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08 - August 14, 2025 - Quarterly Investment Treasurer’s Report for June 2025 CITY COUNCIL INFORMATIONAL MEMORANDUM Date: August 14, 2025 To: Cupertino City Council From: Jonathan Orozco, Finance Manager Re: Treasurer's Investment Report for the Quarter Ending June 30, 2025 Background On May 14, 2024, 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 June 30, 2025. The report is as of July 21, 2025. 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, 2 purchase date, maturity date, cost value, par value, and market value for each security, as well as the weighted average maturity and weighted average yield of all investments. While not governed by the City's Investment Policy, statements for the Public Agency Retirement Services (PARS) Section 115 Trusts are also attached per a request from the Treasurer's Report subcommittee. The City's General Ledger cash and investments balance is $312.1 million, a $9.0 million increase from the prior quarter. Cash and Investments – General Ledger Balance Fund Type General Fund Special Revenue Debt Service Capital Projects Enterprise Internal Service Total $303,381,540 $312,080,500 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. 3 Cash and Investments – Bank Balance Quarter Ending March 31, 2025 Quarter Ending June 30, 2025 % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo) 44,830,424 51,674,890 16% Workers' Compensation Checking (Wells Fargo) 15,882 40,923 0% Payroll Checking (Wells Fargo) - - 0% Restricted for Bond Repayments1 (BNY Mellon) - - 0% Cash Equivalents Local Agency Investment Fund 67,313,421 68,055,207 21% Investments Investments (Chandler) 171,577,357 172,701,432 55% Restricted for Pension2 (PARS) 22,496,818 24,320,860 8% Total Cash and Investments3 $306,509,578 $316,793,313 100% 1 Cash held by fiscal agent for bond repayments 2 In accordance with GASB 67/68, the assets in the Section 115 Pension Trust are reported as restricted cash and investments in the General Fund. The assets can only be used to fund CalPERS costs. 3 Assets in the Section 115 OPEB Trust are excluded as the City cannot use these assets to fund its own operations. The assets are held in trust for retirees' post-employment health benefits. 4 Beginning December 31, 2024, Investment amount reflect cost value. Wells Fargo Accounts The City, in collaboration with Chandler and Wells Fargo's relationship manager, continues to evaluate options to maximize investment opportunities for excess funds held in the City's operating account. As previously reported, the operating account was converted to a "Government Advantage Checking" account, which offers full FDIC insurance and an interest rate of 3% through March 31, 2025. As of the end of the June 2025 quarter, there has been no change to the interest rate. Staff will continue to monitor market conditions and evaluate whether it remains beneficial to retain funds in the account or to transfer them into other eligible investment vehicles. A notable disbursement from this account occurred on May 28, 2025, when the City remitted $2,395,600 to The Bank of New York Mellon. This payment covered debt service obligations covering $2,115,000 principal and $280,600 accrued interest. 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 $68.1 million. The quarterly interest rate was 4.40%. 4 Investment Portfolio In FY 2018-19, the City conducted a Request for Proposal (RFP) for investment management services and selected Chandler Asset Management. Under the City's Treasurer's direction, Chandler Asset Management manages the City's investment portfolio in accordance with the City's investment objectives. The City's investment objectives, in order of priority, are to provide: • Safety to ensure the preservation of capital in the overall portfolio • Sufficient liquidity for cash needs • A market rate of return consistent with the investment program The performance objective is to earn a total rate of return through a market cycle equal to or above the return on the benchmark index. Chandler Asset Management invests in high- quality fixed-income securities consistent with the City's Investment Policy and California Government Code to achieve the objective. The portfolio's market value was $173.8 million, compared to $171.4 million at the end of the previous quarter. The portfolio's market value fluctuates depending on interest rates. When interest rates decrease after an investment is purchased, the market value of the investment increases. In contrast, when interest rates increase after an investment is purchased, the market value of the investment decreases. At the time of purchase, the City intends to hold all investments until maturity, meaning that changes in market value will not impact the City's investment principal. If the market value decreases, the City will incur an unrealized loss. However, the loss will only be realized if the City sells its investments before their maturity. The market values for the portfolio were provided by Chandler Asset Management. Section 115 Trust Investment Portfolio The City established Section 115 Trusts to reduce pension rate volatility and pre-fund Other Post-Employment Benefits (OPEB) costs. These trusts are a tax-exempt investment tool that local governments can use to set aside funds for pension and retiree health costs. Contributions made to the trust can only be used to fund retirement plans. Investments in the Section 115 Trusts are governed by separate investment policies, which are distinct from the City's Investment Policy. On December 3, 2024, City Council approved the Pension Trust Investment Policy and OPEB Trust Investment Policy. Public Agency Retirement Services (PARS) administers the trust, while US Bank manages the investments in accordance with the approved investment policies. Both Section 115 Trusts are invested in "balanced" portfolios. The investment objective is designed to provide a moderate amount of current income with moderate growth of capital. This type of investment strategy is generally recommended for investors with a long-term horizon. The strategic asset allocation ranges for this investment objective are: 5 The Section 115 Pension Trust had a balance of $24.3 million, an increase of $1.8 million from the prior quarter due to investment gains. The Section 115 OPEB Trust had a balance of $42.7 million, an increase of $3.0 million from the prior quarter mainly due to investment losses. The quarterly investment return for OPEB Trust was 8.21% and Pension Trust was 8.19%. 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 No California Environmental Quality Act impact. _____________________________________ Prepared by: __________________ Jonathan Orozco Finance Manager Reviewed by: __________________ Kristina Alfaro Director of Administrative Services and City Treasurer Approved for Submission by: __________________ Tina Kapoor Interim City Manager Attachments: A – Chandler Investment Report June 2025 B – Chandler Custodial Statement June 2025 C – PARS Pension and OPEB Account Statement June 2025 6 D – LAIF Account Statement June 2025 INVESTMENT REPORT City of Cupertino | As of June 30, 2025 CHANDLER ASSET MANAGEMENT | chandlerasset.com Chandler Team: For questions about your account, please call (800) 317-4747, or contact clientservice@chandlerasset.com Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. TABLE OF CONTENTS City of Cupertino | As of June 30, 2025 ECONOMIC UPDATE ACCOUNT PROFILE CONSOLIDATED INFORMATION PORTFOLIO HOLDINGS TRANSACTIONS 1 ECONOMIC UPDATE 2    Recent economic data suggest slower growth in 2025 and greater market uncertainty as the effects of fiscal policy unfold.Inflationary trends have subsided, but some components remain sticky,and core levels remain above the Fed’s target.The labor market reflects improved balance between supply and demand for workers.While job creation has moderated, the unemployment rate remains low; however,continuing jobless claims remain elevated implying a less robust labor market.Given the economic outlook, we expect gradual normalization of monetary policy and a steepening yield curve. As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50%at the June meeting.Fed Chair Powell continued to emphasize the Committee’s “wait and see”approach amidst economic uncertainty that remains elevated but diminished. Federal Reserve officials continued to pencil in two rate cuts in 2025. US Treasury yields declined in June. The 2-year Treasury yield fell 18 basis points to 3.72%,the 5-year Treasury dropped 17 basis points to 3.80%,and