC 4.1 02/15/2031 4,100.00 4,100.00 02/16/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 02/16/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 02/16/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 02/16/2027 Coupon 26442CAY0 250,000.00 DUKE ENERGY CAROLINAS LLC 2.45 08/15/2029 3,062.50 3,062.50
02/16/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 210.03 210.03 02/16/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,483.50 3,483.50 02/16/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 131.83 131.83 02/16/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,787.34 2,787.34 02/16/2027 Coupon 532457CQ9 235,000.00 ELI LILLY AND CO 4.2 08/14/2029 4,935.00 4,935.00 02/16/2027 Coupon 91282CNU1 250,000.00 UNITED STATES TREASURY 3.625 08/15/2028 4,531.25 4,531.25 02/16/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 02/22/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 02/22/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 187.80 187.80 02/22/2027 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 10,930.70 10,930.70 02/22/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 284.57 284.57 02/22/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 9,658.52 9,658.52 Item 7.4
Tuesday, September 01, 2026 69 of 195
CONFIDENTIAL | 43
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 02/24/2027 Coupon 17275RBW1 250,000.00 CISCO SYSTEMS INC 4.55 02/24/2028 5,687.50 5,687.50 02/25/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 676.76 676.76 02/25/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 14,935.68 14,935.68 02/25/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 02/25/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 02/25/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 02/25/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 02/25/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 02/25/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 02/25/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 361.83 361.83 02/25/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 171.34 171.34 02/25/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 02/25/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 02/25/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 02/25/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 02/25/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 February 2027
Total 73,354.03 76,151.69 149,505.72
MARCH 2027
03/01/2027 Coupon 91282CGP0 375,000.00 UNITED STATES TREASURY 4.0 02/29/2028 7,500.00 7,500.00 03/01/2027 Coupon 91282CKD2 375,000.00 UNITED STATES TREASURY 4.25 02/28/2029 7,968.75 7,968.75 03/01/2027 Coupon 91282CLK5 400,000.00 UNITED STATES TREASURY 3.625 08/31/2029 7,250.00 7,250.00 03/01/2027 Coupon 91282CNX5 500,000.00 UNITED STATES TREASURY 3.625 08/31/2030 9,062.50 9,062.50 03/09/2027 Coupon 3130B7QM9 500,000.00 FEDERAL HOME LOAN BANKS 3.5 09/09/2027 8,750.00 8,750.00 03/15/2027 Coupon 00287YDY2 125,000.00 ABBVIE INC 4.65 03/15/2028 2,906.25 2,906.25 03/15/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 03/15/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 03/15/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 03/15/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 313.15 313.15 03/15/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,703.04 5,703.04 03/15/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 03/15/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 Item 7.4
Tuesday, September 01, 2026 70 of 195
CONFIDENTIAL | 44
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/15/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 290.67 290.67 03/15/2027 Principal Paydown 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 4,000.35 4,000.35 03/15/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 327.82 327.82 03/15/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 5,018.78 5,018.78 03/15/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 233.12 233.12 03/15/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 4,967.23 4,967.23 03/15/2027 Coupon 571748CA8 250,000.00 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 5,812.50 5,812.50
03/15/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 03/15/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 318.03 318.03 03/15/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,733.50 4,733.50 03/15/2027 Coupon 79466LAQ7 140,000.00 SALESFORCE INC 4.5 03/15/2028 3,150.00 3,150.00 03/15/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 03/15/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 220.76 220.76 03/15/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 3,386.31 3,386.31 03/15/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 119.54 119.54 03/15/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,539.92 2,539.92 03/15/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 03/16/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 196.61 196.61 03/16/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,362.59 3,362.59 03/16/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 121.61 121.61 03/16/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,708.45 2,708.45 03/22/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 03/22/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 146.08 146.08 03/22/2027 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 9,713.66 9,713.66 03/22/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 251.01 251.01 03/22/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 12,506.30 12,506.30 03/22/2027 Coupon 459058LR2 125,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 4.125 03/20/2030 2,578.13 2,578.13
03/25/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 612.29 612.29 03/25/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 13,189.25 13,189.25 03/25/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 Item 7.4
Tuesday, September 01, 2026 71 of 195
CONFIDENTIAL | 45
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 03/25/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 03/25/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 03/25/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 03/25/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 03/25/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 03/25/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 361.40 361.40 03/25/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 211.39 211.39 03/25/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 03/25/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 03/25/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 03/25/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 03/25/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 03/31/2027 Coupon 91282CKG5 350,000.00 UNITED STATES TREASURY 4.125 03/31/2029 7,218.75 7,218.75 03/31/2027 Coupon 91282CLN9 400,000.00 UNITED STATES TREASURY 3.5 09/30/2029 7,000.00 7,000.00 03/31/2027 Coupon 91282CMU2 300,000.00 UNITED STATES TREASURY 4.0 03/31/2030 6,000.00 6,000.00 March 2027 Total 72,040.76 89,009.81 161,050.57
APRIL 2027
04/15/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 04/15/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 04/15/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 04/15/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 291.25 291.25 04/15/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,956.91 5,956.91 04/15/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 04/15/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 04/15/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 276.13 276.13 04/15/2027 Principal Paydown 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 4,963.16 4,963.16 04/15/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 310.13 310.13 04/15/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 6,013.73 6,013.73 04/15/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 212.59 212.59 04/15/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 6,256.94 6,256.94 04/15/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 04/15/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 299.18 299.18 Item 7.4
Tuesday, September 01, 2026 72 of 195
CONFIDENTIAL | 46
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/15/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,957.39 4,957.39 04/15/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 04/15/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 208.52 208.52 04/15/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 3,543.74 3,543.74 04/15/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 110.23 110.23 04/15/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,625.66 2,625.66 04/15/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 04/16/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 183.67 183.67 04/16/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,518.51 3,518.51 04/16/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 111.67 111.67 04/16/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,817.26 2,817.26 04/16/2027 Coupon 459058LN1 350,000.00 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 3.875 10/16/2029 6,781.25 6,781.25
04/19/2027 Coupon 61748UAK8 155,000.00 MORGAN STANLEY 4.133 10/18/2029 3,203.08 3,203.08 04/20/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 04/20/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 109.01 109.01 04/20/2027 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 9,499.28 9,499.28 04/20/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 207.55 207.55 04/20/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 14,076.92 14,076.92 04/21/2027 Coupon 38141GD27 105,000.00 GOLDMAN SACHS GROUP INC 4.153 10/21/2029 2,180.33 2,180.33
04/26/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 555.35 555.35 04/26/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 13,450.19 13,450.19 04/26/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 04/26/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 04/26/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 04/26/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 04/26/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 04/26/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 04/26/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 360.88 360.88 04/26/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 172.09 172.09 04/26/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 Item 7.4
Tuesday, September 01, 2026 73 of 195
CONFIDENTIAL | 47
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 04/26/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 04/26/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 04/26/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 04/26/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 04/28/2027 Coupon 931142FN8 185,000.00 WALMART INC 4.35 04/28/2030 4,023.75 4,023.75 04/29/2027 Coupon 06051GJB6 300,000.00 BANK OF AMERICA CORP 2.592 04/29/2031 3,888.00 3,888.00 04/30/2027 Coupon 91282CJF9 375,000.00 UNITED STATES TREASURY 4.875 10/31/2028 9,140.63 9,140.63 04/30/2027 Coupon 91282CKP5 375,000.00 UNITED STATES TREASURY 4.625 04/30/2029 8,671.88 8,671.88 04/30/2027 Coupon 91282CLR0 400,000.00 UNITED STATES TREASURY 4.125 10/31/2029 8,250.00 8,250.00 04/30/2027 Coupon 91282CMZ1 500,000.00 UNITED STATES TREASURY 3.875 04/30/2030 9,687.50 9,687.50 April 2027 Total 77,851.78 69,363.39 147,215.16
MAY 2027
05/10/2027 Coupon 69371RT71 230,000.00 PACCAR FINANCIAL CORP 4.55 05/08/2030 5,232.50 5,232.50 05/17/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 05/17/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 05/17/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 05/17/2027 Coupon 14913UAU4 250,000.00 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 5,875.00 5,875.00
05/17/2027 Coupon 30303MAB8 250,000.00 META PLATFORMS INC 4.2 11/15/2030 5,250.00 5,250.00 05/17/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 268.36 268.36 05/17/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,695.92 5,695.92 05/17/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 170.12 170.12 05/17/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,379.70 3,379.70 05/17/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 101.34 101.34 05/17/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,491.78 2,491.78 05/17/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 05/17/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 05/17/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 258.10 258.10 05/17/2027 Principal Paydown 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 4,713.21 4,713.21 05/17/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 288.93 288.93 05/17/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 6,291.46 6,291.46 05/17/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 186.73 186.73 Item 7.4
Tuesday, September 01, 2026 74 of 195
CONFIDENTIAL | 48
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 05/17/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 6,310.04 6,310.04 05/17/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 05/17/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 279.43 279.43 05/17/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,763.27 4,763.27 05/17/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 05/17/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 195.70 195.70 05/17/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 3,400.97 3,400.97 05/17/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 100.60 100.60 05/17/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,488.46 2,488.46 05/17/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 05/20/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 05/20/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 72.75 72.75 05/20/2027 Principal Paydown 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 9,476.38 9,476.38 05/20/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 158.63 158.63 05/20/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 12,435.24 12,435.24 05/24/2027 Coupon 58933YCK9 85,000.00 MERCK & CO INC 4.65 05/22/2031 1,976.25 1,976.25 05/25/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 497.29 497.29 05/25/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 12,981.52 12,981.52 05/25/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 05/25/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 05/25/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 05/25/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 05/25/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 05/25/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 05/25/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 360.45 360.45 05/25/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 185.54 185.54 05/25/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 05/25/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 05/25/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 05/25/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 05/25/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 May 2027 Total 74,613.49 31,573.03 106,186.52
Item 7.4
Tuesday, September 01, 2026 75 of 195
CONFIDENTIAL | 49
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount JUNE 2027
06/01/2027 Coupon 91282CMA6 400,000.00 UNITED STATES TREASURY 4.125 11/30/2029 8,250.00 8,250.00 06/01/2027 Coupon 91282CNG2 350,000.00 UNITED STATES TREASURY 4.0 05/31/2030 7,000.00 7,000.00 06/01/2027 Coupon 91282CPN5 150,000.00 UNITED STATES TREASURY 3.5 11/30/2030 2,625.00 2,625.00 06/08/2027 Coupon 57636QBL7 180,000.00 MASTERCARD INC 4.6 06/08/2031 4,140.00 4,140.00 06/11/2027 Coupon 24422EXT1 225,000.00 JOHN DEERE CAPITAL CORP 4.85 06/11/2029 5,456.25 5,456.25 06/14/2027 Coupon 06406RBG1 225,000.00 BANK OF NEW YORK MELLON CORP 3.992 06/13/2028 4,491.00 4,491.00
06/14/2027 Effective Maturity 06406RBG1 225,000.00 BANK OF NEW YORK MELLON CORP 3.992 06/13/2028 225,000.00 225,000.00
06/15/2027 Coupon 02582JKP4 170,000.00 AMXCA 2025-2 A 4.28 04/15/2030 606.33 606.33 06/15/2027 Coupon 02589BAE0 200,000.00 AMXCA 2024-3 A 4.65 07/15/2027 775.00 775.00 06/15/2027 Coupon 14041NGJ4 220,000.00 COMET 2026-1 A 4.48 07/16/2029 821.33 821.33 06/15/2027 Coupon 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 246.48 246.48 06/15/2027 Principal Paydown 34535VAD6 120,000.00 FORDO 2024-D A3 4.61 08/15/2029 5,521.34 5,521.34 06/15/2027 Coupon 43814YAD3 160,000.00 HAROT 2026-2 A3 4.3 11/15/2030 573.33 573.33 06/15/2027 Coupon 44935KAD5 120,000.00 HART 26B A3 4.51 02/18/2031 451.00 451.00 06/15/2027 Coupon 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 240.97 240.97 06/15/2027 Principal Paydown 44935XAD7 80,000.00 HART 2025-B A3 4.36 12/17/2029 4,646.02 4,646.02 06/15/2027 Coupon 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 266.75 266.75 06/15/2027 Principal Paydown 47800DAD6 100,000.00 JDOT 2025 A3 4.23 09/17/2029 5,741.44 5,741.44 06/15/2027 Coupon 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 160.65 160.65 06/15/2027 Principal Paydown 47800RAD5 125,009.22 JDOT 2024 A3 4.96 11/15/2028 5,425.61 5,425.61 06/15/2027 Coupon 58770YAD3 60,000.00 MBALT 2026-A A3 3.93 01/15/2030 196.50 196.50 06/15/2027 Coupon 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 260.46 260.46 06/15/2027 Principal Paydown 58773DAD6 115,000.00 MBART 2025-1 A3 4.78 12/17/2029 4,695.80 4,695.80 06/15/2027 Coupon 67066GAR5 110,000.00 NVIDIA CORP 4.5 06/15/2031 2,475.00 2,475.00 06/15/2027 Coupon 89231DAD7 105,000.00 TAOT 2026-C A3 4.51 03/17/2031 415.63 415.63 06/15/2027 Coupon 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 183.40 183.40 06/15/2027 Principal Paydown 89231HAD8 65,000.00 TAOT 2025-B A3 4.34 11/15/2029 3,349.60 3,349.60 06/15/2027 Coupon 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 91.47 91.47 06/15/2027 Principal Paydown 89239TAD4 53,440.46 TAOT 2024-D A3 4.4 06/15/2029 2,249.78 2,249.78 Item 7.4
Tuesday, September 01, 2026 76 of 195
CONFIDENTIAL | 50
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/15/2027 Coupon 91282CKV2 300,000.00 UNITED STATES TREASURY 4.625 06/15/2027 6,937.50 6,937.50 06/15/2027 Final Maturity 91282CKV2 300,000.00 UNITED STATES TREASURY 4.625 06/15/2027 300,000.00 300,000.00 06/15/2027 Coupon 91282CPP0 250,000.00 UNITED STATES TREASURY 3.5 12/15/2028 4,375.00 4,375.00 06/15/2027 Coupon 92970QAE5 110,000.00 WFCIT 2024-2 A 4.29 10/15/2029 393.25 393.25 06/16/2027 Coupon 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 157.11 157.11 06/16/2027 Principal Paydown 362955AD8 77,464.16 GMCAR 2025-1 A3 4.62 12/17/2029 3,330.34 3,330.34 06/16/2027 Coupon 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 92.21 92.21 06/16/2027 Principal Paydown 38014AAD3 51,400.78 GMCAR 2024-4 A3 4.4 08/16/2029 2,375.39 2,375.39 06/21/2027 Coupon 36275AAD1 70,000.00 GMALT 2026-2 A3 4.3 03/20/2029 250.83 250.83 06/21/2027 Coupon 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 36.59 36.59 06/21/2027 Effective Maturity 362962AD4 95,000.00 GMALT 2025-2 A3 4.58 05/22/2028 9,586.04 9,586.04 06/21/2027 Coupon 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 115.42 115.42 06/21/2027 Principal Paydown 379965AD8 90,000.00 GMALT 2025-3 A3 4.17 08/21/2028 9,547.92 9,547.92 06/25/2027 Coupon 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 441.26 441.26 06/25/2027 Principal Paydown 096919AD7 227,606.65 BMWOT 2024-A A3 5.18 02/26/2029 12,775.81 12,775.81 06/25/2027 Coupon 3137F62M8 250,000.00 FHMS K-118 A2 1.493 09/25/2030 311.04 311.04 06/25/2027 Coupon 3137F83Q4 250,000.00 FHMS K-121 A2 1.547 10/25/2030 322.29 322.29 06/25/2027 Coupon 3137FJEH8 250,000.00 FHMS K-081 A2 3.9 08/25/2028 812.50 812.50 06/25/2027 Coupon 3137FJKE8 250,000.00 FHMS K-082 A2 3.92 09/25/2028 816.67 816.67 06/25/2027 Coupon 3137FKSH0 150,000.00 FHMS K-086 A2 3.859 11/25/2028 482.38 482.38 06/25/2027 Coupon 3137FLN91 300,000.00 FHMS K-091 A2 3.505 03/25/2029 876.25 876.25 06/25/2027 Coupon 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 359.99 359.99 06/25/2027 Principal Paydown 3137FMCR1 146,653.59 FHMS K-093 A2 2.982 05/25/2029 172.74 172.74 06/25/2027 Coupon 3137FNAE0 250,000.00 FHMS K-095 A2 2.785 06/25/2029 580.21 580.21 06/25/2027 Coupon 3137FPHK4 300,000.00 FHMS K-098 A2 2.425 08/25/2029 606.25 606.25 06/25/2027 Coupon 3137FRUJ8 275,000.00 FHMS K-105 A2 1.872 01/25/2030 429.00 429.00 06/25/2027 Coupon 3137FWG79 250,000.00 FHMS K-115 A2 1.383 06/25/2030 288.13 288.13 06/25/2027 Coupon 3137FX3Q9 250,000.00 FHMS K-117 A2 1.406 08/25/2030 292.92 292.92 06/30/2027 Coupon 91282CEV9 350,000.00 UNITED STATES TREASURY 3.25 06/30/2029 5,687.50 5,687.50 06/30/2027 Coupon 91282CHK0 350,000.00 UNITED STATES TREASURY 4.0 06/30/2028 7,000.00 7,000.00 06/30/2027 Coupon 91282CMD0 400,000.00 UNITED STATES TREASURY 4.375 12/31/2029 8,750.00 8,750.00 06/30/2027 Coupon 91282CNK3 325,000.00 UNITED STATES TREASURY 3.875 06/30/2030 6,296.88 6,296.88 Item 7.4
Tuesday, September 01, 2026 77 of 195
CONFIDENTIAL | 51
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

