CC 05-19-2026 Searchable Packet.pdf — Cupertino City Council, May 19, 2026 (part 4 of 7)

Demonstrate by personal example the service excellence and integrity expected from all employees by representing the City in a professional manner within our organization, to the general public, and with other agencies.

Qualifications
Knowledge of:

Principles and practices of financial services, including treasury.

Principles and practices of municipal budgeting procedures and techniques.

General executive management principles and methods including goal setting, program development and implementation, and project management.

Principles and practices of supervision, training and personnel management.

Pertinent Federal, State and local laws and practices related to finance.

Ability to:

Plan, organize, direct and review the activities of the finance department. Provide administrative and professional leadership.

Prepare and review budget and financial data. Ability to serve as City Treasurer.

Plan and supervise the work of professional and field employees engaged in departmental activities.

Prepare budget estimates and exercise control over department expenditures.

Prepare and present accurate, clear and comprehensive reports, both orally and in writing.

Establish and maintain effective relationships with other officials, employees and the public.

On a continuous basis, sit at a desk for long periods of time, intermittently twist to reach equipment surrounding desk. Perform simple grasping and fine manipulation. Use telephone, and write or use a keyboard to communicate though written means, and lift or carry weight of 10 pounds or less.

Handle confidential information with professional demeanor and discretion.

Education and Experience
A bachelor’s degree in Public or Business Administration or a related field from an accredited college or university is required and
A minimum of five years of increasingly responsible professional experience in public finance or administrative work experience in a city, county or special district. 455
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Director of Finance

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Licenses and Certifications
Possession of, or ability to obtain, a valid California Motor Vehicle Operators License.

FLSA: Non-exempt
Est. 7/1971
Rev. 9/2014, 5/2026
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Director of Finance Administrative Services
Definition
Under direction of the City Manager, to serve in responsible charge of the administration of the City’s administrative servicesfinance programs, and to render technical direction and advices on matters relating to accounting, personnel, risk management, budget, and purchasing functions and to do related work as required. The Director manages the City’s Human Resources and Finance functions and serves as the City Treasurer.

Typical Job Functions
Management reserves the right to add, modify, change, or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job.

Reports to and confers with the City Manager on City-wide policies and department-specific policies concerning administrative services programs and activities.

Acts as advisor to the City Manager, City Council, other City officials and the public on accounting, budget, and purchasing, risk management and personnel matters.

Plans the administrative financial services of the City to meet the objectives established by the City Council and the City Manager.

Develops administrative procedures to assure smooth operations.

Prepares operating and capital improvements budgets and supervises the execution of the budget after approval.

Assures adequate financial controls of expenditures.

Develops personnelfinance policies and procedures.

May serve as chief labor negotiator for the City.

Reviews legislation to determine its impact on City operations.

Prepares Council agendas, writes resolutions and ordinances and recommends Council action on items related to administrativefinancial services.

Attends City Council, City Commission, public meetings and meetings of other groups as necessary or appropriate.
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Director of FinanceAdministrative Services

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Responsible for the selection, training and evaluation of department personnel.

Qualifications
Knowledge of:

Principles and practices of administrativefinancial services, including finance, treasury, human resources, contract negotiations, and risk management.

Principles and practices of municipal budgeting procedures and techniques.

General executive management principles and methods including goal setting, program development and implementation, and project management.

Principles and practices of supervision, training and personnel management.

Pertinent Federal, State and local laws and practices related to finance and human resources management.

Ability to:

Plan, organize, direct and review the activities of an administrative services the finance department.

Provide administrative and professional leadership.

Prepare and review budget and financial data. Ability to serve as City Treasurer.

Plan and supervise the work of professional and field employees engaged in departmental activities.

Prepare budget estimates and exercise control over department expenditures.

Prepare and present accurate, clear and comprehensive reports, both orally and in writing.

Establish and maintain effective relationships with other officials, employees and the public.

Handle confidential information with professional demeanor and discretion.

Education and Experience
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Director of FinanceAdministrative Services

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A bachelor’s degree in Public or Business Administration or a related field from an accredited college or university is required and
A minimum of five years of increasingly responsible professional experience in public finance or administrative work experience in a city, county or special district.

Licenses and Certifications
Possession of, or ability to obtain, a valid California Motor Vehicle Operators License.

FLSA: Non-exempt
Est. 7/1971
Rev. 9/2014, 5/2026
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RESOLUTION NO. 26-________

A RESOLUTION OF THE CUPERTINO CITY COUNCIL
AMENDING THE UNREPRESENTED EMPLOYEES’ COMPENSATION

PROGRAM
WHEREAS the City Council desires to revise the classification plan and salary schedule in the Unrepresented Employees’ Compensation Program adopted by City Council Resolution No. 26-___.

NOW, THEREFORE, BE IT RESOLVED that

1. The City Council hereby approves amendments to the Unrepresented Employees’ Compensation Program to reflect the retitling of the Director of Administrative Services position to Director of Finance, as shown in Attachment A.

2. The City Council hereby approves the updated Director of Finance job description, as shown in Attachment B.

3. The City Manager is hereby authorized to make non-substantive administrative changes necessary to implement this Resolution PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino this 19th day of May 2026, by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

ABSTAIN:

SIGNED:
________
Kitty Moore, Mayor
City of Cupertino
________________________
Date
ATTEST:
________
Lauren Sapudar, City Clerk
________________________
Date
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Attachment A
City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 1

PROGRAM PURPOSE AND DEFINITIONS FOR ELIGIBILITY
It is City of Cupertino policy that those certain persons holding positions hereinafter defined and designated either as management or confidential positions shall be eligible for participation under the Unrepresented Employees Compensation Program as hereby adopted by action of the City Council and as same may be amended or as otherwise modified from time to time.

It is the stated purpose of this Compensation Program to give recognition to and to differentiate those eligible employees from represented employees who achieve economic gain and other conditions of employment through negotiation. It is the intent that through this policy and those which are adopted or as may be modified or rescinded from time to time such recognition may be given.

Eligibility for inclusion with this Compensation program is limited to persons holding positions as management or confidential employees as defined under section 2.52.290 of the Cupertino Municipal Code. These are as designated by the Appointing Authority and may be modified as circumstances warrant.

Although subject to change in accordance with provision of the Personnel Code, the positions in the following classifications have been designated as unrepresented.

MANAGEMENT AND CONFIDENTIAL CLASSIFICATIONS:

Classification Title
Accountant I
Accountant II
Accounting Technician
Administrative Assistant
Assistant City Attorney
Assistant Director of Community Development
Assistant Director of Public Works
Assistant Director of Parks and Recreation
Assistant to the City Manager
Budget Manager
Building Official
Business Systems Analyst/Program Manager
Capital Improvement Program Manager
Chief Technology Officer/Director of Information Services (Department Head) City Clerk
City Engineer
Code Enforcement Supervisor
Communications and Marketing Coordinator
Community Relations Coordinator
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Deputy Building Official
Deputy City Attorney
Deputy City Clerk
Deputy City Manager
Director of Finance (Department Head)
Director of Community Development (Department Head)
Director of Parks and Recreation (Department Head)
Director of Public Works (Department Head)
Economic Development Manager
Emergency Services Coordinator
Environmental Programs Manager
Executive Assistant to the City Attorney
Executive Assistan
t to the City Manager
Finance Manager
GIS Coordinator
GIS Program Manager
Human Resources AnalystI
Human Resources Analyst II
Human Resources Assistant
Human Resources Manager
Human Resources Technician
Information Technology Assistant
Innovation and Technology Manager– Applications
Innovation and Technology Manager ‐ Infrastructure
Legal Services Manager
Management Analyst
Network Specialist
Park Restoration and Improvement Manager
Permit Center Manager
Planning Manager
Public Information Officer
Public Affairs Manager
Public Works Projects Manager
Public Works Supervisor
Purchasing Manager
Recreation Manager
Recreation Supervisor
Senior Accountant
Senior Assistant City Attorney
Senior Business Systems Analyst
Senior Civil Engineer
Senior Management Analyst
Senior Public Works Project Manager
Service Center Superintendent
Special Project Executive
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Transportation Manager
Web Specialist
In the event of any inconsistency between the Compensation Program and any Employment Contracts, the provisions of the Employment Contract and any amendments thereto control.

Adopted by Action of the
City Council, April 1, 1974
Revised 10/74, 3/78, 6/81, 6/82, 7/85, 7/87, 1/89, 7/90, 4/91, 5/91, 7/92, 6/95, 6/96, 7/99, 6/02, 7/04, 6/05, 04/07, 7/10, 10/12, 12/12, 7/13,11/13,12/13,3/14, 7/14, 11/15, 6/16, 10/16, 11/16, 6/17, 10/17, 7/19, 6/22, 8/22, 3/23, 11/23, 6/25, 7/25, 9/25, 5/26 463
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 2

SALARY SCHEDULE

AND OTHER SALARY RATES
It is City of Cupertino policy that eligible persons under this Compensation Program shall be compensated for services rendered to and on behalf of the City on the basis of equity of pay for duties and responsibilities assigned, meritorious service and comparability with similar work in other public and private employment in the same labor market; all of which is contingent upon the City’s ability to pay consistent with its fiscal policies.
 Effective the first full pay period after July 1, 2025, 5.0% salary increase (Pay period which begins July 12, 2025)
 Effective the first full pay period after July 1, 2026, 3.0% salary increase  Effective the first full pay period after July 1, 2027, 3.0% salary increase The City will pay all eligible employees under this Compensation Program, employed with the City as of July 2, 2025, a one‐time, non‐pensionable lump sum of $1,000, which shall be subject to all applicable payroll tax and withholding. The parties agree that this one‐time payment shall not be PERSable (i.e. counted towards base salary or final compensation for CalPERS retirement calculation). Payment shall be made through payroll following the City Council’s approval of the Amended Unrepresented Employees’ Compensation Program. Employees must be an active employee at the time of the retroactive payout in order to receive said $1,000 lump‐sum payment.

See Attachment A for a list of paygrades.

Adopted by Action
of the City Council
April 1, 1974
Revised 8/78, 7/79, 6/80, 7/92, 6/95, 10/12, 7/13, 10/16, 7/19, 8/22, 11/23, 9/25 464
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 3

TRAINING AND CONFERENCES
I. POLICY
A. Management Personnel
It is City of Cupertino policy that eligible persons under this Compensation Program shall be reimbursed or receive advances in accordance with the schedules, terms and conditions as set forth herein for attendance at conferences, meetings and training sessions as defined below for each. It is the intent of this policy to encourage the continuing education and awareness of said persons in the technical improvements and innovations in their fields of endeavor as they apply to the City or to implement a City approved strategy for attracting and retaining businesses in the City. One means of implementing this encouragement is through a formal reimbursement and advance schedule for authorized attendance at such conferences, meetings and training sessions.

B. Non‐Management Personnel
When authorized by their supervisor, a non‐management person may attend a conference, meeting or training session subject to the stated terms and conditions included herein for each with payment toward or reimbursement of certain expenses incurred as defined below for each.

II DEFINITIONS
A. Conferences
A conference is an annual meeting of a work related organization the membership of which may be held in the name of the City or the individual.

B. Local Area
The local area is defined to be within Santa Clara and San Mateo Counties and within a 40‐ mile distance from Cupertino when traveling to Alameda County.

C. Meetings
A “meeting” shall mean a convention, conference, seminar, workshop, meal, or like assembly having to do with municipal government operations. An employee serving on a panel for interviews of job applicants shall not come under this definition.

D. Training Session
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A training session is any type of seminar or workshop the attendance at which is for the purpose of obtaining information of a work related nature to benefit the City’s operations or to enhance the attendee’s capabilities in the discharge of assigned duties and responsibilities.

III REIMBURSEMENT AND ADVANCE PAYMENT SCHEDULE
A. Intent
This schedule is written with the intent that the employee will make every effort to find the lowest possible cost to the City for traveling on City business. For example, if paying for parking at the airport is less expensive that paying for a taxi or airport shuttle, then the employee should drive their car and park at the airport; or if renting a car is lower than taking taxis at the out‐of‐town location, then a car should be rented; or air reservations should be booked in advance to obtain discounted fares. The following procedures apply whether the expense is being paid through a reimbursement or a direct advance.

B. Registration
Registration fees for authorized attendance at a meeting or training session will be paid by the City.

C. Transportation
The City will pay transportation costs on the basis of the lowest cost intent stated in paragraph A.

Eligible transportation costs include airfare (with coach fare being the maximum), van or taxi service to and from the attendee’s home and airport, destination or airport parking charges, taxi and shuttle services at the out‐of‐town location, trains, tolls, or rental cars. Use of a personal automobile for City business shall be reimbursed or advanced at the rate per mile in effect for such use, except in no case shall it exceed air coach fare if the vehicle is being used for getting to the destination. Government or group rates offered by a provider of transportation must be used when available.

Reimbursement or advances for use of a personal automobile on City business within a local area will not be made so as to supplement that already being paid to those persons receiving a monthly mileage allowance.

D. Lodging
Hotel or lodging expenses of the employee resulting from the authorized event or activity defined in this policy will be reimbursed or advanced if the lodging and event occurs outside of the local area.

Not covered will be lodging expenses related to person(s) who are accompanying the City member, but who themselves are not on City business. In this instance, for example, the difference between single and multiple occupancy rates for a room will not be reimbursed.

Where the lodging is in connection with a conference or other organized educational activity, City‐ paid lodging costs shall not exceed the maximum group rate published by the conference or activity sponsor, providing that lodging at the group rate is available at the time of booking. If the group rate 466
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at the conference hotel is not available, then the non‐conference lodging policy described in the next paragraph should be followed to find another comparable hotel.

Where lodging is necessary for an activity that is not related to a conference or other organized educational activity, reimbursement or advances shall be limited to the actual cost of the room at a group or government rate. In the event that a group or government rate is not available, lodging rates that do not exceed the median price for lodging for that area and time period listed on travel websites like www.hotels.com, www.expedia.com or an equivalent service shall be eligible for reimbursement or advancement.

E. Meals

1. With No Conference
Payments toward or reimbursement of meals related to authorized activities or events shall be at the Internal Revenue Service per diem rate for meals and incidental expenses for a given location, as stated by IRS publications 463 and 1542 and by the U.S. General Services Administration. The per diem shall be split among meals as reasonably desired and reduced accordingly for less than full travel days. If per diem is claimed, no receipts are necessary. Alternatively, the actual cost of a meal can be claimed, within a standard of reasonableness, but receipts must be kept and submitted for the expense incurred.

2. As Part of a Conference
When City personnel are attending a conference or other organized educational activity, they shall be reimbursed or advanced for meals not provided by the activity, on a per diem or actual cost basis. The per diem and actual cost rate shall follow the rules described in the meals with no conference paragraph.

F. Other Expenses
Payments toward or reimbursement of expenses at such functions shall be limited to the actual costs consistent with the application of reasonable standards.

Other reasonable expenses related to business purposes shall be paid consistent with this policy.

No payments shall be made unless, where available, receipts are kept and submitted for all expenses incurred. When receipts are not available, qualifying expenditures shall be reimbursed upon signing of an affidavit of expenditure.

No payment shall be made for any expenses incurred which are of a personal nature or not within a standard of reasonableness for the situation as may be defined by the Finance Department.

G. Non‐Reimbursable Expenses
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The City will not reimburse or advance payment toward expenses including, but not limited to:

1. The personal portion of any trip;

2. Political or charitable contributions or events;

3. Family expenses, including those of a partner when accompanying the employee on City‐related business, as well as child or pet‐related expenses;

4. Entertainment expenses, including theatre, shows, movies, sporting events, golf, spa treatments, etc.

5. Gifts of any kind for any purpose;

6. Service club meals; of those besides economic development staff;

7. Alcoholic beverages;

8. Non‐mileage personal automobile expenses including repairs, insurance, gasoline, traffic citations; and

9. Personal losses incurred while on City business.

IV ATTENDANCE AUTHORIZATION
A. Budgetary Limitations
Notwithstanding any attendance authorization contained herein, reimbursement or advances for expenses relative to conferences, meeting or training sessions shall not exceed the budgetary limitations.

B. Conference Attendance
Attendance at conferences or seminars by employees must be approved by their supervisor.

C. Meetings
Any employee, management or non‐management, may attend a meeting when authorized by their supervisor.

D. Training Sessions
Any employee, management or non‐management, may attend a training session when authorized by their supervisor.

V. FUNDING
A. Appropriation Policy
It shall be the policy of the City to appropriate funds subject to availability of resources. 468
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B. Training Sessions
Payments toward or reimbursement of expenses incurred in attendance at training sessions, will be appropriated annually through the budget process.

VI. DIRECT CASH ADVANCE POLICY
From time to time, it may be necessary for a City employee to request a direct cash advance to cover anticipated expenses while traveling or doing business on the City’s behalf. Such request for an advance should be submitted to their supervisor no less than seven days prior to the need for the advance with the following information: 1) Purpose of the expenditure; 2) The anticipated amount of the expenditure (for example, hotel rates, meal costs, and transportation expenses); and 3) The dates of the expenditure. An accounting of expenses and return of any unused advance must be reported to the City within 30 calendar days of the employee’s return on the expense report described in Section VII.

VII. EXPENSE REPORT REQUIREMENTS
All expense reimbursement requests or final accounting of advances received must be approved by their supervisor, on forms determined by the Finance Department, within 30 calendar days of an expense incurred, and accompanied by a business purpose for all expenditures and a receipt for each non‐ per diem item.

Revised 7/83, 7/85, 7/87, 7/88, 7/91, 7/92, 12/07, 7/10 469
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 4

AUTOMOBILE ALLOWANCES AND

MILEAGE REIMBURSEMENTS
It is City of Cupertino policy that eligible persons under this Compensation Program shall be compensated fairly for the use of personal automotive vehicles on City business. In many instances the use of personal vehicles is a condition of employment due to the absence of sufficient City owned vehicles for general transportation purposes. It is not intended, however, that such a condition of employment should work an undue hardship. For this reason, the following policies shall apply for mileage reimbursements.

Those persons who occasionally are required to use their personal automobiles for City business shall be reimbursed for such use at an appropriate rate established by the City Council. Submission of reimbursement requests must be approved by the Department Head.

Employees in the following classifications shall be paid on a monthly basis the following automobile allowance:

Classification Allowance
Director of Finance 300.00
Director of Community Development 300.00
Director of Parks and Recreation 300.00
Director of Public Works 300.00
Chief Technology Officer/ 300.00
Director of Information Services
Special Project Executive 300.00
Deputy City Manager 300.00
City Clerk 250.00
Senior Civil Engineer 250.00
Assistant Director of Public Works 250.00
City Engineer 250.00
Transportation Manager 250.00
Assistant Director of Community Development 200.00
Assistant Director of Parks and Recreation 200.00
Public Affairs Manager 200.00
Recreation Supervisor 200.00
Recreation Manager 200.00
Employees receiving automobile allowance shall be eligible for reimbursement for travel that exceeds two hundred miles round trip.
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Adopted by Action of the City Council
April 1, 1974
Revised 7/74, 5/79, 6/80, 7/81, 8/84, 7/87, 1/89, 7/90,7/92, 6/96, 8/99, 6/00, 9/01, 1/02, 6/02, 10/07, 7/10, 7/11, 10/12, 12/12, 7/13, 11/15, 10/16, 11/16, 6/17, 7/19, 8/22, 3/23, 6/25, 9/25, 1/26, 5/26 471
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 5

ASSOCIATION MEMBERSHIPS AND

PROFESSIONAL PUBLICATIONS
It is City of Cupertino policy that eligible persons under this Compensation Program shall be entitled to City sponsored association memberships as well as receiving subscriptions to professional and technical publications. Such sponsorship, however, shall be conditioned upon the several factors as set forth below.

Each association for which membership is claimed must be directly related to the field of endeavor of the person to be benefited. Each claim for City sponsored membership shall be submitted by or through the Department Head with their concurrence to the City Manager for approval.

Subscriptions to or purchase of professional and technical publications may be provided at City expense when such have been authorized by the Department Head providing the subject matter and material generally contained therein are related to municipal governmental operations.

Adopted by Action of
the City Council
April 1, 1974
Revised
7/92
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 6

OVERTIME WORKED
EXEMPT POSITIONS:

Management and non‐represented professional employees are ineligible for overtime payments for time worked in excess of what otherwise would be considered as a normal work day or work week for other employees. However, no deduction from leave balances are made when such an employee is absent for less than a regular work day as long as the employee has his/her supervisor’s approval.

Nothing in this policy precludes the alternative work schedule, which may include an absence of a full eight hour day, when forty hours have been worked in the same seven day work period.

NON‐EXEMPT POSITIONS:

Confidential employees are eligible for overtime or compensation time, at their discretion, for the time worked in excess of 40 hours per week. Nothing in this policy precludes the alternative work schedule, which may include an absence of a full eight hour day, where forty hours have been worked in the same seven day period.

COMPENSATORY TIME OFF
At the employee’s discretion, compensatory time (CTO) may be granted for overtime worked at the rate of time and one‐half for each hour worked in lieu of compensation in cash. Employees, who have previously earned CTO, shall be allowed to schedule CTO at the employee’s discretion provided (1) that prior supervisory approval has been obtained and (2) the request is made in writing.

CTO may be accrued for up to 80 hours per calendar year. Any CTO earned exceeding 80 hours will be paid at the rate of time and one‐half. An employee may carry over the unused balance into the next calendar year. Any unused carryover balance will be automatically paid out at the end of the calendar year.

An employee may exercise his/her option twice each calendar year to convert any/or all accumulated compensatory time to cash.

STANDBY COMPENSATION
Employees in the classification of Network Specialist who are required to be available during their off‐ shift hours for possible recall for emergency service shall be compensated $300.00 per 128 hours.

Minimum staffing and skill qualifications for standby assignment shall be determined by the City. 473
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Adopted by Action of
the City Council
April 1, 1974
Revised
6/80, 7/91, 7/92, 6/96, 7/97, 4/07, 7/13, 10/16, 8/22, 3/23

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City of Cupertino
UNREPRESENTED EMPLOYEES’COMPENSATION PROGRAM
Policy No. 7
HEALTH BENEFITS PLAN ‐ EMPLOYER CONTRIBUTION
It is the policy of the City of Cupertino to provide group hospital and medical insurance under which employees in Management and Confidential positions and their dependents may be covered. The purpose of this program is to promote and preserve the health of employees and their families through comprehensive health plans available only through employer sponsorship.

Although the premium cost for the insurance provided remains the ultimate responsibility of the employee in these positions, the City shall contribute the amounts listed below towards the premium or pay the full cost of the premium if less than the stated amounts. If the premium amounts for any employee covered by this policy are less than the amounts listed below per month, the difference between the premium amount and the stated amounts will be included in the employee’s gross pay.

The City agrees to make available a plan of comprehensive health and welfare benefits for eligible employees. Any such benefits program must have the continued approval of the Board of Administration, Public Employees Retirement System. For each participating employee, the City shall contribute toward premium cost of the following amount per month during the term of this agreement.

Effective July 1, 2025, for each participating employee, the City shall contribute toward premium cost the following amount per month during the term of this agreement.

January 1, 2025 City Max Health
Contribution
City Max Dental
Contribution
City Total Max
Contribution
Employee $1,112.90 $114.30 $1,227.20
Employee + 1 $2,225.80 $114.30 $2,340.10
Employee + 2 $2,893.54 $114.30 $3,007.84
With regards to any change in the monthly medical plan premium charged by CalPERS in the plan years subsequent to 2025 (specifically, the CalPERS healthcare rate increases effective January 1, 2026, January 1, 2027 and January 1, 2028), the City’s maximum contributions shall be tied to the CalPERS Kaiser Permanente plan increases and shall be capped at no more than 20% of any such total increase in aggregate between 2025 – 2028. Any required contribution amounts exceeding the premium contribution of the City are the responsibility of the employee.

Health In‐Lieu Payments
City agrees to pay a monthly amount of three hundred seventy‐five ($375.00) per month to the employee who can demonstrate that they have equivalent health coverage through their spouse, parent, or other group coverage and who request this cash payment in lieu of health insurance coverage.
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*Dental Coverage: Effective the first month after Council adoption of MOU, dental coverage is capped at $2,500.00 per dependent per annual plan year for the term of this contract.

Adopted by Action of the City Council
September 16, 1974
Revised
7/75, 7/76, 7/77, 8/78, 7/79, 6/80, 6/81, 7/81, 6/82, 7/83, 7/84, 7/88, 7/89, 7/90, 7/91, 7/92, 6/95, 7/97, 7/99, 6/00, 6/02, 7/04, 6/05, 4/07,12/12, 7/13, 10/16, 7/19, 12/19, 8/22, 9/25 476
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 8

FIXED HOLIDAYS
It is the policy of the City of Cupertino to recognize days of historical and national significance as holidays of the City without loss of pay or benefits. Recognizing the desirable times throughout the year, it is the policy of the City of Cupertino to provide days off in lieu of holidays for management and confidential employees at such times as are convenient for each employee and supervisor, when such policy is compatible with the workload and schedule of the City.

The City provides the following fixed paid holidays for eligible employees covered by this agreement:

1. New Year’s Day

2. Martin Luther King Day

3. Lunar New Year

4. Presidents’ Day

5. Cesar Chavez Day

6. Memorial Day

7. Juneteenth

8. Independence Day

9. Labor Day

10. Veteran’s Day

11. Thanksgiving Day

12. Day Following Thanksgiving

13. Christmas Eve

14. Christmas Day

15. New Year’s Eve
When a holiday falls on a Sunday, the following Monday shall be observed as the non‐work day. When a holiday falls on a Saturday, the previous Friday shall be observed as the non‐work day.

FLOATING HOLIDAY
In addition to the paid holidays, employees occupying these positions shall be provided 20 floating hours per calendar year as non‐work time with full pay and benefits. Employees may accumulate floating holiday hours up to two times their annual accrual.

Adopted by Action of
the City Council
July 7, 1975
Revised 6/80, 6/89, 7/92, 7/99, 7/13, 8/22, 11/23, 9/25 477
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 9

LIFE, LONG TERM DISABILITY INSURANCE, AND SHORT TERM DISABILITY INSURANCE It is the policy of the City of Cupertino to make available group insurance for Management and Confidential employees that will mitigate the personal and family financial hardships resulting from continuing disability that prevents an employee from performing gainfully in his or her occupation. It is further the policy of the City of Cupertino to provide life insurance benefits in an amount of two and one half times the employee’s annual salary to a maximum of $250,000.00.

Employees occupying unrepresented positions may enroll in the disability income program and the life insurance program offered if eligible underthe contract provisions of the policy and the personnel rules of the City. The full cost of premiums for these programs shall be paid by the City for such employees.

Adopted by Action of
the City Council
September 16, 1976
Revised 7/76, 6/80, 6/81, 6/82, 6/92, 10/16
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 10

DEFERRED COMPENSATION
It is the policy of the City of Cupertino to provide equitable current compensation and reasonable retirement security for management and confidential employees for services performed for the City. The City participates in the California Public Employees’ Retirement System (PERS) and deferred compensation plans have been established. Both the employee and employer may make contributions from current earnings to these plans. The purpose of this policy is to promote means by which compensation may be provided in such manner and form to best meet the requirements of the City and the needs of individual employees, thereby increasing the ability, to attract and retain competent management and confidential employees.

The City shall maintain and administer means by which employees in these positions may defer portions of their current earnings for future utilization. Usage of such plans shall be subject to such agreements, rules and procedures as are necessary to properly administer each plan. Employee contributions to such plans may be made in such amounts as felt proper and necessary to the employee.

Employer contributions shall be as determined by the City Council.

Adopted by Action of
the City Council
July 7, 1975
Revised 6/80, 7/87, 7/92, 7/99
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 11
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM CONTRIBUTION
A. Employees hired on or before December 29, 2012 Only:

For employees hired on or before December 29, 2012, the City has contracted with CalPERS for a 2.7% @55 formula.

Effective in the first full pay period in July 2017, each employee shall pay the full 8.0% of applicable salary of the employee’s contribution towards CalPERS.

B. For Employees hired by the City of Cupertino on December 30, 2012 or December 31, 2012 or a current CalPERS employee who qualifies as a classic member under CalPERS Regulations Only:

For Employees hired by the City of Cupertino on December 30, 2012 or December 31, 2012 or a current CalPERS employee who qualifies as a classic member under CalPERS Regulations only the City has contracted with CalPERS for a 2.0% @ 60 retirement formula, three year average compensation.

Effective October 1, 2016, the City shall not pay the employee’s contribution rate to the California Public Employees Retirement System (CalPERS) and each employee shall pay the full 7% of applicable salary of the employee’s contribution towards CalPERS.

C. For new employees hired by the City of Cupertino on or after January 1, 2013 and do not qualify as Classic members Only:

For new employees hired by the City of Cupertino on or after January 1, 2013 and do not qualify as classic members as defined by CalPERS, CalPERS has by statute implemented a 2% @ 62 formula, three year average and employees in this category shall pay 50% of the normal cost rate as determined by CalPERS.

