Tuesday, February 3, 2026
6:45 PM
CITY OF CUPERTINO
Televised Regular Meeting (6:45)
10350 Torre Avenue, Council Chamber and via Teleconference City Council
KITTY MOORE, MAYOR
LIANG CHAO, VICE MAYOR
J.R. FRUEN, COUNCILMEMBER
SHEILA MOHAN, COUNCILMEMBER
R "RAY" WANG, COUNCILMEMBER
IN PERSON AND TELECONFERENCE MEETING
For more information:
(408) 777-3200 | www.cupertino.gov
AGENDA
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IN-PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION OPTIONS TO OBSERVE:
Members of the public wishing to observe the meeting may do so in one of the following ways:
1) Attend in person at Cupertino Community Hall, 10350 Torre Avenue. 2) Tune to Comcast Channel 26 and AT&T U-Verse Channel 99 on your TV. 3) Watch a live stream online at www.Cupertino.gov/youtube and www.Cupertino.org/webcast
4) Attend in person at a remote Teleconference Location noticed pursuant to Gov. Code 54953(b)(2), which location, if noticed, would be stated on the cover page of this agenda.
OPTIONS TO PARTICIPATE AND COMMENT:
Members of the public wishing to address the City Council may do so in the following ways:
1) Appear in person for Open Session at Cupertino Community Hall.
A. During “Oral Communications”, the public may comment on matters not on the agenda, and for agendized matters, the public may comment during the public comment period for each agendized item.
B. Speakers are requested to complete a Speaker Card. While completion of Speaker Cards is voluntary and not required to attend the meeting or provide comments, it is helpful for the purposes of ensuring that all speakers are called upon.
C. Speakers must wait to be called, then proceed to the lectern/podium and speak into the microphone when recognized by the Mayor.
D. Speakers are limited to three (3) minutes each. However, the Mayor may reduce the speaking time depending on the number of people who wish to speak on an item. A speaker representing a group between 2 and 5 members of the public in attendance may have up to 2 minutes per group member to speak, up to 10 minutes maximum.
E. Please note that due to cyber security concerns, speakers are not allowed to connect any personal devices at the lectern/podium. However, speakers that wish to share a document (e.g. presentations, photographs or other documents) during oral comments may do so in one of the following ways:
a) At the overhead projector at the podium, or
b) E-mail the document to [email protected] by 3:00 p.m. and staff will advance the
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slides/share the documents during your oral comment.
2) Written Communications as follows:
A. E-mail comments to the City Council for Open Session at [email protected] as follows:
a. E-mail comments must be received by 4:00 p.m. on the day of the meeting in order to be forwarded to the City Council before the meeting.
b. Emailed comments received following agenda publication but prior to, or during, the meeting, will be posted to the City’s website after the meeting. c. These e-mail comments will also be received by each City Councilmember, the City Manager, and the City Clerk’s Office. Comments on non-agenda items sent to any other email address will be included upon the sender's request.
B. Regular mail or hand delivered addressed to the: City Council, City Hall, 10300 Torre Avenue, Cupertino, CA 95014
3) Open Session Teleconference in one of the following ways:
A. Online via Zoom on an electronic device (Audio and Video): Speakers must register in advance by clicking on the link below to access the meeting:
https://cityofcupertino.zoom.us/webinar/register/WN_z_pWgYmPSmixv7CWhRIyyQ a) Registrants will receive a confirmation email containing information about joining the webinar.
b) Speakers will be recognized by the name they use for registration. Once recognized, speakers must click ‘unmute’ when prompted to speak.
c) Please read the following instructions about technical compatibility carefully: One can directly download the teleconference (Zoom) software or connect to the meeting in their internet browser. If a browser is used, make sure the most current and up-to-date browser, such as the following, is used: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+.
Certain functionality may be disabled in older browsers, including Internet Explorer.
B. By Phone (Audio only): No registration is required in advance and speakers may join the meeting as follows:
a) Dial 669-900-6833 and enter WEBINAR ID: 830 2208 2105 b) To “raise hand” to speak: Dial *9; When asked to unmute: Dial *6 c) Speakers will be recognized to speak by the last four digits of their phone number.
C. Via an H.323/SIP room system:
Join from an H.323/SIP room system:
H.323:
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144.195.19.161 (US West)
206.247.11.121 (US East)
Meeting ID: 830 2208 2105
SIP: [email protected]
D. Online via the teleconferencing device (Audio and Video) being used to provide access to the meeting from a remote Teleconference Location noticed pursuant to Gov. Code 54953(b)(2), which location, if noticed, would be stated on the cover page of this agenda. a) Speakers are required to notify the City Clerk via email to [email protected] prior to noon on the date of the meeting during which they plan to participate and comment from the remote location noticed to ensure the City Clerk is prepared to accept their comment. b) If the teleconferencing device malfunctions impeding access to the meeting from the remote location, the speaker may alternatively participate via the other options for remote participation provided above.
CALL TO ORDER
PLEDGE OF ALLEGIANCE
ROLL CALL
CLOSED SESSION REPORT
CEREMONIAL ITEMS
1. Subject: Recognition of STEM Winners from the City of Cupertino who participated in the Santa Clara County 2025 Synopsys Championship Science Fair.
Recommended Action: Present certificates of recognition to the STEM Winners from the City of Cupertino who participated in the Santa Clara County 2025 Synopsys Championship Science Fair.
A - Certificates
POSTPONEMENTS AND ORDERS OF THE DAY
ORAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Council on any matter within the jurisdiction of the Council and not on the agenda for discussion. Oral Communications shall be limited to 30 minutes. Additional speakers wishing to comment on non-agenda items may be given time to speak at the end of the agenda, after the City Manager's report. Individual speakers are limited to three (3) minutes. As necessary, the Chair may further limit the time allowed to individual speakers, or reschedule remaining comments to the end of the meeting on a first come first heard basis, with priority given to students. In most cases, State law will prohibit the Council from discussing or making any decisions with respect to a matter not listed on the agenda. A councilmember may, however, briefly
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respond to statements made or questions posed by speakers. A councilmember may also ask a question for clarification, provide a reference for factual information, request staff to report back concerning a matter, or request that an item be added to a future City Council agenda in response to public comment.
CONSENT CALENDAR (Items 2-7)
Items appearing on the Consent Calendar are considered routine City business and may be approved by one motion. Typical items may include meeting minutes, awards of contracts, the ratification of accounts payable, and second readings of ordinances. Any member of the Council may request to have an item removed from the Consent Calendar based on the rules set forth in the City Council Procedures Manual. Members of the public may provide input on one or more consent calendar items when the Mayor asks for public comments on the Consent Calendar.
2. Subject: Approval of January 13, 2026 City Council meeting minutes.
Recommended Action: Approve the January 13, 2026 City Council meeting minutes.
A - Draft Minutes
3. Subject: Approval of January 21, 2026 City Council meeting minutes.
Recommended Action: Approve the January 21, 2026 City Council meeting minutes.
A - Draft Minutes
4. Subject: Receive the Monthly Treasurer's Report for December 2025.
Recommended Action: Receive the Monthly Treasurer's Report for December 2025.
Staff Report
A – Report of City-wide Receipts, Disbursements, and Cash Balances December 2025 B – Report of City-wide Fund BalancesNet Position December 2025
5. Subject: Receive the Monthly Treasurer's Investment Report for December 2025.
Recommended Action: Receive the Monthly Treasurer's Investment Report for December 2025.
Staff Report
A - Chandler Investment Report Dec 2025
6. Subject: Receive the Treasurer's Investment Report for Quarter Ending December 31, 2025.
Recommended Action: Receive the Treasurer's Investment Report for Quarter Ending December 31, 2025.
Staff Report
A – Chandler Investment Report December 2025
B – Chandler Custodial Statement December 2025
C – PARS Pension and OPEB Account Statement December 2025 D – LAIF Account Statement December 2025
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7. Subject: Amendment to 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
Recommended Action: Amend the 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
Staff Report
A - 2026 Council Committee Assignments
B - Amended 2026 Council Committee Assignments (redline) C - Amended 2026 Council Committee Assignments (clean)
PUBLIC HEARINGS
Government Code Section 65103.5 limits the distribution of copyrighted material associated with the review of development projects. Members of the public wishing to view plans that cannot otherwise be distributed under Govt. Code Section 65103.5 may make an appointment with the Planning Division to view them at City Hall by sending an email to [email protected]. Plans will also be made available digitally during the hearing to consider the proposal.
8. Subject: Consideration of (i) an Architectural and Site Approval permit, (ii) adoption of a Notice of Exempt Surplus Land Act Declaration, and (iii) a Disposition and Development Agreement by and between the City of Cupertino, a municipal corporation and Mary Avenue, L.P., a California limited partnership in connection with the development of a 40-unit below market rate development (Mary Avenue Villas Project) on a Housing Element Site, of which 19 units are dedicated to the Intellectually Developmentally Disabled and 21 units reserved for extremely low, very low, and low income residents of the community, located on public property. (Application No(s):
ASA-2025-006; Applicant(s): Charities Housing; Location: (APN: 326-27-053, Mary Avenue Right-of-Way).
Recommended Actions
1. Find the project exempt from the California Environmental Quality Act (CEQA)
2. Adopt Resolution No. 26-016 approving Architectural & Site Approval Permit (ASA-2025-006) (Attachment A);
3. Adopt Resolution No. 26-017 declaring the Property Exempt Surplus Land pursuant to the Surplus Land Act (Attachment B)
4. Adopt Resolution No. 26-018 approving the Disposition and Development Agreement (Attachment C)
Staff Report
A - Draft Resolution for ASA-2025-006
B - Draft Resolution Declaring Exempt Surplus Land
C - Draft Resolution Approving the Disposition and Development Agreement D - CEQA Exemption Memorandum
E - Public Comment
F - Project Plan Set
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ACTION CALENDAR
9. Subject: Transition of Business License Administration to HdL Companies and consideration of a Business License Amnesty Program.
Recommended Action: Receive a report on the transition of phased business license administration to HdL Companies and provide direction on whether to adopt a business license amnesty program. If Council elects to proceed with amnesty, select one of the three options presented below. The details, benefits, and tradeoffs of each option are discussed below.
1. Adopt a 30-day citywide business license amnesty period prior to initiation of HdL’s compliance and discovery efforts;
2. Provide ongoing amnesty upon discovery for newly identified unlicensed businesses; or
3. Adopt a phased 60-day business license amnesty program (staff recommendation) consisting of 100% penalty forgiveness during the first 30 days and 50% forgiveness during the subsequent 30 days, followed by full enforcement.
Staff Report
ITEMS REMOVED FROM THE CONSENT CALENDAR
CITY MANAGER REPORT
10. Subject: City Manager Report
A - City Manager's Report
ORAL COMMUNICATIONS - CONTINUED
COUNCILMEMBER REPORTS
11. Subject: Councilmember Reports
A - Councilmember Report, Fruen
B - Councilmember Report, Mohan
C - Councilmember Report, Moore
FUTURE AGENDA ITEMS
The Upcoming Draft Agenda Items Report is a tentative council meeting agenda calendar that lists upcoming City Council meeting dates and tentative agenda items, all of which are subject to change.
12. Subject: Upcoming Draft Agenda Items Report
A - Upcoming Draft Agenda Items Report
ADJOURNMENT
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Lobbyist Registration and Reporting Requirements: Individuals who influence or attempt to influence legislative or administrative action may be required by the City of Cupertino’s lobbying ordinance (Cupertino Municipal Code Chapter 2.100) to register and report lobbying activity. Persons whose communications regarding any legislative or administrative are solely limited to appearing at or submitting testimony for any public meeting held by the City are not required to register as lobbyists.
For more information about the lobbying ordinance, please contact the City Clerk’s Office at 10300 Torre Avenue, Cupertino, CA 95014; telephone (408) 777-3223; email [email protected]; and website: www.cupertino.org/lobbyist.
The City of Cupertino has adopted the provisions of Code of Civil Procedure §1094.6; litigation challenging a final decision of the City Council must be brought within 90 days after a decision is announced unless a shorter time is required by State or Federal law.
Prior to seeking judicial review of any adjudicatory (quasi-judicial) decision, interested persons must file a petition for reconsideration within ten calendar days of the date the City Clerk mails notice of the City’s decision. Reconsideration petitions must comply with the requirements of Cupertino Municipal Code §2.08.096. Contact the City Clerk’s office for more information or go to http://www.cupertino.org/cityclerk for a reconsideration petition form.
In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this meeting who is visually or hearing impaired or has any disability that needs special assistance should call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for assistance. In addition, upon request in advance by a person with a disability, meeting agendas and writings distributed for the meeting that are public records will be made available in the appropriate alternative format.
Any writings or documents provided to a majority of the Cupertino City Council after publication of the packet will be made available for public inspection in the City Clerk’s Office located at City Hall, 10300 Torre Avenue, Cupertino, California 95014, during normal business hours; and in Council packet archives linked from the agenda/minutes page on the City web site.
IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section
2.08.100 written communications sent to the City Council, Commissioners or staff concerning a matter on the agenda are included as supplemental material to the agendized item. These written communications are accessible to the public through the City website and kept in packet archives. Do not include any personal or private information in written communications to the City that you do not wish to make public, as written communications are considered public records and will be made publicly available on the City website.
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CITY OF CUPERTINO
Agenda Item
25-14716 Agenda Date: 2/3/2026
Agenda #: 1.
Subject: Recognition of STEM Winners from the City of Cupertino who participated in the Santa Clara County 2025 Synopsys Championship Science Fair.
Present certificates of recognition to the STEM Winners from the City of Cupertino who participated in the Santa Clara County 2025 Synopsys Championship Science Fair.
CITY OF CUPERTINO Page 1 of 1 Printed on 1/29/2026
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Certificate of Recognition
Presented to
Aarnav Agrawal February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Abhijay Gupta
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Adhya Thota
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Aditya Dendukuri
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Aditya Shivakumar February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
AliHassan Hashim
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Anika Mukherjee February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Anirud Sainarayanan February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Ansh Agarwal
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Anusha Kotalwar February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Anya Deshpande
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Atharv Gupta
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Braden Yang
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Bryan Ge
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Catherine Zhang
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Celena Fu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Claire Xu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Eliana Lee
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Elizabeth Zhang
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Farhan Ansari
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Hemansh Gupta February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Horton Zhu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Ishaan Garg
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Jihoo Won
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Kevin Chen
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Kirthana Chandrasekar
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Leo Lee
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Lindsey Niu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Mahika Pandit
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Netra Khot
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Nikhil Krishnaswamy February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Paarth Nawani February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Pradyot Sharma February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Prathik Kumar February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rachael Jin
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Raymond Feng
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Reva Ukkadam February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rishab Perati
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rishi Salvi
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rithik Vir
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rohan Agarwal February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Rohan Mahapatra February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Roshan Saxena February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Saanj Rao
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Saanvi Doshi
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Sakthi Satrawada February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Samarth Kashyap February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Sathvika Siva
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Saumit Korada February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Seongjun Kang February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Shrey Vishen
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Soham Dwivedi
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Suhani Pahuja
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Sumedha Kumar February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Tommy Liu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Trisha Shivakumar February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Vidwat Shekar
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Vishnu Bharadwaj
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Vishresh Deepak
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
VishwaVijay
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
William Liu
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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Certificate of Recognition
Presented to
Ziya Ahmad
February 3, 2026
In recognition of your performance at the Santa Clara County 2025 Synopsys Championship Science Fair. The City of Cupertino commends you for your academic achievement and wishes you the best of luck in your future endeavors. ____________________________
The Honorable Kitty Moore
Mayor, City of Cupertino
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CITY OF CUPERTINO
Agenda Item
26-14769 Agenda Date: 2/3/2026
Agenda #: 2.
Subject: Approval of January 13, 2026 City Council meeting minutes.
Approve the January 13, 2026 City Council meeting minutes.
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DRAFT MINUTES
CUPERTINO CITY COUNCIL
Tuesday, January 13, 2026
SPECIAL MEETING
At 6:45 p.m., Mayor Kitty Moore called the Special City Council Meeting to order and led the Pledge of Allegiance in the Cupertino Community Hall Council Chamber, 10350 Torre Avenue and via Teleconference.
ROLL CALL
Present: Mayor Kitty Moore, Vice Mayor Liang Chao, and Councilmembers J.R. Fruen, Sheila Mohan, and R “Ray” Wang. Absent: None.
CONSENT CALENDAR
Mayor Moore opened the public comment period, and the following members of the public spoke.
Peggy Griffin (Item 1)
Mayor Moore closed the public comment period.
MOTION: Wang moved and Mohan seconded to approve the Consent Calendar. The motion passed with the following vote: Ayes: Moore, Chao, Fruen, Mohan, and Wang. Noes: None.
Abstain: None. Absent: None.
1. Subject: Amendment to 2026 Council Committee Assignments to designate Councilmember Wang as the primary and Vice Mayor Chao as the alternate to the Cities Association of Santa Clara County Legislative Action Committee.
Recommended Action: Amend the 2026 Council Committee Assignments to designate Councilmember Wang as the primary and Vice Mayor Chao as the alternate to the Cities Association of Santa Clara County Legislative Action Committee.
STUDY SESSION
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2. Subject: Study session regarding Potential November 2026 Ballot Measure on Parkland Rezoning Considerations.
Recommended Action: Conduct study session and provide direction to staff to begin preliminary analysis and engagement regarding a potential parkland rezoning ballot measure, and return to City Council with recommended next steps.
Written communications for this item included emails to the Council.
Acting Director of Administrative Services Jonathan Orozco gave a presentation.
Mayor Moore opened the public comment period and the following members of the public spoke.
Jennifer Griffin
Peggy Griffin
Planning Commissioner San Rao (representing self)
Mayor Moore closed the public comment period.
Councilmembers asked questions and made comments.
Council unanimously consented to provide the following direction to staff:
Produce a map of all current recreation, parkland, and open space within the city, specifically displaying their current zoning.
Identify areas needing zoning corrections (to be clarified by the mapping process). Include the Service Center in the study to address the conflict between its P(BQ) mini-stor zoning and its industrial/residential land use designation. Review the Government Code to determine if current state laws already provide adequate protection for these parcels.
Provide an analysis on whether to limit the ballot language to Milpitas or expand it to cover structures and facilities not currently zoned exclusively as parkland. Provide the estimated costs associated with placing a measure on the ballot. Outline the necessary steps and deadlines to meet the November 2026 election cycle.
3. Subject: Study session regarding Various Revenue Tax Options.
Recommended Action: Conduct study session and provide direction to staff to begin preliminary analysis regarding budgetary need for and timeline of potential revenue generating ballot measure, and return to City Council with recommended next steps. 74 CC 02-03-2026 Searchable Packet
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Written communications for this item included emails to the Council.
Acting Director of Administrative Services Jonathan Orozco gave a presentation.
Councilmembers asked questions and made comments.
Mayor Moore opened the public comment period and the following members of the public spoke.
Rhoda Fry
Jennifer Griffin
Planning Commissioner San Rao (representing self)
Peggy Griffin
Mayor Moore closed the public comment period.
Councilmembers asked questions and made comments.
Council unanimously consented to provide the following direction to staff:
Rank options based on feasibility, likelihood of success, and ease of implementation.
Prioritize the renewal of the Utility Users Tax (UUT) and other expiring measures before proposing new ones.
Explore taxes that impact non-residents or specific activities rather than sales tax or property tax increases.
o Utility Users Tax (UUT) - There was consensus on renewal of UUT but likely not in 2026.
o Rideshare Tax –There was consensus to explore this as an indirect tax option.
o Transient Occupancy Tax (TOT) - There was no consensus in pursuing a TOT tax.
o Vacancy Tax - There was no consensus in pursuing a vacancy tax. Conduct the analysis and demonstrate a clear budgetary need before proposing to the voters; and use the second quarter budget update and budget forecasts to identify corresponding budget cuts that would be required if new revenue is not secured. Account for recent changes, such as the water lease funding and investment returns.
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would be managed in that event.
The following informational memorandums were requested by Councilmembers:
• Moore and Chao requested an informational memo from the Finance Division to analyze and compare regional property tax distribution, including a breakdown of the City of Sunnyvale’s numbers regarding their police and fire services. • Chao requested an informational memo from the City Attorney’s Office on a costbenefit and logistical analysis of placing a potential measure on the ballot; provide the estimated legal and administrative costs for drafting the measure and a detailed timeline for submission deadlines.
At 8:29 p.m., Mayor Moore recessed the meeting. The meeting reconvened at 8:34 p.m. with all Councilmembers present.
4. Subject: Study Session to consider possible updates to the City’s practices pertaining to its advisory bodies, including its Commissions and Committees.
Recommended Action: Consider and discuss options for updating the City’s practices pertaining to its advisory bodies, including (1) increasing community participation via extended nepotism restrictions, (2) filling vacancies and appointing alternates, (3) updating attendance requirements, (4) recognizing commissioner autonomy, and (5) considering the unique characteristics of Committees as compared to Commissions, including the Economic Development Committee and the Audit Committee.
Written communications for this item included emails to the Council.
Interim City Attorney Floy Andrews gave a presentation.
Councilmembers asked questions and made comments.
Mayor Moore opened the public comment period and the following members of the public spoke.
Rhoda Fry
Peggy Griffin
Planning Commissioner San Rao (representing self)
Mayor Moore closed the public comment period.
Councilmembers asked questions and made comments.
Council provided the following input for updating the City’s practices pertaining to its advisory bodies, including its Commissions and Committees. 76 CC 02-03-2026 Searchable Packet
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Nepotism Restrictions
There was consensus to include language disfavoring the appointment of family members from the same household to commissions, with a provision to waive this restriction at Council’s discretion.
Serving on Multiple Commissions
There was consensus that serving on two commissions simultaneously is generally disfavored but may be waived by the Council. This would typically be permitted only in cases of a shortage of applicants for a specific vacancy or where expertise is required.
Use of Alternates and Commission Attendance
There was no consensus on creating alternate positions that would step-in in the case of no quorum or absences.
o The Council requested the City Attorney bring back language provisions for allowing commission alternates, explaining how that process would work. o Keep Council as the final authority to remove a commissioner due to poor attendance.
o Each commission may adopt a meeting schedule annually to support proper attendance and quorum.
Chao requested clarification regarding who sets the meeting agendas and cancels meetings between the Chair and the Staff liaison.
Commissioner Autonomy
Commissioners may express personal opinions that differ from a commission’s majority vote. The Commissioner’s Handbook currently states that it is improper for a commissioner to attempt to persuade the Council toward a minority view. o There was unanimous consensus to strike the term “improper” and replace the existing rule with a “required disclosure”. The Council requested the City Attorney to draft appropriate language.
Council provided follow-up direction to staff:
Return to Council with proposed updates based on the direction provided during the meeting.
Moore and Chao requested an informational memo from the City Manager’s Office outlining a list of interagency groups that include City staff.
ADJOURNMENT
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At 9:52 p.m., Mayor Kitty Moore adjourned the Special City Council Meeting.
Minutes prepared by:
________________________________
Lauren Sapudar, Acting City Clerk
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CITY OF CUPERTINO
Agenda Item
25-14620 Agenda Date: 2/3/2026
Agenda #: 3.
Subject: Approval of January 21, 2026 City Council meeting minutes.
Approve the January 21, 2026 City Council meeting minutes.
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DRAFT MINUTES
CUPERTINO CITY COUNCIL
Wednesday, January 21, 2026
At 6:16 p.m., Mayor Kitty Moore called the Regular City Council Meeting to order in City Hall Conference Room C, 10300 Torre Avenue, Cupertino, CA 95014.
Present: Mayor Kitty Moore, Vice Mayor Liang Chao, and Councilmembers J.R. Fruen, and Sheila Mohan. Absent: Councilmember R “Ray” Wang.
At 6:17 p.m. Mayor Moore recused herself from this item and stated the basis for her recusal and left the dais. Vice Mayor Chao resumed chairing the meeting.
In open session prior to closed session, Vice Mayor Chao opened the public comment period and the following members of the public requested to speak.
Lisa Warren
Vice Mayor Chao closed the public comment period.
CLOSED SESSION
1. Subject: Conference with Real Property Negotiators; California Government Code Section 54954.5
1. Property: 10480 Finch Avenue, Cupertino, CA
2. Agency Negotiators: Tina Kapoor, City Manager, and Floy Andrews, Interim City Attorney
3. Negotiating parties: City of Cupertino and Cupertino Union School District
4. Under negotiation: Price and terms of payment
Council met with Real Property Negotiators (Moore recused, Wang absent).
At 6:41 p.m., Mayor Chao recessed the meeting.
OPEN SESSION
At 7:00 p.m., Mayor Moore reconvened the Regular City Council Meeting in open session and led the Pledge of Allegiance in the Cupertino Community Hall Council Chamber, 10350 Torre Avenue and via teleconference.
ROLL CALL 80
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Present: Mayor Kitty Moore, Vice Mayor Liang Chao, and Councilmembers J.R. Fruen, and Sheila Mohan. Absent: Councilmember R “Ray” Wang.
CLOSED SESSION REPORT
City Attorney Floy Andrews reported on the actions taken during the closed session held at 6:15 p.m. City Attorney Andrews reported that there was no reportable action.
CEREMONIAL ITEMS
2. Subject: Presentation from Homestead High School Future Business Leaders of America (FBLA) regarding Sustainable Fashion and Community Upcycling Initiatives Recommended Action: Receive presentation and present certificates of appreciation to Homestead High School FBLA recognizing Sustainable Fashion and Community Upcycling Initiatives
Officers Advay Ranade and Muhan Yang of the Homestead High School Future Business Leaders of America (FBLA) gave a presentation regarding Sustainable Fashion and Community Upcycling Initiatives.
Council received the presentation (Wang absent).
Mayor Moore presented certificates of commendation to Advay Ranade and Muhan Yang recognizing their leadership and dedication in promoting sustainable fashion and clothing upcycling the Homestead High School Future Business Leaders of America (FBLA) chapter.
PRESENTATIONS – None
POSTPONEMENTS AND ORDERS OF THE DAY - None
ORAL COMMUNICATIONS
Written communications for this item included emails to the Council.
The following members of the public spoke:
Hadiyah Fain, representing Life Services Alternatives, discussed the Mary Avenue Villas Project.
Jennifer Castillo, Doug and Eileen discussed the Mary Avenue Villas Project. 81 CC 02-03-2026 Searchable Packet
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Cassy Culten, Cindy Van Zoeren and Sepideh discussed the Mary Avenue Villas Project.
Mattie Fort-Goldman, Ericks Ramans, Philip Ma discussed the Mary Avenue Villas Project.
John Robinson, representing San Andreas Regional Center (SARC), discussed the Mary Avenue Villas Project.
Cory Wolbach discussed the Mary Avenue Villas Project.
Jennifer Shearin discussed the Mary Avenue Villas Project.
Gia Pham and Janet Van Zoeren, discussed the Mary Avenue Villas Project.
Connie Cunningham discussed the Mary Avenue Villas Project.
Alison Gray discussed the Mary Avenue Villas Project
Cynthia Naylor discussed the Mary Avenue Villas Project.
Dolly Sandivol discussed the Mary Avenue Villas Project.
Marcia Elmer discussed the Mary Avenue Villas Project.
Per Maresca discussed the Mary Avenue Villas Project.
Shira Leeder discussed the Mary Avenue Villas Project.
Akash Dey discussed the Mary Avenue Villas Project.
Audrey Robinson discussed the Mary Avenue Villas Project.
Lisa Zuegal discussed the Mary Avenue Villas Project.
Louise Saadati discussed the Mary Avenue Villas Project.
Call-in User-1 (virtually) requested assistance regarding a code enforcement matter involving their home.
Neil Park-McClintick (virtually) discussed the Mary Avenue Villas Project. 82 CC 02-03-2026 Searchable Packet
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At 7:54 p.m., Mayor Moore recessed the meeting. The meeting reconvened at 8:03 p.m. with all Councilmembers present. (Wang absent)
CONSENT CALENDAR (Items 3-14)
Mayor Moore opened the public comment period and, seeing no one, closed the public comment period.
MOTION: Chao moved and Mohan seconded to approve Consent Calendar Items 3-5 and 7-
14. The motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan. Noes:
None. Abstain: None. Absent: Wang.
Councilmembers made comments on Item No. 6 and Council voted separately on the item.
MOTION: Moore moved and Mohan seconded to approve Consent Calendar Item 6. The motion passed with the following vote: Ayes: Moore, Chao, and Mohan. Noes: Fruen. Abstain:
None. Absent: Wang.
3. Subject: Approval of December 11, 2025 City Council meeting minutes Recommended Action: Approve the December 11, 2025 City Council meeting minutes
4. Subject: Approval of December 12, 2025 City Council meeting minutes Recommended Action: Approve the December 12, 2025 City Council meeting minutes
5. Subject: Approval of December 16, 2025 City Council meeting minutes Recommended Action: Approve the December 16, 2025 City Council meeting minutes
6. Subject: Approve a Sixth Amendment with Joe A. Gonsalves and Son to provide State Legislative Advocacy Services, increasing the contract amount by $45,000 for a total not-to-exceed amount of $244,750, and extend the contract date to October 31, 2026, and authorize the City Manager to proceed with the RFP using the proposed criteria and scoring methodology.
Recommended Action: Authorize the City Manager to execute a sixth amendment reinstating the consultant agreement with Joe A. Gonsalves and Son to provide State Legislative Advocacy Services, increasing the contract amount by $45,000 for a new total not-to-exceed contract amount of $245,000.
As noted under the Consent Calendar, this item was voted on separately.
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classification.
Recommended Action: 1. Adopt Resolution No. 26-001 amending the Unrepresented Employee’s Compensation Program to modify the Deputy City Manager position and expanded duties, resulting in increased appropriations of $68,184 for the City, offset by $399,323 in savings from the eliminated Assistant City Manager position; and
2. Adopt Resolution No. 26-002 approving Budget Modification No. 2526-430, increasing appropriations by $68,184 for the Deputy City Manager position.
8. Subject: Settlement Agreement and Release of all claims pertaining to the interpleader action: In Re: 10505 Madrone Court, by which the City will recover $318,786.74 of the excess funds from the foreclosure sale of the property at that named address, which was previously included in the City’s below market rate housing program.
Recommended Action: Approve the terms of the Settlement Agreement and Release (“Agreement”) and authorize the Mayor to execute the Agreement on behalf of the City.
9. Subject: Ratifying Accounts Payable for the periods ending December 5, 2025, December 19, 2025, and December 26, 2025
Recommended Action: A. Adopt Resolution No. 26-003 ratifying Accounts Payable for the Period ending December 5, 2025;
B. Adopt Resolution No. 26-004 ratifying Accounts Payable for the Period ending December 19, 2025; and
C. Adopt Resolution No. 26-005 ratifying Accounts Payable for the Period ending December 26, 2025
10. Subject: Receive the Monthly Treasurer's Report for November 2025 Recommended Action: Receive the Monthly Treasurer's Report for November 2025
11. Subject: Receive the Monthly Treasurer's Investment Report for November 2025 Recommended Action: Receive the Monthly Treasurer's Investment Report for November 2025
12. Subject: Approve an amendment with Advanced Systems Group, LLC., for Modernization of Broadcast TV and Community Hall Integration for $125,000 for a not-to-exceed amount of $1,335,000.
Recommended Action: Authorize the City Manager to execute the amendment with Advanced Systems Group, LLC., for Modernization of Broadcast TV and Community Hall Integration, within the total not-to-exceed amount of $1,335,000.
13. Subject: Award cost pass-through contracts to West Coast Code Consultants, Inc., Independent Code Consultants, Inc., and BPR Consulting Group for the review of 84 CC 02-03-2026 Searchable Packet
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building permits and associated budget modification, and approving a Second Amendment to an existing contract with Independent Code Consultants, Inc., for an increase of cost pass-through amount of $200,000 to provide On-Call Plan Review Services for FY26 for a total not-to-exceed amount of $515,000 for existing services.
Recommended Action: A. Approve the selection of West Coast Code Consultants, Inc., Independent Code Consultants, Inc., and BPR Consulting Group to form a pool of qualified consultants for on-call building plan review services.
B. Authorize the City Manager to execute a Master Professional/Specialized Services Agreement with each of the three firms for a three-year term, with a total not-to-exceed cost pass-through amount of $500,000 per consultant, for a total of $1,500,000.
C. Authorize the City Manager to execute a second amendment to the existing consultant agreement with Independent Code Consultants, Inc., to provide On-Call Plan Review Services, increasing the contract cost pass-through amount by $200,000 for a new total not-to-exceed contract amount of $515,000 for existing services.
14. Subject: Appointment of Mayor Kitty Moore and Vice Mayor Liang Chao to an ad-hoc Council subcommittee to negotiate the agreement for law enforcement services with the Santa Clara County Sheriff’s Office and the appointment of Mayor Kitty Moore as the primary representative and Vice Mayor Liang Chao as the alternate representative to a multi-jurisdictional Sheriff’s Office Contract Negotiations Ad-Hoc committee comprised of one representative from the City Councils of Cupertino, Saratoga and the Town of Los Altos Hills
Recommended Action: Approve the following:
1. Appointment of Mayor Kitty Moore and Vice Mayor Liang Chao to serve on an ad-hoc subcommittee to negotiate the agreement for law enforcement services with the Santa Clara County Sheriff’s Office; and
2. Appointment of Mayor Kitty Moore as the primary representative and Vice Mayor Liang Chao as the alternate representative to a multi-jurisdictional Sheriff’s Office Contract Negotiations Ad-Hoc committee comprised of one representative from the City Councils of Cupertino, Saratoga and the Town of Los Altos Hills.
PUBLIC HEARINGS
15. Subject: Consideration of a new residential development of 57 townhomes (Dividend Homes I), including 11 affordable units, to replace two office buildings on a 2.6-acre site, located close to the northeast corner of the intersection of Stevens Creek Blvd and Randy Lane. (Application No(s): DP-2025-001, ASA-2024-016, TM-2024-010, TR-2024-045, & U-2025-006; Applicant(s): Dividend Homes; Location: 20085 & 20111 Stevens Creek Blvd. (A.P.N.: 316-23-025, -026)
Recommended Action: 1. Find the project exempt from the California Environmental Quality Act (CEQA); and
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2. Approve the following permits:
a. Adopt Resolution No. 26-006 approving Development Permit (DP-2025-001) (Attachment A);
b. Adopt Resolution No. 26-007 approving Use Permit (U-2025-006) (Attachment B); c. Adopt Resolution No. 26-008 approving Architectural & Site Approval Permit (ASA-2024-016) (Attachment C);
d. Adopt Resolution No. 26-009 approving Tentative Final Map (TM-2024-010) (Attachment D)
e. Adopt Resolution No. 26-010 approving Tree Removal Permit (TR-2024-045) (Attachment E)
Written communications for this item included staff and applicant presentations and emails to the Council.
Councilmembers disclosed ex-parte communications prior to deliberation on this matter.
Senior Planner Gian Martire gave a presentation and Assistant Director of Community Development was also available for questions.
The following people spoke on behalf of the applicant:
• Joshua Vrotsos, Vice President of Dividend Homes
• Bryan Wenter (virtually), Attorney from HSW-Legal
• Ritu Sharma, Senior Planner at DAHLIN Architecture, gave a presentation.
Councilmembers asked questions and made comments.
Mayor Moore opened the public hearing and the following members of the public spoke:
Todd McNair
Whitney McNair
Patti Hamaguchi
Lisa Lee
Jerry Su
Sandy Siron
Planning Commissioner Tracy Kosolcharoen (representing self) Peter
Lisa Warren (virtually)
Mayor Moore closed the public hearing.
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MOTION: Chao moved and Mohan seconded to approve the staff recommendation, as amended:
1. Find the project exempt from the California Environmental Quality Act (CEQA); and
2. Approve the following permits:
a. Adopt Resolution No. 26-006 approving Development Permit (DP-2025- 001) (Attachment A);
b. Adopt Resolution No. 26-007 approving Use Permit (U-2025-006) (Attachment B);
c. Adopt Resolution No. 26-008 approving Architectural & Site Approval Permit (ASA-2024-016) (Attachment C);
d. Adopt Resolution No. 26-009 approving Tentative Final Map (TM2024-010) (Attachment D) e. Adopt Resolution No. 26-010 approving Tree Removal Permit (TR2024-045) (Attachment E) FRIENDLY AMENDMENT: Moore made a friendly amendment to add an additional tree per lot in the yards between the two projects and the additional 2-foot trellis on top of the 6-ft. sound wall. (Chao and Mohan accept the friendly amendment).
The amended motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan. Noes: None. Abstain: None. Absent: Wang.
MOTION: Moore moved and Mohan seconded to Reconsider Item No. 15. The motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan. Noes: None.
Abstain: None. Absent: Wang.
MOTION FOR RECONSIDERATION: Chao moved and Moore seconded to reconsider the staff recommendation, as amended:
1. Find the project exempt from the California Environmental Quality Act (CEQA); and
2. Approve the following permits:
a. Adopt Resolution No. 26-006 approving Development Permit (DP-2025- 001) (Attachment A);
b. Adopt Resolution No. 26-007 approving Use Permit (U-2025-006) (Attachment B);
c. Adopt Resolution No. 26-008 approving Architectural & Site Approval Permit (ASA-2024-016) (Attachment C);
d. Adopt Resolution No. 26-009 approving Tentative Final Map (TM2024-010) (Attachment D) e. Adopt Resolution No. 26-010 approving Tree Removal Permit (TR2024-045) (Attachment E) 87 CC 02-03-2026 Searchable Packet
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3. With an amendment to add an additional tree per lot in the yards between the two projects and the additional 2-foot trellis on top of the 6-ft. sound wall and no roof top decks for those two-story units.
The motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan.
Noes: None. Abstain: None. Absent: Wang.
16. Subject: Consider a new residential development of 32 townhomes (Dividend Homes II), including 6 affordable units, to replace three office buildings on a 1.77-acre site, located mid-block corner on Stevens Creek Boulevard between Randy Lane and Blaney Avenue. (Application No(s): DP-2025-002, ASA-2025-004, TM-2025-002, TR-2025-002, & U-2025-007; Applicant(s): Dividend Homes; Location: 20045 & 20065 Stevens Creek Blvd. (A.P.N.: 316-23-095, -096)
Recommended Action: 1. Find the project exempt from the California Environmental Quality Act (CEQA); and
2. Approve the following permits:
a. Adopt Resolution No. 26-011 approving Development Permit (DP-2025-002) (Attachment A);
b. Adopt Resolution No. 26-012 approving Use Permit (U-2025-007) (Attachment B); c. Adopt Resolution No. 26-013 approving Architectural & Site Approval Permit (ASA-2025-004) (Attachment C);
d. Adopt Resolution No. 26-014 approving Tentative Final Map (TM-2025-002) (Attachment D); and
e. Adopt Resolution No. 26-015 approving Tree Removal Permit (TR-2025-002) (Attachment E).
Written communications for this item included staff and applicant presentations and emails to the Council.
Councilmembers disclosed ex-parte communications prior to deliberation on this matter.
Senior Planner Gian Martire gave a presentation.
Applicant Joshua Vrotsos, Vice President of Dividend Homes, spoke.
Councilmembers asked questions and made comments.
Mayor Moore opened the public hearing and the following members of the public spoke:
Todd McNair
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Jerry Su
Lisa Warren (virtually)
Planning Commissioner San Rao (representing self) (virtually) Mayor Moore closed the public hearing.
MOTION: Chao moved and Fruen seconded to approve the staff recommendation, as amended:
1. Find the project exempt from the California Environmental Quality Act (CEQA); and
2. Approve the following permits:
a. Adopt Resolution No. 26-011 approving Development Permit (DP-2025-002) (Attachment A);
b. Adopt Resolution No. 26-012 approving Use Permit (U-2025-007) (Attachment B) c. Adopt Resolution No. 26-013 approving Architectural & Site Approval Permit (ASA-2025-004) (Attachment C);
d. Adopt Resolution No. 26-014 approving Tentative Final Map (TM-2025-002) (Attachment D); and
e. Adopt Resolution No. 26-015 approving Tree Removal Permit (TR-2025-002) (Attachment E).
3. With an amendment to add an additional tree per lot in the yards between the two projects and the additional 2-foot trellis on top of the 6-ft. sound wall, and no roof top decks for those two story units.
The amended motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan. Noes: None. Abstain: None. Absent: Wang.
MOTION: Moore moved and Mohan seconded to extend the meeting past 10:30 p.m. to hear the Motion to Reconsider Item No. 15 (as noted with the motions under item 15). The motion passed with the following vote: Ayes: Moore, Chao, Fruen and Mohan. Noes: None. Abstain:
None. Absent: Wang.
ACTION CALENDAR – None
ITEMS REMOVED FROM THE CONSENT CALENDAR – None
CITY MANAGER REPORT
17. Subject: City Manager Report
City Manager Tina Kapoor reported on recent highlights and upcoming events as provided in the published agenda.
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COUNCILMEMBER REPORTS
18. Subject: Councilmember Reports
Councilmembers reported on their various committees and events as provided in the published agenda.
FUTURE AGENDA ITEMS
This item was not discussed.
19. Subject: Upcoming Draft Agenda Items Report
A tentative council meeting agenda calendar was provided in the published agenda.
ADJOURNMENT
At 10:33 p.m., Mayor Kitty Moore adjourned the Regular City Council Meeting.
Minutes prepared by:
________________________________
Lauren Sapudar, Acting City Clerk
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CITY OF CUPERTINO
Agenda Item
25-14422 Agenda Date: 2/3/2026
Agenda #: 4.
Subject: Receive the Monthly Treasurer's Report for December 2025.
Receive the Monthly Treasurer's Report for December 2025.
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ADMINISTRATIVE SERVICES DEPARTMENT
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3220
CUPERTINO.GOV
1 CITY COUNCIL STAFF REPORT
Date: February 3, 2026
Subject
Receive the Monthly Treasurer's Report for December 2025 Recommended Action
Receive the Monthly Treasurer's Report for December 2025 Reasons for Recommendation
Background
California Government Code Section 41004 states:
Regularly, at least once each month, the city treasurer shall submit to the city clerk a written report and accounting of all receipts, disbursements, and fund balances.
The city treasurer shall file a copy with the legislative body.
The City's Municipal Code Section 2.24.030 Monthly Reports states:
The Treasurer shall make monthly reports which conform to the requirements of Government Code Section 41004. Said reports shall be delivered to the City Council, the City Manager and made available for review by such other persons who may so request.
The Treasurer's Report (report and accounting of all receipts, disbursements, and fund balances) is made available to City Council in compliance with the aforementioned requirements.
Cash vs. Accrual Basis Accounting
Cash basis accounting and accrual basis accounting differ in the way revenues and expenses are recognized and recorded, primarily with regard to their timing.
Under cash basis accounting, revenues are recorded when payment is received, and expenses are recorded when payment is made. This method of accounting recognizes transactions only when cash changes hands. In contrast, accrual basis accounting 92 CC 02-03-2026 Searchable Packet
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2 recognizes revenues when they are earned (but not necessarily received) and expenses when they are incurred (but not necessarily paid). This method of accounting recognizes transactions as they occur, regardless of whether cash has been exchanged.
Receipts, disbursements, and cash balance are measured on a cash basis. The cash balance shows the total cash and investments in the City's accounts. The ending balance is the beginning balance plus receipts minus disbursements. Journal adjustments generally include transactions recorded in other systems and imported into New World, Councilapproved budget adjustments, quarterly Cost Allocation Plan (CAP) charges, and quarterly interest earnings.
Revenues, expenditures, and fund balance are measured on an accrual basis. As a result, the amount in fund balance does not mean the City has that much cash on hand. Instead, fund balance is the difference between assets and liabilities. The ending balance is the beginning balance plus revenues minus expenditures.
Treasurer's Report
The report provides an update on the City's cash and fund balances for December 2025.
The report is as of January 27, 2026.
Note: Beginning balances have been updated to account for any final adjustments made as part of the month-end close that could not be completed before the prior report’s preparation. These adjustments were necessary due to time constraints associated with completing the month-end close process and generating the report.
Receipts, Disbursements, and Cash Balance
The City's General Fund ending cash and investment balance was $205.3 million, increasing by $8.0 million from the prior month. Receipts were $12.2 million, disbursements were $(4.2) million, and journal adjustments were $0.1 million for the month.
The City's total ending cash and investment balance was $315.5 million, increasing by $7.2 million from the prior month. Receipts were $12.6 million, disbursements were $(6.2) million, and journal adjustments were $0.8 million for the month.
Journal adjustments included the following:
Parks and Recreation transactions imported from Active Network into New World
Position Allocation journal correction
CAP journal
Worker’s Compensation journals
Interest Earnings
Employee payouts
LAIF investment transfer
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3 Fund Balance/Net Position
The City's General Fund ending fund balance was $152.2 million, increasing by $2.5 million from the prior month due to revenues of $12.8 million and expenditures of $10.3 million.
The City's total ending fund balance was $248.7 million, increasing by $0.2 million from the prior month due to revenues of $14.7 million and expenditures of $14.5 million.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Jonathan Orozco
Acting Director of Administrative Services and City Treasurer Approved for Submission by: __________________
Tina Kapoor
Interim City Manager
Attachments:
A – Report of City-wide Receipts, Disbursements, and Cash Balances December 2025 B – Report of City‐wide Fund Balances/Net Position December 2025 94 CC 02-03-2026 Searchable Packet
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December 2025 Report of City‐wide Receipts, Disbursements, and Cash Balances Cash and Investments (Unaudited)
Beginning Balance Ending Balance
Fund Type Fund Number/Name as of November 30, 2025 Receipts Disbursements Journal Adjustments as of December 31, 2025 General Fund 100 General Fund 197,297,904 12,164,627 (4,242,662) 120,630 205,340,500 General Fund 130 Investment Fund 702,918 ‐ ‐ 432,049 1,134,968 Special Revenue Funds 210 Storm Drain Improvement 150,162 ‐ ‐ 1 150,163 Special Revenue Funds 215 Storm Drain AB1600 2,295,483 5,279 ‐ 23 2,300,785Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 514,689 ‐ (108,165) 6 406,530 Special Revenue Funds 260 CDBG 566,862 122 (5,665) 8 561,327Special Revenue Funds 261 HCD Loan Rehab 230,372 ‐ ‐ ‐ 230,372 Special Revenue Funds 265 BMR Housing 4,928,302 350 (84,798) 50 4,843,903 Special Revenue Funds 270 Transportation Fund 14,593,748 293,352 (259,138) 147 14,628,108Special Revenue Funds 271 Traffic Impact 923,850 6,797 ‐ 9 930,656 Special Revenue Funds 280 Park Dedication 20,993,908 15,000 ‐ 208 21,009,116 Special Revenue Funds 281 Tree Fund 74,637 ‐ ‐ 1 74,638 Debt Service Funds 365 Public Facilities Corp 2,436,800 ‐ (239,800) ‐ 2,197,000 Capital Project Funds 420 Capital Improvement Fund 35,120,795 ‐ (43,912) ‐ 35,076,883 Capital Project Funds 427 Stevens Creek Corridor Park 157,338 ‐ ‐ ‐ 157,338 Capital Project Funds 429 Capital Reserve* ‐ 7,142,250 ‐ ‐ 7,142,250 Enterprise Funds 520 Resource Recovery 5,056,103 140,397 (173,968) 51 5,022,583Enterprise Funds 560 Blackberry Farm 965,493 ‐ (47,221) 52,522 970,794 Enterprise Funds 570 Sports Center 1,716,033 ‐ (118,440) 66,839 1,664,432 Enterprise Funds 580 Recreation Program 3,274,752 7,055 (90,172) 107,225 3,298,860Internal Service Funds 610 Innovation & Technology 2,702,929 106 (348,127) 30 2,354,938Internal Service Funds 620 Workersʹ Compensation 3,824,338 ‐ (5,539) (27,594) 3,791,206 Internal Service Funds 630 Vehicle/Equip Replacement 931,411 ‐ (247,320) 12 684,103 Internal Service Funds 641 Compensated Absence/LTD 486,652 ‐ 335 5 486,992 Internal Service Funds 642 Retiree Medical 1,207,399 ‐ (149,821) 13 1,057,591 Total $ 308,295,129 $ 12,633,085 $ (6,164,412) $ 752,235 $ 315,516,037 * For reporting purposes, this fund rolls up/combines with Fund 420Printed January 27, 2026For more information on funds, please see cupertino.org/fund‐structure 95 CC 02-03-2026 Searchable Packet
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December 2025 Report of City‐wide Fund Balances/Net Position (Unaudited)
Beginning Fund Balance Ending Fund Balance
Fund Type Fund Number/Name as of November 30, 2025 Revenues Expenditures as of December 31, 2025 General Fund 100 General Fund 149,757,287 12,772,612 10,286,298 152,243,601 General Fund 130 Investment Fund 661,474 (702,918) ‐ (41,445)Special Revenue Funds 210 Storm Drain Improvement 2,123,135 739 ‐ 2,123,874Special Revenue Funds 215 Storm Drain AB1600 1,875,840 17,558 ‐ 1,893,398 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,111,967 1,461 260,854 852,573 Special Revenue Funds 260 CDBG 1,688,310 3,938 22,768 1,669,480 Special Revenue Funds 261 HCD Loan Rehab 222,016 ‐ ‐ 222,016 Special Revenue Funds 265 BMR Housing 9,492,348 24,140 26,010 9,490,478 Special Revenue Funds 270 Transportation Fund 10,408,679 369,102 1,220,913 9,556,869Special Revenue Funds 271 Traffic Impact 776,913 4,549 ‐ 781,462 Special Revenue Funds 280 Park Dedication 18,700,661 133,453 ‐ 18,834,114 Special Revenue Funds 281 Tree Fund 78,280 1,401 ‐ 79,681 Debt Service Funds 365 Public Facilities Corp (238,050) ‐ ‐ (238,050)Capital Project Funds 420 Capital Improvement Fund 21,039,992 82,598 856,210 20,266,379 Capital Project Funds 427 Stevens Creek Corridor Park 157,343 ‐ ‐ 157,343 Capital Project Funds 429 Capital Reserve* 13,889,322 ‐ ‐ 13,889,322 Enterprise Funds 520 Resource Recovery 4,770,350 164,262 350,485 4,584,127 Enterprise Funds 560 Blackberry Farm 743,702 59,335 91,212 711,825 Enterprise Funds 570 Sports Center 1,869,679 96,602 238,483 1,727,798 Enterprise Funds 580 Recreation Program 2,985,930 106,479 326,372 2,766,037 Internal Service Funds 610 Innovation & Technology 1,484,487 954,543 413,109 2,025,921 Internal Service Funds 620 Workersʹ Compensation 2,107,094 157,697 23,865 2,240,926 Internal Service Funds 630 Vehicle/Equip Replacement 2,235,057 398,360 123,181 2,510,237 Internal Service Funds 641 Compensated Absence/LTD 712,665 10,746 70,107 653,305 Internal Service Funds 642 Retiree Medical (149,808) 5,195 152,566 (297,178) Total $ 248,504,672 $ 14,661,853 $ 14,462,433 $ 248,704,093* For reporting purposes, this fund rolls up/combines with Fund 420Printed January 27, 2026For more information on funds, please see cupertino.org/fund‐structure 96 CC 02-03-2026 Searchable Packet
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CITY OF CUPERTINO
Agenda Item
25-14423 Agenda Date: 2/3/2026
Agenda #: 5.
Subject: Receive the Monthly Treasurer's Investment Report for December 2025.
Receive the Monthly Treasurer's Investment Report for December 2025.
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ADMINISTRATIVE SERVICES DEPARTMENT
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3220
CUPERTINO.GOV
1 CITY COUNCIL STAFF REPORT
Date: February 3, 2026
Subject
Receive the Monthly Treasurer's Investment Report for December 2025 Recommended Action
Receive the Monthly Treasurer's Investment Report for December 2025 Reasons for Recommendation
The Monthly Investment Report is a routine report provided to City Council and is provided as Attachment A with this report.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
City Work Program Item/Description
None.
Council Goal
Fiscal Strategy
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: Jonathan Orozco, Acting Director of Administrative Services and City Treasurer
Approved for Submission by: Tina Kapoor, City Manager
Attachments:
A – Chandler Investment Report December 2025
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INVESTMENT REPORT
City of Cupertino | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
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. 99 CC 02-03-2026 Searchable Packet
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TABLE OF CONTENTS
City of Cupertino | As of December 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
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ECONOMIC UPDATE
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The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipate no further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.
The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
ECONOMIC UPDATE
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-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
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0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) reported that job openings fell to 7.1 million in November from a downwardly revised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
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0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
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0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both business conditions and the labor market.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
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-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) declined 0.3% in September, marking its second consecutive monthly decrease after a revised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
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0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid 2023. Short-term momentum also weakened, with 80 percent of the 20 tracked markets recording month-over-month price declines on a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30 ‑
year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
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40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvement to seasonal strength, though many remained cautious about the potential impact of tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
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Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
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Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
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ACCOUNT PROFILE
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OBJECTIVES
City of Cupertino | As of December 31, 2025
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 114
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.6 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Maturity (Years) 5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.6 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 27.5 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 1 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.9 Compliant
Max % Issuer (MV) 10.0 1.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.5 Compliant
Max Maturity (Years) 5 4 Compliant
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PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19)
City of Cupertino 0.19% 1.08% 6.06% 6.06% 5.09% 4.94% 1.70% -- 2.40% Benchmark Return 0.19% 1.11% 5.73% 5.73% 4.53% 4.52% 1.37% -- 2.15% City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.63
Average Coupon 3.71%
Average Purchase YTM 3.95%
Average Market YTM 3.78%
Average Credit Quality* AA
Average Final Maturity 3.05
Average Life 2.87
End Values as
of 09/30/2025
End Values as
of 12/31/2025
Market Value 204,001,801.31 205,668,734.88
Accrued Interest 1,106,379.00 1,621,951.12
Total Market Value 205,108,180.31 207,290,686.00
Income Earned 1,646,763.62 1,975,161.43
Cont/WD 27,800,000.00 0.00
Par 204,299,921.15 205,673,731.74
Book Value 202,688,318.55 204,078,590.52
Cost Value 202,164,869.60 203,529,920.42
United States 45.52%
FHLMC 11.56%
Farm Credit System 2.57%
International Bank for Recon and Dev 1.70%
Morgan Stanley 1.68%
Toyota Motor Corporation 1.39%
Guardian Life Global Funding 1.32%
The Home Depot, Inc. 1.28%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. **Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 19 118
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PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 3.05 2.56
Average Modified Duration 2.47 2.63 2.21
Average Purchase Yield 3.95% 3.32%
Average Market Yield 3.55% 3.78% 3.35%
Average Quality** AA+ AA AA+
Total Market Value 207,290,686 205,108,180
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 20 119
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SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 45.52% 37.16%
Corporate 27.48% 24.11%
Agency CMBS 11.56% 10.69%
ABS 7.60% 6.36%
Agency 3.50% 3.50%
Supras 2.88% 3.55%
Muni Bonds 0.87% 0.87%
Money Mkt Fd 0.59% 0.24%
Cash -- 13.53%
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DURATION ALLOCATION
City of Cupertino | Account #10659 | As of December 31, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2025 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% 22 121
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ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 45.52%
FHLMC Agency CMBS 11.56%
Farm Credit System Agency 2.57%
International Bank for Recon and Dev Supras 1.70%
Morgan Stanley Corporate 1.68%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.32%
The Home Depot, Inc. Corporate 1.28%
Deere & Company Corporate 1.20%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.18%
New York Life Insurance Company Corporate 1.17%
Caterpillar Inc. Corporate 1.09%
Royal Bank of Canada Corporate 1.00%
Massachusetts Mutual Life Insurance Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.93%
Federal Home Loan Banks Agency 0.93%
PACCAR Inc Corporate 0.91%
Simon Property Group, Inc. Corporate 0.91%
Chubb Limited Corporate 0.87%
State of California Muni Bonds 0.87%
American Honda Finance Corporation Corporate 0.86%
Pricoa Global Funding I Corporate 0.85%
Chase Issuance Trust ABS 0.83%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.74%
Citigroup Inc ABS 0.74%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0.73%
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ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
JPMorgan Chase & Co. Corporate 0.73%
The Progressive Corporation Corporate 0.73%
Realty Income Corporation Corporate 0.71%
American Express Credit Master Trust ABS 0.70%
Marsh & McLennan Companies, Inc. Corporate 0.69%
WF Card Issuance Trust ABS 0.67%
Wells Fargo & Company Money Mkt Fd 0.57%
Honda Auto Receivables Owner Trust ABS 0.54%
Cargill, Incorporated Corporate 0.53%
Metropolitan Life Global Funding I Corporate 0.53%
GM Financial Securitized Term ABS 0.53%
BMW Vehicle Lease Trust ABS 0.51%
Mercedes-Benz Auto Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
The Goldman Sachs Group, Inc. Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Toyota Auto Receivables Owner Trust ABS 0.40%
John Deere Owner Trust ABS 0.39%
Met Tower Global Funding Corporate 0.37%
Mercedes-Benz Auto Receivables Trust ABS 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.27%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
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QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 11.52% 23.28%
AA 66.23% 56.92%
A 18.76% 16.64%
BBB 0.50% --
NA 3.00% 3.16%
Rating 12/31/2025 09/30/2025
Aaa 8.21% 20.99%
Aa 68.96% 57.92%
A 18.32% 16.60%
NA 4.51% 4.49%
Rating 12/31/2025 09/30/2025
AAA 14.80% 26.36%
AA 60.71% 52.84%
A 11.16% 10.00%
NA 13.33% 10.80%
City of Cupertino | Account #10659 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
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0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Compared to the Benchmark
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3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 1.08% 6.06% 5.09% 4.94% 1.70% 2.40% City of Cupertino Net of Fees 1.07% 5.99% 5.02% 4.87% 1.63% 2.33% Benchmark 1.11% 5.73% 4.53% 4.52% 1.37% 2.15%
REALIZED RATE OF RETURN
City of Cupertino 0.96% 3.54% 3.01%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 27 126
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HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 3.95%
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PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.63% 3.90%
Average Market Yield 3.63% 3.90%
Average Quality** AAA AAA
Total Market Value 81,009,098 74,825,162
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 128
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SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LAIF 91.23% 92.86%
Cash 8.77% 7.14%
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CONSOLIDATED INFORMATION
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PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.19 1.87
Average Modified Duration 1.89 1.62
Average Purchase Yield 3.86% 3.47%
Average Market Yield 3.74% 3.50%
Average Quality** AA+ AA+
Total Market Value 288,299,784 279,933,343
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 32 131
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SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 32.74% 27.31%
LAIF 25.62% 24.61%
Corporate 19.77% 17.72%
Agency CMBS 8.31% 7.85%
ABS 5.47% 4.67%
Agency 2.52% 2.57%
Cash 2.46% 11.84%
Supras 2.07% 2.61%
Muni Bonds 0.62% 0.64%
Money Mkt Fd 0.43% 0.18%
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PORTFOLIO HOLDINGS
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 73,664.30 07/12/2022
3.77%
73,657.26
73,662.62
99.96 4.07%
73,637.04
122.45
0.04%
(25.58)
Aaa/NA
AAA
1.13 0.12
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 560,116.93 05/14/2024
5.41%
560,101.36
560,109.77
100.51
4.11%
562,972.97
1,346.77
0.27%
2,863.20
NA/AAA
AAA
1.38 0.37
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 231,161.92 10/12/2022
5.15%
231,143.98
231,156.39
100.24
4.16%
231,724.80
522.94
0.11%
568.40
Aaa/NA
AAA
1.45 0.24
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 817,404.32 11/21/2023
5.65%
814,083.62
815,673.67
100.59
4.05%
822,250.71
1,874.58
0.40%
6,577.04
NA/AAA
AAA
2.30 0.51
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 570,497.05 --5.64%
571,909.24
571,122.23
101.09
4.09%
576,722.88
898.53
0.28%
5,600.66
Aaa/NA
AAA
2.47 0.64
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/20254.32%
1,049,997.06
1,049,997.27
100.27
3.82%
1,052,808.75
694.75
0.51%
2,811.48
NA/AAA
AAA
2.74 1.47
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 741,090.54 11/29/20233.88%
756,780.81
748,557.41
101.34
4.13%
751,006.33
1,959.77
0.37%
2,448.92
NA/AAA
AAA
2.88 0.70
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,854.87
100.88
3.98%
504,381.50
1,102.22
0.25%
4,526.63
Aaa/NA
AAA
2.88 0.85
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
852,738.19
101.04
3.79%
858,823.00
1,881.33
0.42%
6,084.81
Aaa/NA
AAA
0.88 0.84
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 519,127.49 05/14/20245.27%
519,064.41
519,087.05
101.21
3.84%
525,406.33
987.93
0.26%
6,319.28
NA/AAA
AAA
2.89 0.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,085,959.77 --
4.97%
1,084,237.70
1,084,862.93
100.61
4.00%
1,092,586.29
2,194.54
0.53%
7,723.37
Aaa/NA
AAA
2.97 0.68
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,842.18
100.90
3.75%
1,705,140.71
3,455.11
0.83%
15,298.53
NA/AAA
AAA
3.04 0.99
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 685,001.19 06/04/20245.18%
684,897.14
684,931.54
100.91
3.98%
691,253.20
591.38
0.34%
6,321.66
Aaa/AAA
NA
3.16 0.73
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/20254.57%
1,044,828.52
1,044,838.09
100.09
3.86%
1,045,976.03
1,802.04
0.51%
1,137.94
NA/AAA
AAA
3.29 1.94
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,969.97
101.57
3.78%
797,297.81
1,720.02
0.39%
12,327.84
Aaa/AAA
NA
3.37 1.30
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,977.63
101.14
3.79%
1,436,207.88
2,701.16
0.70%
16,230.25
NA/AAA
AAA
4.29 2.14
35 134
CC 02-03-2026 Searchable Packet
134 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,979.92
101.33
3.78%
1,383,120.38
2,632.93
0.67%
18,140.45
NA/AAA
AAA
4.37 2.21
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,513,736.04
101.16
3.80%
1,517,418.00
1,791.67
0.74%
3,681.96
Aaa/AAA
NA
4.47 2.32
15,523,915.77 100.90 15,628,734.61 7.60% 3.14
Total ABS 15,489,023.50 4.66% 15,510,097.78 3.88% 28,280.14 118,636.83 1.30 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/20244.85%
1,870,050.00
1,872,903.16
101.68
3.38%
1,906,554.38
20,286.46
0.93%
33,651.22
Aa1/AA+
AA+
1.27 1.21
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/20244.55% 2,412,552.00
2,405,863.18
101.63
3.49%
2,439,168.00
17,416.67
1.19%
33,304.82
Aa1/AA+
AA+
1.34 1.29
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/20234.73% 2,789,612.00
2,795,143.73
101.99
3.51%
2,855,658.40
16,547.22
1.39%
60,514.67
Aa1/AA+
AA+
1.87 1.77
7,072,214.00 101.79 7,201,380.78 3.50% 1.53
Total Agency 7,075,000.00 4.70% 7,073,910.07 3.47% 54,250.35 127,470.70 1.46
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
654,621.45
99.14 3.82%
644,432.75
1,437.04
0.31%
(10,188.70)
Aa1/AA+
AAA
0.65 0.59
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
983,853.18
99.12 3.71%
991,219.00
2,703.33
0.48%
7,365.82
Aaa/AA+
AA+
1.65 1.51
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,943,312.76 07/01/2024
4.86%
1,859,127.85
1,887,625.23
99.74 3.81%
1,938,188.24
6,106.86
0.94%
50,563.02
Aa1/AAA
AA+
2.99 2.65
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,247,948.42
99.09 3.83%
1,276,325.57
3,824.29
0.62%
28,377.14
Aa1/AA+
AA+
3.07 2.82
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,867,247.25
95.51 3.84%
1,910,230.00
3,766.67
0.93%
42,982.75
Aa1/AA+
AAA
3.07 2.83
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,493,195.67
99.49 3.81%
2,536,938.90
7,841.25
1.23%
43,743.23
Aaa/AA+
AA+
3.07 2.78
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,445,134.11
98.88 3.84%
2,472,087.50
7,302.08
1.20%
26,953.39
Aa1/AAA
AA+
3.23 2.90
36 135
CC 02-03-2026 Searchable Packet
135 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,971,885.56 09/19/2024
3.82%
1,902,407.40
1,921,596.61
97.33 3.84%
1,919,194.81
4,900.14
0.93%
(2,401.80)
Aa1/AA+
AAA
3.40 2.98
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,087,414.49
96.49 3.87%
2,122,879.00
5,105.83
1.03%
35,464.51
Aa1/AA+
AAA
3.48 3.15
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,518,432.68
95.07 3.90%
1,521,092.80
3,233.33
0.74%
2,660.12
Aa1/AA+
AAA
3.65 3.34
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,419,357.96
95.51 3.91%
1,432,642.50
3,243.75
0.70%
13,284.54
Aa1/AA+
AAA
3.73 3.40
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,833,347.84
92.97 3.95%
1,859,444.00
3,448.33
0.90%
26,096.16
Aa1/AA+
AAA
4.07 3.79
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,359,099.51
90.51 3.97%
1,357,692.00
1,846.25
0.66%
(1,407.51)
Aa1/AA+
AAA
4.31 3.95
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,789,563.00
89.45 3.99%
1,788,922.00
2,305.00
0.87%
(641.00)
Aa1/AA+
AAA
4.48 4.21
23,207,959.79 96.34 23,771,289.07 11.56% 3.35
Total Agency CMBS 24,703,198.32 4.25% 23,508,437.40 3.87% 57,064.16 262,851.67 3.05 CASH
CCYUSD Receivable 6,962.94 -- 6,962.94
6,962.94
1.00 6,962.94
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
6,962.94 1.00 6,962.94 0.00% 0.00
Total Cash 6,962.94 6,962.94 0.00 0.00 0.00
CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/20211.13%
1,384,390.60
1,384,943.93
98.79 3.80%
1,368,184.72
562.66
0.67%
(16,759.22)
A1/A+
A+
0.46 0.45
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/20211.15%
1,002,230.00
1,000,244.45
98.54 3.96%
985,425.00
5,500.00
0.48%
(14,819.45)
Aa3/AA+
AA+
0.54 0.53
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/20211.27%
769,291.60
769,900.68
98.18 3.90%
756,019.88
2,860.76
0.37%
(13,880.80)
Aa3/AAAA0.70
0.68 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,906.17
98.21 3.63%
343,738.50
1,061.67
0.17%
(6,167.67)
Aa2/AA
AA
0.71 0.69
37 136
CC 02-03-2026 Searchable Packet
136 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/20221.90% 1,113,728.90
1,114,738.96
97.99 3.89%
1,092,633.10
9,872.40
0.53%
(22,105.86)
Aa3/AAAA1.03
0.99 808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/20222.46%
959,729.90
959,933.12
98.42 3.84%
944,854.08
7,709.33
0.46%
(15,079.04)
A2/AA1.17
1.13 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/20222.30%
1,614,693.15
1,614,926.40
98.42 3.65%
1,589,560.52
10,937.14
0.77%
(25,365.88)
Aa2/AA
A+
1.20 1.16
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/20245.04%
998,930.00
999,512.93
101.66
3.74%
1,016,583.00
6,527.78
0.49%
17,070.08
A2/A
A+
1.37 1.31
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/20254.66%
1,429,571.00
1,429,711.12
101.72
3.75%
1,454,598.86
32,139.25
0.71%
24,887.74
A1/A
A+
2.02 1.87
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/20234.90%
944,083.35
944,599.62
102.27
3.78%
966,493.08
14,332.50
0.47%
21,893.46
Aa3/A+
NA
2.19 1.96
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/20244.97%
1,950,000.00
1,950,000.00
101.39
4.27%
1,977,190.80
44,939.70
0.96%
27,190.80
Aa3/A+
AA2.541.43
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/20254.02%
1,863,955.60
1,864,008.01
100.47
3.82%
1,873,718.88
11,190.00
0.91%
9,710.86
A1/A+
NA
2.85 2.65
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,487,244.78
100.96
4.04%
1,514,335.50
27,343.75
0.74%
27,090.72
A2/A
NA
3.09 2.59
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/20244.69%
2,019,920.00
2,014,455.79
102.65
4.03%
2,052,958.00
41,250.00
1.00%
38,502.21
A1/A
AA3.092.79
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,469,547.82
100.18
3.94%
1,502,643.00
20,000.00
0.73%
33,095.18
A2/A
A
3.16 2.69
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/20245.12%
994,880.00
996,438.76
102.62
4.17%
1,026,183.00
3,472.22
0.50%
29,744.24
Aa1/AA+
AAA
3.43 3.12
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,612,154.88
96.76 3.96%
1,609,157.05
2,180.38
0.78%
(2,997.84)
A2/A
A
3.45 3.24
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/20244.93%
992,260.00
994,591.79
102.52
3.97%
1,025,244.00
791.67
0.50%
30,652.21
A2/A
A
3.48 3.12
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/20244.69%
1,419,212.41
1,431,612.01
99.51 4.15%
1,455,891.28
26,984.22
0.71%
24,279.28
A3/ANA3.54
3.20 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,353.66
101.96
3.90%
1,529,364.00
30,750.00
0.74%
31,010.34
A1/A+
NA
3.54 3.12
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,744.83
100.32
4.37%
1,504,864.50
27,669.75
0.73%
7,119.67
A1/A
AA3.562.36
38 137
CC 02-03-2026 Searchable Packet
137 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/20244.29%
1,498,710.00
1,499,141.84
100.46
4.39%
1,506,874.50
28,117.42
0.73%
7,732.66
A1/AAA3.56
2.36 30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/20244.33%
910,584.09
910,974.90
101.20
3.94%
922,987.78
14,814.93
0.45%
12,012.88
Aa3/AANA3.62
3.20 171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --4.44%
1,765,746.34
1,761,599.83
102.21
3.99%
1,788,659.25
30,741.67
0.87%
27,059.42
A2/A
A
3.62 3.19
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/20243.94%
1,906,080.00
1,930,713.04
96.03 4.07%
1,920,526.00
21,722.22
0.93%
(10,187.04)
A2/A+
A
3.62 3.35
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/20244.29%
1,758,102.50
1,756,052.09
101.01
4.10%
1,767,669.75
24,811.11
0.86%
11,617.66
A3/ANA3.68
3.32 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,205,000.00 09/23/20244.18%
1,205,000.00
1,205,000.00
99.93 4.20%
1,204,202.29
13,288.64
0.59%
(797.71)
Aa1/AA+
NA
3.74 3.39
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/20254.25%
1,470,184.60
1,470,172.60
99.97 4.27%
1,469,526.66
11,644.73
0.71%
(645.94)
A1/AA+3.80
2.59 38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 1,025,000.00 10/14/20254.37%
1,025,000.00
1,025,000.00
99.98 4.27%
1,024,770.40
8,277.16
0.50%
(229.60)
A2/BBB+
A
3.80 2.60
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/20244.74%
1,198,092.00
1,198,522.50
102.60
3.97%
1,231,172.40
7,206.67
0.60%
32,649.90
A2/A
A+
3.87 3.50
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/20244.61%
1,364,221.95
1,364,388.98
101.57
4.16%
1,386,435.96
4,534.83
0.67%
22,046.98
Aa1/AA+
AAA
3.93 3.55
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/20255.00%
1,441,907.70
1,442,512.27
102.97
4.14%
1,487,865.93
34,174.25
0.72%
45,353.65
A1/A+
A+
4.02 3.54
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025
4.88%
1,002,873.61
1,002,348.52
102.92
4.17%
1,029,175.00
19,800.00
0.50%
26,826.48
A2/NA
A
4.10 3.55
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,762.92
102.00
4.12%
1,428,065.80
19,168.33
0.69%
30,302.88
A3/AA4.20
3.67 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/20254.58%
998,670.00
998,844.08
100.94
4.31%
1,009,392.00
6,825.00
0.49%
10,547.92
Aa3/AA+
AA+
4.35 3.89
66815L2W8 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/20254.51% 1,004,040.00
1,003,590.62
101.47
4.23%
1,014,740.00
3,577.78
0.49%
11,149.38
Aa1/AA+
AAA
4.42 3.96
828807DK0 SIMON PROPERTYGROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,864,356.02
93.64 4.21%
1,872,740.00
24,438.89
0.91%
8,383.98
A3/A
NA
4.54 4.15
39 138
CC 02-03-2026 Searchable Packet
138 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
40139LBN2 GUARDIAN LIFE GLOBAL FUNDING
4.327 10/06/2030 1,500,000.00 09/30/20254.33%
1,500,000.00
1,500,000.00
100.18
4.28%
1,502,752.50
15,324.79
0.73%
2,752.50
Aa1/AA+
NA
4.76 4.22
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/20254.22%
1,006,920.00
1,006,701.47
101.05
4.13%
1,010,534.00
9,236.11
0.49%
3,832.53
A1/A
A+
4.79 4.25
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,203.45
99.57 4.22%
1,095,233.70
8,570.83
0.53%
(3,969.75)
A2/A
NA
4.81 4.29
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,822.34
100.21
4.15%
1,503,169.50
10,150.00
0.73%
347.16
Aa3/AANA4.87
4.27 74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,447.11
100.25
4.29%
1,754,408.25
7,612.50
0.85%
4,961.14
Aa3/NA
AA4.904.35
Total Corporate 56,383,000.00 4.14%
55,988,793.39
56,073,724.28
100.29
4.07%
56,520,542.40
652,113.03
27.48%
446,818.12
3.31 2.86
MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,773.62 --
1.80%
52,773.62
52,773.62
1.00 1.80%
52,773.62
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,163,773.36 --3.30%
1,163,773.36
1,163,773.36
1.00 3.30%
1,163,773.36
0.00 0.57%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,216,546.98 3.24%
1,216,546.98
1,216,546.98
1.00 3.24%
1,216,546.98
0.00 0.59%
0.00 0.00
0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024
4.38%
1,749,169.80
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
Aa2/AAAA3.58
3.23 Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
3.58 3.23
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/20210.97%
2,448,733.20
2,459,327.45
99.14 3.77%
2,438,819.40
4,245.21
1.19%
(20,508.05)
Aaa/AAA
NA
0.30 0.30
40 139
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024
4.25%
1,721,510.00
1,727,697.87
100.70
3.68%
1,762,246.50
14,122.50
0.86%
34,548.63
Aaa/AAA
NA
3.79 3.47
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,700,000.00 03/14/2025
4.20%
1,694,220.00
1,695,128.47
101.49
3.74%
1,725,297.70
19,673.96
0.84%
30,169.23
Aaa/AAA
NA
4.22 3.80
Total Supranational 5,910,000.00 2.89%
5,864,463.20
5,882,153.79
100.29
3.73%
5,926,363.60
38,041.67
2.88%
44,209.81
2.48 2.26
US TREASURY
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/20210.75%
2,456,445.31
2,499,235.44
99.74 3.68%
2,493,505.00
3,923.23
1.21%
(5,730.44)
Aa1/AA+
AA+
0.08 0.08
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/20210.80%
2,493,652.34
2,499,579.88
99.08 3.59%
2,477,082.50
3,211.33
1.20%
(22,497.38)
Aa1/AA+
AA+
0.33 0.32
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/20211.19%
1,379,054.68
1,396,847.19
98.03 3.59%
1,372,375.20
3,129.81
0.67%
(24,471.99)
Aa1/AA+
AA+
0.75 0.73
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/20211.25%
1,391,468.75
1,398,571.05
97.99 3.62%
1,371,836.20
2,697.51
0.67%
(26,734.85)
Aa1/AA+
AA+
0.83 0.81
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/20234.01%
2,525,097.66
2,508,072.08
100.78
3.53%
2,519,610.00
5,108.17
1.23%
11,537.92
Aa1/AA+
AA+
0.96 0.92
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/20244.77%
2,283,109.38
2,292,745.70
101.23
3.51%
2,328,301.50
22,178.57
1.13%
35,555.80
Aa1/AA+
AA+
1.29 1.23
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/20244.65%