CASH FLOW REPORT
Payment Date Transaction Type CUSIP Quantity Security Description Principal Amount Income Total Amount 06/30/2027 Coupon 91282CPR6 350,000.00 UNITED STATES TREASURY 3.625 12/31/2030 6,343.75 6,343.75 06/30/2027 Coupon 91282CPS4 300,000.00 UNITED STATES TREASURY 3.375 12/31/2027 5,062.50 5,062.50 June 2027 Total 594,417.83 97,843.96 692,261.79
Grand Total 101,378,734.52 1,239,541.07 770,173.15 2,009,714.22 Item 7.4
Tuesday, September 01, 2026 78 of 195
CONFIDENTIAL | 52
City of Campbell | Account #11214 | As of July 31, 2026 Execution Time: 08/05/2026 09:10:05 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).

To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC 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: 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.

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 IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

Ratings: 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.

BENCHMARK INDEX & DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr US Treasury & Agency
Index
The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies.

Item 7.4
Tuesday, September 01, 2026 80 of 195
City Council Report
DATE: September 1, 2026
TITLE: Monthly Treasurer’s Report (July 2026)
RECOMMENDED ACTION:

That the City Council review and accept the Monthly Treasurer’s Report for the month ended July 31, 2026.

BACKGROUND
California Government Code, Section 41004 requires that the City Treasurer submit to the City Clerk and the legislative body a monthly written report and accounting of all receipts, disbursements, and fund balances. The City of Campbell’s Finance Director has the responsibility of City Treasurer. This report has been prepared to fulfill this requirement.

This report provides financial transaction data for the City of Campbell’s Funds collectively, including the City’s General (Operating) Fund.

DISCUSSION
This Monthly Treasurer’s Report details and summarizes receipts, disbursements, and fund balances for the month ended July 31, 2026. As shown in Attachment 1, the City recognized $2.8 million in revenues and incurred $3.4 million in expenditures in total, for all City funds along with nearly $1.3 million of negative prior period adjustments. The City’s overall ending fund balance for July 2026 is $68.7 million, a decrease of $2.0 million from the June 2026 total of $70.7 million. Also in the General Fund, the City recognized $2.2 million in revenues and incurred $2.8 million in expenditures in total, along with nearly $360,000 of positive prior period adjustments. The General Fund’s overall ending fund balance for July 2026 is $31.7 million, a decrease of nearly $261,000 from the June 2026 total for $32.0 million.

FISCAL IMPACT
There is no fiscal impact associated with the review and acceptance of the Monthly Treasurer’s Report.

PREPARED BY: Carolina Vargas, Accountant
Item 7.5
Tuesday, September 01, 2026 81 of 195

Report Approval Details
Document Title: Monthly Treasurer's Report July 2026.docx Attachments: 2026.07 Fund Balance report.pdf
Final Approval Date: August 26, 2026
This document and all of its attachments were approved and signed as outlined below:

Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Angelique Gaeta, Assistant City Manager
Item 7.5
Tuesday, September 01, 2026 82 of 195
City of Campbell
Changes in Total Fund Balance
For the month ended July 31, 2026
Fund Balance
as of
06/30/2026
Prior Month
Adjustment
Current
Revenue
Current
Expenditure
Fund Balance
as of
07/31/2026
General Fund
Nonspendable Fund Balance
Prepaid $ 5,118.00 - - - $ 5,118.00
Leases 180,567.00 - - - 180,567.00
Restricted
Measure K 1,655,697.00 - - - 1,655,697.00
Committed Fund Balance
General Plan Update - - - - -
Compensated Absences 1,028,002.00 - - - 1,028,002.00
Liability insurance 144,800.00 - - - 144,800.00
Available Capital Improvement Reserve 237,583.00 - - - 237,583.00 Committed Capital Improvement Reserve 1,963,405.00 - - - 1,963,405.00 Community Center Facility 159,210.00 - - - 159,210.00
Heritage Theater 81,783.00 - - - 81,783.00
Historic Preservation 5,000.00 - - - 5,000.00
Assigned Fund Balance
Capital Projects (Construction Tax) 117,314.00 - - - 117,314.00 Unemployment insurance 90,000.00 - - - 90,000.00
PERS 1,000,000.00 - - - 1,000,000.00
OPEB 393,154.00 - - - 393,154.00
Encumbrances 1,278,920.00 - - - 1,278,920.00
Unassigned Fund Balance
Unassigned 10,564,932.60 359,165.76 2,230,118.02 (2,849,933.10) 10,304,283.28 City Council Reserve 362,624.00 - - - 362,624.00
Economic fluctuations 9,485,889.00 - - - 9,485,889.00
Emergency 3,207,454.00 - - - 3,207,454.00
General Fund Total 31,961,452.60 359,165.76 2,230,118.02 (2,849,933.10) 31,700,803.28 Special Revenue
Vehicle Impact 3,507,846.30 49,333.33 70,774.49 - 3,627,954.12 Gas Tax 3,114,300.88 112,994.19 - (89,397.41) 3,137,897.66 Asset Forfeiture 216,570.15 - 28.60 - 216,598.75
Lighting & Landscape District 1,936,544.62 (87,725.37) 9,234.42 (179,464.87) 1,678,588.80 Housing & Community Development 329.54 - - - 329.54
Environmental Services 1,868,846.78 41,002.49 2,305.22 - 1,912,154.49 Supplemental Law Enforcement 29,428.10 - - - 29,428.10
State & Other Grants (499,122.69) - - - (499,122.69)
TDA Grant 301,774.01 - - - 301,774.01
Federal Grants 666,015.27 (5,426.73) - - 660,588.54
Housing Assistance 8,815,135.46 (32,510.91) - (16,909.38) 8,765,715.17 Community Restitution Fund 265,437.31 - 4,200.00 - 269,637.31 Community Facilities District #1 (8,956.31) 47.76 - - (8,908.55) Community Facilities District #2 143,305.54 824.67 - - 144,130.21 Parkland Dedication 8,580,890.51 - 205,987.00 - 8,786,877.51 Recreation - Private Grants 6,804.38 - - - 6,804.38
Adult Center 18,849.43 - - - 18,849.43
Special Revenue Fund Total 28,963,999.28 78,539.43 292,529.73 (285,771.66) 29,049,296.78 Debt Service
Measure O 2,014,978.85 9,279.94 - - 2,024,258.79
LID #30 36,531.14 - - - 36,531.14
2016 Refunding Lease Revenue Bond 60,406.55 6.09 - - 60,412.64 Debt Service Fund Total 2,111,916.54 9,286.03 - - 2,121,202.57 Internal Service Fund
Motor Vehicle Pool 880,521.12 (39,251.48) 91,755.67 (32,686.58) 900,338.73 Information Technology Pool (849,715.56) (42,518.73) 35.00 (236,335.84) (1,128,535.13) Worker's Compensation 1,658,187.55 - 75,306.18 (3,878.75) 1,729,614.98 Internal Service Fund Total 1,688,993.11 (81,770.21) 167,096.85 (272,901.17) 1,501,418.58 Trust/Agency
Successor Agency 5,120,190.87 1.86 - - 5,120,192.73
West Valley Solid Waste JPA 1,154,839.70 (53,976.27) 75,887.00 - 1,176,750.43 SCC Specialized Enforcement Team - - - - -
Trust/Agency Fund Total 6,275,030.57 (53,974.41) 75,887.00 - 6,296,943.16 Capital Project
Capital Projects Fund (2,817,101.63) (1,067,460.19) - - (3,884,561.82) Measure O CIP Fund 2,497,727.60 (543,748.55) - (23,209.75) 1,930,769.30 Capital Project Fund Total (319,374.03) (1,611,208.74) - (23,209.75) (1,953,792.52) Total City $ 70,682,018.07 (1,299,962.14) $ 2,765,631.60 $ (3,431,815.68) $ 68,715,871.85 *Fund balances are unaudited, and may not include all necessary adjustments. These figures will be updated in future reports once the FY 2025/26 independent audit is completed.

Fund Description
Item 7.5
Tuesday, September 01, 2026 83 of 195
City Council Report
DATE: September 1, 2026
TITLE: Response to Santa Clara County Civil Grand Jury Report Regarding the Santa Clara Valley Transportation Authority (”VTA”)
RECOMMENDED ACTION:

That the City Council authorize the Mayor to submit a letter as the City’s response to the 2025-2026 Santa Clara County Civil Grand Jury Report titled, "VTA’s Management and Oversight of BART Silicon Valley Phase II."

BACKGROUND
The Santa Clara County Civil Grand Jury (“Grand Jury”) reviews local government operations and may issue reports containing findings and recommendations. When a Grand Jury report requests a response from a public agency, California Penal Code Sections 933 and 933.05 establish the response timing and content requirements.

On June 17, 2026, the Grand Jury issued a report titled, "VTA’s Management and Oversight of BART Silicon Valley Phase II." The report examines VTA’s financial planning, project oversight, and coordination, as well as the continuity and appointment practices of VTA’s Board of Directors (“Board”). With regard to the City of Campbell, the report issued the following findings and recommendations:

Finding 6
VTA Board Appointing Authority Groups 2 through 5 often do not follow VTA Administrative Code (Section 2-14) admonitions to “appoint individuals with appropriate experience and qualifications in transportation” and to “reappoint representatives to consecutive terms.”
Recommendation 6
VTA Board Appointing Authority Groups 2 through 5 should certify to the VTA Board that they will adhere to VTA Administrative Code (Section 2-14) admonitions regarding Board member expertise and appointment to consecutive terms.

Finding 7
VTA Board Appointing Authority Groups 2 through 5 have different processes for making Board appointments.

Item 9.1
Tuesday, September 01, 2026 84 of 195

Recommendation 7
The cities represented in Appointing Authority Groups 2 through 5 should agree on a uniform process for making Board appointments.

By statute, agencies must respond to Grand Jury Findings and Recommendations within ninety (90) days of the issuance of the report, unless otherwise directed by the Presiding Judge. In addition, for each of the Grand Jury’s findings, the response must indicate either:

1. Agreement with the finding; or

2. Disagreement with the finding, either wholly or in part, identifying the disputed portion and explaining the reason for the disagreement.

For each of the Grand Jury’s recommendations, the response must indicate one of the following:

1. The recommendation has been implemented, with a summary of the implementing action;

2. The recommendation has not yet been implemented, but will be implemented in the future, with a timeframe for implementation;

3. The recommendation requires further analysis, with an explanation and the scope and parameters of the analysis or study, and a timeframe no longer than six months for the matter to be prepared for discussion by the appropriate City official or the City Council; or

4. The recommendation will not be implemented because it is not warranted or is not reasonable, with an explanation.

DISCUSSION
The June 17, 2026 Grand Jury report directs Findings 6 and 7 and Recommendations 6 and 7 to the towns and cities that participate in VTA Board Appointing Authority Groups 2 through 5. The City of Campbell (“City”) is a member of Group 3 with the towns and cities of Cupertino, Los Gatos, Monte Sereno, and Saratoga. Section 2-14 of the VTA Administrative Code (“Code”) provides that each city grouping determines its own procedure for selecting directors and alternates for VTA’s Board. The Code also strongly encourages appointing authorities, where possible, to consider transportation experience and qualifications, sufficient remaining time in elected office, and consecutive terms.