Adopted by Action of
the City Council
June, 1981
Revised 6/87, 6/89, 7/90, 7/91, 7/92, 6/03, 7/04, 4/07, 7/10, 10/12, 12/12, 7/13, 10/16, 7/19 480
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 12
DENTAL INSURANCE ‐ EMPLOYER CONTRIBUTION
It is the policy of the City of Cupertino to provide dental insurance under which employees in Management and Confidential positions and their dependents may be covered. The purpose of this program is to promote and preserve the health of employees.

The premium cost for the insurance provided by the City shall not exceed $114.30 per month per employee. Enrollment in the plan or plans made available pursuant to this policy shall be in accordance with Personnel Rules of the City and the provisions of the contract for such insurance between the City and carrier or carriers.
*Dental Coverage: Effective the first month after Council adoption of agreement, dental coverage is capped at $2,500.00 per dependent per annual plan year for the term of this contract.

Adopted by Action of
City Council
July 1, 1983
Revised 7/87, 7/88, 7/89, 7/90, 7/91, 7/92, 6/95, 7/99, 4/07, 10/12, 10/16, 7/19, 9/25 481
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City of Cupertino
UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 13

ADMINISTRATIVE LEAVE
The department heads and executive level staff shall receive eighty (80) hours of administrative leave with pay per year. Unrepresented employees exempt from the provisions of the Fair Labor Standards Act shall receive forty (40) hours of administrative leave with pay per year.

Employees may accumulate administrative leave hours up to two times their annual accrual.

Employees shall be eligible to convert up to 80 hours of administrative leave to pay one time each calendar year.

Adopted by Action of
the City Council
July, 1988
Revised
7/92, 7/97, 7/99, 7/10, 12/12, 10/16, 8/22, 3/23
City of Cupertino
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 14

EMPLOYEE ASSISTANCE PROGRAM
It is the policy of the City of Cupertino to provide an Employee Assistance Program for the benefit of Management and Confidential employees and their eligible dependents. The purpose of this program is to provide professional assistance and counseling concerning financial, legal, pre‐retirement, and other matters of a personal nature.

Adopted by Action of the City Council
June 17, 1996
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 15

VACATION ACCUMULATION
The department heads and executive level staff shall earn vacation hours under the same vacation accumulation schedule as all other employees. Credit shall be provided for previous public sector service time on a year‐for‐year basis as to annual vacation accumulation. Credit shall only be given for completed years of service. Public service credit shall not apply to any other supplemental benefit.

Employee(s) affected by this policy will have the responsibility of providing certification as to previous public sector service.

Benefited full‐time employees accrue vacation in accordance with the following schedule.

Benefited employees who work less than a full‐time work schedule accrue vacation in accordance with the following schedule on a pro‐rated basis.

Service Time Annual Accruals Maximum Accrual
0 ‐ 3 Years 80 Hours 160 Hours
4 ‐ 9 Years 120 Hours 240 Hours
10 – 14 Years 160 Hours 272 Hours
15 – 19 Years 176 Hours 320 Hours
20 + Years 192 Hours 352 Hours
An employee may accrue no more vacation credit than what is listed above.

VACATION CREDITS
The hiring manager, with the approval of the department head and the City Manager, may offer a vacation bank of up to 120 hours of vacation to a prospective candidate in the Unrepresented group.

These hours do not vest for payoff purposes if the employee leaves service.

Adopted by Action of the City Council
July 7, 1997
Revised 6/99, 7/10, 12/12, 7/13, 10/16, 3/23
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 16

HOUSING ASSISTANCE PROGRAM
Housing assistance may be offered to the department heads pursuant to Resolution No. 15‐092.

Adopted by Action of the City Council
July 7, 1997
Revised 7/99, 7/10, 8/12, 10/15
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 17
VISION INSURANCE – EMPLOYER CONTRIBUTION
It is the policy of the City of Cupertino to provide vision insurance under which employees and their dependents may be covered. The purpose of this program is to promote and preserve the health of employees.

The premium cost for the insurance provided by the City shall not exceed $14.94 per month per employee. Enrollment in the plan or plans made available pursuant to this policy shall be in accordance with the provisions of the contract between the City and carrier or carriers providing vision insurance coverage,
Adopted by Action of the City Council
July 1997
Revised 7/99, 6/02, 6/03, 7/10, 10/12
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 18

WORK OUT OF CLASSIFICATION/WORK IN DUAL CLASSIFICATION
Work Out of Classification – Temporary assignment, approved in advance by the department head, to a classification in a higher pay grade shall be compensated at the Step 1 rate of the higher classification or at a rate five (5) percent greater than that of the regular position, whichever is greater, for the number of hours assigned. In order to qualify for out‐of‐classification pay, an employee shall work a minimum of four (4) hours per day in the temporary assignment.

An employee may be assigned to work out of class in a higher classification when there is a vacant position for which a recruitment is being, or will be, conducted. Out of class assignments may not exceed 960 hours in a fiscal year. Compensation for work performed in an out‐of‐class capacity is included for purposes of calculating CalPERS compensation, however, this is at the discretion of CalPERS and future changes to CalPERS regulations would supersede the language of this section.

An employee may receive acting pay for working in a higher classification where a vacancy does not exist, in the case of an incumbent being on vacation or leave of absence, or due to the employee being asked to perform higher level work on any other temporary basis. Acting pay is not included for purposes of calculating CalPERS compensation.

The higher rate of pay shall be used in computing overtime when authorized overtime is worked in a non‐exempt, out of class or acting work assignment. When a non‐exempt employee is working out of class or acting in an exempt position for 20 hours or more in a work week, the employee will be ineligible to receive overtime pay for any and all hours worked in the exempt classification during that work week.

All requests for out of class pay or acting pay must be approved by the Director of Administrative Services or his/her designee.

Adopted by Action of the City Council
October 2016
Revised 7/19
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Policy No. 19

EDUCATION REIMBURSEMENT PROGRAM
It is the intent of the City to recognize the value of continuing education and professional development of its employees; and to adopt an Education Reimbursement Program which will encourage employees to avail themselves of City job related educational opportunities that will advance their knowledge and interests in the direction of their career path. Courses should either: a) maintain or improve job skills in the employee’s current position; b) be expressly required by the City or by law; or c) prepare the employee to become a competitive applicant for a different position with the City.

The Education Reimbursement Program is a benefit to all full time benefited employees who have completed the required probationary period and provides education reimbursement of up to two thousand dollars($2,000) per calendar year for the cost of registration, required textbooks and/or materials and parking. Employees who wish to seek reimbursement from the City for educational program costs shall provide a written request for reimbursement in advance of enrollment to the Human Resources Division. The form provided shall include the type of training, sponsoring organization or institution, meeting times and costs. Human Resources and the employee’s department head will make the determination if the chosen education program is eligible for reimbursement.

No employee shall receive any reimbursement until they have provided satisfactory proof of successful completion of the coursework with a grade of “C” or above, or “Pass” in the case of a Pass/Fail course.

Such proof of completion shall be provided within 30 days of the conclusion of the course.

Education reimbursement is a taxable benefit under IRS Code. Education reimbursement will be applied to the calendar year in which the course is passed and satisfactory proof of completion is submitted.

Mandatory or annual coursework, attendance at conferences and training required to maintain job specific certifications or proficiencies are not included in the Education Reimbursement Program.

Adopted by Action of the City Council
July 2019
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UNREPRESENTED EMPLOYEES’ COMPENSATION PROGRAM
Policy No. 20

CITY SPONSORED RECREATION AND WELLNESS PROGRAMS
Unrepresented employees shall have the privilege of enrollment in City sponsored recreation programs at the City residents’ fee structure and in preference to non‐residents wishing to enroll. Each calendar year, employees and family members on the employee’s dental plan are eligible to be reimbursed up to $500 per employee in Rec Bucks. Employees shall be reimbursed for approved recreation services in accordance with the City’s Recreation Buck Policies. Programs allowing for preregistration will be reimbursed after completion of the program, including those allowing for or requiring preregistration in the calendar year prior to reimbursement. Reimbursements shall be applied to the year in which they are received. Benefited employees will also receive a free employee‐only annual Cupertino Sports Center membership. Part‐time benefited employees will have the annual amount of Recreation Bucks prorated based on number of hours worked. Recreation Bucks are a taxable benefit under IRS Code, and must be used by the employee within the calendar year and are non‐transferrable.

City employees are eligible to participate in the City’s wellness program as provided for in the City’s Administrative Rules and Regulations.

Adopted by Action of the City Council
July 2019
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Listing of Unrepresented Classifications by
Salary Rate or Pay Grades
Effective July 1, 2013 (Res. No. 13‐061)
Amended 11/19/ 13 (Res. No. 13‐099)
Amended 12/17/13 (Res. No. 13‐108)
Amended 3/18/14 (Res. No. 14‐130)
Amended 11/3/14 (Res. No. 14‐209)
Amended 11/3/2015 (Res. No. 15‐099)
Amended 6/21/16 (Res. No. 16‐064)
Amended 10/4/16 (Res. No. 16‐104 – Not adopted)
Amended 10/18/16 (Res. No. 16‐108)
Amended 11/15/16 (Res. No. 16‐128)
Amended 6/20/17 (Res. No. 17‐056)
Amended 10/17/17 (Res. No. 17‐101)
Amended 7/16/19 (Res. No. 19‐086)
Amended 11/19/19 (Res. No. 19‐140)
Amended 6/7/22 (Res. No. 22‐067 on 6/9/22)
Amended 8/16/22 (Res. No. 22‐103)
Amended 3/7/23 (Res. No.23‐028 )
Amended 6/3/25 ( Res. No. )
Amended 7/15/25 ( Res. No.)
Amended 9/3/25 (Res. No.)
Amended 1/21/26 (Res. No.)
Amended 5/19/26
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ATTACHMENT A

SALARY SCHEDULE
Salary Effective July 15, 2025
Year 1 - Salary Effective First Full Pay Period in July 2025 Classification Step1 Step2 Step3 Step4 Step5
ACCOUNTANT I $48.93 $51.38 $53.95 $56.65 $59.48
ACCOUNTANT II $53.94 $56.64 $59.47 $62.45 $65.57
ACCOUNTING TECHNICIAN $48.54 $50.96 $53.51 $56.19 $58.99 ADMINISTRATIVE ASSISTANT $42.68 $44.82 $47.06 $49.41 $51.88 ASSISTANT CITY ATTORNEY $97.48 $102.35 $107.47 $112.84 $118.48 ASSISTANT DIRECTOR COMM DEV $95.34 $100.11 $105.12 $110.37 $115.89 ASSISTANT TO THE CITY MANAGER $78.41 $82.33 $86.45 $90.77 $95.31 ASST DIR PUBLIC WORKS ENG $99.19 $104.15 $109.36 $114.82 $120.56 ASST DIR RECREATION COMM SVCS $95.34 $100.11 $105.12 $110.37 $115.89 BUDGET MANAGER $89.15 $93.61 $98.29 $103.20 $108.36
BUILDING OFFICIAL $89.60 $94.08 $98.79 $103.73 $108.91
BUSINESS SYSTEMS ANALYST $69.18 $72.64 $76.27 $80.09 $84.09 CAPITAL IMPV PROGRAM MGR $89.05 $93.51 $98.18 $103.09 $108.24 CHIEF TECHNOLOGY OFFICER $117.71 $123.59 $129.78 $136.27 $143.07 CITY CLERK $79.51 $83.49 $87.66 $92.05 $96.65
CITY ENGINEER $99.19 $104.15 $109.36 $114.82 $120.56
CODE ENFORCEMENT SUPERVISOR $77.51 $81.39 $85.46 $89.73 $94.22 COMMS AND MARKETING COORDINATOR $64.90 $68.14 $71.55 $75.13 $78.88 COMMUNITY RELATIONS COORDINATOR $49.21 $51.67 $54.25 $56.96 $59.81 DEPARTMENT HEAD $117.71 $123.59 $129.78 $136.27 $143.07 DEPUTY BUILDING OFFICIAL $77.51 $81.39 $85.46 $89.73 $94.22 DEPUTY CITY ATTORNEY $70.14 $73.64 $77.33 $81.19 $85.25 DEPUTY CITY CLERK $56.74 $59.58 $62.55 $65.68 $68.97
DEPUTY CITY MANAGER $117.71 $123.59 $129.78 $136.27 $143.07 DIRECTOR OF FINANCE $117.71 $123.59 $129.78 $136.27 $143.07 DIRECTOR OF COMM DEVELOPMENT $117.71 $123.59 $129.78 $136.27 $143.07 DIRECTOR OF PARKS AND RECREATION $117.71 $123.59 $129.78 $136.27 $143.07 DIRECTOR OF PUBLIC WORKS $121.15 $127.21 $133.57 $140.25 $147.26 ECONOMIC DEVELOPMENT MANAGER $85.59 $89.87 $94.37 $99.08 $104.04 EMERGENCY SERVICES COORDINATOR $69.57 $73.05 $76.71 $80.54 $84.57 ENVIRONMENTAL PROGRAMS MANAGER $89.05 $93.51 $98.18 $103.09 $108.24 EXEC ASST TO CITY MANAGER $50.15 $52.66 $55.30 $58.06 $60.96 491
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EXEC ASST TO THE CITY ATTNY $48.92 $51.38 $53.95 $56.63 $59.48 FINANCE MANAGER $89.15 $93.61 $98.29 $103.20 $108.36
GIS COORDINATOR $51.15 $53.71 $56.39 $59.21 $62.17
GIS PROGRAM MANAGER $88.11 $92.52 $97.14 $102.00 $107.10 HUMAN RESOURCE ANALYST I $58.86 $61.81 $64.90 $68.14 $71.55 HUMAN RESOURCES ANALYST II $64.90 $68.14 $71.55 $75.12 $78.88 HUMAN RESOURCES ASSISTANT $35.45 $37.22 $39.08 $41.03 $43.08 HUMAN RESOURCES MANAGER $89.15 $93.61 $98.29 $103.20 $108.36 HUMAN RESOURCES TECHNICIAN $48.54 $50.96 $53.51 $56.19 $58.99 I.T. ASSISTANT $47.73 $50.12 $52.62 $55.25 $58.02
INNOVATION AND TECHNOLOGY MGR $88.11 $92.52 $97.14 $102.00 $107.10 LEGAL SERVICES MANAGER $50.53 $53.05 $55.71 $58.49 $61.42 MANAGEMENT ANALYST $59.37 $62.33 $65.45 $68.72 $72.16
NETWORK SPECIALIST $61.06 $64.12 $67.32 $70.69 $74.22
PARK RESTORATION IMPV MGR $83.29 $87.46 $91.83 $96.42 $101.24 PERMIT CENTER MANAGER $77.51 $81.39 $85.46 $89.73 $94.22 PLANNING MANAGER $89.60 $94.08 $98.79 $103.73 $108.91
PUBLIC AFFAIRS MANAGER $76.58 $80.41 $84.43 $88.66 $93.09 PUBLIC INFORMATION OFFICER $76.50 $80.33 $84.34 $88.56 $92.99 PUBLIC WORKS PROJECT MANAGER $73.21 $76.88 $80.72 $84.76 $88.99 PUBLIC WORKS SUPERVISOR $61.71 $64.80 $68.04 $71.44 $75.01 PURCHASING MANAGER $89.15 $93.61 $98.29 $103.20 $108.36 RECREATION MANAGER $63.01 $66.16 $69.46 $72.94 $76.58
RECREATION SUPERVISOR $57.15 $60.01 $63.01 $66.16 $69.46 SENIOR ACCOUNTANT $62.45 $65.57 $68.85 $72.30 $75.91
SENIOR ASSISTANT CITY ATTORNEY $107.24 $112.60 $118.23 $124.14 $130.35 SENIOR BUSINESS SYSTEMS ANALYST $74.03 $77.73 $81.61 $85.70 $89.98 SENIOR CIVIL ENGINEER $83.64 $87.82 $92.22 $96.83 $101.67 SENIOR MANAGEMENT ANALYST $64.90 $68.14 $71.55 $75.13 $78.88 SENIOR PUBLIC WORKS PROJECT MGR $76.88 $80.72 $84.76 $88.99 $93.44 SERVICE CENTER SUPERINTENDENT $78.91 $82.86 $87.00 $91.35 $95.92 SPECIAL PROJECT EXECUTIVE $117.71 $123.59 $129.78 $136.27 $143.07 TRANSPORTATION MANAGER $89.05 $93.51 $98.18 $103.09 $108.24 WEB SPECIALIST $53.99 $56.69 $59.53 $62.50 $65.63
Year 2 - Salary Effective First Full Pay Period in July 2026 Classification Step1 Step2 Step3 Step4 Step5
ACCOUNTANT I $50.40 $52.92 $55.57 $58.34 $61.26
ACCOUNTANT II $55.56 $58.34 $61.25 $64.32 $67.53
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ACCOUNTING TECHNICIAN $49.99 $52.49 $55.11 $57.87 $60.76 ADMINISTRATIVE ASSISTANT $43.96 $46.16 $48.47 $50.89 $53.44 ASSISTANT CITY ATTORNEY $100.40 $105.42 $110.69 $116.23 $122.04 ASSISTANT DIRECTOR COMM DEV $98.20 $103.11 $108.27 $113.68 $119.37 ASSISTANT TO THE CITY MANAGER $80.77 $84.80 $89.04 $93.50 $98.17 ASST DIR PUBLIC WORKS ENG $102.16 $107.27 $112.64 $118.27 $124.18 ASST DIR RECREATION COMM SVCS $98.20 $103.11 $108.27 $113.68 $119.37 BUDGET MANAGER $91.83 $96.42 $101.24 $106.30 $111.61
BUILDING OFFICIAL $92.29 $96.90 $101.75 $106.84 $112.18 BUSINESS SYSTEMS ANALYST $71.26 $74.82 $78.56 $82.49 $86.62 CAPITAL IMPV PROGRAM MGR $91.72 $96.31 $101.13 $106.18 $111.49 CHIEF TECHNOLOGY OFFICER $121.24 $127.30 $133.67 $140.36 $147.37 CITY CLERK $81.90 $85.99 $90.29 $94.81 $99.55
CITY ENGINEER $102.16 $107.27 $112.64 $118.27 $124.18
CODE ENFORCEMENT SUPERVISOR $79.84 $83.83 $88.02 $92.42 $97.05 COMMS AND MARKETING COORDINATOR $66.84 $70.18 $73.69 $77.38 $81.25 COMMUNITY RELATIONS COORDINATOR $50.68 $53.22 $55.88 $58.67 $61.61 DEPARTMENT HEAD $121.24 $127.30 $133.67 $140.36 $147.37 DEPUTY BUILDING OFFICIAL $79.84 $83.83 $88.02 $92.42 $97.05 DEPUTY CITY ATTORNEY $72.24 $75.85 $79.65 $83.63 $87.81 DEPUTY CITY CLERK $58.44 $61.36 $64.43 $67.65 $71.04
DEPUTY CITY MANAGER $121.24 $127.30 $133.67 $140.36 $147.37 DIRECTOR OF FINANCE $121.24 $127.30 $133.67 $140.36 $147.37 DIRECTOR OF COMM DEVELOPMENT $121.24 $127.30 $133.67 $140.36 $147.37 DIRECTOR OF PARKS AND RECREATION $121.24 $127.30 $133.67 $140.36 $147.37 DIRECTOR OF PUBLIC WORKS $124.79 $131.03 $137.58 $144.46 $151.68 ECONOMIC DEVELOPMENT MANAGER $88.16 $92.57 $97.20 $102.06 $107.16 EMERGENCY SERVICES COORDINATOR $71.66 $75.25 $79.01 $82.96 $87.11 ENVIRONMENTAL PROGRAMS MANAGER $91.72 $96.31 $101.13 $106.18 $111.49 EXEC ASST TO CITY MANAGER $51.66 $54.24 $56.95 $59.80 $62.79 EXEC ASST TO THE CITY ATTNY $50.39 $52.92 $55.57 $58.33 $61.26 FINANCE MANAGER $91.83 $96.42 $101.24 $106.30 $111.61
GIS COORDINATOR $52.68 $55.32 $58.08 $60.99 $64.04
GIS PROGRAM MANAGER $90.75 $95.29 $100.06 $105.06 $110.31 HUMAN RESOURCE ANALYST I $60.63 $63.66 $66.84 $70.18 $73.69 HUMAN RESOURCES ANALYST II $66.84 $70.18 $73.69 $77.38 $81.25 HUMAN RESOURCES ASSISTANT $36.51 $38.33 $40.25 $42.26 $44.38 HUMAN RESOURCES MANAGER $91.83 $96.42 $101.24 $106.30 $111.61 HUMAN RESOURCES TECHNICIAN $49.99 $52.49 $55.11 $57.87 $60.76 493
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I.T. ASSISTANT $49.16 $51.62 $54.20 $56.91 $59.76
INNOVATION AND TECHNOLOGY MGR $90.75 $95.29 $100.06 $105.06 $110.31 LEGAL SERVICES MANAGER $52.04 $54.65 $57.38 $60.25 $63.26 MANAGEMENT ANALYST $61.15 $64.21 $67.42 $70.79 $74.33
NETWORK SPECIALIST $62.90 $66.04 $69.34 $72.81 $76.45
PARK RESTORATION IMPV MGR $85.79 $90.08 $94.59 $99.31 $104.28 PERMIT CENTER MANAGER $79.84 $83.83 $88.02 $92.42 $97.05 PLANNING MANAGER $92.29 $96.90 $101.75 $106.84 $112.18
PUBLIC AFFAIRS MANAGER $78.88 $82.83 $86.97 $91.32 $95.88 PUBLIC INFORMATION OFFICER $78.80 $82.74 $86.87 $91.22 $95.78 PUBLIC WORKS PROJECT MANAGER $75.41 $79.18 $83.14 $87.30 $91.66 PUBLIC WORKS SUPERVISOR $63.57 $66.74 $70.08 $73.59 $77.26 PURCHASING MANAGER $91.83 $96.42 $101.24 $106.30 $111.61 RECREATION MANAGER $64.90 $68.14 $71.55 $75.13 $78.88
RECREATION SUPERVISOR $58.86 $61.81 $64.90 $68.14 $71.55 SENIOR ACCOUNTANT $64.33 $67.54 $70.92 $74.46 $78.19
SENIOR ASSISTANT CITY ATTORNEY $110.45 $115.98 $121.77 $127.86 $134.26 SENIOR BUSINESS SYSTEMS ANALYST $76.25 $80.06 $84.06 $88.27 $92.68 SENIOR CIVIL ENGINEER $86.15 $90.46 $94.98 $99.73 $104.72 SENIOR MANAGEMENT ANALYST $66.84 $70.18 $73.69 $77.38 $81.25 SENIOR PUBLIC WORKS PROJECT MGR $79.18 $83.14 $87.30 $91.66 $96.25 SERVICE CENTER SUPERINTENDENT $81.28 $85.34 $89.61 $94.09 $98.79 SPECIAL PROJECT EXECUTIVE $121.24 $127.30 $133.67 $140.36 $147.37 TRANSPORTATION MANAGER $91.72 $96.31 $101.13 $106.18 $111.49 WEB SPECIALIST $55.61 $58.39 $61.31 $64.38 $67.60
Year 3 - Salary Effective First Full Pay Period in July 2027 Classification Step1 Step2 Step3 Step4 Step5
ACCOUNTANT I $51.91 $54.51 $57.23 $60.10 $63.10
ACCOUNTANT II $57.23 $60.09 $63.09 $66.25 $69.56
ACCOUNTING TECHNICIAN $51.49 $54.06 $56.77 $59.61 $62.59 ADMINISTRATIVE ASSISTANT $45.28 $47.55 $49.93 $52.42 $55.04 ASSISTANT CITY ATTORNEY $103.41 $108.58 $114.01 $119.71 $125.70 ASSISTANT DIRECTOR COMM DEV $101.15 $106.21 $111.52 $117.09 $122.95 ASSISTANT TO THE CITY MANAGER $83.19 $87.35 $91.72 $96.30 $101.12 ASST DIR PUBLIC WORKS ENG $105.23 $110.49 $116.01 $121.82 $127.91 ASST DIR RECREATION COMM SVCS $101.15 $106.21 $111.52 $117.09 $122.95 BUDGET MANAGER $94.58 $99.31 $104.27 $109.49 $114.96
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BUILDING OFFICIAL $95.06 $99.81 $104.80 $110.04 $115.54 BUSINESS SYSTEMS ANALYST $73.40 $77.07 $80.92 $84.97 $89.21 CAPITAL IMPV PROGRAM MGR $94.48 $99.20 $104.16 $109.37 $114.84 CHIEF TECHNOLOGY OFFICER $124.88 $131.12 $137.68 $144.57 $151.79 CITY CLERK $84.36 $88.57 $93.00 $97.65 $102.54
CITY ENGINEER $105.23 $110.49 $116.01 $121.82 $127.91
CODE ENFORCEMENT SUPERVISOR $82.23 $86.35 $90.66 $95.20 $99.96 COMMS AND MARKETING COORDINATOR $68.85 $72.29 $75.91 $79.70 $83.69 COMMUNITY RELATIONS COORDINATOR $52.20 $54.81 $57.55 $60.43 $63.45 DEPARTMENT HEAD $124.88 $131.12 $137.68 $144.57 $151.79 DEPUTY BUILDING OFFICIAL $82.23 $86.35 $90.66 $95.20 $99.96 DEPUTY CITY ATTORNEY $74.41 $78.13 $82.04 $86.14 $90.44 DEPUTY CITY CLERK $60.19 $63.20 $66.36 $69.68 $73.17
DEPUTY CITY MANAGER $124.88 $131.12 $137.68 $144.57 $151.79 DIRECTOR OF FINANCE $124.88 $131.12 $137.68 $144.57 $151.79 DIRECTOR OF COMM DEVELOPMENT $124.88 $131.12 $137.68 $144.57 $151.79 DIRECTOR OF PARKS AND RECREATION $124.88 $131.12 $137.68 $144.57 $151.79 DIRECTOR OF PUBLIC WORKS $128.53 $134.96 $141.70 $148.79 $156.23 ECONOMIC DEVELOPMENT MANAGER $90.80 $95.34 $100.11 $105.12 $110.37 EMERGENCY SERVICES COORDINATOR $73.81 $77.50 $81.38 $85.45 $89.72 ENVIRONMENTAL PROGRAMS MANAGER $94.48 $99.20 $104.16 $109.37 $114.84 EXEC ASST TO CITY MANAGER $53.21 $55.87 $58.66 $61.60 $64.68 EXEC ASST TO THE CITY ATTNY $51.90 $54.51 $57.23 $60.08 $63.10 FINANCE MANAGER $94.58 $99.31 $104.27 $109.49 $114.96
GIS COORDINATOR $54.26 $56.98 $59.83 $62.82 $65.96
GIS PROGRAM MANAGER $93.48 $98.15 $103.06 $108.21 $113.62 HUMAN RESOURCE ANALYST I $62.45 $65.57 $68.85 $72.29 $75.90 HUMAN RESOURCES ANALYST II $68.85 $72.29 $75.90 $79.70 $83.68 HUMAN RESOURCES ASSISTANT $37.60 $39.48 $41.46 $43.53 $45.71 HUMAN RESOURCES MANAGER $94.58 $99.31 $104.27 $109.49 $114.96 HUMAN RESOURCES TECHNICIAN $51.49 $54.06 $56.77 $59.61 $62.59 I.T. ASSISTANT $50.64 $53.17 $55.83 $58.62 $61.55
INNOVATION AND TECHNOLOGY MGR $93.48 $98.15 $103.06 $108.21 $113.62 LEGAL SERVICES MANAGER $53.61 $56.29 $59.10 $62.06 $65.16 MANAGEMENT ANALYST $62.98 $66.13 $69.44 $72.91 $76.56
NETWORK SPECIALIST $64.78 $68.02 $71.42 $74.99 $78.74
PARK RESTORATION IMPV MGR $88.37 $92.78 $97.42 $102.29 $107.41 PERMIT CENTER MANAGER $82.23 $86.35 $90.66 $95.20 $99.96 PLANNING MANAGER $95.06 $99.81 $104.80 $110.04 $115.54
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PUBLIC AFFAIRS MANAGER $81.25 $85.31 $89.58 $94.06 $98.76 PUBLIC INFORMATION OFFICER $81.16 $85.22 $89.48 $93.95 $98.65 PUBLIC WORKS PROJECT MANAGER $77.67 $81.56 $85.64 $89.92 $94.41 PUBLIC WORKS SUPERVISOR $65.47 $68.75 $72.18 $75.79 $79.58 PURCHASING MANAGER $94.58 $99.31 $104.27 $109.49 $114.96 RECREATION MANAGER $66.84 $70.19 $73.69 $77.38 $81.25
RECREATION SUPERVISOR $60.63 $63.66 $66.84 $70.19 $73.69 SENIOR ACCOUNTANT $66.25 $69.57 $73.05 $76.70 $80.53
SENIOR ASSISTANT CITY ATTORNEY $113.77 $119.45 $125.43 $131.70 $138.28 SENIOR BUSINESS SYSTEMS ANALYST $78.53 $82.46 $86.58 $90.91 $95.46 SENIOR CIVIL ENGINEER $88.74 $93.17 $97.83 $102.72 $107.86 SENIOR MANAGEMENT ANALYST $68.85 $72.29 $75.91 $79.70 $83.69 SENIOR PUBLIC WORKS PROJECT MGR $81.56 $85.64 $89.92 $94.41 $99.13 SERVICE CENTER SUPERINTENDENT $83.72 $87.90 $92.30 $96.91 $101.76 SPECIAL PROJECT EXECUTIVE $124.88 $131.12 $137.68 $144.57 $151.79 TRANSPORTATION MANAGER $94.48 $99.20 $104.16 $109.37 $114.84 WEB SPECIALIST $57.28 $60.14 $63.15 $66.31 $69.62
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Attachment B
Director of Finance
Definition
Under direction of the City Manager, to serve in responsible charge of the administration of the City’s finance programs, and to render technical direction and advices on matters relating to accounting, budget, and purchasing functions and to do related work as required. The Director manages the City’s Finance functions and serves as the City Treasurer.

