City of San Bernardino
Portfolio Summary
As of Date: 10/31/2025
Bond Portfolio Characteristics Total Account Summary
Average Credit Quality AA
3.00 Investment Sector Breakout
Cols
Sector Avg YTM Avg Eff Dur
Treasury 3.84 0.91
Agency 4.01 1.01
Corporate 4.43 2.09
LAIF 4.12 N/A
Money Market 4.00 N/A
Supranational 4.13 1.74
"I certify that this report accurately reflects all pooled investments and is in conformity with the Investment Policy Statement approved by the Mayor and City Council."
CYNTHIA JEANNIE FORTUNE, INTERIM DIRECTOR OF FINANCE & MGMT End Values as of 10/31/2025
$312,529,466.37
$1,891,905.60
$313,785,680.52
Monthly Interest Earned $474,828.30
Average Coupon 1.94% Market Value
Average Market YTM 4.03% YTD Interest Earned
$311,335,196.60
$311,334,562.59
Cost Value
Weighted Average Life 1.50 Book Value
Average Effective Duration 1.24 Par
0.16%
1.29%
1.76%
10.55%
13.91%
14.80%
27.40%
30.14%
CD
Supranational
Cash
Money Market
Agency
Corporate
LAIF
Treasury
Total Investment Allocation
43.75%
13.82%
9.50%
11.89%
8.16%
12.88%
0-.5 .5-1 1-2 2-3 3-4 4+
Bond Maturity Distribution
2%
74%
24%
Bond Credit Quality (Highest NRSRO Rating)
AAA AA A
City of San Bernardino 1
53601 Cash Portfolio
As of Date: 10/31/2025
Symbol/CUSIP Security Name Par Value Coupon Rate
Moody's/
S&P/Fitch
Rating 2,3
Purchase Date Maturity/
Called Date
Weighted
Average Life
Days to
Maturity
Yield to
Maturity 2
Adjusted
Cost Basis Market Value
Cash & Cash Equaivalents
Cash 6,803,014.01 $ N/A N/A N/A $ 6,803,014.01 $ 6,803,014.01 Money Market 33,052,849.02 $ N/A 0.003 4.00% $ 33,052,849.02 $ 33,052,849.02 LAIF 85,804,817.49 $ N/A 0.71 4.12% $ 85,804,817.49 $ 85,804,817.49 125,660,680.52$ $ 125,660,680.52 $ 125,660,680.52 CDs
90348JT59 UBS BANK USA UT 0.95% CD 09/22/2026 250,000.00 $ 0.950% N/R 1/0/1900 9/22/2026 326 N/R 250,000.00 $ 244,081.25$ 856285XL0 STATE BANK OF INDIA NY 1.15% CD 09/28/2026 250,000.00$ 1.150% N/R 1/0/1900 9/28/2026 332 N/R 250,000.00 $ 244,455.25$ 500,000.00$ 500,000.00 $ 488,536.50$ US Treasury
912797QQ3 US TREASURY BILL 11/13/2025 12,500,000.00 $ 0.000% Aa1 10/29/2025 11/13/2025 0.02 13 3.92% 12,481,304.45 $ 12,486,545.00$ 912797RP4 US TREASURY BILL 11/18/2025 25,000,000.00 $ 0.000% Aa1 10/29/2025 11/18/2025 0.04 18 3.93% 24,948,914.52 $ 24,959,635.00$ 912797RQ2 US TREASURY BILL 11/25/2025 25,000,000.00 $ 0.000% Aa1 10/30/2025 11/25/2025 0.06 25 3.94% 24,932,692.29 $ 24,940,645.00$ 91282CCF6 US TREASURY 0.75% 05/31/2026 1,000,000.00 $ 0.750% Aa1 10/14/2025 5/31/2026 0.57 212 3.77% 981,495.68 $ 