With regard to Finding 6 and Recommendation 6, the proposed response, attached hereto, partially disagrees with the finding in that it agrees that transportation qualifications and continuity are important, but does not agree with the broad conclusion that the appointing groups often fail to follow the Code. In practice, the Group 3 cities’ existing process considers qualifications, elected-term availability, continuity, equitable representation, and the needs of the participating jurisdictions. Approval of the proposed response would confirm the City’s continued commitment to consider the Section 2-14 factors, where possible.

With regard to Finding 7 and Recommendation 7, the proposed response does agree with Finding 7 that the appointing groups use different appointment processes and Item 9.1
Tuesday, September 01, 2026 85 of 195

recommends no change to the Group 3 process at this time. The current process is considered adequate and is consistent with the Code’s delegation of appointment procedures to each grouping. The City and the other Group 3 towns and cities would remain open to considering a specific alternative process developed or recommended by VTA, including supporting legal and operational analysis. In the absence of such a proposal, the City does not intend to pursue a uniform countywide appointment process.

For the above reasons, staff recommends that the City Council approve the attached proposed response and authorize the Mayor to sign and transmit it to the Presiding Judge of the Superior Court, in accordance with California Penal Code Sections 933 and 933.05.

FISCAL IMPACT
There is no fiscal impact associated with the recommended action.

ALTERNATIVES

1. Modify the proposed response before approval and provide direction to staff to return with revised language,

2. Take other action consistent with the statutory response deadline of September

15. PREPARED BY: Angelique Gaeta, Assistant City Manager Item 9.1
Tuesday, September 01, 2026 86 of 195

Report Approval Details
Document Title: Response to Civil Grand Jury Report Regarding VTA Board Appointments.docx
Attachments: Transmittal Letter to Presiding Judge_Responding to VTA Grand Jury Report.pdf
Exhibit A to Transmittal Letter Responding to Grand Jury Report.docx
2025-26 Grand Jury Report_VTA Board.pdf
Final Approval
Date:

August 26, 2026
This document and all of its attachments were approved and signed as outlined below:

William Seligmann, City Attorney
Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Brian Loventhal, City Manager
Item 9.1
Tuesday, September 01, 2026 87 of 195
______________________

CITY OF CAMPBELL
Mayor's Office
September 1, 2026
Honorable Julie A. Emede
Presiding Judge
Superior Court of California, County of Santa Clara
191 North First Street
San Jose, CA 95113
Re: City of Campbell Response to 2026 Santa Clara County Civil Grand Jury Report, "VTA’s Management and Oversight of BART Silicon Valley Phase II." Dear Judge Emede,
The Campbell City Council reviewed the Santa Clara County Civil Grand Jury report titled "VTA’s Management and Oversight of BART Silicon Valley Phase II" at its September 1, 2026 meeting and is providing the attached response pursuant to California Penal Code Sections 933 and 933.05.

The City’s response addresses Findings 6 and 7 and Recommendations 6 and 7 concerning the qualifications, continuity, and selection processes for city-appointed members of the VTA Board of Directors. The City values effective regional representation and supports consideration of transportation qualifications and continuity when appointments are made.

The City believes the existing appointment process used by VTA Board Appointing Authority Group 3 is adequate and consistent with the discretion provided by the VTA Administrative Code. The City remains open to considering a specific alternative approach developed or recommended by VTA. In the absence of such a proposal, the City does not intend to change the current Group 3 appointment process.

Respectfully submitted,
Daniel E. Furtado, Mayor
City of Campbell
cc: Brian Loventhal, City Manager
Angelique, Assistant City Manager
William Seligmann, City Attorney
Andrea Sanders, City Clerk
70 North First Street. Campbell, California 95008-1436. Tel 408.866.2125. TDD 408.866.2790 Item 9.1
Tuesday, September 01, 2026 88 of 195

EXHIBIT A
City of Campbell Response to 2025-2026 Santa Clara County Civil Grand Jury Report “VTA’s Management and Oversight of BART Silicon Valley Phase II”

DISCUSSION
The following responses are provided pursuant to California Penal Code Sections 933 and 933.05. The City of Campbell’s responses are organized by the finding and recommendation numbering used in the Santa Clara County Civil Grand Jury report. The City of Campbell is one of five jurisdictions in VTA Board Appointing Authority Group 3, together with Cupertino, Los Gatos, Monte Sereno, and Saratoga.

FINDINGS
Finding 6
VTA Board Appointing Authority Groups 2 through 5 often do not follow VTA Administrative Code (Section 2-14) admonitions to “appoint individuals with appropriate experience and qualifications in transportation” and to “reappoint representatives to consecutive terms.” Response: Disagree partially. The City of Campbell agrees that transportation experience and qualifications, sufficient time remaining in an appointee’s elected term, and continuity through consecutive service are important considerations. The City of Campbell disagrees with the report’s broad conclusion that Appointing Authority Groups 2 through 5 often do not follow Section 2-14. Section 2-14 states that appointing authorities are strongly encouraged to consider these factors “where possible,” while also providing that each grouping determines its own selection procedure. The Group 3 process includes consideration during joint meeting of the Group’s mayors during monthly mayor and managers’ meetings. The report does not establish that Group 3’s current process is inadequate or that its appointments have failed to account for the Section 2-14 considerations.

Finding 7
VTA Board Appointing Authority Groups 2 through 5 have different processes for making Board appointments.

Response: Agree. The appointing authority groups use different selection processes. This is consistent with Section 2-14 of the VTA Administrative Code, which provides that the procedures for selecting directors and alternates are to be determined by the cities in each respective grouping.

RECOMMENDATIONS
Recommendation 6
VTA Board Appointing Authority Groups 2 through 5 should certify to the VTA Board that they will adhere to VTA Administrative Code (Section 2-14) admonitions regarding Board member expertise and appointment to consecutive terms.

Item 9.1
Tuesday, September 01, 2026 89 of 195
Response: The recommendation has been implemented. By approving this response, the City of Campbell provides that, when participating in Group 3 appointment decisions, it will continue to consider the factors identified in Section 2-14, including appropriate transportation experience and qualifications, sufficient remaining time in elected office, and consecutive terms, where possible. This certification does not alter the discretion granted to the Group 3 cities to determine their appointment procedure or require appointment of a particular eligible elected official. Each of the other Group 3 jurisdictions acts through its own governing body and may provide a corresponding certification in its response.

Recommendation 7
The cities represented in Appointing Authority Groups 2 through 5 should agree on a uniform process for making Board appointments.

Response: The recommendation will not be implemented because it is not warranted or reasonable at this time. The City of Campbell and the other Group 3 cities consider the current Group 3 appointment process adequate. The process reflects the composition and needs of the five participating cities and is consistent with Section 2-14 of VTA’s Administrative Code, which expressly assigns each grouping responsibility for determining its own procedure. A uniform process across Groups 2 through 5 could reduce the flexibility needed to account for differences in group size, representation, elected-term timing, and local circumstances. If VTA develops and recommends a specific alternative approach, the City of Campbell would be open to considering it in coordination with the other Group 3 cities. Unless and until such a proposal is presented, the City of Campbell does not intend to change the existing Group 3 appointment process.

Item 9.1
Tuesday, September 01, 2026 90 of 195
2025-2026 Santa Clara County Civil Grand Jury
VTA’s Management and
Oversight of BART
Silicon Valley Phase II
June 17, 2026
Item 9.1
Tuesday, September 01, 2026 91 of 195

Page 1 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

TABLE OF CONTENTS
SUMMARY ................................................................................................................................... 2 BACKGROUND ........................................................................................................................... 3 METHODOLOGY ....................................................................................................................... 7 INVESTIGATION........................................................................................................................ 8 Financial Risks.......................................................................................................................... 8 Oversight Concerns ................................................................................................................ 13 Coordination with BART....................................................................................................... 21 Board Experience and Continuity......................................................................................... 22 Public Communication........................................................................................................... 25 CONCLUSION ........................................................................................................................... 26 FINDINGS AND RECOMMENDATIONS ............................................................................. 27 REQUIRED RESPONSES......................................................................................................... 31 APPENDIX A: BART Management Letter ............................................................................. 32 CONFLICTS ............................................................................................................................... 34 REFERENCES............................................................................................................................ 34 Item 9.1
Tuesday, September 01, 2026 92 of 195

Page 2 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

SUMMARY
The Santa Clara Valley Transportation Authority (VTA) project to extend rapid transit rail service through downtown San José is controversial and the most costly and complex project it has ever undertaken. Known as BART Silicon Valley Phase II (BSVII), the $12.7 billion project extends rail service six miles and includes a large, single-bore underground tunnel and will take 10 years or more from 2026 to complete (VTA, March 2024).

Despite significantly reduced ridership projections and uncertainty about funding sources for both capital and operating costs, VTA has awarded major construction contracts, including for the construction of a launch structure to stage a specialized one-of-a-kind Tunnel Boring Machine (TBM), which will be owned by VTA. Over the next few years, VTA anticipates awarding further construction contracts worth billions of dollars. To reduce uncertainty, the spokesperson for an independent peer review of the project urged VTA to move quickly to “build as much as you can, as fast as you can” (VTA Special Board Meeting, 2025). Such an approach assumes that there will be political will and taxpayer support to finish an incomplete project regardless of cost increases, delays, or reduced ridership.

The VTA’s Board of Directors (Board) has recognized the need for additional oversight and guidance, but the Board has failed to exercise its obligation to provide the strategic direction needed for a successful project. The Oversight Committee it created has been left to define its own role. It was not required to, and does not, provide reports that share available independent analyses of critical issues. The Oversight Committee does not routinely make policy recommendations to the Board and does not hold VTA staff accountable for providing the timely analysis it has requested.

The 2025-26 Santa Clara County Civil Grand Jury (Civil Grand Jury) investigated the role of the VTA Board, its Oversight Committee, its staff, and officials in the management and oversight of the BSVII project.

This report identifies financial challenges, risks, and accountability issues that VTA must address to earn the public’s trust in delivering the Bay Area Rapid Transit (BART) extension to Silicon Valley and to secure support for future sales tax measures.

Item 9.1
Tuesday, September 01, 2026 93 of 195

Page 3 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

BACKGROUND
The Valley Transportation Authority is a transportation agency established by state law. It is responsible for operating public transit services, including buses, light rail, and paratransit within Santa Clara County. In addition to public transit, VTA is a planning and funding agency for transportation infrastructure projects throughout Santa Clara County. As established by the California Public Utilities Code Sections 100060-100070, the VTA is governed by a 12-person Board of Directors composed of elected officials appointed by the County of Santa Clara (County) and the cities in Santa Clara County, who each serve two-year terms. The Board has many responsibilities and its monthly meeting agendas are lengthy.

The San Francisco Bay Area Rapid Transit District provides regional commuter rail service and is governed by a nine-person Board of Directors elected to four-year termsfrom districtsrepresenting San Francisco, Alameda, and Contra Costa counties. As part of its larger regional system, BART operates the commuter rail service within Santa Clara County.

By contract with BART, VTA is solely responsible for paying the capital and net operating costs of extending commuter rail service into Santa Clara County (BART and VTA, Comprehensive Agreement, 2001). Although the County was not included in the legislation establishing BART, voters of Santa Clara County supported three sales tax measures which provided funds to plan, build, and operate the extension of BART to Santa Clara County. Today, 1.625% of sales tax collected in Santa Clara County supports VTA and other local jurisdictions (see Table 1). If a currently proposed measure qualifies for the ballot, in November 2026, voters will decide whether to approve an additional 0.5% sales tax to fund local transit, which would increase the County’s base sales tax rate from the current 9.75% to 10.25%.

Item 9.1
Tuesday, September 01, 2026 94 of 195

Page 4 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Table 1: Countywide Sales Tax in Santa Clara County, Effective April 2026 Description Sales Tax % Expiration Funding Purpose
California Base 7.250% No Expiration
State General Fund
Local Revenue Fund
Local Public Safety
Health & Social Services
1976 Measure A 0.500% No Expiration Transit: VTA
2000 Measure A 0.500% 2036 Transit: VTA, BART Silicon
Valley
2008 Measure B 0.125% 2042 Transit: BART Silicon Valley 2016 Measure B 0.500% 2047
Transit: VTA +
County/City/Caltrain/Caltrans
Infrastructure
2012 Measure A 0.125% No Expiration County General Fund 2020 Measure RR 0.125% 2050 Transit: Caltrain
2026 Measure A 0.625% 2031 General incl. Healthcare
Total Base Sales Tax
Rate 9.750%
Data extracted from: California Department of Tax and Fee Administration. 2026. (https://cdtfa.ca.gov/formspubs/cdtfa105.pdf); VTA Annual Comprehensive Financial Report.

Page 3 ends

Note: Some cities have higher voter-approved rates in addition to the County base rate; Highlighted section of the table refers to sales tax measures that fund VTA.

The first phase of BART to Silicon Valley extended service to Milpitas and then to the Berryessa Transit Center (Berryessa). Construction started in 2012 and was completed in 2020. Ridership for Phase I has not met forecasts, and due to operational, maintenance, and depreciation expenses, VTA has experienced significant financial losses. According to data reviewed by the Civil Grand Jury, BART to Silicon Valley Phase I has lost an average of $69 million annually during the first five years of operation.

The second phase consists of a six-mile, four-station extension from Berryessa through downtown San José to the City of Santa Clara. For this phase, VTA is targeting completion by 2037. As a condition of federal funding, the Federal Transit Administration (FTA) has appointed a Project Management Oversight Consultant (PMOC). The PMOC uses a more conservative schedule and forecasts completion in 2039 (AtkinsRéalis USA Holdings LLC, 2026).

Item 9.1
Tuesday, September 01, 2026 95 of 195

Page 5 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II At an early planning stage in 2014, the BSVII project cost was estimated at $4.7 billion. By 2020, the cost estimate increased to $6.9 billion. In 2022, based on the PMOC’s projected cost analysis, VTA submitted an estimate of $9.1 billion to the federal government for an Early Start Grant. In October 2023, VTA estimated the construction cost at $12.2 billion with operations to begin in 2036. The most recent estimate is $12.7 billion, and operations are pushed back to 2037 (VTA Auditor General Report, January 2024).

The project's funding sources include federal and state grants, as well as local revenues from voterapproved sales tax measures. All the funding sources are subject to risks, which are identified in this report. Figure 1 shows the funding sources with $700 million to be determined (TBD) and $375 million from a potential ballot measure in November 2026.