Reports to and confers with the City Manager on City-wide policies and department-specific policies concerning administrative services programs and activities.

Acts as advisor to the City Manager, City Council, other City officials and the public on accounting, budget and purchasing matters.

Plans the financial services of the City to meet the objectives established by the City Council and the City Manager.

Develops administrative procedures to assure smooth operations.

Prepares operating and capital improvements budgets and supervises the execution of the budget after approval.

Assures adequate financial controls of expenditures.

Develops finance policies and procedures.

Reviews legislation to determine its impact on City operations.

Prepares Council agendas, writes resolutions and ordinances and recommends Council action on items related to financial services.

Attends City Council, City Commission, public meetings and meetings of other groups as necessary or appropriate.

Responsible for the selection, training and evaluation of department personnel. 497
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Qualifications
Knowledge of:

Principles and practices of financial services, including treasury.

Principles and practices of municipal budgeting procedures and techniques.

General executive management principles and methods including goal setting, program development and implementation, and project management.

Principles and practices of supervision, training and personnel management.

Pertinent Federal, State and local laws and practices related to finance.

Ability to:

Plan, organize, direct and review the activities of the finance department. Provide administrative and professional leadership.

Prepare and review budget and financial data. Ability to serve as City Treasurer.

Plan and supervise the work of professional and field employees engaged in departmental activities.

Prepare budget estimates and exercise control over department expenditures.

Prepare and present accurate, clear and comprehensive reports, both orally and in writing.

Establish and maintain effective relationships with other officials, employees and the public.

Handle confidential information with professional demeanor and discretion.

Education and Experience
A bachelor’s degree in Public or Business Administration or a related field from an accredited college or university is required and
A minimum of five years of increasingly responsible professional experience in public finance or administrative work experience in a city, county or special district. 498
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Licenses and Certifications
Possession of, or ability to obtain, a valid California Motor Vehicle Operators License.

FLSA: Non-exempt
Est. 7/1971
Rev. 9/2014, 5/2026
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CITY OF CUPERTINO
Agenda Item
25-14128 Agenda Date: 5/19/2026
Agenda #: 9.

Subject: Second reading and enactment of an ordinance to make minor revisions to the Municipal Code amending Chapter 2.04 (Chapter 2.04: City Council-Election and Meetings): Section 2.04.020 Special Meetings; Chapter 3.23 (Public Works Contract and Bidding Procedures): Section 3.23.020 (Definitions) to align with AB 2192; Chapter 5.04 (Business Licenses Generally): Section 5.04.480 (Appeal Procedure); Chapter 5.32 (BINGO):

Section 5.32.130 (Total Value of Prizes); Chapter 11.28 (Abandoned, Wrecked, Inoperative Vehicles): Sections

11.28.010 (Definitions) and 11.28.050 (Sale of Merchandise); Chapter 13.04 (Parks): Sections 13.04.130 (Behavior of Persons in Parks) and 13.04.180 (Advertising and Sale Restrictions); and Chapter 16.52 (Prevention of Flood Damage): Sections 16.52.011 (Lands to Which this Chapter Applies) and 16.52.053 (Standards for Manufactured Homes).

Conduct second reading and enact Ordinance No. 26-2284: "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AMENDING MUNICIPAL CODE SECTIONS 2.040.020, 3.23.020, 5.04.480,

5.32.130, 11.28.010, 11.28.050, 13.04.130, 13.04.180, 16.52.011, AND 16.52.053." CITY OF CUPERTINO Page 1 of 1 Printed on 5/13/2026
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CITY COUNCIL STAFF REPORT
Meeting: May 19, 2026
Subject
Second reading and enactment of an ordinance to make minor revisions to the Municipal Code amending Chapter 2.04 (Chapter 2.04: City Council–Election and Meetings): Section 2.04.020 Special Meetings; Chapter 3.23 (Public Works Contract and Bidding Procedures): Section 3.23.020 (Definitions) to align with AB 2192; Chapter

5.04 (Business Licenses Generally): Section 5.04.480 (Appeal Procedure); Chapter 5.32 (BINGO): Section 5.32.130 (Total Value of Prizes); Chapter 11.28 (Abandoned, Wrecked, Inoperative Vehicles): Sections 11.28.010 (Definitions) and 11.28.050 (Sale of Merchandise); Chapter 13.04 (Parks): Sections 13.04.130 (Behavior of Persons in Parks) and 13.04.180 (Advertising and Sale Restrictions); and Chapter 16.52 (Prevention of Flood Damage): Sections 16.52.011 (Lands to Which this Chapter Applies) and

16.52.053 (Standards for Manufactured Homes).

Recommended Action
Conduct second reading and enact Ordinance No. 26-2284: "AN ORDINANCE OF THE

CITY COUNCIL OF THE CITY OF CUPERTINO AMENDING MUNICIPAL CODE SECTIONS 2.040.020, 3.23.020, 5.04.480, 5.32.130, 11.28.010, 11.28.050, 13.04.130, 13.04.180,

16.52.011, AND 16.52.053."
Reasons for Recommendation
On May 5, 2026, the City Council conducted the first reading of Ordinance No. 26-2284. The ordinance includes minor revisions to multiple sections of the Municipal Code to improve clarity, consistency, and alignment with state and federal law, as well as to support improved administrative and business processes, as part of a process of periodic maintenance. No changes were requested, and the City Council unanimously approved the proposed ordinance on first reading. Final adoption is subject to a second reading. If the City Council approves the proposed ordinance (Attachment A) at the second reading, the ordinance will become effective thirty days after adoption, on June 18, 2026.

Sustainability Impact
No sustainability impact.
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Fiscal Impact
No fiscal impact.

City Work Program Item/Description
None
City Council Goal
Public Engagement and Transparency, Quality of Life
California Environmental Quality Act
The adoption of the proposed Ordinance is not a project under the requirements of the California Environmental Quality Act, Public Resources Code Section 21000 et. seq., and the State CEQA Guidelines, California Code of Regulations Section 15000 et. seq. (collectively, "CEQA"), because it has no potential for resulting in physical change in the environment. Even if the project were found to be a project under CEQA, it would be subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action, the adoption of proposed Ordinance, would have no or only a de minimis effect on the environment because it makes only minor, primarily nonsubstantive changes to the Municipal Code that will have no impact on the physical environment.
_____________________________________
Prepared by: Kirsten Squarcia, Deputy City Manager
Reviewed by: Michael Woo, Senior Assistant City Attorney Approved for Submission by: Tina Kapoor, City Manager
Attachments:

A - Draft Ordinance
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1 ORDINANCE NO. 26-2284

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CUPERTINO AMENDING MUNICIPAL CODE SECTIONS 2.04.020, 3.23.020, 5.04.480, 5.32.130,

11.28.010, 11.28.050, 13.04.130, 13.04.180, 16.52.011, 16.52.053 The City Council of the City of Cupertino finds that:

1. The City Code of the City of Cupertino requires periodic updates in order to improve City operations and bring the Code up to date with current law and policy.

2. This Ordinance makes minor updates and minor technical revisions to the Cupertino Municipal Code to reflect changes in law, provide clarification to the community, and provide for improved customer service and administration of City business.

NOW, THEREFORE, THE CITY COUNCIL OF THE OF CITY OF CUPERTINO DOES ORDAIN AS FOLLOWS:

SECTION 1. Adoption.

The Cupertino Municipal Code is hereby amended as set forth in Attachment A.

SECTION 2: Severability and Continuity.

The City Council declares that each section, sub-section, paragraph, sub-paragraph, sentence, clause and phrase of this ordinance is severable and independent of every other section, sub-section, paragraph, sub-paragraph, sentence, clause and phrase of this ordinance. If any section, sub-section, paragraph, sub-paragraph, sentence, clause or phrase of this ordinance is held invalid, or its application to any person or circumstance, be determined by a court of competent jurisdiction to be unlawful, unenforceable or otherwise void, the City Council declares that it would have adopted the remaining provisions of this ordinance irrespective of such portion, and further declares its express intent that the remaining portions of this ordinance should remain in effect after the invalid portion has been eliminated. To the extent the provisions of this Ordinance are substantially the same as previous provisions of the Cupertino Municipal Code, these provisions shall be construed as continuations of those provisions and not as an amendment to or readoption of the earlier provisions.
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SECTION 3: California Environmental Quality Act.

This Ordinance is not a project under the requirements of the California Environmental Quality Act, together with related State CEQA Guidelines (collectively, “CEQA”) because it has no potential for resulting in physical change in the environment. In the event that this Ordinance is found to be a project under CEQA, it is subject to the CEQA exemption contained in CEQA Guidelines section 15061(b)(3) because it can be seen with certainty to have no possibility that the action approved may have a significant effect on the environment. CEQA applies only to actions which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the activity is not subject to CEQA. In this circumstance, the proposed action would have no or only a de minimis effect on the environment. The foregoing determination is made by the City Council in its independent judgment.

SECTION 4: Effective Date.

This Ordinance shall take effect thirty days after adoption as provided by Government Code Section 36937.

SECTION 5: Publication.

The City Clerk shall give notice of adoption of this Ordinance as required by law.

Pursuant to Government Code Section 36933, a summary of this Ordinance may be prepared by the City Clerk and published in lieu of publication of the entire text. The City Clerk shall post in the office of the City Clerk a certified copy of the full text of the Ordinance listing the names of the City Council members voting for and against the ordinance.

INTRODUCED at a regular meeting of the Cupertino City Council on May 5, 2026 and ENACTED at a regular meeting of the Cupertino City Council on May 19, 2026 by the following vote:

Members of the City Council
AYES:

NOES:

ABSENT:

ABSTAIN:
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SIGNED:
______________________
Kitty Moore, Mayor
City of Cupertino
________________________
Date
ATTEST:
_______________________
Lauren Sapudar, City Clerk
________________________
Date
APPROVED AS TO FORM:
_______________________
Floy Andrews, Interim City Attorney
Aleshire & Wynder, LLP
________________________
Date
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Attachment A –
Amendments To Municipal Code Sections 2.040.020, 3.23.020, 5.04.480, 5.32.130,

11.28.010, 11.28.050, 13.04.130, 13.04.180, 16.52.011, 16.52.053

1. Amendment to Chapter 2.04 (City Council–Election and Meetings): Section 2.04.020 (Special Meetings)

2.04.020 Special Meetings.

Special meetings may be called at any time by the mayor or by three members of the City Council by delivering written notice to each member of the City Council and to each local newspaper of general circulation, radio and television station requesting notice in writing. The notice shall be delivered at least twenty-four hours before the time of the meeting as specified in the notice. The call and notice shall specify the time and place of the special meeting and the business to be transacted or discussed. No other business shall be considered at these meetings. The written notice may also be dispensed with as to any member of the City Council who at or prior to the time the meeting convenes, files with the City Clerk a written waiver of notice. The written notice may also be dispensed with as to any member of the City Council who is actually present at the meeting at the time it convenes.

2. Amendment to Chapter 3.23 (Public Works Contract and Bidding Procedures): Section

3.23.020 (Definitions)

3.23.020 Definitions.

As used in this Chapter, the following terms, phrases, words and their derivations shall have the meanings given in this section:

1. “Bid” means any monetary bid submitted to the City in competitive bidding for the construction, alteration, repair or improvement of any structure, building, road or other improvement of any kind.

2. “Lowest responsible bidder” means the lowest monetary bidder who has demonstrated the attribute of trustworthiness as well as quality, fitness, capacity and experience to satisfactorily perform the public works contract sought.

3. “Public works contract” means an agreement for the erection, construction, alteration, repair or improvement of any public structure, building, road or other public improvement of any kind.

4. “Public works project” means any of the following:
a. Construction, reconstruction, erection, alteration, renovation, improvement, demolition, installation and repair work involving any publicly owned, leased, or operated facility;
b. Painting or repainting of any publicly owned, leased, or operated facility; 506
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c. In the case of a publicly owned utility system, “public project” shall include only the construction, erection, improvement, or repair of dams, reservoirs, powerplants, and electrical transmission lines of 230,000 volts and higher.

3. Amendments to Chapter 5.04 (Business Licenses Generally): Section 5.04.480 (Appeal Procedure)

5.04.480 Appeal Procedure.

A. Any person, applicant, or licensee may appeal any decision of the Collector under this chapter to the City Council. Any person so aggrieved may appeal by filing a written notice of appeal with the City Clerk within fourteen calendar days from the date the Collector issues his/her decision in writing.

B. An appeal not filed within such time shall be barred. The appeal shall state the grounds thereof.

C. Upon receipt of an appeal, a date for hearing before City Council shall be set within thirty days from the date of filing of the appeal unless impracticable, in which case it shall be held at the earliest opportunity.

D. The City Clerk shall give notice to such person who files an appeal of the time and place of hearing by serving it personally or by depositing it in the United States Post Office at Cupertino, California, postage prepaid, addressed to such person at her/his last known address.

E. The City Council shall have authority to determine all questions raised on appeal; provided, however, that no such determination shall conflict with any substantive provision of the chapter.

4. Amendments to Chapter 5.32 (BINGO): Section 5.32.130 (Total Value of Prizes)

5.32.130 Total Value of Prizes.

The total value of prizes awarded during the conduct of any bingo games shall not exceed five hundred dollars ($500) in cash or kind, or both, for each separate game which is held.

5. Amendments to Chapter 11.28 (Abandoned, Wrecked, Inoperative Vehicles): Sections

11.28.010 (Definitions) and 11.28.050 (Sale of Merchandise)

11.28.010 Definitions.

The following words and phrases when used in this chapter shall have the meanings set forth in this section:
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A. “Camp car” means a vehicle with or without motive power which is designed for human habitation and which contains plumbing, heating or electrical equipment.

B. “Commercial vehicle” means any vehicle or part thereof required to be registered under the State of California Vehicle Code, which is used or maintained for the transportation of persons for hire, compensation, or profit, or designed, used or maintained primarily for the transportation of property, except passenger vehicles and house cars.

C. “Mobile home” means a vehicle, other than a motor vehicle, designed or used as semipermanent housing, designed for human habitation, for carrying persons and property on its own structure and for being drawn by a motor vehicle, and shall include a trailer coach.

D. “Oversized vehicle” shall mean any camp trailer, camper, fifth wheel travel trailer, house car, mobile home, trailer coach, or recreational vehicle as defined in California Vehicle Code Sections 242, 243, 324, 362, 396, 635 and California Health and Safety Code Section 18010. Additionally, any motorized vehicle, or combination of motorized and/or non-motorized vehicle(s), as defined in California Vehicle Code Section 670, in excess of 22 feet in length, and/or 6 feet in width and 7 feet in height, will also be considered an “oversized vehicle” for purposes of this chapter.

E. “Park” means to stand or leave standing any vehicle, whether occupied or not, otherwise than temporarily for the purpose of and while actually engaged in the loading or unloading of passengers or materials.

F. “Public streets” means all streets, lanes, places, avenues and portions thereof, including extensions in length and width, which have been dedicated by the owners thereof to public use, acquired for public use, or in which a public easement exists.

G. “Stationary mobile equipment” means any equipment, including vehicle(s), used in activities with or without involvement from members of the public, which are not actively moving during use.

H. “Truck trailer” means a commercial vehicle without motive power designed to be drawn by a truck.

I. “Vehicle” means any boat, bus, trailer, motor home, van, camper (whether or not attached to a pickup or other vehicle), camp trailer, mobile home, motorcycle, automobile, truck, pickup, airplane, haul trailer, truck tractor, truck trailer, utility trailer, or parts thereof, or any device by which any person or property may be propelled, moved or drawn upon a public street, excepting a device moved exclusively by human power.

11.28.050 Sale of Merchandise.
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It is unlawful for any person or persons to sell merchandise, fruits, or vegetables from any stationary mobile equipment on any public street within the city.

6. Amendments to Chapter 13.04 (Parks): Sections 13.04.130 (Behavior of Persons in Parks) and

13.04.180 (Advertising and Sale Restrictions)

13.04.130 Behavior of Persons in Parks.

No person in a park shall do any of the following:

A. Bring to a park any alcoholic beverages, and no person may drink alcoholic beverages at any time in a park, except picknickers, who may bring to a park, and drink, beer or wine with their picnic meal, so long as they conduct themselves in an orderly manner;
B. Enter or remain in a park while under the influence of intoxicating liquor or any drug;
C. Have brought, or have in his possession, or set off, or otherwise cause to explode or discharge or burn, any firecrackers, torpedoes, rockets, or other fireworks or explosives of inflammable material, or discharge them or throw them into any such area from land or any highway adjacent thereto. This prohibition includes any substance, compound, mixture or article that, in conjunction with any other substance or compound would be dangerous from any of the foregoing standpoints;
D. No person having the control or care of any dog, shall suffer or permit such dog to enter or remain in a park or sport field, unless posted for such use, and then only if it is led by a leash of suitable strength not more than six feet in length, unless it is permitted to be off-leash by the City as part of a City-authorized event or program; and the owner and the attendant shall be responsible for any damage caused, in any event, by such dog, even if on leash; E. Lead, ride, drive, keep or let loose any animal, reptile or fowl of any kind, without a permit to do so from the Director of parks and recreation; F. Make or kindle a fire for any purpose, except at places provided for such purpose, unless prior special permission be obtained therefor from the Director; G. Enter an area posted as “Closed to the Public,” and no person shall use, or abet the use of, any area in violation of posted notices;
H. Play or bet at or against any game which is played, conducted, dealt, or carried on for money, chips, shell, credit or any other representative of value, or maintain or exhibit any gambling table or other instrument of gambling or gaming, or play any game prohibited by any other ordinance of the City; I. Sleep, or protractedly lounge, on the seats, benches, or other areas, or engage in loud, boisterous, threatening, abusive, insulting, or indecent language, or engage in any disorderly conduct or behavior tending to a breach of the public peace; 509
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J. Use, carry, or possess firearms of any description, or air rifles, spring guns, bow and arrows, slings or any other forms of weapons potentially dangerous to wild life or to human safety. Shooting into park areas from beyond park boundaries is prohibited;
K. Solicit alms or contributions for any purpose, whether public or private, without prior permission from the City Council;
L. Use or allow the use of powered model airplanes or drones except in areas so designated by the department of parks and recreation;
M. Play or practice golf or use golf clubs in any area of the park not designated for such use;
N. Indulge in riotous, boisterous, threatening or indecent conduct.

O. No person shall skate or rollerblade in a manner that causes damage to park amenities or threatens the safety or well being of park patrons. Skating or rollerblading is prohibited on raised surfaces where signed.

P. Feeding Waterfowl Prohibited. No person shall feed or in any manner intentionally provide food to any wildlife in any City park.

13.04.180 Advertising and Sale Restrictions.

A. Unless in compliance with Chapter 5.48, no person in a park shall, without prior permission from the City Council, do any of the following:

1. Expose or offer for sale any article, thing, or service, nor shall any person station or place any stand, cart or vehicle for the transportation, sale or display of any such article, thing, or service;

2. Announce, advertise or call the public attention in any way to any article or service for sale or hire;

3. Paste, glue, tack or otherwise post any sign, placard, advertisement or inscription.

B. In addition, in order to insure the public safety, health and general welfare, unless in compliance with Chapter 5.48, no person shall expose or offer for sale any article, thing, or service, nor shall any person station or place any stand, cart or vehicle for the sale or display of any article, thing, or service, on a public street, within five hundred feet in a straight line from the nearest boundary of any park.

7. Amendments to Chapter 16.52 (Prevention of Flood Damage): Sections 16.52.011 (Lands to Which this Chapter Applies) and 16.52.053 (Standards for Manufactured Homes)

16.52.011 Lands to Which this Chapter Applies.

This chapter shall apply to all areas of special flood hazards within the jurisdiction of the City of Cupertino.
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The Special Flood Hazard Area identified by the Federal Emergency Management Administration in a scientific and engineering report entitled “The Flood Insurance Study for Santa Clara County, California and Incorporated Areas,” dated May 18, 2009, or any later revisions or republications of the report, and as amended from time to time, with accompanying Flood Insurance Rate Maps as amended from time to time, is adopted by reference and declared to be a part of this chapter. The Flood Insurance Study is on file in the Department of Public Works.

16.52.053 Standards for Manufactured Homes.

A. All manufactured homes that are placed or substantially improved, on sites located: (1) outside of a manufactured home park or subdivision; (2) in a new manufactured home park or subdivision; (3) in an expansion to an existing manufactured home park or subdivision; or (4) in an existing manufactured home park or subdivision upon which a manufactured home has incurred “substantial damage” as the result of a flood, shall:

1. Within Zones A1-30, AH, and AE on the community’s Flood Insurance Rate Map, be elevated on a permanent foundation such that the lowest floor of the manufactured home, including any basement, machinery, and/or equipment floor, is elevated to one foot or more above the base flood elevation and be securely fastened to an adequately anchored foundation system to resist flotation, collapse, and lateral movement.

B. All manufactured homes to be placed or substantially improved on sites in an existing manufactured home park or subdivision within Zones A1-30, AH, and AE on the community’s Flood Insurance Rate Map that are not subject to the provisions of Section 16.52.053.A will be securely fastened to an adequately anchored foundation system to resist flotation, collapse, and lateral movement, and be elevated so that the:

1. Lowest floor of the manufactured home, including any basement, machinery, and/or equipment floor, is at one foot or more above the base flood elevation.

Upon the completion of the structure, the elevation of the lowest floor, including any basement, machinery, and/or equipment floor, shall be certified by a registered civil engineer or licensed land surveyor, and verified by the community building inspector to be properly elevated. Such certification and verification shall be provided to the Floodplain Administrator.
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CITY OF CUPERTINO
Agenda Item
25-14455 Agenda Date: 5/19/2026
Agenda #: 10.

Subject: Receipt of Treasurer's Investment Report for the Quarter Ending March 31, 2026 Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2026 CITY OF CUPERTINO Page 1 of 1 Printed on 5/13/2026
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CITY COUNCIL STAFF REPORT
Meeting: May 19, 2026
Subject
Receipt of Treasurer's Investment Report for the Quarter Ending March 31, 2026 Recommended Action
Receive the Treasurer's Investment Report for the Quarter Ending March 31, 2026 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 March 31, 2026. The report is as of April 20, 2026.
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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 Audit Committee’s Treasurer's Report subcommittee.

The City's General Ledger cash and investments balance is $317.4 million, an $8.4 million increase from the prior quarter.

Cash and Investments – General Ledger Balance
Fund Type Quarter Ending
December 31, 2025
Quarter Ending
March 31, 2026
General Fund 199,397,467 203,549,416
Special Revenue 45,016,324 47,636,446
Debt Service 2,436,800 2,436,800
Capital Projects 41,770,662 43,774,315
Enterprise 10,455,113 10,541,580
Internal Service 9,930,897 9,423,557
Total $309,007,263 $317,362,114
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. 514
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3 Cash and Investments – Bank Balance
Quarter Ending
December 31, 2025
Quarter Ending
March 31, 2026
% of
Portfolio
Cash in banks and on hand
Operating Checking (Wells Fargo) 7,023,661 11,912,804 4% Workers' Compensation Checking
(Wells Fargo) 19,225 34,369 0%
Payroll Checking (Wells Fargo) - - 0%
Restricted for Bond Repayments1
(BNY Mellon) - - 0%
Cash Equivalents
Local Agency Investment Fund 73,252,391 73,980,261 23%
Investments
Investments (Chandler) 203,529,920 205,686,359 65%
Restricted for Pension2 (PARS) 26,228,208 25,892,783 8% Total Cash and Investments3 $310,053,405 $317,506,576 100% 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 March 2026 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 $74.0 million. The quarterly interest rate was

3.98%.

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 $207.8 million, compared to $207.3 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.

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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 acts as custodian, PFM manages the investments in accordance with the approved investment policies.

Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon.

The Section 115 Pension Trust had a balance of $25.9 million, a decrease of $0.3 million from the prior quarter due to investment losses. The Section 115 OPEB Trust had a balance of $45.5 million, a decrease of $0.6 million from the prior quarter mainly due to investment losses. The quarterly investment return for OPEB Trust was -1.18% and Pension Trust was -1.21%.

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 517
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6 Approved for Submission by: __________________
Tina Kapoor
City Manager
Attachments:

A – Chandler Investment Report March 2026
B – Chandler Custodial Statement March 2026
C – PARS Pension and OPEB Account Statement March 2026
D – LAIF Account Statement March 2026
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INVESTMENT REPORT
City of Cupertino | As of March 31, 2026
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. 519 CC 05-19-2026 Searchable Packet
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TABLE OF CONTENTS

ECONOMIC UPDATE

ACCOUNT PROFILE

CONSOLIDATED INFORMATION

PORTFOLIO HOLDINGS

TRANSACTIONS
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ECONOMIC UPDATE
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▪
▪
▪
March payrolls rebounded by 178,000 after February’s revised 133,000 decline, but the war in Iran and its disruption of the Strait of Hormuz have pushed crude oil above $112, injecting a potential inflationary shock into an economy contending with sticky core prices above 3%.

The Federal Reserve has held the funds rate at 3.50–3.75% and is signaling a cautionary stance, keeping open the option of delaying cuts if oil‑related inflation proves persistent rather than transitory. As the data flow normalizes, the Chandler team anticipates additional yield curve steepening as the Federal Reserve gradually guides the policy rate toward a more neutral range. The Federal Reserve’s March dot plot still projects one cut this year, yet the Iran-driven energy shock has narrowed the path toward easing.

The Federal Reserve’s March 2026 FOMC meeting ended with policymakers again holding the target range at 3.50%–3.75%, as the Committee maintained its pause following three late‑2025 rate cuts. Governor Stephen Miran dissented in favor of an additional quarter‑point reduction, while Christopher Waller joined the majority, tipping the vote 11–1 to leave the benchmark rate unchanged.

Meanwhile, President Trump’s nomination of Kevin Warsh to succeed Jerome Powell as chair has hit a roadblock after a Republican senator vowed to block Warsh’s confirmation amid the Justice Department’s ongoing probe of the central bank.

Treasury yields exhibited considerable first-quarter volatility as the Iran conflict injected energy-driven inflation fears into a market grappling with sticky core prices. At March month-end, the 2-year yield stood at 3.79%, up 32 basis points year-to-date, the 10-year at

4.32%, and the 30-year at 4.86%. The 2-year to 10-year spread narrowed to 52 basis points, reflecting pronounced flattening as short rates rose faster than longer maturities. One year ago, that spread stood near 32 basis points, providing context on normalization since the 2022 through 2024 yield curve inversion. The 3-month to 10-year spread was approximately 64 basis points at March month-end.

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)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%
Unemployment Rate
Underemployment Rate (U6)
Unemployment Rate (U3)
Rate (%)
March nonfarm payrolls rose by 178,000, a decisive reversal from February’s revised 133,000 decline that had been distorted by a Kaiser Permanente strike affecting over 30,000 healthcare workers and severe winter weather. Healthcare contributed 76,000 positions as striking nurses returned, while construction and leisure rebounded from weather-induced troughs. The unemployment rate edged lower to

4.3%, though partly from a labor force reduction rather than a hiring acceleration. Meanwhile, the underemployment rate edged up to

8.0% from 7.9% in February. Average hourly earnings rose 0.2% over the month and 3.5% year over year—the slowest annual pace since May 2021.

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) Job openings fell to 6.9 million in February from a revised 7.2 million in January, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. The ratio of openings to unemployed workers slipped to 0.9, reinforcing the gradual rebalancing of demand and supply. Hires decreased to 4.8 million, the lowest since April 2020, suggesting employers have grown selective about adding headcount. Quits were little changed at 3 million. The data reflects a labor market consistent with the Federal Reserve’s characterization of a no-hire, no-fire environment.

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
Consumer Price Index (CPI) for March surged 0.9%, the highest monthly rate since June 2022, and was up 3.3% on an annual basis primarily due to spikes in energy and airfare prices. Notably, Core CPI was little changed with a monthly increase of 0.2% and an annual rise of 2.6% as costs for services and other goods remained subdued. Personal Consumption Expenditures (PCE) were little changed in February, with the headline PCE Price Index up 0.4% month-over-month and 2.8% year-over-year. The Fed’s preferred metric, Core PCE, which excludes food and energy, rose 0.4% during the month and 3.0% from February of 2025.