3,186,500.00
3,193,847.95
101.33
3.49%
3,242,499.20
18,696.13
1.58%
48,651.25
Aa1/AA+
AA+
1.37 1.31
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,999.46
99.66 3.49%
3,238,829.75
291.78
1.57%
(14,169.71)
Aa1/AA+
AA+
1.50 1.45
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/20223.12%
393,218.75
397,833.61
98.87 3.49%
395,484.40
4,603.26
0.19%
(2,349.21)
Aa1/AA+
AA+
1.58 1.51
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --3.28%
4,468,902.34
4,489,607.48
99.43 3.48%
4,474,161.00
47,781.42
2.18%
(15,446.48)
Aa1/AA+
AA+
1.67 1.58
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --4.31%
3,421,152.34
3,439,772.57
101.07
3.48%
3,486,925.35
36,360.06
1.70%
47,152.78
Aa1/AA+
AA+
1.75 1.65
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/20223.81%
852,656.25
851,018.71
100.71
3.49%
856,042.65
2,895.60
0.42%
5,023.94
Aa1/AA+
AA+
1.91 1.82
41 140
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --3.67%
2,775,107.42
2,760,179.85
100.75
3.48%
2,770,517.75
294.37
1.35%
10,337.90
Aa1/AA+
AA+
2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/20233.81%
2,957,929.69
2,982,412.85
100.02
3.49%
3,000,585.00
43,940.22
1.46%
18,172.15
Aa1/AA+
AA+
2.08 1.96
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --4.01%
3,699,113.28
3,699,674.36
101.04
3.49%
3,738,591.00
50,287.29
1.82%
38,916.64
Aa1/AA+
AA+
2.16 2.03
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/20253.50%
4,982,812.50
4,983,858.13
99.59 3.53%
4,979,490.00
50,345.30
2.42%
(4,368.13)
Aa1/AA+
AA+
2.71 2.53
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/20244.62%
2,249,867.19
2,267,141.94
101.66
3.58%
2,338,094.90
24,240.04
1.14%
70,952.96
Aa1/AA+
AA+
3.25 2.99
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/20244.41%
1,985,546.88
1,989,889.16
102.11
3.60%
2,042,266.00
234.81
0.99%
52,376.84
Aa1/AA+
AA+
3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/20243.45%
3,527,480.47
3,520,280.68
99.98 3.63%
3,499,454.00
43,109.46
1.70%
(20,826.68)
Aa1/AA+
AA+
3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --3.83%
4,925,039.06
4,943,454.63
99.54 3.63%
4,976,760.00
44,711.54
2.42%
33,305.38
Aa1/AA+
AA+
3.75 3.45
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/20244.17%
2,993,789.06
2,995,238.85
101.71
3.64%
3,051,327.00
21,194.75
1.48%
56,088.15
Aa1/AA+
AA+
3.83 3.49
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --4.53%
4,369,171.88
4,375,142.13
102.67
3.65%
4,517,563.60
531.77
2.20%
142,421.47
Aa1/AA+
AA+
4.00 3.65
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/20254.34%
3,983,906.25
3,986,786.46
102.22
3.66%
4,088,908.00
71,141.30
1.99%
102,121.54
Aa1/AA+
AA+
4.08 3.66
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --4.01%
4,496,958.99
4,497,406.61
101.27
3.67%
4,557,303.00
61,160.22
2.22%
59,896.39
Aa1/AA+
AA+
4.16 3.75
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --3.78%
5,020,507.81
5,020,243.58
100.75
3.69%
5,037,695.00
535.22
2.45%
17,451.42
Aa1/AA+
AA+
4.50 4.09
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/20253.59%
5,089,062.50
5,085,532.74
101.27
3.70%
5,063,475.00
83,695.65
2.46%
(22,057.74)
Aa1/AA+
AA+
4.58 4.09
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --3.66%
4,991,425.79
4,992,028.88
99.64 3.71%
4,982,225.00
61,584.94
2.42%
(9,803.88)
Aa1/AA+
AA+
4.67 4.20
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --3.59%
5,008,789.06
5,008,445.18
99.61 3.71%
4,980,665.00
46,308.38
2.42%
(27,780.18)
Aa1/AA+
AA+
4.75 4.28
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,731,977.15
98.99 3.73%
1,732,363.50
5,384.62
0.84%
386.35
Aa1/AA+
AA+
4.91 4.45
42 141
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total US Treasury 93,150,000.00 3.65%
92,899,894.54
93,059,824.27
100.51
3.60%
93,613,936.50
759,576.78
45.52%
554,112.23
2.99 2.74
Total Portfolio 205,673,731.74 3.95%
203,529,920.42
204,078,590.52
99.46 3.78%
205,668,734.88
1,621,951.12
100.00%
1,590,144.36
3.05 2.63
Total Market Value +
Accrued 207,290,686.00
43 142
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HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 7,023,661.05 --0.00%
7,023,661.05
7,023,661.05
1.00 0.00%
7,023,661.05
0.00 8.67%
0.00 NA/NA
NA
0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 19,224.61 --0.00%
19,224.61
19,224.61
1.00 0.00%
19,224.61
0.00 0.02%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 713,820.82 -- 713,820.82
713,820.82
1.00 713,820.82
0.00 0.88%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 7,756,706.48 0.00%
7,756,706.48
7,756,706.48
1.00 0.00%
7,756,706.48
0.00 9.58%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 73,252,391.03 --3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 73,252,391.03 3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 0.00
0.00 Total Portfolio 81,009,097.51 3.63%
81,009,097.51
81,009,097.51
1.00 3.63%
81,009,097.51
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 81,009,097.51
44 143
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TRANSACTIONS
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/10/2025 17305EHA6 1,500,000.00 CCCIT 2025-A1 A1 4.3 06/21/2030 101.000 3.90% (1,515,000.00) (18,633.33) (1,533,633.33) 0.00 Purchase 10/15/2025 05594HAD5 1,050,000.00 BMWLT 2025-2 A3
3.97 09/25/2028 100.000 4.32% (1,049,997.06) 0.00 (1,049,997.06) 0.00 Purchase 10/21/2025 38141GD27 1,025,000.00
GOLDMAN SACHS
GROUP INC 4.153
10/21/2029
100.000 4.37% (1,025,000.00) 0.00 (1,025,000.00) 0.00
Purchase 10/21/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.184 3.58% (2,504,589.84) (5,228.37) (2,509,818.21) 0.00 Purchase 10/22/2025 58770XAD5 1,045,000.00 MBALT 2025-B A3 3.88 04/16/2029 99.984 4.57% (1,044,828.52) 0.00 (1,044,828.52) 0.00 Purchase 10/22/2025 61748UAK8 710,000.00 MORGAN STANLEY
4.133 10/18/2029 100.026 4.12% (710,184.60) 0.00 (710,184.60) 0.00 Purchase 10/22/2025 61748UAK8 760,000.00 MORGAN STANLEY
4.133 10/18/2029 100.000 4.36% (760,000.00) 0.00 (760,000.00) 0.00 Purchase 10/23/2025 141781CF9 165,000.00 CARGILL INC 4.125 10/23/2030 99.741 4.18% (164,572.65) 0.00 (164,572.65) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 CARGILL INC 4.125 10/23/2030 99.982 4.13% (274,950.50) 0.00 (274,950.50) 0.00 Purchase 10/23/2025 141781CF9 385,000.00 CARGILL INC 4.125 10/23/2030 99.928 4.14% (384,722.80) 0.00 (384,722.80) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 CARGILL INC 4.125 10/23/2030 99.973 4.13% (274,925.75) 0.00 (274,925.75) 0.00 Purchase 10/24/2025 91282CNX5 2,000,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
100.160 3.59% (2,003,203.13) (10,814.92) (2,014,018.05) 0.00 Purchase 10/24/2025 91282CHR5 5,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
101.781 3.59% (5,089,062.50) (46,195.65) (5,135,258.15) 0.00 Purchase 10/24/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.168 3.59% (2,504,199.22) (5,975.27) (2,510,174.49) 0.00 46 145
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Purchase 10/29/2025 91282CNK3 2,500,000.00
UNITED STATES
TREASURY 3.875
06/30/2030
101.164 3.60% (2,529,101.56) (31,852.92) (2,560,954.48) 0.00 Purchase 10/29/2025 91282CNY3 5,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
99.656 3.50% (4,982,812.50) (20,511.05) (5,003,323.55) 0.00 Purchase 11/05/2025 24422EYF0 1,000,000.00
JOHN DEERE
CAPITAL CORP 4.375
10/15/2030
100.692 4.22% (1,006,920.00) (2,430.56) (1,009,350.56) 0.00 Purchase 11/07/2025 69371RU20 1,865,000.00 PACCAR FINANCIAL CORP 4.0 11/07/2028 99.944 4.02% (1,863,955.60) 0.00 (1,863,955.60) 0.00 Purchase 11/17/2025 30303MAB8 1,500,000.00 META PLATFORMS INC
4.2 11/15/2030 100.193 4.16% (1,502,895.00) (2,450.00) (1,505,345.00) 0.00 Purchase 12/09/2025 74153WCZ0 1,750,000.00
PRICOA GLOBAL
FUNDING I 4.35
11/25/2030
99.968 4.36% (1,749,440.00) (2,960.42) (1,752,400.42) 0.00 Purchase 12/15/2025 3137FWG79 2,000,000.00 FHMS K-115 A2 1.383 06/25/2030 89.367 3.99% (1,787,343.75) (1,075.67) (1,788,419.42) 0.00 Purchase 12/16/2025 91282CPN5 1,750,000.00
UNITED STATES
TREASURY 3.5
11/30/2030
98.961 3.73% (1,731,816.41) (2,692.31) (1,734,508.72) 0.00 Total Purchase 36,555,000.00 (36,459,521.39) (150,820.47) (36,610,341.86) 0.00 TOTAL
ACQUISITIONS 36,555,000.00 (36,459,521.39) (150,820.47) (36,610,341.86) 0.00
DISPOSITIONS
Maturity 10/28/2025 459058JL8 (1,400,000.00)
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025
100.000 0.60% 1,400,000.00 0.00 1,400,000.00 0.00
Maturity 10/31/2025 91282CAT8 (1,950,000.00)
UNITED STATES
TREASURY 0.25
10/31/2025
100.000 0.49% 1,950,000.00 0.00 1,950,000.00 0.00
Maturity 11/30/2025 91282CAZ4 (2,250,000.00)
UNITED STATES
TREASURY 0.375
11/30/2025
100.000 0.76% 2,250,000.00 0.00 2,250,000.00 0.00
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Total Maturity (5,600,000.00) 5,600,000.00 0.00 5,600,000.00 0.00 Sale 11/14/2025 023135BX3 (1,875,000.00) AMAZON.COM INC 1.0 05/12/2026 98.563 1.09% 1,848,056.25 104.17 1,848,160.42 (26,149.72) Sale 12/16/2025 91324PEC2 (1,035,000.00) UNITEDHEALTH GROUP INC 1.15 05/15/2026 98.876 1.37% 1,023,366.60 1,024.94 1,024,391.54 (10,689.40) Total Sale (2,910,000.00) 2,871,422.85 1,129.11 2,872,551.96 (36,839.12) TOTAL
DISPOSITIONS (8,510,000.00) 8,471,422.85 1,129.11 8,472,551.96 (36,839.12) 48 147
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TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 90LAIF$00 751,567.92
Local Agency
Investment Fund State
Pool
1.000 4.15% (751,567.92) 0.00 (751,567.92) 0.00
Purchase 11/30/2025 90LAIF$00 10,500,000.00
Local Agency
Investment Fund State
Pool
1.000 4.09% (10,500,000.00) 0.00 (10,500,000.00) 0.00
Total Purchase 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00 TOTAL
ACQUISITIONS 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00
DISPOSITIONS
Sale 10/31/2025 90LAIF$00 (5,700,000.00)
Local Agency
Investment Fund State
Pool
1.000 4.13% 5,700,000.00 0.00 5,700,000.00 0.00
Sale 12/31/2025 90LAIF$00 (1,100,000.00)
Local Agency
Investment Fund State
Pool
1.000 3.98% 1,100,000.00 0.00 1,100,000.00 0.00
Total Sale (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 TOTAL
DISPOSITIONS (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 49 148
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IMPORTANT DISCLOSURES
City of Cupertino | As of December 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 50 149
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BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of December 31, 2025 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. 51 150
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CITY OF CUPERTINO
Agenda Item
26-14787 Agenda Date: 2/3/2026
Agenda #: 6.
Subject: Receive the Treasurer's Investment Report for Quarter Ending December 31, 2025.
Receive the Treasurer's Investment Report for Quarter Ending December 31, 2025.
CITY OF CUPERTINO Page 1 of 1 Printed on 1/29/2026
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CITY COUNCIL STAFF REPORT
Meeting: February 3, 2026
Subject
Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2025 Recommended Action
Receive the Treasurer's Investment Report for the Quarter Ending December 31, 2025 Reasons for Recommendation
Background
On May 20, 2025, the City Council approved the City Investment Policy. Per the City's Investment Policy, the Treasurer shall submit a quarterly investment report to the City Council approximately 45 days following the end of the quarter. In addition to the quarterly investment reports, monthly transaction reports are submitted to the City Council within 30 days of the end of the reporting period per California Government Code Section 53607. The quarterly investment report offers a more extensive discussion of the City's economy, cash flow, and investments.
The City's Municipal Code Section 2.24.050 Investment Authority states that the Treasurer shall make a monthly report of all investment transactions to the City Council. The City's Municipal Code Section 2.48.020(A)(3) states that the Director of Administrative Services shall be appointed Treasurer and also shall act as ex officio Assessor and shall assess and collect all City taxes save and except for those collected by State and County officers for the City. Lastly, the City's Municipal Code Section 2.88.100 Duties–Powers– Responsibilities lists one of the powers and functions of the Audit Committee is "to review the quarterly Treasurer's Investment report."
Per the referenced code provisions, a Treasurer's Investment Report is made available to the City Council quarterly.
Treasurer's Investment Report
The report provides an update on the City's investment portfolio for the month ending December 31, 2025. The report is as of Janaury 22, 2026. 152
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2 The attached statements include balances and transactions of the City's investments with the Local Agency Investment Fund (LAIF) and Chandler Asset Management. The Chandler investment report provides information on the investment type, issuer, purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments.
While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report subcommittee.
The City's General Ledger cash and investments balance is $309.0 million, a $7.6 million increase from the prior quarter.
Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
September 30, 2025
Quarter Ending
December 31, 2025
General Fund 189,088,236 199,397,467
Special Revenue 45,510,313 45,016,324
Debt Service 2,676,600 2,436,800
Capital Projects 42,460,112 41,770,662
Enterprise 11,059,635 10,455,113
Internal Service 10,592,591 9,930,897
Total $301,387,488 $309,007,263
Note: Beginning balances have been updated to reflect final month-end adjustments that were not available at the time of the prior report’s publication. These adjustments include interdepartmental cost allocation charges and applicable bank fees. While the fees were recorded timely, a system issue prevented them from appearing in the previous report.
The City pools cash for all funds except restricted funds. However, the City accounts for interest earnings, revenues, and expenditures separately for each fund to adequately meet the purpose and restrictions of each funding source. Pooling funds is a common and appropriate practice used in public agencies. By pooling funds, the City can benefit from economies of scale, diversification, liquidity, and ease of administration.
The table below shows the bank balances for the City's cash and investments. Bank and General Ledger balances differ due to timing. Bank balances do not include outstanding checks and deposits in transit. The General Ledger is updated quarterly with interest earnings and annually with the year-end investment market values. 153
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3 Cash and Investments – Bank Balance
Quarter Ending
September 30, 2025
Quarter Ending
December 31, 2025
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 5,268,303 7,023,661 2% Workers' Compensation Checking
(Wells Fargo) 22,912 19,225 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1
(BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 68,800,823 73,252,391 24%
Investments
Investments (Chandler) 202,164,870 203,529,920 66%
Restricted for Pension2(PARS) 25,665,064 26,228,208 8%
Total Cash and Investments3 $301,921,972 $310,053,405 100% 1 Cash held by fiscal agent for bond repayments
2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. 4 Beginning December 31, 2024, Investment amount reflect cost value.
Wells Fargo Accounts
The City, in collaboration with Chandler and Wells Fargo's relationship manager, continues to evaluate options to maximize investment opportunities for excess funds held in the City's operating account. As previously reported, the operating account was converted to a "Government Advantage Checking" account, which offers full FDIC insurance and an interest rate of 3% through March 31, 2025. As of the end of the December 2025 quarter, there has been no change to the interest rate.
To support the effective deployment of funds and minimize idle cash balances, the City has developed an internal cash flow model that projects monthly cash inflows and outflows. This model enables the City to maintain a lower balance in its operating account while still meeting operational needs. The model also incorporates expected seasonal fluctuations in major revenue sources (e.g., property and sales tax) and expenditure patterns (e.g., CalPERS UAL and insurance obligations).
To maintain daily liquidity, the City utilizes the Local Agency Investment Fund (LAIF) as a buffer for short-term needs. The combination of the Government Advantage Checking account and LAIF, along with the City's investment portfolio, provides a diversified and flexible approach to managing public funds in alignment with the City’s Investment Policy objectives of safety, liquidity, and return.
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4 Staff will continue refining the cash flow model and evaluating investment options to enhance returns while prioritizing that adequate liquidity is preserved for City operations.
Local Agency Investment Fund (LAIF)
LAIF is an investment pool administered by the State of California Treasurer and governed by California Government Code. The City can withdraw funds from LAIF at any time. As a result, the City uses LAIF for short-term investment, liquidity, and yield.
The City's LAIF account had a balance of $73.3 million. The quarterly interest rate was
4.20%.
Investment Portfolio
In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide:
Safety to ensure the preservation of capital in the overall portfolio Sufficient liquidity for cash needs
A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in highquality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective.
The portfolio's total market value was $207.3 million, compared to $205.1 million at the end of the previous quarter. The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases. In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management.
Section 115 Trust Investment Portfolio
The City established Section 115 Trusts to reduce pension rate volatility and pre-fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs.
Contributions made to the trust can only be used to fund retirement plans. 155
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5 Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 3, 2024, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies.
Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon. The strategic asset allocation ranges for this investment objective are:
The Section 115 Pension Trust had a balance of $26.2 million, an increase of $0.6 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $46.1 million, an increase of $0.1 million from the prior quarter mainly due to investment gains. The quarterly investment return for OPEB Trust and Pension Trust was
2.27%.
Compliance
All of the City's investments comply with state law and the City's Investment Policy. In compliance with California Government Code 53646 (b)(3), the City maintains the ability to meet its expenditure requirements for the next six months.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
City Work Program Item/Description
None
City Council Goal
Fiscal Strategy
California Environmental Quality Act
Not applicable.
_____________________________________
Prepared by: __________________
Jonathan Orozco
Acting Director of Administrative Services and City Treasurer 156
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6 Approved for Submission by: __________________
Tina Kapoor
City Manager
Attachments:
A – Chandler Investment Report December 2025
B – Chandler Custodial Statement December 2025
C – PARS Pension and OPEB Account Statement December 2025 D – LAIF Account Statement December 2025
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INVESTMENT REPORT
City of Cupertino | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:
For questions about your account, please call (800) 317-4747, or contact [email protected]
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. 158 CC 02-03-2026 Searchable Packet
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TABLE OF CONTENTS
City of Cupertino | As of December 31, 2025
ECONOMIC UPDATE
ACCOUNT PROFILE
CONSOLIDATED INFORMATION
PORTFOLIO HOLDINGS
TRANSACTIONS
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ECONOMIC UPDATE
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The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting conditions from two to three months ago—indicate inflation remains moderately above the Federal Reserve’s target, while labor market conditions have continued to soften. As the flow of economic data normalizes, the Chandler team expects further yield curve steepening as the Federal Reserve moves the policy rate toward a more neutral range. U.S. trade and fiscal policy also remain sources of elevated market uncertainty.
The Federal Reserve's December Federal Open Market Committee meeting concluded with the third consecutive 25-basis-point rate cut in 2025, lowering the target range to 3.50%–3.75%. However, policymakers remain divided on the path forward. Four Fed governors project one additional 25-basis-point cut in 2026, another four anticipate no further easing, eight expect multiple cuts, and three call for a potential rate hike. Chair Jerome Powell noted that the Fed is now “well placed to wait and see” how labor market conditions and inflation evolve in the near term.
The US Treasury yield curve steepened in December, as the 2-year Treasury yield dropped 2 basis points to 3.48%, the 5-year Treasury was up 13 basis points to 3.73%, and the 10-year Treasury yield was 15 basis points higher at 4.17%. The spread between the 2-year and 10- year Treasury yield points on the curve was 17 basis points wider from November at +69 basis points at December month-end. The spread between the 2-year Treasury and 10-year Treasury yield one year ago was +33 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
ECONOMIC UPDATE
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-400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
-1.0%
3.0%
7.0%
11.0%
15.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
The December Nonfarm Payrolls report showed weaker-than-expected job growth, with payrolls rising by 50,000 compared with the consensus estimate of 70,000. This follows a downwardly revised gain of 56,000 in November. Employment declines were most pronounced in retail trade and construction, while leisure and hospitality posted the strongest gains. Notably, the unemployment rate edged down to 4.4% after increasing to 4.6% in November.
Source: US Department of Labor Source: US Department of Labor
EMPLOYMENT
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0 2,000
4,000
6,000
8,000
10,000
12,000
14,000
Job Openings
Recession
Historical Average
In Thousands (000's)
The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) reported that job openings fell to 7.1 million in November from a downwardly revised 7.4 million in October. The drop in vacancies, alongside slower hiring, suggests the labor market continues to soften, though employers remain cautious about laying off workers. The number of openings now roughly matches the number of unemployed individuals, pointing to a labor market that is approaching equilibrium.
Source: US Department of Labor
JOB OPENINGS & LABOR TURNOVER SURVEY
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0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Personal Consumption Expenditures (PCE)
PCE Price Deflator
YOY % Change
PCE Core Deflator
YOY % Change
Fed Target
YOY (%) Change
Inflation came in lower than expected in November, with the Consumer Price Index (CPI) rising 2.7% year over year and core CPI easing to
2.6%. Notably, both Owners’ Equivalent Rent and Rent of Primary Residence contributed to the slowdown in services inflation. Shelter costs typically lag broader market trends by 12 to 18 months. Services, meanwhile, have remained the dominant driver of inflation throughout the post-pandemic period. The Personal Consumption Expenditures (PCE) Index for September, released on December 5, showed headline inflation up 0.3% from August and 2.8% year over year. Core PCE rose 0.2% on the month and 2.8% on an annual basis.
Source: US Department of Labor Source: US Department of Commerce
INFLATION
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0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Retail Sales YOY % Change
YOY (%) Change
October Retail Sales, released with a one-month delay, were flat from the prior month but up 3.5% year over year. Eight of thirteen major categories posted gains, while motor vehicle sales declined following the expiration of federal tax incentives for electric vehicles, and gas station sales weakened amid lower fuel prices. The government shutdown may have weighed on consumer confidence regarding jobs, incomes, and overall financial conditions, both current and in the future. The Conference Board’s Consumer Confidence Index declined to
89.1 in December from an upwardly revised 92.9 in November, marking its fifth consecutive monthly drop. Consumers were pessimistic about both business conditions and the labor market.
0 20
40 60
80 100
120
140
160
Index Level
Consumer Confidence
Recession
Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09)
CONSUMER
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-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Leading Economic Indicators (LEI)
Recession
YOY (%) Change
-1.00
-0.75
-0.50
-0.25
0.00 0.25
0.50 0.75
1.00 Chicago Fed National Activity Index (CFNAI)
Recession
3 Month Average
The Conference Board’s Leading Economic Index (LEI) declined 0.3% in September, marking its second consecutive monthly decrease after a revised 0.3% drop in August. On a year-over-year basis, the index fell 3.3%. According to the Conference Board, weakening expectations among consumers and businesses contributed most to the LEI’s overall decline. The index continues to signal slower economic growth through the end of 2025 and into 2026. The Chicago Fed National Activity Index (CFNAI) came in at -0.21 in September, following a downwardly revised -0.31 in August, signaling that U.S. economic activity remained below its historical trend for the sixth consecutive month. The three-month moving average ticked down to -0.21 in September from -0.18 in August, reinforcing signs of ongoing below-trend national growth. Employment-related indicators turned slightly positive, contributing +0.01 in September after a -0.11 result in August.
Source: The Conference Board Source: Federal Reserve Bank of Chicago
LEADING INDICATORS OF ECONOMIC ACTIVITY
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0 200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
In Thousands of Units
Annualized Housing Starts
Multi Family Housing Starts
Single Family Housing Starts
The S&P Cotality Case-Shiller 20-City Composite Home Price Index rose 1.3% year over year in October, slightly down from a 1.4% gain in September and marking the slowest annual increase since mid 2023. Short-term momentum also weakened, with 80 percent of the 20 tracked markets recording month-over-month price declines on a non-seasonally adjusted basis. Housing starts declined in October to an annualized rate of 1.25 million units, down from 1.29 million in September. Existing home sales inched higher in November to a 4.13 million-unit pace, indicating only modest improvement despite some relief in mortgage rates. The Freddie Mac 30 ‑
year fixed mortgage
rate fell throughout 2025 and averaged 6.18% at the end of December.
Source: US Department of Commerce Source: S&P
-20.0%
-16.0%
-12.0%
-8.0%
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
24.0%
S&P/Case-Shiller 20 City Composite Home Price Index
Recession
YOY (%) Change
HOUSING
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40 45
50 55
60 65
70 Institute of Supply Management (ISM) Surveys
ISM Manufacturing ISM Services
EXPANDING
CONTRACTING
The Institute for Supply Management’s (ISM) manufacturing index slipped to 47.9 in December, down from 48.2 in November, marking continued weakness across the sector. Manufacturing activity has now been in contraction for 36 of the past 38 months, as readings below 50 indicate contraction and those above 50 signal expansion. The latest decline was driven primarily by pullbacks in the Production and Inventories components. In contrast, the ISM services index remained in expansion territory, rising to 54.4 in December from 52.6 in November. Respondents attributed the improvement to seasonal strength, though many remained cautious about the potential impact of tariffs.
Source: Institute for Supply Management
SURVEY BASED MEASURES
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Components of GDP 12/24 3/25 6/25 9/25
2.6% 0.4% 1.7% 2.4%
-1.3% 3.8% -2.7% 0.0%
-0.1% -4.7% 4.8% 1.6%
0.3% -0.4% -0.4% 0.2%
0.3% 0.2% 0.3% 0.2%
1.9% -0.6% 3.8% 4.3%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The U.S. inflation adjusted gross domestic product (GDP) report demonstrated continued strength in the third quarter, with the first estimate showing a 4.3% annualized quarter-over-quarter increase, up from 3.8% in the second quarter. Consumer spending accelerated, while exports contributed 1.6 percentage points to growth—both key drivers of the quarter’s performance. The stronger-than-expected result represented the fastest pace of U.S. economic expansion in two years. The consensus projection calls for 1.1% growth in the fourth quarter and 2.0% growth for the full year 2025.
GROSS DOMESTIC PRODUCT (GDP)
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Source: Federal Reserve Source: Bloomberg
0 1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
Federal Reserve Balance Sheet Assets
Recession
In $ millions
The Federal Reserve lowered its benchmark interest rate by a quarter point to a target range of 3.50% to 3.75% at its December meeting, citing concerns about emerging weakness in the labor market. A few policymakers dissented, arguing that tighter monetary policy may still be warranted to ensure progress on price stability. Beginning December 1, the Fed also halted its balance sheet runoff, announcing that principal and interest payments from its holdings will be reinvested in Treasury securities to maintain ample reserves and support market stability.
FEDERAL RESERVE
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Effective Federal Funds Rate
Recession
Yield (%)
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Source: Bloomberg Source: Bloomberg
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
US Treasury Yield Curve
Dec-25
Sep-25
Dec-24
Yield (%)
At the end of December, the 2-year yield was 77 basis points lower, and the 10-year yield was 40 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve increased to +69 basis points at December month-end versus +52 basis points at November month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +54 basis points in December versus +21 basis points in November.
BOND YIELDS
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ACCOUNT PROFILE
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OBJECTIVES
City of Cupertino | As of December 31, 2025
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.
Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.
Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 173
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.6 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Maturity (Years) 5.0 4.5 Compliant
ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.6 Compliant
Max % Issuer (MV) 5.0 0.8 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
BANKERS' ACCEPTANCES
Max % (MV) 40.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 180 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CERTIFICATE OF DEPOSIT PLACEMENT SERVICE
(CDARS)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COLLATERALIZED TIME DEPOSITS (NONNEGOTIABLE CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
COMMERCIAL PAPER
Max % (MV) 25.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Days) 270 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1) 0.0 0.0 Compliant
CORPORATE MEDIUM TERM NOTES
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 27.5 Compliant
Max % Issuer (MV) 5.0 1.4 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
FEDERAL AGENCIES
Max % (MV) 100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 2.6 Compliant Max Callables (MV) 20.0 0.0 Compliant
Max Maturity (Years) 5 1 Compliant
LOCAL AGENCY INVESTMENT FUND (LAIF)
Max Concentration (MV) 75.0 0.0 Compliant
MONEY MARKET MUTUAL FUNDS
Max % (MV) 20.0 0.6 Compliant
Min Rating (AAA by 2) 0.0 0.0 Compliant
MORTGAGE-BACKED SECURITIES (NON-AGENCY)
Max % (MV) 20.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5.0 0.0 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, LOCAL AGENCY)
Max % (MV) 30.0 0.9 Compliant
Max % Issuer (MV) 5.0 0.9 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
MUNICIPAL SECURITIES (CA, OTHER STATES)
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant
REPURCHASE AGREEMENTS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant
SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.9 Compliant
Max % Issuer (MV) 10.0 1.7 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 45.5 Compliant
Max Maturity (Years) 5 4 Compliant
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PORTFOLIO SUMMARY
Sector Allocation
Performance Review
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19)
City of Cupertino 0.19% 1.08% 6.06% 6.06% 5.09% 4.94% 1.70% -- 2.40% Benchmark Return 0.19% 1.11% 5.73% 5.73% 4.53% 4.52% 1.37% -- 2.15% City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.63
Average Coupon 3.71%
Average Purchase YTM 3.95%
Average Market YTM 3.78%
Average Credit Quality* AA
Average Final Maturity 3.05
Average Life 2.87
End Values as
of 09/30/2025
End Values as
of 12/31/2025
Market Value 204,001,801.31 205,668,734.88
Accrued Interest 1,106,379.00 1,621,951.12
Total Market Value 205,108,180.31 207,290,686.00
Income Earned 1,646,763.62 1,975,161.43
Cont/WD 27,800,000.00 0.00
Par 204,299,921.15 205,673,731.74
Book Value 202,688,318.55 204,078,590.52
Cost Value 202,164,869.60 203,529,920.42
United States 45.52%
FHLMC 11.56%
Farm Credit System 2.57%
International Bank for Recon and Dev 1.70%
Morgan Stanley 1.68%
Toyota Motor Corporation 1.39%
Guardian Life Global Funding 1.32%
The Home Depot, Inc. 1.28%
*The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. **Periods over 1 year are annualized.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 19 177
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PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 3.05 2.56
Average Modified Duration 2.47 2.63 2.21
Average Purchase Yield 3.95% 3.32%
Average Market Yield 3.55% 3.78% 3.35%
Average Quality** AA+ AA AA+
Total Market Value 207,290,686 205,108,180
*Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 20 178
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SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 45.52% 37.16%
Corporate 27.48% 24.11%
Agency CMBS 11.56% 10.69%
ABS 7.60% 6.36%
Agency 3.50% 3.50%
Supras 2.88% 3.55%
Muni Bonds 0.87% 0.87%
Money Mkt Fd 0.59% 0.24%
Cash -- 13.53%
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DURATION ALLOCATION
City of Cupertino | Account #10659 | As of December 31, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
12/31/2025 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% 22 180
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ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
United States US Treasury 45.52%
FHLMC Agency CMBS 11.56%
Farm Credit System Agency 2.57%
International Bank for Recon and Dev Supras 1.70%
Morgan Stanley Corporate 1.68%
Toyota Motor Corporation Corporate 1.39%
Guardian Life Global Funding Corporate 1.32%
The Home Depot, Inc. Corporate 1.28%
Deere & Company Corporate 1.20%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.18%
New York Life Insurance Company Corporate 1.17%
Caterpillar Inc. Corporate 1.09%
Royal Bank of Canada Corporate 1.00%
Massachusetts Mutual Life Insurance Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.93%
Federal Home Loan Banks Agency 0.93%
PACCAR Inc Corporate 0.91%
Simon Property Group, Inc. Corporate 0.91%
Chubb Limited Corporate 0.87%
State of California Muni Bonds 0.87%
American Honda Finance Corporation Corporate 0.86%
Pricoa Global Funding I Corporate 0.85%
Chase Issuance Trust ABS 0.83%
Bank of America Credit Card Trust ABS 0.81%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.74%
Citigroup Inc ABS 0.74%
Prologis, Inc. Corporate 0.74%
Bank of America Corporation Corporate 0.73%
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ISSUERS
City of Cupertino | Account #10659 | As of December 31, 2025 Issuer Investment Type % Portfolio
JPMorgan Chase & Co. Corporate 0.73%
The Progressive Corporation Corporate 0.73%
Realty Income Corporation Corporate 0.71%
American Express Credit Master Trust ABS 0.70%
Marsh & McLennan Companies, Inc. Corporate 0.69%
WF Card Issuance Trust ABS 0.67%
Wells Fargo & Company Money Mkt Fd 0.57%
Honda Auto Receivables Owner Trust ABS 0.54%
Cargill, Incorporated Corporate 0.53%
Metropolitan Life Global Funding I Corporate 0.53%
GM Financial Securitized Term ABS 0.53%
BMW Vehicle Lease Trust ABS 0.51%
Mercedes-Benz Auto Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.50%
The Goldman Sachs Group, Inc. Corporate 0.50%
Northwestern Mutual Global Funding Corporate 0.49%
Mastercard Incorporated Corporate 0.47%
The Charles Schwab Corporation Corporate 0.46%
Toyota Auto Receivables Owner Trust ABS 0.40%
John Deere Owner Trust ABS 0.39%
Met Tower Global Funding Corporate 0.37%
Mercedes-Benz Auto Receivables Trust ABS 0.37%
BMW Vehicle Owner Trust ABS 0.34%
Hyundai Auto Lease Securitization Tr ABS 0.27%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Money Mkt Fd 0.03%
Cash Cash 0.00%
TOTAL 100.00%
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QUALITY DISTRIBUTION
Rating 12/31/2025 09/30/2025
AAA 11.52% 23.28%
AA 66.23% 56.92%
A 18.76% 16.64%
BBB 0.50% --
NA 3.00% 3.16%
Rating 12/31/2025 09/30/2025
Aaa 8.21% 20.99%
Aa 68.96% 57.92%
A 18.32% 16.60%
NA 4.51% 4.49%
Rating 12/31/2025 09/30/2025
AAA 14.80% 26.36%
AA 60.71% 52.84%
A 11.16% 10.00%
NA 13.33% 10.80%
City of Cupertino | Account #10659 | As of December 31, 2025 S&P Rating Moody’s Rating Fitch Rating
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0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 1.9% 3.3% 8.0% 20.8% 19.4% 30.7% 15.7% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%
DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of December 31, 2025 Portfolio Compared to the Benchmark
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3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN*
City of Cupertino Gross of Fees 1.08% 6.06% 5.09% 4.94% 1.70% 2.40% City of Cupertino Net of Fees 1.07% 5.99% 5.02% 4.87% 1.63% 2.33% Benchmark 1.11% 5.73% 4.53% 4.52% 1.37% 2.15%
REALIZED RATE OF RETURN
City of Cupertino 0.96% 3.54% 3.01%
*Periods over 1 year are annualized.
Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio. Realized rate of return: A measure of a portfolio’s return over time. It is the internal rate which equates the beginning book value of the portfolio with the ending book value; it includes interest earnings, realized gains and losses in the portfolio.
Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index
INVESTMENT PERFORMANCE
City of Cupertino | Account #10659 | As of December 31, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 27 185
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HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of December 31, 2025 Purchase Yield as of 12/31/25 = 3.95%
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PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.63% 3.90%
Average Market Yield 3.63% 3.90%
Average Quality** AAA AAA
Total Market Value 81,009,098 74,825,162
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 187
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SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
LAIF 91.23% 92.86%
Cash 8.77% 7.14%
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CONSOLIDATED INFORMATION
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PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of December 31, 2025 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.19 1.87
Average Modified Duration 1.89 1.62
Average Purchase Yield 3.86% 3.47%
Average Market Yield 3.74% 3.50%
Average Quality** AA+ AA+
Total Market Value 288,299,784 279,933,343
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 32 190
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SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 32.74% 27.31%
LAIF 25.62% 24.61%
Corporate 19.77% 17.72%
Agency CMBS 8.31% 7.85%
ABS 5.47% 4.67%
Agency 2.52% 2.57%
Cash 2.46% 11.84%
Supras 2.07% 2.61%
Muni Bonds 0.62% 0.64%
Money Mkt Fd 0.43% 0.18%
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PORTFOLIO HOLDINGS
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 73,664.30 07/12/2022
3.77%
73,657.26
73,662.62
99.96 4.07%
73,637.04
122.45
0.04%
(25.58)
Aaa/NA
AAA
1.13 0.12
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 560,116.93 05/14/2024
5.41%
560,101.36
560,109.77
100.51
4.11%
562,972.97
1,346.77
0.27%
2,863.20
NA/AAA
AAA
1.38 0.37
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 231,161.92 10/12/2022
5.15%
231,143.98
231,156.39
100.24
4.16%
231,724.80
522.94
0.11%
568.40
Aaa/NA
AAA
1.45 0.24
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 817,404.32 11/21/2023
5.65%
814,083.62
815,673.67
100.59
4.05%
822,250.71
1,874.58
0.40%
6,577.04
NA/AAA
AAA
2.30 0.51
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 570,497.05 --5.64%
571,909.24
571,122.23
101.09
4.09%
576,722.88
898.53
0.28%
5,600.66
Aaa/NA
AAA
2.47 0.64
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/20254.32%
1,049,997.06
1,049,997.27
100.27
3.82%
1,052,808.75
694.75
0.51%
2,811.48
NA/AAA
AAA
2.74 1.47
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 741,090.54 11/29/20233.88%
756,780.81
748,557.41
101.34
4.13%
751,006.33
1,959.77
0.37%
2,448.92
NA/AAA
AAA
2.88 0.70
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024
5.13%
499,765.63
499,854.87
100.88
3.98%
504,381.50
1,102.22
0.25%
4,526.63
Aaa/NA
AAA
2.88 0.85
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024
4.58%
858,798.83
852,738.19
101.04
3.79%
858,823.00
1,881.33
0.42%
6,084.81
Aaa/NA
AAA
0.88 0.84
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 519,127.49 05/14/20245.27%
519,064.41
519,087.05
101.21
3.84%
525,406.33
987.93
0.26%
6,319.28
NA/AAA
AAA
2.89 0.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 1,085,959.77 --
4.97%
1,084,237.70
1,084,862.93
100.61
4.00%
1,092,586.29
2,194.54
0.53%
7,723.37
Aaa/NA
AAA
2.97 0.68
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024
4.61%
1,689,742.61
1,689,842.18
100.90
3.75%
1,705,140.71
3,455.11
0.83%
15,298.53
NA/AAA
AAA
3.04 0.99
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 685,001.19 06/04/20245.18%
684,897.14
684,931.54
100.91
3.98%
691,253.20
591.38
0.34%
6,321.66
Aaa/AAA
NA
3.16 0.73
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/20254.57%
1,044,828.52
1,044,838.09
100.09
3.86%
1,045,976.03
1,802.04
0.51%
1,137.94
NA/AAA
AAA
3.29 1.94
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024
4.93%
784,955.96
784,969.97
101.57
3.78%
797,297.81
1,720.02
0.39%
12,327.84
Aaa/AAA
NA
3.37 1.30
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025
4.28%
1,419,974.30
1,419,977.63
101.14
3.79%
1,436,207.88
2,701.16
0.70%
16,230.25
NA/AAA
AAA
4.29 2.14
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025
4.33%
1,364,977.34
1,364,979.92
101.33
3.78%
1,383,120.38
2,632.93
0.67%
18,140.45
NA/AAA
AAA
4.37 2.21
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025
3.90%
1,515,000.00
1,513,736.04
101.16
3.80%
1,517,418.00
1,791.67
0.74%
3,681.96
Aaa/AAA
NA
4.47 2.32
15,523,915.77 100.90 15,628,734.61 7.60% 3.14
Total ABS 15,489,023.50 4.66% 15,510,097.78 3.88% 28,280.14 118,636.83 1.30 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/20244.85%
1,870,050.00
1,872,903.16
101.68
3.38%
1,906,554.38
20,286.46
0.93%
33,651.22
Aa1/AA+
AA+
1.27 1.21
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/20244.55% 2,412,552.00
2,405,863.18
101.63
3.49%
2,439,168.00
17,416.67
1.19%
33,304.82
Aa1/AA+
AA+
1.34 1.29
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/20234.73% 2,789,612.00
2,795,143.73
101.99
3.51%
2,855,658.40
16,547.22
1.39%
60,514.67
Aa1/AA+
AA+
1.87 1.77
7,072,214.00 101.79 7,201,380.78 3.50% 1.53
Total Agency 7,075,000.00 4.70% 7,073,910.07 3.47% 54,250.35 127,470.70 1.46
AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021
1.36%
687,451.17
654,621.45
99.14 3.82%
644,432.75
1,437.04
0.31%
(10,188.70)
Aa1/AA+
AAA
0.65 0.59
3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022
4.36%
950,664.06
983,853.18
99.12 3.71%
991,219.00
2,703.33
0.48%
7,365.82
Aaa/AA+
AA+
1.65 1.51
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,943,312.76 07/01/2024
4.86%
1,859,127.85
1,887,625.23
99.74 3.81%
1,938,188.24
6,106.86
0.94%
50,563.02
Aa1/AAA
AA+
2.99 2.65
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024
4.70%
1,228,178.44
1,247,948.42
99.09 3.83%
1,276,325.57
3,824.29
0.62%
28,377.14
Aa1/AA+
AA+
3.07 2.82
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024
4.74%
1,801,718.75
1,867,247.25
95.51 3.84%
1,910,230.00
3,766.67
0.93%
42,982.75
Aa1/AA+
AAA
3.07 2.83
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024
4.50%
2,465,830.08
2,493,195.67
99.49 3.81%
2,536,938.90
7,841.25
1.23%
43,743.23
Aaa/AA+
AA+
3.07 2.78
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025
4.25%
2,431,738.28
2,445,134.11
98.88 3.84%
2,472,087.50
7,302.08
1.20%
26,953.39
Aa1/AAA
AA+
3.23 2.90
36 194
CC 02-03-2026 Searchable Packet
194 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,971,885.56 09/19/2024
3.82%
1,902,407.40
1,921,596.61
97.33 3.84%
1,919,194.81
4,900.14
0.93%
(2,401.80)
Aa1/AA+
AAA
3.40 2.98
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024
4.47%
2,039,382.82
2,087,414.49
96.49 3.87%
2,122,879.00
5,105.83
1.03%
35,464.51
Aa1/AA+
AAA
3.48 3.15
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024
4.00%
1,488,375.00
1,518,432.68
95.07 3.90%
1,521,092.80
3,233.33
0.74%
2,660.12
Aa1/AA+
AAA
3.65 3.34
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025
4.21%
1,407,011.72
1,419,357.96
95.51 3.91%
1,432,642.50
3,243.75
0.70%
13,284.54
Aa1/AA+
AAA
3.73 3.40
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025
4.37%
1,810,078.13
1,833,347.84
92.97 3.95%
1,859,444.00
3,448.33
0.90%
26,096.16
Aa1/AA+
AAA
4.07 3.79
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025
3.96%
1,348,652.34
1,359,099.51
90.51 3.97%
1,357,692.00
1,846.25
0.66%
(1,407.51)
Aa1/AA+
AAA
4.31 3.95
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025
3.99%
1,787,343.75
1,789,563.00
89.45 3.99%
1,788,922.00
2,305.00
0.87%
(641.00)
Aa1/AA+
AAA
4.48 4.21
23,207,959.79 96.34 23,771,289.07 11.56% 3.35
Total Agency CMBS 24,703,198.32 4.25% 23,508,437.40 3.87% 57,064.16 262,851.67 3.05 CASH
CCYUSD Receivable 6,962.94 -- 6,962.94
6,962.94
1.00 6,962.94
0.00 0.00%
0.00 Aaa/AAA
AAA
0.00 0.00
6,962.94 1.00 6,962.94 0.00% 0.00
Total Cash 6,962.94 6,962.94 0.00 0.00 0.00
CORPORATE
89236TJK2 TOYOTA MOTOR CREDIT CORP
1.125 06/18/2026 1,385,000.00 06/15/20211.13%
1,384,390.60
1,384,943.93
98.79 3.80%
1,368,184.72
562.66
0.67%
(16,759.22)
A1/A+
A+
0.46 0.45
57629WDE7 MASSMUTUAL GLOBAL FUNDING
II 1.2 07/16/2026 1,000,000.00 08/19/20211.15%
1,002,230.00
1,000,244.45
98.54 3.96%
985,425.00
5,500.00
0.48%
(14,819.45)
Aa3/AA+
AA+
0.54 0.53
58989V2D5 MET TOWER GLOBAL FUNDING
1.25 09/14/2026 770,000.00 09/07/20211.27%
769,291.60
769,900.68
98.18 3.90%
756,019.88
2,860.76
0.37%
(13,880.80)
Aa3/AAAA0.70
0.68 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021
1.09%
349,338.50
349,906.17
98.21 3.63%
343,738.50
1,061.67
0.17%
(6,167.67)
Aa2/AA
AA
0.71 0.69
37 195
CC 02-03-2026 Searchable Packet
195 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
59217GER6 METROPOLITAN LIFE GLOBAL
FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/20221.90% 1,113,728.90
1,114,738.96
97.99 3.89%
1,092,633.10
9,872.40
0.53%
(22,105.86)
Aa3/AAAA1.03
0.99 808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/20222.46%
959,729.90
959,933.12
98.42 3.84%
944,854.08
7,709.33
0.46%
(15,079.04)
A2/AA1.17
1.13 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/20222.30%
1,614,693.15
1,614,926.40
98.42 3.65%
1,589,560.52
10,937.14
0.77%
(25,365.88)
Aa2/AA
A+
1.20 1.16
14913UAL4 CATERPILLAR FINANCIAL SERVICES
CORP 5.0 05/14/2027 1,000,000.00 05/10/20245.04%
998,930.00
999,512.93
101.66
3.74%
1,016,583.00
6,527.78
0.49%
17,070.08
A2/A
A+
1.37 1.31
24422EXZ7 JOHN DEERE CAPITAL CORP 4.65
01/07/2028 1,430,000.00 01/06/20254.66%
1,429,571.00
1,429,711.12
101.72
3.75%
1,454,598.86
32,139.25
0.71%
24,887.74
A1/A
A+
2.02 1.87
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/20234.90%
944,083.35
944,599.62
102.27
3.78%
966,493.08
14,332.50
0.47%
21,893.46
Aa3/A+
NA
2.19 1.96
61690U8E3 MORGAN STANLEY BANK NA
4.968 07/14/2028 1,950,000.00 07/17/20244.97%
1,950,000.00
1,950,000.00
101.39
4.27%
1,977,190.80
44,939.70
0.96%
27,190.80
Aa3/A+
AA2.541.43
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/20254.02%
1,863,955.60
1,864,008.01
100.47
3.82%
1,873,718.88
11,190.00
0.91%
9,710.86
A1/A+
NA
2.85 2.65
74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024
4.68%
1,481,235.00
1,487,244.78
100.96
4.04%
1,514,335.50
27,343.75
0.74%
27,090.72
A2/A
NA
3.09 2.59
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/20244.69%
2,019,920.00
2,014,455.79
102.65
4.03%
2,052,958.00
41,250.00
1.00%
38,502.21
A1/A
AA3.092.79
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/2024
4.72%
1,455,495.00
1,469,547.82
100.18
3.94%
1,502,643.00
20,000.00
0.73%
33,095.18
A2/A
A
3.16 2.69
64952WFG3 NEW YORK LIFE GLOBAL FUNDING
5.0 06/06/2029 1,000,000.00 07/01/20245.12%
994,880.00
996,438.76
102.62
4.17%
1,026,183.00
3,472.22
0.50%
29,744.24
Aa1/AA+
AAA
3.43 3.12
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/2024
3.93%
1,593,203.89
1,612,154.88
96.76 3.96%
1,609,157.05
2,180.38
0.78%
(2,997.84)
A2/A
A
3.45 3.24
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/20244.93%
992,260.00
994,591.79
102.52
3.97%
1,025,244.00
791.67
0.50%
30,652.21
A2/A
A
3.48 3.12
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/20244.69%
1,419,212.41
1,431,612.01
99.51 4.15%
1,455,891.28
26,984.22
0.71%
24,279.28
A3/ANA3.54
3.20 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024
4.53%
1,497,675.00
1,498,353.66
101.96
3.90%
1,529,364.00
30,750.00
0.74%
31,010.34
A1/A+
NA
3.54 3.12
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/2024
4.27%
1,496,610.00
1,497,744.83
100.32
4.37%
1,504,864.50
27,669.75
0.73%
7,119.67
A1/A
AA3.562.36
38 196
CC 02-03-2026 Searchable Packet
196 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/20244.29%
1,498,710.00
1,499,141.84
100.46
4.39%
1,506,874.50
28,117.42
0.73%
7,732.66
A1/AAA3.56
2.36 30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/20244.33%
910,584.09
910,974.90
101.20
3.94%
922,987.78
14,814.93
0.45%
12,012.88
Aa3/AANA3.62
3.20 171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --4.44%
1,765,746.34
1,761,599.83
102.21
3.99%
1,788,659.25
30,741.67
0.87%
27,059.42
A2/A
A
3.62 3.19
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/20243.94%
1,906,080.00
1,930,713.04
96.03 4.07%
1,920,526.00
21,722.22
0.93%
(10,187.04)
A2/A+
A
3.62 3.35
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/20244.29%
1,758,102.50
1,756,052.09
101.01
4.10%
1,767,669.75
24,811.11
0.86%
11,617.66
A3/ANA3.68
3.32 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING
4.179 09/26/2029 1,205,000.00 09/23/20244.18%
1,205,000.00
1,205,000.00
99.93 4.20%
1,204,202.29
13,288.64
0.59%
(797.71)
Aa1/AA+
NA
3.74 3.39
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/20254.25%
1,470,184.60
1,470,172.60
99.97 4.27%
1,469,526.66
11,644.73
0.71%
(645.94)
A1/AA+3.80
2.59 38141GD27 GOLDMAN SACHS GROUP INC
4.153 10/21/2029 1,025,000.00 10/14/20254.37%
1,025,000.00
1,025,000.00
99.98 4.27%
1,024,770.40
8,277.16
0.50%
(229.60)
A2/BBB+
A
3.80 2.60
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/20244.74%
1,198,092.00
1,198,522.50
102.60
3.97%
1,231,172.40
7,206.67
0.60%
32,649.90
A2/A
A+
3.87 3.50
64952WFK4 NEW YORK LIFE GLOBAL FUNDING
4.6 12/05/2029 1,365,000.00 12/02/20244.61%
1,364,221.95
1,364,388.98
101.57
4.16%
1,386,435.96
4,534.83
0.67%
22,046.98
Aa1/AA+
AAA
3.93 3.55
89236TNA9 TOYOTA MOTOR CREDIT CORP
4.95 01/09/2030 1,445,000.00 01/06/20255.00%
1,441,907.70
1,442,512.27
102.97
4.14%
1,487,865.93
34,174.25
0.72%
45,353.65
A1/A+
A+
4.02 3.54
63743HFX5
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP 4.95
02/07/2030
1,000,000.00 02/05/2025
4.88%
1,002,873.61
1,002,348.52
102.92
4.17%
1,029,175.00
19,800.00
0.50%
26,826.48
A2/NA
A
4.10 3.55
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025
4.69%
1,397,340.00
1,397,762.92
102.00
4.12%
1,428,065.80
19,168.33
0.69%
30,302.88
A3/AA4.20
3.67 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/20254.58%
998,670.00
998,844.08
100.94
4.31%
1,009,392.00
6,825.00
0.49%
10,547.92
Aa3/AA+
AA+
4.35 3.89
66815L2W8 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/20254.51% 1,004,040.00
1,003,590.62
101.47
4.23%
1,014,740.00
3,577.78
0.49%
11,149.38
Aa1/AA+
AAA
4.42 3.96
828807DK0 SIMON PROPERTYGROUP LP 2.65
07/15/2030 2,000,000.00 08/19/2025
4.32%
1,853,380.00
1,864,356.02
93.64 4.21%
1,872,740.00
24,438.89
0.91%
8,383.98
A3/A
NA
4.54 4.15
39 197
CC 02-03-2026 Searchable Packet
197 of 1082
HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
40139LBN2 GUARDIAN LIFE GLOBAL FUNDING
4.327 10/06/2030 1,500,000.00 09/30/20254.33%
1,500,000.00
1,500,000.00
100.18
4.28%
1,502,752.50
15,324.79
0.73%
2,752.50
Aa1/AA+
NA
4.76 4.22
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/20254.22%
1,006,920.00
1,006,701.47
101.05
4.13%
1,010,534.00
9,236.11
0.49%
3,832.53
A1/A
A+
4.79 4.25
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025
4.14%
1,099,171.70
1,099,203.45
99.57 4.22%
1,095,233.70
8,570.83
0.53%
(3,969.75)
A2/A
NA
4.81 4.29
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/2025
4.16%
1,502,895.00
1,502,822.34
100.21
4.15%
1,503,169.50
10,150.00
0.73%
347.16
Aa3/AANA4.87
4.27 74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/2025
4.36%
1,749,440.00
1,749,447.11
100.25
4.29%
1,754,408.25
7,612.50
0.85%
4,961.14
Aa3/NA
AA4.904.35
Total Corporate 56,383,000.00 4.14%
55,988,793.39
56,073,724.28
100.29
4.07%
56,520,542.40
652,113.03
27.48%
446,818.12
3.31 2.86
MONEY MARKET
FUND
992995944 WC MMF SWEEP 52,773.62 --
1.80%
52,773.62
52,773.62
1.00 1.80%
52,773.62
0.00 0.03%
0.00 NA/NA
NA
0.00 0.00
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,163,773.36 --3.30%
1,163,773.36
1,163,773.36
1.00 3.30%
1,163,773.36
0.00 0.57%
0.00 Aaa/AAAm
NA
0.00 0.00
Total Money Market
Fund 1,216,546.98 3.24%
1,216,546.98
1,216,546.98
1.00 3.24%
1,216,546.98
0.00 0.59%
0.00 0.00
0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,740,000.00 10/30/2024
4.38%
1,749,169.80
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
Aa2/AAAA3.58
3.23 Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,933.00
102.47
3.76%
1,782,978.00
32,625.00
0.87%
36,045.00
3.58 3.23
SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/20210.97%
2,448,733.20
2,459,327.45
99.14 3.77%
2,438,819.40
4,245.21
1.19%
(20,508.05)
Aaa/AAA
NA
0.30 0.30
40 198
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
459058LN1
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 3.875 10/16/2029
1,750,000.00 12/12/2024
4.25%
1,721,510.00
1,727,697.87
100.70
3.68%
1,762,246.50
14,122.50
0.86%
34,548.63
Aaa/AAA
NA
3.79 3.47
459058LR2
INTERNATIONAL BANK FOR
RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
1,700,000.00 03/14/2025
4.20%
1,694,220.00
1,695,128.47
101.49
3.74%
1,725,297.70
19,673.96
0.84%
30,169.23
Aaa/AAA
NA
4.22 3.80
Total Supranational 5,910,000.00 2.89%
5,864,463.20
5,882,153.79
100.29
3.73%
5,926,363.60
38,041.67
2.88%
44,209.81
2.48 2.26
US TREASURY
91282CBH3 UNITED STATES TREASURY 0.375
01/31/2026 2,500,000.00 05/27/20210.75%
2,456,445.31
2,499,235.44
99.74 3.68%
2,493,505.00
3,923.23
1.21%
(5,730.44)
Aa1/AA+
AA+
0.08 0.08
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/20210.80%
2,493,652.34
2,499,579.88
99.08 3.59%
2,477,082.50
3,211.33
1.20%
(22,497.38)
Aa1/AA+
AA+
0.33 0.32
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/20211.19%
1,379,054.68
1,396,847.19
98.03 3.59%
1,372,375.20
3,129.81
0.67%
(24,471.99)
Aa1/AA+
AA+
0.75 0.73
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/20211.25%
1,391,468.75
1,398,571.05
97.99 3.62%
1,371,836.20
2,697.51
0.67%
(26,734.85)
Aa1/AA+
AA+
0.83 0.81
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/20234.01%
2,525,097.66
2,508,072.08
100.78
3.53%
2,519,610.00
5,108.17
1.23%
11,537.92
Aa1/AA+
AA+
0.96 0.92
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/20244.77%
2,283,109.38
2,292,745.70
101.23
3.51%
2,328,301.50
22,178.57
1.13%
35,555.80
Aa1/AA+
AA+
1.29 1.23
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/20244.65%
3,186,500.00
3,193,847.95
101.33
3.49%
3,242,499.20
18,696.13
1.58%
48,651.25
Aa1/AA+
AA+
1.37 1.31
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --
3.18%
3,260,312.50
3,252,999.46
99.66 3.49%
3,238,829.75
291.78
1.57%
(14,169.71)
Aa1/AA+
AA+
1.50 1.45
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/20223.12%
393,218.75
397,833.61
98.87 3.49%
395,484.40
4,603.26
0.19%
(2,349.21)
Aa1/AA+
AA+
1.58 1.51
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --3.28%
4,468,902.34
4,489,607.48
99.43 3.48%
4,474,161.00
47,781.42
2.18%
(15,446.48)
Aa1/AA+
AA+
1.67 1.58
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --4.31%
3,421,152.34
3,439,772.57
101.07
3.48%
3,486,925.35
36,360.06
1.70%
47,152.78
Aa1/AA+
AA+
1.75 1.65
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/20223.81%
852,656.25
851,018.71
100.71
3.49%
856,042.65
2,895.60
0.42%
5,023.94
Aa1/AA+
AA+
1.91 1.82
41 199
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --3.67%
2,775,107.42
2,760,179.85
100.75
3.48%
2,770,517.75
294.37
1.35%
10,337.90
Aa1/AA+
AA+
2.00 1.91
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/20233.81%
2,957,929.69
2,982,412.85
100.02
3.49%
3,000,585.00
43,940.22
1.46%
18,172.15
Aa1/AA+
AA+
2.08 1.96
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --4.01%
3,699,113.28
3,699,674.36
101.04
3.49%
3,738,591.00
50,287.29
1.82%
38,916.64
Aa1/AA+
AA+
2.16 2.03
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/20253.50%
4,982,812.50
4,983,858.13
99.59 3.53%
4,979,490.00
50,345.30
2.42%
(4,368.13)
Aa1/AA+
AA+
2.71 2.53
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/20244.62%
2,249,867.19
2,267,141.94
101.66
3.58%
2,338,094.90
24,240.04
1.14%
70,952.96
Aa1/AA+
AA+
3.25 2.99
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/20244.41%
1,985,546.88
1,989,889.16
102.11
3.60%
2,042,266.00
234.81
0.99%
52,376.84
Aa1/AA+
AA+
3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/20243.45%
3,527,480.47
3,520,280.68
99.98 3.63%
3,499,454.00
43,109.46
1.70%
(20,826.68)
Aa1/AA+
AA+
3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --3.83%
4,925,039.06
4,943,454.63
99.54 3.63%
4,976,760.00
44,711.54
2.42%
33,305.38
Aa1/AA+
AA+
3.75 3.45
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/20244.17%
2,993,789.06
2,995,238.85
101.71
3.64%
3,051,327.00
21,194.75
1.48%
56,088.15
Aa1/AA+
AA+
3.83 3.49
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --4.53%
4,369,171.88
4,375,142.13
102.67
3.65%
4,517,563.60
531.77
2.20%
142,421.47
Aa1/AA+
AA+
4.00 3.65
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/20254.34%
3,983,906.25
3,986,786.46
102.22
3.66%
4,088,908.00
71,141.30
1.99%
102,121.54
Aa1/AA+
AA+
4.08 3.66
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --4.01%
4,496,958.99
4,497,406.61
101.27
3.67%
4,557,303.00
61,160.22
2.22%
59,896.39
Aa1/AA+
AA+
4.16 3.75
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --3.78%
5,020,507.81
5,020,243.58
100.75
3.69%
5,037,695.00
535.22
2.45%
17,451.42
Aa1/AA+
AA+
4.50 4.09
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/20253.59%
5,089,062.50
5,085,532.74
101.27
3.70%
5,063,475.00
83,695.65
2.46%
(22,057.74)
Aa1/AA+
AA+
4.58 4.09
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --3.66%
4,991,425.79
4,992,028.88
99.64 3.71%
4,982,225.00
61,584.94
2.42%
(9,803.88)
Aa1/AA+
AA+
4.67 4.20
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --3.59%
5,008,789.06
5,008,445.18
99.61 3.71%
4,980,665.00
46,308.38
2.42%
(27,780.18)
Aa1/AA+
AA+
4.75 4.28
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/2025
3.73%
1,731,816.41
1,731,977.15
98.99 3.73%
1,732,363.50
5,384.62
0.84%
386.35
Aa1/AA+
AA+
4.91 4.45
42 200
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total US Treasury 93,150,000.00 3.65%
92,899,894.54
93,059,824.27
100.51
3.60%
93,613,936.50
759,576.78
45.52%
554,112.23
2.99 2.74
Total Portfolio 205,673,731.74 3.95%
203,529,920.42
204,078,590.52
99.46 3.78%
205,668,734.88
1,621,951.12
100.00%
1,590,144.36
3.05 2.63
Total Market Value +
Accrued 207,290,686.00
43 201
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HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of December 31, 2025 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.
Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 7,023,661.05 --0.00%
7,023,661.05
7,023,661.05
1.00 0.00%
7,023,661.05
0.00 8.67%
0.00 NA/NA
NA
0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 19,224.61 --0.00%
19,224.61
19,224.61
1.00 0.00%
19,224.61
0.00 0.02%
0.00 NA/NA
NA
0.00 0.00
CCYUSD Receivable 713,820.82 -- 713,820.82
713,820.82
1.00 713,820.82
0.00 0.88%
0.00 Aaa/AAA
AAA
0.00 0.00
Total Cash 7,756,706.48 0.00%
7,756,706.48
7,756,706.48
1.00 0.00%
7,756,706.48
0.00 9.58%
0.00 0.00
0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 73,252,391.03 --3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 NA/NA
NA
0.00 0.00
Total LAIF 73,252,391.03 3.98%
73,252,391.03
73,252,391.03
1.00 3.98%
73,252,391.03
0.00 90.42%
0.00 0.00
0.00 Total Portfolio 81,009,097.51 3.63%
81,009,097.51
81,009,097.51
1.00 3.63%
81,009,097.51
0.00 100.00%
0.00 0.00
0.00 Total Market Value +
Accrued 81,009,097.51
44 202
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TRANSACTIONS
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/10/2025 17305EHA6 1,500,000.00 CCCIT 2025-A1 A1 4.3 06/21/2030 101.000 3.90% (1,515,000.00) (18,633.33) (1,533,633.33) 0.00 Purchase 10/15/2025 05594HAD5 1,050,000.00 BMWLT 2025-2 A3
3.97 09/25/2028 100.000 4.32% (1,049,997.06) 0.00 (1,049,997.06) 0.00 Purchase 10/21/2025 38141GD27 1,025,000.00
GOLDMAN SACHS
GROUP INC 4.153
10/21/2029
100.000 4.37% (1,025,000.00) 0.00 (1,025,000.00) 0.00
Purchase 10/21/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.184 3.58% (2,504,589.84) (5,228.37) (2,509,818.21) 0.00 Purchase 10/22/2025 58770XAD5 1,045,000.00 MBALT 2025-B A3 3.88 04/16/2029 99.984 4.57% (1,044,828.52) 0.00 (1,044,828.52) 0.00 Purchase 10/22/2025 61748UAK8 710,000.00 MORGAN STANLEY
4.133 10/18/2029 100.026 4.12% (710,184.60) 0.00 (710,184.60) 0.00 Purchase 10/22/2025 61748UAK8 760,000.00 MORGAN STANLEY
4.133 10/18/2029 100.000 4.36% (760,000.00) 0.00 (760,000.00) 0.00 Purchase 10/23/2025 141781CF9 165,000.00 CARGILL INC 4.125 10/23/2030 99.741 4.18% (164,572.65) 0.00 (164,572.65) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 CARGILL INC 4.125 10/23/2030 99.982 4.13% (274,950.50) 0.00 (274,950.50) 0.00 Purchase 10/23/2025 141781CF9 385,000.00 CARGILL INC 4.125 10/23/2030 99.928 4.14% (384,722.80) 0.00 (384,722.80) 0.00 Purchase 10/23/2025 141781CF9 275,000.00 CARGILL INC 4.125 10/23/2030 99.973 4.13% (274,925.75) 0.00 (274,925.75) 0.00 Purchase 10/24/2025 91282CNX5 2,000,000.00
UNITED STATES
TREASURY 3.625
08/31/2030
100.160 3.59% (2,003,203.13) (10,814.92) (2,014,018.05) 0.00 Purchase 10/24/2025 91282CHR5 5,000,000.00
UNITED STATES
TREASURY 4.0
07/31/2030
101.781 3.59% (5,089,062.50) (46,195.65) (5,135,258.15) 0.00 Purchase 10/24/2025 91282CPA3 2,500,000.00
UNITED STATES
TREASURY 3.625
09/30/2030
100.168 3.59% (2,504,199.22) (5,975.27) (2,510,174.49) 0.00 46 204
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Purchase 10/29/2025 91282CNK3 2,500,000.00
UNITED STATES
TREASURY 3.875
06/30/2030
101.164 3.60% (2,529,101.56) (31,852.92) (2,560,954.48) 0.00 Purchase 10/29/2025 91282CNY3 5,000,000.00
UNITED STATES
TREASURY 3.375
09/15/2028
99.656 3.50% (4,982,812.50) (20,511.05) (5,003,323.55) 0.00 Purchase 11/05/2025 24422EYF0 1,000,000.00
JOHN DEERE
CAPITAL CORP 4.375
10/15/2030
100.692 4.22% (1,006,920.00) (2,430.56) (1,009,350.56) 0.00 Purchase 11/07/2025 69371RU20 1,865,000.00 PACCAR FINANCIAL CORP 4.0 11/07/2028 99.944 4.02% (1,863,955.60) 0.00 (1,863,955.60) 0.00 Purchase 11/17/2025 30303MAB8 1,500,000.00 META PLATFORMS INC
4.2 11/15/2030 100.193 4.16% (1,502,895.00) (2,450.00) (1,505,345.00) 0.00 Purchase 12/09/2025 74153WCZ0 1,750,000.00
PRICOA GLOBAL
FUNDING I 4.35
11/25/2030
99.968 4.36% (1,749,440.00) (2,960.42) (1,752,400.42) 0.00 Purchase 12/15/2025 3137FWG79 2,000,000.00 FHMS K-115 A2 1.383 06/25/2030 89.367 3.99% (1,787,343.75) (1,075.67) (1,788,419.42) 0.00 Purchase 12/16/2025 91282CPN5 1,750,000.00
UNITED STATES
TREASURY 3.5
11/30/2030
98.961 3.73% (1,731,816.41) (2,692.31) (1,734,508.72) 0.00 Total Purchase 36,555,000.00 (36,459,521.39) (150,820.47) (36,610,341.86) 0.00 TOTAL
ACQUISITIONS 36,555,000.00 (36,459,521.39) (150,820.47) (36,610,341.86) 0.00
DISPOSITIONS
Maturity 10/28/2025 459058JL8 (1,400,000.00)
INTERNATIONAL BANK
FOR RECONSTRUCTION
AND DEVELOPM 0.5
10/28/2025
100.000 0.60% 1,400,000.00 0.00 1,400,000.00 0.00
Maturity 10/31/2025 91282CAT8 (1,950,000.00)
UNITED STATES
TREASURY 0.25
10/31/2025
100.000 0.49% 1,950,000.00 0.00 1,950,000.00 0.00
Maturity 11/30/2025 91282CAZ4 (2,250,000.00)
UNITED STATES
TREASURY 0.375
11/30/2025
100.000 0.76% 2,250,000.00 0.00 2,250,000.00 0.00
47 205
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TRANSACTION LEDGER
City of Cupertino | Account #10659|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Total Maturity (5,600,000.00) 5,600,000.00 0.00 5,600,000.00 0.00 Sale 11/14/2025 023135BX3 (1,875,000.00) AMAZON.COM INC 1.0 05/12/2026 98.563 1.09% 1,848,056.25 104.17 1,848,160.42 (26,149.72) Sale 12/16/2025 91324PEC2 (1,035,000.00) UNITEDHEALTH GROUP INC 1.15 05/15/2026 98.876 1.37% 1,023,366.60 1,024.94 1,024,391.54 (10,689.40) Total Sale (2,910,000.00) 2,871,422.85 1,129.11 2,872,551.96 (36,839.12) TOTAL
DISPOSITIONS (8,510,000.00) 8,471,422.85 1,129.11 8,472,551.96 (36,839.12) 48 206
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TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss
ACQUISITIONS
Purchase 10/15/2025 90LAIF$00 751,567.92
Local Agency
Investment Fund State
Pool
1.000 4.15% (751,567.92) 0.00 (751,567.92) 0.00
Purchase 11/30/2025 90LAIF$00 10,500,000.00
Local Agency
Investment Fund State
Pool
1.000 4.09% (10,500,000.00) 0.00 (10,500,000.00) 0.00
Total Purchase 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00 TOTAL
ACQUISITIONS 11,251,567.92 (11,251,567.92) 0.00 (11,251,567.92) 0.00
DISPOSITIONS
Sale 10/31/2025 90LAIF$00 (5,700,000.00)
Local Agency
Investment Fund State
Pool
1.000 4.13% 5,700,000.00 0.00 5,700,000.00 0.00
Sale 12/31/2025 90LAIF$00 (1,100,000.00)
Local Agency
Investment Fund State
Pool
1.000 3.98% 1,100,000.00 0.00 1,100,000.00 0.00
Total Sale (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 TOTAL
DISPOSITIONS (6,800,000.00) 6,800,000.00 0.00 6,800,000.00 0.00 49 207
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IMPORTANT DISCLOSURES
City of Cupertino | As of December 31, 2025
2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.
Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.
Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.
Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.
Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “asis” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services.
This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment.
Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates.
Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.
Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 50 208
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BENCHMARK DISCLOSURES
City of Cupertino | Account #10659 | As of December 31, 2025 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. 51 209
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INVESTMENT AND INSURANCE PRODUCTS ARE:
· NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY · NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE · SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED
PCS - SAN FRANCISCO CA
510 N VALLEY MILLS DRIVE, SUITE 400
WACO, TX 76710-6075
CITY OF CUPERTINO -
CHANDLER ASSET MANAGEMENT
ACCOUNT NUMBER
MONTHLY STAT
DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025
ACCOUNT MANAGER: MICHAEL J WADE
TELEPHONE NUMBER: 515-878-6110
PFGEDD INVESTMENT CONTACT: IMR/DEREK JOHNSON
TELEPHONE NUMBER:
ADMINISTRATOR: BELINDA CONWAY
TELEPHONE NUMBER: 254-265-6137
00126 SE
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Custody and trust services are provided by Principal Bank®, Member FDIC, and/or Principal Trust Company®. These services are provided under the trade name Principal® Custody Solutions. Principal Trust Company is a trade name of Delaware Charter Guarantee & Trust Company. Principal Bank and Principal Trust Company are members of the Principal Financial Group®, Des Moines, IA 50392.
ASSET VALUATION PRACTICES
VALUES REFLECTED FOR PUBLICLY TRADED ASSETS ARE OBTAINED FROM UNAFFILIATED SOURCES. IN SITUATIONS WHERE AN ASSET VALUE CANNOT BE
PROVIDED BY OUR UNAFFILIATED PRICING SOURCES, SUCH AS BUT NOT LIMITED TO NON-PUBLICLY TRADED ASSETS, THE CUSTOMER OR THEIR DESIGNATED REPRESENTATIVE MUST PROVIDE THE UPDATED VALUE. IF PRINCIPAL CUSTODY SOLUTIONS DOES NOT RECEIVE AN UPDATED VALUE, OR IS UNABLE TO USE THE VALUE PROVIDED, THE LAST REPORTED VALUE WILL CONTINUE TO BE REPORTED.
TRADE CONFIRMS
PURSUANT TO FEDERAL REGULATION, MONTHLY OR QUARTERLY ACCOUNT STATEMENTS THAT INCLUDE INVESTMENT TRANSACTION DETAILS MAY BE PROVIDED IN LIEU OF SEPARATE TRADE CONFIRMATIONS. SEPARATE TRADE CONFIRMS MAY BE OBTAINED AT NO ADDITIONAL COST UPON WRITTEN REQUEST TO THE ACCOUNT MANAGER.