Figure 1: Components of $12.7 Billion in BSVII Funding Sources as of April 2026 Source: vtabart.org website (accessed April 9, 2026)
Although two years earlier, VTA had asked for a federal commitment of $6.3 billion, in August 2024, the FTA announced that its share of funding would be capped at $5.1 billion (Geha, 2024).

VTA was forced to increase its reliance on local sales tax revenue and still faced a gap of approximately $700 million (VTA, Summer 2025). To reduce project costs, VTA has been studying design changes while maintaining the full six-mile extension with four stations. Options discussed by VTA staff and officials include (VTA, November 11, 2024):
• Simplifying station configurations;
Item 9.1
Tuesday, September 01, 2026 96 of 195

Page 6 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II • Modifying the Santa Clara Newhall Yard and Maintenance Facility; • Modifying the tunnel and station ventilation systems; • Substituting a surface parking lot for a parking structure; • Reconfiguring the tunnel to use less concrete and steel.

In addition, the funding strategy assumes $375 million from the yet-to-be-approved regional sales tax measure for a total outstanding gap of $1.075 billion.

Due in part to the significant increase in estimated cost and a perceived lack of communication about the project’s cost, risks, and schedule, the Board conducted a workshop in October 2023 to review the project’s status. At this workshop, individual Board members expressed a lack of confidence in the VTA staff’s management of the project and requested a new system of oversight and project management.

In response, the Board chair established an Ad Hoc BART Silicon Valley Phase II oversight committee (Oversight Committee) responsible for overseeing all aspects of the project, focusing on a full, independent, and transparent review of costs, funding, risks, and completion schedule.

The Oversight Committee’s bylaws later stated that its purpose was to provide “guidance and oversight” of the project (VTA, April 4, 2024).

The VTA independent auditor general was tasked with providing staff support to the Oversight Committee and was authorized to contract with Subject Matter Experts (SMEs) to independently review and comment on VTA staff recommendations regarding costs, risks, and schedule. In turn, the Oversight Committee authorized the SME firm, Gall Zeidler (GZ), to independently assess the risks and viability of cost-saving alternatives.

In a 2001 Agreement, VTA and BART agreed to cooperate in the project’s planning, design, and construction. They established a series of interagency committees, the latest of which is the Joint VTA/BART Working Committee, which depending on the availability of its members, is scheduled to meet quarterly. BART staff members have been assigned to co-locate with VTA engineers to participate in the preparation and review of BSVII designs in accordance with the agreed Project Design Criteria Manual. According to the BART Inspector General, VTA has reimbursed BART $19.2 million through 2025 for the cost of the assigned employees (BART, December 19, 2025). In August 2025, the BART assistant general manager, operations, rejected some of VTA’s proposed design changes and scope reductions and complained about inadequate coordination (see Appendix A). The BART inspector general issued a report in December 2025 that also raised concerns about inadequate coordination and criticized VTA’s communication with BART officials (Id.).

Item 9.1
Tuesday, September 01, 2026 97 of 195

Page 7 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

METHODOLOGY
The Civil Grand Jury reviewed every meeting of the BSVII Oversight Committee, as well as select VTA Board meetings. This included reviewing agendas, minutes, agenda item reports, public comment submittals, and associated discussions.

In addition, the Civil Grand Jury conducted 17 interviews of officials from VTA, BART, and the State of California. The Civil Grand Jury also reviewed publicly available documents as described in the reference section, as well as documents requested from VTA and submitted to the Civil Grand Jury.

Item 9.1
Tuesday, September 01, 2026 98 of 195

Page 8 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

INVESTIGATION
The Civil Grand Jury investigation of the BSVII project covered critical aspects of VTA’s management and oversight, including:
• VTA’s funding strategy and its reliance on voter-approved sales tax measures, some of which expire before completion of the project, and some of which have yet to be approved; • The establishment of a separate Oversight Committee which provides guidance on the BSVII project and how it evaluates independent analyses provided by the VTA auditor general, contracted SMEs, and the federally mandated PMOC; • The contractual and practical requirement to closely coordinate with BART, which will serve as the system operator;
• The impact of the VTA Board’s governance structure on the effectiveness of strategic direction, management, and oversight of the project;
• VTA’s approach for keeping the public informed of costs, risks, and schedule.

Financial Risks
The 10-year project completion timeline of BSVII exposes VTA to financial risks that require careful, ongoing assessment of capital and operating costs, including that:
• Rising labor and material costs, combined with aggressive construction methods and schedules, may increase total project costs and strain the budget’s contingency for unforeseen risks and unexpected expenses;
• Delays or reductions in state and federal funding will create greater pressure to rely on local funding sources or scale back the scope of the project; • Lower ridership levels will increase VTA’s ongoing obligation to pay net operating costs, which would necessitate service level reductions or voter approval of new or extended sales tax measures;
• Failure to maintain a cash-flow model exclusive to BSVII, means that contracting options for accelerating work may not be able to be financed with available resources.

Risk of Increased Costs of Labor and Materials
The FTA fiscal year 2025 New Starts Financial Assessment report for BSVII stated the VTA inflation estimate was optimistic. If labor and material costs were to rise above those estimated in VTA’s budget, it could lead to funding shortfalls (FTA, 2024).

Item 9.1
Tuesday, September 01, 2026 99 of 195

Page 9 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II The VTA auditor general’s May 1, 2025, report to the Board also identified BSVII financial risks associated with project construction costs. The report found that the assumptions and historical data underlying VTA’s financial plan could be more robust to enable the Board and the public to evaluate the financial risk associated with the potential cost increases (VTA, 2025).

Another factor that increases the difficulty in predicting materials and labor costs is the possible extension of the 2037 project completion date. The longer timeline for BSVII increases the likelihood that future costs will differ from current estimates, thereby increasing financial risk.

Local, State, and Federal Funding Risks
The capital cost of construction and the net operating costs are to be paid by VTA from specific revenue sources, some of which are grants with fixed amounts.

The financial risks identified by the Civil Grand Jury have been experienced by other major transit agencies. For example, the various rail projects of the Los Angeles County Metropolitan Transportation Authority (LA Metro) faced escalating cost estimates, reductions in federal funding, cuts into smaller construction segments to match available funding, and shifting agency priorities (Shalby, 2026).

Local Funding Risks
VTA’s capital financing plan calls for the 2016 Measure B to pay $2.5 billion and for the 2000 Measure A to pay $2.0 billion of the estimated $12.7 billion BSVII project. Measure A expires in 2036, before BSVII is expected to be completed. Measure B expires in 2047 (VTA, About 2016 Measure B, n.d.). As the project’s cost estimates have evolved, so have the planned funding sources. Measure B has become a much more significant source of proposed funding.

Because Measure B also funds bus transit, local streets, and highway projects, there are built-in limitations on the amount available to close a BSVII financing gap. Measure B limits spending on BSVII to 23.8% of net sales tax revenue over its 30-year life (FTA, 2024). Net sales tax revenue (defined as Program Tax Revenue in the measure) is calculated as the amount remaining after deducting administrative costs and any debt service.

To close current and potential future funding gaps, VTA could issue bonds to be repaid from Measure B sales tax revenue. However, this would reduce the revenue available for other voterapproved projects. Every dollar spent on debt service for BSVII is a dollar that cannot be spent on Item 9.1
Tuesday, September 01, 2026 100 of 195

Page 10 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II the other transportation projects approved by the voters. Because of bond issuance and interest costs, the total project costs would exceed the current estimate of $12.7 billion.

Another risky approach to filling funding gaps would allow the Board to change the rules and permit a greater percentage of Measure B net sales tax revenue to be used for BSVII. One VTA official acknowledged to the Civil Grand Jury that this would be a “heavy lift” because VTA would first have to notify all the local agencies of the proposed increase in the percentage limit and then approve it by a ¾ vote of the Board (9 of 12 Board members). The County and the cities that have planned other transportation measures are likely to object to reduced funding for their projects.

Of course, more Measure B funds could become available to support the capital costs of BSVII if the expected sales tax revenue exceeds previously anticipated levels. While early projections were based on 2016 economic conditions, it is important for the strategic funding plan that the sales tax forecast be updated regularly. The Civil Grand Jury wasinformed that VTA has ordered an updated forecast.

Because two key sales tax measures are set to expire, several VTA officials stated in interviews that they would simply place a measure on a future ballot for voter consideration if an extension were needed. Given the current sales tax rates applicable within Santa Clara County and the need for management and oversight reforms identified in this report, there is a risk that voters may not approve such a measure.

State Funding Risk
As of April 2026, the capital construction funding strategy required $1.5 billion from two State of California grants. The VTA has received commitments for nearly $200 million of that total. The sources of funding are the Transit and Intercity Rail Capital Program (TIRCP) and transportation funds administered by the Metropolitan Transportation Commission (MTC), both of which may be affected by a recent state decision to provide a bridge loan to Bay Area transit agencies (MTC, 2026).

In February 2026, the California legislature appropriated $590 million from the same TIRCP account to provide a 12-year loan to MTC. These loan proceeds will be made available to San Francisco Municipal Transportation Agency, AC Transit, BART, and Caltrain to help address a greater need for public transit subsidies. The agencies are required to repay the loan over 12 years (MTC, 2026).

Item 9.1
Tuesday, September 01, 2026 101 of 195

Page 11 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II The state justified the loan on the basis that the transit agencies would be able to stabilize their financial situations and avoid service reductions pending the anticipated approval in November of a regional sales tax measure. If the regional measure does not pass, or if for any other reason the agencies do not repay the loans on time, the timing of the receipt of funding to VTA might create some cash flow risk for the project.

Further, the TIRCP account itself is funded by payments from private parties who agree to purchase pollution credits in the state’s Cap and Invest program. The program’s future is uncertain in light of federal changes to environmental regulations and pending legal challenges from the State of California (California State Transportation Agency, n.d.).

Federal Funding Risk
In August 2024, the FTA advised VTA that the federal government’s total contribution to the project would be limited to $5.1 billion. To receive these funds, VTA plans to apply for a Full Funding Grant Agreement (FFGA) by the end of 2026.

Federal support for large-scale rail projects is uncertain. In 2025, the FTA canceled a $4.2 billion commitment to the California High-Speed Rail Project (Shalby, 2025). VTA’s lobbyists have suggested delaying the FFGA application until similar requests from other states are resolved.

Considering the political, economic, and budgetary conditions of the United States, approval of VTA’s request for an FFGA is highly uncertain. It may be delayed, reduced, or denied.

Low Levels of Ridership Could Increase VTA’s Future Costs BART ridership on the current regional system has not recovered to pre-pandemic levels.

Ridership in January 2026 remains only 48% of the levels in January 2019 (BART, January 2026; BART, 2019). Recovering ridership may prove difficult due to the growth of hybrid work patterns.

The Civil Grand Jury also reviewed the forecasts for the first phase of the project, which included the new Milpitas and Berryessa stations. For January 2026, ridership was 86% below estimates (see Table 2).

Item 9.1
Tuesday, September 01, 2026 102 of 195

Page 12 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Table 2: BART Ridership at Milpitas and Berryessa Stations Forecast for Average Daily
Weekday Ridership for
June 2021 at launch
Actual Ridership,
January 2026
Ridership/Day 20,110 2,789
Source: Joint VTA/BART Working Committee Meeting, December 4, 2020; BART February 2026 Monthly Ridership Snapshot.

Note: VTA created forecasts in 2020, expressed as rides per day. BART actuals are based on recorded station entries and exits. To normalize BART actuals to the VTA forecast, entries and exits were averaged to produce a daily ridership figure.

An overall decrease in ridership hasled BART to project a $376 million budget deficit for FY2026-

27. To seek additional revenue, BART is relying on a 0.5% additional sales tax measure on the November 2026 ballot that would begin in 2027 and remain in place for 14 years. If the ballot measure does not pass, BART has proposed closing up to 15 stations and reducing service hours and train frequency (BART, February 26, 2026). Ironically, the proposed station closures would not affect Santa Clara County because VTA is solely responsible for the net operating costs.

According to VTA records reviewed by the Civil Grand Jury, for the first three years of operation, VTA forecasts annual average costs of $274 million for operations, maintenance, and capital costs.

Average fare revenue is forecast at $60 million, offsetting VTA's financial obligation to BART, resulting in an average annual financial loss of $214 million. Any drop in ridership will lead to further financial losses.

The Need for a BSVII Cash Flow Model
With a price tag of $12.7 billion, BSVII is the largest public infrastructure project in Santa Clara County (Aragon, 2025). Nearly 60% of the planned funding sources include revenue from grants that will not be distributed in advance but will be reimbursed in accordance with each grant’s draw schedule (See Figure 1). The timing of those cash inflows must be carefully matched with the timing of payment schedules for construction contracts worth billions of dollars.

VTA staff is evaluating different approaches to contracting the construction work. Alternatives are being evaluated for the following reasons: 1) to identify segments of work that could be bid out separately to accelerate the overallschedule; and 2) to identify segmentsfor which there is a greater likelihood of strong competitive bids. For each contract, the cash outflows will be specified and must be carefully matched with the cash inflows.

Item 9.1
Tuesday, September 01, 2026 103 of 195

Page 13 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II A cash flow model that matches receipts and expenditures for BSVII would enable VTA decisionmakers to fully evaluate the alternative approaches being studied. However, VTA officials have advised the Civil Grand Jury that such a model has not yet been developed. A cash flow model is necessary to avoid unplanned delays from cash shortfalls.

Oversight Concerns
VTA Board Recognizes That Oversight Must be Improved
Independent reports and audits have identified problems with project management and VTA Board oversight, including those identified by a prior Civil Grand Jury, the California State Auditor, and the PMOC (AtkinsRéalis USA Holdings LLC, 2026). VTA’s cost-estimation practices, along with its lack of transparency around changes to project scope and cost, were identified as significant deficiencies. VTA’s oversight and management of the BSVII project have also been heavily criticized by the media, in public comments presented at Board meetings, and in lettersto the editor of multiple local publications.

VTA Board Outsources Guidance and Oversight of the BSVII Project Following a workshop on the project’s direction in October 2023, the VTA Board Chairman announced the creation of an Ad Hoc BART Silicon Valley Phase II Oversight Committee (VTA, 2023).

However, only the Board can make binding decisions on the project’s scope, funding, risks, schedule, and contracting approach. While ultimately accountable itself, the Board nonetheless effectively delegated oversight to a committee without providing clear direction. By abdicating its responsibility to set its expectations of how the Oversight Committee can best support the Board, the committee has been left to set its own course. That course does not keep the Board fully informed of issues raised by independent experts or the PMOC, hampering its ability to make the best decisions about the project's funding and schedule.