the 10-year Treasury yield also declined 17 basis points to 4.23%.The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The spread between the 2- year Treasury and 10-year Treasury yield one year ago was -36 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May. ECONOMIC UPDATE 3 -400 -200 0 200 400 600 800 1,000 MO M C h a n g e I n T h o u s a n d s ( 0 0 0 ' s ) Nonfarm Payroll (000's) Non-farm Payroll (000's) 3-month average (000's) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Unemployment Rate Underemployment Rate (U6) Unemployment Rate (U3) Ra t e ( % ) The U.S.economy added 147,000 jobs in June,exceeding consensus expectations, and the last two months were revised up by 16,000. Gains were primarily driven by state and local government education,while job growth in service sectors languished. The three-month moving average and six-month moving average payrolls totaled 150,000 and 130,000 respectively.The unemployment rate declined to 4.1%in June from 4.2%in May,due to a shrinking labor force.The labor participation rate dipped to 62.3%,remaining below the pre- pandemic level of 63.3%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed part time for economic reasons dropped to 7.7%in June.Average hourly earnings fell slightly, marking a 3.7%year-over-year increase. Source: US Department of Labor Source: US Department of Labor EMPLOYMENT 4 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Job Openings Recession Historical Average In T h o u s a n d s ( 0 0 0 ' s ) The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS)unexpectedly rose to 7.77 million new job openings in May from 7.40 million in April.Layoffs declined and the quits rate increased.Job openings indicate a ratio of approximately 1.1 jobs for each unemployed individual, representing a relatively balanced labor market. Source: US Department of Labor JOB OPENINGS & LABOR TURNOVER SURVEY 5 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Consumer Price Index (CPI) CPI YOY % Change Core CPI YOY % Change YO Y ( % ) C h a n g e 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Personal Consumption Expenditures (PCE) PCE Price Deflator YOY % Change PCE Core Deflator YOY % Change Fed Target YO Y ( % ) C h a n g e In June, the Consumer Price Index (CPI)increased 0.3%month-over-month and rose 2.7%year-over-year,while the Core CPI rose 0.2% month-over-month and 2.9%year-over-year.The Personal Consumption Expenditures (PCE)price index increased 0.1%month-over-month and rose 2.3%year-over-year in May.The Core PCE deflator,which excludes food and energy and is the Fed’s preferred gauge,increased 0.2%month-over-month and 2.7%year-over-year,up from April’s 2.6%year-over-year increase.Although inflation has trended toward the Federal Reserve’s 2% target, the overall impact of tariff policy has not yet fully flowed through to the US economy. Source: US Department of Labor Source: US Department of Commerce INFLATION 6 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Retail Sales YOY % Change YO Y ( % ) C h a n g e Advance Retail Sales were up 0.6%month-over-month in June, rebounding from a 0.9%decline in May and exceeding consensus forecasts.Auto sales led the increase.Control group sales,which feed into GDP,increased by 0.5%.On a year-over-year basis, Retail Sales grew 3.9%in June,following a 3.3%increase in May.The Conference Board’s Consumer Confidence Index dropped to 93.0 in June from 98.4 in May,as consumers’assessment of both the current situation and future expectations for income and labor markets soured. While the consumer has been resilient,elevated inflation expectations, concerns about trade policies and tariffs,and general economic and policy uncertainty could pose potential risks to future spending. 0 20 40 60 80 100 120 140 160 In d e x L e v e l Consumer Confidence Recession Source: US Department of Commerce Source: The Conference Board All time high is 144.70 (1/31/00); All time low is 25.30 (2/28/09) CONSUMER 7 -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Leading Economic Indicators (LEI) Recession YO Y (% ) C h a n g e -1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00 Chicago Fed National Activity Index (CFNAI) Recession 3 M o n t h A v e r a g e The Conference Board’s Leading Economic Index (LEI)fell by 0.3%in June,following a flat reading in May.The LEI decreased by 4.0%year- over-year.The Conference Board is expecting economic growth to slow substantially in 2025 due to consumer pessimism,persistently soft manufacturing new orders,and rising first-time jobless claims.The Chicago Fed National Activity Index (CFNAI)improved to -0.28 in May from a downwardly revised -0.36 in April.The three-month moving average dropped to -0.16 in May from 0.06 in April, indicating slightly below trend growth. Source: The Conference Board Source: Federal Reserve Bank of Chicago LEADING INDICATORS OF ECONOMIC ACTIVITY 8 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 In T h o u s a n d s o f U n i t s Annualized Housing Starts Multi Family Housing Starts Single Family Housing Starts Housing starts increased 4.6%month-over-month in June to a seasonally adjusted annual rate of 1.321 million units.Multi-family starts drove the gain, while single-family starts fell on weak buyer demand. The Freddie Mac 30-year fixed rate mortgage averaged approximately 6.8%in June. According to the Case-Shiller 20-City Home Price Index, housing prices rose 3.4%year-over-year in April, compared to 4.1%in March.Limited inventory,elevated mortgage rates,and lack of affordability continue to weigh on the housing market. Source: US Department of Commerce Source: S&P -20.0% -16.0% -12.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% S&P/Case-Shiller 20 City Composite Home Price Index Recession YO Y ( % ) C h a n g e HOUSING 9 40 45 50 55 60 65 70 Institute of Supply Management (ISM) Surveys ISM Manufacturing ISM Services EXPANDING CONTRACTING The Institute for Supply Management (ISM)Manufacturing index edged up to 49.0 in June from 48.5 in May,indicating a continuation of modest contraction in the sector.Inventories and production improved as companies worked through backlogs, while employment and new orders contracted. The ISM Services index increased to 50.8 in June from 49.9 in May,as new orders improved.However,ongoing concerns about the impact of tariffs remain. A reading over 50 indicates expansion, while a reading under 50 indicates contraction. Source: Institute for Supply Management SURVEY BASED MEASURES 10 Components of GDP 6/24 9/24 12/24 3/25 1.9% 2.5% 2.7% 0.3% 1.5% 0.2% -1.0% 3.9% -0.9% -0.4% 0.3% -4.6% 0.3% 0.6% 0.3% -0.3% 0.3% 0.3% 0.3% 0.2% 3.0% 3.1% 2.5% -0.5% State and Local (Consumption and Gross Investment) Personal Consumption Expenditures Gross Private Domestic Investment Net Exports and Imports Federal Government Expenditures Total -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Gross Domestic Product (GDP) GDP QOQ % Change GDP YOY % Change Source: US Department of Commerce Source: US Department of Commerce Real GDP decreased at an annualized rate of 0.5%in the first quarter of 2025,according to the third and final estimate from the Bureau of Economic Analysis,a downward revision from the previously estimated 0.2%decline. This marks the first negative quarter since 2022. The primary driver of the downward revision was weaker personal consumption expenditures.Net exports remained the primary drag on growth,as imports rose sharply in anticipation of higher tariffs.Gross investment contributed positively,powered by business decisions to get ahead of possible cost increases.The consensus projection calls for 2.1%growth for the second quarter and 1.5%for the full year 2025. GROSS DOMESTIC PRODUCT (GDP) 11 Source: Federal Reserve Source: Bloomberg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 Federal Reserve Balance Sheet Assets Recession In $ m i l l i o n s As broadly anticipated,the Federal Open Market Committee (FOMC)left the Federal Funds Rate unchanged at the range of 4.25 -4.50% at the June meeting.In the Summary of Economic Projections (SEP),Federal Reserve officials continued to pencil in two rate cuts in 2025, while downgrading estimates for economic growth and raising forecasts for both unemployment and inflation this year.The statement indicated that uncertainty about the economic outlook remained elevated but had diminished. The monthly redemption cap on Treasuries will remain at $5 billion, while the cap on agencies and mortgage-backed securities will be maintained at $35 billion.Since the Fed began its Quantitative Tightening campaign