982,773.40$ 9128282A7 US TREASURY 1.5% 08/15/2026 2,500,000.00 $ 1.500% Aa1 10/6/2025 8/15/2026 0.78 288 3.75% 2,453,769.77 $ 2,456,347.50$ 91282CMV0 US TREASURY 3.875% 03/31/2027 1,500,000.00 $ 3.875% Aa1 10/23/2025 3/31/2027 1.40 516 3.66% 1,507,278.52 $ 1,504,511.70$ 91282CNV9 US TREASURY 3.625% 08/31/2027 4,000,000.00 $ 3.625% Aa1 10/6/2025 8/31/2027 1.82 669 3.61% 4,003,153.72 $ 4,000,781.20$ 91282CPB1 US TREASURY 3.5% 09/30/2027 4,000,000.00 $ 3.500% Aa1 10/10/2025 9/30/2027 1.90 699 3.60% 3,998,835.32 $ 3,992,500.00$ 91282CNU1 US TREASURY 3.625% 08/15/2028 4,000,000.00 $ 3.625% Aa1 10/10/2025 8/15/2028 2.78 1019 3.60% 4,007,185.16 $ 4,002,968.40$ 91282CNY3 US TREASURY 3.375% 09/15/2028 4,000,000.00 $ 3.375% Aa1 10/6/2025 9/15/2028 2.86 1050 3.60% 3,973,815.22 $ 3,975,624.80$ 91282CPC9 US TREASURY 3.5% 10/15/2028 2,500,000.00 $ 3.500% Aa1 10/23/2025 10/15/2028 2.95 1080 3.60% 2,501,479.04 $ 2,493,066.25$ 91282CEV9 US TREASURY 3.25% 06/30/2029 1,500,000.00 $ 3.250% Aa1 10/23/2025 6/30/2029 3.65 1338 3.65% 1,485,539.86 $ 1,479,726.45$ 91282CNX5 US TREASURY 3.625% 08/31/2030 2,500,000.00 $ 3.625% Aa1 10/6/2025 8/31/2030 4.82 1765 3.70% 2,486,635.29 $ 2,491,406.25$ 91282CPA3 US TREASURY 3.625% 09/30/2030 4,500,000.00 $ 3.625% Aa1 10/23/2025 9/30/2030 4.90 1795 3.71% 4,494,529.74 $ 4,483,827.90$ 94,500,000.00$ 94,256,628.58 $ 94,250,358.85$ Agency Securities4
3135GA2N0 FEDERAL NTNL MORTGAG 0.55% 11/04/2025 CALLABLE 1,000,000.00$ 0.550% Aa1 11/4/2020 11/4/2025 0.00 4 1.73% 1,000,000.00 $ 999,903.00$ 3130AMLJ9 FHLB 0.81% 11/26/2025 CALLABLE 1,000,000.00 $ 0.810% Aa1 5/26/2021 11/26/2025 0.06 26 3.84% 1,000,000.00 $ 997,945.00$ 3130AMTZ5 FHLB 0.75% 11/28/2025 CALLABLE 1,000,000.00 $ 0.750% Aa1 6/28/2021 11/28/2025 0.07 28 3.71% 1,000,000.00 $ 997,807.00$ 3134GXHD9 FHLMC 0.7% 12/23/2025 CALLABLE 1,000,000.00 $ 0.700% Aa1 3/24/2021 12/23/2025 0.13 53 4.00% 993,000.00 $ 995,557.00$ 3130AP4S1 FHLB 0.825% 12/30/2025 CALLABLE 1,000,000.00 $ 0.825% Aa1 9/30/2021 12/30/2025 0.15 60 3.92% 1,000,000.00 $ 995,134.00$ 3130AKN85 FHLB 0.55% 01/20/2026 CALLABLE 1,000,000.00 $ 0.550% Aa1 9/10/2021 1/20/2026 0.21 81 4.12% 992,090.00 $ 992,911.00$ 3130AL6L3 FHLB STEP 02/26/2026 CALLABLE 2,000,000.00 $ 1.000% Aa1 2/26/2021 2/26/2026 0.31 118 3.96% 2,000,000.00 $ 1,981,916.00$ 3130ANJ35 FHLB 0.7% 02/26/2026 CALLABLE 1,000,000.00 $ 0.700% Aa1 8/26/2021 2/26/2026 0.31 118 3.97% 1,000,000.00 $ 990,165.00$ 3130ALV68 FHLB 1.03% 03/30/2026 CALLABLE 1,000,000.00 $ 1.030% Aa1 3/30/2021 3/30/2026 0.41 150 4.12% 1,000,000.00 $ 988,600.00$ 3130AMUD2 FHLB 0.85% 03/30/2026 CALLABLE 1,000,000.00 $ 0.850% Aa1 7/13/2021 3/30/2026 0.41 150 4.12% 1,000,000.00 $ 987,886.00$ 3133EMB76 FFCB 0.95% 05/26/2026 CALLABLE 1,000,000.00 $ 0.950% Aa1 5/26/2021 5/26/2026 0.56 207 3.85% 999,000.00 $ 983,792.00$ 3133ENGC8 FFCB 1.32% 06/01/2026 1,000,000.00 $ 1.320% Aa1 12/1/2021 6/1/2026 0.57 213 3.86% 1,000,000.00 $ 985,861.00$ 3133EMH21 FFCB 0.9% 06/15/2026 CALLABLE 2,000,000.00 $ 0.900% Aa1 11/22/2021 6/15/2026 0.61 227 4.00% 988,000.00 $ 1,964,368.00$ 3133ENHV5 FFCB 1.39% 06/22/2026 CALLABLE 1,000,000.00 $ 1.390% Aa1 12/22/2021 6/22/2026 0.63 234 4.06% 1,000,000.00 $ 984,717.00$ 3130ANKG4 FHLB 1% 08/27/2026 CALLABLE 1,000,000.00 $ 1.000% Aa1 1/11/2022 8/27/2026 0.81 300 4.10% 1,000,000.00 $ 977,375.00$ 3133EM3T7 FFCB 0.87% 09/01/2026 CALLABLE 1,000,000.00 $ 0.870% Aa1 9/1/2021 9/1/2026 0.82 305 3.92% 998,500.00 $ 975,944.00$ 3130APCH6 FHLB 1.125% 09/29/2026 CALLABLE 1,000,000.00 $ 1.125% Aa1 9/29/2021 9/29/2026 0.90 333 4.00% 1,000,000.00 $ 976,013.00$ 3130AP6D2 FHLB 1% 09/30/2026 CALLABLE 1,000,000.00 $ 1.000% Aa1 9/30/2021 9/30/2026 0.90 334 4.12% 1,000,000.00 $ 974,755.00$ 3130APHT5 FHLB 1.2% 10/26/2026 CALLABLE 1,000,000.00 $ 1.200% Aa1 10/26/2021 10/26/2026 0.97 360 4.04% 1,000,000.00 $ 974,803.00$ 3130APGP4 FHLB 1.15% 10/28/2026 CALLABLE 1,000,000.00 $ 1.150% Aa1 10/28/2021 10/28/2026 0.98 362 4.04% 1,000,000.00 $ 974,193.00$
City of San Bernardino 1
53601 Cash Portfolio
As of Date: 10/31/2025
Symbol/CUSIP Security Name Par Value Coupon Rate
Moody's/
S&P/Fitch
Rating 2,3
Purchase Date Maturity/
Called Date
Weighted
Average Life
Days to
Maturity
Yield to
Maturity 2
Adjusted
Cost Basis Market Value
3130APHA6 FHLB STEP 10/28/2026 CALLABLE 1,000,000.00 $ 1.250% Aa1 10/28/2021 10/28/2026 0.98 362 4.05% 1,000,000.00 $ 976,223.00$ 3133ENDC1 FFCB 1.33% 11/03/2026 CALLABLE 1,000,000.00 $ 1.330% Aa1 11/3/2021 11/3/2026 1.00 368 3.97% 1,000,000.00 $ 975,513.00$ 3130APWE1 FHLB 1.5% 11/25/2026 CALLABLE 1,000,000.00 $ 1.500% Aa1 11/30/2021 11/25/2026 1.06 390 4.03% 1,000,000.00 $ 975,928.00$ 3133ENFN5 FFCB 1.54% 11/30/2026 CALLABLE 1,000,000.00 $ 1.540% Aa1 11/30/2021 11/30/2026 1.07 395 4.02% 1,000,000.00 $ 975,858.00$ 3133ENJC5 FFCB 1.29% 12/22/2026 CALLABLE 1,000,000.00 $ 1.290% Aa1 12/22/2021 12/22/2026 1.13 417 4.01% 1,000,000.00 $ 971,890.00$ 3130AQBE2 FHLB 1.65% 12/30/2026 CALLABLE 1,000,000.00 $ 1.650% Aa1 12/30/2021 12/30/2026 1.15 425 4.09% 1,000,000.00 $ 975,652.00$ 3130AQET6 FHLB 1.4% 12/30/2026 CALLABLE 1,000,000.00 $ 