At its meeting on January 15, 2026, the Oversight Committee adopted what it called a revised charter intended to clarify the lines of communication and relationships among the auditor general, SME, VTA staff, and Oversight Committee (VTA, January 15, 2026). Members of the Oversight Committee had expressed concern about a perceived lack of coordination between VTA staff and the SME. Nonetheless, the question remains: Is the role of an SME to provide the Board with an independent review of VTA staff recommendations as originally intended, or is it to help VTA staff improve their recommendations? Notably, in the following excerpt, the Charter requires the Item 9.1
Tuesday, September 01, 2026 104 of 195

Page 14 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II auditor general to document issues raised by the SME and the VTA staff but does not require that the full Board be advised of the critical issues:

To ensure transparency and balanced oversight, selected advisory input from SME will be documented in Oversight Committee materials. Where consensus exists between the SME and the Project Team, it will be noted. Where minority or dissenting views are expressed, the AG [auditor general] will explicitly record final input received alongside the majority view (VTA Oversight Committee Charter, 2026).

During Oversight Committee meetings, there are few deliberations or actions to provide collective guidance or oversight, leaving individual members to raise questions and propose guidance for VTA staff to consider. VTA staff also receives input from individual members in private premeeting briefings. As a result, the full Board does not benefit from Oversight Committee analysis, and the public is not fully informed about individual Board member perspectives.

The Committee Has Two Purposes: Guidance and Oversight
“Guidance” suggests that the committee helps the Board establish a strategic direction and recommend actions to keep the project on track. “Oversight,” on the other hand, is a separate function that ensures VTA staff is accountable for following the Board’s direction in an efficient and effective manner. “Guidance” looks forward. “Oversight” monitors implementation as it happens.

Better at Oversight than Guidance
The Oversight Committee requires VTA staff to produce a comprehensive monthly report detailing the financing and construction progress of the BSVII project. The auditor general provides insightful periodic reports on his independent review of the project’s costs, risks, and schedule.

The VTA staff’s monthly reports address the information gap identified in the auditor general’s January 2024 report. As a result, the Oversight Committee can effectively monitor compliance with the Board’s direction.

However, the Oversight Committee often fails to provide guidance on issues critical to future strategic direction.

Item 9.1
Tuesday, September 01, 2026 105 of 195

Page 15 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Strategic Guidance on Critical Issues is Informal, Intermittent, and Often Late VTA staff routinely provide private briefings to Oversight Committee members prior to meetings.

Those briefings allow VTA staff to explain and advocate for their recommendations and to receive input and questions from individual members. Occasionally, some agenda materials for an Oversight Committee meeting are not published with the rest of the agenda because VTA staff members will modify presentations up to the last minute based on what they have heard in private briefings.

The Oversight Committee has established an informal standard of limiting its once-monthly meetings to no more than two hours, and meetings often do not begin on time. At the meetings, VTA staff often deliver lengthy presentations on issues for which it will subsequently seek Board approval, leaving little time for committee deliberations.

During these presentations, only a few members ask questions, and rarely does a committee member propose a policy recommendation that the Oversight Committee might take action on.

Individual Oversight Committee members are given the opportunity to express support or concern about a proposed VTA staff position, providing VTA staff with some insight into how to frame their recommendations to the Board.

The Oversight Committee receives independent analyses from the VTA auditor general, its contracted SME, and the PMOC. The committee often receives lengthy written comments from the public but limits oral comments to one minute. Members of the committee rarely comment on materials received from the public, many of which are extensive critiques of the VTA staff recommendations. Following each meeting, the Oversight Committee chair submits a short report summarizing discussion topics, which is placed on the VTA Board’s consent calendar.

Following presentation to the Oversight Committee, formal VTA staff recommendations are made to the VTA Board, but without the benefit of a summary or synthesis of the alternative perspectives from the auditor general, SME, PMOC, or informed public comment.

The Civil Grand Jury identified three examples of policy issues for which guidance was needed but delivered inadequately. One of the examples, the single-bore versus twin-bore issue, illustrates both the failure of the committee to make recommendations and the VTA staff’s failure to follow through on committee requests in a timely manner.

Item 9.1
Tuesday, September 01, 2026 106 of 195

Page 16 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Example of Inadequate Guidance: The KST Contract Decision The Oversight Committee endorsed a major contract change without providing independent analysis, articulating its rationale, or conveying identified risks to the Board.

VTA had issued a contract to a construction consortium, Kiewit Shea Traylor (KST), using a “progressive/design/build” approach, under which KST would design the tunnel project and, after reviews by VTA and its construction management consultant, KST would build it. By the spring of 2025, VTA believed that KST’s proposed design could significantly increase the project’s estimated cost by up to $1 billion and that it would be preferable to engage in a competitive bidding processfor the remaining tunnel work. In a more traditional contract approach, VTA would prepare the design specifications and contract conditions. To accomplish this, it was necessary to limit the contract with KST to only the work required to prepare for the TBM, which VTA would own but make available to the tunneling contractor to operate and maintain.

At its June 12, 2025, meeting, VTA staff presented its proposal to modify the KST contract to the Oversight Committee, which unanimously endorsed it. Two weeks later, the VTA Board met and approved VTA staff recommendations. Although the VTA staff agenda report did include a reference to the Committee’s recommendation, it did not include the risk analysis that had been reviewed by the Committee. The Oversight Committee’s regular report to the VTA Board was placed on the consent calendar and simply reported the committee’s concurrence with the VTA staff recommendation. There was no report or analysis laying out the reasons for the Oversight Committee’s concurrence or the SME’s risk assessment. Therefore, the Board made its decision without a complete understanding of the risks.

Example of Inadequate Guidance: The Twin-Bore versus Single-Bore Decision The Oversight Committee retroactively requested a side-by-side analysis of tunnel options through Downtown San José.

A preliminary design controversy was whether to tunnel two smaller bores for the downtown San José underground tracks or to tunnel a single larger bore at greater depth. Downtown businesses had raised concerns that the twin-bore approach would require additional work and disrupt their operations during construction.

BART initially opposed the single-bore tunnel approach because it differed from its existing, smaller twin-bore tunnels. However, the BART inspector general reported that in the spirit of Item 9.1
Tuesday, September 01, 2026 107 of 195

Page 17 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II cooperation, BART officials consented to the single-bore approach after being assured that operational and safety concerns would be met (BART, December 19, 2025).

In December 2022, VTA approved the fabrication and purchase of a large TBM for $76 million, effectively locking in the single-bore approach. In a news article dated November 7, 2023, in the Mountain View Voice, San José Mayor Matt Mahan was quoted as saying: “There is no turning back now” (Hicks, 2023).

Nonetheless, individual Board members and informed public commenters continued to raise questions about whether a twin-bore approach might be cheaper, faster, and safer for BART operations. In response, members of the Oversight Committee commissioned an analysis of the two options for costs, risks, and impact on schedules.

In September 2025, more than 18 months after the request, VTA and its engineering consultants presented their analysis to the Oversight Committee, confirming the single-bore approach.

Although it had requested the analysis, the Oversight Committee did not make a recommendation to the Board. In October 2025, the Board was presented with the VTA staff and consultants’ analysis and confirmed the single-bore approach by declining to take steps to amend the environmental documents or modify the tunneling contracts.

Example of Inadequate Guidance: Scenario 1 versus 1a Decision In October 2025, VTA decided on an approach to the construction of the tunnel without the benefit of the SME’s analysis that the Oversight Committee had requested.

Before design work could progress to a more advanced level, the VTA Board needed to decide between two alternatives for staging the actual tunneling work. The SME had suggested that concurrent tunneling from both ends could reduce costs and accelerate the schedule (VTA, June 12, 2025). The two options were labeled “Scenario 1” (a straight-through tunneling using the larger TBM from west-to-east) and “Scenario 1a” (an option of concurrent tunneling starting at both the east and west portals using two TBMs).

Although this would require two TBMs, the east-to-west work could be done simultaneously with a smaller-bore tunneling machine. Further, the SME reported that a smaller-bore TBM was readily available and would require less lead time than the TBM being fabricated in Germany.

Because the Oversight Committee considered the potential benefits significant, the committee asked both VTA staff and the SME to analyze the options and prepare a recommendation. On Item 9.1
Tuesday, September 01, 2026 108 of 195

Page 18 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II August 4, 2025, the Oversight Committee authorized an expenditure of $110,000 and directed the auditor general to contract with GZ for the requested work. GZ presented interim reports on September 11, 2025, and October 9, 2025, and promised to deliver its completed report at the November 2025 meeting of the Oversight Committee.

VTA staff subsequently presented its analysis and recommendations to the Oversight Committee on October 9, 2025. Although the Project Manager stated that the VTA staff was aware of some of GZ’s preliminary analysis (especially differing assumptions about the rate at which each of the two TBMs can move forward when digging a tunnel), VTA staff requested a Board meeting to decide between the two alternatives. In prior presentations to the Oversight Committee, VTA staff said that the analysis would be presented at a Board “workshop” (at which no formal action could be taken). However, a special meeting of the Board was called for October 17, 2025, and VTA staff made its recommendations to the Board, neglecting to advise the Board that the Oversight Committee was still awaiting the GZ analysis that the Committee had authorized.

The Oversight Committee failed to present any report or recommendation at the special meeting.

As a result, the Board adopted ‘Scenario 1’ without the benefit of an independent analysis of the risks.

On February 12, 2026, four months after the Board made its decision, the SME presented his written report analyzing the options and raising concerns that should have been considered before the decision.

VTA Staff Accountability for Responding to Oversight Committee Member Requests The auditor general maintains two types of monitoring reports: a tracking report that lists the requests of individual committee members for information or analysis, and a work plan that lists the schedule for upcoming formal reports, including risk assessments such as financing and procurement risks. Both monitoring reports establish a due date, but the deadlines are often not met.

During public meetings, Oversight Committee members rarely discuss the tracking report or the work plan and do not publicly comment on changes to the expected date in subsequent reports.

More importantly, neither the auditor general nor the Oversight Committee holds VTA staff accountable for late responses to issues raised in the tracking report. Below, the Civil Grand Jury presents two examples:

Item 9.1
Tuesday, September 01, 2026 109 of 195

Page 19 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Example of Lack of Accountability: Prolonged Delay in Analysis of Single-Bore versus Twin-Bore The side-by-side analysis of two design options was not provided until more than 18 months after it was first requested.

At the Oversight Committee’s first meeting in November 2023, a member of the public requested that the committee order a cost and risk analysis of the single-bore versus twin-bore options, which remained controversial following the VTA Board’s selection of the single-bore option in 2018. In 2023, the Chair of the Oversight Committee responded that such an “apples-to-apples” (side-byside) analysis would be one of the committee’s first tasks. Here are some of the subsequent activities:
• At the committee’s meeting on January 19, 2023, two committee members formally requested the “apples-to-apples” analysis and placed it on the committee’s tracking list. (VTA, March 2025). At its meeting on June 13, 2024, the Project Manager reported that the scope of the twin-bore analysis would be worked on and reported to the Board “over the course of the summer.”
• At its meeting on August 8, 2024, a member of the public asked about the status of the “apples-to-apples” analysis.
• At the September 12, 2024, Oversight Committee, the auditor general announced that VTA staff had asked engineering design contractor Mott Macdonald to conduct the “apples-toapples” review. • The March 2025 tracking report included a comment regarding the “apples-to-apples” comparison: “These items are being evaluated as part of cost savings task force efforts with participation from GZ” (VTA, April 2024).
• One year later, on September 11, 2025, Mott Macdonald presented its analysis of the twinbore versus single-bore options – nearly 22 months after the request was first discussed at an Oversight Committee meeting – concluding that the single-bore option was preferred (VTA, September 11, 2025).

Example of Lack of Accountability: An Alternative Strategy Some Call “Plan B” Despite multiple requests for an alternative strategy to address risks associated with the federal funding decision, VTA staff advised the Oversight Committee that it would wait until after the federal decision.

Since the Oversight Committee meeting on October 9, 2025, committee members have stressed the need for an alternative strategy in the event the federal government delays or denies the FFGA Item 9.1
Tuesday, September 01, 2026 110 of 195

Page 20 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II for the promised $5.1 billion. Some committee members asked whether a “Plan B” might include reducing the number of planned stations or revising the funding strategy. VTA staff reported to the Civil Grand Jury that there was reluctance to discuss a “Plan B” out of concern that the discussion itself might jeopardize the FFGA. At public meetings, VTA staff dismissed requests for an alternative funding strategy, instead reporting that an alternative plan should not be prepared until the FTA made its decision in 2027. This is an example of the VTA staff’s dismissal of the Oversight Committee direction.

Expediency of Decisions versus Rigorous Analysis
The Civil Grand Jury identified tension between VTA Board members’ competing goals: avoiding delays in decision-making and requiring rigorous, independent analysis of costs, risks, and schedule. In public meetings, the Project Manager has often stated that each month of delay adds $20 to $30 million to the overall project cost (Dorsey, 2025).

There is a strong financial incentive to keep the project moving by advancing decisions incrementally—approving one component at a time to show visible progress—without fully evaluating how each step alters the project’s overall cost, scope, and risk. For a project of this size, complexity, and cost, this piecemeal approach masks cumulative effects, increasing the likelihood of cost escalation and delays. These should be identified and addressed through rigorous, frontend analysis.

With two-year terms and constituencies limited to portions of the County, Board members may understandably focus on immediate actions rather than the long-term, systemwide implications that demand a coherent strategic plan.

The Role Assigned to the Auditor General
The Oversight Committee benefits from periodic risk assessments and audits performed by the VTA auditor general on the BSVII project. However, by assigning the auditor general the responsibility to also provide staff support to the Oversight Committee, VTA has created a situation in which the auditor general is asked to provide an independent audit of prior decisions while also assisting the committee in evaluating future policy and management decisions.

At the June 2025 public Board meeting, the auditor general stated that he sometimes feels like a referee among the analyses provided by VTA staff, the SME, the public, and the PMOC. However, the VTA Board is the final arbiter, not the auditor general.

Item 9.1
Tuesday, September 01, 2026 111 of 195

Page 21 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II The Board is best served when it hears all relevant views on an upcoming decision and is presented with options and a recommendation. The auditor general’s participation and input are critical, but he should not be placed in the position of having to synthesize all the competing views, including his own.