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
The Conference Board’s Consumer Confidence Index edged up to 91.8 in March from 91.0 in February, a second consecutive gain that nonetheless sits well below the all-time peak of 144.7 from early 2000. The Present Situation component rose 4.6 points to 123.3 on favorable assessments of business and labor conditions, while the Expectations Index slipped 1.7 points to 70.9. Inflation expectations climbed to their highest since August 2025, reflecting tariff passthrough and elevated gasoline prices. February retail sales rebounded

0.6% from January, with stronger auto and broad-based discretionary spending offsetting January’s weather- and vehicle-related weakness; the control group also advanced 0.5%, signaling firmer underlying consumer demand. 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 Chicago Fed National Activity Index (CFNAI) fell to ‑0.11 in February, following a positive revision to 0.20 in January. The index’s three‑month moving average edged up to ‑0.01 from ‑0.02 the prior month. Production and employment related indicators turned negative in February, while sales, orders, and inventories also remained in negative territory. The personal consumption and housing categories slipped modestly but stayed in positive territory. The Conference Board’s Leading Economic Index (LEI) declined 0.1% in January, an improvement from ‑0.2% in December, with consumer expectations and building permits the largest drags on the index. On a year‑over‑year basis, the LEI fell 3.8%, continuing to signal slower economic growth heading into 2026. Notably, the latest LEI data do not yet reflect the impact of the war in Iran.

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
Housing starts rose 7.2% in January to an annualized pace of 1.487 million units, including 935,000 single-family and 552,000 multifamily starts. The January S&P Cotality Case-Shiller 20-City Composite posted a 1.18% year-over-year gain, continuing deceleration from December’s revised 1.43% annual increase. Inflation again outpaced home price appreciation, extending the erosion of real housing returns that began in the second half of 2025. The Freddie Mac 30-year fixed mortgage rate climbed to 6.46% as of April 2, its fifth consecutive weekly rise, reversing progress made when rates dipped below 6% in February. Higher borrowing costs and elevated prices continue to constrain affordability.

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 Manufacturing Index rose to 52.7 in March from 52.4, the fastest factory expansion since August 2022 and a third consecutive month above 50. Production accelerated to 55.1 from 53.5, though new orders decelerated to 53.5 from 55.8.

The prices subindex leaped to 78.3 from 70.5, reflecting elevated energy costs, metals tariffs, and Iran-related supply disruptions.

Employment remained in contraction at 48.7. The Services Index eased to 54.0 in March from 56.1 in February but still posted its 21st consecutive month of expansion. The expansion was mainly from an increase in prices, amid higher oil and fuel costs. With both measures above the 50 threshold, ISM data point toward a resilient if cost-pressured economy.

Source: Institute for Supply Management

SURVEY BASED MEASURES
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Components of GDP 3/25 6/25 9/25 12/25

0.4% 1.7% 2.3% 1.3%

3.8% -2.7% 0.0% 0.4%
-4.7% 4.8% 1.6% -0.2%
-0.4% -0.4% 0.2% -1.2%

0.2% 0.3% 0.2% 0.2%
-0.6% 3.8% 4.4% 0.5%
State and Local (Consumption and Gross
Investment)
Personal Consumption Expenditures
Gross Private Domestic Investment
Net Exports and Imports
Federal Government Expenditures
Total
-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%
Gross Domestic Product (GDP)
GDP QOQ % Change
GDP YOY % Change
Source: US Department of Commerce Source: US Department of Commerce The third and final estimate of real gross domestic product (GDP) showed fourth-quarter growth revised down to 0.5% from the initial

1.4% estimate. The slowdown from 4.4% in the third quarter primarily reflected a sharp pullback in government spending, as the federal government shutdown weighed on activity. The Bureau of Labor Statistics expects statistical distortions will persist into the spring due to data collection disruptions. Personal Consumption Expenditures also declined across both goods and services.

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 left its benchmark interest rate unchanged in March, keeping the target range at 3.50% to 3.75% following three late‑2025 rate cuts that were justified by signs of softening in the labor market. The Federal Open Market Committee minutes showed some participants supported two-sided language on future rate direction given the upside risks to inflation and downside risks to employment being elevated. However, policymakers have grown wary of potential inflationary pressures stemming from tariffs, the war in Iran, and the ensuing spike in commodity prices. The Federal Reserve now projects just one rate cut in 2026, even as inflation expectations rise. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a continued emphasis on maintaining ample reserves and supporting orderly market functioning.

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 (%)

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
US Treasury Yield Curve
Mar-26
Dec-25
Mar-25
Yield (%)
At March month-end, the 2-year Treasury yield stood at 3.79%, down approximately 9 basis points from one year ago, while the 10-year finished at 4.32%, roughly 11 basis points higher year-over-year. The spread between the two narrowed to 52 basis points, wider by 20 basis points year-over-year. The prior 2-year to 10-year inversion from July 2022 through August 2024 was historically long. The average spread since 2005 is approximately 95 basis points, suggesting the current slope sits well below its long-run norm. The 3-month to 10- year spread stood near 64 basis points at March month-end.

BOND YIELDS
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ACCOUNT PROFILE
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OBJECTIVES
Investment Objectives
The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program.

Chandler Asset Management Performance Objective
The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index.

Strategy
In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 534
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STATEMENT OF COMPLIANCE
City of Cupertino | Account #10659 | As of March 31, 2026 Rules Name Limit Actual Compliance
Status Notes

AGENCY MORTGAGE SECURITIES
Max % (MV) 100.0 11.4 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.4 Compliant Max Maturity (Years) 5.0 4.8 Compliant

ASSET-BACKED SECURITIES (ABS)
Max % (MV; Non Agency ABS & MBS) 20.0 7.4 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 March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 28.6 Compliant
Max % Issuer (MV) 5.0 1.3 Compliant
Max Maturity (Years) 5 4 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

FDIC INSURED TIME DEPOSITS (NON-NEGOTIABLE
CD/TD)
Max % (MV; FDIC & Collateralized CD/TD) 30.0 0.0 Compliant Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant

FEDERAL AGENCIES
Max % (MV) 100.0 3.5 Compliant
Max % Issuer (MV; Agencies & Agency CMOs) 25.0 11.4 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 0.5 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 March 31, 2026 Rules Name Limit Actual Compliance
Status Notes
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A- by 1) 0.0 0.0 Compliant

NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Max % (MV) 30.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 5 0.0 Compliant
Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit) 0.0 0.0 Compliant

REPURCHASE AGREEMENTS
Max % (MV) 10.0 0.0 Compliant
Max % Issuer (MV) 5.0 0.0 Compliant
Max Maturity (Years) 1.0 0.0 Compliant

SUPRANATIONAL OBLIGATIONS
Max % (MV) 30.0 2.9 Compliant
Max % Issuer (MV) 10.0 1.7 Compliant
Max Maturity (Years) 5 3 Compliant
Min Rating (AA- by 1) 0.0 0.0 Compliant
U.S. TREASURIES
Max % (MV) 100.0 44.8 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 (0.79%) 0.26% 0.26% 4.24% 4.96% 4.46% 1.85% -- 2.35% Benchmark Return (0.75%) 0.20% 0.20% 3.87% 4.48% 3.97% 1.51% -- 2.10% City of Cupertino | Account #10659 | As of March 31, 2026 Portfolio Characteristics Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Average Modified Duration 2.56
Average Coupon 3.74%
Average Purchase YTM 4.01%
Average Market YTM 4.04%
Average Credit Quality* AA+
Average Final Maturity 2.96
Average Life 2.81
End Values as of
12/31/2025
End Values as of
03/31/2026
Market Value 205,668,734.88 206,386,615.39
Accrued Interest 1,621,951.12 1,408,186.33
Total Market Value 207,290,686.00 207,794,801.72
Income Earned 1,975,161.43 2,049,095.66
Cont/WD 0.00 0.00
Par 205,673,731.74 207,849,407.81
Book Value 204,078,590.52 206,277,628.74
Cost Value 203,529,920.42 205,686,359.19
United States 44.82%
Federal Home Loan Mortgage Corp 11.42%
Farm Credit System 2.55%
International Bank for Recon and Dev 1.68%
Morgan Stanley 1.65%
Guardian Life Global Funding 1.30%
The Home Depot, Inc. 1.27%
Toyota Motor Corporation 1.23%
*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 19 538
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PORTFOLIO CHARACTERISTICS
City of Cupertino | Account #10659 | As of March 31, 2026 Benchmark* 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.65 2.96 3.05
Average Modified Duration 2.47 2.56 2.63
Average Purchase Yield 4.01% 3.95%
Average Market Yield 3.84% 4.04% 3.78%
Average Quality** AA+ AA+ AA
Total Market Value 207,794,802 207,290,686
*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. 20 539
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SECTOR DISTRIBUTION
City of Cupertino | Account #10659 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 44.82% 45.52%
Corporate 28.58% 27.48%
Agency CMBS 11.42% 11.56%
ABS 7.43% 7.60%
Agency 3.47% 3.50%
Supras 2.87% 2.88%
Muni Bonds 0.86% 0.87%
Money Mkt Fd 0.53% 0.57%
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DURATION ALLOCATION
City of Cupertino | Account #10659 | As of March 31, 2026 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
03/31/2026 4.1% 1.4% 8.0% 19.8% 21.4% 33.7% 11.5% 0.0% 0.0% 22 541
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ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
United States US Treasury 44.82%
Federal Home Loan Mortgage Corp Agency CMBS 11.42%
Farm Credit System Agency 2.55%
International Bank for Recon and Dev Supras 1.68%
Morgan Stanley Corporate 1.65%
Guardian Life Global Funding Corporate 1.30%
The Home Depot, Inc. Corporate 1.27%
Toyota Motor Corporation Corporate 1.23%
Inter-American Development Bank Supras 1.19%
Meta Platforms, Inc. Corporate 1.16%
New York Life Insurance Company Corporate 1.16%
Deere & Company Corporate 0.99%
Royal Bank of Canada Corporate 0.99%
Northwestern Mutual Global Funding Corporate 0.97%
UnitedHealth Group Incorporated Corporate 0.92%
Federal Home Loan Banks Agency 0.92%
PACCAR Inc Corporate 0.90%
Simon Property Group, Inc. Corporate 0.90%
State of California Muni Bonds 0.86%
Chubb Limited Corporate 0.86%
American Honda Finance Corporation Corporate 0.84%
Pricoa Global Funding I Corporate 0.84%
Chase Issuance Trust ABS 0.82%
Bank of America Credit Card Trust ABS 0.80%
Mercedes-Benz Auto Lease Trust ABS 0.78%
Berkshire Hathaway Inc. Corporate 0.77%
PepsiCo, Inc. Corporate 0.73%
Citigroup Inc ABS 0.73%
Prologis, Inc. Corporate 0.73%
Bank of America Corporation Corporate 0.72%
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ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
The Progressive Corporation Corporate 0.72%
JPMorgan Chase & Co. Corporate 0.72%
Alphabet Inc. Corporate 0.72%
Realty Income Corporation Corporate 0.70%
American Express Credit Master Trust ABS 0.69%
Marsh & McLennan Companies, Inc. Corporate 0.68%
WF Card Issuance Trust ABS 0.66%
Salesforce, Inc. Corporate 0.66%
Visa Inc. Corporate 0.65%
Met Tower Global Funding Corporate 0.63%
Caterpillar Inc. Corporate 0.59%
Wells Fargo & Company Money Mkt Fd 0.53%
Cargill, Incorporated Corporate 0.53%
BMW Vehicle Lease Trust ABS 0.51%
National Rural Utilities Cooperative Corporate 0.49%
The Goldman Sachs Group, Inc. Corporate 0.49%
Hyundai Auto Lease Sec Trust ABS 0.49%
Massachusetts Mutual Life Insurance Corporate 0.48%
Pacific Mutual Holding Company Corporate 0.48%
Mastercard Incorporated Corporate 0.46%
The Charles Schwab Corporation Corporate 0.46%
Honda Auto Receivables Owner Trust ABS 0.42%
GM Financial Securitized Term ABS 0.42%
Toyota Auto Receivables Owner Trust ABS 0.30%
Mercedes-Benz Auto Receivables Trust ABS 0.28%
BMW Vehicle Owner Trust ABS 0.27%
John Deere Owner Trust ABS 0.25%
Walmart Inc. Corporate 0.17%
WC MMF Sweep Cash 0.03%
Cash Cash 0.00%
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ISSUERS
City of Cupertino | Account #10659 | As of March 31, 2026 Issuer Investment Type % Portfolio
TOTAL 100.00%
25 544
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QUALITY DISTRIBUTION
Rating 03/31/2026 12/31/2025
AAA 11.34% 11.52%
AA 65.98% 66.23%
A 17.45% 18.76%
BBB 1.34% 0.50%
A-1+ 0.95% --
NA 2.94% 3.00%
Rating 03/31/2026 12/31/2025
Aaa 7.57% 8.21%
Aa 69.14% 68.96%
A 17.86% 18.32%
P-1 0.95% --
NA 4.47% 4.51%
Rating 03/31/2026 12/31/2025
AAA 15.60% 14.80%
AA 58.14% 60.71%
A 10.20% 11.16%
F1+ 0.95% --
NA 15.11% 13.33%
City of Cupertino | Account #10659 | As of March 31, 2026 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 4.1% 1.4% 8.0% 19.8% 21.4% 33.7% 11.5% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.8% 29.1% 20.5% 12.1% 0.0% 0.0%

DURATION DISTRIBUTION
City of Cupertino | Account #10659 | As of March 31, 2026 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 0.26% 4.24% 4.96% 4.46% 1.85% 2.35% City of Cupertino Net of Fees 0.25% 4.18% 4.88% 4.40% 1.78% 2.28% Benchmark 0.20% 3.87% 4.48% 3.97% 1.51% 2.10%

REALIZED RATE OF RETURN
City of Cupertino 0.99% 3.79% 3.25%
*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 March 31, 2026 Total and Realized Rate of Return : Inception | 02/01/2019 28 547
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HISTORICAL AVERAGE PURCHASE YIELD
City of Cupertino | Account #10659 | As of March 31, 2026 Purchase Yield as of 03/31/26 = 4.01%
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PORTFOLIO CHARACTERISTICS
City of Cupertino Reporting | Account #10663 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 0.00 0.00
Average Modified Duration 0.00 0.00
Average Purchase Yield 3.29% 3.63%
Average Market Yield 3.29% 3.63%
Average Quality** AAA AAA
Total Market Value 86,638,115 81,009,098
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 30 549
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SECTOR DISTRIBUTION
City of Cupertino Reporting | Account #10663 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
LAIF 86.10% 91.23%
Cash 13.90% 8.77%
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CONSOLIDATED INFORMATION
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PORTFOLIO CHARACTERISTICS
City of Cupertino Cons | Account #10664 | As of March 31, 2026 3/31/2026
Portfolio
12/31/2025
Portfolio
Average Maturity (yrs) 2.09 2.19
Average Modified Duration 1.81 1.89
Average Purchase Yield 3.80% 3.86%
Average Market Yield 3.82% 3.74%
Average Quality** AA+ AA+
Total Market Value 294,432,916 288,299,784
*Benchmark: NO BENCHMARK REQUIRED
**The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 33 552
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SECTOR DISTRIBUTION
City of Cupertino Cons | Account #10664 | As of March 31, 2026 Sector as a Percentage of Market Value
Sector 03/31/2026 12/31/2025
US Treasury 31.64% 32.74%
LAIF 25.31% 25.62%
Corporate 20.18% 19.77%
Agency CMBS 8.07% 8.31%
ABS 5.25% 5.47%
Cash 4.11% 2.48%
Agency 2.45% 2.52%
Supras 2.03% 2.07%
Muni Bonds 0.61% 0.62%
Money Mkt Fd 0.37% 0.41%
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PORTFOLIO HOLDINGS
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HOLDINGS REPORT
City of Cupertino | Account #10659 | As of March 31, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
ABS
47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 390.25 07/12/2022

3.77%
390.21
390.24

99.98 4.24%
390.18

0.65 0.00%
(0.06)
Aaa/NA
AAA

0.88 0.04
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 376,474.40 05/14/2024

5.41%
376,463.93
376,470.45
100.23

4.08%
377,335.02
905.21

0.18%
864.57
NA/AAA
AAA

1.13 0.16
47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 111,819.13 10/12/2022

5.15%
111,810.46
111,816.92
100.09

4.39%
111,921.56
252.96

0.05%
104.64
Aaa/NA
AAA

1.21 0.09
89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 617,017.19 11/21/2023

5.65%
614,510.55
615,851.27
100.45

4.18%
619,815.36
1,415.03

0.30%
3,964.08
NA/AAA
AAA

2.05 0.44
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 445,778.69 --5.64%
446,882.15
446,199.72
100.87

4.23%
449,652.95
702.10

0.22%
3,453.23
Aaa/NA
AAA

2.22 0.55
05594HAD5 BMWLT 2025-2 A3 3.97
09/25/2028 1,050,000.00 10/08/20254.32%
1,049,997.06
1,049,997.52

99.87 4.11%
1,048,582.50
694.75

0.51%
(1,415.02)
NA/AAA
AAA

2.49 1.26
58769FAC9 MBART 2023-2 A3 5.95
11/15/2028 576,097.06 11/29/20233.88%
588,294.11
581,136.67
101.02

4.08%
581,988.22
1,523.46

0.28%
851.56
NA/AAA
AAA

2.63 0.52
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 407,838.61 03/25/2024

5.13%
407,647.44
407,730.38
100.58

4.15%
410,217.12
899.06

0.20%
2,486.74
Aaa/NA
AAA

2.63 0.67
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024

4.58%
858,798.83
851,965.66
100.64

3.98%
855,409.40
1,881.33

0.41%
3,443.74
Aaa/NA
AAA

0.63 0.60
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 422,775.05 05/14/20245.27%
422,723.68
422,744.93
100.76

4.16%
425,998.71
804.56

0.21%
3,253.78
NA/AAA
AAA

2.64 0.65
448970AD5 HALST 2026-A A3 3.97
12/15/2028 635,000.00 01/12/20263.98%
634,906.91
634,913.06

99.64 4.21%
632,726.70
1,120.42

0.31%
(2,186.36)
NA/AAA
AAA

2.71 1.76
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 862,195.35 --4.97%
860,828.12
861,395.78
100.39

4.25%
865,537.22
1,742.35

0.42%
4,141.44
Aaa/NA
AAA

2.72 0.59
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024

4.61%
1,689,742.61
1,689,854.97
100.45

4.05%
1,697,657.39
3,455.11

0.82%
7,802.42
NA/AAA
AAA

2.80 0.76
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 552,424.53 06/04/20245.18%
552,340.62
552,372.75
100.66

4.30%
556,063.90
476.93

0.27%
3,691.15
Aaa/AAA
NA

2.91 0.70
58770XAD5 MBALT 2025-B A3 3.88
04/16/2029 1,045,000.00 10/16/20254.57%
1,044,828.52
1,044,850.23

99.46 4.24%
1,039,346.55
1,802.04

0.50%
(5,503.68)
NA/AAA
AAA

3.04 1.64
05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024

4.93%
784,955.96
784,972.16
101.03

4.02%
793,120.04
1,720.02

0.38%
8,147.88
Aaa/AAA
NA

3.12 1.07
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Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
58770YAD3 MBALT 2026-A A3 3.93
01/15/2030 570,000.00 01/13/20263.97%
569,886.97
569,892.41

99.43 4.24%
566,739.03
995.60

0.27%
(3,153.38)
Aaa/NA
AAA

3.79 2.04
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025

4.28%
1,419,974.30
1,419,978.92
100.35

4.14%
1,424,916.04
2,701.16

0.69%
4,937.12
NA/AAA
AAA

4.04 1.91
92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025

4.33%
1,364,977.34
1,364,981.05
100.52

4.12%
1,372,089.81
2,632.93

0.66%
7,108.76
NA/AAA
AAA

4.12 1.99
17305EHA6 CCCIT 2025-A1 A1 4.3 06/21/2030 1,500,000.00 10/09/2025

3.90%
1,515,000.00
1,512,365.48
100.30

4.16%
1,504,431.00
17,916.67

0.73%
(7,934.48)
Aaa/AAA
NA

4.22 2.08
15,314,959.77 100.34 15,333,938.70 7.43% 2.98
Total ABS 15,282,810.24 4.57% 15,299,880.57 4.14% 43,642.34 34,058.12 1.23 AGENCY
3130B0TY5 FEDERAL HOME LOAN BANKS 4.75
04/09/2027 1,875,000.00 04/10/20244.85%
1,870,050.00
1,873,310.75
101.00

3.74%
1,893,748.13
42,552.08

0.92%
20,437.37
Aa1/AA+
AA+

1.02 0.97
3133ERDS7 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/20244.55% 2,412,552.00
2,404,786.27
101.15

3.67%
2,427,561.60
45,916.67

1.18%
22,775.33
Aa1/AA+
AA+

1.10 1.04
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/20234.73% 2,789,612.00
2,795,783.65
101.27

3.80%
2,835,697.20
48,922.22

1.37%
39,913.55
Aa1/AA+
AA+

1.63 1.53
7,072,214.00 101.16 7,157,006.93 3.47% 1.29
Total Agency 7,075,000.00 4.70% 7,073,880.68 3.74% 137,390.97 83,126.25 1.22

AGENCY CMBS
3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021

1.36%
687,451.17
652,659.51

99.38 3.93%
645,979.10
1,437.04

0.31%
(6,680.41)
Aa1/AA+
AAA

0.40 0.35
3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 1,936,191.40 07/01/2024

4.86%
1,852,314.99
1,885,396.68

99.06 4.09%
1,918,022.18
6,084.48

0.93%
32,625.50
Aa1/AAA
AA+

2.74 2.44
3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024

4.70%
1,228,178.44
1,251,237.33

98.48 4.09%
1,268,400.50
3,824.29

0.61%
17,163.17
Aa1/AA+
AA+

2.82 2.60
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024

4.74%
1,801,718.75
1,878,148.48

95.16 4.12%
1,903,114.00
3,766.67

0.92%
24,965.52
Aa1/AA+
AAA

2.82 2.59
3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024

4.50%
2,465,830.08
2,497,860.26

98.82 4.09%
2,519,841.15
7,841.25

1.22%
21,980.89
Aaa/AA+
AA+

2.82 2.56
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Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025

4.25%
2,431,738.28
2,449,409.37

98.28 4.09%
2,457,012.50
7,302.08

1.19%
7,603.13
Aa1/AAA
AA+

2.98 2.68
3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,964,709.50 09/19/2024

3.82%
1,895,484.19
1,918,312.06

96.84 4.09%
1,902,534.30
4,882.30

0.92%
(15,777.76)
Aa1/AA+
AAA

3.15 2.76
3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024

4.47%
2,039,382.82
2,095,540.15

96.08 4.10%
2,113,696.20
5,105.83

1.02%
18,156.05
Aa1/AA+
AAA

3.24 2.93
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024

4.00%
1,488,375.00
1,524,045.11

94.75 4.11%
1,515,985.60
3,233.33

0.73%
(8,059.51)
Aa1/AA+
AAA

3.40 3.11
3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025

4.21%
1,407,011.72
1,424,778.26

95.15 4.12%
1,427,185.50
3,243.75

0.69%
2,407.24
Aa1/AA+
AAA

3.49 3.17
3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025

4.37%
1,810,078.13
1,843,613.88

92.74 4.14%
1,854,792.00
3,448.33

0.90%
11,178.12
Aa1/AA+
AAA

3.82 3.56
3137FTZQ3 FHMS K-110 A2 1.477 04/25/2030 1,500,000.00 09/03/2025

3.96%
1,348,652.34
1,367,275.55

90.38 4.16%
1,355,634.00
1,846.25

0.66%
(11,641.55)
Aa1/AA+
AAA

4.07 3.71
3137FWG79 FHMS K-115 A2 1.383 06/25/2030 2,000,000.00 12/10/2025

3.99%
1,787,343.75
1,801,311.96

89.32 4.18%
1,786,388.00
2,305.00

0.87%
(14,923.96)
Aa1/AA+
AAA

4.24 3.98
3137FXZ35 FHMS K-127 A2 2.108 01/25/2031 1,000,000.00 02/03/2026

4.11%
910,937.50
913,624.30

90.82 4.24%
908,244.00
1,756.67

0.44%
(5,380.30)
Aa1/AA+
AAA

4.82 4.45
23,154,497.16 95.60 23,576,829.04 11.42% 3.24
Total Agency CMBS 24,688,900.90 4.24% 23,503,212.92 4.11% 56,077.28 73,616.12 2.95 CASH
992995944 WC MMF SWEEP 53,011.65 --

1.80%
53,011.65
53,011.65

1.00 1.80%
53,011.65

0.00 0.03%

0.00 NA/NA
NA

0.00 0.00
CCYUSD Receivable 3,344.38 -- 3,344.38
3,344.38

1.00 3,344.38

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
56,356.03 1.00 56,356.03 0.03% 0.00
Total Cash 56,356.03 1.80% 56,356.03 1.80% 0.00 0.00 0.00

CORPORATE
931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021

1.09%
349,338.50
349,938.78

98.68 3.96%
345,377.90
142.92

0.17%
(4,560.88)
Aa2/AA
AA

0.47 0.45
38 557
CC 05-19-2026 Searchable Packet
560 of 1255

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
808513BY0 CHARLES SCHWAB CORP 2.45
03/03/2027 960,000.00 03/01/20222.46%
959,729.90
959,946.18

98.46 4.17%
945,195.84
1,829.33

0.46%
(14,750.34)
A2/AA0.92

0.90 084664CZ2 BERKSHIRE HATHAWAY FINANCE
CORP 2.3 03/15/2027 1,615,000.00 03/07/20222.30%
1,614,693.15
1,614,941.52

98.45 3.97%
1,589,972.35
1,650.89

0.77%
(24,969.18)
Aa2/AA
A+

0.96 0.93
57636QAW4 MASTERCARD INC 4.875
03/09/2028 945,000.00 03/06/20234.90%
944,083.35
944,644.78
101.48

4.07%
959,010.57
2,815.31

0.46%
14,365.79
Aa3/A+
NA

1.94 1.76
79466LAQ7 SALESFORCE INC 4.5 03/15/2028 1,355,000.00 03/12/2026

4.37%
1,358,284.45
1,358,195.81
100.03

4.48%
1,355,349.59
3,048.75

0.66%
(2,846.22)
A2/A+
NA

1.96 1.85
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
100.59

4.53%
1,961,565.45
20,720.70

0.95%
11,565.45
Aa3/A+
AA2.291.22
69371RU20 PACCAR FINANCIAL CORP 4.0
11/07/2028 1,865,000.00 11/05/20254.02%
1,863,955.60
1,864,093.77

99.64 4.14%
1,858,338.22
29,840.00

0.90%
(5,755.55)
A1/A+
NA

2.61 2.41
58989V2M5 MET TOWER GLOBAL FUNDING

4.0 01/14/2029 1,310,000.00 01/07/20264.05%
1,308,310.10
1,308,428.82

98.95 4.40%
1,296,267.27
11,207.78

0.63%
(12,161.55)
Aa3/AAAA2.79

2.59 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024

4.68%
1,481,235.00
1,488,263.39
100.05

4.35%
1,500,816.00
10,937.50

0.73%
12,552.61
A2/A
NA

2.84 2.62
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 2,000,000.00 10/31/20244.69%
2,019,920.00
2,013,301.38
101.72

4.30%
2,034,440.00
16,500.00

0.99%
21,138.62
A1/A
AA2.842.60
743315AV5 PROGRESSIVE CORP 4.0
03/01/2029 1,500,000.00 07/16/20244.72%
1,455,495.00
1,471,920.72

99.54 4.17%
1,493,124.00
5,000.00

0.72%
21,203.28
A2/A
A

2.92 2.72
64952WFG3 NEW YORK LIFE GLOBAL FUNDING

5.0 06/06/2029 1,000,000.00 07/01/20245.12%
994,880.00
996,694.76
101.64

4.44%
1,016,400.00
15,972.22

0.49%
19,705.24
Aa1/AA+
AAA

3.18 2.87
437076BY7 HOME DEPOT INC 2.95
06/15/2029 1,663,000.00 09/17/20243.93%
1,593,203.89
1,615,783.80

96.21 4.23%
1,599,973.96
14,445.00

0.78%
(15,809.84)
A2/A
A

3.21 2.99
437076DC3 HOME DEPOT INC 4.75
06/25/2029 1,000,000.00 07/01/20244.93%
992,260.00
994,974.74
101.54

4.23%
1,015,369.00
12,666.67

0.49%
20,394.26
A2/A
A

3.24 2.87
756109CB8 REALTY INCOME CORP 4.0
07/15/2029 1,463,000.00 08/08/20244.69%
1,419,212.41
1,433,800.17

98.88 4.37%
1,446,634.88
12,354.22

0.70%
12,834.71
A3/ANA3.29

3.02 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024

4.53%
1,497,675.00
1,498,468.25
100.96

4.18%
1,514,416.50
13,875.00

0.73%
15,948.25
A1/A+
NA

3.30 2.94
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,500,000.00 09/17/20244.27%
1,496,610.00
1,497,962.14

99.43 4.68%
1,491,376.50
11,908.50

0.72%
(6,585.64)
A1/A
AA3.312.16
06051GHM4 BANK OF AMERICA CORP 4.271
07/23/2029 1,500,000.00 09/17/20244.29%
1,498,710.00
1,499,224.53