UNCLAIMED PROPERTY DESIGNATED REPRESENTATIVE NOTIFICATION
YOUR PROPERTY MAY BE TRANSFERRED TO THE APPROPRIATE STATE IF NO ACTIVITY OCCURS IN THE ACCOUNT WITHIN THE TIME PERIOD SPECIFIED BY STATE LAW. IF YOUR STATE OF RESIDENCE ALLOWS, YOU MAY DESIGNATE A REPRESENTATIVE FOR THE PURPOSE OF RECEIVING NOTICE OF ACCOUNT INACTIVITY BY PROVIDING THE NAME AND MAILING OR EMAIL ADDRESS OF A REPRESENTATIVE. THE DESIGNATED REPRESENTATIVE DOES NOT HAVE ANY RIGHTS TO YOUR ACCOUNT. PLEASE REFER TO YOUR STATE'S UNCLAIMED PROPERTY WEBSITE FOR MORE INFORMATION AND INSTRUCTIONS ON HOW TO DESIGNATE A REPRESENTATIVE FOR NOTICE.
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TABLE OF CONTENTS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯ PAGE
REPORT NAME NUMBER ___________ ______
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 19 STATEMENT OF TRANSACTIONS ...................................................................... 20 212
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PAGE 1
ASSET SUMMARY CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED
INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00
CASH EQUIVALENTS 1,216,546.98 1,216,546.98 0.59 0.00 39,405 3.24 6,962.94 BONDS AND NOTES 202,306,410.52 204,445,216.25 99.41 2,138,805.73 7,562,917 3.70 1,622,304.59 ===================================================================================================================================== TOTAL INVESTMENTS 203,522,957.50 205,661,763.23 100.00 2,138,805.73 7,602,323 3.70 1,629,267.53 TOTAL ACCRUALS 1,629,267.53 1,629,267.53
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 205,152,225.03 207,291,030.76 2,138,805.73 7,602,323 3.70 1,629,267.53 213
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PAGE 2
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS ______________________________________________________________________________________________________________________________________ 1,163,773.36 ALLSPRING 100% TREASURY 1,163,773.36 1,163,773.36 0.57 0.00 6,878.80 MONEY MARKET FUND - #008 1.0000 1.0000
52,773.62 PRINCIPAL PUBLIC DEPOSIT SWEEP 52,773.62 52,773.62 0.03 0.00 84.14 PROGRAM 1.0000 1.0000
====================================================================================================================================== TOTAL CASH EQUIVALENTS 1,216,546.98 1,216,546.98 0.59 0.00 6,962.94 BOND & NOTES ______________________________________________________________________________________________________________________________________ 1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,436,202.20 0.70 16,227.90 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 101.1410
DTD 05/13/2025 4.280% 04/15/2030
NON CALLABLE
CUSIP 02582JKP4
1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,767,675.00 0.86 9,572.50 24,811.11 MEDIUM TERM NOTE 100.4630 101.0100
DTD 09/05/2024 4.400% 09/05/2029
NON CALLABLE
MOODY'S RATING A3
CUSIP 02665WFQ9
1,500,000 BANK OF AMERICA CORP 1,498,710.00 1,506,870.00 0.73 8,160.00 28,117.42 DTD 07/23/18 07/23/2029 99.9140 100.4580
MOODY'S RATING A1
CUSIP 06051GHM4
850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 858,823.00 0.42 24.17 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 101.0380
DTD 12/14/2023 4.980% 11/15/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDH8
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 797,300.95 0.39 12,344.99 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.5670
DTD 06/13/2024 4.930% 05/15/2029
NON CALLABLE
MOODY'S RATING AAA
CUSIP 05522RDJ4
1,615,000 BERKSHIRE HATHAWAY FIN 1,614,693.15 1,589,563.75 0.77 25,129.40- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 98.4250
CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
1,050,000 BMW VEHICLE LEASE TRUST 1,049,997.06 1,052,814.00 0.51 2,816.94 694.75 ASSET BCKD SEC SER 2025-2 CL A3 99.9997 100.2680
DTD 10/15/2025 3.970% 09/25/2028
CALLABLE
CUSIP 05594HAD5
685,001.19 BMW VEHICLE OWNER TRUST 684,897.14 691,255.25 0.34 6,358.11 591.38 ASSET BCKD SEC SER 2024-A CL A3 99.9848 100.9130
DTD 06/11/2024 5.180% 02/26/2029
CALLABLE
MOODY'S RATING AAA
CUSIP 096919AD7
1,740,000 CALIFORNIA STATE 1,749,169.80 1,782,978.00 0.87 33,808.20 32,625.00 GENERAL OBLIGATION 100.5270 102.4700
DTD 11/05/2024 4.500% 08/01/2029
NON CALLABLE
MOODY'S RATING AA2
CUSIP 13063EGT7
1,100,000 CARGILL INC 1,099,171.70 1,095,237.00 0.53 3,934.70- 8,570.83 DTD 10/23/2025 4.125% 10/23/2030 99.9247 99.5670
CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING A2
CUSIP 141781CF9
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,016,580.00 0.49 17,650.00 6,527.78 MEDIUM TERM NOTE 99.8930 101.6580
DTD 05/14/2024 5.000% 05/14/2027
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAL4
1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,231,176.00 0.60 33,084.00 7,206.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 102.5980
NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAU4
960,000 CHARLES SCHWAB CORP 959,729.90 944,851.20 0.46 14,878.70- 7,709.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 98.4220
CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,705,142.40 0.83 15,399.79 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.8960
DTD 01/31/2024 4.600% 01/16/2029
NON CALLABLE
CUSIP 161571HV9
1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,788,657.50 0.87 22,911.16 30,741.67 DTD 07/31/2024 4.650% 08/15/2029 100.8998 102.2090
CALLABLE
MOODY'S RATING A2
CUSIP 171239AL0
1,500,000 CITIBANK CREDIT CARD ISSURANCE 1,515,000.00 1,517,415.00 0.74 2,415.00 1,791.67 ASSET BCKD SEC SER 2025-A1 CL A 101.0000 101.1610
DTD 06/26/2025 4.300% 06/21/2030
NON CALLABLE
MOODY'S RATING AAA
CUSIP 17305EHA6
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,276,330.72 0.62 48,152.28 3,824.29 SER K089 CL A2 *24 DAY DELAY* 95.3555 99.0940
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
1,971,885.56 FED HOME LN MTG CORP 1,902,407.41 1,919,196.78 0.93 16,789.37 4,900.14 SER K093 CL A2 *24 DAY DELAY* 96.4766 97.3280
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,432,650.00 0.70 25,638.28 3,243.75 SER K099 CL A2 *24 DAY DELAY* 93.8008 95.5100
DTD 10/01/19 2.595 09/25/2029
CUSIP 3137FPJG1
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,855,664.00 1.39 66,052.00 16,547.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.9880
NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133EPC60
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,439,168.00 1.19 26,616.00 17,416.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.6320
NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,906,556.25 0.93 36,506.25 20,286.46 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.6830
NON CALLABLE
MOODY'S RATING AA1
CUSIP 3130B0TY5
1,500,000 FEDERAL HOME LOAN MORTGAGE CORP 1,348,652.34 1,357,695.00 0.66 9,042.66 1,846.25 CMO SER 2020-K110 CL A2 89.9102 90.5130
DTD 06/01/2020 1.477% 04/25/2030
NON CALLABLE
CUSIP 3137FTZQ3
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,787,343.75 1,788,920.00 0.87 1,576.25 2,305.00 CMO SER 2020-K115 CL A2 89.3672 89.4460
DTD 09/01/2020 1.383% 06/25/2030
NON CALLABLE
CUSIP 3137FWG79
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,910,220.00 0.93 108,501.25 3,766.67 CMO SER K748 CL A2 90.0860 95.5110
DTD 03/01/2022 2.260% 01/25/2029
NON CALLABLE
CUSIP 3137H5YC5
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 644,429.50 0.31 43,021.67- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 99.1430
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 991,220.00 0.48 40,555.94 2,703.33 SER K068 CL A2 *24 DAY DELAY* 95.0664 99.1220
DTD 10/01/17 3.244 08/25/2027
MOODY'S RATING AAA
CUSIP 3137FBBX3
1,943,312.76 FHLMC MULTIFAMILY STRUCTURED P 1,859,127.85 1,938,182.41 0.94 79,054.56 6,106.86 SER K087 CL A2 *24 DAY DELAY* 95.6680 99.7360
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,536,944.00 1.23 71,113.92 7,841.25 SER K088 CL A2 *24 DAY DELAY* 96.6992 99.4880
DTD 03/01/19 3.690 01/25/2029
MOODY'S RATING AAA
CUSIP 3137FKZZ2
2,500,000 FHLMC MULTIFAMILY STRUCTURED P 2,431,738.28 2,472,075.00 1.20 40,336.72 7,302.08 SER K091 CL A2 *24 DAY DELAY* 97.2695 98.8830
DTD 04/01/19 3.505 03/25/2029
CUSIP 3137FLN91
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,122,890.00 1.03 83,507.18 5,105.83 SER K095 CL A2 *24 DAY DELAY* 92.6992 96.4950
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,521,088.00 0.74 32,713.00 3,233.33 SER K098 CL A2 *24 DAY DELAY* 93.0235 95.0680
DTD 10/01/19 2.425 08/25/2029
CUSIP 3137FPHK4
2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,810,078.13 1,859,440.00 0.90 49,361.87 3,448.33 SER K106 CL A2 *24 DAY DELAY* 90.5039 92.9720
DTD 03/01/20 2.069 01/25/2030
CUSIP 3137FRUT6
1,085,959.77 GM FINANCIAL SECURITIZED TERM 1,084,237.70 1,092,584.12 0.53 8,346.42 2,194.54 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.6100
DTD 01/17/2024 4.850% 12/18/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 36268GAD7
1,025,000 GOLDMAN SACHS GROUP INC 1,025,000.00 1,024,774.50 0.50 225.50- 8,277.16 DTD 10/21/2025 VAR CPN 10/21/2029 100.0000 99.9780
CALLABLE
MOODY'S RATING A2
CUSIP 38141GD27
1,500,000 GUARDIAN LIFE 1,500,000.00 1,502,760.00 0.73 2,760.00 15,324.79 DTD 10/06/2025 4.327% 10/06/2030 100.0000 100.1840
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBN2
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,204,204.70 0.59 795.30- 13,288.64 MEDIUM TERM NOTE 100.0000 99.9340
DTD 09/26/2024 4.179% 09/26/2029
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBJ1
219
CC 02-03-2026 Searchable Packet
219 of 1082
PAGE 8
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,663,000 HOME DEPOT INC 1,593,203.89 1,609,152.06 0.78 15,948.17 2,180.38 DTD 06/17/19 2.950 06/15/2029 95.8030 96.7620
MOODY'S RATING A2
CUSIP 437076BY7
1,000,000 HOME DEPOT INC 992,260.00 1,025,240.00 0.50 32,980.00 791.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 102.5240
CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
519,127.49 HONDA AUTO RECEIVABLES OWNER 519,064.42 525,403.74 0.26 6,339.32 987.93 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.2090
DTD 05/21/2024 5.270% 11/20/2028
CALLABLE
CUSIP 437930AC4
570,497.05 HONDA AUTO RECEIVABLES OWNER 571,909.24 576,721.17 0.28 4,811.93 898.53 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.0910
DTD 11/08/2023 5.670% 06/21/2028
NON CALLABLE
MOODY'S RATING AAA
CUSIP 438123AC5
560,116.93 HYUNDAI AUTO LEASE SECURITIZAT 560,101.36 562,973.53 0.27 2,872.17 1,346.77 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.5100
DTD 05/22/2024 5.410% 05/17/2027
CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,438,819.40 1.19 9,913.80- 4,245.21 DTD 04/20/21 0.875 04/20/2026 99.5420 99.1390
MOODY'S RATING AAA
CUSIP 4581X0DV7
1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,762,250.00 0.86 40,740.00 14,127.60 DTD 10/16/2024 3.875% 10/16/2029 98.3720 100.7000
NON CALLABLE
MOODY'S RATING AAA
CUSIP 459058LN1
220
CC 02-03-2026 Searchable Packet
220 of 1082
PAGE 9
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,725,296.00 0.84 31,076.00 19,673.96 DTD 03/20/2025 4.125% 03/20/2030 99.6600 101.4880
NON CALLABLE
MOODY'S RATING AAA
CUSIP 459058LR2
1,000,000 JOHN DEERE CAPITAL CORP 1,006,920.00 1,010,530.00 0.49 3,610.00 9,236.11 MEDIUM TERM NOTE 100.6920 101.0530
DTD 07/24/2025 4.375% 10/15/2030
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EYF0
1,430,000 JOHN DEERE CAPITAL CORPORATION 1,429,571.00 1,454,596.00 0.71 25,025.00 32,139.25 DTD 01/09/2025 4.650% 01/07/2028 99.9700 101.7200
NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EXZ7
73,664.31 JOHN DEERE OWNER TRUST 73,657.27 73,637.05 0.04 20.22- 122.45 ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.9630
DTD 07/20/2022 3.740% 02/16/2027
NON CALLABLE
MOODY'S RATING AAA
CUSIP 47800AAC4
231,161.91 JOHN DEERE OWNER TRUST 231,143.97 231,723.63 0.11 579.66 522.94 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.2430
DTD 10/19/2022 5.090% 06/15/2027
CALLABLE
MOODY'S RATING AAA
CUSIP 47800BAC2
500,000 JOHN DEERE OWNER TRUST 499,765.63 504,380.00 0.25 4,614.37 1,102.22 ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.8760
DTD 03/19/2024 4.960% 11/15/2028
CALLABLE
MOODY'S RATING AAA
CUSIP 47800RAD5
221
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221 of 1082
PAGE 10
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,504,860.00 0.73 8,250.00 27,669.75 DTD 07/23/18 07/23/2029 99.7740 100.3240
MOODY'S RATING A1
CUSIP 46647PAV8
1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,428,070.00 0.69 30,730.00 19,168.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 102.0050
CALLABLE
MOODY'S RATING A3
CUSIP 571748CA8
1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 1,009,390.00 0.49 10,720.00 6,825.00 MEDIUM TERM NOTE 99.8670 100.9390
DTD 05/07/2025 4.550% 05/07/2030
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 57629TBX4
1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 985,430.00 0.48 16,800.00- 5,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 98.5430
MOODY'S RATING AA3
CUSIP 57629WDE7
945,000 MASTERCARD INC 944,083.35 966,489.30 0.47 22,405.95 14,332.50 DTD 03/09/2023 4.875% 03/09/2028 99.9030 102.2740
CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
1,045,000 MERCEDES-BENZ AUTO LEASE TRUST 1,044,828.52 1,045,971.85 0.51 1,143.33 2,099.29 ASSET BCKD SEC SER 2025-B CL A3 99.9836 100.0930
DTD 10/22/2025 4.520% 04/16/2029
CALLABLE
CUSIP 58770XAD5
741,090.55 MERCEDES-BENZ AUTO RECEIVABLES TRUST 756,780.82 751,006.34 0.37 5,774.48- 1,959.77 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.3380
DTD 10/25/2023 5.950% 11/15/2028
CALLABLE
CUSIP 58769FAC9
222
CC 02-03-2026 Searchable Packet
222 of 1082
PAGE 11
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,092,633.10 0.53 21,095.80- 9,872.40 144A PRIV PLCMT 1.875 01/11/2027 99.8860 97.9940
MOODY'S RATING AA3
CUSIP 59217GER6
770,000 MET TOWER GLOBAL FUNDING 769,291.60 756,016.80 0.37 13,274.80- 2,860.76 144A PRIV PLCMT 1.250 09/14/2026 99.9080 98.1840
MOODY'S RATING AA3
CUSIP 58989V2D5
1,500,000 META PLATFORMS INC 1,502,895.00 1,503,165.00 0.73 270.00 10,150.00 DTD 11/03/2025 4.200% 11/15/2030 100.1930 100.2110
CALLABLE
MOODY'S RATING AA3
CUSIP 30303MAB8
912,000 META PLATFORMS INC 910,584.09 922,989.60 0.45 12,405.51 14,814.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 101.2050
CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,977,183.00 0.96 27,183.00 44,939.70 DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 101.3940
CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
1,470,000 MORGAN STANLEY SR 1,470,184.60 1,469,529.60 0.71 655.00- 11,644.73 MEDIUM TERM NOTE 100.0126 99.9680
DTD 10/22/2025 VAR CPN 10/18/2029
CALLABLE
MOODY'S RATING A1
CUSIP 61748UAK8
1,000,000 NATIONAL RURAL UTILS COOP 1,002,873.61 1,029,180.00 0.50 26,306.39 19,800.00 MEDIUM TERM NOTE 100.2874 102.9180
DTD 02/07/2025 4.950% 02/07/2030
CALLABLE
MOODY'S RATING A2
CUSIP 63743HFX5
223
CC 02-03-2026 Searchable Packet
223 of 1082
PAGE 12
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,026,180.00 0.50 31,300.00 3,472.22 MEDIUM TERM NOTE 99.4880 102.6180
DTD 06/06/2024 5.000% 06/06/2029
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFG3
1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,386,430.50 0.67 22,208.55 4,534.83 DTD 12/05/2024 4.600% 12/05/2029 99.9430 101.5700
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFK4
1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 1,014,740.00 0.49 10,700.00 3,577.78 MEDIUM TERM NOTE 100.4040 101.4740
DTD 06/03/2025 4.600% 06/03/2030
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 66815L2W8
1,865,000 PACCAR FINANCIAL CORP 1,863,955.60 1,873,728.20 0.91 9,772.60 11,190.00 MEDIUM TERM NOTE 99.9440 100.4680
DTD 11/07/2025 4.000% 11/07/2028
NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RU20
1,500,000 PEPSICO INC 1,497,675.00 1,529,370.00 0.74 31,695.00 30,750.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 101.9580
CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,750,000 PRICOA GLOBAL FDG 1,749,440.00 1,754,410.00 0.85 4,970.00 7,612.50 MEDIUM TERM NOTE 99.9680 100.2520
DTD 11/25/2025 4.350% 11/25/2030
NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 74153WCZ0
224
CC 02-03-2026 Searchable Packet
224 of 1082
PAGE 13
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 PROGRESSIVE CORP 1,455,495.00 1,502,640.00 0.73 47,145.00 20,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 100.1760
MOODY'S RATING A2
CUSIP 743315AV5
1,500,000 PROLOGIS LP 1,481,235.00 1,514,340.00 0.74 33,105.00 27,343.75 DTD 02/01/20 4.375 02/01/2029 98.7490 100.9560
MOODY'S RATING A2
CUSIP 74340XBL4
1,463,000 REALTY INCOME CORP 1,419,212.41 1,455,889.82 0.71 36,677.41 26,984.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 99.5140
CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,052,960.00 1.00 33,040.00 41,250.00 MEDIUM TERM NOTE 100.9960 102.6480
CONVERTIBLE
DTD 01/19/2024 4.950% 02/01/2029
NON CALLABLE
MOODY'S RATING A1
CUSIP 78016HZV5
2,000,000 SIMON PROPERTY GROUP LP 1,853,380.00 1,872,740.00 0.91 19,360.00 24,438.89 DTD 07/09/20 2.650 07/15/2030 92.6690 93.6370
MOODY'S RATING A3
CUSIP 828807DK0
817,404.32 TOYOTA AUTO RECEIVABLES OWNER 814,083.62 822,251.53 0.40 8,167.91 1,874.58 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.5930
DTD 08/15/2023 5.160% 04/17/2028
CALLABLE
CUSIP 89231FAD2
1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,368,186.10 0.67 16,204.50- 562.66 MED TERM NOTE 99.9560 98.7860
DTD 06/18/21 1.125 06/18/2026
MOODY'S RATING A1
CUSIP 89236TJK2
225
CC 02-03-2026 Searchable Packet
225 of 1082
PAGE 14
STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,487,873.15 0.72 45,965.45 34,174.25 MEDIUM TERM NOTE 99.7860 102.9670
DTD 01/09/2025 4.950% 01/09/2030
NON CALLABLE
MOODY'S RATING A1
CUSIP 89236TNA9
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,238,820.00 1.57 21,492.50- 291.78 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.6560
MOODY'S RATING AA1
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 395,484.00 0.19 2,265.25 4,603.26 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.8710
MOODY'S RATING AA1
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,474,170.00 2.18 5,267.66 47,781.42 DTD 08/31/2022 3.125% 08/31/2027 99.3090 99.4260
MOODY'S RATING AA1
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,486,915.00 1.70 65,762.66 36,360.06 DTD 09/30/2022 4.125% 09/30/2027 99.1639 101.0700
MOODY'S RATING AA1
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 856,043.50 0.42 3,387.25 2,895.60 DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.7110
MOODY'S RATING AA1
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,770,515.00 1.35 4,592.42- 294.37 DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.7460
MOODY'S RATING AA1
CUSIP 91282CGC9
226
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 3,000,600.00 1.46 42,670.31 43,940.22 DTD 01/31/2023 3.500% 01/31/2028 98.5977 100.0200
MOODY'S RATING AA1
CUSIP 91282CGH8
3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,738,591.00 1.82 39,477.72 50,287.29 DTD 02/28/2023 4.000% 02/29/2028 99.9760 101.0430
MOODY'S RATING AA1
CUSIP 91282CGP0
4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,557,285.00 2.22 60,326.01 61,160.22 DTD 02/28/2023 4.000% 02/28/2030 99.9324 101.2730
MOODY'S RATING AA1
CUSIP 91282CGQ8
5,000,000 UNITED STATES TREASURY NOTES 5,089,062.50 5,063,500.00 2.46 25,562.50- 83,695.65 DTD 07/31/2023 4.000% 07/31/2030 101.7813 101.2700
MOODY'S RATING AA1
CUSIP 91282CHR5
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,519,600.00 1.23 5,497.66- 5,108.17 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.7840
MOODY'S RATING AA1
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,338,088.00 1.14 88,220.81 24,240.04 DTD 03/31/2024 4.125% 03/31/2029 97.8203 101.6560
MOODY'S RATING AA1
CUSIP 91282CKG5
2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,328,313.00 1.13 45,203.62 22,178.57 DTD 04/15/2024 4.500% 04/15/2027 99.2656 101.2310
MOODY'S RATING AA1
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,242,496.00 1.58 55,996.00 18,696.13 DTD 05/15/2024 4.500% 05/15/2027 99.5781 101.3280
MOODY'S RATING AA1
CUSIP 91282CKR1
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,042,260.00 0.99 56,713.12 234.81 DTD 06/30/2024 4.250% 06/30/2029 99.2774 102.1130
MOODY'S RATING AA1
CUSIP 91282CKX8
3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,499,440.00 1.70 28,040.47- 43,109.46 DTD 08/31/2024 3.625% 08/31/2029 100.7852 99.9840
MOODY'S RATING AA1
CUSIP 91282CLK5
5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,976,750.00 2.42 51,710.94 44,711.54 DTD 09/30/2024 3.500% 09/30/2029 98.5008 99.5350
MOODY'S RATING AA1
CUSIP 91282CLN9
3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,051,330.00 1.48 57,540.94 21,194.75 DTD 10/31/2024 4.125% 10/31/2029 99.7930 101.7110
MOODY'S RATING AA1
CUSIP 91282CLR0
4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,517,568.00 2.20 148,396.12 531.77 DTD 12/31/2024 4.375% 12/31/2029 99.2994 102.6720
MOODY'S RATING AA1
CUSIP 91282CMD0
4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,088,920.00 1.99 105,013.75 71,141.30 DTD 01/31/2025 4.250% 01/31/2030 99.5977 102.2230
MOODY'S RATING AA1
CUSIP 91282CMG3
5,000,000 UNITED STATES TREASURY NOTES 5,020,507.81 5,037,700.00 2.45 17,192.19 535.22 DTD 06/30/2025 3.875% 06/30/2030 100.4102 100.7540
CUSIP 91282CNK3
5,000,000 UNITED STATES TREASURY NOTES 4,991,425.79 4,982,250.00 2.42 9,175.79- 61,584.95 DTD 08/31/2025 3.625% 08/31/2030 99.8285 99.6450
MOODY'S RATING AA1
CUSIP 91282CNX5
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 5,000,000 UNITED STATES TREASURY NOTES 4,982,812.50 4,979,500.00 2.42 3,312.50- 50,345.30 DTD 09/15/2025 3.375% 09/15/2028 99.6563 99.5900
CUSIP 91282CNY3
5,000,000 UNITED STATES TREASURY NOTES 5,008,789.06 4,980,650.00 2.42 28,139.06- 46,308.38 DTD 09/30/2025 3.625% 09/30/2030 100.1758 99.6130
MOODY'S RATING AA1
CUSIP 91282CPA3
1,750,000 UNITED STATES TREASURY NOTES 1,731,816.41 1,732,360.00 0.84 543.59 5,384.62 DTD 11/30/2025 3.500% 11/30/2030 98.9610 98.9920
CUSIP 91282CPN5
2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,920,520.00 0.93 14,440.00 21,722.22 DTD 07/25/19 2.875 08/15/2029 95.3040 96.0260
MOODY'S RATING A2
CUSIP 91324PDS8
2,500,000 US TREASURY NOTE 2,456,445.31 2,493,500.00 1.21 37,054.69 3,923.23 DTD 02/01/21 0.375 01/31/2026 98.2578 99.7400
MOODY'S RATING AA1
CUSIP 91282CBH3
2,500,000 US TREASURY NOTE 2,493,652.34 2,477,075.00 1.20 16,577.34- 3,245.19 DTD 04/30/21 0.750 04/30/2026 99.7461 99.0830
MOODY'S RATING AA1
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,372,378.00 0.67 6,676.68- 3,147.10 DTD 09/30/21 0.875 09/30/2026 98.5039 98.0270
MOODY'S RATING AA1
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,371,832.00 0.67 19,636.75- 2,697.51 DTD 11/01/21 1.125 10/31/2026 99.3906 97.9880
CUSIP 91282CDG3
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTI
AS OF DECEMBER 31, 2025 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED
PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 350,000 WALMART INC 349,338.50 343,738.50 0.17 5,600.00- 1,061.67 DTD 09/17/21 1.050 09/17/2026 99.8110 98.2110
MOODY'S RATING AA2
CUSIP 931142ER0
1,365,000 WELLS FARGO CARD ISSUANCE TRUST 1,364,977.34 1,383,113.55 0.67 18,136.21 2,632.93 ASSET BCKD SEC SER 2025-A1 CL A 99.9984 101.3270
DTD 06/10/2025 4.340% 05/15/2030
NON CALLABLE
CUSIP 92970QAJ4
====================================================================================================================================== TOTAL BOND & NOTES 202,306,410.52 204,445,216.25 99.41 2,138,805.73 1,622,304.59 ====================================================================================================================================== TOTAL INVESTMENTS 203,522,957.50 205,661,763.23 100.00 2,138,805.73 1,629,267.53 TOTAL ACCRUALS 1,629,267.53 1,629,267.53
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 205,152,225.03 207,291,030.76 230
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CASH SUMMARY CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
CASH SUMMARY
DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00
RECEIPTS
NET INTEREST COLLECTED 0.00 696,321.48
TRANSFER RECEIPTS 696,321.48 0.00
SALES 3,629,727.37 0.00
CASH MANAGEMENT SALES 3,841,555.32 0.00
TOTAL CASH RECEIPTS 8,167,604.17 696,321.48
DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 11,982.53- 0.00
TRANSFER DISBURSEMENTS 0.00 696,321.48-
PURCHASES 5,268,600.16- 0.00
CASH MANAGEMENT PURCHASES 2,887,021.48- 0.00
TOTAL CASH DISBURSEMENTS 8,167,604.17- 696,321.48-
======================================================================================================================================== ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 231
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 202,748,545.41
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
CASH EQUIVALENTS
12/01/25 INTEREST RECEIVED 6,332.94
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 11/1/25 THROUGH
11/30/25
12/01/25 INTEREST RECEIVED 85.08
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 11.01.25 TO 11.30.25
12/31/25 2,886,936.4 CASH SWEEP PURCHASES FOR STMT PERIOD 2,886,936.40- 2,886,936.40 AS 100% TREAS MM FD-SVC CL #008
8 TRANSACTIONS
12/31/25 85.08 CASH SWEEP PURCHASES FOR STMT PERIOD 85.08- 85.08
PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
12/31/25 3,841,555.32- CASH SWEEP SALES FOR STMT PERIOD 3,841,555.32 3,841,555.32- AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS
BONDS & NOTES
12/15/25 INTEREST RECEIVED 5,064.67
AMER EXPR CREDIT ABS 4.280% 4/15/30
CUSIP 02582JKP4
$0.00357/PV ON 1,420,000.00 PV
DUE 12/15/25
12/15/25 INTEREST RECEIVED 3,225.04
BANK OF AMERICA ABS 4.930% 5/15/29
CUSIP 05522RDJ4
$0.00411/PV ON 785,000.00 PV
DUE 12/15/25
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/25 INTEREST RECEIVED 3,527.50
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 850,000.00 PV
DUE 12/15/25
12/26/25 INTEREST RECEIVED 3,473.75
BMW VEHICLE LEA ABS 3.970% 9/25/28
CUSIP 05594HAD5
$0.00331/PV ON 1,050,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 3,000.08
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
$0.00432/PV ON 695,000.00 PV
DUE 12/25/25
12/26/25 9,998.81- PAID DOWN 9,998.81 9,997.29- 1.52
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
12/15/25 INTEREST RECEIVED 6,478.33
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 1,690,000.00 PV
DUE 12/15/25
12/22/25 INTEREST RECEIVED 31,354.17
CITIBANK CREDIT ABS 4.300% 6/21/30
CUSIP 17305EHA6
$0.02090/PV ON 1,500,000.00 PV
DUE 12/21/25
12/26/25 INTEREST RECEIVED 3,243.75
FED HOME LN MTG CORP 2.595% 9/25/29
CUSIP 3137FPJG1
$0.00216/PV ON 1,500,000.00 PV
DUE 12/25/25
233
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/25 INTEREST RECEIVED 4,906.04
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
$0.00245/PV ON 1,974,261.08 PV
DUE 12/25/25
12/26/25 2,375.52- PAID DOWN 2,375.52 2,291.82- 83.70
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
TO SETTLE ON 12/26/2025
12/26/25 INTEREST RECEIVED 3,824.29
FED HOME LN MTG CORP 3.563% 1/25/29
CUSIP 3137FL6P4
$0.00297/PV ON 1,288,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 3,448.33
FHLMC MULTIFAMILY ST 2.069% 1/25/30
CUSIP 3137FRUT6
$0.00172/PV ON 2,000,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 3,233.33
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
$0.00202/PV ON 1,600,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 12/25/25
234
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/25 INTEREST RECEIVED 5,105.83
FHLMC MULTIFAMILY ST 2.785% 6/25/29
CUSIP 3137FNAE0
$0.00232/PV ON 2,200,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 2,703.33
FHLMC MULTIFAMILY ST 3.244% 8/25/27
CUSIP 3137FBBX3
$0.00270/PV ON 1,000,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 7,302.08
FHLMC MULTIFAMILY ST 3.505% 3/25/29
CUSIP 3137FLN91
$0.00292/PV ON 2,500,000.00 PV
DUE 12/25/25
12/26/25 INTEREST RECEIVED 7,841.25
FHLMC MULTIFAMILY ST 3.690% 1/25/29
CUSIP 3137FKZZ2
$0.00308/PV ON 2,550,000.00 PV
DUE 12/25/25
12/02/25 REVERSAL 51,984.42
COST ADJUSTMENT
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
CU10 LATE ANNOUNCMENT
12/02/25 54,338.38 REVERSAL
SHARE ADJUSTMENT
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
CU10 LATE ANNOUNCMENT
235
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/02/25 REVERSAL 6,403.45-
INTEREST RECEIVED
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
CU10 LATE ANNOUNCMENT
12/02/25 INTEREST RECEIVED 6,403.45
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
$0.00320/PV ON 1,945,661.62 PV
DUE 11/25/25
12/26/25 INTEREST RECEIVED 6,114.24
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
$0.00306/PV ON 1,945,661.62 PV
DUE 12/25/25
12/26/25 2,348.86- PAID DOWN 2,348.86 2,247.11- 101.75
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
TO SETTLE ON 12/26/2025
12/26/25 INTEREST RECEIVED 1,846.25
FHLMC SER K110 CMO 1.477% 4/25/30
CUSIP 3137FTZQ3
$0.00123/PV ON 1,500,000.00 PV
DUE 12/25/25
12/15/25 2,000,000 PURCHASED 1,787,343.75- 1,787,343.75 FHLMC SER K115 CMO 1.383% 6/25/30
CUSIP 3137FWG79
AT $89.3672 ON TRADE DATE 12/10/2025
TO SETTLE ON 12/15/2025
WACHOVIA CAPITAL MARKETS, LLC.