The auditor general is better placed to assist the Oversight Committee in its role of “oversight” and less so in commenting on the Oversight Committee's “guidance” functions. Accordingly, the Oversight Committee and the VTA Board would be better served if a VTA staff person were assigned responsibility for staffing the committee. This person could be part of the General Manager’s Office and should not report to the Project Manager. The position would be like that of the chief of staff, which was recently assigned to support the chair of the Board.

Coordination with BART
Because the County of Santa Clara is not part of the BART District, the extension of rail service to San José required a contract that established both VTA’s and BART’s commitment to cooperate.

Under the 2001 Cooperative Agreement, VTA is financially responsible for paying for the design, construction, and operation of the segment in Santa Clara County (BART and VTA, Comprehensive Agreement, 2001). BART retained approval authority over design elements that affect operations, maintenance, and safety. To date, this has been accomplished through the joint preparation of a Design Criteria Manual.

As recently as December 2025, BART’s Independent Office of the Inspector General (OIG) issued a report titled: “Transparency & Communication Gaps in the BSVII Project.” The report summarizes years of controversy over the single-bore versus twin-bore approach but acknowledges that BART eventually agreed to the single-bore concept evaluated in the final environmental impact statement. However, the BART OIG remained critical of the extent of cooperation between the two agencies:

We also determined that the length of time since the project began, extensive media coverage of the project, conflicting subject-matter opinions, and some public displeasure with the single-bore design have created uncertainty about the project’s direction. We concluded that gaps in transparency and communication, including limited public discussions in recent years, have resulted in mixed messaging on a project that has evolved over multiple decades (BART Independent Office of the Inspector General, 2025).

In August 2025, the lack of communication and cooperation was publicly exposed when a BART official wrote a letter to VTA (Appendix A) specifically objecting to the consideration of reducing Item 9.1
Tuesday, September 01, 2026 112 of 195

Page 22 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II the size of the Newhall Yard and Maintenance Facility as a capital cost-saving measure. The VTA Project Manager publicly acknowledged a failure to keep BART informed of design issues that might impact BART’s operational efficiency and pledged to develop recommendations to the administrative heads of both agencies on a more formal process to identify and resolve those issues (VTA Oversight Committee, 2025).

Board Experience and Continuity
Since 2019, five audits and reports have critiqued VTA’s governance structure and recommended a series of revisions to improve VTA’s capability to provide Board direction and oversight of the BART extension. Those audits have included the 2018-19 Santa Clara County Civil Grand Jury in 2019; the Auditor of the State of California, in 2024; the BART Independent Office of the Inspector General in 2025; RSM US LLC, a VTA subcontractor, in 2019; and the VTA Auditor General in 2024. VTA has accepted and acted on most of the recommendations for governance reform, except those relating to the terms and required experience level of Board members.

During the investigation of the BSVII project, sources repeatedly raised concerns about the level of knowledge and decision-making ability of the full VTA Board, which is responsible for the project’s success. Decisions made today will have a direct impact on its ultimate success. Diligent oversight of its schedule, cost, progress, and scope is required.

According to the California Public Utilities Code, which established the VTA Board, “to the extent possible, the appointing powers shall appoint individuals who have expertise, experience, or knowledge relative to transportation issues” (Pub. Util. Code 10000 et seq).

VTA Board members are appointed to two-year terms by appointing agencies, organized into six groups as detailed in Table 3. Appointing agency groups are established and defined by VTA Administrative Code, which states “Appointing Authorities are strongly encouraged, where possible, to: (1) appoint individuals with appropriate experience and qualifications in transportation; (2) ensure that there is sufficient remaining time in the elected official’s term of office to allow full completion of their term as a Director; and (3) reappoint representatives to consecutive terms” (VTA Administrative Code § 2-13).

Item 9.1
Tuesday, September 01, 2026 113 of 195

Page 23 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Table 3: Appointing Authorities Composition of the VTA Board Appointing
Agency
Group
Jurisdiction Represented Number of
Board Members
Method of
Appointment
Group 1 San José 5 members
1 alternate
Appointed by city
council from city
council members/mayor
Group 2 Los Altos, Los Altos Hills,
Mountain View, Palo Alto
1 member
1 alternate
Determined by
Group 2 members
Group 3
Campbell, Cupertino,
Los Gatos, Monte Sereno,
Saratoga
1 member
1 alternate
Determined by
Group 3 members
Group 4 Gilroy, Morgan Hill 1 member
1 alternate
Determined by
Group 4 members
Group 5 Milpitas, Santa Clara,
Sunnyvale
2 members
1 alternate
Determined by
Group 5 members
Group 6 County of Santa Clara 2 members
1 alternate
Appointed by County
Board of Supervisors
Source: California Pub. Util. Code section 100060.

While VTA continues to insist that two-year terms are suitable for its governance (as specified in PUC § 100060.2), peer agencies in the state appoint their Board members to four-year terms, leading to much longer average lengths of service and potentially greater experience and transportation-related knowledge (see Figure 2).

Multiple reports and audits have suggested weaknesses introduced by VTA’s approach to the appointment of Board members. For example, the 2019 Board Governance Assessment concluded, in part, that some processes and policies (e.g., committee structure, term limits, and Board member selection guidelines) might not reflect best practices or support long-term Board stability (VTA, 2019). Additionally, a report by the 2018-19 Santa Clara County Civil Grand Jury found that the VTA Board suffers from:
• A lack of experience and limited continuity by many Board members; • Inadequate time for the directors to devote to the Board’s oversight and policy-making functions;
• A lack of engagement by some of the directors, fostered in part by the committee system, resulted in VTA functioning largely as a staff-driven organization.

More recently, a critical 2024 report from the State Auditor regarding VTA’s project management and financial oversight noted the following weaknesses:

Item 9.1
Tuesday, September 01, 2026 114 of 195

Page 24 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II • The process for selecting directors for the Board is not always transparent enough to ensure the appointment of directors experienced in transportation issues. • Some groups of cities appoint VTA directors without public deliberation, limiting transparency and sometimes bypassing the statutory recommendation for transportation expertise.
• VTA directors have shorter tenures, on average, than their peers, meaning that VTA’s Board has less experience overseeing the agency’s operations than the Boards of peer agencies.

Figure 2: Average Directors’ Tenure among VTA and Peer Agencies Source: Auditor of the State of California, “Santa Clara Valley Transportation Authority, Improvements Are Necessary to Strengthen Its Project Management and Financial Oversight,” June 2024.

Note: LA Metro stands for Los Angeles County Metropolitan Transportation Authority; OCTA stands for Orange County Transportation Authority; SacRT stands for Sacramento Regional Transit District.

During interviews and in reviewing existing reports and audits about VTA, the Civil Grand Jury learned that Board members and elected officials broadly support a four-year term for directors.

Lengthening terms would require a change to VTA’s enabling legislation. The findings of the State and VTA’s own auditors’ governance reform recommendations remain unchanged.

Item 9.1
Tuesday, September 01, 2026 115 of 195

Page 25 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Public Communication
Following the VTA auditor general’s report in January 2024, public communication and community outreach regarding the BSVII project have improved. The Civil Grand Jury noted improvements to the VTA BSVII project website, including efforts to deliver timely updates to residents about the impact of construction activities, and a section for frequently asked questions (FAQ) (VTA, BART Silicon Valley Phase II Project, n.d.). In addition, many interviewees told the Civil Grand Jury that VTA has made efforts to better inform the public and officials since the auditor general's report highlighted communication breakdowns in 2023.

However, there are areas where the public would benefit from VTA focusing more on improving communication.

The VTA’s BSVII project website does not offer a simple, clear dashboard outlining the costs, timeline, and progress of the BSVII project. Although it includes technical reports from the federally sponsored PMOC, it does not include the independent analyses by the SME or the VTA auditor general.

A high-level dashboard would consolidate information from multiple sources, present project metrics to the public, and provide access to source materials. Today, information on funding, expenditures, and schedule status is available on the website, but is buried in layers of reports that are nonintuitive to find or navigate.

In addition, the Civil Grand Jury found the site’s search function inadequate for locating specific details or addressing questions not covered in the FAQ, and it often returned results for irrelevant materials. The website would be more user-friendly if VTA incorporated a more robust search engine.

Item 9.1
Tuesday, September 01, 2026 116 of 195

Page 26 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

CONCLUSION
The VTA Board has failed in its responsibility to provide effective management, oversight, and financial control of the BSVII Project.

Based on its investigation, the Civil Grand Jury concludes:
• There is no realistic plan to deal with foreseeable financial risks, including significant uncertainty about BSVII’s construction and operating costs, reliance on expiring voterapproved sales tax measures, uncertain federal government support, cash flow, and declining ridership.
• When considering major scope and design decisions, the Oversight Committee and the VTA Board do not take into account the ongoing operations and maintenance costs that will be borne by VTA and will require voter approval of subsequent sales tax measures. • The Oversight Committee exercises its oversight responsibility by requiring monthly progress reports and by questioning VTA project staff, but when it declines to make recommendations to the VTA Board, it fails in its responsibility to provide guidance on critical policy issues.
• The Oversight Committee receives valuable input from multiple sources but does not share this information with the VTA Board in the form of helpful reports that synthesize the different perspectives of VTA staff, the Subject Matter Expert, the auditor general, the Project Management Oversight Consultant, and the public. • The VTA Board and the Oversight Committee have failed to hold VTA staff accountable for missing deadlines to provide analysis and information requested by members of the Oversight Committee.
• There is a lack of meaningful communication and cooperation between BART and VTA officials, which undermines public confidence.
• VTA’s failure to adopt governance reform recommendations from prior Civil Grand Jury reports and independent audits has led to a lack of Board member continuity and expertise, weakening the Board’s ability to successfully oversee the BSVII project.

Item 9.1
Tuesday, September 01, 2026 117 of 195

Page 27 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

FINDINGS AND RECOMMENDATIONS
Finding 1
The BSVII project currently requires voter approval of additional sales tax measures to address gaps in construction and operations funding.

Recommendation 1
VTA should adopt and publish a strategy for the completion and operation of the project that reduces dependency on new sales tax measures.

This should be implemented by December 31, 2026.

Finding 2
VTA does not maintain a cash-flow model for the BSVII project.

Recommendation 2
The VTA Board should direct the General Manager to prepare a cash-flow model for the BSVII project and present it quarterly to the Oversight Committee and the Board.

This should be implemented by December 31, 2026.

Finding 3
VTA has not developed an alternative funding strategy for the project in the event that planned funding sources are unavailable or insufficient.

Recommendation 3
The VTA Board should direct the General Manager to prepare an alternative funding strategy to meet the project’s estimated total capital costs and VTA’s responsibility for operating and maintenance costs and present it to the Oversight Committee and Board for approval.

This should be implemented by December 31, 2026.

Finding 4
Project management does not consistently report the operating and maintenance cost implications of design and construction decisions to the Oversight Committee or the Board.

Item 9.1
Tuesday, September 01, 2026 118 of 195

Page 28 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Recommendation 4
VTA should adopt a policy requiring staff to present an analysis of operating and maintenance costs when considering design and construction alternatives for BSVII.

This should be implemented by December 31, 2026.

Finding 5
The VTA Board would benefit from longer terms of office to improve continuity and institutional knowledge.

Recommendation 5
VTA should reconsider its prior rejections of audit recommendations calling for the establishment of four-year terms and direct its legislative advocates to seek a legislative author to amend VTA’s enabling statute to require four-year terms.

This should be implemented by December 31, 2026
Finding 6
VTA Board Appointing Authority Groups 2 through 5 often do not follow VTA Administrative Code (Section 2-14) admonitions to “appoint individuals with appropriate experience and qualifications in transportation” and to “reappoint representatives to consecutive terms.” Recommendation 6
VTA Board Appointing Authority Groups 2 through 5 should certify to the VTA Board that they will adhere to VTA Administrative Code (Section 2-14) admonitions, regarding Board member expertise and appointment to consecutive terms.

This should be implemented by December 31, 2026.

Finding 7
VTA Board Appointing Authority Groups 2 through 5 have different processes for making Board appointments.

Item 9.1
Tuesday, September 01, 2026 119 of 195

Page 29 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Recommendation 7
The cities represented in Appointing Authority Groups 2 through 5 should agree on a uniform process for making Board appointments.

This should be implemented by December 31, 2026.

Finding 8
The role assigned to the auditor general is outside the traditional scope of an auditor’s responsibilities and has introduced conflict and uncertainty among VTA staff and the Oversight Committee. Being involved in the management and policy-making process threatens the auditor general’s independence.

Recommendation 8
The Board should implement an alternative model for supporting the Oversight Committee that does not rely on the auditor general to provide services such as agenda preparation, monitoring of VTA staff assignments, or preparation of a synthesis of multiple independent inputs to the Committee’s deliberations.

This should be implemented by December 31, 2026
Finding 9
The Board of Directors has not approved the bylaws, nor the charter of the Oversight Committee.

Recommendation 9
VTA should formally adopt a revised Charter for the Oversight Committee, setting the Board’s expectations on the following issues:
• Defining the role of the auditor general to no longer require him to supervise the presentations by VTA staff to the Oversight Committee;
• The responsibility of the Oversight Committee to report regularly to the Board on the independent analyses of costs, risks, and schedule by the PMOC and any SMEs; and to provide the Oversight Committee’s synthesis of those analyses with recommendations to resolve conflicts when necessary;
• The responsibility of the Oversight Committee to consider and present its recommendations before the Board considers major decisions such as scope of the project, contracting, risk management, budgeting, and funding strategy; Item 9.1
Tuesday, September 01, 2026 120 of 195

Page 30 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II • The responsibility of the Oversight Committee to hold subject matter experts accountable for timely analysis of costs, risk, and schedule;
• The responsibility of the Oversight Committee to report to the Board on the implications of design and construction issues that impact future ongoing operations and maintenance costs to be borne by VTA.

This should be implemented by December 31, 2026.

Finding 10
VTA’s vtabart.org website is poorly organized and not always intuitive to navigate, making it hard to find information about the status, cost, and schedule of the BSVII project.

Recommendation 10
The VTA Board should direct the General Manager to implement and maintain a project dashboard on its vtabart.org website that includes status, cost, and schedule information.

This should be implemented by October 31, 2026.