99.59 4.69%
1,493,886.00
12,101.17

0.72%
(5,338.53)
A1/AAA3.31

2.16 39
558
CC 05-19-2026 Searchable Packet
561 of 1255

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 912,000.00 08/12/20244.33%
910,584.09
911,044.69
100.45

4.16%
916,068.43
5,010.93

0.44%
5,023.74
Aa3/AANA3.38

3.02 171239AL0 CHUBB INA HOLDINGS LLC 4.65
08/15/2029 1,750,000.00 --4.44%
1,765,746.34
1,760,791.17
101.12

4.29%
1,769,675.25
10,397.92

0.86%
8,884.08
A2/A
A

3.38 3.01
91324PDS8 UNITEDHEALTH GROUP INC 2.875
08/15/2029 2,000,000.00 09/17/20243.94%
1,906,080.00
1,935,430.00

95.33 4.38%
1,906,564.00
7,347.22

0.92%
(28,866.00)
A2/A+
A

3.38 3.15
02665WFQ9 AMERICAN HONDA FINANCE
CORP 4.4 09/05/2029 1,750,000.00 10/02/20244.29%
1,758,102.50
1,755,646.51

99.10 4.69%
1,734,202.75
5,561.11

0.84%
(21,443.76)
A3/BBB+
NA

3.43 3.14
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

99.08 4.47%
1,193,869.42
699.40

0.58%
(11,130.59)
Aa1/AA+
NA

3.49 3.21
61748UAK8 MORGAN STANLEY 4.133
10/18/2029 1,470,000.00 10/17/20254.25%
1,470,184.60
1,470,157.38

98.84 4.61%
1,452,945.06
26,833.50

0.70%
(17,212.32)
A1/AA+3.55

2.35 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

99.07 4.54%
1,015,435.73
18,919.22

0.49%
(9,564.28)
A2/BBB+
A

3.56 2.35
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,200,000.00 11/14/20244.74%
1,198,092.00
1,198,616.54
101.37

4.28%
1,216,498.80
21,306.67

0.59%
17,882.26
A2/A
A+

3.63 3.25
64952WFK4 NEW YORK LIFE GLOBAL FUNDING

4.6 12/05/2029 1,365,000.00 12/02/20244.61%
1,364,221.95
1,364,427.33
100.59

4.42%
1,373,018.01
20,232.33

0.67%
8,590.68
Aa1/AA+
AAA

3.68 3.30
89236TNA9 TOYOTA MOTOR CREDIT CORP

4.95 01/09/2030 1,445,000.00 01/06/20255.00%
1,441,907.70
1,442,664.69
101.62

4.48%
1,468,433.57
16,292.38

0.71%
25,768.88
A1/A+
A+

3.78 3.38
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
1,002,204.44
101.74

4.45%
1,017,356.00
7,425.00

0.49%
15,151.56
A2/NA
A

3.86 3.39
571748CA8 MARSH & MCLENNAN
COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/20254.69% 1,397,340.00
1,397,894.17
100.71

4.45%
1,409,984.80
2,893.33

0.68%
12,090.63
A3/AA3.96

3.50 57629TBX4 MASSMUTUAL GLOBAL FUNDING
II 4.55 05/07/2030 1,000,000.00 05/01/20254.58%
998,670.00
998,909.63

99.67 4.64%
996,748.00
18,200.00

0.48%
(2,161.63)
Aa3/AA+
AA+

4.10 3.63
66815L2W8 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/20254.51% 1,004,040.00
1,003,390.40
100.11

4.57%
1,001,115.00
15,077.78

0.49%
(2,275.40)
Aa1/AA+
AAA

4.18 3.70
828807DK0 SIMON PROPERTY GROUP LP 2.65
07/15/2030 2,000,000.00 08/19/20254.32%
1,853,380.00
1,871,727.98

92.87 4.50%
1,857,340.00
11,188.89

0.90%
(14,387.98)
A3/A
NA

4.29 3.96
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

98.86 4.61%
1,482,853.50
31,551.04

0.72%
(17,146.50)
Aa1/AA+
NA

4.52 3.97
40 559
CC 05-19-2026 Searchable Packet
562 of 1255

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 1,000,000.00 11/04/20254.22%
1,006,920.00
1,006,356.43

99.85 4.41%
998,526.00
20,173.61

0.48%
(7,830.43)
A1/A
A+

4.54 4.00
141781CF9 CARGILL INC 4.125 10/23/2030 1,100,000.00 10/20/2025

4.14%
1,099,171.70
1,099,244.28

98.55 4.48%
1,084,065.40
19,914.58

0.53%
(15,178.88)
A2/A
NA

4.56 4.04
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,500,000.00 11/13/20254.16%
1,502,895.00
1,502,677.03

99.03 4.43%
1,485,445.50
25,900.00

0.72%
(17,231.53)
Aa3/AANA4.63

4.09 74153WCZ0 PRICOA GLOBAL FUNDING I 4.35
11/25/2030 1,750,000.00 12/08/20254.36%
1,749,440.00
1,749,474.92

98.97 4.60%
1,731,952.25
26,643.75

0.84%
(17,522.67)
Aa3/NA
AA4.654.10
89236TPH2 TOYOTA MOTOR CREDIT CORP 4.2
01/10/2031 1,080,000.00 01/07/20264.21%
1,079,665.20
1,079,679.70

98.62 4.52%
1,065,119.76
9,954.00

0.52%
(14,559.94)
A1/A+
A+

4.78 4.24
66815L2Z1 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.3 01/13/2031 1,020,000.00 01/06/20264.30% 1,019,908.20
1,019,912.12

98.59 4.63%
1,005,634.32
9,503.00

0.49%
(14,277.80)
Aa1/AA+
AAA

4.79 4.23
6944PL3M9 PACIFIC LIFE GLOBAL FUNDING II

4.375 02/03/2031 1,000,000.00 01/29/20264.34%
1,001,380.00
1,001,336.92

99.29 4.54%
992,874.00
7,048.61

0.48%
(8,462.92)
Aa3/AAAA4.85

4.28 92826CAZ5 VISA INC 4.1 02/12/2031 1,345,000.00 02/03/2026

4.13%
1,343,197.70
1,343,245.08

99.90 4.12%
1,343,669.80
7,505.85

0.65%
424.72
Aa3/AANA4.87

4.35 02079KBK2 ALPHABET INC 4.1 02/15/2031 1,500,000.00 02/12/2026

4.10%
1,500,087.78
1,500,085.55

99.31 4.26%
1,489,576.50
8,200.00

0.72%
(10,509.05)
Aa2/AA+
NA

4.88 4.35
24422EYL7 JOHN DEERE CAPITAL CORP 4.2
03/10/2031 1,060,000.00 03/05/20264.20%
1,059,766.80
1,059,769.61

99.05 4.42%
1,049,942.72
2,597.00

0.51%
(9,826.89)
A1/A
A+

4.94 4.40
Total Corporate 59,353,000.00 4.32%
58,961,251.52
59,065,270.09

99.40 4.40%
58,976,428.58
553,393.09

28.58%
(88,841.51)

3.49 3.04

MONEY MARKET
FUND
VP4520004 WF ADV 100% TREAS MM FD-SVC
CL #008 1,093,340.64 --0.01%
1,093,340.64
1,093,340.64

1.00 0.01%
1,093,340.64

0.00 0.53%

0.00 Aaa/AAAm
NA

0.00 0.00
Total Money Market
Fund 1,093,340.64 0.01%
1,093,340.64
1,093,340.64

1.00 0.01%
1,093,340.64

0.00 0.53%

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
1,746,455.96
101.76

3.93%
1,770,670.98
13,050.00

0.86%
24,215.02
Aa2/AAAA3.34

3.05 41
560
CC 05-19-2026 Searchable Packet
563 of 1255

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Municipal
Bonds 1,740,000.00 4.38%
1,749,169.80
1,746,455.96
101.76

3.93%
1,770,670.98
13,050.00

0.86%
24,215.02

3.34 3.05

SUPRANATIONAL
4581X0DV7 INTER-AMERICAN DEVELOPMENT
BANK 0.875 04/20/2026 2,460,000.00 04/13/20210.97%
2,448,733.20
2,459,882.77

99.84 3.84%
2,456,137.80
9,626.46

1.19%
(3,744.97)
Aaa/AAA
NA

0.05 0.05
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
1,729,148.16
100.04

3.86%
1,750,630.00
31,080.00

0.85%
21,481.84
Aaa/AAA
NA

3.54 3.22
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
1,695,413.35
100.81

3.90%
1,713,764.90
2,142.71

0.83%
18,351.55
Aaa/AAA
NA

3.97 3.63
Total Supranational 5,910,000.00 2.87%
5,864,463.20
5,884,444.27
100.18

3.87%
5,920,532.70
42,849.17

2.87%
36,088.43

2.22 2.03

US TREASURY
91282CBW0 UNITED STATES TREASURY 0.75
04/30/2026 2,500,000.00 05/27/20210.80%
2,493,652.34
2,499,897.62

99.76 3.70%
2,494,090.00
7,872.93

1.21%
(5,807.62)
Aa1/AA+
AA+

0.08 0.08
912797UB1 UNITED STATES TREASURY
06/23/2026 2,000,000.00 02/25/20263.68%
1,976,657.85
1,983,441.04

99.18 3.66%
1,983,514.00

0.00 0.96%

72.96 P-1/A-1+
F1+

0.23 0.23
91282CCZ2 UNITED STATES TREASURY 0.875
09/30/2026 1,400,000.00 10/18/20211.19%
1,379,054.68
1,397,890.40

98.59 3.76%
1,380,279.60

33.47 0.67%
(17,610.80)
Aa1/AA+
AA+

0.50 0.49
91282CDG3 UNITED STATES TREASURY 1.125
10/31/2026 1,400,000.00 11/15/20211.25%
1,391,468.75
1,398,995.49

98.48 3.80%
1,378,693.40
6,613.26

0.67%
(20,302.09)
Aa1/AA+
AA+

0.59 0.57
91282CJP7 UNITED STATES TREASURY 4.375
12/15/2026 2,500,000.00 12/28/20234.01%
2,525,097.66
2,505,984.47
100.43

3.75%
2,510,717.50
32,151.44

1.22%
4,733.03
Aa1/AA+
AA+

0.71 0.68
91282CKJ9 UNITED STATES TREASURY 4.5
04/15/2027 2,300,000.00 04/17/20244.77%
2,283,109.38
2,294,137.78
100.76

3.74%
2,317,509.90
47,769.23

1.12%
23,372.12
Aa1/AA+
AA+

1.04 0.99
91282CKR1 UNITED STATES TREASURY 4.5
05/15/2027 3,200,000.00 05/08/20244.65%
3,186,500.00
3,194,957.53
100.73

3.82%
3,223,500.80
54,497.24

1.56%
28,543.27
Aa1/AA+
AA+

1.12 1.07
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 3,250,000.00 --3.18%
3,260,312.50
3,252,504.14

99.30 3.82%
3,227,402.75
26,552.14

1.56%
(25,101.39)
Aa1/AA+
AA+

1.25 1.20
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Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CFB2 UNITED STATES TREASURY 2.75
07/31/2027 400,000.00 08/22/20223.12%
393,218.75
398,172.11

98.60 3.84%
394,390.80
1,823.20

0.19%
(3,781.31)
Aa1/AA+
AA+

1.33 1.29
91282CFH9 UNITED STATES TREASURY 3.125
08/31/2027 4,500,000.00 --3.28%
4,468,902.34
4,491,148.38

99.02 3.84%
4,455,877.50
12,228.26

2.16%
(35,270.88)
Aa1/AA+
AA+

1.42 1.36
91282CFM8 UNITED STATES TREASURY 4.125
09/30/2027 3,450,000.00 --4.31%
3,421,152.34
3,441,217.58
100.41

3.84%
3,464,151.90
388.83

1.68%
22,934.32
Aa1/AA+
AA+

1.50 1.44
91282CFZ9 UNITED STATES TREASURY 3.875
11/30/2027 850,000.00 12/05/20223.81%
852,656.25
850,887.36
100.06

3.84%
850,498.10
11,039.49

0.41%
(389.26)
Aa1/AA+
AA+

1.67 1.58
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 2,750,000.00 --3.67%
2,775,107.42
2,758,923.08
100.07

3.83%
2,751,933.25
26,787.81

1.33%
(6,989.83)
Aa1/AA+
AA+

1.75 1.66
91282CGH8 UNITED STATES TREASURY 3.5
01/31/2028 3,000,000.00 02/07/20233.81%
2,957,929.69
2,984,495.54

99.43 3.82%
2,982,891.00
17,403.31

1.45%
(1,604.54)
Aa1/AA+
AA+

1.84 1.75
91282CGP0 UNITED STATES TREASURY 4.0
02/29/2028 3,700,000.00 --4.01%
3,699,113.28
3,699,711.50
100.33

3.82%
3,712,139.70
12,869.57

1.80%
12,428.20
Aa1/AA+
AA+

1.92 1.82
91282CNY3 UNITED STATES TREASURY 3.375
09/15/2028 5,000,000.00 10/28/20253.50%
4,982,812.50
4,985,328.54

98.97 3.82%
4,948,440.00
7,795.52

2.40%
(36,888.54)
Aa1/AA+
AA+

2.46 2.33
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 2,300,000.00 04/17/20244.62%
2,249,867.19
2,269,637.49
100.83

3.83%
2,319,136.00
259.22

1.12%
49,498.51
Aa1/AA+
AA+

3.00 2.80
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 2,000,000.00 07/01/20244.41%
1,985,546.88
1,990,602.30
101.21

3.85%
2,024,218.00
21,367.40

0.98%
33,615.70
Aa1/AA+
AA+

3.25 2.98
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 3,500,000.00 09/11/20243.45%
3,527,480.47
3,518,916.51

99.23 3.87%
3,473,204.00
11,032.61

1.68%
(45,712.51)
Aa1/AA+
AA+

3.42 3.17
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 5,000,000.00 --3.83%
4,925,039.06
4,947,174.72

98.80 3.87%
4,939,845.00
478.14

2.39%
(7,329.72)
Aa1/AA+
AA+

3.50 3.26
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 10/31/20244.17%
2,993,789.06
2,995,545.14
100.82

3.88%
3,024,609.00
51,961.33

1.47%
29,063.86
Aa1/AA+
AA+

3.59 3.25
91282CMD0 UNITED STATES TREASURY 4.375
12/31/2029 4,400,000.00 --4.53%
4,369,171.88
4,376,674.47
101.69

3.88%
4,474,421.60
48,390.88

2.17%
97,747.13
Aa1/AA+
AA+

3.75 3.40
91282CMG3 UNITED STATES TREASURY 4.25
01/31/2030 4,000,000.00 02/07/20254.34%
3,983,906.25
3,987,584.06
101.27

3.89%
4,050,624.00
28,176.80

1.96%
63,039.94
Aa1/AA+
AA+

3.84 3.49
91282CGQ8 UNITED STATES TREASURY 4.0
02/28/2030 4,500,000.00 --4.01%
4,496,958.99
4,497,560.27
100.38

3.89%
4,517,050.50
15,652.17

2.19%
19,490.23
Aa1/AA+
AA+

3.91 3.58
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 5,000,000.00 --3.78%
5,020,507.81
5,019,133.33

99.85 3.91%
4,992,385.00
48,705.11

2.42%
(26,748.33)
Aa1/AA+
AA+

4.25 3.85
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Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CHR5 UNITED STATES TREASURY 4.0
07/31/2030 5,000,000.00 10/23/20253.59%
5,089,062.50
5,080,928.70
100.32

3.92%
5,015,820.00
33,149.17

2.43%
(65,108.70)
Aa1/AA+
AA+

4.33 3.92
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 5,000,000.00 --3.66%
4,991,425.79
4,992,450.13

98.77 3.93%
4,938,670.00
15,760.87

2.39%
(53,780.13)
Aa1/AA+
AA+

4.42 4.02
91282CPA3 UNITED STATES TREASURY 3.625
09/30/2030 5,000,000.00 --3.59%
5,008,789.06
5,008,006.60

98.75 3.93%
4,937,695.00
495.22

2.39%
(70,311.60)
Aa1/AA+
AA+

4.50 4.11
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 1,750,000.00 12/15/20253.73%
1,731,816.41
1,732,881.31

98.16 3.93%
1,717,803.50
20,528.85

0.83%
(15,077.81)
Aa1/AA+
AA+

4.67 4.21
Total US Treasury 92,650,000.00 3.73%
92,420,107.08
92,554,787.57

99.85 3.85%
92,501,511.80
561,783.48

44.82%
(53,275.77)

2.76 2.55
Total Portfolio 207,849,407.81 4.01%
205,686,359.19
206,277,628.74

98.79 4.04%
206,386,615.39
1,408,186.33
100.00%
108,986.65

2.96 2.56
Total Market Value +
Accrued 207,794,801.72
44 563
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HOLDINGS REPORT
City of Cupertino Reporting | Account #10663 | As of March 31, 2026 Cusip Security Description Par Value/
Units
Purchase
Date
Purchase
Yield
Cost Value
Book Value
Mkt
Price
Mkt
YTM
Market Value
Accrued Int.
% of Port.

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
90CASH$00 Wells Fargo Government
Advantage Checking 11,912,803.90 --0.00%
11,912,803.90
11,912,803.90

1.00 0.00%
11,912,803.90

0.00 13.75%

0.00 NA/NA
NA

0.00 0.00
90CASH$02 Wells Fargo WC Distribution
Account 34,369.23 --0.00%
34,369.23
34,369.23

1.00 0.00%
34,369.23

0.00 0.04%

0.00 NA/NA
NA

0.00 0.00
CCYUSD Receivable 710,680.90 -- 710,680.90
710,680.90

1.00 710,680.90

0.00 0.82%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 12,657,854.03 0.00%
12,657,854.03
12,657,854.03

1.00 0.00%
12,657,854.03

0.00 14.61%

0.00 0.00

0.00 LAIF
90LAIF$00 Local Agency Investment Fund
State Pool 73,980,260.70 --3.82%
73,980,260.70
73,980,260.70

1.00 3.82%
73,980,260.70

0.00 85.39%

0.00 NA/NA
NA

0.00 0.00
Total LAIF 73,980,260.70 3.82%
73,980,260.70
73,980,260.70

1.00 3.82%
73,980,260.70

0.00 85.39%

0.00 0.00

0.00 Total Portfolio 86,638,114.73 3.29%
86,638,114.73
86,638,114.73

1.00 3.29%
86,638,114.73

0.00 100.00%

0.00 0.00

0.00 Total Market Value +
Accrued 86,638,114.73
45 564
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TRANSACTIONS
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TRANSACTION LEDGER
City of Cupertino | Account #10659|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/12/2026 89236TPH2 1,080,000.00

TOYOTA MOTOR
CREDIT CORP 4.2
01/10/2031

99.969 4.21% (1,079,665.20) 0.00 (1,079,665.20) 0.00
Purchase 01/13/2026 66815L2Z1 1,020,000.00

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 4.3
01/13/2031

99.991 4.30% (1,019,908.20) 0.00 (1,019,908.20) 0.00
Purchase 01/14/2026 58989V2M5 1,310,000.00

MET TOWER GLOBAL
FUNDING 4.0
01/14/2029

99.871 4.05% (1,308,310.10) 0.00 (1,308,310.10) 0.00
Purchase 01/21/2026 448970AD5 635,000.00 HALST 26A A3 3.97 12/15/2028 99.985 3.98% (634,906.91) 0.00 (634,906.91) 0.00 Purchase 01/21/2026 58770YAD3 570,000.00 MBALT 2026-A A3 3.93 01/15/2030 99.980 3.97% (569,886.97) 0.00 (569,886.97) 0.00 Purchase 02/03/2026 6944PL3M9 1,000,000.00

PACIFIC LIFE GLOBAL
FUNDING II 4.375
02/03/2031
100.138 4.34% (1,001,380.00) 0.00 (1,001,380.00) 0.00
Purchase 02/06/2026 3137FXZ35 1,000,000.00 FHMS K-127 A2 2.108 01/25/2031 91.094 4.11% (910,937.50) (292.78) (911,230.28) 0.00 Purchase 02/12/2026 92826CAZ5 1,345,000.00 VISA INC 4.1 02/12/2031 99.866 4.13% (1,343,197.70) 0.00 (1,343,197.70) 0.00 Purchase 02/17/2026 02079KBK2 612,000.00 ALPHABET INC 4.1 02/15/2031 99.951 4.11% (611,697.06) (278.80) (611,975.86) 0.00 Purchase 02/17/2026 02079KBK2 888,000.00 ALPHABET INC 4.1 02/15/2031 100.044 4.09% (888,390.72) (404.53) (888,795.25) 0.00 Purchase 02/26/2026 912797UB1 2,000,000.00 UNITED STATES TREASURY 06/23/2026 98.833 3.68% (1,976,657.85) 0.00 (1,976,657.85) 0.00 Purchase 03/10/2026 24422EYL7 1,060,000.00 JOHN DEERE CAPITAL CORP 4.2 03/10/2031 99.978 4.20% (1,059,766.80) 0.00 (1,059,766.80) 0.00 Purchase 03/13/2026 79466LAQ7 680,000.00 SALESFORCE INC 4.5 03/15/2028 100.214 4.38% (681,455.20) 0.00 (681,455.20) 0.00 Purchase 03/13/2026 79466LAQ7 675,000.00 SALESFORCE INC 4.5 03/15/2028 100.271 4.35% (676,829.25) 0.00 (676,829.25) 0.00 Total Purchase 13,875,000.00 (13,762,989.46) (976.11) (13,763,965.57) 0.00 47 566
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DISPOSITIONS
Maturity 01/31/2026 91282CBH3 (2,500,000.00)

UNITED STATES
TREASURY 0.375
01/31/2026
100.000 0.75% 2,500,000.00 0.00 2,500,000.00 0.00
Total Maturity (2,500,000.00) 2,500,000.00 0.00 2,500,000.00 0.00 Sale 01/09/2026 58989V2D5 (770,000.00)

MET TOWER GLOBAL
FUNDING 1.25
09/14/2026

98.183 1.27% 756,009.10 3,074.65 759,083.75 (13,894.69) Sale 01/09/2026 59217GER6 (1,115,000.00)

METROPOLITAN LIFE

GLOBAL FUNDING I

1.875 01/11/2027

98.059 1.90% 1,093,357.85 10,336.98 1,103,694.83 (21,386.68) Sale 01/09/2026 57629WDE7 (1,000,000.00)

MASSMUTUAL GLOBAL
FUNDING II 1.2
07/16/2026

98.592 1.15% 985,920.00 5,766.67 991,686.67 (14,314.47) Sale 01/09/2026 89236TJK2 (1,385,000.00)

TOYOTA MOTOR
CREDIT CORP 1.125
06/18/2026

98.805 1.13% 1,368,449.25 908.91 1,369,358.16 (16,497.35) Sale 01/30/2026 14913UAL4 (1,000,000.00)

CATERPILLAR

FINANCIAL SERVICES
CORP 5.0 05/14/2027
101.638 5.04% 1,016,380.00 10,555.56 1,026,935.56 16,838.71 Sale 02/06/2026 3137FBBX3 (1,000,000.00) FHMS K-068 A2 3.244 08/25/2027 99.094 4.36% 990,937.50 450.56 991,388.06 6,076.89 Sale 02/26/2026 24422EXZ7 (1,430,000.00) JOHN DEERE CAPITAL CORP 4.65 01/07/2028 101.742 4.66% 1,454,910.60 9,050.71 1,463,961.31 25,177.50 Total Sale (7,700,000.00) 7,665,964.30 40,144.04 7,706,108.34 (18,000.09) TOTAL
DISPOSITIONS (10,200,000.00) 10,165,964.30 40,144.04 10,206,108.34 (18,000.09) 48 567
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TRANSACTION LEDGER
City of Cupertino Reporting | Account #10663|01/01/2026 Through 03/31/2026| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 01/15/2026 90LAIF$00 727,869.67
Local Agency
Investment Fund State
Pool

1.000 3.93% (727,869.67) 0.00 (727,869.67) 0.00
Total Purchase 727,869.67 (727,869.67) 0.00 (727,869.67) 0.00 TOTAL
ACQUISITIONS 727,869.67 (727,869.67) 0.00 (727,869.67) 0.00 49 568
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IMPORTANT DISCLOSURES
2026 Chandler Asset Management, Inc, An Independent Registered Investment Adviser.

Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A.

Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio.

Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “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.

LGIP Yields: Reported yields for local government investment pools may be presented as either the 30-day yield or the monthly distribution yield, as applicable. For certain funds, the 30-day yield is calculated using reported daily yield data. Yield calculations are subject to change and may not be directly comparable across funds.

LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yieldsrepresent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 50 569
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BENCHMARK DISCLOSURES
Benchmark Disclosure
ICE BofA 1-5 Yr Unsubordinated US
Treasury & Agency Index
The ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 51 570
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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 STATEMENT
MARCH 1, 2026 THROUGH MARCH 31, 2026
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
09126 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 CUPERTINO
FOR THE PERIOD MARCH 1, 2026 THROUGH MARCH 31, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE
REPORT NAME ___________ NUMBER ______
ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 20 STATEMENT OF TRANSACTIONS ...................................................................... 21 573
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PAGE 1

ASSET SUMMARY CITY OF CUPERTINO
AS OF MARCH 31, 2026 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

ASSET SUMMARY
% TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED

INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00
CASH EQUIVALENTS 3,123,010.14 3,129,872.29 1.52 6,862.15 108,887 3.48 3,344.38 BONDS AND NOTES 202,560,004.70 203,253,381.34 98.48 693,376.64 7,748,865 3.81 1,408,525.65 ===================================================================================================================================== TOTAL INVESTMENTS 205,683,014.84 206,383,253.63 100.00 700,238.79 7,857,752 3.81 1,411,870.03 TOTAL ACCRUALS 1,411,870.03 1,411,870.03
===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 207,094,884.87 207,795,123.66 700,238.79 7,857,752 3.81 1,411,870.03 574
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STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO
AS OF MARCH 31, 2026 ACCOUNT NUMBER
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS ______________________________________________________________________________________________________________________________________ 1,093,340.64 ALLSPRING 100% TREASURY 1,093,340.64 1,093,340.64 0.53 0.00 3,263.34 MONEY MARKET FUND - #008 1.0000 1.0000
53,011.65 PRINCIPAL PUBLIC DEPOSIT SWEEP 53,011.65 53,011.65 0.03 0.00 81.04 PROGRAM 1.0000 1.0000
2,000,000 UNITED STATES TREASURY BILLS 1,976,657.85 1,983,520.00 0.96 6,862.15 0.00 DTD 02/24/2026 DUE 06/23/2026 98.8329 99.1760
CUSIP 912797UB1
====================================================================================================================================== TOTAL CASH EQUIVALENTS 3,123,010.14 3,129,872.29 1.52 6,862.15 3,344.38 BOND & NOTES ______________________________________________________________________________________________________________________________________ 1,500,000 ALPHABET INC 1,500,087.78 1,489,575.00 0.72 10,512.78- 8,200.00 DTD 02/13/2026 4.100% 02/15/2031 100.0059 99.3050

CALLABLE
MOODY'S RATING AA2
CUSIP 02079KBK2
1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,424,913.20 0.69 4,938.90 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 100.3460
DTD 05/13/2025 4.280% 04/15/2030

NON CALLABLE
CUSIP 02582JKP4
1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,734,197.50 0.84 23,905.00- 5,561.11 MEDIUM TERM NOTE 100.4630 99.0970
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 1,493,880.00 0.72 4,830.00- 12,101.17 DTD 07/23/18 07/23/2029 99.9140 99.5920
MOODY'S RATING A1
CUSIP 06051GHM4
575
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PAGE 3

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

NON CALLABLE

MOODY'S RATING AAA
CUSIP 05522RDH8
785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 793,116.90 0.38 8,160.94 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.0340
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 1,589,967.50 0.77 24,725.65- 1,650.89 DTD 03/15/2022 2.300% 03/15/2027 99.9810 98.4500

CALLABLE
MOODY'S RATING AA2
CUSIP 084664CZ2
1,050,000 BMW VEHICLE LEASE TRUST 1,049,997.06 1,048,582.50 0.51 1,414.56- 694.75 ASSET BCKD SEC SER 2025-2 CL A3 99.9997 99.8650
DTD 10/15/2025 3.970% 09/25/2028

CALLABLE
CUSIP 05594HAD5
552,424.53 BMW VEHICLE OWNER TRUST 552,340.61 556,065.01 0.27 3,724.40 476.93 ASSET BCKD SEC SER 2024-A CL A3 99.9848 100.6590
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 1,770,676.20 0.86 21,506.40 13,050.00 GENERAL OBLIGATION 100.5270 101.7630
DTD 11/05/2024 4.500% 08/01/2029

NON CALLABLE
MOODY'S RATING AA2
CUSIP 13063EGT7
576
CC 05-19-2026 Searchable Packet
579 of 1255
PAGE 4

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING A2
CUSIP 141781CF9
1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,216,500.00 0.59 18,408.00 21,306.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 101.3750