1.400% Aa1 12/30/2021 12/30/2026 1.15 425 4.00% 1,000,000.00 $ 972,849.00$ 3133ENKG4 FFCB 1.47% 01/11/2027 CALLABLE 1,000,000.00 $ 1.470% Aa1 8/27/2021 1/11/2027 1.19 437 4.04% 1,000,000.00 $ 973,252.00$ 3134HBT43 FHLMC 4.125% 09/26/2028 CALLABLE 5,000,000.00 $ 4.125% Aa1 10/7/2025 9/26/2028 2.89 1061 4.13% 5,000,010.00 $ 4,994,870.00$ 3134HBV65 FHLMC 4.25% 10/08/2030 CALLABLE 5,000,000.00 $ 4.250% Aa1 10/7/2025 10/8/2030 4.93 1803 4.40% 5,000,010.00 $ 4,986,410.00$ 3134HBW31 FHLMC 4% 10/08/2030 CALLABLE 4,000,000.00 $ 4.000% Aa1 10/7/2025 10/8/2030 4.93 1803 4.04% 4,000,010.00 $ 3,983,444.00$ 44,000,000.00$ 42,970,620.00 $ 43,461,534.00$ Municipal Bonds
-$ - $ -$ -$ - $ -$ Corporate Bonds
06048WK66 BANK OF AMERICA CORP STEP 12/23/2025 CALLABLE 2,000,000.00$ 1.000% A1 1/25/2021 12/23/2025 0.13 53 4.81% 1,995,000.00 $ 1,988,994.00$ 06048WK82 BANK OF AMERICA CORP STEP 01/26/2026 CALLABLE 1,500,000.00$ 1.000% A1 4/14/2021 1/26/2026 0.23 87 5.86% 1,450,650.00 $ 1,486,731.00$ 14913R2K2 CATERPILLAR FINL SER 0.9% 03/02/2026 1,625,000.00 $ 0.900% A2 8/9/2021 3/2/2026 0.32 122 4.01% 1,628,055.00 $ 1,607,983.00$ 48128G3G3 JPMORGAN CHASE & CO. 1.2% 04/30/2026 CALLABLE 2,000,000.00$ 1.200% A1 4/30/2021 4/30/2026 0.48 181 4.11% 2,000,000.00 $ 1,966,392.00$ 023135BX3 AMAZON.COM, INC. 1% 05/12/2026 CALLABLE 1,000,000.00$ 1.000% AA 5/13/2021 5/12/2026 0.52 193 3.95% 996,840.00 $ 985,268.00$ 91324PEC2 UNITEDHEALTH GROUP I 1.15% 05/15/2026 CALLABLE 1,000,000.00$ 1.150% A+ 5/20/2021 5/15/2026 0.53 196 4.06% 1,002,380.00 $ 981,689.00$ 06048WM31 BANK OF AMERICA CORP 1.25% 05/28/2026 CALLABLE 1,000,000.00$ 1.250% A1 5/28/2021 5/28/2026 0.56 209 4.71% 1,000,000.00 $ 978,926.00$ 38150AG82 THE GOLDMAN SACHS GR 1.4% 06/16/2026 CALLABLE 1,000,000.00$ 1.400% A2 6/16/2021 6/16/2026 0.61 228 5.02% 1,000,000.00 $ 979,749.00$ 24422EVR7 JOHN DEERE CAPITAL C 1.05% 06/17/2026 2,000,000.00 $ 1.050% A1 6/17/2021 6/17/2026 0.62 229 3.99% 1,001,600.00 $ 1,962,112.00$ 38150AGW9 THE GOLDMAN SACHS GR 1.45% 07/30/2026 CALLABLE 1,000,000.00$ 1.450% A2 7/30/2021 7/30/2026 0.73 272 5.07% 1,000,000.00 $ 976,239.00$ 48128G4R8 JPMORGAN CHASE & CO. 1.15% 08/17/2026 CALLABLE 1,000,000.00$ 1.150% A1 8/17/2021 8/17/2026 0.78 290 4.99% 1,000,000.00 $ 972,792.00$ 931142ER0 WALMART INC. 1.05% 09/17/2026 CALLABLE 1,000,000.00$ 1.050% Aa2 9/17/2021 9/17/2026 0.87 321 3.79% 1,003,300.00 $ 975,848.00$ 24422EVW6 JOHN DEERE CAPITAL C 1.3% 10/13/2026 1,000,000.00 $ 1.300% A1 10/13/2021 10/13/2026 0.94 347 3.79% 1,000,250.00 $ 976,790.00$ 025816DT3 