Item 9.1
Tuesday, September 01, 2026 121 of 195

Page 31 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

REQUIRED RESPONSES
Pursuant to California Penal Code section 933(a) et seq. and California Penal Code section 933.05, the 2025-26 Santa Clara County Civil Grand Jury requests responses from the following governing bodies:

Responding Agency Findings Recommendations
VTA Board of Directors 1, 2, 3, 4, 5, 8, 9, 10 1, 2, 3, 4, 5, 8, 9, 10 County of Santa Clara, Board of Supervisors 6 6
The City of Campbell, City Council 6, 7 6, 7
The City of Cupertino, City Council 6, 7 6, 7
The City of Gilroy, City Council 6, 7 6, 7
The City of Los Altos, City Council 6, 7 6, 7
The Town of Los Altos Hills, Town Council 6, 7 6, 7
The Town of Los Gatos, Town Council 6, 7 6, 7
The City of Milpitas, City Council 6, 7 6, 7
The City of Monte Sereno, City Council 6, 7 6, 7
The City of Morgan Hill, City Council 6, 7 6, 7
The City of Mountain View, City Council 6, 7 6, 7
The City of Palo Alto, City Council 6, 7 6, 7
The City of San José, City Council 6, 7 6, 7
The City of Santa Clara, City Council 6, 7 6, 7
The City of Saratoga, City Council 6, 7 6, 7
The City of Sunnyvale, City Council 6, 7 6, 7
Item 9.1
Tuesday, September 01, 2026 122 of 195

Page 32 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II APPENDIX A: BART Management Letter
Item 9.1
Tuesday, September 01, 2026 123 of 195

Page 33 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

Page 33 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

Page 33 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

Page 33 of 40 ends

VTA’S VTA'S MANAGEMENT MANAGEMENT AND AND OVERSIGHT OVERSIGHT OF OF BART BART SILICON SILICON VALLEY VALLEY PHASE PHASE IIII kai BART SILICON VALLEY

PHASE II (BSV I)
BART remains fully committed to the successful delvi ery of this critical regional investment.

However, that commitment depends on VTA's immediate corrective action to restore transparency and accountability.

Sincerely,
Shane Edwards
BART Assistant General Manager, 0perations
BART Project Director
Ce: VTA's BART S i licon Valley Phase II 0versight Committee Members Greg Ri chardson, VTA Deputy General Manager
RobertPowers, BART General Manager
Michael Jones, BART Deputy General Manager
Ni Lee, BART Deputy Proj ect Director
Mon ica Born, VTA Program Director
Tom Maguire, VTA ChiefDel ivery Officer ofMega Projects BSVII: Co ll aborati o n , I n n ovat i on, Safety, R e l i ability 2

Page 33 ends

Item 9.1
Tuesday, September 01, 2026 124 of 195

Page 34 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II

CONFLICTS
Members of the Civil Grand Jury are conflicted from a Civil Grand Jury investigation if, as a result of prior or current employment or associations, investment in public or private enterprise, financial interest, bias, or personal relationship, they are subject to recusal from participating in a matter before the Civil Grand Jury. One juror was recused from this matter.

REFERENCES
Bibliography
2018-19 Santa Clara County Civil Grand Jury. “Inquiry Into Governance of the Valley Transportation Authority.” June 18, 2019.
(https://santaclara.courts.ca.gov/system/files/cgj-vta-final-report-061819_0.pdf).

Accessed April 5, 2026.

Aragon, Greg, “Single-Bore Tunnel Method Chosen for BART Silicon Valley Phase II.” ENRWest. November 4, 2025. (https://www.enr.com/articles/61798-single-bore-tunnelmethod-chosen-for-bart-silicon-valley-phase-ii). Accessed April 29, 2026.

AtkinsRéalis USA Holdings LLC. “Project Monitoring Report.” March 9, 2026. (https://vtabart.org/transparency-commitment/#docaccess8dd20a14312d4f35dd29658c7e4d5f55). Accessed May 1, 2026.

Auditor General, Santa Clara Valley Transportation Authority. “Auditor General’s Risk Assessment Report on VTA’s BSVII Finance Risks.” May 1, 2025. (https://santaclaravta.iqm2.com/Citizens/Detail_LegiFile.aspx?MeetingID=4412&ID= 9358). Accessed April 5, 2026.

Auditor of the State of California. “Santa Clara Valley Transportation Authority, Improvements Are Necessary to Strengthen Its Project Management and Financial Oversight.” June 2024. (https://www.auditor.ca.gov/wp-content/uploads/2024/06/2023-101-Report.pdf).

Accessed April 5, 2026.

California State Transportation Agency. “Transit and Intercity Rail Capital Program.” n.d. (https://calsta.ca.gov/subject-areas/transit-intercity-rail-capital-prog). Accessed May 12, 2026.

Item 9.1
Tuesday, September 01, 2026 125 of 195

Page 35 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Cal. Pub. Util. Code section 10000 et seq.

Cal. Pub. Util. Code section 100060 et seq.

Dorsey, Dustin. “Silicon Valley BART Extension construction remains on time, budget.” ABC Eyewitness News. December 8, 2025. (https://abc7news.com/post/silicon-valley-bartextension-construction-remains-time-budget-west-portal-site/18265543/). Accessed April 29, 2026.

Federal Transit Administration. “FY 2025 New Starts Financial Assessment.” June 2024. (https://www.transit.dot.gov/funding/grants/grant-programs/capital-investments/bartsilicon-valley-phase-ii-project-profile-fy-0).

Federal Transit Administration. “BART Silicon Valley Phase II Extension Project San Jose, California. June 2024. (https://www.transit.dot.gov/sites/fta.dot.gov/files/2024-08/CABART-Silicon-Valley-Phase-II-Eng-Profile-20240705.pdf). Accessed March 30, 2026.

Geha, Joseph. “Feds Commit $5.1 Billion to South Bay BART Extension.” KQED.org. August 2, 2024. (https://www.kqed.org/news/11998646/feds-commit-5-1-billion-to-south-baybart-extension#:~:text=Joseph%20Geha,increases%20to%20the%20current%20figure).

Accessed April 22, 2026.

Hicks, Tony. “VTA Board approves purchase of machine to bore BART line.” Mountain View Voice. November 7, 2023. (https://www.mv-voice.com/news/2023/11/07/vta-boardapproves-purchase-of-machine-to-bore-bart-line/). Accessed April 5, 2026.

Metropolitan Transportation Commission. “Agreement Reached on Loan for Bay Area Transit Agencies.” January 30, 2026. (https://mtc.ca.gov/news/agreement-reached-loan-bay-areatransitagencies#:~:text=Because%20many%20transit%20capital%20projects,funds%20remaine d%20in%20state%20accounts.). Accessed April 28, 2026
Office of the County Counsel, County of Santa Clara. “County Counsel’s Impartial Analysis of Measure B.” 2016. (https://www.vta.org/sites/default/files/2025- 08/2016%20Measure%20B%20Ballot.pdf). Accessed April 29, 2026.

Item 9.1
Tuesday, September 01, 2026 126 of 195

Page 36 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II San Francisco Bay Area Rapid Transit District Independent Office of the Inspector General. “Transparency & Communication Gaps in BSVII Project.” December 19, 2025. (https://www.bartoig.org/investigation-reports-2025#docaccess-98152ed2acf38 cd4da53e1efbb737c86cc96ef6c2e1f439edf6ec6f51905271f). Accessed April 5, 2026.

San Francisco Bay Area Rapid Transit District and Santa Clara Valley Transportation Authority, Comprehensive Agreement, November 22, 2001.
(www.bart.gov/sites/default/files/docs/O%26M%20Agreement_Silicon%20Valley%20B ART%20Extn.pdf). Accessed May 12, 2026.

San Francisco Bay Area Rapid Transit District. “BART Board initially approves Alternative Service Plan outlining budget balancing details.” February 26, 2026. (https://www.bart.gov/news/articles/2026/news20260226-0). Accessed April 29, 2026.

San Francisco Bay Area Rapid Transit District. "January 2026 Monthly Ridership Snapshot." February 2026. (https://www.bart.gov/sites/default/files/2026- 02/202601%20Monthly%20Ridership%20Snapshot.pdf). Accessed April 29, 2026.

San Francisco Bay Area Rapid Transit District. " 2019 Monthly Ridership Reports." 2019. (https://www.bart.gov/sites/default/files/docs/ridership_2019.zip). Accessed April 29, 2026.

Santa Clara Valley Transportation Authority, BART Silicon Valley Phase II Project. n.d. (https://www.vtabart.org). Accessed May 12, 2026.

Santa Clara Valley Transportation Authority, “VTA Board of Directors Workshop Reviews BART Phase II Timeline, Costs, And Next Steps.” October 23, 2023. (https://www.vta.org/blog/vta-board-directors-workshop-reviews-bart-phase-ii-timelinecosts-and-next-steps). Accessed April 29, 2026.

Santa Clara Valley Transportation Authority Auditor General. “Auditor General’s Initial Monitoring Report on VTA’s BART Silicon Valley Phase II Extension Project.” VTA’s BART Silicon Valley Phase II Extension Oversight Committee Agenda. Item 8a. January 19, 2024. (https://santaclaravta.iqm2.com/Citizens/Detail_Meeting.aspx?ID=4233).

Accessed April 5, 2026.

Item 9.1
Tuesday, September 01, 2026 127 of 195

Page 37 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Santa Clara Valley Transportation Authority/RSM US LLC. “Board Governance Assessment – Santa Clara Valley Transportation Authority.” December 20, 2019. (https://www.vta.gov/ sites/default/files/2020-01/VTA%20Board%20Governance%20Assessment%20 %281%29.pdf). Accessed April 5, 2026.

Santa Clara Valley Transportation Agency. “BART Silicon Valley Extension Project Implements Major Cost Reductions.” November 13, 2024. (https://www.vta.org/blog/bart-siliconvalley-extension-project-implements-major-cost-reductions). Accessed April 23, 2026.

Santa Clara Valley Transportation Authority/HayGroup. “Santa Clara Valley Transportation Authority Organizational and Financial Assessment Executive Report.” March 2007. (https://ti.org/pdfs/HayGrouponVTA.pdf). Accessed April 5, 2026.

Santa Clara Valley Transportation Authority. “Operations and Maintenance Agreement By and Between the Santa Clara Valley Transportation Authority and The San Francisco Bay Area Rapid Transit District.” May 22, 2020. (https://www.vta.org/sites/default/files/2020- 12/VTA%20BART%20Operations%20and%20Maintenance%20Agreement_0.pdf).

Accessed April 23, 2026.

Santa Clara Valley Transportation Authority. “Santa Clara Valley Transit Authority Administrative Code (With Amendments through March 6, 2025).” March 2025. (https://www.vta.org/sites/default/files/2025-04/VTA_Administrative_Code_2025-3-

6.pdf). Accessed April 5, 2026.

Santa Clara Valley Transportation Authority. “Bylaws for VTA’s BART Silicon Valley Phase II Oversight Committee.” April 4, 2024. (https://www.vta.gov/sites/default/files/2024-04/ vta-bsv-oversight-committee-bylaws_0.pdf). Accessed April 8, 2026.

Santa Clara Valley Transportation Authority. Special Board Meeting. October 17, 2025. (https:// santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=14&ID=4297&Inline=True) Accessed April 9, 2026.

Santa Clara Valley Transportation Authority. “VTA's BART Silicon Valley Phase II Oversight Committee Regular Meeting”, Agenda Item 9.a, Item #25. April 17, 2024. (https://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=3940&Inline=True ). Accessed May 1, 2026.

Item 9.1
Tuesday, September 01, 2026 128 of 195

Page 38 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Santa Clara Valley Transportation Authority. “VTA's BART Silicon Valley Phase II Oversight Committee Regular Meeting.” Agenda Item 4, Item #4. March 13, 2025. (https://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=4138&Inline=True ). Accessed May 1, 2026.

Santa Clara Valley Transportation Authority. “VTA's BART Silicon Valley Phase II Oversight Committee Regular Meeting.” Item 11a. June 12, 2025.
(https://santaclaravta.iqm2.com/Citizens/Detail_Meeting.aspx?ID=4430). Accessed April 29, 2026.

Santa Clara Valley Transportation Authority. “BSVII Project Update.” Summer, 2025. (https://vtabart.org/vtas-bart-silicon-valley-phase-ii-extension-project-summer-2025/).

Accessed May 13, 2026.

Santa Clara Valley Transportation Authority. “VTA's BART Silicon Valley Phase II Oversight Committee Regular Meeting.” Item 8. January 15, 2026.
(https://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=4354&Inline=True ). Accessed April 22, 2026.

Santa Clara Valley Transportation Authority. “2000 Measure A.” n.d. (https://www.vta.org/projects/funding/2000-measure-a). Accessed April 29, 2026.

Santa Clara Valley Transportation Authority. “About 2016 Measure B.” n.d. (https://2016measureb.vta.org/about). Accessed April 29, 2026.

Santa Clara Valley Transportation Authority. “VTA's BART Silicon Valley Phase II Oversight Committee Regular Meeting.” Item 10b. Slide 21. September 11, 2025. (https://santaclaravta.iqm2.com/Citizens/FileOpen.aspx?Type=1&ID=4273&Inline=True ). Accessed April 13, 2026.

Santa Clara Valley Transportation Authority. “Fact Sheet: VTA's Bart Silicon Valley Phase 2 Extension Project.” March 2024. (https://www.vta.org/sites/default/files/2024- 07/VTABSV_FactSheet_2024_OverviewBenefits%201.pdf). Accessed April 13, 2026.

Shalby, Colleen. “Trump administration pulls billions in funding for high-speed rail project; state leaders call decision ‘illegal.’” Los Angeles Times. July 16, 2025. (https://www.latimes.com/california/story/2025-07-16/trump-administration-cancelsfunding-for-high-speed-rail-project). Accessed April 29, 2026.

Item 9.1
Tuesday, September 01, 2026 129 of 195

Page 39 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II Shalby, Colleen. “Multibillion-dollar transit project to tunnel through the Santa Monica Mountains is approved by L.A. Metro.” LA Times. January 22, 2026. (https://www.latimes.com/california/story/2026-01-22/this-multibillion-dollar-transitproject-could-improve-traffic-across-la-it-goes-to-vote-today - :~:text=This is read by an,transit projects in the country). Accessed April 13, 2026.

Item 9.1
Tuesday, September 01, 2026 130 of 195

Page 40 of 40 ends

VTA’S MANAGEMENT AND OVERSIGHT OF BART SILICON VALLEY PHASE II This report was ADOPTED by the 2025-2026 Santa Clara County Civil Grand Jury on this 17th day of June, 2026.
______________________________
Dinesh Ramde
Foreperson
Item 9.1
Tuesday, September 01, 2026 131 of 195
City Council Report
DATE: September 1, 2026
TITLE: Response to 2025-2026 Civil Grand Jury Report on Pothole Damage Claims Processes
RECOMMENDED ACTION:

That the City Council authorize the Mayor to submit, on behalf of the City Council, the attached letter as the City’s response to the 2025-2026 Santa Clara County Civil Grand Jury Report, “Pothole Damage: Improving claims processes within Santa Clara County.”