NON CALLABLE
MOODY'S RATING A2
CUSIP 14913UAU4
960,000 CHARLES SCHWAB CORP 959,729.90 945,196.80 0.46 14,533.10- 1,829.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 98.4580

CALLABLE
MOODY'S RATING A2
CUSIP 808513BY0
1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,697,655.70 0.82 7,913.09 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.4530
DTD 01/31/2024 4.600% 01/16/2029

NON CALLABLE
CUSIP 161571HV9
1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,769,670.00 0.86 3,923.66 10,397.92 DTD 07/31/2024 4.650% 08/15/2029 100.8998 101.1240

CALLABLE
MOODY'S RATING A2
CUSIP 171239AL0
1,500,000 CITIBANK CREDIT CARD ISSURANCE 1,515,000.00 1,504,425.00 0.73 10,575.00- 17,916.67 ASSET BCKD SEC SER 2025-A1 CL A 101.0000 100.2950
DTD 06/26/2025 4.300% 06/21/2030

NON CALLABLE

MOODY'S RATING AAA
CUSIP 17305EHA6
577
CC 05-19-2026 Searchable Packet
580 of 1255
PAGE 5

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 1,268,396.64 0.61 40,218.20 3,824.29 SER K089 CL A2 *24 DAY DELAY* 95.3555 98.4780
DTD 03/01/19 3.563 01/25/2029
CUSIP 3137FL6P4
1,964,709.5 FED HOME LN MTG CORP 1,895,484.19 1,902,526.44 0.92 7,042.25 4,882.30 SER K093 CL A2 *24 DAY DELAY* 96.4766 96.8350
DTD 06/01/19 2.982 05/25/2029
CUSIP 3137FMCR1
1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,427,190.00 0.69 20,178.28 3,243.75 SER K099 CL A2 *24 DAY DELAY* 93.8008 95.1460
DTD 10/01/19 2.595 09/25/2029
CUSIP 3137FPJG1
2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,835,700.00 1.37 46,088.00 48,922.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.2750

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133EPC60
2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,427,552.00 1.18 15,000.00 45,916.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.1480

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3133ERDS7
1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,893,750.00 0.92 23,700.00 42,552.08 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.0000

NON CALLABLE
MOODY'S RATING AA1
CUSIP 3130B0TY5
1,500,000 FEDERAL HOME LOAN MORTGAGE CORP 1,348,652.34 1,355,640.00 0.66 6,987.66 1,846.25 CMO SER 2020-K110 CL A2 89.9102 90.3760
DTD 06/01/2020 1.477% 04/25/2030

NON CALLABLE
CUSIP 3137FTZQ3
578
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

NON CALLABLE
CUSIP 3137FWG79
2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,903,120.00 0.92 101,401.25 3,766.67 CMO SER K748 CL A2 90.0860 95.1560
DTD 03/01/2022 2.260% 01/25/2029

NON CALLABLE
CUSIP 3137H5YC5
650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 645,976.50 0.31 41,474.67- 1,437.04 SER K058 CL A2 *24 DAY DELAY* 105.7617 99.3810
DTD 11/01/16 2.653 08/25/2026
CUSIP 3137BSP72
1,936,191.4 FHLMC MULTIFAMILY STRUCTURED P 1,852,314.99 1,918,029.92 0.93 65,714.93 6,084.48 SER K087 CL A2 *24 DAY DELAY* 95.6680 99.0620
DTD 01/01/19 3.771 12/25/2028
CUSIP 3137FKUP9
2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,519,833.50 1.22 54,003.42 7,841.25 SER K088 CL A2 *24 DAY DELAY* 96.6992 98.8170
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 2,457,025.00 1.19 25,286.72 7,302.08 SER K091 CL A2 *24 DAY DELAY* 97.2695 98.2810
DTD 04/01/19 3.505 03/25/2029
CUSIP 3137FLN91
2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,113,694.00 1.02 74,311.18 5,105.83 SER K095 CL A2 *24 DAY DELAY* 92.6992 96.0770
DTD 08/01/19 2.785 06/25/2029
CUSIP 3137FNAE0
579
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE

MOODY'S RATING AAA
CUSIP 36268GAD7
1,025,000 GOLDMAN SACHS GROUP INC 1,025,000.00 1,015,436.75 0.49 9,563.25- 18,919.22 DTD 10/21/2025 VAR CPN 10/21/2029 100.0000 99.0670

CALLABLE
MOODY'S RATING A2
CUSIP 38141GD27
1,500,000 GUARDIAN LIFE 1,500,000.00 1,482,855.00 0.72 17,145.00- 31,551.04 DTD 10/06/2025 4.327% 10/06/2030 100.0000 98.8570

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBN2
1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,193,865.80 0.58 11,134.20- 699.40 MEDIUM TERM NOTE 100.0000 99.0760
DTD 09/26/2024 4.179% 09/26/2029

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 40139LBJ1
580
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PAGE 8

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE
MOODY'S RATING A2
CUSIP 437076DC3
422,775.04 HONDA AUTO RECEIVABLES OWNER 422,723.67 426,000.81 0.21 3,277.14 804.56 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 100.7630
DTD 05/21/2024 5.270% 11/20/2028

CALLABLE
CUSIP 437930AC4
445,778.68 HONDA AUTO RECEIVABLES OWNER 446,882.15 449,652.50 0.22 2,770.35 702.10 DTD 11/08/2023 5.670% 06/21/2028 100.2476 100.8690
ASSET BCKD SEC SER 2023-4 CL A3

NON CALLABLE

MOODY'S RATING AAA
CUSIP 438123AC5
635,000 HYUNDAI AUTO LEASE SECURITIZAT 634,906.91 632,726.70 0.31 2,180.21- 1,120.42 ASSET BCKD SEC SER 2026-A CL A3 99.9854 99.6420
DTD 01/21/2026 3.970% 12/15/2028

CALLABLE
144A PRIVATE PLACEMENT
CUSIP 448970AD5
376,474.4 HYUNDAI AUTO LEASE SECURITIZAT 376,463.94 377,336.53 0.18 872.59 905.21 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.2290
DTD 05/22/2024 5.410% 05/17/2027

CALLABLE
144A PRIVATE PLACEMENT
CUSIP 44934FAD7
581
CC 05-19-2026 Searchable Packet
584 of 1255
PAGE 9

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

MOODY'S RATING AAA
CUSIP 4581X0DV7
1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,750,630.00 0.85 29,120.00 31,080.73 DTD 10/16/2024 3.875% 10/16/2029 98.3720 100.0360

NON CALLABLE

MOODY'S RATING AAA
CUSIP 459058LN1
1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,713,770.00 0.83 19,550.00 2,142.71 DTD 03/20/2025 4.125% 03/20/2030 99.6600 100.8100

NON CALLABLE

MOODY'S RATING AAA
CUSIP 459058LR2
1,000,000 JOHN DEERE CAPITAL CORP 1,006,920.00 998,530.00 0.48 8,390.00- 20,173.61 MEDIUM TERM NOTE 100.6920 99.8530
DTD 07/24/2025 4.375% 10/15/2030

NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EYF0
1,060,000 JOHN DEERE CAPITAL CORP 1,059,766.80 1,049,940.60 0.51 9,826.20- 2,597.00 MEDIUM TERM NOTE 99.9780 99.0510
DTD 03/10/2026 4.200% 03/10/2031

NON CALLABLE
MOODY'S RATING A1
CUSIP 24422EYL7
390.26 JOHN DEERE OWNER TRUST 390.22 390.19 0.00 0.03- 0.65 ASSET BCKD SEC SER 2022-B CL A3 99.9898 99.9820
DTD 07/20/2022 3.740% 02/16/2027

NON CALLABLE

MOODY'S RATING AAA
CUSIP 47800AAC4
582
CC 05-19-2026 Searchable Packet
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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 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 111,819.13 JOHN DEERE OWNER TRUST 111,810.45 111,922.00 0.05 111.55 252.96 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.0920
DTD 10/19/2022 5.090% 06/15/2027

CALLABLE

MOODY'S RATING AAA
CUSIP 47800BAC2
407,838.61 JOHN DEERE OWNER TRUST 407,647.44 410,216.31 0.20 2,568.87 899.06 ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.5830
DTD 03/19/2024 4.960% 11/15/2028

CALLABLE

MOODY'S RATING AAA
CUSIP 47800RAD5
1,500,000 JPMORGAN CHASE & CO 1,496,610.00 1,491,375.00 0.72 5,235.00- 11,908.50 DTD 07/23/18 07/23/2029 99.7740 99.4250
MOODY'S RATING A1
CUSIP 46647PAV8
1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,409,982.00 0.68 12,642.00 2,893.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 100.7130

CALLABLE
MOODY'S RATING A3
CUSIP 571748CA8
1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 996,750.00 0.48 1,920.00- 18,200.00 MEDIUM TERM NOTE 99.8670 99.6750
DTD 05/07/2025 4.550% 05/07/2030

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 57629TBX4
945,000 MASTERCARD INC 944,083.35 959,014.35 0.46 14,931.00 2,815.31 DTD 03/09/2023 4.875% 03/09/2028 99.9030 101.4830

CALLABLE
MOODY'S RATING AA3
CUSIP 57636QAW4
583
CC 05-19-2026 Searchable Packet
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE
CUSIP 58770XAD5
570,000 MERCEDES-BENZ AUTO LEASE TRUST 569,886.97 566,739.60 0.27 3,147.37- 995.60 ASSET BCKD SEC SER 2026-A CL A3 99.9802 99.4280
DTD 01/21/2026 3.930% 01/15/2030

CALLABLE

MOODY'S RATING AAA
CUSIP 58770YAD3
576,097.07 MERCEDES-BENZ AUTO RECEIVABLES TRUST 588,294.13 581,990.54 0.28 6,303.59- 1,523.46 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.0230
DTD 10/25/2023 5.950% 11/15/2028

CALLABLE
CUSIP 58769FAC9
1,310,000 MET TOWER GLOBAL FUNDING 1,308,310.10 1,296,271.20 0.63 12,038.90- 11,207.78 MEDIUM TERM NOTE 99.8710 98.9520
DTD 01/14/2026 4.000% 01/14/2029

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 58989V2M5
1,500,000 META PLATFORMS INC 1,502,895.00 1,485,450.00 0.72 17,445.00- 25,900.00 DTD 11/03/2025 4.200% 11/15/2030 100.1930 99.0300

CALLABLE
MOODY'S RATING AA3
CUSIP 30303MAB8
912,000 META PLATFORMS INC 910,584.09 916,067.52 0.44 5,483.43 5,010.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 100.4460

CALLABLE
MOODY'S RATING AA3
CUSIP 30303M8S4
584
CC 05-19-2026 Searchable Packet
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE
MOODY'S RATING AA3
CUSIP 61690U8E3
1,470,000 MORGAN STANLEY SR 1,470,184.60 1,452,948.00 0.70 17,236.60- 26,833.50 MEDIUM TERM NOTE 100.0126 98.8400
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 1,017,360.00 0.49 14,486.39 7,425.00 MEDIUM TERM NOTE 100.2874 101.7360
DTD 02/07/2025 4.950% 02/07/2030

CALLABLE
MOODY'S RATING A2
CUSIP 63743HFX5
1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,016,400.00 0.49 21,520.00 15,972.22 DTD 06/06/2024 5.000% 06/06/2029 99.4880 101.6400

MEDIUM TERM NOTE

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFG3
1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,373,012.55 0.67 8,790.60 20,232.33 DTD 12/05/2024 4.600% 12/05/2029 99.9430 100.5870

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 64952WFK4
1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 1,001,120.00 0.49 2,920.00- 15,077.78 MEDIUM TERM NOTE 100.4040 100.1120
DTD 06/03/2025 4.600% 06/03/2030

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 66815L2W8
585
CC 05-19-2026 Searchable Packet
588 of 1255
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STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA1
CUSIP 66815L2Z1
1,865,000 PACCAR FINANCIAL CORP 1,863,955.60 1,858,341.95 0.90 5,613.65- 29,840.00 MEDIUM TERM NOTE 99.9440 99.6430
DTD 11/07/2025 4.000% 11/07/2028

NON CALLABLE
MOODY'S RATING A1
CUSIP 69371RU20
1,000,000 PACIFIC LIFE GF II 1,001,380.00 992,870.00 0.48 8,510.00- 7,048.61 DTD 02/03/2026 4.375% 02/03/2031 100.1380 99.2870

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 6944PL3M9
1,500,000 PEPSICO INC 1,497,675.00 1,514,415.00 0.73 16,740.00 13,875.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 100.9610

CALLABLE
MOODY'S RATING A1
CUSIP 713448FX1
1,750,000 PRICOA GLOBAL FDG 1,749,440.00 1,731,957.50 0.84 17,482.50- 26,643.75 MEDIUM TERM NOTE 99.9680 98.9690
DTD 11/25/2025 4.350% 11/25/2030

NON CALLABLE
144A PRIVATE PLACEMENT
MOODY'S RATING AA3
CUSIP 74153WCZ0
1,500,000 PROGRESSIVE CORP 1,455,495.00 1,493,130.00 0.72 37,635.00 5,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 99.5420
MOODY'S RATING A2
CUSIP 743315AV5
586
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PAGE 14

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

CALLABLE
MOODY'S RATING A3
CUSIP 756109CB8
2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,034,440.00 0.99 14,520.00 16,500.00 MEDIUM TERM NOTE 100.9960 101.7220

CONVERTIBLE
DTD 01/19/2024 4.950% 02/01/2029

NON CALLABLE
MOODY'S RATING A1
CUSIP 78016HZV5
1,355,000 SALESFORCE INC 1,358,284.45 1,355,352.30 0.66 2,932.15- 3,048.75 DTD 03/13/2026 4.500% 03/15/2028 100.2424 100.0260

CALLABLE
MOODY'S RATING A2
CUSIP 79466LAQ7
2,000,000 SIMON PROPERTY GROUP LP 1,853,380.00 1,857,340.00 0.90 3,960.00 11,188.89 DTD 07/09/20 2.650 07/15/2030 92.6690 92.8670
MOODY'S RATING A3
CUSIP 828807DK0
617,017.18 TOYOTA AUTO RECEIVABLES OWNER 614,510.55 619,812.27 0.30 5,301.72 1,415.03 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.4530
DTD 08/15/2023 5.160% 04/17/2028

CALLABLE
CUSIP 89231FAD2
1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,468,437.90 0.71 26,530.20 16,292.38 MEDIUM TERM NOTE 99.7860 101.6220
DTD 01/09/2025 4.950% 01/09/2030

NON CALLABLE
MOODY'S RATING A1
CUSIP 89236TNA9
587
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PAGE 15

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

NON CALLABLE
MOODY'S RATING A1
CUSIP 89236TPH2
3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,227,412.50 1.56 32,900.00- 26,552.14 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.3050
MOODY'S RATING AA1
CUSIP 91282CEW7
400,000 UNITED STATES TREASURY NOTES 393,218.75 394,392.00 0.19 1,173.25 1,823.20 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.5980
MOODY'S RATING AA1
CUSIP 91282CFB2
4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,455,900.00 2.16 13,002.34- 12,228.26 DTD 08/31/2022 3.125% 08/31/2027 99.3090 99.0200
MOODY'S RATING AA1
CUSIP 91282CFH9
3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,464,145.00 1.68 42,992.66 388.83 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.4100
MOODY'S RATING AA1
CUSIP 91282CFM8
850,000 UNITED STATES TREASURY NOTES 852,656.25 850,501.50 0.41 2,154.75- 11,039.49 DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.0590
MOODY'S RATING AA1
CUSIP 91282CFZ9
2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,751,925.00 1.33 23,182.42- 26,787.81 DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.0700
MOODY'S RATING AA1
CUSIP 91282CGC9
3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,982,900.00 1.45 24,970.31 17,403.32 DTD 01/31/2023 3.500% 01/31/2028 98.5977 99.4300
MOODY'S RATING AA1
CUSIP 91282CGH8
588
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PAGE 16

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,712,136.00 1.80 13,022.72 12,869.57 DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.3280
MOODY'S RATING AA1
CUSIP 91282CGP0
4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,517,055.00 2.19 20,096.01 15,652.17 DTD 02/28/2023 4.000% 02/28/2030 99.9324 100.3790
MOODY'S RATING AA1
CUSIP 91282CGQ8
5,000,000 UNITED STATES TREASURY NOTES 5,089,062.50 5,015,800.00 2.43 73,262.50- 33,149.17 DTD 07/31/2023 4.000% 07/31/2030 101.7813 100.3160
MOODY'S RATING AA1
CUSIP 91282CHR5
2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,510,725.00 1.22 14,372.66- 32,151.44 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.4290
MOODY'S RATING AA1
CUSIP 91282CJP7
2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,319,136.00 1.12 69,268.81 259.22 DTD 03/31/2024 4.125% 03/31/2029 97.8203 100.8320
MOODY'S RATING AA1
CUSIP 91282CKG5
2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,317,503.00 1.12 34,393.62 47,769.23 DTD 04/15/2024 4.500% 04/15/2027 99.2656 100.7610
MOODY'S RATING AA1
CUSIP 91282CKJ9
3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,223,488.00 1.56 36,988.00 54,497.24 DTD 05/15/2024 4.500% 05/15/2027 99.5781 100.7340
MOODY'S RATING AA1
CUSIP 91282CKR1
2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,024,220.00 0.98 38,673.12 21,367.40 DTD 06/30/2024 4.250% 06/30/2029 99.2774 101.2110
MOODY'S RATING AA1
CUSIP 91282CKX8
589
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PAGE 17

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,473,190.00 1.68 54,290.47- 11,032.61 DTD 08/31/2024 3.625% 08/31/2029 100.7852 99.2340
MOODY'S RATING AA1
CUSIP 91282CLK5
5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,939,850.00 2.39 14,810.94 478.14 DTD 09/30/2024 3.500% 09/30/2029 98.5008 98.7970
MOODY'S RATING AA1
CUSIP 91282CLN9
3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,024,600.00 1.47 30,810.94 51,961.33 DTD 10/31/2024 4.125% 10/31/2029 99.7930 100.8200
MOODY'S RATING AA1
CUSIP 91282CLR0
4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,474,404.00 2.17 105,232.12 48,390.88 DTD 12/31/2024 4.375% 12/31/2029 99.2994 101.6910
MOODY'S RATING AA1
CUSIP 91282CMD0
4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,050,640.00 1.96 66,733.75 28,176.80 DTD 01/31/2025 4.250% 01/31/2030 99.5977 101.2660
MOODY'S RATING AA1
CUSIP 91282CMG3
5,000,000 UNITED STATES TREASURY NOTES 5,020,507.81 4,992,400.00 2.42 28,107.81- 48,705.11 DTD 06/30/2025 3.875% 06/30/2030 100.4102 99.8480
CUSIP 91282CNK3
5,000,000 UNITED STATES TREASURY NOTES 4,991,425.79 4,938,650.00 2.39 52,775.79- 15,760.87 DTD 08/31/2025 3.625% 08/31/2030 99.8285 98.7730
MOODY'S RATING AA1
CUSIP 91282CNX5
5,000,000 UNITED STATES TREASURY NOTES 4,982,812.50 4,948,450.00 2.40 34,362.50- 7,795.52 DTD 09/15/2025 3.375% 09/15/2028 99.6563 98.9690
CUSIP 91282CNY3
590
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PAGE 18

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 5,000,000 UNITED STATES TREASURY NOTES 5,008,789.06 4,937,700.00 2.39 71,089.06- 495.22 DTD 09/30/2025 3.625% 09/30/2030 100.1758 98.7540
MOODY'S RATING AA1
CUSIP 91282CPA3
1,750,000 UNITED STATES TREASURY NOTES 1,731,816.41 1,717,800.00 0.83 14,016.41- 20,528.85 DTD 11/30/2025 3.500% 11/30/2030 98.9610 98.1600
CUSIP 91282CPN5
2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,906,560.00 0.92 480.00 7,347.22 DTD 07/25/19 2.875 08/15/2029 95.3040 95.3280
MOODY'S RATING A2
CUSIP 91324PDS8
2,500,000 US TREASURY NOTE 2,493,652.34 2,494,100.00 1.21 447.66 7,881.18 DTD 04/30/21 0.750 04/30/2026 99.7461 99.7640
MOODY'S RATING AA1
CUSIP 91282CBW0
1,400,000 US TREASURY NOTE 1,379,054.68 1,380,274.00 0.67 1,219.32 66.58 DTD 09/30/21 0.875 09/30/2026 98.5039 98.5910
MOODY'S RATING AA1
CUSIP 91282CCZ2
1,400,000 US TREASURY NOTE 1,391,468.75 1,378,692.00 0.67 12,776.75- 6,613.26 DTD 11/01/21 1.125 10/31/2026 99.3906 98.4780
CUSIP 91282CDG3
1,345,000 VISA INC 1,343,197.70 1,343,668.45 0.65 470.75 7,505.85 DTD 02/12/2026 4.100% 02/12/2031 99.8660 99.9010

CALLABLE
MOODY'S RATING AA3
CUSIP 92826CAZ5
350,000 WALMART INC 349,338.50 345,376.50 0.17 3,962.00- 142.92 DTD 09/17/21 1.050 09/17/2026 99.8110 98.6790
MOODY'S RATING AA2
CUSIP 931142ER0
591
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PAGE 19

STATEMENT OF ASSETS AND LIABILITIES
COST VALUE MARKET VALUE % TOTAL UNREALIZED

NON CALLABLE
CUSIP 92970QAJ4
====================================================================================================================================== TOTAL BOND & NOTES 202,560,004.70 203,253,381.34 98.48 693,376.64 1,408,525.65 ====================================================================================================================================== TOTAL INVESTMENTS 205,683,014.84 206,383,253.63 100.00 700,238.79 1,411,870.03 TOTAL ACCRUALS 1,411,870.03 1,411,870.03
====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 207,094,884.87 207,795,123.66 592
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PAGE 20

CASH SUMMARY CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2026 THROUGH MARCH 31, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

CASH SUMMARY

DESCRIPTION PRINCIPAL CASH INCOME CASH
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00

RECEIPTS
NET INTEREST COLLECTED 0.00 1,111,617.01
TRANSFER RECEIPTS 1,111,617.01 0.00
SALES 432,430.01 0.00
CASH MANAGEMENT SALES 2,430,222.01 0.00
TOTAL CASH RECEIPTS 3,974,269.03 1,111,617.01

DISBURSEMENTS
INVESTMENT MANAGEMENT EXPENSES 12,097.67- 0.00
TRANSFER DISBURSEMENTS 0.00 1,111,617.01-
PURCHASES 2,418,051.25- 0.00
CASH MANAGEMENT PURCHASES 1,544,120.11- 0.00
TOTAL CASH DISBURSEMENTS 3,974,269.03- 1,111,617.01-
======================================================================================================================================== ENDING BALANCE 0.00 0.00
________________________________________________________________________________________________________________________________________ 593
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STATEMENT OF TRANSACTIONS CITY OF CUPERTINO
FOR THE PERIOD MARCH 1, 2026 THROUGH MARCH 31, 2026 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯

STATEMENT OF TRANSACTIONS

REALIZED

CASH EQUIVALENTS
03/02/26 INTEREST RECEIVED 8,244.87
AS 100% TREAS MM FD-SVC CL #008
INTEREST FROM 2/1/26 TO 2/28/26
03/02/26 INTEREST RECEIVED 73.09

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
INTEREST FROM 2/1/26 TO 2/28/26
03/31/26 1,544,047.02 CASH SWEEP PURCHASES FOR STMT PERIOD 1,544,047.02- 1,544,047.02 AS 100% TREAS MM FD-SVC CL #008
12 TRANSACTIONS
03/31/26 73.09 CASH SWEEP PURCHASES FOR STMT PERIOD 73.09- 73.09

PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM
1 TRANSACTIONS
03/31/26 2,430,222.01- CASH SWEEP SALES FOR STMT PERIOD 2,430,222.01 2,430,222.01- AS 100% TREAS MM FD-SVC CL #008
4 TRANSACTIONS

BONDS & NOTES
03/16/26 INTEREST RECEIVED 5,064.67
AMER EXPR CREDIT ABS 4.280% 4/15/30
CUSIP 02582JKP4
$0.00357/PV ON 1,420,000.00 PV
DUE 3/15/26
03/05/26 INTEREST RECEIVED 38,500.00
AMERICAN HONDA MTN 4.400% 9/05/29
CUSIP 02665WFQ9
INTEREST ON 1,750,000.000 UNITS
594
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PAGE 22

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/16/26 INTEREST RECEIVED 3,225.04
BANK OF AMERICA ABS 4.930% 5/15/29
CUSIP 05522RDJ4
$0.00411/PV ON 785,000.00 PV
DUE 3/15/26
03/16/26 INTEREST RECEIVED 18,572.50
BERKSHIRE HATH 2.300% 3/15/27
CUSIP 084664CZ2
INTEREST ON 1,615,000.000 UNITS
03/16/26 INTEREST RECEIVED 3,527.50
BK OF AMERICA ABS 4.980% 11/15/28
CUSIP 05522RDH8
$0.00415/PV ON 850,000.00 PV
DUE 3/15/26
03/25/26 INTEREST RECEIVED 3,473.75
BMW VEHICLE LEA ABS 3.970% 9/25/28
CUSIP 05594HAD5
$0.00331/PV ON 1,050,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 2,555.99
BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
$0.00368/PV ON 592,121.75 PV
DUE 3/25/26
03/25/26 39,697.22- PAID DOWN 39,697.22 39,691.19- 6.03 BMW VEHICLE OWN ABS 5.180% 2/26/29
CUSIP 096919AD7
03/03/26 INTEREST RECEIVED 11,760.00
CHARLES SCHWAB CORP 2.450% 3/03/27
CUSIP 808513BY0
INTEREST ON 960,000.000 UNITS
595
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PAGE 23

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/16/26 INTEREST RECEIVED 6,478.33
CHASE ISSUANCE ABS 4.600% 1/16/29
CUSIP 161571HV9
$0.00383/PV ON 1,690,000.00 PV
DUE 3/15/26
03/25/26 INTEREST RECEIVED 3,243.75
FED HOME LN MTG CORP 2.595% 9/25/29
CUSIP 3137FPJG1
$0.00216/PV ON 1,500,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 4,889.18
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
$0.00244/PV ON 1,967,475.38 PV
DUE 3/25/26
03/25/26 2,765.88- PAID DOWN 2,765.88 2,668.43- 97.45
FED HOME LN MTG CORP 2.982% 5/25/29
CUSIP 3137FMCR1
03/25/26 INTEREST RECEIVED 3,824.29
FED HOME LN MTG CORP 3.563% 1/25/29
CUSIP 3137FL6P4
$0.00297/PV ON 1,288,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 3,448.33
FHLMC MULTIFAMILY ST 2.069% 1/25/30
CUSIP 3137FRUT6
$0.00172/PV ON 2,000,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 1,756.67
FHLMC MULTIFAMILY ST 2.108% 1/25/31
CUSIP 3137FXZ35
$0.00176/PV ON 1,000,000.00 PV
DUE 3/25/26
596
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STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/25/26 INTEREST RECEIVED 3,233.33
FHLMC MULTIFAMILY ST 2.425% 8/25/29
CUSIP 3137FPHK4
$0.00202/PV ON 1,600,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 1,437.04
FHLMC MULTIFAMILY ST 2.653% 8/25/26
CUSIP 3137BSP72
$0.00221/PV ON 650,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 5,105.83
FHLMC MULTIFAMILY ST 2.785% 6/25/29
CUSIP 3137FNAE0
$0.00232/PV ON 2,200,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 7,302.08
FHLMC MULTIFAMILY ST 3.505% 3/25/29
CUSIP 3137FLN91
$0.00292/PV ON 2,500,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 7,841.25
FHLMC MULTIFAMILY ST 3.690% 1/25/29
CUSIP 3137FKZZ2
$0.00308/PV ON 2,550,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 6,093.18
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
$0.00305/PV ON 1,938,959.12 PV
DUE 3/25/26
597
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PAGE 25

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/25/26 2,767.72- PAID DOWN 2,767.72 2,647.82- 119.90
FHLMC MULTIFAMILY ST 3.771% 12/25/28
CUSIP 3137FKUP9
03/25/26 INTEREST RECEIVED 1,846.25
FHLMC SER K110 CMO 1.477% 4/25/30
CUSIP 3137FTZQ3
$0.00123/PV ON 1,500,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 2,305.00
FHLMC SER K115 CMO 1.383% 6/25/30
CUSIP 3137FWG79
$0.00115/PV ON 2,000,000.00 PV
DUE 3/25/26
03/25/26 INTEREST RECEIVED 3,766.67
FHLMC SER K748 CMO 2.260% 1/25/29
CUSIP 3137H5YC5
$0.00188/PV ON 2,000,000.00 PV
DUE 3/25/26
03/16/26 INTEREST RECEIVED 3,755.34
GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
$0.00287/PV ON 929,154.92 PV
DUE 3/16/26
03/16/26 66,959.56- PAID DOWN 66,959.56 66,853.38- 106.18 GM FINANCIAL ABS 4.850% 12/18/28
CUSIP 36268GAD7
AT $890.8536 ON TRADE DATE 03/16/2026
03/26/26 INTEREST RECEIVED 25,178.48
GUARDIAN LIFE MTN 4.179% 9/26/29
CUSIP 40139LBJ1
INTEREST ON 1,205,000.000 UNITS
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PAGE 26