in June 2022,securities holdings have declined by about $2.2 trillion to approximately $6.7 trillion. FEDERAL RESERVE 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Recession 12 Source: Bloomberg Source: Bloomberg 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Note Yields 2-Year 5-Year 10-Year Yi e l d ( % ) 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% US Treasury Yield Curve Jun-25 Mar-25 Jun-24 Yi e l d ( % ) At the end of June, the 2-year Treasury yield was 103 basis points lower,and the 10-Year Treasury yield was 17 basis points lower,year- over-year.The spread between the 2-year and 10-year Treasury yield points on the curve edged up to +51 basis points at June month-end versus +50 basis points at May month-end. The recent yield curve inversion which began in July 2022 was historically long.The average historical spread (since 2005)is about +99 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was -7 basis points in June, versus -6 basis points in May. BOND YIELDS 13 ACCOUNT PROFILE 14 OBJECTIVES City of Cupertino | As of June 30, 2025 Investment Objectives The City of Cupertino's investment objectives, in order of priority, are to provide safety to ensure the preservation of capital in the overall portfolio, provide sufficient liquidity for cash needs and a market rate of return consistent with the investment program. Chandler Asset Management Performance Objective The performance objective for the portfolio is to earn a total rate of return through a market cycle that is equal to or above the return on the benchmark index. Strategy In order to achieve these objectives, the portfolio invests in high quality fixed incomes securities consistent with the investment policy and California Government Code. 15 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2025 Rules Name Limit Actual Compliance Status Notes AGENCY MORTGAGE SECURITIES (CMOS) Max % (MV)100.0 11.8 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 3.0 Compliant Max Maturity (Years)5.0 4.6 Compliant ASSET-BACKED SECURITIES (ABS) Max % (MV; Non Agency ABS & MBS)20.0 8.1 Compliant Max % Issuer (MV)5.0 1.0 Compliant Max Maturity (Years)5 4 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant BANKERS' ACCEPTANCES Max % (MV)40.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Days)180 0.0 Compliant Min Rating (A-1 by 1 or A- by 1)0.0 0.0 Compliant CERTIFICATE OF DEPOSIT PLACEMENT SERVICE (CDARS) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5.0 0.0 Compliant COLLATERALIZED TIME DEPOSITS (NON- NEGOTIABLE CD/TD) Max % (MV; FDIC & Collateralized CD)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 16 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2025 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 26.4 Compliant Max % Issuer (MV)5.0 1.7 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)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 5.9 Compliant Max % Issuer (MV; Agencies & Agency CMOs)25.0 3.0 Compliant Max Callables (MV)20.0 0.0 Compliant Max Maturity (Years)5 2 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 1.0 Compliant Max % Issuer (MV)5.0 1.0 Compliant Max Maturity (Years)5 4 Compliant Min Rating (A- by 1)0.0 0.0 Compliant MUNICIPAL SECURITIES (CA, OTHER STATES) 17 STATEMENT OF COMPLIANCE City of Cupertino | Account #10659 | As of June 30, 2025 Rules Name Limit Actual Compliance Status Notes Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A- by 1)0.0 0.0 Compliant NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD) Max % (MV)30.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)5 0.0 Compliant Min Rating (A-1 by 1 or A- by 1 if > FDIC Limit)0.0 0.0 Compliant REPURCHASE AGREEMENTS Max % (MV)10.0 0.0 Compliant Max % Issuer (MV)5.0 0.0 Compliant Max Maturity (Years)1.0 0.0 Compliant SUPRANATIONAL OBLIGATIONS Max % (MV)30.0 4.7 Compliant Max % Issuer (MV)10.0 3.4 Compliant Max Maturity (Years)5 4 Compliant Min Rating (AA- by 1)0.0 0.0 Compliant U.S. TREASURIES Max % (MV)100.0 41.6 Compliant Max Maturity (Years)5 4 Compliant 18 PORTFOLIO SUMMARY Sector Allocation Review Total Rate of Return**1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (02/01/19) City of Cupertino 0.80%1.53%3.58%6.20%5.53%3.78%1.34%--2.21% Benchmark Return 0.74%1.36%3.39%5.54%5.03%3.28%0.95%--1.96% City of Cupertino | Account #10659 | As of June 30, 2025 Portfolio Characteristics Account Summary Maturity Distribution Top Issuers Credit Quality Average Modified Duration 2.54 Average Coupon 3.47% Average Purchase YTM 3.73% Average Market YTM 4.03% Average Credit Quality*AA+ Average Final Maturity 2.98 Average Life 2.62 End Values as of 03/31/2025 End Values as of 06/30/2025 Market Value 171,361,909.10 173,784,957.99 Accrued Interest 1,079,026.09 1,267,966.53 Total Market Value 172,440,935.19 175,052,924.52 Income Earned 1,469,440.75 1,570,445.77 Cont/WD 0.00 0.00 Par 173,051,310.32 174,552,255.38 Book Value 171,853,033.61 173,154,444.93 Cost Value 171,577,356.86 172,701,432.17 Government of The United States 41.62% FHLMC 11.78% International Bank for Recon and Dev 3.36% Farm Credit System 3.04% UnitedHealth Group Incorporated 1.67% Toyota Motor Corporation 1.62% The Home Depot, Inc.1.50% FNMA 1.42% **Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index Secondary Benchmark:19 PORTFOLIO CHARACTERISTICS City of Cupertino | Account #10659 | As of June 30, 2025 Benchmark*6/30/2025 Portfolio 3/31/2025 Portfolio Average Maturity (yrs)2.65 2.98 2.97 Average Modified Duration 2.48 2.54 2.56 Average Purchase Yield 3.73%3.59% Average Market Yield 3.78%4.03%4.18% Average Quality**AA+AA+AA+ Total Market Value 175,052,925 172,440,935 *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 SECTOR DISTRIBUTION City of Cupertino | Account #10659 | As of June 30, 2025 Sector as a Percentage of Market Value Sector 06/30/2025 03/31/2025 US Treasury 41.62%40.45% Corporate 26.43%27.47% Agency CMBS 11.78%11.05% ABS 8.06%7.80% Agency 5.90%7.05% Supras 4.74%4.77% Muni Bonds 1.02%1.03% Money Mkt Fd 0.45%0.38% 21 DURATION ALLOCATION City of Cupertino | Account #10659 | As of June 30, 2025 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ 06/30/2025 1.6%5.8%9.5%19.6%16.9%35.0%11.6%0.0%0.0% 22 ISSUERS City of Cupertino | Account #10659 | As of June 30, 2025 Issuer Investment Type % Portfolio Government of The United States US Treasury 41.62% FHLMC Agency CMBS 11.78% International Bank for Recon and Dev Supras 3.36% Farm Credit System Agency 3.04% UnitedHealth Group Incorporated Corporate 1.67% Toyota Motor Corporation Corporate 1.62% The Home Depot, Inc.Corporate 1.50% FNMA Agency 1.42% New York Life Insurance Company Corporate 1.38% Inter-American Development Bank Supras 1.38% Caterpillar Inc.Corporate 1.29% Royal Bank of Canada Corporate 1.18% Massachusetts Mutual Life Insurance Corporate 1.14% Morgan Stanley Corporate 1.14% Federal Home Loan Banks Agency 1.10% Amazon.com, Inc.Corporate 1.05% Chubb Limited Corporate 1.02% State of California Muni Bonds 1.02% Honda Motor Co., Ltd.Corporate 1.00% Chase Issuance Trust ABS 0.98% Bank of America Credit Card Trust ABS 0.95% Berkshire Hathaway Inc.Corporate 0.91% PepsiCo, Inc.Corporate 0.88% Prologis, Inc.Corporate 0.87% Bank of America Corporation Corporate 0.86% JPMorgan Chase & Co.Corporate 0.86% The Progressive Corporation Corporate 0.86% Deere & Company Corporate 0.84% Realty Income Corporation Corporate 0.83% American Express Credit Master Trust ABS 0.82% 23 ISSUERS City of Cupertino | Account #10659 | As of June 30, 2025 Issuer Investment Type % Portfolio Marsh & McLennan Companies, Inc.Corporate 0.81% GM Financial Securitized Term ABS 0.81% Honda Auto Receivables Owner Trust ABS 0.81% WF Card Issuance Trust ABS 0.79% Toyota Auto Receivables Owner Trust ABS 0.73% John Deere Owner Trust ABS 0.70% Guardian Life Global Funding Corporate 0.69% Mercedes-Benz Auto Receivables Trust ABS 0.64% Metropolitan Life Global Funding I Corporate 0.62% National Rural Utilities Cooperative Corporate 0.59% Northwestern Mutual Global Funding Corporate 0.58% Mastercard Incorporated Corporate 0.56% The Charles Schwab Corporation Corporate 0.54% Meta Platforms, Inc.Corporate 0.53% BMW Vehicle Owner Trust ABS 0.43% Met Tower Global Funding Corporate 0.43% Wells Fargo & Company Money Mkt Fd 0.42% Hyundai Auto Lease Securitization Tr ABS 0.35% Federal Home Loan Mortgage Corp Agency 0.34% Walmart Inc.Corporate 0.19% Hyundai Auto Receivables Trust ABS 0.04% WC MMF Sweep Money Mkt Fd 0.03% Cash Cash 0.00% TOTAL 100.00% 24 QUALITY DISTRIBUTION Rating 06/30/2025 03/31/2025 AAA 13.3%12.8% AA 65.2%64.5% A 18.4%19.4% NA 3.0%3.3% Rating 06/30/2025 03/31/2025 AAA 10.52%69.30% AA 66.43%7.27% A 18.37%19.38% NA 4.68%4.05% Rating 06/30/2025 03/31/2025 AAA 15.47%14.25% AA 61.31%62.00% A 11.68%12.12% NA 11.54%11.62% City of Cupertino | Account #10659 | As of June 30, 2025 S&P Rating Moody’s Rating Fitch Rating 25 0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+ Portfolio 1.6%5.8%9.5%19.6%16.9%35.0%11.6%0.0%0.0% ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 0.0%0.1%2.6%34.9%27.8%23.4%11.1%0.0%0.0% DURATION DISTRIBUTION City of Cupertino | Account #10659 | As of June 30, 2025 Portfolio Compared to the Benchmark 26 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception TOTAL RATE OF RETURN City of Cupertino Gross of Fees 1.53%6.20%5.53%3.78%1.34%2.21% City of Cupertino Net of Fees 1.51%6.12%5.47%3.72%1.27%2.14% Benchmark 1.36%5.54%5.03%3.28%0.95%1.96% *Periods over 1 year are annualized. Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index 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. INVESTMENT PERFORMANCE City of Cupertino | Account #10659 | As of June 30, 2025 Total and Realized Rate of Return : Inception | 02/01/2019 27 HISTORICAL AVERAGE PURCHASE YIELD City of Cupertino | Account #10659 | As of June 30, 2025 Purchase Yield as of 06/30/25 = 3.73% 28 PORTFOLIO CHARACTERISTICS City of Cupertino Reporting | Account #10663 | As of June 30, 2025 6/30/2025 Portfolio 3/31/2025 Portfolio Average Maturity (yrs)0.00 0.00 Average Modified Duration 0.00 0.00 Average Purchase Yield 2.43%2.59% Average Market Yield 2.41%2.57% Average Quality**AAA AAA Total Market Value 120,488,632 112,885,409 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 29 SECTOR DISTRIBUTION City of Cupertino Reporting | Account #10663 | As of June 30, 2025 Sector as a Percentage of Market Value Sector 06/30/2025 03/31/2025 LAIF 56.48%59.63% Cash 43.52%40.37% 30 CONSOLIDATED INFORMATION 31 PORTFOLIO CHARACTERISTICS City of Cupertino Cons | Account #10664 | As of June 30, 2025 6/30/2025 Portfolio 3/31/2025 Portfolio Average Maturity (yrs)1.76 1.79 Average Modified Duration 1.50 1.54 Average Purchase Yield 3.20%3.19% Average Market Yield 3.37%3.54% Average Quality**AA+AA+ Total Market Value 295,541,556 285,326,344 *Benchmark: NO BENCHMARK REQUIRED **The credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 32 SECTOR DISTRIBUTION City of Cupertino Cons | Account #10664 | As of June 30, 2025 Sector as a Percentage of Market Value Sector 06/30/2025 03/31/2025 US Treasury 24.58%24.39% LAIF 23.13%23.68% Cash 17.82%16.03% Corporate 15.61%16.56% Agency CMBS 6.96%6.66% ABS 4.76%4.70% Agency 3.49%4.25% Supras 2.80%2.87% Muni Bonds 0.60%0.62% Money Mkt Fd 0.27%0.23% 33 PORTFOLIO HOLDINGS 34 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration ABS 43815BAC4 HAROT 2022-1 A3 1.88 05/15/2026 45,267.43 02/15/2022 1.89% 45,260.62 45,266.13 99.80 4.77% 45,175.75 37.82 0.03% (90.39) Aaa/AAA NA 0.87 0.07 05602RAD3 BMWOT 2022-A A3 3.21 08/25/2026 46,253.11 05/10/2022 3.23% 46,250.71 46,252.51 99.82 4.56% 46,169.60 24.75 0.03% (82.91) Aaa/AAA NA 1.15 0.14 47787JAC2 JDOT 2022 A3 2.32 09/15/2026 46,593.40 03/10/2022 2.34% 46,583.09 46,590.80 99.72 4.16% 46,460.88 48.04 0.03% (129.92) Aaa/NA AAA 1.21 0.15 362554AC1 GMCAR 2021-4 A3 0.68 09/16/2026 882.14 10/13/2021 0.68% 882.12 882.13 99.84 4.51% 880.75 0.25 0.00% (1.39) Aaa/AAA NA 1.21 0.04 448977AD0 HART 2022-A A3 2.22 10/15/2026 65,901.31 03/09/2022 2.23% 65,898.78 65,900.66 99.83 4.49% 65,791.40 65.02 0.04% (109.26) NA/AAA AAA 1.29 0.07 380146AC4 GMCAR 2022-1 A3 1.26 11/16/2026 9,082.94 01/11/2022 1.27% 9,082.15 9,082.74 99.86 4.72% 9,070.06 4.77 0.01% (12.68) NA/AAA AAA 1.38 0.04 47800AAC4 JDOT 2022-B A3 3.74 02/16/2027 192,472.55 07/12/2022 3.77% 192,454.17 192,466.21 99.68 4.66% 191,849.50 319.93 0.11% (616.71) Aaa/NA AAA 1.63 0.36 362585AC5 GMCAR 2022-2 A3 3.1 02/16/2027 78,678.25 04/05/2022 3.13% 78,661.81 78,673.12 99.65 4.83% 78,406.51 101.63 0.05% (266.61) Aaa/AAA NA 1.63 0.20 44934FAD7 HALST 2024-B A3 5.41 05/17/2027 610,000.00 05/14/2024 5.41% 609,983.04 609,989.34 100.79 4.55% 614,844.25 1,466.71 0.35% 4,854.91 NA/AAA AAA 1.88 0.86 47800BAC2 JDOT 2022-C A3 5.09 06/15/2027 469,547.23 10/12/2022 5.15% 469,510.79 469,532.11 100.27 4.59% 470,807.07 1,062.22 0.27% 1,274.95 Aaa/NA AAA 1.96 0.48 89231FAD2 TAOT 2023-C A3 5.16 04/17/2028 1,266,273.20 11/21/2023 5.65% 1,261,128.97 1,263,002.80 100.54 4.42% 1,273,120.45 2,903.99 0.73% 10,117.65 NA/AAA AAA 2.80 0.67 438123AC5 HAROT 2023-4 A3 5.67 06/21/2028 805,000.00 -- 5.64% 806,992.67 806,143.47 101.07 4.39% 813,585.33 1,267.88 0.47% 7,441.85 Aaa/NA AAA 2.98 0.78 58769FAC9 MBART 2023-2 A3 5.95 11/15/2028 1,100,000.00 11/29/2023 3.88% 1,123,289.06 1,114,068.85 101.30 4.30% 1,114,288.01 2,908.89 0.64% 219.16 NA/AAA AAA 3.38 0.75 05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 850,000.00 01/24/2024 4.58% 858,798.83 854,317.59 101.06 4.22% 858,991.22 1,881.33 0.49% 4,673.62 Aaa/NA AAA 1.38 1.30 47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024 5.13% 499,765.63 499,829.41 100.92 4.29% 504,618.80 1,102.22 0.29% 4,789.39 Aaa/NA AAA 3.38 1.27 437930AC4 HAROT 2024-2 A3 5.27 11/20/2028 535,000.00 05/14/2024 5.27% 534,935.00 534,951.05 101.20 4.30% 541,394.64 1,018.13 0.31% 6,443.59 NA/AAA AAA 3.39 1.16 35 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 36268GAD7 GMCAR 2024-1 A3 4.85 12/18/2028 1,310,000.00 -- 4.97% 1,307,922.66 1,308,455.50 100.50 4.32% 1,316,546.20 2,647.29 0.76% 8,090.70 Aaa/NA AAA 3.47 0.85 161571HV9 CHAIT 241 A 4.6 01/16/2029 1,690,000.00 01/24/2024 4.61% 1,689,742.61 1,689,816.05 100.73 4.14% 1,702,377.22 3,455.11 0.98% 12,561.17 NA/AAA AAA 3.55 1.46 096919AD7 BMWOT 2024-A A3 5.18 02/26/2029 695,000.00 06/04/2024 5.18% 694,894.43 694,918.05 101.26 4.11% 703,762.56 600.02 0.40% 8,844.51 Aaa/AAA NA 3.66 1.12 05522RDJ4 BACCT 2024-1 A 4.93 05/15/2029 785,000.00 06/06/2024 4.93% 784,955.96 784,965.47 101.48 4.14% 796,628.28 1,720.02 0.46% 11,662.81 Aaa/AAA NA 3.87 1.75 02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,420,000.00 05/06/2025 4.28% 1,419,974.30 1,419,975.00 100.61 4.08% 1,428,685.71 2,701.16 0.82% 8,710.71 NA/AAA AAA 4.79 2.58 92970QAJ4 WFCIT 2025-1 A 4.34 05/15/2030 1,365,000.00 06/03/2025 4.33% 1,364,977.34 1,364,977.60 100.78 4.09% 1,375,690.41 3,455.73 0.79% 10,712.80 NA/AAA AAA 4.87 2.65 13,911,944.72 100.82 13,999,144.59 8.06%3.36 Total ABS 13,885,951.56 4.77%13,900,056.61 4.26%28,792.91 99,087.98 1.33 AGENCY 3137EAEX3 FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 600,000.00 -- 0.46% 597,447.07 599,879.97 99.09 4.41% 594,533.15 612.50 0.34% (5,346.82) Aa1/AA+ AA+ 0.23 0.23 3135G06G3 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.5 11/07/2025 2,500,000.00 -- 0.56% 2,492,700.00 2,499,482.72 98.68 4.32% 2,467,003.68 1,875.00 1.42% (32,479.04) Aa1/AA+ AA+ 0.36 0.34 3130B0TY5 FEDERAL HOME LOAN BANKS 4.75 04/09/2027 1,875,000.00 04/10/2024 4.85% 1,870,050.00 1,872,069.85 101.70 3.75% 1,906,833.28 20,286.46 1.10% 34,763.43 Aa1/AA+ AA+ 1.77 1.67 3133ERDS7 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.75 05/06/2027 2,400,000.00 06/20/2024 4.55% 2,412,552.00 2,408,064.87 101.70 3.79% 2,440,710.94 17,416.67 1.40% 32,646.07 Aa1/AA+ AA+ 1.85 1.75 3133EPC60 FEDERAL FARM CREDIT BANKS FUNDING CORP 4.625 11/15/2027 2,800,000.00 11/09/2023 4.73% 2,789,612.00 2,793,835.46 101.74 3.85% 2,848,663.66 16,547.22 1.64% 54,828.21 Aa1/AA+ AA+ 2.38 2.22 10,162,361.07 100.83 10,257,744.70 5.90%1.53 Total Agency 10,175,000.00 3.46%10,173,332.87 3.96%56,737.85 84,411.84 1.44 AGENCY CMBS 3137BSP72 FHMS K-058 A2 2.653 08/25/2026 650,000.00 11/12/2021 1.36% 687,451.17 658,632.52 98.16 4.23% 638,009.19 1,437.04 0.37% (20,623.33) Aa1/AA+ AAA 1.15 1.07 36 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 3137FBBX3 FHMS K-068 A2 3.244 08/25/2027 1,000,000.00 09/28/2022 4.36% 950,664.06 978,704.11 98.27 4.04% 982,744.00 2,703.33 0.57% 4,039.89 Aaa/AA+ AA+ 2.15 1.98 3137FKUP9 FHMS K-087 A2 3.771 12/25/2028 2,000,000.00 07/01/2024 4.86% 1,913,359.38 1,932,786.25 99.12 4.01% 1,982,438.40 6,285.00 1.14% 49,652.15 Aa1/AAA AA+ 3.49 3.04 3137FL6P4 FHMS K-089 A2 3.563 01/25/2029 1,288,000.00 07/03/2024 4.70% 1,228,178.44 1,241,224.44 98.34 4.03% 1,266,556.47 3,824.29 0.73% 25,332.04 Aa1/AA+ AA+ 3.57 3.26 3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 2,000,000.00 07/03/2024 4.74% 1,801,718.75 1,844,960.29 94.13 4.06% 1,882,569.40 3,766.67 1.08% 37,609.11 Aa1/AA+ AAA 3.57 3.28 3137FKZZ2 FHMS K-088 A2 3.69 01/25/2029 2,550,000.00 07/17/2024 4.50% 2,465,830.08 2,483,659.18 98.76 4.03% 2,518,407.03 7,841.25 1.45% 34,747.85 Aaa/AA+ AA+ 3.57 3.21 3137FLN91 FHMS K-091 A2 3.505 03/25/2029 2,500,000.00 