BACKGROUND
The 2025-2026 Santa Clara County Civil Grand Jury (“Civil Grand Jury”) was an investigative arm of the judicial branch of government consisting of 19 members of the public, appointed by a Superior Court Judge, for a one-year term ending on June 18, 2026. The primary function of a Civil Grand Jury in any year is devoted to “civil watchdog responsibilities” including analyzing procedures, methods and systems utilized by county/city government to determine whether more efficient and economical programs may be employed. During its one-year term, the Civil Grand Jury may issue report(s) with findings of encountered problems and recommendations for solutions.

Pursuant to California Penal Code (CPC) Section 933(c), the City Council must comment on the findings and recommendations of a Civil Grand Jury report within 90 days of the release of the Civil Grand Jury report. Furthermore, and pursuant to CPC §933.05, the response shall indicate the City’s agreement or disagreement (wholly or partially) with the findings, specifying the portion of the finding that is disputed with an explanation of the reasons therefor. The City shall also indicate when the recommendation has or has not been implemented, with a summary regarding the implemented action or timeframe for implementation. Alternatively, the City could explain why the recommendation requires further analysis or that the recommendation will not be implemented because it is not warranted or is not reasonable. If additional analysis is desired, the City shall provide an explanation, scope and parameters of the analysis, and a timeframe for the matter to be prepared for discussion (not to exceed six months from the date of publication of the Civil Grand Jury report).

DISCUSSION
The 2025-2026 Civil Grand Jury Report dated June 12, 2026 and titled “Pothole Damage: Improving claims processes within Santa Clara County” (Attachment 2) was conducted to:

Item 9.2
Tuesday, September 01, 2026 132 of 195

• Examine how local government agencies manage pothole claims; • Understand why so many claims are denied;
• Recommend how jurisdictions can make it easier for potential claimants to engage in the process.

The Civil Grand Jury requested data from all 16 jurisdictions responsible for road maintenance within Santa Clara County; including the City of Campbell. The data excluded state routes and interstate highways because Caltrans, a state agency, is not subject to Civil Grand Jury review. Jurisdictions provided data about all claims filed against them for road-related damages between 2020 and 2025. Information provided included the number of pothole claims, the amount claimed, the resolution, and the reason for rejection. The Civil Grand Jury also reviewed the websites of all 16 agencies to analyze what claims process content was included and how clearly it was presented.

The Civil Grand Jury concluded that though state law sets strict rules for filing and reviewing claims, local government agencies retain significant discretion over their processes. By offering clearer online information, improving access to claim forms, expanding language options, and providing more detailed explanations when claims are denied, jurisdictions can significantly improve public trust, reduce frustration, and increase fairness. The Civil Grand Jury urges all jurisdictions to adopt improvements listed below by the recommended deadlines to ensure that the claims process is fairer, more consistent, and easier for the public to navigate.

Pursuant to the Penal Code, the Grand Jury requests that the City of Campbell respond to Findings 1, 2, and 3 and Recommendations 2a, 2b, 3a, and 3b by September 10, 2026 (90 days from the release of the Civil Grand Jury report on June 12, 2026). The findings and recommendations, along with the City’s draft responses as prepared by staff, are included below and in Attachment 1. Staff has drafted the City’s responses to each in accordance with the requirements of California Penal Code § 933.05.

Finding 1
Jurisdictions within Santa Clara County rejected 92% of pothole claims from 2020 to 2025 due to reasons including missed deadlines, incorrect jurisdiction, and lack of prior notice.

Response: N/A
The City Grand Jury is simply stating a fact here and did not include a recommendation with its finding. Nevertheless, the City will note that it has a fiduciary responsibility to protect public funds entrusted to its care. And as allowed by legal statute, authorized City staff will reject claims if they miss deadlines, show incorrect jurisdiction, or lack prior notice. Failure to do so may open the City up to claims and costs for which it has no legal liability. And legal immunities such as these were put in place to account for the fact that no public agency can reasonably know of all deficiencies that exist within its jurisdiction such as potholes due to staffing and fiscal constraints; nor can it pay out any and all claims that it receives and risk fiscal insolvency.

Finding 2
Item 9.2
Tuesday, September 01, 2026 133 of 195

Claims are often rejected because the claimant filed with the incorrect jurisdiction, which can happen because jurisdictional lines are often unclear or poorly communicated. The claims websites of all jurisdictions within Santa Clara County lack information about how to determine if a road is in its jurisdiction.

Recommendation 2a
All jurisdictions within Santa Clara County should include a link to a map or list of roads they maintain on their claims website. The jurisdictions should implement this by December 15, 2026.

Response: The City already complies
The City of Campbell maintains a robust publicly accessible GIS system which visually details which streets and roads are within the City of Campbell and when clicked on provide detail as to which agency maintains and owns each street and road. Two examples of this are shown below. In addition, as shown in Example 3, the GIS map shows jurisdictional boundary lines between cities or towns such as Campbell, San Jose, and Los Gatos. Thus, while improvements can always be made such as linking this data to a central claims webpage, the City does feel that it already complies with this recommendation, and no further action is necessary at this time.

Example 1 – Response to Recommendation 2a – SB Highway 17 Example 2 – Response to Recommendation 2a – W Latimer Ave Item 9.2
Tuesday, September 01, 2026 134 of 195

Example 3 – Response to Recommendation 2a – Boundry Lines Recommendation 2b
Item 9.2
Tuesday, September 01, 2026 135 of 195

All jurisdictions within Santa Clara County should update their claims websites to identify roads that are commonly mistaken as being in their jurisdictions. The jurisdictions should implement this by December 15, 2026.

Response: The City may choose to implement this recommendation if it deems it in its best interest and that of the public
Based on legal advice as well as that from its risk sharing pool, PLAN JPA, the City of Campbell has historically not maintained a claims website as a precaution to prevent frivolous claims from easily being submitted and unnecessarily tie up limited City staff time and financial resources. Nevertheless, claims forms may be obtained from the City Clerk’s office and submitted in person, through the mail, or via e-mail once completed with all applicable supporting documentation. The City of Campbell also again maintains a robust publicly accessible GIS system which visually details which streets and roads are within the City of Campbell and when clicked on provide detail as to which agency maintains and owns each street and road. Thus, while improvements can always be made such as creating a City claims website and identifying on that website which roads that are commonly mistaken as being in Campbell, the City is under no legal obligation to do so and is legally compliant in its claims processes as they exist today. Nevertheless, implementing recommendation 2b is a business decision that the City could choose to make if it deems it fiscally and operationally feasible and within the City’s and the public’s best interests.

Finding 3
Fifteen jurisdictions – the County, Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Palo Alto, San José, Santa Clara, and Saratoga – have websites with deficiencies that make it difficult to file a claim.

Recommendation 3a
Eleven jurisdictions – the County, Campbell, Cupertino, Los Altos, Los Altos Hills, Milpitas, Monte Sereno, Morgan Hill, Mountain View, San José, and Saratoga – should update their websites to provide clear instructions and information about how to file a claim in addition to a link to the claim form. The jurisdictions should implement this by December 15, 2026.

Item 9.2
Tuesday, September 01, 2026 136 of 195

Recommendation 3b
Fourteen jurisdictions – the County, Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Palo Alto, San José, and Santa Clara – should incorporate useable software on their websites that can translate claim forms into multiple languages or provide claim forms in multiple languages based on the demographics they serve. The jurisdictions should implement this by December 15, 2026.

Staff requests Council approval on its recommended responses to the Civil Grand Jury report and will submit the draft response letter shown as Attachment 1 by the required due date of September 10. However, Council may also choose to provide direction to staff on modified responses as well as desired future operational changes and improvements as they relate to the Civil Grand Jury recommendations.

FISCAL IMPACT
There are no fiscal impacts associated with staff’s responses to the Civil Grand Jury report recommendations at this time. However, should the City make a business decision to implement any of the recommendations, added staff time and budgetary allocations for software as well as an uptick in claims and legal costs may be necessary.

ALTERNATIVES
1) Modify the letter and responses to the Civil Grand Jury; or 2) Provide other direction to staff.

PREPARED BY: Will Fuentes, Finance Director
Item 9.2
Tuesday, September 01, 2026 137 of 195

Report Approval Details
Document Title: Report - Response to 2025-2026 Civil Grand Jury Report on Pothole Damage Claims Processes.docx
Attachments: Attachment 1 - Civil Grand Jury Response Letter - Potholes and Claims Process (City of Campbell 09-01-26).docx
Attachment 2 - 2025-2025 Santa Clara County Civil Grand Jury Report - Pothole Damage and Claims Processes.pdf
Final Approval
Date:

August 26, 2026
This document and all of its attachments were approved and signed as outlined below:

Will Fuentes, Finance Director
Andrea Sanders, City Clerk
Angelique Gaeta, Assistant City Manager
Item 9.2
Tuesday, September 01, 2026 138 of 195

September 2, 2026
Honorable Julie A. Emede
2025-2026 Presiding Judge
Superior Court of California
County of Santa Clara
191 North First Street
San Jose, CA 95113
RE: Response to the 2025-2026 Santa Clara County Civil Grand Jury Report, “Pothole Damage: Improving claims processes within Santa Clara County” Dated June 12, 2026
Dear Honorable Judge Emede,
The City of Campbell thanks you and the members of the Civil Grand Jury for your work on this important topic. Attached, please find the City’s response to the 2025-2026 Santa Clara Civil Grand Jury Report, “Pothole Damage: Improving claims processes within Santa Clara County.”
The response was reviewed and approved by the Campbell City Council on September 1, 2026. The attached document contains the City’s responses to Findings 1, 2, and 3 and Recommendations 2a, 2b, 3a, and 3b.

If you have any questions, please contact Brian Loventhal, City Manager at [email protected] or (408) 866-2125.

Sincerely,
Daniel E. Furtado
Item 9.2
Tuesday, September 01, 2026 139 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Mayor
Attachment: City of Campbell Response to the 2025-2026 Santa Clara County Civil Grand Jury Report
cc: City of Campbell City Council
Foreperson, 2025-2026 Santa Clara County Civil Grand Jury Clerk of the Santa Clara County Superior Court
Item 9.2
Tuesday, September 01, 2026 140 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Attachment
Finding 1

Jurisdictions within Santa Clara County rejected 92% of pothole claims from 2020 to 2025 due to reasons including missed deadlines, incorrect jurisdiction, and lack of prior notice.

Finding 2

Recommendation 2a

All jurisdictions within Santa Clara County should include a link to a map or list of roads they maintain on their claims website. The jurisdictions should implement this by December 15, 2026.

Response: The City already complies

The City of Campbell maintains a robust publicly accessible GIS system which visually details which streets and roads are within the City of Campbell and when clicked on provide detail as to which agency maintains and owns each street and road. Two examples of this are shown below. In addition, as shown in Example 3, the GIS map shows jurisdictional boundary lines between cities or towns such as Campbell, San Jose, and Los Gatos. Thus, while improvements can always be made such as linking this data to a central claims webpage, the City does feel that it already complies with this recommendation, and no further action is necessary at this time.

Example 1 – Response to Recommendation 2a – SB Highway 17 Item 9.2
Tuesday, September 01, 2026 141 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Attachment
Example 2 – Response to Recommendation 2a – W Latimer Ave Example 3 – Response to Recommendation 2a – Boundry Lines Item 9.2
Tuesday, September 01, 2026 142 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Attachment
Recommendation 2b

Response: The City may choose to implement this recommendation if it deems it in its best interest and that of the public

Based on legal advice as well as that from its risk sharing pool, PLAN JPA, the City of Campbell has historically not maintained a claims website as a precaution to prevent frivolous claims from easily being submitted and unnecessarily tie up limited City staff time and financial resources. Nevertheless, claims forms may be obtained from the City Clerk’s office and submitted in person, through the mail, or via e-mail once completed with all applicable supporting documentation. The City of Campbell also again maintains a robust publicly accessible GIS system which visually details which streets and roads are within the City of Campbell and when Item 9.2
Tuesday, September 01, 2026 143 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Attachment
clicked on provide detail as to which agency maintains and owns each street and road. Thus, while improvements can always be made such as creating a City claims website and identifying on that website which roads that are commonly mistaken as being in Campbell, the City is under no legal obligation to do so and is legally compliant in its claims processes as they exist today. Nevertheless, implementing recommendation 2b is a business decision that the City could choose to make if it deems it fiscally and operationally feasible and within the City’s and the public’s best interests.

Finding 3

Fifteen jurisdictions – the County, Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Palo Alto, San José, Santa Clara, and Saratoga – have websites with deficiencies that make it difficult to file a claim.

Response: The City may choose to implement this recommendation if it deems it in its best interest and that of the public

Based on legal advice as well as that from its risk sharing pool, PLAN JPA, the City of Campbell has again historically not maintained a claims website as a precaution to prevent frivolous claims from easily being submitted and unnecessarily tie up limited City staff time and financial resources. However, should the City make a business decision to develop a claims website, it will make sure to include clear instructions on the claims process and well as a link to the claim form.

Recommendation 3b

Fourteen jurisdictions – the County, Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Palo Alto, San José, and Santa Clara – should incorporate useable software on their websites that can translate claim forms into multiple languages or provide claim forms in multiple languages based on the demographics they serve. The jurisdictions should implement this by December 15, 2026.

Response: The City may choose to implement this recommendation if it deems it in its best interest and that of the public
Item 9.2
Tuesday, September 01, 2026 144 of 195
City of Campbell Response to the Santa Clara County Civil Grand Jury Report Attachment

Based on legal advice as well as that from its risk sharing pool, PLAN JPA, the City of Campbell has again historically not maintained a claims website as a precaution to prevent frivolous claims from easily being submitted and unnecessarily tie up limited City staff time and financial resources. However, should the City make a business decision to develop a claims website, it will make sure that it is translated into multiple languages based on the demographics Campbell serves where possible.

Item 9.2
Tuesday, September 01, 2026 145 of 195
2025-2026 Santa Clara County Civil Grand Jury
Pothole Damage:

Improving claims processes within Santa
Clara County
June 12, 2026
Item 9.2
Tuesday, September 01, 2026 146 of 195

Page 1 of 20 ends

Campbell City CouncilSeptember 1, 2026

Campbell City Council
September 1, 2026