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/25 ACCRUED INTEREST ON PURCHASE 1,075.67-
FHLMC SER K115 CMO 1.383% 6/25/30
CUSIP 3137FWG79
12/26/25 INTEREST RECEIVED 3,766.67
FHLMC SER K748 CMO 2.260% 1/25/29
CUSIP 3137H5YC5
$0.00188/PV ON 2,000,000.00 PV
DUE 12/25/25
12/16/25 INTEREST RECEIVED 18.02
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
$0.00005/PV ON 6,975.93 PV
DUE 12/16/25
12/16/25 6,975.93- PAID DOWN 6,975.93 6,974.47- 1.46
GM FINANCIAL ABS 3.100% 2/16/27
CUSIP 362585AC5
12/16/25 INTEREST RECEIVED 4,683.67
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00358/PV ON 1,158,845.63 PV
DUE 12/16/25
12/16/25 72,885.86- PAID DOWN 72,885.86 72,770.28- 115.58 GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
12/15/25 INTEREST RECEIVED 24,529.25
HOME DEPOT INC 2.950% 6/15/29
CUSIP 437076BY7
INTEREST ON 1,663,000.000 UNITS
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/25 INTEREST RECEIVED 23,750.00
HOME DEPOT INC 4.750% 6/25/29
CUSIP 437076DC3
INTEREST ON 1,000,000.000 UNITS
12/18/25 INTEREST RECEIVED 2,349.54
HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
$0.00439/PV ON 535,000.00 PV
DUE 12/18/25
12/18/25 15,872.51- PAID DOWN 15,872.51 15,870.58- 1.93 HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
12/22/25 INTEREST RECEIVED 2,888.03
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00359/PV ON 611,222.38 PV
DUE 12/21/25
12/22/25 40,725.33- PAID DOWN 40,725.33 40,826.14- 100.81- HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
TO SETTLE ON 12/22/2025
12/15/25 INTEREST RECEIVED 2,750.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00451/PV ON 610,000.00 PV
DUE 12/15/25
12/15/25 49,883.07- PAID DOWN 49,883.07 49,881.68- 1.39 HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/25 INTEREST RECEIVED 1,083.95
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00103/PV ON 255,548.59 PV
DUE 12/15/25
12/15/25 24,386.68- PAID DOWN 24,386.68 24,384.79- 1.89 JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
12/15/25 INTEREST RECEIVED 276.25
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00042/PV ON 88,635.55 PV
DUE 12/15/25
12/15/25 14,971.24- PAID DOWN 14,971.24 14,969.81- 1.43 JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
12/15/25 INTEREST RECEIVED 2,066.67
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
$0.00413/PV ON 500,000.00 PV
DUE 12/15/25
12/15/25 INTEREST RECEIVED 3,378.83
MERCEDES-BENZ ABS 4.520% 4/16/29
CUSIP 58770XAD5
$0.00323/PV ON 1,045,000.00 PV
DUE 12/15/25
12/15/25 INTEREST RECEIVED 3,920.02
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00356/PV ON 790,592.93 PV
DUE 12/15/25
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/25 49,502.38- PAID DOWN 49,502.38 50,550.44- 1,048.06- MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
12/05/25 INTEREST RECEIVED 31,395.00
NEW YORK LIFE GL FDG 4.600% 12/05/29
CUSIP 64952WFK4
INTEREST ON 1,365,000.000 UNITS
12/08/25 INTEREST RECEIVED 25,000.00
NEW YORK LIFE MTN 5.000% 6/06/29
CUSIP 64952WFG3
INTEREST ON 1,000,000.000 UNITS
12/03/25 INTEREST RECEIVED 23,000.00
NW MUTUAL GLOBAL MTN 4.600% 6/03/30
CUSIP 66815L2W8
INTEREST ON 1,000,000.000 UNITS
12/09/25 1,750,000 PURCHASED 1,749,440.00- 1,749,440.00 PRICOA GLOBAL MTN 4.350% 11/25/30
CUSIP 74153WCZ0
AT $99.9680 ON TRADE DATE 12/08/2025
TO SETTLE ON 12/09/2025
BARCLAYS CAPITAL INC. FIXED IN
12/09/25 ACCRUED INTEREST ON PURCHASE 2,960.42-
PRICOA GLOBAL MTN 4.350% 11/25/30
CUSIP 74153WCZ0
12/15/25 INTEREST RECEIVED 3,800.51
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00292/PV ON 883,838.90 PV
DUE 12/15/25
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/15/25 66,434.58- PAID DOWN 66,434.58 66,164.69- 269.89 TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
12/18/25 INTEREST RECEIVED 7,790.63
TOYOTA MOTOR CREDIT 1.125% 6/18/26
CUSIP 89236TJK2
INTEREST ON 1,385,000.000 UNITS
12/31/25 INTEREST RECEIVED 52,812.50
U.S. TREASURY NOTES 3.250% 6/30/27
CUSIP 91282CEW7
INTEREST ON 3,250,000.000 UNITS
12/16/25 1,750,000 PURCHASED 1,731,816.41- 1,731,816.41 U.S. TREASURY NOTES 3.625% 11/30/30
CUSIP 91282CPN5
AT $98.9609 ON TRADE DATE 12/15/2025
TO SETTLE ON 12/16/2025
CITIGROUP GBL MKTS/SALOMON BRO
12/16/25 ACCRUED INTEREST ON PURCHASE 2,692.31-
U.S. TREASURY NOTES 3.625% 11/30/30
CUSIP 91282CPN5
12/31/25 INTEREST RECEIVED 96,875.00
U.S. TREASURY NOTES 3.875% 6/30/30
CUSIP 91282CNK3
INTEREST ON 5,000,000.000 UNITS
12/01/25 INTEREST RECEIVED 16,468.75
U.S. TREASURY NOTES 3.875% 11/30/27
CUSIP 91282CFZ9
INTEREST ON 850,000.000 UNITS
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/31/25 INTEREST RECEIVED 53,281.25
U.S. TREASURY NOTES 3.875% 12/31/27
CUSIP 91282CGC9
INTEREST ON 2,750,000.000 UNITS
12/31/25 INTEREST RECEIVED 42,500.00
U.S. TREASURY NOTES 4.250% 6/30/29
CUSIP 91282CKX8
INTEREST ON 2,000,000.000 UNITS
12/15/25 INTEREST RECEIVED 54,687.50
U.S. TREASURY NOTES 4.375% 12/15/26
CUSIP 91282CJP7
INTEREST ON 2,500,000.000 UNITS
12/31/25 INTEREST RECEIVED 96,250.00
U.S. TREASURY NOTES 4.375% 12/31/29
CUSIP 91282CMD0
INTEREST ON 4,400,000.000 UNITS
12/16/25 1,035,000- SOLD 1,023,366.60 1,025,051.35- 1,684.75- UNITEDHEALTH GROUP 1.150% 5/15/26
CUSIP 91324PEC2
AT $98.8760 ON TRADE DATE 12/15/2025
TO SETTLE ON 12/16/2025
FTN FINANCIAL SECURITIES CORP
12/16/25 ACCRUED INTEREST ON SALE 1,024.94
UNITEDHEALTH GROUP 1.150% 5/15/26
CUSIP 91324PEC2
12/01/25 INTEREST RECEIVED 4,218.75
US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
INTEREST ON 2,250,000.000 UNITS
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PAGE 31
STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/01/25 2,250,000- MATURED 2,250,000.00 2,209,658.20- 40,341.80 US TREASURY NOTE 0.375% 11/30/25
CUSIP 91282CAZ4
AT $100.0000 ON TRADE DATE 11/30/2025
TO SETTLE ON 12/01/2025
12/15/25 INTEREST RECEIVED 4,936.75
WELLS FARGO CARD ABS 4.340% 5/15/30
CUSIP 92970QAJ4
$0.00362/PV ON 1,365,000.00 PV
DUE 12/15/25
TRANSFER RECEIPTS
12/01/25 ADDITION TO ACCOUNT 27,105.52
TRANSFER FROM INCOME
12/03/25 ADDITION TO ACCOUNT 23,000.00
TRANSFER FROM INCOME
12/05/25 ADDITION TO ACCOUNT 31,395.00
TRANSFER FROM INCOME
12/08/25 ADDITION TO ACCOUNT 25,000.00
TRANSFER FROM INCOME
12/15/25 ADDITION TO ACCOUNT 115,689.26
TRANSFER FROM INCOME
12/16/25 ADDITION TO ACCOUNT 3,034.32
TRANSFER FROM INCOME
12/18/25 ADDITION TO ACCOUNT 10,140.17
TRANSFER FROM INCOME
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STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/22/25 ADDITION TO ACCOUNT 34,242.20
TRANSFER FROM INCOME
12/26/25 ADDITION TO ACCOUNT 84,996.26
TRANSFER FROM INCOME
12/31/25 ADDITION TO ACCOUNT 341,718.75
TRANSFER FROM INCOME
INVESTMENT MANAGEMENT EXPENSES
12/05/25 INVESTMENT MGMT FEE 11,982.53-
PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2511CUPERTIN CUPERTIN CITY OF
CUPERTINO
FOR PERIOD 11/1/2025 - 11/30/2025
TRANSFER DISBURSEMENTS
12/01/25 TRANSFER TO PRINCIPAL 27,105.52-
12/03/25 TRANSFER TO PRINCIPAL 23,000.00-
12/05/25 TRANSFER TO PRINCIPAL 31,395.00-
12/08/25 TRANSFER TO PRINCIPAL 25,000.00-
12/15/25 TRANSFER TO PRINCIPAL 115,689.26-
12/16/25 TRANSFER TO PRINCIPAL 3,034.32-
12/18/25 TRANSFER TO PRINCIPAL 10,140.17-
12/22/25 TRANSFER TO PRINCIPAL 34,242.20-
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INVESTMENT AND INSURANCE PRODUCTS ARE:
· NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY · NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE · SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PAGE 33
STATEMENT OF TRANSACTIONS CITY OF CUPERTI
FOR THE PERIOD DECEMBER 1, 2025 THROUGH DECEMBER 31, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯
STATEMENT OF TRANSACTIONS
REALIZED
DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 12/26/25 TRANSFER TO PRINCIPAL 84,996.26-
12/31/25 TRANSFER TO PRINCIPAL 341,718.75-
================================================================================================================= ENDING BALANCE 0.00 203,522,957.50
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 12/1/2025 to 12/31/2025 Jonathan Orozco
Acting Director of Administrative Services
City of Cupertino
10300 Torre Ave.
Cupertino, CA 95014
Account Summary
Source 12/1/2025 Contributions Earnings Expenses Distributions Transfers 12/31/2025 OPEB 1001 $45,888,106.03 $0.00 $220,996.16 $11,807.74 $0.00 $0.00 $46,097,294.45 PENSION 1002 $26,110,804.35 $0.00 $124,117.89 $6,714.46 $0.00 $0.00 $26,228,207.78 Totals $71,998,910.38 $0.00 $345,114.05 $18,522.20 $0.00 $0.00 $72,325,502.23 Investment Selection
Source
OPEB
PENSION
Investment Objective
Source
OPEB
PENSION
Investment Return
Source 1-Month 3-Months 1-Year 3-Years 5-Years 10-Years OPEB 0.48% 2.27% 16.40% 15.13% 6.77% 8.31% 6/21/2010
PENSION 0.48% 2.27% 16.36% 15.05% 6.69% - 3/26/2019
Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Balance as of
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital.
City of Cupertino - PEN
Plan's Inception Date
Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return
Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return.
Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change.
Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital.
Account Report for the Period
Balance as of
City of Cupertino - OPEB
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CITY OF CUPERTINO
Agenda Item
26-14824 Agenda Date: 2/3/2026
Agenda #: 7.
Subject: Amendment to 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
Amend the 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
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OFFICE OF THE CITY CLERK
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3223
CUPERTINO.GOV
CITY COUNCIL STAFF REPORT
Date: February 3, 2026
Subject
Amendment to 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
Recommended Action
Amend the 2026 Council Committee Assignments to designate Vice Mayor Liang Chao as the alternate to the Audit Committee.
Background
The City Council appoints Councilmembers to serve as representatives to various local and regional organizations. Per the City Council Procedures Manual (Resolution No. 25-016), the Mayor appoints Councilmembers to standing and ad hoc committees and subcommittees established by the City Council, subject to ratification by the Council at its next regular meeting.
Under the Procedures Manual, the City Council can ratify or modify the Mayor’s appointments.
It is the responsibility of the committees and subcommittees to inform and submit recommendations to the Council.
Reasons for Recommendation and Available Options
The City Council established the annual committee assignments for the 2026 calendar year on December 16, 2025. Subsequent adjustments were made on January 13, 2026, to appoint Councilmember Wang as the Primary representative for the Cities Association of Santa Clara County (CASCC) Legislative Action Committee, with Vice Mayor Chao serving as the Alternate.
Mayor Kitty Moore recommends amending the 2026 Council Committee Appointments to appoint Vice Mayor Chao to the Audit Committee. This amendment is intended to ensure attendance and quorum is met for all scheduled meetings. Formalizing Vice Mayor Chao’s role as the Alternate provides necessary backup for the committee’s primary members, facilitating the continuous operation of the Audit Committee.
Sustainability Impact
No sustainability impact.
Fiscal Impact
No fiscal impact.
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City Work Program (CWP) Item/Description
None
Council Goal:
N/A
California Environmental Quality Act
N/A
_____________________________________
Prepared by: Lauren Sapudar, Acting City Clerk
Reviewed by: Astrid Robles, Senior Management Analyst
Approved for Submission by: Tina Kapoor, City Manager
Attachments:
A - 2026 Council Committee Assignments
B - Amended 2026 Council Committee Assignments (redline) C - Amended 2026 Council Committee Assignments (clean)
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Association of Bay Area Governments (ABAG) Kitty Moore Primary 1 Liang Chao Primary 2
Annually in June (Online registration will
be available in April)
Sheila Mohan Alternate Bay Area Metro Center
Yerba Buena Conference Room
375 Beale Street
San Francisco, California
Sheila Mohan Primary Annually in March
JR Fruen Alternate Sounty of Santa Clara, Board of Supervisors’ Chambers, County Government Center – 70 West
Hedding Street, 1st Floor, San Jose, CA 95110
Historical Society Advisory Council Liang Chao Primary 3rd Wednesday of the month at 4:30 p.m.
JR Fruen Alternate Cupertino Chamber of Commerce
(hybrid in-person/zoom if possible)
Silicon Valley Regional Interoperability Authority (SVRIA) *WVMM Rotation Every two months on the 4th Wednesday of the month Saratoga - Primary Santa Clara PD
*Note: Jurisdictions rotate for 2-year terms. Cupertino served for 3 years (2020- 2022).
Monte Sereno - Alternate 601 El Camino, Santa Clara
Santa Clara County Cities Association - Board of Directors Liang Chao Primary Monthly on the 2nd Thursday of the Month Sheila Mohan Alternate 7pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - City Selection Committee Liang Chao Primary As needed. Replaces LAC meeting at 6pm Ray Wang Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - Legislative Action Committee Ray Wang Primary Monthly on the 2nd Thursday of the Month Liang Chao Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
League of California Cities - Annual Conference - Voting Delegate Kitty Moore Primary Annual Conference Liang Chao Alternate October 2026
County of Santa Clara Housing and Community Development Advisory Committee
Approved by Council on 12/16/2025
Amended by Council on 1/13/2026
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Santa Clara County Library District Joint Powers Authority - Board of Directors JR Fruen Primary Quarterly Sheila Mohan Alternate 1:30pm at Library Services & Support Center 1370 Dell Ave., Campbell, CA 95008
Santa Clara Valley Water Commission Sheila Mohan Primary Quarterly on the 4th Wednesday of the Month JR Fruen Alternate January 28, April 8, July 22, October 28 Headquarters Building Boardroom, 5700 Almaden
Expressway, San Jose, CA or via Zoom teleconference
unless otherwise noticed.
12:00 p.m.
Santa Clara Valley Transportation Authority (PAC) Kitty Moore Primary Monthly on the 2nd Thursday of the Month Policy Advisory Committee Sheila Mohan Alternate 4pm at VTA River Oaks Campus 3331 North First Street, Conference Room B-106
School Partnership and School Liaison Liang Chao - Primary 1 Sheila Mohan - Primary 2
Quarterly
Cupertino Union School District
(CUSD, FUHSD, De-Anza CC) Kitty Moore - Alternate 1309 S Mary Ave, Sunnyvale CA 94087 West Valley Mayors and City Managers Mayor - Primary Monthly on the 4th Wednesday of the Month Vice Mayor - Alternate 12pm
Location changes monthly
State Route 85 Corridor Policy Advisory Board JR Fruen Primary Ray Wang Alternate
Quarterly on a Wednesday or Thursday of the month
selected
10am
Location changes each quarter
Silicon Valley Clean Energy Authority (SVCEA) JPA Ray Wang Primary Monthly on the 2nd Wednesday of the month JR Fruen Alternate 7pm
Cupertino Community Hall
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AMENDED 2026 Council Committees
City of Cupertino Council Committees 2026 Representative Meetings Audit Committee (City of Cupertino) Kitty Moore Meets quarterly, usually 4th Monday of Ray Wang Quinlan Community Center, Conference
Room
4:00 p.m. - 6:00 p.m.
Cupertino Public Facilities Corporation (Cupertino) All Councilmembers Meets annually, third Monday in November and as needed
City Hall, Conference Room C
Economic Development Committee (Cupertino) Ray Wang Primary Liang Chao Alternate
Regular meetings are held quarterly and as
needed (time and location to be determined)
Disaster Council (Cupertino) Meets no less than annually.
City Hall, Conference Room C
Sister City Committees Sheila Mohan As needed
Liang Chao City Hall
* The Mayor, or their
designee per Municipal
Code section 2.40.025
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Association of Bay Area Governments (ABAG) Kitty Moore Primary 1 Liang Chao Primary 2
Annually in June (Online registration will be available in April) Sheila Mohan Alternate Bay Area Metro Center
Yerba Buena Conference Room375 Beale StreetSan Francisco, California Sheila Mohan Primary Annually in March
JR Fruen Alternate Sounty of Santa Clara, Board of Supervisors’ Chambers, County Government Center – 70 West Hedding Street, 1st Floor, San Jose, CA 95110 Historical Society Advisory Council Liang Chao Primary 3rd Wednesday of the month at 4:30 p.m.
JR Fruen Alternate Cupertino Chamber of Commerce
(hybrid in-person/zoom if possible)
Silicon Valley Regional Interoperability Authority (SVRIA) *WVMM Rotation Every two months on the 4th Wednesday of the month Saratoga - Primary Santa Clara PD
*Note: Jurisdictions rotate for 2-year terms. Cupertino served for 3 years (2020-2022).
Monte Sereno - Alternate 601 El Camino, Santa Clara
Santa Clara County Cities Association - Board of Directors Liang Chao Primary Monthly on the 2nd Thursday of the Month Sheila Mohan Alternate 7pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - City Selection Committee Liang Chao Primary As needed. Replaces LAC meeting at 6pm Ray Wang Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - Legislative Action Committee Ray Wang Primary Monthly on the 2nd Thursday of the Month Liang Chao Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
League of California Cities - Annual Conference - Voting Delegate Kitty Moore Primary Annual Conference Liang Chao Alternate October 2026
County of Santa Clara Housing and Community Development Advisory Committee Approved by Council on 12/16/2025 Amended by Council on 1/13/2026Amended by Council on 2/3/2026 254
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Santa Clara County Library District Joint Powers Authority - Board of Directors JR Fruen Primary Quarterly Sheila Mohan Alternate 1:30pm at Library Services & Support Center 1370 Dell Ave., Campbell, CA 95008
Santa Clara Valley Water Commission Sheila Mohan Primary Quarterly on the 4th Wednesday of the Month JR Fruen Alternate January 28, April 8, July 22, October 28 Headquarters Building Boardroom, 5700 Almaden Expressway, San Jose, CA or via Zoom teleconference unless otherwise noticed.12:00 p.m.
Santa Clara Valley Transportation Authority (PAC) Kitty Moore Primary Monthly on the 2nd Thursday of the MonthPolicy Advisory Committee Sheila Mohan Alternate 4pm at VTA River Oaks Campus 3331 North First Street, Conference Room B-106
School Partnership and School Liaison Liang Chao - Primary 1 Sheila Mohan - Primary 2
QuarterlyCupertino Union School District
(CUSD, FUHSD, De-Anza CC) Kitty Moore - Alternate 1309 S Mary Ave, Sunnyvale CA 94087 West Valley Mayors and City Managers Mayor - Primary Monthly on the 4th Wednesday of the Month Vice Mayor - Alternate 12pm
Location changes monthly
State Route 85 Corridor Policy Advisory Board JR Fruen Primary Ray Wang Alternate
Quarterly on a Wednesday or Thursday of the month selected10amLocation changes each quarter Silicon Valley Clean Energy Authority (SVCEA) JPA Ray Wang Primary Monthly on the 2nd Wednesday of the month JR Fruen Alternate 7pm
Cupertino Community Hall
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AMENDED 2026 Council Committees
City of Cupertino Council Committees 2026 Representative Meetings Audit Committee (City of Cupertino) Kitty Moore Primary Meets quarterly, usually 4th Monday of Ray Wang PrimaryLiang Chao Alternate
Quinlan Community Center, Conference Room4:00 p.m. - 6:00 p.m.
Cupertino Public Facilities Corporation (Cupertino) All Councilmembers Meets annually, third Monday in November and as neededCity Hall, Conference Room C
Economic Development Committee (Cupertino) Ray Wang Primary Liang Chao Alternate
Regular meetings are held quarterly and as needed (time and location to be determined) Disaster Council (Cupertino) Meets no less than annually.
City Hall, Conference Room C
Sister City Committees Sheila Mohan As needed
Liang Chao City Hall
* The Mayor, or theirdesignee per MunicipalCode section 2.40.025 256
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Association of Bay Area Governments (ABAG) Kitty Moore Primary 1 Liang Chao Primary 2
Annually in June (Online registration will be available in April) Sheila Mohan Alternate Bay Area Metro Center
Yerba Buena Conference Room375 Beale StreetSan Francisco, California Sheila Mohan Primary Annually in March
JR Fruen Alternate Sounty of Santa Clara, Board of Supervisors’ Chambers, County Government Center – 70 West Hedding Street, 1st Floor, San Jose, CA 95110 Historical Society Advisory Council Liang Chao Primary 3rd Wednesday of the month at 4:30 p.m.
JR Fruen Alternate Cupertino Chamber of Commerce
(hybrid in-person/zoom if possible)
Silicon Valley Regional Interoperability Authority (SVRIA) *WVMM Rotation Every two months on the 4th Wednesday of the month Saratoga - Primary Santa Clara PD
*Note: Jurisdictions rotate for 2-year terms. Cupertino served for 3 years (2020-2022).
Monte Sereno - Alternate 601 El Camino, Santa Clara
Santa Clara County Cities Association - Board of Directors Liang Chao Primary Monthly on the 2nd Thursday of the Month Sheila Mohan Alternate 7pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - City Selection Committee Liang Chao Primary As needed. Replaces LAC meeting at 6pm Ray Wang Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
Santa Clara County Cities Association - Legislative Action Committee Ray Wang Primary Monthly on the 2nd Thursday of the Month Liang Chao Alternate 6pm at Sunnyvale City Hall, West conference Room 456 W Olive Ave, Sunnyvale 94086
League of California Cities - Annual Conference - Voting Delegate Kitty Moore Primary Annual Conference Liang Chao Alternate October 2026
County of Santa Clara Housing and Community Development Advisory Committee Approved by Council on 12/16/2025 Amended by Council on 1/13/2026Amended by Council on 2/3/2026 257
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AMENDED 2026 Council Committees
Council Committees 2026 Representative Meetings
Santa Clara County Library District Joint Powers Authority - Board of Directors JR Fruen Primary Quarterly Sheila Mohan Alternate 1:30pm at Library Services & Support Center 1370 Dell Ave., Campbell, CA 95008
Santa Clara Valley Water Commission Sheila Mohan Primary Quarterly on the 4th Wednesday of the Month JR Fruen Alternate January 28, April 8, July 22, October 28 Headquarters Building Boardroom, 5700 Almaden Expressway, San Jose, CA or via Zoom teleconference unless otherwise noticed.12:00 p.m.
Santa Clara Valley Transportation Authority (PAC) Kitty Moore Primary Monthly on the 2nd Thursday of the MonthPolicy Advisory Committee Sheila Mohan Alternate 4pm at VTA River Oaks Campus 3331 North First Street, Conference Room B-106
School Partnership and School Liaison Liang Chao - Primary 1 Sheila Mohan - Primary 2
QuarterlyCupertino Union School District
(CUSD, FUHSD, De-Anza CC) Kitty Moore - Alternate 1309 S Mary Ave, Sunnyvale CA 94087 West Valley Mayors and City Managers Mayor - Primary Monthly on the 4th Wednesday of the Month Vice Mayor - Alternate 12pm
Location changes monthly
State Route 85 Corridor Policy Advisory Board JR Fruen Primary Ray Wang Alternate
Quarterly on a Wednesday or Thursday of the month selected10amLocation changes each quarter Silicon Valley Clean Energy Authority (SVCEA) JPA Ray Wang Primary Monthly on the 2nd Wednesday of the month JR Fruen Alternate 7pm
Cupertino Community Hall
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AMENDED 2026 Council Committees
City of Cupertino Council Committees 2026 Representative Meetings Audit Committee (City of Cupertino) Kitty Moore Primary Ray Wang PrimaryLiang Chao Alternate
Meets quarterly, usually 4th Monday of Quinlan Community Center, Conference Room4:00 p.m. - 6:00 p.m.
Cupertino Public Facilities Corporation (Cupertino) All Councilmembers Meets annually, third Monday in November and as neededCity Hall, Conference Room C
Economic Development Committee (Cupertino) Ray Wang Primary Liang Chao Alternate
Regular meetings are held quarterly and as needed (time and location to be determined) Disaster Council (Cupertino) Meets no less than annually.
City Hall, Conference Room C
Sister City Committees As needed
City Hall
* The Mayor, or theirdesignee per MunicipalCode section 2.40.025 Sheila Mohan
Liang Chao
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CITY OF CUPERTINO
Agenda Item
26-14737 Agenda Date: 2/3/2026
Agenda #: 8.
Subject: Consideration of (i) an Architectural and Site Approval permit, (ii) adoption of a Notice of Exempt Surplus Land Act Declaration, and (iii) a Disposition and Development Agreement by and between the City of Cupertino, a municipal corporation and Mary Avenue, L.P., a California limited partnership in connection with the development of a 40-unit below market rate development (Mary Avenue Villas Project) on a Housing Element Site, of which 19 units are dedicated to the Intellectually Developmentally Disabled and 21 units reserved for extremely low, very low, and low income residents of the community, located on public property. (Application No(s): ASA-2025-006; Applicant(s): Charities Housing; Location: (APN: 326-27-053, Mary Avenue Right-of-Way).
Recommended Actions
1. Find the project exempt from the California Environmental Quality Act (CEQA)
2. Adopt Resolution No. 26-016 approving Architectural & Site Approval Permit (ASA-2025-006) (Attachment A);
3. Adopt Resolution No. 26-017 declaring the Property Exempt Surplus Land pursuant to the Surplus Land Act (Attachment B)
4. Adopt Resolution No. 26-018 approving the Disposition and Development Agreement (Attachment C)
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COMMUNITY DEVELOPMENT DEPARTMENT
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3308
CUPERTINO.GOV
CITY COUNCIL STAFF REPORT
Meeting: February 3, 2026
Subject
Consideration of (i) an Architectural and Site Approval permit, (ii) adoption of a Notice of Exempt Surplus Land Act Declaration, and (iii) a Disposition and Development Agreement by and between the City of Cupertino, a municipal corporation and Mary Avenue, L.P., a California limited partnership in connection with the development of a 40-unit below market rate development (Mary Avenue Villas Project) on a Housing Element Site, of which 19 units are dedicated to the Intellectually Developmentally Disabled and 21 units reserved for extremely low, very low, and low income residents of the community, located on public property. (Application No(s): ASA-2025-006; Applicant(s): Charities Housing; Location: (APN: 326-27-053, Mary Avenue Right-ofWay).
Recommended Actions
1. Find the project exempt from the California Environmental Quality Act (CEQA)
2. Adopt Resolution No. 26-___ approving Architectural & Site Approval Permit (ASA-2025-006) (Attachment A);
3. Adopt Resolution No. 26-___ declaring the Property Exempt Surplus Land pursuant to the Surplus Land Act (Attachment B)
4. Adopt Resolution No. 26-___ approving the Disposition and Development Agreement (Attachment C)
Discussion
Project Data
General Plan Land
Use Designation Residential - High/Very High Density
Zoning Designation R4
Lot Area .79 acres
Allowed/Required Proposed
Maximum Density 50 - 65 units per acre 50.6 units per acre Height of Structures Max. 70 feet 23 feet
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Executive Summary
This report outlines a project proposed by Charities Housing, for the development of a 40-unit below market rate development (Mary Avenue Villas Project) on a Housing Element Site located on City owned property within the Mary Avenue Right-of-Way.
Consideration will be given to a Disposition and Development Agreement between the developer and the city, as well as Notice of Exempt Surplus Land Act Declaration for the sale of this parcel. The report covers the applicable State laws, including the Housing Accountability Act, Density Bonus law, CEQA and local standards applicable to the project.
Background
Since Fiscal Year (FY) 2020-21, the City Work Program prioritized engaging with philanthropic organizations to develop extremely low-income housing (ELI) for the intellectually and developmentally disabled (IDD) community. The FY 2021-22 City Work Program narrowed down this item to excess City-owned property within the Mary Avenue right-of-way (the “Project Site”). A Site Map of the .79-acre Project Site, as well as a Vicinity Map, is provided as Figure 1. The Adopted FY 2025-27 City Work Program continues to include this ongoing project.
Since 2022, the City has been working with Charities Housing to develop this site in accordance with the City Work Program. Further, on May 14, 2024, City Council adopted the 6th Cycle
Setbacks
Front
First Floor - 12 feet from property line
Second Floor – 18 feet from property
line
4 feet from property line
(Waiver Requested)
Sides
1) First Floor – 10 feet
2) Upper Floor – 10 feet and
additional 10 feet for floors
more than one story higher than any
adjacent primary residential structure.
4 feet on southern side
and 7 feet on
northern side
(Waiver Requested)
Rear 1) First Floor – 30 feet
2) Upper Floor - 30 feet
7 feet (Waiver
Requested)
Usable Open Space
Private 48 square feet per unit and no
dimension less than 4 feet
0 square feet
(Waiver Requested)
Project Consistency with:
General Plan Consistent under state density bonus law.
Zoning Consistent under state density bonus law.
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Housing Element, which designated this site as a Priority Housing Site (HE Site 10) and amended the General Plan Land Use designation of the property to High/Very High Density (50-65 dwelling units per acre). The site was subsequently rezoned in July 2024 to R-4 Residential, consistent with the High/Very High Land Use designation 1.
The site is surrounded by a mix of residential and public uses, including the Westport Townhome development to the south, the Glenbrook Apartments to the east (across Mary Avenue), the Mary Avenue Dog Park to the north, and the Highway 85 on Ramp to the west.
Charities Housing submitted its development application (ASA-2025-006) for the 100% affordable housing project on April 3, 2025.
Project Proposal
The project applicant, Charities Housing, proposes a 100% affordable, forty (40) unit, twostory, apartment development. The individual apartments will be a mix of studio, one-, and two-bedroom units with one three-bedroom staff unit. The proposal is structured as a Special Needs project which requires a minimum of 45% (19 units) to be reserved for a special needs population, in this case, IDD. The remaining twenty-one (21) apartments will serve extremely low, very low, and low-income residents of the community. The affordability levels of the proposed units will range from 30% to 60% of the Median Income Area (AMI). The exact affordability mix by unit type is still to be determined, but the average affordability level for the entire development will not exceed 40% AMI. Based on the scope of the project, the City has required the following permits: Architectural and Site Approval2.
1 On September 4, 2024 , HCD notified the City that the Housing Element adopted by the City Council on May 14, 2024, follows the State Housing Element Law. This included the Mary Avenue parcel as a Housing Element Site.
2 As an approved Priority Housing Element Site (HE Site 10) that is under 50 units, this could be approved as an Administrative Review at an Administrative Hearing, exempt from CEQA and subject only to design review based on objective standards. However, City Council will ultimately be the decision-making body approving the lease and disposition agreement with Charities Housing for the development on site.
Figure 1 Site context
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Housing Accountability Act
The Housing Accountability Act (HAA), codified in California Government Code § 65589.5, prohibits cities from disapproving, or adding conditions of approval that would render infeasible a housing development project unless the proposal is found to be in violation of an objective general plan or zoning standard3 or the project will result in a specific adverse impact to public health and safety. While changes to the project may be applied by the decision-making, or hearing, body to further applicable City goals, policies, and strategies – any changes required by the decision-making, or hearing, body that are not based on objective standards may not result in making the project, as proposed, infeasible or reduce the number of housing units.
As this project consists exclusively of residential units, it is considered a “housing development project” under the HAA.
Density Bonus Law
California’s Density Bonus Law (DBL), codified in California Government Code § 65915- 65918, aims to promote and facilitate the creation of affordable units in new housing projects by allowing:
A density "bonus" that allows for an increase to a property’s base density4; Unlimited waivers to development standards that would physically preclude the construction of the project as designed5;
Concessions that modify development standards to achieve an identifiable and actual cost reduction6; and
Reduced parking standards7.
Since 100 percent of the project’s units will be affordable to very low-income households, consistent with the City’s Below Market Rate (BMR) requirements, the project is eligible for a density bonus. It is important to note that, while qualifying projects are allowed to increase their density and total number of units proposed, an applicant may elect to only utilize the available waivers, concessions, or the reduced parking standards, without providing additional density bonus units, as is the case with the proposed project.
The project includes a request for 6 waivers and 2 concessions from applicable standards of the Zoning Code. These requests are discussed later in this report.
3 Unless otherwise waived or reduced through use of the Density Bonus law, discussed further below. 4 I.e., more market rate units than allowed by the density, as determined by the specific percentage and level of affordability of the affordable units included in a project. 5 I.e., modifications or elimination of any development standard 6 Specified number of incentives as identified in state law based on the level of affordability and percentage of affordable units
7 Parking standards identified in state law by project type, proximity of transit facilities, affordability level of the development (or affordable units) and/or number of bedrooms 264
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Architecture and Site Design
The proposal envisions a 100% affordable, 40-unit rental housing development, consisting of two, two-story buildings, on City-owned surplus property of approximately
0.79 acres along the west side of Mary Avenue right-of-way, adjacent to Highway 85. The buildings and site plan are tailored specifically to linear sites, which have dimensions of 860’x 38’. The individual apartments will be a mix of studio, one-, and two-bedroom units with one three-bedroom staff unit. The Mary Avenue right-of-way will be modified to accommodate the proposed development, as well as maintain the sidewalk, bike lanes, and vehicle lanes along Mary Avenue. Approximately 79 of the existing angled street parking spaces located along the west side of Mary Avenue, including those within the limits of the parcel, will be replaced by 33 parallel spaces in the right-of-way8. Along the eastern side of Mary Avenue, 43 parallel parking spaces will also be removed, resulting in a net-on-street parking loss of 89 spaces (79+43-33 spaces). Bike lanes in both directions will continue to be provided, with the addition of a sidewalk in front of the Project where one does not exist currently.
The proposed two-story building design fits within and complements the scale of the surrounding neighborhood, providing a linear and geometric design featuring projecting and recessing wall panels with differing wall plains, visual screens above outdoor areas and varying roof heights. The articulation and detailing of the building design keeps the structures at human scale. All 40 of the accessible residential units have access to a community center for neighborhood social activities. Along the buildings’ frontages, trees and wood screens will line a meandering path with landscaped areas that provide shade for residents and passing pedestrians.
This building design, with a central parking area in the middle, meets the City’s residential design guidelines, featuring a contemporary design style that a blend of geometric forms and varying colors.
Figure 2 View of the southern building and Community Center
8 The Transportation Study prepared by Hexagon Transportation Consultants, Inc., dated November 13, 2025, recommended line of site modifications to on street parking at the southern driveway which could have the potential of removing three of the proposed on-street parking spaces. 265
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Analysis
General Plan Compliance
The proposed project consists of a residential development consistent with the site’s General Plan Land Use Designation of Residential – High/Very High Density. The General Plan designation has a density range of 50-65 dwelling units per acre, which would allow the development of 40-51 units on the .79-acre site, without the inclusion of density bonus units. Thus, the proposed project is the fewest number of units allowed by the General Plan Land Use designation. Furthermore, Table B4-8: Priority Housing Sites in Residential Zones – Additional Site Details of Appendix B: Housing Element Technical Report, this site is identified as HE Site 10 with an intention to develop with IDD residents and specifically references this site as being developed as proposed by Charities Housing.
Staff has evaluated the project’s consistency with the General Plan and concludes that based on the conformance with the General Plan Land Use designation for the site, as well as its designation as a Housing Element Priority Housing Site, and the absence of of any potential environmental impacts as analyzed in the Notice of Exemption memo (see Environmental Review section of this Staff Report), the proposed project supports several of the City’s General Plan goals, as outlined below. Policy LU-3.3: Building Design. Ensure that building layouts and design are compatible with the surrounding environment and enhance the streetscape and pedestrian activity.
Strategy LU-3.3.10: Entrances. In multi-family projects where residential uses may front on streets, require pedestrian-scaled elements such as entries, stoops and porches along the street.
Policy LU-27.2: Relationship to the Street. Ensure that new development in and adjacent to neighborhoods improve the walkability of neighborhoods by providing inviting entries, stoops and porches along the street frontage, compatible building design and reducing visual impacts of garages. Policy INF 2.4.2 Development. Require undergrounding of all utility lines in new developments and highly encourage undergrounding in remodels or redevelopment of major projects.
Policy HE-2.3: Development of Affordable Housing and Housing for Persons with Special Needs. Make every reasonable effort to disperse affordable units throughout the community but not at the expense of undermining the fundamental goal of providing affordable units. Ensure that the City’s development standards accommodate housing needed by persons with special needs.
Strategy HE-2.3.1: Support Affordable Housing Development. Work with housing developers to expand opportunities for affordable lower-income housing 266
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for special-needs groups, including persons with physical and developmental disabilities, female-headed households, large families, extremely low-income households, and persons experiencing homelessness by creating partnerships, providing incentives, and pursuing funding opportunities (Partial). o Support affordable housing development and give priority to permit processing for projects providing 100 percent affordable housing for special-needs groups throughout the city, including in areas that are predominantly single-family residential. The target populations include seniors; persons with disabilities, including developmental disabilities; female- headed households; and persons experiencing homelessness to reduce the displacement risk for these residents from their existing homes and communities.
o Promote the use of the density bonus ordinance, application process streamlining, fee deferrals, and consider development fee exemption for projects that are 100 percent affordable to encourage affordable housing, with an emphasis on encouraging affordable housing in high-resource areas and areas with limited rental opportunities currently. Strategy HE-2.3.10: Extremely Low-income Housing. The City will continue to encourage the development of adequate housing to meet the needs of extremely low-income households particularly for seniors, victims of domestic violence, and persons with disabilities (including persons with developmental disabilities), through a variety of actions. The development of housing for extremely lowincome households will be facilitated citywide, but priority will be given to areas with currently low percentages of renter-occupied households to facilitate housing mobility and integration of ownership and rental units, including the Monta Vista North neighborhood. Additionally, priority will be given to areas with high rates of housing cost burden, such as the city’s north side (Partial). o Provide financing assistance using the Below-Market Rate Affordable Housing Fund (BMR AHF) and Community Development Block Grant (CDBG) funds.
o Grant reductions in off-street parking as required by density bonus law and other state statutes.
o Partner with and/or support the funding application of qualified affordable housing developers for regional, state, and federal affordable housing funds, including HOME funds, Low-Income Housing Tax Credits (LIHTC), and mortgage revenue bond.
Strategy HE-2.3.11: Assistance For Persons with Developmental Disabilities.
To increase housing mobility opportunities and support persons with developmental disabilities, the City will (Partial):
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o Encourage housing providers to designate a portion of new affordable housing developments for persons with disabilities, including persons with developmental disabilities, to increase housing mobility opportunities and pursue funding sources designated for persons with special needs and disabilities.
Density Bonus
The project scope is 100% of the total number of units proposed as Very Low-Income Units. A condition of approval has been included ensuring the recordation of a regulatory agreement with the City, prior to occupancy, requiring the designated BMR units to be rented to households at the specified income levels for a [55 year term].
Density Bonus and Waiver Requests
The project is eligible for Density Bonus waivers and concessions consistent with the City of Cupertino Municipal Code Chapter (CMC) 19.56 Density Bonus and State Density Bonus Law. The project includes requests for 6 waivers.
Section 19.56.070 of the City’s Density Bonus Ordinance (“Findings") requires that, before approving an application which includes a request for a density bonus, waivers, or reduction in parking standards, the decision-making body must determine that the proposal is consistent with State Density Bonus Law by making the following findings9, as applicable:
1. That the housing development is eligible for the density bonus being requested as well as any incentives or concessions, waivers or reductions in parking standards that are requested.
2. That the development standard(s) for which the waiver(s) are requested would have the effect of physically precluding the construction of the housing development with the density bonus and incentives or concessions permitted, if a waiver was not requested.
The City may not deny a waiver of a development standard that would physically preclude the construction of the project as it is designed, unless it is found that the waiver or reduction would have a specific, adverse impact upon health or safety, for which there is no feasible method to satisfactorily mitigate or avoid the specific adverse impact, or would have an adverse impact on any real property that is listed in the California Register of Historical Resources.
Parking
While the City’s Municipal Code (Chapter 19.124) requires high-density, multi-family projects to provide 2 parking spaces per dwelling unit (one covered and one open), State
9 Government Code Section 65915 (d)(4): The city, county, or city and county shall bear the burden of proof for the denial of a requested concession or incentive. 268
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Density Bonus Law provides its own parking ratios for qualifying projects, as in this case special needs housing. Specifically, the Density Bonus Law allows this qualifying project to provide parking at a ratio of 0.3 parking spaces per unit. No additional guest spaces are required under Density Bonus law provisions.