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/18/26 INTEREST RECEIVED 1,990.78
HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
$0.00372/PV ON 453,307.78 PV
DUE 3/18/26
03/18/26 30,532.74- PAID DOWN 30,532.74 30,529.03- 3.71 HONDA AUTO RECE ABS 5.270% 11/20/28
CUSIP 437930AC4
03/23/26 INTEREST RECEIVED 2,291.65
HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
$0.00285/PV ON 485,004.22 PV
DUE 3/21/26
03/23/26 39,225.54- PAID DOWN 39,225.54 39,322.63- 97.09- HONDA AUTO RECE ABS 5.670% 6/21/28
CUSIP 438123AC5
TO SETTLE ON 03/23/2026
03/16/26 INTEREST RECEIVED 2,100.79
HYUNDAI AUTO ABS 3.970% 12/15/28
CUSIP 448970AD5
$0.00331/PV ON 635,000.00 PV
DUE 3/15/26
03/16/26 INTEREST RECEIVED 1,979.08
HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
$0.00324/PV ON 438,981.82 PV
DUE 3/15/26
03/16/26 62,507.42- PAID DOWN 62,507.42 62,505.68- 1.74 HYUNDAI AUTO ABS 5.410% 5/17/27
CUSIP 44934FAD7
AT $262.2519 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
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STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/20/26 INTEREST RECEIVED 35,071.00
INTL BK RECON & DEV 4.125% 3/20/30
CUSIP 459058LR2
INTEREST ON 1,700,000.000 UNITS
03/10/26 1,060,000 PURCHASED 1,059,766.80- 1,059,766.80 JOHN DEERE CAP MTN 4.200% 3/10/31
CUSIP 24422EYL7
AT $99.9780 ON TRADE DATE 03/05/2026
TO SETTLE ON 03/10/2026

CITIGROUP GBL MKTS/SALOMON BRO
03/16/26 INTEREST RECEIVED 612.88
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
$0.00058/PV ON 144,489.53 PV
DUE 3/15/26
03/16/26 32,670.4- PAID DOWN 32,670.40 32,667.86- 2.54
JOHN DEERE OWNE ABS 5.090% 6/15/27
CUSIP 47800BAC2
AT $501.7596 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
03/16/26 INTEREST RECEIVED 64.13
JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
$0.00010/PV ON 20,575.84 PV
DUE 3/15/26
03/16/26 20,185.58- PAID DOWN 20,185.58 20,183.65- 1.93 JOHN DEERE OWNER ABS 3.740% 2/16/27
CUSIP 47800AAC4
AT $812.0989 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
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PAGE 28

STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/16/26 INTEREST RECEIVED 1,776.88
JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
$0.00355/PV ON 429,889.46 PV
DUE 3/15/26
03/16/26 22,050.85- PAID DOWN 22,050.85 22,040.51- 10.34 JOHN DEERE OWNER ABS 4.960% 11/15/28
CUSIP 47800RAD5
AT $743.4039 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
03/16/26 INTEREST RECEIVED 32,550.00
MARSH & MCLENNAN COS 4.650% 3/15/30
CUSIP 571748CA8
INTEREST ON 1,400,000.000 UNITS
03/09/26 INTEREST RECEIVED 23,034.38
MASTERCARD INC 4.875% 3/09/28
CUSIP 57636QAW4
INTEREST ON 945,000.000 UNITS
03/16/26 INTEREST RECEIVED 1,866.75
MERCEDES-BENZ ABS 3.930% 1/15/30
CUSIP 58770YAD3
$0.00328/PV ON 570,000.00 PV
DUE 3/15/26
03/16/26 INTEREST RECEIVED 3,378.83
MERCEDES-BENZ ABS 4.520% 4/16/29
CUSIP 58770XAD5
$0.00323/PV ON 1,045,000.00 PV
DUE 3/15/26
03/16/26 INTEREST RECEIVED 3,109.54
MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
$0.00283/PV ON 627,133.75 PV
DUE 3/15/26
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STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/16/26 51,036.68- PAID DOWN 51,036.68 52,117.22- 1,080.54- MERCEDES-BENZ ABS 5.950% 11/15/28
CUSIP 58769FAC9
AT $321.1942 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
03/02/26 INTEREST RECEIVED 30,000.00
PROGRESSIVE CORP 4.000% 3/01/29
CUSIP 743315AV5
INTEREST ON 1,500,000.000 UNITS
03/13/26 680,000 PURCHASED 681,455.20- 681,455.20
SALESFORCE INC 4.500% 3/15/28
CUSIP 79466LAQ7
AT $100.2140 ON TRADE DATE 03/12/2026
TO SETTLE ON 03/13/2026
J.P. MORGAN SECURITIES INC., -
03/13/26 675,000 PURCHASED 676,829.25- 676,829.25
SALESFORCE INC 4.500% 3/15/28
CUSIP 79466LAQ7
AT $100.2710 ON TRADE DATE 03/12/2026
TO SETTLE ON 03/13/2026
J.P. MORGAN SECURITIES INC., -
03/16/26 INTEREST RECEIVED 2,919.91
TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
$0.00225/PV ON 679,047.60 PV
DUE 3/15/26
03/16/26 62,030.42- PAID DOWN 62,030.42 61,778.42- 252.00 TOYOTA AUTO REC ABS 5.160% 4/17/28
CUSIP 89231FAD2
AT $264.2685 ON TRADE DATE 03/15/2026
TO SETTLE ON 03/16/2026
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STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/02/26 INTEREST RECEIVED 70,312.50
U.S. TREASURY NOTES 3.125% 8/31/27
CUSIP 91282CFH9
INTEREST ON 4,500,000.000 UNITS
03/16/26 INTEREST RECEIVED 84,375.00
U.S. TREASURY NOTES 3.375% 9/15/28
CUSIP 91282CNY3
INTEREST ON 5,000,000.000 UNITS
03/31/26 INTEREST RECEIVED 87,500.00
U.S. TREASURY NOTES 3.500% 9/30/29
CUSIP 91282CLN9
INTEREST ON 5,000,000.000 UNITS
03/02/26 INTEREST RECEIVED 63,437.50
U.S. TREASURY NOTES 3.625% 8/31/29
CUSIP 91282CLK5
INTEREST ON 3,500,000.000 UNITS
03/02/26 INTEREST RECEIVED 90,625.00
U.S. TREASURY NOTES 3.625% 8/31/30
CUSIP 91282CNX5
INTEREST ON 5,000,000.000 UNITS
03/31/26 INTEREST RECEIVED 90,625.00
U.S. TREASURY NOTES 3.625% 9/30/30
CUSIP 91282CPA3
INTEREST ON 5,000,000.000 UNITS
03/02/26 INTEREST RECEIVED 90,000.00
U.S. TREASURY NOTES 4.000% 2/28/30
CUSIP 91282CGQ8
INTEREST ON 4,500,000.000 UNITS
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STATEMENT OF TRANSACTIONS

REALIZED

DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 03/02/26 INTEREST RECEIVED 74,000.00
U.S. TREASURY NOTES 4.000% 2/29/28
CUSIP 91282CGP0
INTEREST ON 3,700,000.000 UNITS
03/31/26 INTEREST RECEIVED 47,437.50
U.S. TREASURY NOTES 4.125% 3/31/29
CUSIP 91282CKG5
INTEREST ON 2,300,000.000 UNITS
03/31/26 INTEREST RECEIVED 71,156.25
U.S. TREASURY NOTES 4.125% 9/30/27
CUSIP 91282CFM8
INTEREST ON 3,450,000.000 UNITS
03/31/26 INTEREST RECEIVED 6,125.00
US TREASURY NOTE 0.875% 9/30/26
CUSIP 91282CCZ2
INTEREST ON 1,400,000.000 UNITS
03/17/26 INTEREST RECEIVED 1,837.50
WALMART INC 1.050% 9/17/26
CUSIP 931142ER0
INTEREST ON 350,000.000 UNITS
03/16/26 INTEREST RECEIVED 4,936.75
WELLS FARGO CARD ABS 4.340% 5/15/30
CUSIP 92970QAJ4
$0.00362/PV ON 1,365,000.00 PV
DUE 3/15/26

TRANSFER RECEIPTS
03/02/26 ADDITION TO ACCOUNT 426,692.96

TRANSFER FROM INCOME
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STATEMENT OF TRANSACTIONS

REALIZED

TRANSFER FROM INCOME
03/05/26 ADDITION TO ACCOUNT 38,500.00

TRANSFER FROM INCOME
03/09/26 ADDITION TO ACCOUNT 23,034.38

TRANSFER FROM INCOME
03/16/26 ADDITION TO ACCOUNT 178,193.13

TRANSFER FROM INCOME
03/17/26 ADDITION TO ACCOUNT 3,938.29

TRANSFER FROM INCOME
03/18/26 ADDITION TO ACCOUNT 1,990.78

TRANSFER FROM INCOME
03/20/26 ADDITION TO ACCOUNT 35,071.00

TRANSFER FROM INCOME
03/23/26 ADDITION TO ACCOUNT 2,291.65

TRANSFER FROM INCOME
03/25/26 ADDITION TO ACCOUNT 62,122.59

TRANSFER FROM INCOME
03/26/26 ADDITION TO ACCOUNT 25,178.48

TRANSFER FROM INCOME
03/31/26 ADDITION TO ACCOUNT 302,843.75

TRANSFER FROM INCOME
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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

REALIZED

INVESTMENT MANAGEMENT EXPENSES
03/09/26 INVESTMENT MGMT FEE 12,097.67-

PAID TO CHANDLER ASSET MANAGEMENT INC
INV 2602CUPERTIN 03-26 CITY OF

CUPERTINO

TRANSFER DISBURSEMENTS
03/02/26 TRANSFER TO PRINCIPAL 426,692.96-
03/03/26 TRANSFER TO PRINCIPAL 11,760.00-
03/05/26 TRANSFER TO PRINCIPAL 38,500.00-
03/09/26 TRANSFER TO PRINCIPAL 23,034.38-
03/16/26 TRANSFER TO PRINCIPAL 178,193.13-
03/17/26 TRANSFER TO PRINCIPAL 3,938.29-
03/18/26 TRANSFER TO PRINCIPAL 1,990.78-
03/20/26 TRANSFER TO PRINCIPAL 35,071.00-
03/23/26 TRANSFER TO PRINCIPAL 2,291.65-
03/25/26 TRANSFER TO PRINCIPAL 62,122.59-
03/26/26 TRANSFER TO PRINCIPAL 25,178.48-
03/31/26 TRANSFER TO PRINCIPAL 302,843.75-
================================================================================================================= ENDING BALANCE 0.00 205,683,014.84
¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
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CITY OF CUPERTINO
PARS Post-Employment Benefits Trust 3/1/2026 to 3/31/2026 Jonathan Orozco
Acting Director of Administrative Services
City of Cupertino
10300 Torre Ave.

Cupertino, CA 95014
Account Summary
Source 3/1/2026 Contributions Earnings Expenses Distributions Transfers 3/31/2026 OPEB 1001 $47,830,488.69 $0.00 -$2,296,760.58 $12,103.28 $0.00 $0.00 $45,521,624.83 PENSION 1002 $27,213,326.48 $0.00 -$1,313,626.71 $6,917.14 $0.00 $0.00 $25,892,782.63 Totals $75,043,815.17 $0.00 -$3,610,387.29 $19,020.42 $0.00 $0.00 $71,414,407.46 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 -4.80% -1.18% 15.53% 12.66% 6.04% 8.12% 6/21/2010
PENSION -4.83% -1.21% 15.45% 12.57% 5.96% - 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
25-14463 Agenda Date: 5/19/2026
Agenda #: 11.

Subject: Annual review and acceptance of the City’s Investment Policy Adopt Resolution No. 26-058 accepting the City's Investment Policy CITY OF CUPERTINO Page 1 of 1 Printed on 5/13/2026
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CITY COUNCIL STAFF REPORT
Meeting: May 19, 2026
Subject
Annual review and acceptance of the City’s Investment Policy Recommended Action
Adopt Resolution No. 26-XXX accepting the City's Investment Policy Reasons for Recommendation
Background
To ensure the City's investment policy is up-to-date and aligned with its investment objectives, the Audit Committee conducts an annual review prior to presentation to the City Council. The most recent review and acceptance of the investment policy by the Audit Committee occurred on April 27, 2026.

The investment policy is the foundation of the City's investment goals and priorities.

Careful research, effective drafting, and regular review of the policy ensures that it continues to meet the City's investment objectives and helps protect the City’s assets.

The existence of an approved investment policy demonstrates that the City is performing its fiduciary responsibilities, thereby inspiring trust and confidence among the public that it serves.

The policy also provides guidance on the proper management of the City's temporary idle cash, outlining protocols to maximize cash efficiency.

California Government Code (Code) section 53646(a)(2) states:
[T]he treasurer or chief fiscal officer of the local agency may annually render to the legislative body of that local agency and any oversight committee of that local agency a statement of investment policy, which the legislative body of the local agency shall consider at a public meeting. Any change in the policy shall also be considered by the legislative body of the local agency at a public meeting.
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Assembly Bill 2853 (Chapter 889, Statutes of 2004) amended section 53646(a)(2) to make presentation of the investment policy to the City Council optional. While no longer required by Code, the City annually presents the investment policy to the Audit Committee before submitting it to City Council for approval.

Chandler Asset Management
In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City 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. To achieve the objective, Chandler Asset Management invests in high-quality fixed-income securities consistent with the City's investment policy and Code.

Investment Policy Review
With the implementation of the two recommendations below, Chandler concludes that the City's Investment Policy continues to be well-written, is effective in guiding the management of the City’s investment portfolio, complies with the California Government Code and aligns with current industry best practices.

The summarized updates below have been incorporated into the attached redline version of the policy:
- Local Government Investment Pools (LGIPs): Policy language has been expanded to provide additional clarity regarding eligibility criteria, including requirements related to investment advisor registration, experience, and assets under management. These enhancements align with Government Code provisions and strengthen oversight while continuing to allow for flexible liquidity management.
- Legislative Updates (SB 585): Minor updates have been made to reflect changes to applicable dates and statutory references resulting from SB 585.

Staff concurs with Chandler's recommendations and has incorporated these revisions into the Investment Policy. The revised policy ensures continued compliance with state law while providing the City with greater clarity and flexibility to manage its investments in a prudent and efficient manner. If Council does not adopt the resolution, 611
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the above summarized statements will not be taken into account in the City’s investment strategies.

City Work Program (CWP) Item/Description
Yes: Financial, Investment, and Cashflow Policy Review - Review and assess the City’s investment policy and best practices with an analysis of quarterly treasurers report.

Establish a cashflow management policy with the goal to reduce the total percentage in cash from 20% to 2% and to reduce the total percentage in cash and cash-equivalent to at most 10%, on par with other cities.

Council Goal:

Fiscal Strategy
California Environmental Quality Act
No California Environmental Quality Act Impact
Sustainability Impact
No sustainability impact.

Fiscal Impact
No fiscal impact.
_____________________________________
Prepared by: Jonathan Orozco, Acting Director of Administrative Services Reviewed by: Kirsten Squarcia, Deputy City Manager
Approved for Submission by: Tina Kapoor, City Manager
Attachments:

A – Cupertino Investment Policy (Clean)
B – Cupertino Investment Policy (Redline)
C – Cupertino Investment Policy Statement Review Memo
D – Draft Resolution
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City Investment Policy
Citywide Policy Manual
Attachments: N/A
Effective Date:

July 1, 2026 through June 30, 2027
Responsible Department:

Administrative Services
Related Policies & Notes:

Pension Investment Policy, OPEB Investment Policy
POLICY
Under authority granted by the City Council, the City Treasurer and Deputy Treasurer are responsible for investing the surplus funds of the City.

The investment of the funds of the City of Cupertino is directed to the goals of safety, liquidity and yield. The authority governing investments for municipal governments is set forth in the California Government Code, Sections 53600 et seq. By adopting this Policy, the City Council delegates to the City Treasurer the authority to invest or to reinvest City funds, or to sell or exchange securities so purchased pursuant to Government Code Section 53607.

The primary objective of the investment policy of the City of Cupertino is SAFETY OF PRINCIPAL. Investments shall be placed in those securities as outlined by type and maturity sector in this document. Effective cash flow management and resulting cash investment practices are recognized as essential to good fiscal management and control. The City’s portfolio shall be designed and managed in a manner responsive to the public trust and consistent with state and local law. Portfolio management requires continual analysis and as a result the balance between the various investments and maturities may change in order to give the City of Cupertino the optimum combination of necessary liquidity and optimal yield based on cash flow projections.

SCOPE
The investment policy applies to all financial assets of the City of Cupertino as accounted for in the Annual Comprehensive Financial Report (ACFR). Policy statements outlined in this document focus on the City of Cupertino’s pooled, surplus funds, but will also apply to all other funds under the City Treasurer’s span of control unless specifically exempted by statute or ordinance. This policy is applicable, but not limited to all funds listed below:
 General Fund
 Special Revenue Funds
 Capital Project Funds
 Enterprise Funds
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 Internal Service Funds
 Trust and Agency Funds
 Any new fund unless specifically exempted
Investments of bond proceeds shall be governed by the provisions of the related bond indentures and/or cash flow requirements and therefore may extend beyond the maturity limitations as outlined in this document. Other post‐employment benefit (OPEB) and Pension trust investments are governed by California Government Code Sections 53620 through 53622 and trust documents.

The trusts are governed by separate investment policies entitled OPEB Section 115 Trust Investment Policy and Pension Trust Investment Policy are reviewed annually by the City of Cupertino Audit Committee before being forwarded to City Council.

PRUDENCE
Pursuant to California Government Code, Section 53600.3, all persons authorized to make investment decisions on behalf of the City are trustees and therefore fiduciaries subject to the Prudent Investor Standard:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard.

When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the Agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the Agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”
It is the City’s intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars. However, it is realized that market prices of securities will vary depending on economic and interest rate conditions at any point in time. It is further recognized that in a well‐diversified investment portfolio, occasional measured losses are inevitable due to economic, bond market, or individual security valuation fluctuations. These occasional losses must be considered within the context of the overall investment program objectives and the resultant long‐term rate of return. The City Treasurer and Deputy Treasurer, acting within the intent and scope of the investment policy and other written procedures and exercising due diligence, shall be relieved of personal responsibility and liability for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely manner and appropriate action is taken to control adverse developments.

OBJECTIVES
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The primary objectives, in order of priority, of the City of Cupertino’s investment activities shall be:

A. Safety of Principal
Safety of principal is the foremost objective of the City of Cupertino. Investments will be undertaken in a mannerthat seeks to ensure the preservation of capital in the overall portfolio.

To attain this objective, the City will diversify its investments by investing funds among a variety of securities with independent returns.

B. Liquidity
The City’s investment portfolio will remain sufficiently liquid to meet all operating requirements which might be reasonably anticipated and provide the City with adequate cash flows to pay its obligations overthe next six months. Additionally, the portfolio should consist largely of securities with active secondary resale markets.

C. Return
The City’s investment portfolio shall be designed with the objective of attaining a rate of return throughout budgetary and economic cycles, commensurate with Cupertino’s investment risk constraints and cash flow characteristics of the portfolio.

MAXIMUM MATURITIES
Maturities of investments will be selected based on liquidity requirements to minimize interest rate risk and maximize earnings. Investment of surplus funds shall comply with the maturity limits as set forth in the California Government Code 53600, et seq. Where this section does not specify a limitation on the term or remaining maturity at the time of the investment, no investment shall be made in any security that at the time of the investment has a term remaining to maturity in excess of five years from date of trade settlement, unless the Council has granted express authority to make that investment either specifically or as a part of an investment program approved by the Council no less than three months prior to the investment. Reserve funds may be invested in securities exceeding five years if the maturity of such investments is made to coincide as nearly as practicable with the expected use of the funds.

PERFORMANCE EVALUATION
Investment performance is continually monitored and evaluated by the City Treasurer.

Investment performance statistics and activity reports are generated on a quarterly basis for presentation to the oversight (audit) committee, City Manager and City Council. Yield on the City’s investment portfolio is of secondary importance compared to the safety and liquidity objectives described above. The City’s investment portfolio shall be designed to attain a market average rate of return through economic cycles. The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s quarterly report. The Treasurer shall select an appropriate, readily available index to use as a market benchmark. Whenever possible, and consistent with risk limitations as defined herein and prudent investment principles, the Treasurer shall seek to augment return above the 615
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market average rate of return. The City may select alternative benchmarks for identified pools of City funds that have different objectives.

DELEGATION OF AUTHORITY
Authority to manage the City’s investment program is derived from California Government Code, Sections 41006 and 53600 et seq. The Treasurer is responsible for investment management decisions and activities per City Council Resolution.

The Treasurer shall designate a staff person as a liaison/deputy in the event circumstances require timely action and the Treasurer is not present.

No officer or designee may engage in an investment transaction except as provided under terms of this policy and the procedures by the Treasurer and approved by the City Manager/Council.

The Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.

If an investment adviser is retained by the City, the investment adviser, registered under the Investment Advisers Act of 1940, must have at least five yearsʹ experience investing in the securities and obligations authorized by California Government Code 53601 subdivisions (a) to (k), inclusive, and subdivisions (m) to (q), inclusive, and with assets under management in excess of five hundred million dollars ($500,000,000). External investment advisers may be granted discretion to purchase and sell investment securities in accordance with this investment policy.

The City’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that in a diversified portfolio, occasional measured losses may be inevitable and must be considered within the context of the overall portfolio’s return and the cash flow requirements of the City.

OVERSIGHT COMMITTEE
An audit committee consisting of appropriate internal and external members, appointed by the City Council, shall be established to provide general oversight and direction concerning the policies related to management of the City’s investment pool, OPEB trust, and Pension Rate Stabilization Program trust. The City Treasurer shall serve in a staff and advisory capacity. The committee shall meet at least quarterly to review policy changes, new legislation and portfolio status.

ETHICS AND CONFLICTS OF INTEREST
Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program, or impairs their ability to make impartial investment decisions. Additionally the City Treasurer and the Deputy Treasurer are required to annually file applicable financial disclosures as required by the Fair Political Practices Commission (FPPC).
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SAFEKEEPING OF SECURITIES
To protect against fraud or embezzlement or losses caused by collapse of an individual securities dealer, all securities owned by the City shall be held in safekeeping by a third party custodian acting as agent for the City under the terms of a custody agreement. All trades executed by a dealer will settle delivery versus payment (DVP) through the City’s safekeeping agent. In order to verify investment holdings, an external auditor, on an annual basis, shall independently verify securities held in custody for the City. Additionally, the City Treasurer shall include a listing of holdings provided by the City’s custodian to the quarterly investment report as verification between annual reviews by the external auditor.

The only exceptions to the foregoing shall be depository accounts and securities purchases made with: (i) local government investment pools; (ii) time certificates of deposit, and, (iii) money mutual funds, since the purchased securities are not deliverable. All other exceptions to this safekeeping policy must be approved by the City Treasurer in written form and included in the quarterly report to City Council.

INTERNAL CONTROL
Separation of duties between the Treasurer’s function and Finance is designed to provide proper internal controls to prevent the potential for converting assets or concealing transactions. Dual transaction controls, separate and independent notifications, and reports provided by financial institutions shall be used to help implement these controls.

Wire transfers shall be approved prior to being submitted to the financial institution. Wire transfers initiated by Treasury staff must be reconfirmed by the appropriate financial institution to Finance staff. Proper documentation is required for each investment transaction and must include a broker trade confirmation and a cash disbursement wire transfer confirmation. Timely bank reconciliation is conducted to ensure proper handling of all transactions. The investment portfolio and all related transactions are reviewed and balanced to appropriate general ledger accounts by Finance staff on a monthly basis.

An annual agreed‐upon procedures engagement in accordance with the attestation standards established by the American Institute of Certified Public Accountants shall be conducted by an auditor solely to assist management in determining the City’s compliance with this investment policy. At the conclusion of such engagement, the agreed‐upon procedures report detailing all procedures performed and findings noted (if applicable) shall be provided to the Audit Committee of the City.

REPORTING
Monthly transaction reports will be submitted by the Treasurer to the City Council within 30 days of the end of the reporting period in accordance with California Government Code Section 53607. 617
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The City Treasurer shall also prepare a quarterly investment report, including a succinct management summary that provides a clear picture of the status of the current investment portfolio. The report will be prepared in a manner that will report all information required under this policy and as recommended by California Government Code. The Treasurer will submit the report to Council no later than the second regular council meeting, or approximately 45 days following the end of the quarter covered by the report.

AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND QUALIFIED

BROKER/DEALERS
To the extent practicable, the Treasurer shall endeavor to complete investment transactions using a competitive bid process whenever possible. The City’s Treasurer will determine which financial institutions are authorized to provide investment services to the City. It shall be the City’s policy to purchase securities only from authorized institutions and firms.

The Treasurer shall maintain procedures for establishing a list of authorized broker/dealers and financial institutions which are approved for investment purposes that are selected through a process of due diligence as determined by the City. Due inquiry shall determine whether such authorized broker/dealers, and the individuals covering the City are reputable and trustworthy, knowledgeable and experienced in Public Agency investing and able to meet all of their financial obligations. These institutions may include ʺprimaryʺ dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15c3‐1 (uniform net capital rule).

In accordance with Section 53601.5, institutions eligible to transact investment business with the City include:
 Primary government dealers as designated by the Federal Reserve Bank and non‐primary government dealers.
 Nationally or state‐chartered banks.
 The Federal Reserve Bank.
 Direct issuers of securities eligible for purchase.

Selection of financial institutions and broker/dealers authorized to engage in transactions will be at the sole discretion of the City, except where the City utilizes an external investment adviser in which case the City may rely on the adviser for selection.

All financial institutions which desire to become qualified bidders for investment transactions (and which are not dealing only with the investment adviser) must supply the Treasurer with audited financials and a statement certifying that the institution has reviewed the California Government Code, Section 53600 et seq. and the City’s investment policy. The Treasurer will conduct an annual review of the financial condition and registrations of such qualified bidders.

Public deposits will be made only in qualified public depositories as established by State law.

Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law. 618
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Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, best efforts will be made to document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.

COLLATERAL REQUIREMENTS
CERTIFICATES OF DEPOSIT (CDS). The City shall require any commercial bank or savings and loan association to deposit eligible securities with an agency of a depository approved by the State Banking Department to secure any uninsured portion of a Non‐Negotiable Certificate of Deposit. The value of eligible securities as defined pursuant to California Government Code, Section 53651, pledged against a Certificate of Deposit shall be equal to 150% of the face value of the CD if the securities are classified as mortgages and 110% of the face value of the CD for all other classes of security.

COLLATERALIZATION OF BANK DEPOSITS. This is the process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing repayment of deposited funds. The City shall require any bank or financial institution to comply with the collateralization criteria defined in California Government Code, Section 53651.

REPURCHASE AGREEMENTS. The City requires that Repurchase Agreements be collateralized only by securities authorized in accordance with California Government Code:
 The securities which collateralize the repurchase agreement shall be priced at Market Value, including any Accrued Interest plus a margin. The Market Value of the securities that underlie a repurchase agreement shall be valued at 102% or greater of the funds borrowed against those securities.
 Financial institutions shall mark the value of the collateral to market at least monthly and increase or decrease the collateral to satisfy the ratio requirement described above.  The City shall receive monthly statements of collateral.

AUTHORIZED INVESTMENTS
Investment of City funds is governed by the California Government Code Sections 53600 et seq. Within the context of the limitations, the following investments are authorized, subject to the restrictions below. In the event a discrepancy is found between this policy and the Code, the more restrictive parameters will take precedence. Percentage holding limits and minimum credit quality requirements listed in this section apply at the time the security is purchased.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity and shall be exempt from the current policy. At 619
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the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

An appropriate risk level shall be maintained by primarily purchasing securities that are of high quality, liquid, and marketable. The portfolio shall be diversified by security type and institution to avoid incurring unreasonable and avoidable risks regarding specific security types or individual issuers.

1. United States Treasury Bills, Bonds, and Notes or those for which the full faith and credit of the United States are pledged for payment of principal and interest. There is no percentage limitation of the portfolio that can be invested in this category, although a five‐ year maturity limitation is applicable.

2. Obligations issued by Federal agencies or United States Government‐Sponsored Enterprise obligations, participations, or other instruments, including those issued by or fully guaranteed as to principal and interest by federal agencies or United States government‐sponsored enterprises. There are no limits on the dollar amount or percentage that the City may invest in Federal Agency or Government‐Sponsored Enterprises (GSEs), provided that:
 No more than 30% of the portfolio may be invested in any single Agency/GSE issuer.
 The maximum maturity does not exceed five (5) years.
 The maximum percent of agency callable securities in the portfolio will be 20%.

3. Banker’s Acceptances (bills of exchange or time drafts drawn on and accepted by commercial banks) may not exceed 180 days to maturity or 40% of the portfolio.  They are issued by institutions which have short‐term debt obligations rated “A‐1” or its equivalent or better by at least one NRSRO; or long‐term debt obligations which are rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
 No more than 5% of the portfolio may be invested in any single issuer.