03/20/2025 4.25% 2,431,738.28 2,436,393.57 98.06 4.05% 2,451,509.00 7,302.08 1.41% 15,115.43 Aa1/AAA AA+ 3.73 3.34 3137FMCR1 FHMS K-093 A2 2.982 05/25/2029 1,985,462.82 09/19/2024 3.82% 1,915,506.28 1,927,165.70 96.30 4.05% 1,912,066.61 4,933.88 1.10% (15,099.09) Aa1/AA+ AAA 3.90 3.40 3137FNAE0 FHMS K-095 A2 2.785 06/25/2029 2,200,000.00 07/17/2024 4.47% 2,039,382.82 2,070,802.03 95.37 4.06% 2,098,124.16 5,105.83 1.21% 27,322.13 Aa1/AA+ AAA 3.99 3.60 3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 1,600,000.00 09/03/2024 4.00% 1,488,375.00 1,506,958.38 93.83 4.07% 1,501,262.56 3,233.33 0.86% (5,695.82) Aa1/AA+ AAA 4.15 3.78 3137FPJG1 FHMS K-099 A2 2.595 09/25/2029 1,500,000.00 06/05/2025 4.21% 1,407,011.72 1,408,276.46 94.30 4.09% 1,414,560.15 3,243.75 0.81% 6,283.69 Aa1/AA+ AAA 4.24 3.84 3137FRUT6 FHMS K-106 A2 2.069 01/25/2030 2,000,000.00 06/06/2025 4.37% 1,810,078.13 1,812,359.47 91.55 4.12% 1,831,017.80 3,448.33 1.05% 18,658.33 Aa1/AA+ AAA 4.57 4.24 20,139,294.11 96.33 20,479,264.78 11.78%3.69 Total Agency CMBS 21,273,462.82 4.30%20,301,922.40 4.06%53,124.79 177,342.38 3.33 CASH CCYUSD Receivable 130.32 --130.32 130.32 1.00 0.00% 130.32 0.00 0.00% 0.00 Aaa/AAA AAA 0.00 0.00 130.32 1.00 130.32 0.00%0.00 Total Cash 130.32 130.32 0.00%0.00 0.00 0.00 CORPORATE 37 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 023135BX3 AMAZON.COM INC 1.0 05/12/2026 1,875,000.00 05/10/2021 1.09% 1,866,900.00 1,873,602.68 97.38 4.11% 1,825,920.45 2,552.08 1.05% (47,682.23) A1/AA AA- 0.87 0.84 91324PEC2 UNITEDHEALTH GROUP INC 1.15 05/15/2026 1,035,000.00 -- 1.37% 1,025,051.35 1,033,019.36 97.21 4.45% 1,006,078.45 1,520.88 0.58% (26,940.91) A2/A+ A 0.87 0.85 89236TJK2 TOYOTA MOTOR CREDIT CORP 1.125 06/18/2026 1,385,000.00 06/15/2021 1.13% 1,384,390.60 1,384,882.53 97.05 4.28% 1,344,191.94 562.66 0.77% (40,690.58) A1/A+ A+ 0.97 0.94 57629WDE7 MASSMUTUAL GLOBAL FUNDING II 1.2 07/16/2026 1,000,000.00 08/19/2021 1.15% 1,002,230.00 1,000,473.94 96.93 4.24% 969,302.24 5,500.00 0.56% (31,171.70) Aa3/AA+ AA+ 1.04 1.01 58989V2D5 MET TOWER GLOBAL FUNDING 1.25 09/14/2026 770,000.00 09/07/2021 1.27% 769,291.60 769,829.30 96.43 4.33% 742,477.10 2,860.76 0.43% (27,352.20) Aa3/AA- AA- 1.21 1.17 931142ER0 WALMART INC 1.05 09/17/2026 350,000.00 09/08/2021 1.09% 349,338.50 349,839.52 96.64 3.91% 338,256.41 1,061.67 0.19% (11,583.11) Aa2/AA AA 1.22 1.18 59217GER6 METROPOLITAN LIFE GLOBAL FUNDING I 1.875 01/11/2027 1,115,000.00 01/03/2022 1.90% 1,113,728.90 1,114,610.87 96.65 4.16% 1,077,643.21 9,872.40 0.62% (36,967.67) Aa3/AA- AA- 1.53 1.47 808513BY0 CHARLES SCHWAB CORP 2.45 03/03/2027 960,000.00 03/01/2022 2.46% 959,729.90 959,906.41 97.18 4.21% 932,950.67 7,709.33 0.54% (26,955.75) A2/A- A 1.67 1.60 084664CZ2 BERKSHIRE HATHAWAY FINANCE CORP 2.3 03/15/2027 1,615,000.00 03/07/2022 2.30% 1,614,693.15 1,614,895.48 97.49 3.83% 1,574,474.11 10,937.14 0.91% (40,421.37) Aa2/AA A+ 1.71 1.64 14913UAL4 CATERPILLAR FINANCIAL SERVICES CORP 5.0 05/14/2027 1,000,000.00 05/10/2024 5.04% 998,930.00 999,332.96 101.70 4.04% 1,017,024.22 6,527.78 0.59% 17,691.26 A2/A A+ 1.87 1.76 24422EXZ7 JOHN DEERE CAPITAL CORP 4.65 01/07/2028 1,430,000.00 01/06/2025 4.66% 1,429,571.00 1,429,638.90 101.51 4.01% 1,451,594.89 31,769.83 0.84% 21,955.99 A1/A A+ 2.52 2.31 57636QAW4 MASTERCARD INC 4.875 03/09/2028 945,000.00 03/06/2023 4.90% 944,083.35 944,507.31 102.26 3.98% 966,353.23 14,332.50 0.56% 21,845.92 Aa3/A+ NA 2.69 2.40 61690U8E3 MORGAN STANLEY BANK NA 4.968 07/14/2028 1,950,000.00 07/17/2024 4.97% 1,950,000.00 1,950,000.00 101.20 4.66% 1,973,358.39 44,939.70 1.14% 23,358.39 Aa3/A+ AA- 3.04 1.88 74340XBL4 PROLOGIS LP 4.375 02/01/2029 1,500,000.00 07/18/2024 4.68% 1,481,235.00 1,485,162.29 100.69 4.17% 1,510,280.49 27,343.75 0.87% 25,118.20 A2/A NA 3.59 3.02 78016HZV5 ROYAL BANK OF CANADA 4.95 02/01/2029 2,000,000.00 10/31/2024 4.69% 2,019,920.00 2,016,815.92 102.29 4.25% 2,045,811.40 41,250.00 1.18% 28,995.48 A1/A AA- 3.59 3.20 743315AV5 PROGRESSIVE CORP 4.0 03/01/2029 1,500,000.00 07/16/2024 4.72% 1,455,495.00 1,464,696.57 99.40 4.18% 1,490,925.45 20,000.00 0.86% 26,228.88 A2/A A 3.67 3.33 64952WFG3 NEW YORK LIFE GLOBAL FUNDING 5.0 06/06/2029 1,000,000.00 07/01/2024 5.12% 994,880.00 995,915.38 102.29 4.36% 1,022,880.96 3,472.22 0.59% 26,965.58 Aa1/AA+ AAA 3.93 3.53 38 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 437076BY7 HOME DEPOT INC 2.95 06/15/2029 1,663,000.00 09/17/2024 3.93% 1,593,203.89 1,604,735.77 95.69 4.14% 1,591,375.14 2,180.38 0.92% (13,360.63) A2/A A 3.96 3.68 437076DC3 HOME DEPOT INC 4.75 06/25/2029 1,000,000.00 07/01/2024 4.93% 992,260.00 993,808.85 102.07 4.18% 1,020,732.62 791.67 0.59% 26,923.77 A2/A A 3.99 3.53 756109CB8 REALTY INCOME CORP 4.0 07/15/2029 1,463,000.00 08/08/2024 4.69% 1,419,212.41 1,427,138.43 98.73 4.35% 1,444,359.17 26,984.22 0.83% 17,220.75 A3/A- NA 4.04 3.62 713448FX1 PEPSICO INC 4.5 07/17/2029 1,500,000.00 07/15/2024 4.53% 1,497,675.00 1,498,119.37 101.59 4.07% 1,523,912.34 30,750.00 0.88% 25,792.97 A1/A+ NA 4.05 3.53 46647PAV8 JPMORGAN CHASE & CO 4.203 07/23/2029 1,500,000.00 09/17/2024 4.27% 1,496,610.00 1,497,300.56 99.58 4.69% 1,493,663.55 27,669.75 0.86% (3,637.01) A1/A AA- 4.06 2.79 06051GHM4 BANK OF AMERICA CORP 4.271 07/23/2029 1,500,000.00 09/17/2024 4.29% 1,498,710.00 1,498,972.78 99.67 4.73% 1,495,058.82 28,117.42 0.86% (3,913.96) A1/A- AA- 4.06 2.79 30303M8S4 META PLATFORMS INC 4.3 08/15/2029 912,000.00 08/12/2024 4.33% 910,584.09 910,832.22 100.91 4.06% 920,314.75 14,814.93 0.53% 9,482.53 Aa3/AA- NA 4.13 3.62 171239AL0 CHUBB INA HOLDINGS LLC 4.65 08/15/2029 1,750,000.00 -- 4.44% 1,765,746.34 1,763,253.10 101.70 4.19% 1,779,826.25 30,741.67 1.02% 16,573.15 A2/A A 4.13 3.59 91324PDS8 UNITEDHEALTH GROUP INC 2.875 08/15/2029 2,000,000.00 09/17/2024 3.94% 1,906,080.00 1,921,069.46 94.39 4.38% 1,887,713.62 21,722.22 1.09% (33,355.84) A2/A+ A 4.13 3.78 02665WFQ9 AMERICAN HONDA FINANCE CORP 4.4 09/05/2029 1,750,000.00 10/02/2024 4.29% 1,758,102.50 1,756,881.27 99.53 4.52% 1,741,752.20 24,811.11 1.00% (15,129.07) A3/A- NA 4.18 3.72 40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING 4.179 09/26/2029 1,205,000.00 09/23/2024 4.18% 1,205,000.00 1,205,000.00 99.55 4.29% 1,199,605.13 13,288.64 0.69% (5,394.87) Aa1/AA+ NA 4.24 3.80 14913UAU4 CATERPILLAR FINANCIAL SERVICES CORP 4.7 11/15/2029 1,200,000.00 11/14/2024 4.74% 1,198,092.00 1,198,330.24 101.85 4.23% 1,222,143.07 7,206.67 0.70% 23,812.83 A2/A A+ 4.38 3.90 64952WFK4 NEW YORK LIFE GLOBAL FUNDING 4.6 12/05/2029 1,365,000.00 12/02/2024 4.61% 1,364,221.95 1,364,310.58 101.11 4.32% 1,380,218.51 4,534.83 0.79% 15,907.93 Aa1/AA+ AAA 4.43 3.96 89236TNA9 TOYOTA MOTOR CREDIT CORP 4.95 01/09/2030 1,445,000.00 01/06/2025 5.00% 1,441,907.70 1,442,200.67 102.26 4.39% 1,477,693.20 34,174.25 0.85% 35,492.52 A1/A+ A+ 4.53 3.93 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 1,002,643.08 102.28 4.40% 1,022,838.47 19,800.00 0.59% 20,195.39 A2/NA A 4.61 3.94 571748CA8 MARSH & MCLENNAN COMPANIES INC 4.65 03/15/2030 1,400,000.00 03/11/2025 4.69% 1,397,340.00 1,397,494.58 101.13 4.38% 1,415,789.27 19,168.33 0.81% 18,294.69 A3/A- A- 4.71 4.07 39 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 57629TBX4 MASSMUTUAL GLOBAL FUNDING II 4.55 05/07/2030 1,000,000.00 05/01/2025 4.58% 998,670.00 998,710.06 100.71 4.38% 1,007,139.17 6,825.00 0.58% 8,429.11 Aa3/AA+ AA+ 4.85 4.29 66815L2W8 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.6 06/03/2030 1,000,000.00 06/12/2025 4.51% 1,004,040.00 1,003,999.96 101.05 4.36% 1,010,528.81 3,577.78 0.58% 6,528.85 Aa1/AA+ AAA 4.93 4.35 Total Corporate 46,083,000.00 3.93% 45,809,797.84 45,871,930.39 99.71 4.28% 45,924,187.68 549,371.56 26.43% 52,257.30 3.35 2.90 MONEY MARKET FUND 992995944 WC MMF SWEEP 52,202.85 -- 2.25% 52,202.85 52,202.85 1.00 2.25% 52,202.85 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 VP4520004 WF ADV 100% TREAS MM FD-SVC CL #008 732,507.83 -- 3.81% 732,507.83 732,507.83 1.00 3.81% 732,507.83 0.00 0.42% 0.00 Aaa/AAAm NA 0.00 0.00 Total Money Market Fund 784,710.68 3.71% 784,710.68 784,710.68 1.00 3.71% 784,710.68 0.00 0.45% 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 1,747,908.29 101.77 4.02% 1,770,876.30 32,625.00 1.02% 22,968.01 Aa2/AA- AA 4.09 3.64 Total Municipal Bonds 1,740,000.00 4.38% 1,749,169.80 1,747,908.29 101.77 4.02% 1,770,876.30 32,625.00 1.02% 22,968.01 4.09 3.64 SUPRANATIONAL 459058JL8 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM 0.5 10/28/2025 2,400,000.00 -- 0.60% 2,388,859.25 2,399,227.79 98.74 4.43% 2,369,755.70 2,100.00 1.36% (29,472.09) Aaa/AAA NA 0.33 0.32 4581X0DV7 INTER-AMERICAN DEVELOPMENT BANK 0.875 