AMERICAN EXPRESS CO VAR 04/23/2027 CALLABLE 1,000,000.00$ 5.645% A2 10/6/2025 4/23/2027 0.47 539 4.52% 1,007,835.59 $ 1,005,948.00$ 172967LD1 CITIGROUP INC. VAR 01/10/2028 CALLABLE 750,000.00 $ 3.887% A3 10/14/2025 1/10/2028 1.18 801 4.88% 747,812.50 $ 747,279.00$ 61747YER2 MORGAN STANLEY VAR 04/20/2028 CALLABLE 750,000.00$ 4.210% A1 10/23/2025 4/20/2028 1.46 902 4.66% 751,997.50 $ 750,792.00$ 02209SBQ5 ALTRIA GROUP, INC. 6.2% 11/01/2028 CALLABLE 1,500,000.00$ 6.200% A3 10/29/2025 11/1/2028 2.90 1097 4.24% 1,585,210.00 $ 1,580,058.00$ 17327CAW3 CITIGROUP INC. VAR 03/04/2029 CALLABLE 1,750,000.00$ 4.786% A3 10/6/2025 3/4/2029 2.33 1220 4.37% 1,775,685.00 $ 1,771,630.00$ 14040HCZ6 CAPITAL ONE FINL COR VAR 06/08/2029 CALLABLE 750,000.00$ 6.312% A- 10/23/2025 6/8/2029 2.59 1316 4.90% 788,792.50 $ 784,623.00$ 91159HJM3 U.S. BANCORP VAR 06/12/2029 CALLABLE 750,000.00 $ 5.775% A 10/23/2025 6/12/2029 2.60 1320 4.63% 781,795.00 $ 777,249.00$ 95000U3E1 WELLS FARGO & CO VAR 07/25/2029 CALLABLE 750,000.00$ 5.574% A1 10/23/2025 7/25/2029 2.72 1363 4.55% 779,042.50 $ 776,088.00$ 06406YAA0 THE BANK OF NEW YORK 3.3% 08/23/2029 CALLABLE 1,750,000.00$ 3.300% A2 10/6/2025 8/23/2029 3.80 1392 4.20% 1,699,502.50 $ 1,694,173.25$ 06051GLS6 BANK OF AMERICA CORP VAR 09/15/2029 CALLABLE 1,000,000.00$ 5.819% A1 10/30/2025 9/15/2029 2.86 1415 4.48% 1,044,470.00 $ 1,042,467.00$ 00287YBX6 ABBVIE INC. 3.2% 11/21/2029 CALLABLE 1,000,000.00 $ 3.200% A3 10/10/2025 11/21/2029 4.05 1482 4.14% 967,900.00 $ 965,703.00$ 20826FBJ4 CONOCOPHILLIPS CO 4.7% 01/15/2030 CALLABLE 1,750,000.00$ 4.700% A2 10/6/2025 1/15/2030 4.11 1537 4.17% 1,787,577.50 $ 1,781,997.00$ 91324PFG2 UNITEDHEALTH GROUP I 4.8% 01/15/2030 CALLABLE 1,000,000.00$ 4.800% A+ 10/14/2025 1/15/2030 4.11 1537 4.20% 1,025,400.00 $ 1,021,824.00$ 61747YFK6 MORGAN STANLEY VAR 01/16/2030 CALLABLE 1,000,000.00$ 5.173% A1 10/6/2025 1/16/2030 3.20 1538 4.50% 1,027,950.00 $ 1,025,976.00$ 91159HJQ4 U.S. BANCORP VAR 01/23/2030 CALLABLE 1,000,000.00 $ 5.384% A 10/6/2025 1/23/2030 3.22 1545 4.53% 1,035,000.00 $ 1,031,282.00$ 95000U3J0 WELLS FARGO & CO VAR 01/23/2030 CALLABLE 1,500,000.00$ 5.198% A1 10/6/2025 1/23/2030 3.22 1545 4.49% 1,030,930.00 $ 1,028,748.00$ 89788MAR3 TRUIST FINL CORP SR VAR 01/24/2030 CALLABLE 1,000,000.00$ 5.435% A- 10/14/2025 1/24/2030 3.22 1546 4.58% 1,036,550.00 $ 1,033,502.00$ 036752BB8 ELEVANCE HEALTH, INC 4.75% 02/15/2030 CALLABLE 750,000.00$ 4.750% A- 10/23/2025 2/15/2030 4.20 1568 4.27% 767,980.00 $ 762,726.75$ 20030NDG3 COMCAST CORP 3.4% 04/01/2030 CALLABLE 1,000,000.00$ 3.400% A3 10/10/2025 4/1/2030 4.41 1613 4.24% 970,590.00 $ 966,185.00$ City of San Bernardino 1