Number
of Units
Parking Spaces under State Density Bonus
Law
Parking Spaces Provided
40 12 22
As proposed by the applicant, each unit will provide approximately 0.5 spaces per unit (22 total spaces), when only 12 are required.
Waivers Requested
As a density bonus project, the applicant may submit to the City proposals for an unlimited number of waivers, or reduction of development standards, that would have the effect of physically precluding the construction of the project as proposed/designed (Government Code Section 65915(e)). It should be noted that under State Density Bonus Law, a city may not deny a proposed project based on the theory that another project, with a similar number of units, might be designed differently and accommodated without waivers of development standards.
The project requires 6 waivers as follows:
1. Front Setback (CMC § Table 19.38.070(C)(1))
The Municipal Code requires developments in the R-4 zone to maintain a front setback of 12 feet. The development proposes a front setback of 4 feet. If the proposed development were to accommodate the required front yard setback and upper floor stepback, it would eliminate residential units and consequently decrease the proposed number of affordable housing units. As a result, complying with this standard would physically preclude development of the proposed units.
2. Side Setbacks (CMC § Table 19.38.070(C)(2))
The Municipal Code requires developments in the R-4 zone to maintain a minimum side setback of 10 feet for the first floor, with an additional 10 feet on the second floor. The following table indicates the required setback and the proposed waiver for the eight buildings for which waivers are requested:
Building Required Side Setback Proposed Side Setback
North 1) First Floor – 10 feet
2) Upper Floor – 10 feet and additional
10 feet for floors
more than one story higher than any
adjacent primary residential structure.
7 feet
South 4 feet
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If the proposed development were to accommodate the required interior side yard setbacks and upper floor stepbacks, it would eliminate residential units and consequently decrease the proposed number of affordable housing units.
As a result, complying with this standard would physically preclude development of the proposed units.
3. Rear Setback (CMC § Table 19.38.070(C)(3))
The Municipal Code requires developments in the R-4 zone to maintain a minimum rear setback of 30 feet. It also allows for the encroachment of uninhabitable building elements, such as chimneys and eaves, up to three feet into the required setback areas. The development proposes a rear setback of 7 feet.
The applicant states that imposing the rear setback requirement would result in the elimination of units, reduce floor areas of units, or a substantial change to the design of the buildings, which is not consistent with the project proposed by the applicant.
4. Private Outdoor Space (CMC § Table 19.38.070(D))
The Municipal Code requires developments in the R-4 zone to provide a minimum of 48 square feet of private open space per unit. The proposed development does not provide private outdoor space for every unit. If the proposed development were to accommodate this standard, it would require additional space in exchange for housing units to provide private outdoor space for every unit. As a result, complying with this standard would physically preclude development of the proposed units.
5. Maximum Number of Vehicles in Front or Street Side Setback (CMC § 19.124.030 (A)(1)(a))
The Municipal Code requires that a development shall not have more than 6 vehicles within the front or side yard setbacks. The on-site parking lot is within the front yard setback zone. There are 20 stalls in the setback area, which exceeds the maximum 6 spaces requirement.
To accommodate the proposed number of parking spaces, the development must include the 22 parking spaces in the front yard setback area. If the development were to include these spaces outside the setback area, the proposed development would have to reconfigure the design and unit layout of the buildings. This would consequently impact and reduce the proposed residential density and units.
6. Bicycle Parking (CMC § 19.124.040(P))
The project is required to provide One Class I space per two residential units. The proposed development includes 16 inverted “U-type” bike racks (Class II – short term), which hold two bicycles per rack. This brings the total number of bicycle spaces to 32 spaces.
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If the proposed project were to accommodate Class I bicycle spaces, it would require additional space within the buildings to provide a secure and weatherprotected bicycle room. Consequently, this would eliminate space for residential units, in exchange for a secure bicycle room.
As a result, complying with this standard would physically preclude development of the proposed units.
Concession Requested
As a density bonus project with 100% of units reserved for lease to very low-income households, the applicant may submit to the City requests for up to two concessions.
Concessions allow an applicant to deviate from development regulations when such regulations have the potential to make the project economically infeasible to build. The applicant has requested two concessions, as follows:
1. Electric Vehicle (EV) Charging – Residential (CMC § 16.58.400) 10 The Municipal Code requires that in new residential construction, forty percent (40%) of the proposed dwelling units with parking spaces shall be EVCS (i.e., electrical vehicle charging station) with Level 2 EV Ready. An Automatic Load Management System (ALMS) shall be permitted to reduce load when multiple vehicles are charging. Sixty percent (60%) of dwelling units with parking spaces shall be provided with at minimum a Level 1 EV Ready space. EV ready spaces and EVCS in multifamily
developments shall comply with California Building Code, Chapter 11A, Section 1109A. EVCS shall comply with the accessibility provisions for EV chargers in the California Building Code, Chapter 11B.
This request is for the developer to comply with the State’s (Cal Green) EV parking requirements, which are 40% of the proposed parking spaces equipped with low power Level 2 chargers and 10% with Level 2 chargers.
The City of Cupertino requires 100% operational charging for the proposed parking spaces, which is not feasible for 100% affordable housing development.
Complying with this requirement would cost approximately $5,000 per parking space.
The City of Cupertino’s EV Parking requirements are not feasible for the proposed 100% affordable housing development and avoiding 100% operational EV charging spaces will result in actual and identifiable cost savings for the project.
10 CMC 16.58.400 Electric vehicle (EV) Charging—Residential allows for exceptions where there is evidence suitable to the local enforcing agency substantiating that additional local utility infrastructure design requirements, directly related to the implementation of Section 4.106.4, may increase construction cost by an average of $4,500 per parking space for market rate housing or $400 per parking space for affordable housing. EV infrastructure shall be provided up to the level that would not exceed this cost for utility service.
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The financial burden of providing additional EV parking infrastructure would significantly impact the project’s feasibility, particularly in terms of providing affordable housing units.
2. Permitted Artwork (CMC § 19.148.030)
The Municipal Code requires a minimum expenditure for the artwork, including but not limited to design, fabrication, and installation, to be one percent of the construction valuation, with the following tiers:
1% of the first $100 million of construction valuation. 0.9% of construction valuation for valuation in excess of $100 million.
Complying with this requirement would cost approximately $200,000 (1% of $20 million construction) or cost up to $5,000 per affordable housing unit. The City of Cupertino’s artwork requirements are not feasible for the proposed 100% affordable housing development and avoiding the artwork requirement would result in actual and identifiable cost savings for the project.
Vacation of Public Right-of-Way
The property proposed for this development (APN 326-27-053) is currently part the public right-of-way along the west side of Mary Avenue. Should the project be approved, the City will need to vacate this portion of Mary Avenue to facilitate the project’s construction per Streets and Highways Code Section 8320. “Vacation” of a street means that the City would terminate the public rights over this portion of right-of-way. A future City Council meeting will be scheduled to vacate the portion of right-of-way.
The actions for the vacation of the subject right-of-way are:
a. At Least 15-days Prior To the Public Meeting: Staff will initiate public noticing, which will include posting notices at the property. The noticing will set the place, date, and time of the public meeting.
b. Date of Public Meeting: City Council will conduct a public hearing to consider the adoption of a resolution to vacate the portion of public right-of-way. The adopted resolution vacates the subject portions of Mary Avenue right-of-way. Staff will record the resolution of vacation at the closing of the transaction, which completes the vacation process.
Staff has determined that adoption of the resolution to vacate the project site’s portion (APN 326-27-053) of the Mary Avenue right-of-way to facilitate the housing envisioned in the Housing and Land Use Elements of the General Plan Housing can occur without adverse effect.
Disposition and Development Agreement (DDA) Summary
The City is recommending approval of a Disposition and Development Agreement by and between Mary Avenue, L.P., a California limited partnership (Developer) and City 272
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(DDA) in connection with the sale and development of the previously described 40-unit below market rate affordable housing development (Project) on Assessor Parcel No. 326- 27-053 is located along the west side of the Mary Avenue Right-of-Way (Property).
Council approval of the DDA authorizes the framework and terms under which the Project may proceed but subject to specific conditions which must be satisfied prior to transfer of the Property.
Approval and execution of the DDA allows Developer to move forward with predevelopment activities, including securing financing (including tax credits), entitlements, and other approvals, all in accordance with the conditions and requirements set forth in the DDA. Closing of the transaction will occur at a later date, and only after all City’s conditions precedent in the DDA have been satisfied, including (as applicable) financing approvals, recordation of the affordability restriction, and satisfaction of all other specified City requirements. Title to the Property will not be conveyed to Developer until closing pursuant to the DDA.
The DDA contains the financial terms, schedule, and obligations to implement this development, including the following:
1. Financing. The total estimated cost of the project is $39,228,679, including both hard and soft costs of constructing the Project.
The City shall provide financial assistance to the Project as follows:
a. Selling the Site valued at $7,2000,000 to Developer for the price of $1.00; b. A hard money loan of $3,000,000 from City’s Below Market Rate Fund (BMR Loan);
c. A grant of $174,567.37 from City’s Community Development Block Grant Fund (CDBG Grant);
d. A loan of $908,683 from City’s Permanent Local Housing Fund administered by the county (PLHA Loan); and
e. Waiver of Park Development Fees in the amount of $2,160,000.
Developer anticipates submission of an application for 9% tax credits on or before April 15, 2026, which is the first filing deadline date in 2026.
The DDA provides that the transaction cannot close until all financing for the Project is in place subject to City’s approval. Should Developer not receive an award of tax credits in the first round of applications in 2026, Developer has the right to submit an application for the subsequent round. If tax credits are not awarded to Developer in the second round, City and Developer will meet and confer to determine whether a third tax credit application is viable. Neither party is obligated to continue the DDA after 2 failed attempts to secure tax credits unless 273
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mutually agreed. In summary, if the tax credits are not received in the second round, City has the right to terminate the DDA.
2. Project Construction. If Developer obtains the tax credit award in the first round, construction will commence after the Closing which is estimated to be around January of 2027 and is expected to be completed in approximately 24 months.
Should Developer fail to secure tax credits in the first application round for 2026, this proposed schedule will be delayed.
3. Option to Reacquire Property. City has the option (but not the obligation) to reacquire the Property (Option) upon expiration of the Regulatory Agreement (in 55 years) for an amount equal to the fair market value of only the improvements at that time (specifically excluding value attributable to the land as determined by an MAI-certified appraiser mutually acceptable to the parties) (Reacquisition Price). The Reacquisition Price will not include the value of the underlying real property as it was donated to the Project for $1. City will prepare a standard purchase and sale agreement to reflect the transfer of the Property for the Reacquisition Price which will include standard terms such as a grant deed, a title insurance policy, all real estate taxes paid current, removal of all recorded liens and repayment of all remaining amounts under City loans including, but not limited to, the BMR Loan and PLHA Loan. Upon expiration of the Regulatory Agreement, Developer may provide written notice to City regarding the Option which will trigger the requirement for City to exercise the Option to reacquire within 12-months of such notice. If that notice is not provided, the Option remains in effect.
4. Regulatory Agreement and Declaration of Covenants and Restrictions (Regulatory Agreement).
At the Closing under the DDA, the Property will be subject to a recorded Regulatory Agreement in City’s favor for a term of 55 years which restricts the use of the Property by imposing mandatory affordability requirements and procedures for administering the affordable housing program, and restricts the rental of the units in the Project, including requirements such as:
1. Eligibility will be limited to persons who qualify as low, very low, or extremely low income;
2. Eligibility with respect to 19 units will be limited to households containing a person with an intellectual or developmental disability;
3. Priority will be given to a list of qualified tenants (See #1 & 2 above) approved through City’s Below Market Rate Housing Program and provided by City to Developer from time to time;
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4. Priority will also be extended for (i) displaced persons entitled to a preference pursuant to Government Code 7260 et. seq., (ii) persons identified pursuant to City’s priority point system for placement as set forth in the BMR Admin Manual; and (iii) other persons meeting the eligibility requirements of this Agreement; and
5. Developer will be required to provide to City annually a Certificate of Continuing Program Compliance.
5. Surplus Land Act Exemption. City will declare the Property as exempt surplus land pursuant to the Surplus Land Act (SLA). The Project qualifies for an exemption under the Surplus Land Act pursuant to Government Code Section 54220(f)(1)(A) because it will be conveyed in fee to a nonprofit developer for the development of affordable housing in accordance with Government Code Section 25539.4. The proposed Project provides 100% affordable housing, including units restricted to extremely low, very low, and low income households. Adoption of a Notice of Exempt Surplus Land Act Declaration satisfies City’s statutory obligations under the SLA and authorizes the disposition of the Property for the Project. Upon adoption of the resolution declaring the Property as exempt surplus, City must send the resolution and the DDA to the California Department of Housing and Community Development (HCD) for review. HCD has 30 days to respond to City confirming the Property is exempt under the SLA. Receipt of the HCD notice is a condition precedent to City’s obligations in the DDA.
Environmental Review
Under California Government Code § 65583.2(i) and City Code Section 19.12.030, the proposed entitlement is not considered a "project" subject to CEQA. The development meets all statutory requirements for this exemption, specifically regarding its location on a Housing Element site, its programming as a 100% affordable status, and it’s with a density of over 20 dwelling units per acre.
The proposed DDA, pursuant to the requirements of the California Environmental Quality Act (CEQA), is not a development project, however, it would facilitate the construction and operation of a future 100% affordable housing development (future development) in Cupertino that is exempt from CEQA. The proposed DDA project qualifies for an exemption under State CEQA Guidelines Section 15332 (Class 32: Infill Development Projects) and, as a result, would not have a significant effect on the environment. No exceptions to the infill exemption, as identified in State CEQA Guidelines Section 15300.2, apply to the proposed project. Please refer to Attachment C, Notice of Exemption for further details.
Other Department/Agency Review
The City’s Building Division, Public Works Department, Environmental Services Division, Sheriff’s Department, Cupertino Sanitary District, and the Santa Clara County Fire Department have reviewed and conditioned the project. 275
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Public Outreach and Noticing
The following table is a summary of the noticing done for this project:
Notice of Public Hearing, Site Notice & Legal Ad Agenda Site Signage (14 days prior to the hearing)
Legal ad placed in newspaper (at least 10 days
prior to the hearing)
Public hearing notices (approximately 450) were
mailed to property owners within a custom range
that incorporated the Garden Gate
Neighborhood from Stevens Creek Boulevard to
the south (including De Anza College), Highway
280 to the north, Highway 85 to the west, and the
parcels along Castine Avenue to the east (10 days
prior to the hearing)
Posted on the City’s official
notice bulletin board (five days
prior to the hearing)
Posted on the City of
Cupertino’s website (five days
prior to the hearing)
Charities Housing has proactively conducted three community outreach efforts at the Quinlan Center on the following dates and locations:
Community Listening Session #1, July 23, 2024
Community Listening Session #2, January 28, 2025
Community Open House, September 11, 2025
Public Comment
Please refer to Attachment E for full comments.
Sustainability Impact
The project was reviewed by the Sustainability Division and the applicant completed the required Climate Action Plan Consistency Checklist. The project has been found to be exempt from CEQA through AB130 and therefore it is expected that there will be no sustainability impact.
Fiscal Impact
Costs associated with this work program item are budgeted in the BMR Housing Fund 265-72-71 750-052. No additional fiscal impact would incur should the City Council direct the remaining appropriated funds to be utilized for the entitlement review. Should the City Council deny the use of the appropriated funds, the remaining amount would remain to the City’s BMR Affordable Housing fund for future uses.
On April 15, 2025, the City Council authorized an allocation of $4,083,250 of cash assistance to the Project. The allocation is comprised of $3 million of funds from the City’s BMR Affordable Housing Fund, $908,683 of Permanent Local Housing Allocation (PLHA) funds, and $174,567.37 of CDBG funds to be used for public infrastructure 276
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improvements. These three allocations will provide a total of $4,083,250 in cash assistance to the Project.
City Work Program (CWP) Item/Description
Preserve existing and develop new BMR/ELI Housing: Explore opportunities to preserve existing expiring BMR housing. Develop ELI (Extremely Low Income) and BMR housing units for Developmentally Disabled individuals (IDD) on City-owned property as well as the County owned sites.
City Council Goal
Housing, Quality of Life
Conclusion
Staff recommends approval of the project, as proposed, because the project and its conditions of approval support the findings for approval of the proposed project, consistent with Chapter 19.168 of the Cupertino Municipal Code. With respect to the requested Density Bonus concessions and waivers, evidence in the record demonstrates that the project meets the standards for granting the concessions and waivers under the State Density Bonus Law.
Next Steps
The City Council’s decision will be final unless a request for reconsideration petition is filed in compliance with CMC 2.08.096 within 10 days of the notice by the Council of their decision. If the project is approved, the applicant may apply for building permits at that time.
Prepared by: Gian Paolo Martire, Senior Planner
Reviewed by: Luke Connolly, Assistant Director of Community Development Benjamin Fu, Director of Community Development
Floy Andrews, Interim City Attorney
Approved for Submission by: Tina Kapoor, City Manager
ATTACHMENTS:
A. Draft Resolution for ASA-2025-006
B. Draft Resolution Declaring Exempt Surplus Land
C. Draft Resolution Approving the Disposition and Development Agreement D. CEQA Exemption Memorandum
E. Public Comment
F. Project Plan Set
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RESOLUTION NO. _________
OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
APPROVING AN ARCHITECTURAL AND SITE APPROVAL PERMIT TO
CONSIDER THE DEVELOPMENT OF A 40-UNIT BELOW MARKET RATE
DEVELOPMENT (MARY AVENUE VILLAS PROJECT) ON A HOUSING ELEMENT SITE, OF WHICH 18 UNITS ARE DEDICATED TO THE INTELLECTUALLY DEVELOPMENTALLY DISABLED AND 21 UNITS RESERVED FOR EXTREMELY
LOW AND VERY LOW INCOME RESIDENTS OF THE COMMUNITY LOCATED WITHIN THE MARY AVENUE RIGHT-OF-WAY (A.P.N.: 326-27-053) SECTION I: PROJECT DESCRIPTION
Application No.: ASA-2025-006
Applicant: Charities Housing
Property Owner: City of Cupertino
Location: Mary Avenue Right-Of-Way (A.P.N.: 326-27-053) SECTION II: FINDINGS FOR ARCHITECTURAL AND SITE APPROVAL:
WHEREAS, California Government Code § 65583.2(i) and City Code Section 19.12.030, the proposed entitlement is not considered a "project" subject to CEQA. The development meets all statutory requirements for this exemption, specifically regarding its location on a Housing Element site, its programming as a 100% affordable status, and it’s with a density of over 20 dwelling units per acre; and
WHEREAS, the City Council of the City of Cupertino is the decision-making body for this Resolution; and
WHEREAS, the applicant has met the burden of proof required to support the application for an Architectural and Site Approval Permit; and
WHEREAS, the City Council finds as follows with regard to this application:
1. The proposal, at the proposed location, will not be detrimental or injurious to property or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience;
The project is consistent with the land use designations in the General Plan, and Zoning Ordinance. It has been designed to be compatible with adjoining land uses, including the multi-family and townhome residences in the vicinity. The property will modify Mary Ave to a complete street design with the addition of a sidewalk along the western edge where one currently does not exist. The project is conditioned to comply with the Environmental Protection Standards of Cupertino Municipal Code Chapter 17.04. The project must meet all 278
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Fire and Building Code requirements, which will be further reviewed prior to issuance of building permits. Therefore, the project will not be detrimental or injurious to properties or improvements in the vicinity, and will not be detrimental to the public health, safety, general welfare, or convenience.
2. The proposal is consistent with the purposes of Chapter 19.168, the General Plan, any specific plan, zoning ordinances, applicable planned development permit, conditional use permits, variances, subdivision maps or other entitlements to use which regulate the subject property including, but not limited to, adherence to the following specific criteria:
a) Abrupt changes in building scale should be avoided. A gradual transition related to height and bulk should be achieved between new and existing buildings.
The proposed project consists of the development of 40 affordable multi-family units within two, two-story buildings. The Glenbrook Apartments across Mary Avenue and the adjacent townhomes south of the project(Westport) are 2-3 stories in height, respectively.
The proposed residential buildings are approximately 23 feet in height, well below the 70- foot height maximum for R4 zoned properties. Additionally, the development will have vegetation and trees planted along Mary Avenue for visual screening. There is also landscaping proposed at the perimeter which will help reduce the apparent mass and bulk of the proposed buildings.
b) In order to preserve design harmony between new and existing building and in order to preserve and enhance property values, the materials, textures and colors of new building should harmonize with adjacent development by being consistent or compatible with design and color schemes with the future character of the neighborhoods and purposes of the zone in which they are situated. The location, height and materials of walls, fencing, hedges and screen planting should harmonize with adjacent development. Unsightly storage areas, utility installations and unsightly elements of parking lots should be concealed. The planting of ground cover or various types of pavements should be used to prevent dust and erosion, and the unnecessary destruction of existing healthy trees should be avoided.
Lighting for the development should be adequate to meet safety requirements as specified by the engineering and building departments, and provide shielding to prevent spill-over light to adjoining property owners.
The design quality of the development is consistent with the high-quality standards identified in the General Plan. The buildings meet the design qualities of modern, contemporary development. The architectural style is consistent throughout the development and is complementary to the mix of architecture in the area. Utility installation has been designed to be screened by landscaping and or incorporated into the 279
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building design. The final lighting for the development will be reviewed as part of the review of the project construction documents to ensure that they meet safety requirements while avoiding spill-over light to adjacent properties and meet applicable Dark Sky standards. The proposed windows are consistent with the City’s bird-safe ordinance. c) The number, location, color, size, height, lighting and landscaping of outdoor advertising signs and structures shall minimize traffic hazards and shall positively affect the general appearance of the neighborhood and harmonize with adjacent development.
No signage is proposed as part of this project.
d) With respect to new projects within existing residential neighborhoods, new development should be designed to protect residents from noise, traffic, light and visually intrusive effects by use of buffering, setbacks, landscaping, walls and other appropriate design measures.
The buildings have been designed in accordance with many standards in the municipal code that require visual screening and light source mitigation, including but limited to street trees and Dark Sky lighting.
NOW, THEREFORE, BE IT RESOLVED:
That after careful consideration of maps, facts, exhibits, testimony and other evidence submitted in this matter and the MND, subject to the conditions which are enumerated in this Resolution, beginning on PAGE 4 herein, and subject to the conditions contained in all other Resolutions approved for this Project.
The application for an Architectural and Site Approval, Application No. ASA-2025-006, is hereby approved, and that the sub-conclusions upon which the findings and conditions specified in this Resolution are based are contained in the Public Hearing record concerning Application no. ASA-2025-006 as set forth in the Minutes of the City Council Meeting of February 3, 2026 Meeting, and are incorporated by reference as though fully set forth herein.
SECTION III: CONDITIONS ADMINISTERED BY THE COMMUNITY DEVELOPMENT DEPT.
1. APPROVED EXHIBITS
Approval is based on the plan set entitled “Mary Avenue Affordable Housing” dated July 24, 2024 (with resubmittal dates) consisting of 43 sheets labeled as, AS0.0- AS9.4, C-000.0 – C-005.0, – C7.3, L-1 – L-2, and DD-1.0 – DD-1.3, drawn by Ko Architects, Kimley Horn, Keith Willig Landscape Architects, and Vizion Utility Partners, except as may be amended by conditions in this resolution. 280
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2. ACCURACY OF PROJECT PLANS
The applicant/property owner is responsible to verify all pertinent property data including but not limited to property boundary locations, building setbacks, property size, building square footage, any relevant easements and/or construction records. Any misrepresentation of any property data may invalidate this approval and may require additional review.
3. ANNOTATION OF THE CONDITIONS OF APPROVAL
The conditions of approval set forth shall be incorporated into and annotated on the first page of the building plans.
4. SETBACK AND LANDSCAPE AREAS
Approved setback and landscaped areas shall remain free and clear of any accessory structures that have not been approved as part of this project.
5. CONSULTATION WITH OTHER DEPARTMENTS
The applicant is responsible to consult with other departments and/or agencies about the proposed project for additional conditions and requirements. Any misrepresentation of any submitted data may invalidate an approval by the Community Development Department.
6. DEVELOPMENT APPROVAL
The project is granted approval to construct a 40 unit multi-family development subject to the affordability standards set forth in Condition .
7. ENVIRONMENTAL REMEDIATION AND ONGOING MONITORING
Prior to the issuance of any building permits for residential construction on the project site, the applicant shall obtain written clearance from the Santa Clara County Department of Environmental Health (SCCDEH), confirming that the site has been adequately investigated and remediated for contamination associated with the lead in the soil. The clearance documentation shall verify that all recognized environmental conditions have been addressed and that contaminant concentrations meet applicable residential cleanup standards established under State of California regulatory guidance for unrestricted residential use or submit a long-term mitigation and monitoring plan approved by SCCDEH to the City of Cupertino Community Development Department as described below.
If the SCCDEH determines that residual contamination remains on-site at concentrations that require engineering controls, vapor mitigation systems, or ongoing monitoring, the applicant shall comply with all post-remediation monitoring, reporting, and maintenance requirements imposed by the SCCDEH. 281
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The applicant shall provide the City of Cupertino Community Development Department with copies of all ongoing monitoring reports, system performance data, and final closure documentation, as applicable, until the oversight agency issues a final case closure or no further action determination for the site.
No grading, foundation, or building permits shall be issued until the Community Development Department has received and approved the required regulatory clearance documentation from SCCDEH demonstrating that the site is suitable for residential development.
8. DENSITY BONUS WAIVERS AND CONCESSIONS
As allowed through the state’s Density Bonus law, the project is granted waivers and concessions as follows:
a. Waiver to reduce front, side, and rear setbacks;
b. Waivers for elimination of the private outdoor space requirement; c. Waiver of the reduction of number of vehicles in the front or side street setback;
d. Waiver to alternate the bicycle parking requirement; e. Concession to deviate from the Electric Vehicle Charging requirement; f. Concession to eliminate the artwork requirement.
9. BMR AGREEMENT
Prior to the issuance of any building permit, an affordable housing agreement shall be recorded against the property. The affordable housing agreement shall include, but not be limited to the following, in compliance with the BMR Housing Mitigation Manual:
a. Total number of BMR units, type, location (site map), square footage, number of bedrooms;
b. Provisions to ensure concurrent construction and completion of BMR units and market-rate units;
c. Affordability levels for each BMR unit;
d. Rents for BMR units as provided for in the BMR mitigation manual; e. Provisions for income certification and screening of potential occupants of BMR units;
f. Restriction control mechanisms;
g. Financing of ongoing administrative and monitoring costs; h. Other reasonably required provisions to implement the Affordable Housing Plan.
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10. BMR UNIT TERMS OF AFFORDABILITY
Prior to occupancy, the proposed project shall record covenants that require the units to be rented at prices that are affordable to Extremely Low, Very Low, and Low Income levels for a period not less than 55 years from the date of first occupancy of the unit.
11. FINAL ARCHITECTURAL DETAILS AND EXTERIOR BUILDING MATERIALS The final building exterior plan shall closely resemble the details shown on the original approved plans. The final building design and exterior treatment plans (including but not limited to details on exterior color, materials, architectural treatments, doors, windows, lighting fixtures, and/or embellishments) shall be reviewed and approved by the Director of Community Development prior to issuance of building permits and through an in-field mock-up of colors prior to application to ensure quality and consistency. Any exterior changes determined to be substantial by the Director of Community Development shall either require a modification to this permit or a new permit based on the extent of the change.
12. LANDSCAPE INSTALLATION REPORT
The project is subject to all provisions delineated in the Landscape Ordinance (CMC, Chapter 14.15). A landscape installation audit shall be conducted by a certified landscape professional after the landscaping and irrigation system have been installed. The findings of the assessment shall be consolidated into a landscape installation report.
The landscape installation report shall include but is not limited to: inspection to confirm that the landscaping and irrigation system are installed as specified in the landscape and irrigation design plan, system tune-up, system test with distribution uniformity, reporting overspray or run-off that causes overland flow, and preparation of an irrigation schedule.
The landscape installation report shall include the following statement: “The landscape and irrigation system have been installed as specified in the landscape and irrigation design plan and complies with the criteria of the ordinance and the permit.”
13. LANDSCAPE AND IRRIGATION MAINTENANCE
Per the Landscape Ordinance (CMC, Chapter 14.15), a maintenance schedule shall be established and submitted to the Director of Community Development or his/her designee, either with the landscape application package, with the landscape installation report, or any time before the landscape installation report is submitted.
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a. Schedules should take into account water requirements for the plant establishment period and water requirements for established landscapes. b. Maintenance shall include, but not be limited to, the following: routine inspection; pressure testing, adjustment and repair of the irrigation system; aerating and de-thatching turf areas; replenishing mulch; fertilizing; pruning; replanting of failed plants; weeding; pest control; and removing obstructions to emission devices.
c. Failed plants shall be replaced with the same or functionally equivalent plants that may be size-adjusted as appropriate for the stage of growth of the overall installation. Failing plants shall either be replaced or be revived through appropriate adjustments in water, nutrients, pest control or other factors as recommended by a landscaping professional.
14. LANDSCAPE PROJECT SUBMITTAL
Prior to issuance of building permits, the applicant shall submit a full Landscape Documentation Package, per sections 14.15.050 A, B, C, and D of the Landscape Ordinance, for projects with landscape area 500 square feet or more or elect to submit a Prescriptive Compliance Application per sections 14.15.040 A, B, and C for projects with landscape area between 500 square feet and 2,500 square feet.
The Landscape Documentation Package or Prescriptive Compliance Application shall be reviewed and approved to the satisfaction of the Director of Community Development prior to issuance of building permits, and additional requirements per sections 14.15.040 D, E, F, and G or 14.15.050 E, F, G, H, and I will be required to be reviewed and approved prior to final inspections.
15. LANDSCAPE AND IRRIGATION PLANS
The applicant shall submit detailed landscape and irrigation plans to be reviewed and approved by Community Development prior to issuance of building permits.
The landscape plan shall include water conservation and pesticide reduction measures in conformance with Chapter 14.15, Landscape Ordinance, and the pesticide control measures referenced in Chapter 9.18, Stormwater Pollution Prevention and Watershed Protection, of the Cupertino Municipal Code.
16. SITE IMPROVEMENTS
All proposed site improvements shall be completed prior to final occupancy of any structures approved in conjunction with the project.
17. EXTERIOR BUILDING MATERIALS/TREATMENTS
The final building exterior plan shall closely resemble the details shown on the original approved plans. Final building exterior treatment plan (including but not 284
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limited to details on exterior color, materials, architectural treatments, doors, windows, lighting fixtures, and/or embellishments) shall be reviewed and approved by the Director of Community Development prior to issuance of building permits to ensure quality and consistency. Any exterior changes determined to be substantial by the Director of Community Development shall either require a modification to this permit or a new permit based on the extent of the change.
Future changes to the exterior building materials/treatments must be reviewed and approved by the Property Owner’s Association. However, any changes to the building materials that do not match the approved materials shall require an amendment to this permit or a new permit.
18. DARK SKY COMPLIANCE AND/OR BIRD SAFE COMPLIANCE
Prior to issuance of Building Permits, the applicant/property owner shall submit final plans in compliance with the approved lighting plans to comply with development standards of Cupertino Municipal Code Section 19.102.030 Bird-Safe Development Requirements and Section 19.102.040 Outdoor Lighting Requirements. In the event changes are proposed from the approved plans, said changes must be reviewed and approved by the Director of Community Development or their designee. The applicant shall provide all documentation required to determine compliance with the Municipal Code. The final lighting plan (including a detailed photometric plan) shall be reviewed and approved by the Director of Community Development prior to building permit issuance. A report from a licensed lighting engineer may be required to confirm all exterior lighting throughout the site complies with the City’s Ordinance.
19. TRANSFORMERS
Electrical transformers, telephone cabinets and similar equipment shall be placed in underground vaults. The developer must receive written approval from both the Public Works Department and the Community Development Department prior to installation of any above ground equipment. Should above ground equipment be permitted by the City, equipment and enclosures shall be screened with fencing and landscaping such that said equipment is not visible from public street areas, as determined by the Community Development Department. Transformers shall not be located in the front or side building setback area.
20. UTILITY STRUCTURE PLAN
Prior to issuance of building permits, the applicant shall work with staff to provide a detailed utility plan to demonstrate screening or undergrounding of all new 285
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utility structures [including, but not limited to backflow preventers (BFP), fire department connections (FDC), post-indicator valves (PIV), and gas meters] to the satisfaction of the Director of Community Development, Public Works, Fire Department, and applicable utility agencies.
21. GREEN BUILDING
The project shall be constructed in accordance with the City’s Green Building Ordinance (Chapter 16.58 of the Cupertino Municipal Code). The applicant shall obtain LEED Silver certification or an alternative reference standard in accordance with the ordinance since the building size is over 50,000 square feet. Third party LEED certification or alternative reference standard is required per the ordinance criteria and costs associated with third-party review shall be paid by the applicant.
22. EQUIPMENT SCREENING
All mechanical and other equipment on the building or on the site shall be screened so they are not visible from public street areas or adjoining developments. The height of the screening shall be taller than the height of the mechanical equipment that it is designed to screen. A line of sight plan may be required to demonstrate that the equipment will not be visible from any public right-of-way. The location of the equipment and necessary screening shall be reviewed and approved by the Director of Community Development prior to issuance of building permits.
23. CONSULTATION WITH OTHER DEPARTMENTS
The applicant is responsible to consult with other departments and/or agencies with regard to the proposed project for additional conditions and requirements.
Any misrepresentation of any submitted data may invalidate an approval by the Community Development Department.
24. NOISE LEVELS AND ABATEMENT
Project uses and all equipment installed on the site shall comply with the City’s Community Noise Control Ordinance at all times. Installation of any mechanical or other equipment shall be evaluated to determine that the installation meets the City’s Community Noise Control Ordinance. Any documentation or studies required to determine this shall be provided by the applicant as his/her sole expense. Should the project exceed any of the stipulated maximum noise levels outlined in the City’s Community Noise Control Ordinance, an acoustical engineer may be required to submit noise attenuation measures to the satisfaction of the Director of Community Development at the applicant’s expense. 286
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25. DEMOLITION REQUIREMENTS
All demolished building and site materials shall be recycled to the maximum extent feasible subject to the Building Official. The applicant shall provide evidence that materials were recycled prior to occupancy.
26. FUGITIVE DUST CONTROL
Prior to issuance of the any demolition, grading, or building permit, include on all permit plans, the full text of each of the Bay Area Air Quality Management District’s Basic Control Measures from the latest version of BAAQMD’s CEQA Air Quality Guidelines, as subsequently revised, supplemented, or replaced, to control fugitive dust (i.e., particulate matter PM2.5 and PM10) during demolition, ground disturbing activities and/or construction.
27. VOLATILE ORGANIC COMPOUND EMISSIONS FROM PAINT
Prior to issuance of the first building permit, the Applicant shall include a note on all plans where paint specifications or other design specifications are listed, that the project design will incorporate only low-VOC paint (i.e., 50 grams per liter [g/L] or less) for interior and exterior wall architectural coatings.
28. AVOID NESTING BIRDS DURING CONSTRUCTION
Prior to issuance of any demolition, grading and building permit, indicate the following on all construction plans:
a. Demolition, construction, ground-disturbing, and tree removal/pruning activities shall be scheduled to be completed prior to nesting season (February 1 through August 31), if feasible.
b. If demolition, construction, ground-disturbing, or tree removal/pruning activities occur during the nesting season (February 1 and August 31), preconstruction surveys shall be conducted as follows:
i. No more than 7 days prior to the start of demolition, construction, grounddisturbing, or tree removal/pruning activities, in order to identify any active nests with eggs or young birds on the site and surrounding area within 100 feet of construction or tree removal activities.
ii. Preconstruction surveys shall be repeated at 14-day intervals until demolition, construction, ground-disturbing, or tree removal/pruning activities have been initiated in the area, after which surveys can be stopped. As part of the preconstruction survey(s), the surveyor shall inspect all trees and other possible nesting habitats in, and immediately adjacent to, the construction areas for active nests, while ensuring that they do not disturb the nests as follows:
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1) For projects that require the demolition or construction one single-family residence, ground disturbing activities affecting areas of up to 500 square feet, or the removal of up to three trees, the property owner or a tree removal contractor, if necessary, is permitted to conduct the preconstruction surveys to identify if there are any active nests. If any active nests with eggs or young birds are identified, the project applicant shall retain a qualified ornithologist or biologist to identify protective measures. 2) For any other demolition, construction and ground disturbing activity or the removal of four or more trees, a qualified ornithologist or biologist shall be retained by the project applicant to conduct the preconstruction surveys. iii. If the preconstruction survey does not identify any active nests with eggs or young birds that would be affected by demolition, construction, grounddisturbing or tree removal/pruning activities, no further mitigating action is required. If an active nest containing eggs or young birds is found sufficiently close to work areas to be disturbed by these activities, their locations shall be documented, and the qualified ornithologist or biologist shall identify protective measures to be implemented under their direction until the nests no longer contain eggs or young birds.
iv. Protective measures may include, but are not limited to, establishment of clearly delineated exclusion zones (i.e., demarcated by identifiable fencing, such as orange construction fencing or equivalent) around each nest location as determined by the qualified ornithologist or biologist, taking into account the species of birds nesting, their tolerance for disturbance and proximity to existing development. In general, exclusion zones shall be a minimum of 300 feet for raptors and 75 feet for passerines and other birds. The active nest within an exclusion zone shall be monitored on a weekly basis throughout the nesting season to identify signs of disturbance and confirm nesting status. The radius of an exclusion zone may be increased by the qualified ornithologist or biologist, if project activities are determined to be adversely affecting the nesting birds. Exclusion zones may be reduced by the qualified ornithologist or biologist only in consultation with California Department of Fish and Wildlife. The protection measures and buffers shall remain in effect until the young have left the nest and are foraging independently or the nest is no longer active.
v. A final report on nesting birds and raptors, including survey methodology, survey date(s), map of identified active nests (if any), and protection measures (if required), shall be prepared by the qualified ornithologist or biologist and submitted to the Director of Community Development or his or her designee, through the appropriate permit review process (e.g., demolition, construction, 288
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tree removal, etc.), and be completed to the satisfaction of the Community Development Director prior to the start of demolition, construction, grounddisturbing, or tree removal/pruning activities.