04/20/2026 2,460,000.00 04/13/2021 0.97% 2,448,733.20 2,458,192.13 97.47 4.11% 2,397,693.34 4,245.21 1.38% (60,498.79) Aaa/AAA NA 0.80 0.78 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 1,724,732.85 100.24 3.81% 1,754,113.52 14,127.60 1.01% 29,380.66 Aaa/AAA NA 4.30 3.89 40 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 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 1,694,546.04 101.23 3.84% 1,720,826.60 19,673.96 0.99% 26,280.56 Aaa/AAA NA 4.72 4.21 Total Supranational 8,310,000.00 2.24% 8,253,322.45 8,276,698.81 99.21 4.08% 8,242,389.16 40,146.77 4.74% (34,309.65) 2.23 2.03 US TREASURY 91282CAM3 UNITED STATES TREASURY 0.25 09/30/2025 1,200,000.00 -- 0.56% 1,183,070.32 1,199,077.96 99.00 4.31% 1,188,015.62 754.10 0.68% (11,062.34) Aa1/AA+ AA+ 0.25 0.25 91282CAT8 UNITED STATES TREASURY 0.25 10/31/2025 2,450,000.00 -- 0.49% 2,422,492.19 2,448,076.36 98.67 4.33% 2,417,293.46 1,031.93 1.39% (30,782.90) Aa1/AA+ AA+ 0.34 0.33 91282CAZ4 UNITED STATES TREASURY 0.375 11/30/2025 2,250,000.00 03/26/2021 0.76% 2,209,658.20 2,246,407.76 98.39 4.31% 2,213,854.99 714.65 1.27% (32,552.77) Aa1/AA+ AA+ 0.42 0.41 91282CBH3 UNITED STATES TREASURY 0.375 01/31/2026 2,500,000.00 05/27/2021 0.75% 2,456,445.31 2,494,546.11 97.80 4.24% 2,444,946.30 3,910.57 1.41% (49,599.81) Aa1/AA+ AA+ 0.59 0.57 91282CBW0 UNITED STATES TREASURY 0.75 04/30/2026 2,500,000.00 05/27/2021 0.80% 2,493,652.34 2,498,930.29 97.29 4.10% 2,432,250.98 3,158.97 1.40% (66,679.31) Aa1/AA+ AA+ 0.83 0.81 91282CCZ2 UNITED STATES TREASURY 0.875 09/30/2026 1,400,000.00 10/18/2021 1.19% 1,379,054.68 1,394,714.41 96.33 3.92% 1,348,593.75 3,079.24 0.78% (46,120.66) Aa1/AA+ AA+ 1.25 1.22 91282CDG3 UNITED STATES TREASURY 1.125 10/31/2026 1,400,000.00 11/15/2021 1.25% 1,391,468.75 1,397,703.31 96.43 3.90% 1,350,070.32 2,653.53 0.78% (47,632.99) Aa1/AA+ AA+ 1.34 1.30 91282CJP7 UNITED STATES TREASURY 4.375 12/15/2026 2,500,000.00 12/28/2023 4.01% 2,525,097.66 2,512,340.07 100.75 3.84% 2,518,652.35 4,781.42 1.45% 6,312.28 Aa1/AA+ AA+ 1.46 1.40 91282CKJ9 UNITED STATES TREASURY 4.5 04/15/2027 2,300,000.00 04/17/2024 4.77% 2,283,109.38 2,289,899.66 101.25 3.77% 2,328,660.16 21,774.59 1.34% 38,760.51 Aa1/AA+ AA+ 1.79 1.69 91282CKR1 UNITED STATES TREASURY 4.5 05/15/2027 3,200,000.00 05/08/2024 4.65% 3,186,500.00 3,191,579.45 101.32 3.76% 3,242,124.99 18,391.30 1.87% 50,545.54 Aa1/AA+ AA+ 1.87 1.77 91282CEW7 UNITED STATES TREASURY 3.25 06/30/2027 3,250,000.00 -- 3.18% 3,260,312.50 3,254,012.13 99.11 3.72% 3,220,927.74 287.02 1.85% (33,084.38) Aa1/AA+ AA+ 2.00 1.91 91282CFB2 UNITED STATES TREASURY 2.75 07/31/2027 400,000.00 08/22/2022 3.12% 393,218.75 397,141.57 98.05 3.73% 392,203.12 4,588.40 0.23% (4,938.44) Aa1/AA+ AA+ 2.08 1.98 91282CFH9 UNITED STATES TREASURY 3.125 08/31/2027 4,500,000.00 -- 3.28% 4,468,902.34 4,486,457.20 98.77 3.72% 4,444,628.90 47,002.38 2.56% (41,828.30) Aa1/AA+ AA+ 2.17 2.05 41 HOLDINGS REPORT City of Cupertino | Account #10659 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration 91282CFM8 UNITED STATES TREASURY 4.125 09/30/2027 3,450,000.00 -- 4.31% 3,421,152.34 3,436,818.34 100.91 3.70% 3,481,400.38 35,772.54 2.00% 44,582.05 Aa1/AA+ AA+ 2.25 2.11 91282CFZ9 UNITED STATES TREASURY 3.875 11/30/2027 850,000.00 12/05/2022 3.81% 852,656.25 851,287.26 100.38 3.71% 853,253.90 2,789.79 0.49% 1,966.64 Aa1/AA+ AA+ 2.42 2.28 91282CGC9 UNITED STATES TREASURY 3.875 12/31/2027 2,750,000.00 -- 3.67% 2,775,107.42 2,762,749.25 100.42 3.70% 2,761,601.56 289.57 1.59% (1,147.69) Aa1/AA+ AA+ 2.50 2.36 91282CGH8 UNITED STATES TREASURY 3.5 01/31/2028 3,000,000.00 02/07/2023 3.81% 2,957,929.69 2,978,154.91 99.49 3.71% 2,984,765.64 43,798.34 1.72% 6,610.73 Aa1/AA+ AA+ 2.59 2.41 91282CGP0 UNITED STATES TREASURY 4.0 02/29/2028 3,700,000.00 -- 4.01% 3,699,113.28 3,699,598.42 100.76 3.70% 3,728,039.04 49,467.39 2.15% 28,440.63 Aa1/AA+ AA+ 2.67 2.48 91282CKG5 UNITED STATES TREASURY 4.125 03/31/2029 2,300,000.00 04/17/2024 4.62% 2,249,867.19 2,262,039.92 101.35 3.73% 2,331,085.93 23,848.36 1.34% 69,046.00 Aa1/AA+ AA+ 3.75 3.42 91282CKX8 UNITED STATES TREASURY 4.25 06/30/2029 2,000,000.00 07/01/2024 4.41% 1,985,546.88 1,988,431.16 101.86 3.74% 2,037,187.50 230.98 1.17% 48,756.34 Aa1/AA+ AA+ 4.00 3.65 91282CLK5 UNITED STATES TREASURY 3.625 08/31/2029 3,500,000.00 09/11/2024 3.45% 3,527,480.47 3,523,069.65 99.50 3.75% 3,482,636.71 42,406.59 2.00% (40,432.94) Aa1/AA+ AA+ 4.17 3.79 91282CLN9 UNITED STATES TREASURY 3.5 09/30/2029 5,000,000.00 -- 3.83% 4,925,039.06 4,935,849.11 98.99 3.76% 4,949,609.40 43,989.07 2.85% 13,760.29 Aa1/AA+ AA+ 4.25 3.88 91282CLR0 UNITED STATES TREASURY 4.125 10/31/2029 3,000,000.00 10/31/2024 4.17% 2,993,789.06 2,994,612.65 101.43 3.76% 3,042,890.64 20,849.18 1.75% 48,277.99 Aa1/AA+ AA+ 4.34 3.91 91282CMD0 UNITED STATES TREASURY 4.375 12/31/2029 4,400,000.00 -- 4.53% 4,369,171.88 4,372,009.36 102.48 3.77% 4,509,140.64 523.10 2.59% 137,131.28 Aa1/AA+ AA+ 4.50 4.06 91282CMG3 UNITED STATES TREASURY 4.25 01/31/2030 4,000,000.00 02/07/2025 4.34% 3,983,906.25 3,985,155.82 101.97 3.78% 4,078,906.24 70,911.60 2.35% 93,750.42 Aa1/AA+ AA+ 4.59 4.07 91282CGQ8 UNITED STATES TREASURY 4.0 02/28/2030 4,500,000.00 -- 4.01% 4,496,958.99 4,497,092.47 100.97 3.77% 4,543,769.52 60,163.04 2.61% 46,677.05 Aa1/AA+ AA+ 4.67 4.17 Total US Treasury 72,300,000.00 3.42% 71,890,701.18 72,097,754.56 100.06 3.83% 72,326,509.78 507,167.66 41.62% 228,755.21 2.77 2.54 Total Portfolio 174,552,255.38 3.73% 172,701,432.17 173,154,444.93 99.16 4.03% 173,784,957.99 1,267,966.53 100.00% 630,513.06 2.98 2.54 Total Market Value + Accrued 175,052,924.52 42 HOLDINGS REPORT City of Cupertino Reporting | Account #10663 | As of June 30, 2025 Cusip Security Description Par Value/ Units Purchase Date Purchase Yield Cost Value Book Value Mkt Price Mkt YTM Market Value Accrued Int. % of Port. Gain/Loss Moody's/ S&P/ Fitch Maturity Duration CASH 90CASH$02 Cash 40,923.05 --40,923.05 40,923.05 1.00 40,923.05 0.00 0.03% 0.00 NA/NA NA 0.00 0.00 90CASH$00 Custodial Cash Account 51,674,890.48 -- 0.00% 51,674,890.48 51,674,890.48 1.00 0.00% 51,674,890.48 0.00 42.89% 0.00 NA/NA NA 0.00 0.00 CCYUSD Receivable 717,610.97 --717,610.97 717,610.97 1.00 0.00% 717,610.97 0.00 0.60% 0.00 Aaa/AAA AAA 0.00 0.00 Total Cash 52,433,424.50 0.00% 52,433,424.50 52,433,424.50 1.00 0.00% 52,433,424.50 0.00 43.52% 0.00 0.00 0.00 LAIF 90LAIF$00 Local Agency Investment Fund State Pool 68,055,207.44 -- 4.27% 68,055,207.44 68,055,207.44 1.00 4.27% 68,055,207.44 0.00 56.48% 0.00 NA/NA NA 0.00 0.00 Total LAIF 68,055,207.44 4.27% 68,055,207.44 68,055,207.44 1.00 4.27% 68,055,207.44 0.00 56.48% 0.00 0.00 0.00 Total Portfolio 120,488,631.94 2.43% 120,488,631.94 120,488,631.94 1.00 2.41% 120,488,631.94 0.00 100.00% 0.00 0.00 0.00 Total Market Value + Accrued 120,488,631.94 43 TRANSACTIONS 44 TRANSACTION LEDGER City of Cupertino | Account #10659|04/01/2025 Through 06/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 04/11/2025 91282CGQ8 1,650,000.00 UNITED STATES TREASURY 4.0 02/28/2030 100.000 4.00%(1,650,000.00)(7,532.61)(1,657,532.61)0.00 Purchase 05/07/2025 57629TBX4 1,000,000.00 MASSMUTUAL GLOBAL FUNDING II 4.55 05/07/2030 99.867 4.58%(998,670.00)0.00 (998,670.00)0.00 Purchase 05/13/2025 02582JKP4 1,420,000.00 AMXCA 2025-2 A 4.28 04/15/2030 99.998 4.28%(1,419,974.30)0.00 (1,419,974.30)0.00 Purchase 06/04/2025 91282CGQ8 2,000,000.00 UNITED STATES TREASURY 4.0 02/28/2030 99.949 4.01%(1,998,984.38)(20,869.57)(2,019,853.95)0.00 Purchase 06/10/2025 92970QAJ4 1,365,000.00 WFCIT 2025-1 A 4.34 05/15/2030 99.998 4.33%(1,364,977.34)0.00 (1,364,977.34)0.00 Purchase 06/10/2025 3137FPJG1 1,500,000.00 FHMS K-099 A2 2.595 09/25/2029 93.801 4.21%(1,407,011.72)(973.13)(1,407,984.85)0.00 Purchase 06/11/2025 3137FRUT6 2,000,000.00 FHMS K-106 A2 2.069 01/25/2030 90.504 4.37%(1,810,078.13)(1,149.44)(1,811,227.57)0.00 Purchase 06/13/2025 66815L2W8 1,000,000.00 NORTHWESTERN MUTUAL GLOBAL FUNDING 4.6 06/03/2030 100.404 4.51%(1,004,040.00)(1,277.78)(1,005,317.78)0.00 Total Purchase 11,935,000.00 (11,653,735.87)(31,802.53)(11,685,538.40)0.00 TOTAL ACQUISITIONS 11,935,000.00 (11,653,735.87)(31,802.53)(11,685,538.40)0.00 DISPOSITIONS Maturity 05/15/2025 02582JJT8 (1,375,000.00)AMXCA 2022-2 A 3.39 05/17/2027 100.000 3.42%0.00 0.00 0.00 0.00 Total Maturity (1,375,000.00)0.00 0.00 0.00 0.00 Sale 04/11/2025 91282CAM3 (1,100,000.00)UNITED STATES TREASURY 0.25 09/30/2025 98.160 0.56%1,079,761.72 82.65 1,079,844.37 (18,640.75) Sale 05/02/2025 57629W4S6 (1,000,000.00)MASSMUTUAL GLOBAL FUNDING II 5.1 04/09/2027 101.866 4.99%1,018,660.00 3,258.33 1,021,918.33 16,835.26 Sale 05/09/2025 3137EAEX3 (500,000.00) FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 98.539 0.46%492,695.00 239.58 492,934.58 (7,141.87) 45 TRANSACTION LEDGER City of Cupertino | Account #10659|04/01/2025 Through 06/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 06/04/2025 89115A2W1 (1,000,000.00)TORONTO-DOMINION BANK 4.98 04/05/2027 100.868 4.98%1,008,680.00 8,161.67 1,016,841.67 8,680.00 Sale 06/06/2025 3137EAEX3 (1,400,000.00) FEDERAL HOME LOAN MORTGAGE CORP 0.375 09/23/2025 98.820 0.46%1,383,480.00 1,064.58 1,384,544.58 (16,156.58) Sale 06/09/2025 665859AW4 (670,000.00)NORTHERN TRUST CORP 4.0 05/10/2027 99.294 4.03%665,269.80 2,158.89 667,428.69 (4,314.11) Sale 06/11/2025 3137BLMZ8 (1,000,000.00)FHMS K-049 A2 3.01 07/25/2025 99.617 0.87%135,397.65 113.64 135,511.29 (669.19) Sale 06/11/2025 3137BLW95 (950,000.00)FHMS K-050 A2 3.334 08/25/2025 99.625 1.22%388,308.56 360.98 388,669.54 (2,516.89) Sale 06/11/2025 3137BLMZ8 1,000,000.00 FHMS K-049 A2 3.01 07/25/2025 99.617 0.87%(135,397.65)(113.64)(135,511.29)669.19 Sale 06/11/2025 3137BLMZ8 (1,000,000.00)FHMS K-049 A2 3.01 07/25/2025 99.609 0.87%135,397.65 113.64 135,511.29 (669.19) Sale 06/13/2025 66815L2A6 (850,000.00) NORTHWESTERN MUTUAL GLOBAL FUNDING 0.8 01/14/2026 97.872 1.46%831,912.00 2,814.44 834,726.44 (14,851.45) Total Sale (8,470,000.00)7,004,164.73 18,254.76 7,022,419.49 (38,775.57) TOTAL DISPOSITIONS (9,845,000.00)7,004,164.73 18,254.76 7,022,419.49 (38,775.57) 46 TRANSACTION LEDGER City of Cupertino Reporting | Account #10663|04/01/2025 Through 06/30/2025| Transaction Type Settlement Date CUSIP Quantity Security Description Price Acq/Disp Yield Amount Interest Pur/Sold Total Amount Gain/Loss ACQUISITIONS Purchase 06/30/2025 90LAIF$00 741,786.47 Local Agency Investment Fund State Pool 1.000 4.27%(741,786.47)0.00 (741,786.47)0.00 Total Purchase 741,786.47 (741,786.47)0.00 (741,786.47)0.00 TOTAL ACQUISITIONS 741,786.47 (741,786.47)0.00 (741,786.47)0.00 47 IMPORTANT DISCLOSURES City of Cupertino | As of June 30, 2025 2025 Chandler Asset Management, Inc, An Independent Registered Investment Adviser. Information contained herein is confidential. Prices are provided by ICE Data Services Inc (“IDS”), an independent pricing source. In the event IDS does not provide a price or if the price provided is not reflective of fair market value, Chandler will obtain pricing from an alternative approved third party pricing source in accordance with our written valuation policy and procedures. Our valuation procedures are also disclosed in Item 5 of our Form ADV Part 2A. Performance results are presented gross-of-advisory fees and represent the client’s Total Return. The deduction of advisory fees lowers performance results. These results include the reinvestment of dividends and other earnings. Past performance may not be indicative of future results. Therefore, clients should not assume that future performance of any specific investment or investment strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Economic factors, market conditions or changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Index returns assume reinvestment of all distributions. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. It is not possible to invest directly in an index. Source ICE Data Indices, LLC (“ICE”), used with permission. ICE permits use of the ICE indices and related data on an “as is” basis; ICE, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE data, its affiliates or their respective third party providers guarantee the quality, adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and licensee’s use it at licensee’s own risk. ICE data, its affiliates and their respective third party do not sponsor, endorse, or recommend chandler asset management, or any of its products or services. This report is provided for informational purposes only and should not be construed as a specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of publication, but may become outdated or superseded at any time without notice. Any opinions or views expressed are based on current market conditions and are subject to change. This report may contain forecasts and forward-looking statements which are inherently limited and should not be relied upon as indicator of future results. Past performance is not indicative of future results. This report is not intended to constitute an offer, solicitation, recommendation or advice regarding any securities or investment strategy and should not be regarded by recipients as a substitute for the exercise of their own judgment. Fixed income investments are subject to interest, credit and market risk. Interest rate risk: the value of fixed income investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy. Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest. 48 BENCHMARK DISCLOSURES City of Cupertino | Account #10659 | As of June 30, 2025 Benchmark Disclosure ICE BofA 1-5 Yr US Treasury & Agency Index The ICE BofA 1-5 Year US Treasury & Agency Index tracks the performance of US dollar denominated US Treasury and nonsubordinated US agency debt issued in the US domestic market. Qualifying securities must have an investment grade rating (based on an average of Moody’s, S&P and Fitch). Qualifying securities must have at least one year remaining term to final maturity and less than five years remaining term to final maturity, at least 18 months to maturity at time of issuance, a fixed coupon schedule, and a minimum amount outstanding of $1 billion for sovereigns and $250 million for agencies. 49 INVESTMENT AND INSURANCE PRODUCTS ARE:·NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY FEDERAL GOVERNMENT AGENCY·NOT A DEPOSIT, OBLIGATION OF, OR GUARANTEED BY ANY BANK OR BANKING AFFILIATE·SUBJECT TO INVESTMENT RISKS AND MAY LOSE VALUE, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED PCS - SAN FRANCISCO CA 510 N VALLEY MILLS DRIVE, SUITE 400 WACO, TX 76710-6075 CITY OF CUPERTINO - CHANDLER ASSET MANAGEMENT ACCOUNT NUMBER MONTHLY STATEMENT JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT MANAGER: MICHAEL J WADE TELEPHONE NUMBER: 515-878-6110 PFGEDD INVESTMENT CONTACT: IMR/DEREK JOHNSON TELEPHONE NUMBER: ADMINISTRATOR: BELINDA CONWAY TELEPHONE NUMBER: 254-265-6137 18225 SE 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. TABLE OF CONTENTS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ PAGE REPORT NAME NUMBER_________________ ASSET SUMMARY .................................................................................. 1 STATEMENT OF ASSETS AND LIABILITIES ............................................................ 2 CASH SUMMARY ................................................................................... 18 STATEMENT OF TRANSACTIONS ...................................................................... 19 PAGE 1 ASSET SUMMARY CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ ASSET SUMMARY % TOTAL UNREALIZED ESTIMATED CURRENT ACCRUED INVESTMENT CATEGORY COST VALUE MARKET VALUE MARKET GAIN/LOSS ANNUAL INCOME YIELD INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH 0.00 0.00 0.00 CASH EQUIVALENTS 784,710.68 784,710.68 0.45 0.00 29,107 3.71 3,167.50 BONDS AND NOTES 171,916,591.28 173,000,218.62 99.55 1,083,627.34 6,023,611 3.48 1,268,006.88 ===================================================================================================================================== TOTAL INVESTMENTS 172,701,301.96 173,784,929.30 100.00 1,083,627.34 6,052,718 3.48 1,271,174.38 TOTAL ACCRUALS 1,271,174.38 1,271,174.38 ===================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 173,972,476.34 175,056,103.68 1,083,627.34 6,052,718 3.48 1,271,174.38 PAGE 2 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS______________________________________________________________________________________________________________________________________ 732,507.83 ALLSPRING 100% TREASURY 732,507.83 732,507.83 0.42 0.00 3,070.96 MONEY MARKET FUND - #008 1.0000 1.0000 52,202.85 PRINCIPAL PUBLIC DEPOSIT SWEEP 52,202.85 52,202.85 0.03 0.00 96.54 PROGRAM 1.0000 1.0000 ====================================================================================================================================== TOTAL CASH EQUIVALENTS 784,710.68 784,710.68 0.45 0.00 3,167.50 BOND & NOTES______________________________________________________________________________________________________________________________________ 1,875,000 AMAZON.COM INC 1,866,900.00 1,825,912.50 1.05 40,987.50- 2,552.08 DTD 05/12/21 1.000 05/12/2026 99.5680 97.3820 MOODY'S RATING A1 CUSIP 023135BX3 1,420,000 AMERICAN EXPRESS CREDIT ACCOUNT 1,419,974.30 