53601 Cash Portfolio
As of Date: 10/31/2025
Symbol/CUSIP Security Name Par Value Coupon Rate
Moody's/
S&P/Fitch
Rating 2,3
Purchase Date Maturity/
Called Date
Weighted
Average Life
Days to
Maturity
Yield to
Maturity 2
Adjusted
Cost Basis Market Value
38141GA87 THE GOLDMAN SACHS GR VAR 04/25/2030 CALLABLE 1,000,000.00$ 5.727% A2 10/6/2025 4/25/2030 3.47 1637 4.45% 1,046,830.40 $ 1,044,908.00$ 718172DT3 PHILIP MORRIS INTERN 4.375% 04/30/2030 CALLABLE 2,000,000.00$ 4.375% A2 10/29/2025 4/30/2030 4.41 1642 4.28% 2,014,570.00 $ 2,007,328.00$ 693475BX2 THE PNC FINL SERVICE VAR 05/14/2030 CALLABLE 1,000,000.00$ 5.492% A3 10/6/2025 5/14/2030 3.53 1656 4.45% 1,042,140.00 $ 1,038,817.00$ 65339KBR0 NEXTERA ENERGY CAPIT 2.25% 06/01/2030 CALLABLE 750,000.00$ 2.250% A- 10/23/2025 6/1/2030 4.57 1674 4.28% 690,160.00 $ 686,236.50$ 46647PDF0 JPMORGAN CHASE & CO. VAR 06/14/2030 CALLABLE 1,000,000.00$ 4.565% A1 10/6/2025 6/14/2030 3.61 1687 4.50% 1,012,360.00 $ 1,010,833.00$ 38141GB29 THE GOLDMAN SACHS GR VAR 07/23/2030 CALLABLE 750,000.00$ 5.049% A2 10/23/2025 7/23/2030 3.72 1726 4.50% 771,317.50 $ 765,837.75$ 46647PBE5 JPMORGAN CHASE & CO. VAR 10/15/2030 CALLABLE 750,000.00$ 2.739% A1 10/29/2025 10/15/2030 3.95 1810 4.48% 710,170.00 $ 709,469.25$ 45,125,000.00$ 43,977,643.49 $ 44,651,193.50$ CMO & Asset Backed Securities
-$ - $ -$ -$ - $ -$ Supranationals
459058JS3 INTERNTNL BANK FOR R 0.65% 02/10/2026 CALLABLE 1,000,000.00$ 0.650% Aaa 8/31/2021 2/10/2026 0.27 102 4.80% 991,730.00 $ 990,152.00$ 45950VPY6 INTERNTNL FIN CORP 0.5% 05/15/2026 CALLABLE 1,000,000.00$ 0.500% Aaa 5/28/2021 5/15/2026 0.53 196 4.41% 1,000,000.00 $ 997,781.00$ 4581X0EN4 INTER-AMERICAN DEVEL 4.125% 02/15/2029 2,000,000.00$ 4.125% Aaa 2/26/2024 2/15/2029 3.28 1203 3.67% 1,977,260.00 $ 2,029,230.00$ 4,000,000.00$ 3,968,990.00 $ 4,017,163.00$ Totals 313,785,680.52$ 311,334,562.59 $ 312,529,466.37$ 1 Account adjusted cost basis, ending value, and other information reflects the market value of your cash and investments provided by Charles Schwab & Co., Inc (Schwab). It does not include pending transactions, unpriced securities or assets held outside Schwab's custody. Values may not reflect all of your gains/losses and may be rounded up to the nearest dollar; Schwab has provided accurate gain and loss information wherever possible for most investments. Cost basis may be incomplete or unavailable for some of your holdings and may change or be adjusted in certain cases. 