4. Local Agency Investment Fund (LAIF), which is a State of California managed investment pool, may be used up to the maximum permitted by the California State Treasurer. LAIF’s investments in instruments prohibited by or not specified in the City’s policy do not exclude the investment in LAIF itself from the City’s list of allowable investments, provided LAIF’s reports allow the Treasurer to adequately judge the risk inherent in LAIF’s portfolio..

5. Commercial paper issued by corporations organized and operating in the United States having assets in excess of $500,000,000, ranked “A‐1” or its equivalent or better by at least one Nationally Ranked Statistical Rating Organization (NRSRO), issued by corporations which have long‐term obligations 620
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rated in a rating category of “A” or its equivalent or better by one NRSRO.

Purchases of eligible commercial paper may not exceed 397 days to maturity nor represent more than 10% of the outstanding paper of the issuing corporation.

Purchases of commercial paper may not exceed 25% of the portfolio. Under a provision sunsetting on January 1, 2031, no more than 40% of the City’s portfolio may be invested in Commercial Paper if the City’s investment assets under management are greater than $100,000,000. No more than 5% of the portfolio may be invested in any single issuer. No more than 10% of the total investments may be invested the in commercial paper and medium term notes combined of any single issuer.

6. Negotiable Certificates of Deposits issued by nationally or state‐chartered banks, state or federal savings associations, or state or federal credit unions, or by a federally licensed or state‐licensed branch of a foreign bank. Purchases of Negotiable Certificates of Deposit may not exceed 30% of the portfolio. No more than 5% of the portfolio may be invested in any single issuer. A maturity limitation of five years is applicable. The amount of the NCD insured up to the FDIC limit does not require any credit ratings. Any amount above the FDIC insured limit must be issued by institutions which have short‐term debt obligations rated “A‐1” or its equivalent or better by at least one NRSRO; or long‐term obligations rated in a rating category of “A” or its equivalent or better by at least one NRSRO.

7. Repurchase agreements that specify terms and conditions may be transacted with banks and broker dealers. The maturity of the repurchase agreements shall not exceed one year.

The market value of the securities used as collateral for the repurchase agreements shall be monitored by the investment staff and shall not be allowed to fall below 102% of the value of the repurchase agreement. A PSA Master Repurchase Agreement is required between the City of Cupertino and the broker/dealer or financial institution for all repurchase agreements transacted.

8. Reverse repurchase agreements are not authorized.

9. Certificates of Deposit (time deposits), non‐negotiable and collateralized in accordance with the California Government Code, may be purchased through banks, savings and loan associations, or credit unions. Within a limit of 30% of the portfolio, these institutions may use a private sector entity to assist in the placement of the time deposits under the conditions specified by the Government Code.

10. Medium Term Corporate Notes issued by corporations organized and operating in the United States or by depository institutions licensed by the United States or any state and operating within the United States, with a maximum maturity of five years may be purchased. Securities eligible for investment shall be rated in the rating category of “A” or better by at least one NRSRO. Purchase of medium term notes may not exceed 30% of the portfolio. No more than 5% of the portfolio may be invested 621
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in any single issuer.No more than 10% of the total investments may be invested in the commercial paper and medium term notes combined of any single issuer.

11. Municipal securities, including obligations of the City, the State of California, and any local agency within the State of California, provided that:
 The securities are rated in a rating category of “A” or its equivalent or better by at least one NRSRO.
 No more than 5% of the portfolio may be invested in any single issuer.  No more than 30% of the portfolio may be in Municipal Securities.  The maximum maturity does not exceed five (5) years.

12. Municipal securities (Registered Treasury Notes or Bonds) of any of the other 49 states in addition to California, including bonds payable solely out of the revenues from a revenue‐producing property owned, controlled, or operated by a state or by a department, board, agency, or authority of any of the other 49 states, in addition to California.
 The securities are rated in a rating category of “A” or its equivalent or better by at least one nationally recognized statistical rating organization (“NRSRO”).
 No more than 5% of the portfolio may be invested in any single issuer.  No more than 30% of the portfolio may be in Municipal Securities.  The maximum maturity does not exceed five (5) years.

13. Asset‐backed, mortgage‐backed, mortgage pass‐through securities, and collateralized mortgage obligations not defined in paragraphs 1 and 2 of the Authorized Investments section of this policy, provided that:
 The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
 No more than 20% of the total portfolio may be invested in these securities.  No more than 5% of the portfolio may be invested in any single Asset‐Backed or Commercial Mortgage security issuer.
 The maximum legal final maturity does not exceed five (5) years.

14. Supranationals, provided that:
 Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter‐American Development Bank.
 The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
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 No more than 30% of the total portfolio may be invested in these securities.  No more than 10% of the portfolio may be invested in any single issuer.  The maximum maturity does not exceed five (5) years.

15. Money market mutual funds registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and issued by diversified management companies and meet either of the following criteria:
 Have attained the highest ranking or the highest letter and numerical rating provided by not less than two (2) NRSROs; or
 Have retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of $500 million.

Only funds holding U.S. Treasury obligations, Government agency obligations, or repurchase agreements collateralized by U.S. Treasury or Government agency obligations can be utilized and may not exceed 20% of the cost value of the portfolio.

16. Local Government Investment Pools which are shares of beneficial interest issued by a joint powers authority organized pursuant to Section 6509.7 that invests in the securities and obligations authorized in California Government Code Section 53601 subdivisions (a) to (r), inclusive. Each share shallrepresent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section, the joint powers authority issuing the shares shall have retained an investment adviser that meets all of the following criteria:
(1) The adviser is registered or exempt from registration with the United States Securities and Exchange Commission.
(2) The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (q), inclusive. (3) The adviser has assets under management in excess of five hundred million dollars ($500,000,000).

There is no limitation for Local Government Investment Pools (LGIP)

PROHIBITED INVESTMENT VEHICLES AND PRACTICES
Ineligible investments are those that are not described herein, including but not limited to, common stocks and long‐term (over five years in maturity) notes and bonds are prohibited from use in this portfolio. It is noted that special circumstances arise that necessitate the 623
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purchase of securities beyond the five‐year limitation. On such occasions, requests must be approved by City Council prior to purchase. Additionally:
 State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.  In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest‐only strips is prohibited.
 Investment in any security that could result in a zero‐interest accrual if held to maturity is prohibited. Under a provision sunsetting on January 1, 2031, securities backed by the U.S. Government that could result zero‐ or negative‐interest accrual if held to maturity are permitted.  Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
 Purchasing or selling securities on margin is prohibited.  The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited.
 The purchase of foreign currency denominated securities is prohibited.  Securities with trade settlement periods longerthan 45 days are prohibited.

RISK MANAGEMENT AND DIVERSIFICATION
Mitigating Credit Risk in the Portfolio
Credit risk is the risk that a security or a portfolio will lose some or all its value due to a real or perceived change in the ability of the issuer to repay its debt. The City will mitigate credit risk by adopting the following strategies:

The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio.  No more than 5% of the total portfolio may be deposited with or invested in securities issued by any single issuer unless otherwise specified in this policy.  The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to manage the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences.  If the credit ratings of any security owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.
 If a security is downgraded, the Treasurer will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
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in the portfolio will be monitored and reported monthly to the City Council.

Mitigating Market Risk in the Portfolio
Market risk is the risk that the portfolio value will fluctuate due to changes in the general level of interest rates. The City recognizes that, over time, longer‐term portfolios have the potential to achieve higher returns. On the other hand, longer‐term portfolios have higher volatility of return. The City will mitigate market risk by providing adequate liquidity for short‐term cash needs, and by making longer‐term investments only with funds that are not needed for current cash flow purposes.

The City further recognizes that certain types of securities, including variable rate securities, securities with principal paydowns prior to maturity, and securities with embedded options, will affect the market risk profile of the portfolio differently in different interest rate environments. The City, therefore, adopts the following strategies to control and mitigate its exposure to market risk:
 The City will maintain a minimum of six months of budgeted operating expenditures in short term investments to provide sufficient liquidity for expected disbursements.
 The maximum stated final maturity of individual securities in the portfolio will be five (5) years as measured from trade settlement date, except as otherwise stated in this policy.
 The duration of the portfolio will generally be approximately equal to the duration (typically, plus or minus 20%) of a Market Benchmark, an index selected by the City based on the City’s investment objectives, constraints and risk tolerances.

DEPOSITS
To be eligible to receive local agency money, a bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisorial agency of its record of meeting the credit needs of California’s communities.

INTEREST EARNINGS
All moneys earned and collected from investments authorized in this policy shall be allocated monthly to various fund accounts based on the cash balance in each fund as a percentage of the entire pooled portfolio.

REVIEW OF INVESTMENT PORTFOLIO
The Treasurer shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the City Council. 625
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POLICY REVIEW
The City of Cupertino’s investment policy shall be adopted by resolution of the City Council on an annual basis. This investment policy shall be reviewed at least annually to ensure its consistency with the overall objectives of preservation of principal, liquidity, and yield, and its relevance to current law and financial and economic trends.

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GLOSSARY OF INVESTMENT TERMS
AGENCIES. Shorthand market terminology for any obligation issued by a government‐ sponsored entity (GSE), or a federally related institution. Most obligations of GSEs are not guaranteed by the full faith and credit of the US government. Examples are:

FFCB. The Federal Farm Credit Bank System provides credit and liquidity in the agricultural industry. FFCB issues discount notes and bonds.

FHLB. The Federal Home Loan Bank provides credit and liquidity in the housing market. FHLB issues discount notes and bonds.

FHLMC. Like FHLB, the Federal Home Loan Mortgage Corporation provides credit and liquidity in the housing market. FHLMC, also called “FreddieMac” issues discount notes, bonds and mortgage pass‐through securities.

FNMA. Like FHLB and Freddie Mac, the Federal National Mortgage Association was established to provide credit and liquidity in the housing market. FNMA, also known as “Fannie Mae,” issues discount notes, bonds and mortgage pass‐through securities.

GNMA. The Government National Mortgage Association, known as “Ginnie Mae,” issues mortgage pass‐through securities, which are guaranteed by the full faith and credit of the US Government.

PEFCO. The Private Export Funding Corporation assists exporters. Obligations of PEFCO are not guaranteed by the full faith and credit of the US government.

TVA. The Tennessee Valley Authority provides flood control and power and promotes development in portions of the Tennessee, Ohio, and Mississippi River valleys. TVA currently issues discount notes and bonds.

ASKED. The price at which a seller offers to sell a security.

ASSET BACKED SECURITIES. Securities supported by pools of installment loans or leases or by pools of revolving lines of credit.

AVERAGE LIFE. In mortgage‐related investments, including CMOs, the average time to expected receipt of principal payments, weighted by the amount of principal expected.

BANKER’S ACCEPTANCE. A money market instrument created to facilitate international trade transactions. It is highly liquid and safe because the risk of the trade transaction is transferred to the bank which “accepts” the obligation to pay the investor.

BENCHMARK. A comparison security or portfolio. A performance benchmark is a partial market index, which reflects the mix of securities allowed under a specific investment policy.

BID. The price at which a buyer offers to buy a security. 627
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BROKER. A broker brings buyers and sellers together for a transaction for which the broker receives a commission. A broker does not sell securities from his own position.

CALLABLE. A callable security gives the issuer the option to call it from the investor prior to its maturity. The main cause of a call is a decline in interest rates. If interest rates decline since an issuer issues securities, it will likely call its current securities and reissue them at a lower rate of interest. Callable securities have reinvestment risk as the investor may receive its principal back when interest rates are lower than when the investment was initially made.

CERTIFICATE OF DEPOSIT (CD). A time deposit with a specific maturity evidenced by a certificate. Large denomination CDs may be marketable.

CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SYSTEM (CDARS). A private placement service that allows local agencies to purchase more than $250,000 in CDs from a single financial institution (must be a participating institution of CDARS) while still maintaining FDIC insurance coverage. CDARS is currently the only entity providing this service. CDARS facilitates the trading of deposits between the California institution and other participating institutions in amounts that are less than $250,000 each, so that FDIC coverage is maintained.

COLLATERAL. Securities or cash pledged by a borrower to secure repayment of a loan or repurchase agreement. Also, securities pledged by a financial institution to secure deposits of public monies.

COLLATERALIZED MORTGAGE OBLIGATIONS (CMO). Classes of bonds that redistribute the cash flows of mortgage securities (and whole loans) to create securities that have different levels of prepayment risk, as compared to the underlying mortgage securities.

COMMERCIAL PAPER. The short‐term unsecured debt of corporations.

COST YIELD. The annual income from an investment divided by the purchase cost. Because it does not give effect to premiums and discounts which may have been included in the purchase cost, it is an incomplete measure of return.

COUPON. The rate of return at which interest is paid on a bond.

CREDIT RISK. The risk that principal and/or interest on an investment will not be paid in a timely manner due to changes in the condition of the issuer.

CURRENT YIELD. The annual income from an investment divided by the current market value.

Since the mathematical calculation relies on the current market value rather than the investor’s cost, current yield is unrelated to the actual return the investor will earn if the security is held to maturity.

DEALER. A dealer acts as a principal in security transactions, selling securities from and buying securities for his own position.

DEBENTURE. A bond secured only by the general credit of the issuer. 628
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DELIVERY VS. PAYMENT (DVP). A securities industry procedure whereby payment for a security must be made at the time the security is delivered to the purchaser’s agent.

DERIVATIVE. Any security that has principal and/or interest payments which are subject to uncertainty (but not for reasons of default or credit risk) as to timing and/or amount, or any security which represents a component of another security which has been separated from other components (“Stripped” coupons and principal). A derivative is also defined as a financial instrument the value of which is totally or partially derived from the value of another instrument, interest rate, or index.

DISCOUNT. The difference between the par value of a bond and the cost of the bond, when the cost is below par. Some short‐term securities, such as T‐bills and banker’s acceptances, are known as discount securities. They sell at a discount from par, and return the par value to the investor at maturity without additional interest. Other securities, which have fixed coupons, trade at a discount when the coupon rate is lower than the current market rate for securities of that maturity and/or quality.

DIVERSIFICATION. Dividing investment funds among a variety of investments to avoid excessive exposure to any one source of risk.

DURATION. The weighted average time to maturity of a bond where the weights are the present values of the future cash flows. Duration measures the price sensitivity of a bond to changes in interest rates. (See modified duration).

FEDERAL FUNDS RATE. The rate of interest charged by banks for short‐term loans to other banks. The Federal Reserve Bank through open‐market operations establishes it.

FEDERAL OPEN MARKET COMMITTEE. A committee of the Federal Reserve Board that establishes monetary policy and executes it through temporary and permanent changes to the supply of bank reserves.

LEVERAGE. Borrowing funds in order to invest in securities that have the potential to pay earnings at a rate higher than the cost of borrowing.

LIQUIDITY. The speed and ease with which an asset can be converted to cash.

LOCAL AGENCY INVESTMENT FUND (LAIF). A voluntary investment fund open to government entities and certain non‐profit organizations in California that is managed by the State Treasurer’s Office.

LOCAL GOVERNMENT INVESTMENT POOL. Investment pools that range from the State Treasurer’s Office Local Agency Investment Fund (LAIF) to county pools, to Joint Powers Authorities (JPAs). These funds are not subject to the same SEC rules applicable to money market mutual funds.

MAKE WHOLE CALL. A type of call provision on a bond that allows the issuer to pay off the remaining debt early. Unlike a call option, with a make whole call provision, the issuer makes a 629
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lump sum payment that equals the net present value (NPV) of future coupon payments that will not be paid because of the call. With this type of call, an investoris compensated, or ʺmade whole.ʺ MARGIN. The difference between the market value of a security and the loan a broker makes using that security as collateral.

MARKET RISK. The risk that the value of securities will fluctuate with changes in overall market conditions or interest rates.

MARKET VALUE. The price at which a security can be traded.

MARKING TO MARKET. The process of posting current market values for securities in a portfolio.

MATURITY. The final date upon which the principal of a security becomes due and payable.

MEDIUM TERM NOTES. Unsecured, investment‐grade senior debt securities of major corporations which are sold in relatively small amounts on either a continuous or an intermittent basis. MTNs are highly flexible debt instruments that can be structured to respond to market opportunities or to investor preferences.

MODIFIED DURATION. The percent change in price for a 100 basis point change in yields.

Modified duration is the best single measure of a portfolio’s or security’s exposure to market risk.

MONEY MARKET. The market in which short‐term debt instruments (T‐bills, discount notes, commercial paper, and banker’s acceptances) are issued and traded.

MORTGAGE PASS‐THROUGH SECURITIES. A securitized participation in the interest and principal cash flows from a specified pool of mortgages. Principal and interest payments made on the mortgages are passed through to the holder of the security.

MUNICIPAL SECURITIES. Securities issued by state and local agencies to finance capital and operating expenses.

MUTUAL FUND. An entity which pools the funds of investors and invests those funds in a set of securities which is specifically defined in the fund’s prospectus. Mutual funds can be invested in various types of domestic and/or international stocks, bonds, and money market instruments, as set forth in the individual fund’s prospectus. For most large, institutional investors, the costs associated with investing in mutual funds are higher than the investor can obtain through an individually managed portfolio.

NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION (NRSRO).

A credit rating agency that the Securities and Exchange Commission in the United States uses for regulatory purposes. Credit rating agencies provide assessments of an investmentʹs risk. The issuers of investments, especially debt securities, pay credit rating agencies to provide them with ratings. The three most prominent NRSROs are Fitch, S&P, and Moodyʹs. 630
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NEGOTIABLE CD. A short‐term debt instrument that pays interest and is issued by a bank, savings or federal association, state or federal credit union, or state‐licensed branch of a foreign bank. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor).

PREMIUM. The difference between the par value of a bond and the cost of the bond, when the cost is above par.

PREPAYMENT SPEED. A measure of how quickly principal is repaid to investors in mortgage securities.

PREPAYMENT WINDOW. The time period over which principal repayments will be received on mortgage securities at a specified prepayment speed.

PRIMARY DEALER. A financial institution (1) that is a trading counterparty with the Federal Reserve in its execution of market operations to carry out U.S. monetary policy, and (2) that participates for statistical reporting purposes in compiling data on activity in the U.S.

Government securities market.

PRUDENT PERSON (PRUDENT INVESTOR) RULE. A standard of responsibility which applies to fiduciaries. In California, the rule is stated as “Investments shall be managed with the care, skill, prudence and diligence, under the circumstances then prevailing, that a prudent person, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims to accomplish similar purposes.” REALIZED YIELD. The change in value of the portfolio due to interest received and interest earned and realized gains and losses. It does not give effect to changes in market value on securities, which have not been sold from the portfolio.

REGIONAL DEALER. A financial intermediary that buys and sells securities for the benefit of its customers without maintaining substantial inventories of securities and that is not a primary dealer.

REPURCHASE AGREEMENT. Short‐term purchases of securities with a simultaneous agreement to sell the securities back at a higher price. From the seller’s point of view, the same transaction is a reverse repurchase agreement.

SAFEKEEPING. A service to bank customers whereby securities are held by the bank in the customer’s name.

STRUCTURED NOTE. A complex, fixed income instrument, which pays interest, based on a formula tied to other interest rates, commodities or indices. Examples include inverse floating rate notes which have coupons that increase when other interest rates are falling, and which fall when other interest rates are rising, and ʺdual index floaters,ʺ which pay interest based on the relationship between two other interest rates ‐ for example, the yield on the ten‐year Treasury note minus the Libor rate. Issuers of such notes lock in a reduced cost of borrowing by purchasing interest rate swap agreements.
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SUPRANATIONAL. A Supranational is a multi‐national organization whereby member states transcend national boundaries or interests to share in the decision making to promote economic development in the member countries.

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 value; it includes interest earnings, realized and unrealized gains, and losses in the portfolio.

U.S. TREASURY OBLIGATIONS. Securities issued by the U.S. Treasury and backed by the full faith and credit of the United States. Treasuries are considered to have no credit risk, and are the benchmark for interest rates on all other securities in the US and overseas. The Treasury issues both discounted securities and fixed coupon notes and bonds.

TREASURY BILLS. All securities issued with initial maturities of one year or less are issued as discounted instruments, and are called Treasury bills. The Treasury currently issues three‐ and six‐month T‐bills at regular weekly auctions. It also issues “cash management” bills as needed to smooth out cash flows.

TREASURY NOTES. All securities issued with initial maturities of two to ten years are called Treasury notes, and pay interest semi‐annually.

TREASURY BONDS. All securities issued with initial maturities greater than ten years are called Treasury bonds. Like Treasury notes, they pay interest semi‐annually.

VOLATILITY. The rate at which security prices change with changes in general economic conditions or the general level of interest rates.

YIELD TO MATURITY. The annualized internal rate of return on an investment which equates the expected cash flows from the investment to its cost.

Revisions:

Director of Administrative Services’ signature: _______________________________ Date: _______________________________
City Manager’s signature: _______________________________ Date: _______________________________
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City Investment Policy
Citywide Policy Manual
Attachments: N/A
Effective Date:

July 1, 20252026 through June 30, 20262027
Responsible Department:

Administrative Services
Related Policies & Notes:

SCOPE
The investment policy applies to all financial assets of the City of Cupertino as accounted for in the Annual Comprehensive Financial Report (ACFR). Policy statements outlined in this document focus on the City of Cupertino’s pooled, surplus funds, but will also apply to all other funds under the City Treasurer’s span of control unless specifically exempted by statute or ordinance. This policy is applicable, but not limited to all funds listed below:
 General Fund
 Special Revenue Funds
 Capital Project Funds
 Enterprise Funds
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 Internal Service Funds
 Trust and Agency Funds
 Any new fund unless specifically exempted
Investments of bond proceeds shall be governed by the provisions of the related bond indentures and/or cash flow requirements and therefore may extend beyond the maturity limitations as outlined in this document. Other post‐employment benefit (OPEB) and Pension trust investments are governed by California Government Code Sections 53620 through 53622 and trust documents.

The trusts are governed by separate investment policies entitled OPEB Section 115 Trust Investment Policy and Pension Trust Investment Policy Statement City of Cupertino Investment Trust that were are reviewed annually by the City of Cupertino Audit Committee before being on October 23, 2023 forwarded to City Council on December 5, 2023.

OBJECTIVES
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The primary objectives, in order of priority, of the City of Cupertino’s investment activities shall be:

To attain this objective, the City will diversify its investments by investing funds among a variety of securities with independent returns.

PERFORMANCE EVALUATION
Investment performance is continually monitored and evaluated by the City Treasurer.

Investment performance statistics and activity reports are generated on a quarterly basis for presentation to the oversight (audit) committee, City Manager and City Council. Yield on the City’s investment portfolio is of secondary importance compared to the safety and liquidity objectives described above. The City’s investment portfolio shall be designed to attain a market average rate of return through economic cycles. The Treasurer shall monitor and evaluate the portfolio’s performance relative to the chosen market benchmark(s), which will be included in the Treasurer’s quarterly report. The Treasurer shall select an appropriate, readily available index to use as a market benchmark. Whenever possible, and consistent with risk limitations as defined herein and prudent investment principles, the Treasurer shall seek to augment return above the 635
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market average rate of return. The City may select alternative benchmarks for identified pools of City funds that have different objectives.

The Treasurer shall designate a staff person as a liaison/deputy in the event circumstances require timely action and the Treasurer is not present.

No officer or designee may engage in an investment transaction except as provided under terms of this policy and the procedures by the Treasurer and approved by the City Manager/Council.

The Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.

ETHICS AND CONFLICTS OF INTEREST
Officers and employees involved in the investment process shall refrain from personal business activity that conflicts with proper execution of the investment program, or impairs their ability to make impartial investment decisions. Additionally the City Treasurer and the Deputy Treasurer are required to annually file applicable financial disclosures as required by the Fair Political Practices Commission (FPPC).
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REPORTING
Monthly transaction reports will be submitted by the Treasurer to the City Council within 30 days of the end of the reporting period in accordance with California Government Code Section 53607. 637
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The City Treasurer shall also prepare a quarterly investment report, including a succinct management summary that provides a clear picture of the status of the current investment portfolio. The report will be prepared in a manner that will report all information required under this policy and as recommended by California Government Code. The Treasurer will submit the report to Council no later than the second regular council meeting, or approximately 45 days following the end of the quarter covered by the report.

AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND QUALIFIED

Public deposits will be made only in qualified public depositories as established by State law.

Deposits will be insured by the Federal Deposit Insurance Corporation, or, to the extent the amount exceeds the insured maximum, will be collateralized in accordance with State law. 638
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Selection of broker/dealers used by an external investment adviser retained by the City will be at the sole discretion of the adviser. Where possible, transactions with broker/dealers shall be selected on a competitive basis and their bid or offering prices shall be recorded. If there is no other readily available competitive offering, best efforts will be made to document quotations for comparable or alternative securities. When purchasing original issue instrumentality securities, no competitive offerings will be required as all dealers in the selling group offer those securities at the same original issue price.

Any investment currently held at the time the policy is adopted which does not meet the new policy guidelines can be held until maturity and shall be exempt from the current policy. At 639
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the time of the investment’s maturity or liquidation, such funds shall be reinvested only as provided in the current policy.

5. Commercial paper issued by corporations organized and operating in the United States having assets in excess of $500,000,000, ranked “A‐1” or its equivalent or better by at least one Nationally Ranked Statistical Rating Organization (NRSRO), issued by corporations which have long‐term obligations 640
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rated in a rating category of “A” or its equivalent or better by one NRSRO.

Purchases of eligible commercial paper may not exceed 270397 days to maturity nor represent more than 10% of the outstanding paper of the issuing corporation.

Purchases of commercial paper may not exceed 25% of the portfolio. Under a provision sunsetting on January 1, 20262031, no more than 40% of the City’s portfolio may be invested in Commercial Paper if the City’s investment assets under management are greater than $100,000,000. No more than 5% of the portfolio may be invested in any single issuer. No more than 10% of the total investments may be invested the in commercial paper and medium term notes combined of any single issuer.

7. Repurchase agreements that specify terms and conditions may be transacted with banks and broker dealers. The maturity of the repurchase agreements shall not exceed one year.

8. Reverse repurchase agreements are not authorized.

10. Medium Term Corporate Notes issued by corporations organized and operating in the United States or by depository institutions licensed by the United States or any state and operating within the United States, with a maximum maturity of five years may be purchased. Securities eligible for investment shall be rated in the rating category of “A” or better by at least one NRSRO. Purchase of medium term notes may not exceed 30% of the portfolio. No more than 5% of the portfolio may be invested 641
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in any single issuer.No more than 10% of the total investments may be invested in the commercial paper and medium term notes combined of any single issuer.

14. Supranationals, provided that:
 Issues are US dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter‐American Development Bank.
 The securities are rated in a rating category of “AA” or its equivalent or better by a NRSRO.
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 No more than 30% of the total portfolio may be invested in these securities.  No more than 10% of the portfolio may be invested in any single issuer.  The maximum maturity does not exceed five (5) years.

There is no limitation for Local Government Investment Pools (LGIP)

PROHIBITED INVESTMENT VEHICLES AND PRACTICES
Ineligible investments are those that are not described herein, including but not limited to, common stocks and long‐term (over five years in maturity) notes and bonds are prohibited from use in this portfolio. It is noted that special circumstances arise that necessitate the 643
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purchase of securities beyond the five‐year limitation. On such occasions, requests must be approved by City Council prior to purchase. Additionally:
 State law notwithstanding, any investments not specifically described herein are prohibited, including, but not limited to futures and options.  In accordance with Government Code, Section 53601.6, investment in inverse floaters, range notes, or mortgage derived interest‐only strips is prohibited.
 Investment in any security that could result in a zero‐interest accrual if held to maturity is prohibited. Under a provision sunsetting on January 1, 20262031, securities backed by the U.S. Government that could result zero‐ or negative‐interest accrual if held to maturity are permitted.  Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.
 Purchasing or selling securities on margin is prohibited.  The use of reverse repurchase agreements, securities lending or any other form of borrowing or leverage is prohibited.
 The purchase of foreign currency denominated securities is prohibited.  Securities with trade settlement periods longerthan 45 days are prohibited.

The diversification requirements included in the “Authorized Investments” section of this policy are designed to mitigate credit risk in the portfolio.  No more than 5% of the total portfolio may be deposited with or invested in securities issued by any single issuer unless otherwise specified in this policy.  The City may elect to sell a security prior to its maturity and record a capital gain or loss in order to manage the quality, liquidity or yield of the portfolio in response to market conditions or City’s risk preferences.  If the credit ratings of any security owned by the City are downgraded to a level below the quality required by this investment policy, it will be the City’s policy to review the credit situation and make a determination as to whether to sell or retain such securities in the portfolio.
 If a security is downgraded, the Treasurer will use discretion in determining whether to sell or hold the security based on its current maturity, the economic outlook for the issuer, and other relevant factors.
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in the portfolio will be monitored and reported monthly to the City Council.

REVIEW OF INVESTMENT PORTFOLIO
The Treasurer shall periodically, but no less than quarterly, review the portfolio to identify investments that do not comply with this investment policy and establish protocols for reporting major and critical incidences of noncompliance to the City Council. 645
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