29. ARCHAEOLOGICAL RESOURCES AND TRIBAL CULTURAL RESOURCES Prior to the issuance of any demolition, grading or building permit involving soil disturbance, the project applicant shall provide written verification, including the materials provided to contractors and construction crews, to the City confirming that contractors and construction crews have been notified of basic archaeological site indicators, the potential for discovery of archaeological resources, laws pertaining to these resources, and procedures for protecting these resources as follows:
a. Basic archaeological site indicators that may include, but are not limited to, darker than surrounding soils of a friable nature; evidence of fires (ash, charcoal, fire affected rock or earth); concentrations of stone, bone, or shellfish; artifacts of stone, bone, or shellfish; evidence of living surfaces (e.g., floors); and burials, either human or animal.
b. The potential for undiscovered archaeological resources or tribal cultural resources on site.
c. The laws protecting these resources and associated penalties, including, but not limited to, the Native American Graves Protection and Repatriation Act of 1990, Public Resources Code Section 5097, and California Health and Safety Code Section 7050 and Section 7052.
d. The protection procedures to follow should construction crews discover cultural resources during project-related earthwork, include the following:
i. All soil disturbing work within 25 feet of the find shall cease. ii. The project applicant shall retain a qualified archaeologist to provide and implement a plan for survey, subsurface investigation, as needed, to define the deposit, and assessment of the remainder of the site within the project area to determine whether the resource is significant and would be affected by the project.
iii. Any potential archaeological or tribal cultural resources found during construction activities shall be recorded on appropriate California Department of Parks and Recreation forms by a qualified archaeologist. If the resource is a tribal cultural resource, the consulting archaeologist shall consult with the appropriate tribe, as determined by the Native American Heritage Commission, to evaluate the significance of the resource and to 289
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recommend appropriate and feasible avoidance, testing, preservation or mitigation measures, in light of factors such as the significance of the find, proposed project design, costs, and other considerations. The archeologist shall perform this evaluation in consultation with the tribe.
30. HUMAN REMAINS AND NATIVE AMERICAN BURIALS
Prior to issuance of the any demolition, grading and building permits that involve soil disturbance, include on plans a note that, during project construction, the project applicant shall comply with California Health and Safety Code Section 7050.5 and California Public Resources Code Section 5097.98.
a. In the event of discovering human remains during construction activities, there shall be no further excavation or disturbance of the site within a 100-foot radius of the remains, or any nearby area reasonably suspected to overlie adjacent remains.
b. The Santa Clara County Coroner shall be notified immediately and shall make a determination as to whether the remains are Native American. c. If the Santa Clara County Coroner determines that the remains are not subject to his authority, he shall notify the Native American Heritage Commission (NAHC) within 24 hours.
d. The NAHC shall attempt to identify descendants (Most Likely Descendant) of the deceased Native American.
e. The Most Likely Descendant has 48 hours following access to the project site to make recommendations or preferences regarding the disposition of the remains.
If the Most Likely Descendant does not make recommendations within 48 hours after being allowed access to the project site, the owner shall, with appropriate dignity, reinter the remains in an area of the property secure from further disturbance and provide documentation about this determination and the location of the remains to the NAHC and the City of Cupertino. Alternatively, if the owner does not accept the Most Likely Descendant’s recommendations, the owner or the descendent may request mediation by the NAHC. Construction shall halt until the mediation has concluded.
31. NOISE AND VIBRATION NOTICE
At least 10 days prior to the start of any demolition, ground disturbing, or construction activities, the project applicant/contractor shall send notices of the planned activity by first class mail as follows:
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a. For projects on sites that are more than 0.5 acres or four or more residential units the notices shall be sent to off-site businesses and residents within 500 feet of the project site;
b. For projects on sites between 0.25 to 0.5 acres, or two or three residential units (not including Accessory Dwelling Units) notices shall be sent to off-site businesses and residents within 250 feet of the project site; or c. For projects on sites less than 0.25 acres or one residential unit, the notices shall be sent to off-site businesses and residents within 100 feet of the project site.
The notification shall include a brief description of the project, the activities that would occur, the hours when activity would occur, and the construction period’s overall duration. The notification should include the telephone numbers of the contractor’s authorized representatives that are assigned to respond in the event of a noise or vibration complaint. The City will provide mailing addresses for the Applicant’s use. The project applicant shall provide the City with evidence of mailing of the notice, upon request. If pile driving, see additional noticing requirements below.
32. NOISE DURING CONSTRUCTION
Prior to issuance of any demolition, grading or building permit, include on plans a note that, during project construction, the project applicant shall incorporate the following measures to reduce noise during construction and demolition activity:
a. The project applicant and contractors shall prepare and submit a Construction Noise Control Plan to the City’s Planning Department for review and approval prior to issuance of the first permit. The Construction Noise Plan shall demonstrate compliance with daytime and nighttime decibel limits pursuant to Chapter 10.48 (Community Noise Control) of Cupertino Municipal Code. The details of the Construction Noise Control Plan shall be included in the applicable construction documents and implemented by the on-site Construction Manager. Noise reduction measures selected and implemented shall be based on the type of construction equipment used on the site, distance of construction activities from sensitive receptor(s), site terrain, and other features on and surrounding the site (e.g., trees, built environment) and may include, but not be limited to, temporary construction noise attenuation walls, high quality mufflers. During the entire active construction period, the Construction Noise Control Plan shall demonstrate that compliance with the specified noise control requirements for construction equipment and tools will reduce construction noise in compliance with the City’s daytime and nighttime decibel limits.
b. Select haul routes that avoid the greatest amount of sensitive use areas and submit to the City of Cupertino Public Works Department for approval prior to the start of the construction phase.
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c. Signs will be posted at the job site entrance(s), within the on-site construction zones, and along queueing lanes (if any) to reinforce the prohibition of unnecessary engine idling. All other equipment will be turned off if not in use for more than 5 minutes.
d. During the entire active construction period and to the extent feasible, the use of noise producing signals, including horns, whistles, alarms, and bells will be for safety warning purposes only. The construction manager will use smart back-up alarms, which automatically adjust the alarm level based on the background noise level or switch off back-up alarms and replace with human spotters in compliance with all safety requirements and law.
33. EXCESSIVE NOISE AND VIBRATIONS
Per General Plan Policy HS-8.3, construction contractors shall use the best available technology to minimize excessive noise and vibration from construction equipment such as pile drivers, jack hammers, and vibratory rollers during construction.
34. PRE-CONSTRUCTION MEETING AND CONSTRUCTION MANAGEMENT PLAN
A demolition and construction management plan shall be submitted and reviewed prior to building permit issuance. Prior to commencement of construction activities, the applicant shall arrange for a pre-construction meeting with the pertinent departments (Building, Planning, and Public Works) to review the prepared construction management plan, to ensure that construction complies with the conditions of approval, staging of construction equipment is appropriate, tree protection measures are in place, public access routes are identified, and noise and dust control measures are established. The plan shall include but not be limited to the following:
a. Appropriate construction staging area
b. Hours of construction
c. Compliance with the City noise ordinance
d. Best management practices
e. Staging of construction equipment shall not occur within ___ feet of any residential property.
f. Any other measures as determined to be appropriate by the Director of Community Development
35. GRADING AND CONSTRUCTION HOURS AND NOISE LIMITS
The applicant shall indicate compliance with the following grading and construction hours and noise limit requirements on all demolition, construction 292
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and grading permits, and in the construction management plan(s), unless otherwise indicated.
a. All grading activities shall be limited to the dry season (April 15 to October 1), unless permitted otherwise by the Director of Public works. b. Construction hours and noise limits shall be compliant with all requirements of Chapter 10.48 of the Cupertino Municipal Code.
c. Grading, street construction, underground utility and demolition hours for work done more than 750 feet away from residential areas shall be limited to Monday through Friday, 7 a.m. to 8 p.m. and Saturday and Sunday, 9 a.m. to 6 p.m.
Grading, street construction, demolition or underground utility work within 750 feet of residential areas shall not occur on Saturdays, Sundays, holidays, and during nighttime period as defined in Section 10.48.053(b) of the Municipal Code. d. Construction activities shall be limited to Monday through Friday, 7 a.m. to 8 p.m. and Saturday and Sunday, 9 a.m. to 6 p.m. Construction activities are not allowed on holidays as defined in Chapter 10.48 of the Municipal Code. Nighttime construction is allowed if compliant with nighttime standards of Section 10.48 of the Cupertino Municipal Code.
e. Rules and regulations pertaining to all construction activities and limitations identified in this permit, along with the name and telephone number of an applicant appointed disturbance coordinator, shall be posted in a prominent location at the entrance to the job site.
f. The applicant shall be responsible for educating all contractors and subcontractors of said construction restrictions.
36. GREEN BUILDING
The project shall be constructed in accordance with the City’s Green Building Ordinance (Chapter 16.58 of the Cupertino Municipal Code). The applicant shall obtain LEED Silver certification or an alternative reference standard in accordance with the ordinance since greater than nine multi-family residences are proposed.
Third party LEED certification or alternative reference standard is required per the ordinance criteria.
37. BUILDING AND FIRE CODE
The applicant shall apply for and obtain building permits to allow the construction of the approved project. The applicant shall provide information and plans to allow the Building Official and the Fire Marshall or their designee that the proposed plans comply with Building and Fire Codes in effect at the time of application for a building permit.
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38. TRASH AND DELIVERY ACTIVITIES
A detailed refuse and truck delivery plan shall be prepared by the applicant. The plan shall specify locations of trash facilities, refuse pick up schedules and truck delivery schedules and routes. All trash facilities must be screened and enclosed to the satisfaction of the Public Works Department. The final plan shall be submitted to the City for review and approval prior to issuance of building permits.
39. NOISE LEVELS AND ABATEMENT
Project uses and all equipment installed on the site shall comply with the City’s Community Noise Control Ordinance at all times. Installation of any mechanical or other equipment shall be evaluated to determine that the installation meets the City’s Community Noise Control Ordinance. Any documentation or studies required to determine this shall be provided by the applicant as his/her sole expense. Should the project exceed any of the stipulated maximum noise levels outlined in the City’s Community Noise Control Ordinance, an acoustical engineer may be required to submit noise attenuation measures to the satisfaction of the Director of Community Development at the applicant’s expense.
40. INDEMNIFICATION
As part of the application, to the fullest extent permitted by law, the applicant shall agree to indemnify, defend with the attorneys of the City’s choice, and hold harmless the City, its City Council, and its officers, employees, and agents (collectively, the “indemnified parties”) from and against any liability, claim, action, cause of action, suit, damages, judgment, lien, levy, or proceeding (collectively referred to as “proceeding”) brought by a third party against one or more of the indemnified parties or one or more of the indemnified parties and the applicant related to any Ordinance, Resolution, or action approving the project, the related entitlements, environmental review documents, finding or determinations, or any other permit or approval authorized for the project. The indemnification shall include but not be limited to damages, fees, and costs awarded against the City, if any, and cost of suit, attorneys’ fees, and other costs, liabilities, and expenses incurred in connection with such proceeding whether incurred by the Applicant, the City, or the parties initiating or bringing such proceeding.
The applicant shall agree to (without limitation) reimburse the City its actual attorneys’ fees and costs incurred in defense of the litigation. Such attorneys’ fees and costs shall include amounts paid to the City’s outside counsel and shall include City Attorney time and overhead costs and other City staff overhead costs and any costs directly related to the litigation reasonably incurred by City. The 294
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applicant shall likewise agree to indemnify, defend, and hold harmless the indemnified parties from and against any damages, attorneys’ fees, or costs awards, including attorneys’ fees awarded under Code of Civil Procedure section 1021.5, assessed or awarded against the indemnified parties. The Applicant shall cooperate with the City to enter a Reimbursement Agreement to govern any such reimbursement.
The Applicant shall agree to (without limitation) reimburse the City for all costs incurred in additional investigation or study of, or for supplementing, redrafting, revising, or amending, any document (such as an Environmental Impact Report, negative declaration, specific plan, or general plan amendment) if made necessary by proceedings challenging the project approvals and related environmental review, if the applicant desires to continue to pursue the project.
The Applicant shall agree that the City shall have no liability to the Applicant for business interruption, punitive, speculative, or consequential damages.t Approval set forth herein may include certain fees, dedication requirements, reservation requirements, and other exactions. Pursuant to Government Code Section 66020(d) (1), these Conditions constitute written notice of a statement of the amount of such fees, and a description of the dedications, reservations, and other exactions. You are hereby further notified that the 90-day approval period in which you may protest these fees, dedications, reservations, and other exactions, pursuant to Government Code Section 66020(a), has begun. If you fail to file a protest within this 90-day period complying with all of the requirements of Section 66020, you will be legally barred from later challenging such exactions.
SECTION IV: CONDITIONS ADMINISTERED BY THE PUBLIC WORKS
DEPARTMENT
41. RIGHT-OF-WAY VACATION
Prior to issuance of any construction permits, City Council shall adopt a resolution to vacate the right-of-way within the limits of the development property boundary.
42. DOG PARK SIDEWALK CONNECTION
Developer shall design and construct a new sidewalk extension from the northerly limits of the project’s property frontage to the existing sidewalk at the dog park north of the project site to the satisfaction of the Director of Public Works.
Additional comments will be provided and shall be incorporated prior to Building Permit approval.
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43. CALTRANS RIGHT-OF-WAY
Caltrans permits and/or approvals are required for any work within Caltrans right-of-way.
44. STREET IMPROVEMENTS
Roadway improvements along the project frontage will be required to the satisfaction of the Director of Public Works. Street improvements, grading and drainage plans must be completed and approved prior to issuance of Building Permit. All necessary easements and vacations for the project shall be approved prior to issuance of Building Permit or when required by the Director of Public Works.
Street improvements may include, but not be limited to, new curb, gutter, attached sidewalk, ADA ramp, driveways, stormwater treatment facilities, utility laterals, street tree installations, restriping, and street lights. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.
Additional comments will be provided and shall be incorporated prior to Building Permit approval.
45. ACCEPTANCE OF PROPERTY RIGHTS
The Public Works Director, or his/her designee, shall have the authority to accept all offers of dedications, easements, quitclaims and other property rights and interests on behalf of the City.
46. CURB AND GUTTER IMPROVEMENTS
Curbs and gutters, sidewalks and related structures shall be installed in accordance with grades and standards as specified by the Director of Public Works. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.
47. PEDESTRIAN AND BICYCLE IMPROVEMENTS
Developer shall provide pedestrian and bicycle related improvements (e.g. walkway and bicycle racks, etc.) consistent with the Cupertino Bicycle Transportation Plan and the Pedestrian Transportation Plan, and as approved by the Director of Public Works. All improvements must be completed and accepted by the City prior to Building Final Occupancy or Street Improvement Encroachment Permit acceptance whichever comes first.
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The Transportation Study prepared by Hexagon Transportation Consultants, Inc., dated November 13, 2025 recommends the turning radii of the reverse curves on the north end of the project site to be 18’ minimum and signage to be added ahead of the curves to inform cyclists to slow down to 10 mph. The City recommends 25’ minimum. The project shall incorporate this recommendation and any other improvements required by the Transportation Consultant, including but not limited to line of site modifications to on street parking or to the satisfaction of the Director of Public Works, into the street improvement design prior to Building Permit approval.
48. STREET LIGHTING INSTALLATION
Street lighting shall be installed and shall be as approved by the Director of Public Works. Lighting fixtures shall be positioned so as to preclude glare and other forms of visual interference to adjoining properties, and shall be no higher than the maximum height permitted by the zone in which the site is located.
49. GRADING
Grading shall be as approved and required by the Director of Public Works in accordance with Chapter 16.08 of the Cupertino Municipal Code. 401 Certifications and 404 permits maybe required. Please contact Army Corp of Engineers and/or Regional Water Quality Control Board as appropriate.
50. DRAINAGE
Drainage shall be provided to the satisfaction of the Director of Public Works.
Hydrology and pre- and post-development hydraulic calculations must be provided to indicate whether additional storm water control measures are to be constructed or renovated. The storm drain system may include, but is not limited to, subsurface storage of peak stormwater flows (as needed), bioretention basins, vegetated swales, and hydrodynamic separators to reduce the amount of runoff from the site and improve water quality. The storm drain system shall be designed to detain water on-site (e.g., via buried pipes, retention systems or other approved systems and improvements) as necessary to avoid an increase of the ten percent flood water surface elevation to the satisfaction of the Director of Public Works.
Any storm water overflows or surface sheeting should be directed away from neighboring private properties and to the public right of way as much as reasonably possible.
All storm drain inlets shall be clearly marked with the words “No Dumping – Flows to Creek” using permanently affixed metal medallions or equivalent, as approved by the Environmental Programs Division.
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Additional comments will be provided and shall be incorporated prior to Building Permit approval.
51. C.3 REQUIREMENTS
C.3 regulated improvements are required for all projects creating and/or replacing 5,000 S.F. or more of impervious surface, collectively over the entire project site.
The developer shall reserve a minimum of 4% of developable surface area for the placement of low impact development measures, for storm water treatment, unless an alternative storm water treatment plan, that satisfies C.3 requirements, is approved by the Director of Public Works.
The developer must include the use and maintenance of site design, source control and storm water treatment Best Management Practices (BMPs), which must be designed per approved numeric sizing criteria. A Storm Water Management Plan and a Storm Water Facilities Operation, Maintenance and Easement Agreement, and certification of ongoing operation and maintenance of treatment BMPs are each required.
All storm water management plans are required to obtain certification from a City approved third party reviewer.
If the Project is subject to (Covenants, Conditions, and Restrictions (CC&R) and Homeowners Association (HOA), CC&R must also include languages pertaining to the stormwater treatment measures.
52. INSTALLATION AGREEMENT
The project developer shall enter into an Installation Agreement with the City of Cupertino providing for payment of fees, including but not limited to checking and inspection fees, storm drain fees, transportation impact fees, park dedication fees and fees for under grounding of utilities. Said agreement and fees shall be executed and paid prior to issuance of Building permit.
Fees:
a. Checking & Inspection Fees: Per current fee schedule ($5,655 or 5% of improvement costs)
b. Grading Permit: Per current fee schedule ($4,891 or 6% of improvement costs)
c. Storm Drainage Fee: Per current fee schedule ($4,584 per AC + $347 per DU)
d. Transportation Impact Fee: Per current fee schedule: ($4,215 per DU) e. Storm Management Plan Fee Per current fee schedule ($2,217) f. Street Tree Fee: By Developer or Per current fee schedule:
$513 per tree
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Bonds:
a. Faithful Performance Bond: 100% of Off-site and On-site Improvements b. Labor & Material Bond: 100% of Off-site and On-site Improvement c. On-site Grading Bond: 100% of site improvements.
The fees described above are imposed based upon the current fee schedule adopted by the City Council. However, the fees imposed herein may be modified at the time of recordation of a final map or issuance of a building permit in the event of said change or changes, the fees changed at that time will reflect the then current fee schedule.
53. TRANSPORTATION
The Project is subject to the payment of Transportation Impact Fees under City’s Transportation Impact Fee Program (Chapter 14.02 of the Cupertino Municipal Code).
Project may also be subject to Vehicle Miles Traveled (VMT) analysis as part of environmental reviews per Chapter 17 of the Cupertino Municipal Code. Project shall provide mitigation measure(s) as a result of the transportation analysis.
54. SURVEYS
A Boundary Survey and a horizontal control plan will be required for all new construction to ensure the proposed building will be set based on the boundary survey and setback requirements.
55. TRASH, RECYCLING AND COMPOST ENCLOSURES
Trash enclosure plans must be designed in accordance with the City’s “Public Works Guidelines posted at www.cupertino.org/nowaste, and to the satisfaction of the Environmental Programs Manager. Clearance by the Public Works Department is required prior to obtaining a building permit. (CMC 9.18.210 H & K)
Applicant shall enter into an agreement with the City that indemnifies and holds harmless both the City and the refuse and recycling collection company (Recology) from and against any harm, damage or maintenance that may occur or become necessary to onsite paving stone driveway surfaces.
56. OPERATIONS & MAINTENANCE AGREEMENT
Developer shall enter into an Operations & Maintenance Agreement with the City before issuance of a building permit approval. The Agreement shall include the 299
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operation and maintenance for non-standard appurtenances in the public road right-of-way that may include, but is not limited to, landscaping, street trees, sidewalk, pavers, and street lights.
57. UNDERGROUND UTILITIES
Developer shall comply with the requirements of the Underground Utilities Ordinance No. 331 and other related Ordinances and regulations of the City of Cupertino, and shall coordinate with affected utility providers for installation of underground utility devices. Developer shall submit detailed plans showing utility underground provisions. Said plans shall be subject to prior approval of the affected Utility provider and the Director of Public Works.
58. TRANSFORMERS & CABINETS
Electrical transformers, telephone cabinets and similar equipment shall be placed in underground vaults. The developer must receive written approval from both the Public Works Department and the Community Development Department prior to installation of any above ground equipment. Should above ground equipment be permitted by the City, equipment and enclosures shall be screened with fencing and landscaping such that said equipment is not visible from public street areas, as determined by the Community Development Department.
Transformers shall not be located in the front or side building setback area.
59. WATER BACKFLOW PREVENTERS
Domestic and Fire Water Backflow preventers and similar above ground equipment shall be placed away from the public right of way and site driveways to a location approved by the Cupertino Planning Department, Santa Clara County Fire Department and the water company.
60. BEST MANAGEMENT PRACTICES
Utilize Best Management Practices (BMPs), as required by the State Water Resources Control Board, for construction activity, which disturbs soil. BMP plans shall be included in grading and street improvement plans.
61. NPDES CONSTRUCTION GENERAL PERMIT
When and where it is required by the State Water Resources Control Board (SWRCB), the developer must obtain a Notice of Intent (NOI) from the SWRCB, which encompasses preparation of a Storm Water Pollution Prevention Plan (SWPPP), use of construction Best Management Practices (BMPs) to control storm water runoff quality, and BMP inspection and maintenance. 300
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62. EROSION CONTROL PLAN
Developer must provide an approved erosion control plan by a Registered Civil Engineer. This plan should include all erosion control measures used to retain materials on site. Erosion control notes shall be stated on the plans.
63. WORK SCHEDULE
Every 6 months, the developer shall submit a work schedule to the City to show the timetable for all grading/erosion control work in conjunction with this project.
64. TRAFFIC CONTROL PLAN
The developer must submit a traffic control plan by a Registered Traffic Engineer to be approved by the City. The plan shall include a temporary traffic control plan for work in the right of way as well as a routing plan for all vehicles used during construction. All traffic control signs must be reviewed and approved by the City prior to commencement of work. The City has adopted Manual on Uniform Traffic Control Devices (MUTCD) standards for all signage and striping work throughout the City.
65. STREET TREES
Street trees shall be planted within the Public Right of Way to the satisfaction of the Director of Public Works and shall be of a type approved by the City in accordance with Ordinance No. 125.
66. FIRE PROTECTION
Fire sprinklers shall be installed in any new construction to the approval of the City.
67. SANTA CLARA COUNTY FIRE DEPARTMENT
A letter of clearance for the project shall be obtained from the Santa Clara County Fire Department prior to issuance of building permits. Clearance should include written approval of the location of any proposed Fire Backflow Preventers, Fire Department Connections and Fire Hydrants (typically Backflow Preventers should be located on private property adjacent to the public right of way, and fire department connections must be located within 100’ of a Fire Hydrant).
68. FIRE HYDRANT
Fire hydrants shall be located as required by the City and Santa Clara County Fire Department as needed.
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69. SAN JOSE WATER SERVICE COMPANY CLEARANCE
Provide San Jose Water Service Company approval for water connection to existing facilities, service capability and location and layout of water lines and backflow preventers before issuance of a building permit approval.
70. DEDICATION OF UNDERGROUND WATER RIGHTS
Developer shall “quit claim” to the City all rights to pump, take or otherwise extract water from the underground basin or any underground strata in the Santa Clara Valley.
71. SANITARY DISTRICT
A letter of clearance or sign off of street improvement plans for the project shall be obtained from the Cupertino Sanitary District prior to issuance of building permits.
72. UTILITY EASEMENTS
Clearance approvals from the agencies with easements on the property (including PG&E, AT&T, and San Jose Water Company, and/or equivalent agencies) will be required prior to issuance of building permits.
SECTION V: CONDITIONS ADMINISTERED BY THE CUPERTINO SANITARY
DISTRICT
73. STORMWATER POLLUTION MANAGEMENT
1. Copper metal roofing, copper granule containing asphalt shingles, copper gutters and downspouts, and/or other exterior ornamental copper are not permitted for use on any commercial or industrial building.
2. All exterior storm drain inlets, including bioretention area overflow catch basins and linear trench drains must be treated with full trash capture systems to prevent litter from entering the City’s storm drain system and/or any adjacent creeks or diversion channels. Systems and devices used must be approved by the California State Regional Water Quality Control Board (RWQCB) and selected from the San Francisco Bay RWQCB Certified Full Capture System List of Trash Treatment Control Devices which may be viewed at:
https://www.waterboards.ca.gov/water_issues/programs/stormwater/trash_i mplementation.html
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Each inlet being treated must be identified on the civil drawings and the specific type of treatment control device labeled.
3. At the time of building permit plan submittal, the manufacturer specification sheet for all trash capture system(s) used must be included. As a condition of approval, the systems must be installed and maintained (cleaned) in accordance with the project SWMP, manufacturer specifications, and provision of the California RWQCB San Francisco Bay Region Municipal Regional Stormwater NPDES Permit. The property owner must provide official written record of cleaning and maintenance to the City upon request.
4. All exterior storm drain inlets on the parcel must be clearly marked with “No Dumping Flows To Creek” or “No Dumping Flows To Bay”. An example of drain inlet markers may be viewed at the following:
www.cupertino.org/greendev (Waste and Stormwater Management).
74. COVERED WASTE TRIOS AND CIGARETTE FILTER MANAGEMENT One permanently installed waste trio including an enclosed cigarette urn which is designed for exterior use is required and must be included on the site plan. A waste trio is a set of outdoor receptacles positioned side-by-side which are clearly individually labeled “RECYCLING, COMPOST, TRASH” and include covers to prevent rainwater intrusion. An example of waste trios may be viewed at the following: www.cupertino.org/greendev (Waste and Stormwater Management). The trio and cigarette urn must be situated on private property adjacent to the sidewalk (XXXXXXX) for customer and public pedestrian use. The trio and cigarette urn shall be maintained by the private property owner in perpetuity for which this building permit is issued. The location of the trios/urns must conform to the City of Cupertino Sidewalk Clearance at Driveways Standard Detail www.cupertino.org.greendev (Waste and Stormwater Management Helpful Links) and compliance demonstrated on the resubmitted plans. The placement of the trios and cigarette urns must conform to the Cupertino Municipal Code (Section 10.90) and other state codes regulating smoking. If exterior furnishings (benches, bicycle racks, pole lights, etc.) are required for this project, the waste trios and cigarette urns must match material, color, and style to the maximum extent practicable.
75. CONSTRUCTION AND DEMOLITION DEBRIS RECYCLING AND RECOVERY A completed construction and demolition (C&D) Debris Recovery Plan (DRP) must be submitted at the time of project plan submittal. All debris disposal and recycling from the construction project must be tracked throughout the duration of the project. Project applicants and contractors must use Green Halo cupertino.wastetracking.com to create their Plan and to submit all construction waste 303
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generation tonnage information. A hold on issuance of the building permit will be placed until the Plan is submitted and approved. A hold will also be placed on the final inspection until all waste tonnage information for the project has been entered into Green Halo and approved by the Environmental Programs Division.
Your response below must identify the Green Halo Tracking Number (e.g. GH123- 456-7890) and date the DRP was submitted to Green Halo.
For additional information, please visit cupertino.org/greendev (Waste and Stormwater Management).
SECTION VI: CONDITIONS ADMINISTERED BY THE SANTA CLARA
COUNTY FIRE DEPARTMENT
76. FIRE SPRINKLERS REQUIRED
Approved automatic sprinkler systems in new and existing buildings and structures shall be provided in the locations described in this Section or in Sections 903.2.1 through 903.2.18 whichever is the more restrictive. For the purposes of this section, firewalls used to separate building areas shall be constructed in accordance with the California Building Code and shall be without openings or penetrations. NOTE: The owner(s), occupant(s) and any contractor(s) or subcontractor(s) are responsible for consulting with the water purveyor of record in order to determine if any modification or upgrade of the existing water service is required. A State of California licensed (C-16) Fire Protection Contractor shall submit plans, calculations, a completed permit application and appropriate fees to this department for review and approval prior to beginning their work. CFC Sec. 903.2.
77. FIRE ALARM REQUIREMENTS
Refer to CFC Sec. 907 and the currently adopted edition of NFPA 72. Submit shop drawings (3 sets) and a permit application to the SCCFD for approval before installing or altering any system. Call (408) 341-4420 for more information. Fire alarm requirement will be determined during building permit.
78. BUILDINGS AND FACILITIES ACCESS
Approved fire apparatus access roads shall be provided for every facility, building or portion of a building hereafter constructed or moved into or with the jurisdiction. The fire apparatus access road shall comply with the requirements of this section and shall extend to within 150 feet of all portions of the facility and all portions of the exterior walls of the first story of the building as measured by an approved route around the exterior of the building or facility. [CFC, Section 503.1.1].
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79. KNOX KEY BOXES/LOCKS WHERE REQUIRED FOR ACCESS
Where access to or within a structure or an area is restricted because of secured openings or where immediate access is necessary for lifesaving or firefighting purposes, the fire code official is authorized to require a key box to be installed in an approved location. The Knox Key Box shall be a of an approved type and shall contain keys to gain necessary access as required by the fire code official. Locks.
An approved Knox Lock shall be installed on gates or similar barriers when required by the fire code official. Key box maintenance. The operator of the building shall immediately notify the fire code official and provide the new key when a lock is changed or re-keyed. The key to such lock shall be secured in the key box. [CFC Sec. 506].
80. GROUND LADDER ACCESS
Ground-ladder rescue from second and third floor rooms with egress windows, shall be made possible for fire department operations. With the climbing angle of seventy-five degrees maintained, an approximate walkway width along either side of the building shall be no less than seven feet clear. Landscaping shall not be allowed to interfere with the required access. CFC Sec. 503 and 1031.2 NFPA 1932 Sec. 5.1.8 through 5.1.9. Ladder access (one for each emergency egress window) of an all-weather supportive surface along with an approved access walkway leading from the fire apparatus access road to them, shall be provided.
81. FIRE DEPARTMENT CONNECTION
The fire department connection (FDC) for the structure in support of the sprinkler system shall be installed at the street on the street address side of the building. It shall be located within 100 feet of a public fire hydrant and within ten (10) feet of the main PIV (unless otherwise approved by the Chief due to practical difficulties).
FDC's shall be equipped with a minimum of two (2), two-and-one-half (2- 1/2”) inch national standard threaded inlet couplings. Orientation of the FDC shall be such that hose lines may be readily and conveniently attached to the inlets without interference. FDC's shall be painted safety yellow [SCCFD, SP-2 Standard].
82. PUBLIC FIRE HYDRANT REQUIRED
Provide a public fire hydrant at a final location to be determined jointly by the Fire Department and San Jose Water Company. Maximum distance of 250 feet from the building frontage, 500 ft between hydrants and a maximum of 100 feet from the FDC, with a minimum hydrant flow of 1687 GPM @ 20 psi residual. Fire hydrants shall be provided along required fire apparatus access roads and adjacent public streets. CFC Sec. 507, and Appendix B and associated Tables, and Appendix C. 305
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83. REQUIRED FIRE FLOW
The fire flow for this project is 2,250 GPM at 20 psi residual pressure. Since an automatic fire sprinkler system will be installed, the fire flow will be reduced by 25%, establishing a required adjusted fire flow of 1,687 GPM at 20 psi residual pressure. Note: The minimum required number and spacing of the hydrants shall be in accordance with CFC Table C102.1.
84. FIRE HYDRANT SYSTEMS REQUIRED
Where a portion of the facility or building hereafter constructed or moved into or within the jurisdiction is more than 400 feet from a hydrant on a fire apparatus access road, as measured by an approved route around the exterior of the facility or building, onsite fire hydrants and mains shall be provided where required by the fire code official. Exception: For Group R-3 and Group U occupancies equipped throughout with an approved automatic sprinkler system installed in accordance with Section 903.3.1.1, 903.3.1.2 or 903.3.1.3, the distance requirement shall be not more than 600 feet. [CFC, Section 507.5.1]. 2 Hydrants required for both structures. Show hydrant location on plans. Clarify on sheet C003.0 if hydrant on sheet C003.0 is either new or existing. New hydrant on sheet C003.0 shown in front of building 2B. Make a note on sheet AS0.0 that new hydrant will be provided. New hydrant shall meet the required fireflow.
85. WATER SUPPLY REQUIREMENTS
Potable water supplies shall be protected from contamination caused by fire protection water supplies. It is the responsibility of the applicant and any contractors and subcontractors to contact the water purveyor supplying the site of such project, and to comply with the requirements of that purveyor. Such requirements shall be incorporated into the design of any water-based fire protection systems, and/or fire suppression water supply systems or storage containers that may be physically connected in any manner to an appliance capable of causing contamination of the potable water supply of the purveyor of record. Final approval of the system(s) under consideration will not be granted by this office until compliance with the requirements of the water purveyor of record are documented by that purveyor as having been met by the applicant(s). 2022 CFC Sec. 903.3.5 and Health and Safety Code 13114.7.
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86. ADDRESS IDENTIFICATION
New and existing buildings shall have approved address numbers, building numbers or approved building identification placed in a position that is plainly legible and visible from the street or road fronting the property. These numbers shall contrast with their background. Where required by the fire code official, address numbers shall be provided in additional approved locations to facilitate emergency response. Address numbers shall be Arabic numbers or alphabetical letters. Numbers shall be a minimum of 4 inches (101.6 mm) high with a minimum stroke width of 0.5 inch (12.7 mm). Where access is by means of a private road and the building cannot be viewed from the public way, a monument, pole or other sign or means shall be used to identify the structure. Address numbers shall be maintained. CFC Sec. 505.1.
87. CONSTRUCTION SITE FIRE SAFETY
All construction sites must comply with applicable provisions of the CFC Chapter 33 and our Standard Detail and Specification S1-7. Provide appropriate notations on subsequent plan submittals, as appropriate to the project. CFC Chp. 33.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 3rd day of February, 2026, by the following vote:
Members of the City Council
AYES:
NOES:
ABSENT:
ABSTAIN:
SIGNED:
________
Kitty Moore, Mayor
City of Cupertino
________________________
Date
ATTEST:
________________________
Lauren Sapudar, Acting City Clerk
________________________
Date
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01276.0001 2045537.1
RESOLUTION NO. ________
A RESOLUTION OF THE CUPERTINO CITY COUNCIL DECLARING
CERTAIN CITY-OWNED REAL PROPERTY LOCATED AT MARY AVENUE, IN THE CITY OF CUPERTINO (APN: 326-27-053) TO BE EXEMPT SURPLUS
LAND UNDER THE SURPLUS LAND ACT
WHEREAS, the City of Cupertino (“City”) owns, administers and manages various properties throughout the City for public agency purposes, in accordance with state law and local policies; and
WHEREAS, Assessor Parcel No. 326-27-053 (“Property”) is located within the Mary Avenue Right-of-Way and is owned by the City; and WHEREAS, the City Council finds that the Property is not required for the City’s current or foreseeable operational needs and that there is no present or contemplated use of the Property that would preclude the Property from being declared surplus or exempt surplus land pursuant to the Surplus Land Act and offered for disposition for the development of affordable housing ; and WHEREAS, the Surplus Land Act (California Government Code Section 54220 et seq.)(“Act”) governs the disposition of surplus land by local authorities, including the City; and
WHEREAS, pursuant to California Government Code Section 54220(f)(1)(A), the Property qualifies as “exempt surplus land”, as it is being conveyed in fee to a nonprofit developer for the development of affordable housing in accordance with Government Code Section 25539.4.
WHEREAS, the City now desires to declare the Property as exempt surplus land and to offer and initiate the sale of the Property.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby find, determine and resolve as follows:
1. Recitals. The Recitals set forth above are true and correct and are incorporated into this Resolution by this reference.
2. Surplus Land Act. The Property is surplus land and is exempt from the requirements of the Surplus Land Act pursuant to California Government Code 309
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Resolution No. __________________