2 Portfolio Manager provides bond ratings from Fitch, Moody, and Standard & Poor, and the highest of these ratings is reported for each bond. Portfolio Manager also also provides weighted-average-life and yield-to-maturity as of the month-end's valuation. 3 See acompanying Moody's, Standard and Poor's, and Fitch ratings descriptions and further details on the rating process from the rating agencies. 4 Agency Mortgage Pool Investments, such as bonds issued from the Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA), or Government National Mortgage Association (GNMA), are amortizing bonds whose principal is paid down over time. As such, performance should be evaluated relative to the Cost Basis of the Investment, not the Par Value.
City of San Bernardino
Rating Agency Disclosures
As of Date:10/31/2025
Rater
Moody's1 Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Below S&P/Fitch 2,3 AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- Below 1 - Moody’s Official Rating Descriptor/Definition: Credit Ratings are assigned on Moody’s global long-term and short-term rating scales and are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s ability to obtain sufficient cash to service the obligation, and its willingness to pay. Moody’s ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned. Source: Moody's "Rating Symbols and Definitions”, 2025 edition. https://ratings.moodys.com/api/rmc-documents/53954 2 - Standard & Poor’s Official Rating Descriptor/Definition: An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and considers the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. Source: “S&P Global Ratings Definitions” last updated 12/02/2024. https://www.spglobal.com/ratings/en/research/articles/190705-s-p-global-ratings-definitions-504352 Investment Grade Rating Non-Investment Grade Rating
3 - Fitch’s Official Rating Descriptor/Definition: Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations’ relative vulnerability to default. Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation’s documentation). Please see the section Specific Limitations Relating to Credit Rating Scales for details. Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss. Fitch’s credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations.
However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an equity index). Source: Fitch's "Rating Definitions" last updated 9/19/2025. https://www.fitchratings.com/research/banks/rating-definitions-19-09-2025