1,428,690.40 0.82 8,716.10 2,701.16 ASSET BCKD SEC SER 2025-2 CL A 99.9982 100.6120 DTD 05/13/2025 4.280% 04/15/2030 NON CALLABLE CUSIP 02582JKP4 1,750,000 AMERICAN HONDA FINANCE 1,758,102.50 1,741,757.50 1.00 16,345.00- 24,811.11 MEDIUM TERM NOTE 100.4630 99.5290 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 1,495,065.00 0.86 3,645.00- 28,117.42 DTD 07/23/18 07/23/2029 99.9140 99.6710 MOODY'S RATING A1 CUSIP 06051GHM4 850,000 BANK OF AMERICA CREDIT CARD TRUST 858,798.83 858,993.00 0.49 194.17 1,881.33 ASSET BCKD SEC SER 2023-A2 CL A2 101.0352 101.0580 DTD 12/14/2023 4.980% 11/15/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 05522RDH8 PAGE 3 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 785,000 BANK OF AMERICA CREDIT CARD TRUST 784,955.96 796,625.85 0.46 11,669.89 1,720.02 ASSET BCKD SEC SER 2024-A1 CL A 99.9944 101.4810 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 1,574,479.65 0.91 40,213.50- 10,937.14 DTD 03/15/2022 2.300% 03/15/2027 99.9810 97.4910 CALLABLE MOODY'S RATING AA2 CUSIP 084664CZ2 46,253.13 BMW VEHICLE OWNER TRUST 46,250.73 46,169.41 0.03 81.32-24.75 ASSET BCKD SEC SER 2022-A CL A3 99.9948 99.8190 DTD 05/18/2022 3.210% 08/25/2026 CALLABLE MOODY'S RATING AAA CUSIP 05602RAD3 695,000 BMW VEHICLE OWNER TRUST 694,894.43 703,763.95 0.40 8,869.52 600.02 ASSET BCKD SEC SER 2024-A CL A3 99.9848 101.2610 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 1,770,885.00 1.02 21,715.20 32,625.00 GENERAL OBLIGATION 100.5270 101.7750 DTD 11/05/2024 4.500% 08/01/2029 NON CALLABLE MOODY'S RATING AA2 CUSIP 13063EGT7 1,000,000 CATERPILLAR FINL SERVICE 998,930.00 1,017,020.00 0.59 18,090.00 6,527.78 MEDIUM TERM NOTE 99.8930 101.7020 DTD 05/14/2024 5.000% 05/14/2027 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAL4 PAGE 4 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,200,000 CATERPILLAR FINL SVCS 1,198,092.00 1,222,140.00 0.70 24,048.00 7,206.67 DTD 11/15/2024 4.700% 11/15/2029 99.8410 101.8450 NON CALLABLE MOODY'S RATING A2 CUSIP 14913UAU4 960,000 CHARLES SCHWAB CORP 959,729.90 932,947.20 0.54 26,782.70- 7,709.33 DTD 03/03/2022 2.450% 03/03/2027 99.9719 97.1820 CALLABLE MOODY'S RATING A2 CUSIP 808513BY0 1,690,000 CHASE ISSUANCE TRUST 1,689,742.61 1,702,370.80 0.98 12,628.19 3,455.11 ASSET BCKD SEC SER 2024-A1I CL A 99.9848 100.7320 DTD 01/31/2024 4.600% 01/16/2029 NON CALLABLE CUSIP 161571HV9 1,750,000 CHUBB INA HOLDINGS LLC 1,765,746.34 1,779,820.00 1.02 14,073.66 30,741.67 DTD 07/31/2024 4.650% 08/15/2029 100.8998 101.7040 CALLABLE MOODY'S RATING A2 CUSIP 171239AL0 600,000 FED HOME LN MTG CORP 597,447.07 594,534.00 0.34 2,913.07-612.50 DTD 09/25/20 0.375 09/23/2025 99.5745 99.0890 MOODY'S RATING AA1 CUSIP 3137EAEX3 1,288,000 FED HOME LN MTG CORP 1,228,178.44 1,266,554.80 0.73 38,376.36 3,824.29 SER K089 CL A2 *24 DAY DELAY*95.3555 98.3350 DTD 03/01/19 3.563 01/25/2029 CUSIP 3137FL6P4 1,985,462.82 FED HOME LN MTG CORP 1,915,506.28 1,912,060.26 1.10 3,446.02- 4,933.88 SER K093 CL A2 *24 DAY DELAY*96.4766 96.3030 DTD 06/01/19 2.982 05/25/2029 CUSIP 3137FMCR1 PAGE 5 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,500,000 FED HOME LN MTG CORP 1,407,011.72 1,414,560.00 0.81 7,548.28 3,243.75 SER K099 CL A2 *24 DAY DELAY*93.8008 94.3040 DTD 10/01/19 2.595 09/25/2029 CUSIP 3137FPJG1 2,500,000 FED NATL MTG ASSN 2,492,700.00 2,467,000.00 1.42 25,700.00- 1,875.00 DTD 11/12/20 0.500 11/07/2025 99.7080 98.6800 MOODY'S RATING AA1 CUSIP 3135G06G3 2,800,000 FEDERAL FARM CREDIT BANK 2,789,612.00 2,848,664.00 1.64 59,052.00 16,547.22 DTD 11/15/2023 4.625% 11/15/2027 99.6290 101.7380 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133EPC60 2,400,000 FEDERAL FARM CREDIT BANK 2,412,552.00 2,440,704.00 1.40 28,152.00 17,416.67 DTD 05/06/2024 4.750% 05/06/2027 100.5230 101.6960 NON CALLABLE MOODY'S RATING AA1 CUSIP 3133ERDS7 1,875,000 FEDERAL HOME LOAN BANK 1,870,050.00 1,906,837.50 1.10 36,787.50 20,286.46 DTD 04/11/2024 4.750% 04/09/2027 99.7360 101.6980 NON CALLABLE MOODY'S RATING AA1 CUSIP 3130B0TY5 2,000,000 FEDERAL HOME LOAN MORTGAGE CORP 1,801,718.75 1,882,560.00 1.08 80,841.25 3,766.67 CMO SER K748 CL A2 90.0860 94.1280 DTD 03/01/2022 2.260% 01/25/2029 NON CALLABLE CUSIP 3137H5YC5 650,000 FHLMC MULTIFAMILY STRUCTURED P 687,451.17 638,007.50 0.37 49,443.67- 1,437.04 SER K058 CL A2 *24 DAY DELAY*105.7617 98.1550 DTD 11/01/16 2.653 08/25/2026 CUSIP 3137BSP72 PAGE 6 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 FHLMC MULTIFAMILY STRUCTURED P 950,664.06 982,740.00 0.57 32,075.94 2,703.33 SER K068 CL A2 *24 DAY DELAY*95.0664 98.2740 DTD 10/01/17 3.244 08/25/2027 MOODY'S RATING AAA CUSIP 3137FBBX3 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,913,359.38 1,982,440.00 1.14 69,080.62 6,285.00 SER K087 CL A2 *24 DAY DELAY*95.6680 99.1220 DTD 01/01/19 3.771 12/25/2028 CUSIP 3137FKUP9 2,550,000 FHLMC MULTIFAMILY STRUCTURED P 2,465,830.08 2,518,405.50 1.45 52,575.42 7,841.25 SER K088 CL A2 *24 DAY DELAY*96.6992 98.7610 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 2,451,500.00 1.41 19,761.72 7,302.08 SER K091 CL A2 *24 DAY DELAY*97.2695 98.0600 DTD 04/01/19 3.505 03/25/2029 CUSIP 3137FLN91 2,200,000 FHLMC MULTIFAMILY STRUCTURED P 2,039,382.82 2,098,118.00 1.21 58,735.18 5,105.83 SER K095 CL A2 *24 DAY DELAY*92.6992 95.3690 DTD 08/01/19 2.785 06/25/2029 CUSIP 3137FNAE0 1,600,000 FHLMC MULTIFAMILY STRUCTURED P 1,488,375.00 1,501,264.00 0.86 12,889.00 3,233.33 SER K098 CL A2 *24 DAY DELAY*93.0235 93.8290 DTD 10/01/19 2.425 08/25/2029 CUSIP 3137FPHK4 2,000,000 FHLMC MULTIFAMILY STRUCTURED P 1,810,078.13 1,831,020.00 1.05 20,941.87 3,448.33 SER K106 CL A2 *24 DAY DELAY*90.5039 91.5510 DTD 03/01/20 2.069 01/25/2030 CUSIP 3137FRUT6 PAGE 7 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 882.14 GM FINANCIAL SECURITIZED TERM 882.12 880.75 0.00 1.37-0.25 SER 2021-4 CL A3 *0 DAY DELAY*99.9977 99.8420 DTD 10/21/21 0.680 09/16/2026 MOODY'S RATING AAA CUSIP 362554AC1 78,678.28 GM FINANCIAL SECURITIZED TERM 78,661.84 78,406.84 0.05 255.00-101.63 ASSET BCKD SEC SER 2022-2 CL A3 99.9791 99.6550 DTD 04/13/2022 3.100% 02/16/2027 CALLABLE MOODY'S RATING AAA CUSIP 362585AC5 1,310,000 GM FINANCIAL SECURITIZED TERM 1,307,922.66 1,316,550.00 0.76 8,627.34 2,647.29 ASSET BCKD SEC SER 2024-1 CL A3 99.8414 100.5000 DTD 01/17/2024 4.850% 12/18/2028 CALLABLE MOODY'S RATING AAA CUSIP 36268GAD7 9,082.95 GM FINANCIAL SECURITIZED TERM 9,082.16 9,070.05 0.01 12.11-4.77 SER 2022-1 CL A3 *0 DAY DELAY*99.9913 99.8580 DTD 01/19/22 1.260 11/16/2026 CUSIP 380146AC4 1,205,000 GUARDIAN LIFE GLOBAL FDG 1,205,000.00 1,199,601.60 0.69 5,398.40- 13,288.64 MEDIUM TERM NOTE 100.0000 99.5520 DTD 09/26/2024 4.179% 09/26/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 40139LBJ1 1,663,000 HOME DEPOT INC 1,593,203.89 1,591,374.59 0.92 1,829.30- 2,180.38 DTD 06/17/19 2.950 06/15/2029 95.8030 95.6930 MOODY'S RATING A2 CUSIP 437076BY7 PAGE 8 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 HOME DEPOT INC 992,260.00 1,020,730.00 0.59 28,470.00 791.67 DTD 06/25/2024 4.750% 06/25/2029 99.2260 102.0730 CALLABLE MOODY'S RATING A2 CUSIP 437076DC3 535,000 HONDA AUTO RECEIVABLES OWNER 534,935.00 541,393.25 0.31 6,458.25 1,018.13 ASSET BCKD SEC SER 2024-2 CL A3 99.9879 101.1950 DTD 05/21/2024 5.270% 11/20/2028 CALLABLE CUSIP 437930AC4 805,000 HONDA AUTO RECEIVABLES OWNER 806,992.67 813,589.35 0.47 6,596.68 1,267.88 ASSET BCKD SEC SER 2023-4 CL A3 100.2476 101.0670 DTD 11/08/2023 5.670% 06/21/2028 NON CALLABLE MOODY'S RATING AAA CUSIP 438123AC5 45,267.43 HONDA AUTO RECEIVABLES OWNER T 45,260.62 45,175.54 0.03 85.08-37.82 SER 2022-1 CL A3 *0 DAY DELAY*99.9850 99.7970 DTD 02/23/22 1.000 05/15/2026 MOODY'S RATING AAA CUSIP 43815BAC4 610,000 HYUNDAI AUTO LEASE SECURITIZAT 609,983.04 614,843.40 0.35 4,860.36 1,466.71 ASSET BCKD SEC SER 2024-B CL A3 99.9972 100.7940 DTD 05/22/2024 5.410% 05/17/2027 CALLABLE 144A PRIVATE PLACEMENT CUSIP 44934FAD7 65,901.33 HYUNDAI AUTO RECEIVABLES TRUST 65,898.79 65,791.27 0.04 107.52-65.02 ASSET BCKD SEC SER 2022-A CL A3 99.9962 99.8330 DTD 03/16/2022 2.220% 10/15/2026 CALLABLE CUSIP 448977AD0 PAGE 9 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,460,000 INTER-AMERICAN DEVEL BK 2,448,733.20 2,397,688.20 1.38 51,045.00- 4,245.21 DTD 04/20/21 0.875 04/20/2026 99.5420 97.4670 MOODY'S RATING AAA CUSIP 4581X0DV7 1,750,000 INTL BANK RECON & DEVELOPMENT 1,721,510.00 1,754,112.50 1.01 32,602.50 14,127.60 DTD 10/16/2024 3.875% 10/16/2029 98.3720 100.2350 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LN1 2,400,000 INTL BK RECON & DEVELOP 2,388,859.25 2,369,760.00 1.36 19,099.25- 2,100.00 DTD 10/28/20 0.500 10/28/2025 99.5358 98.7400 MOODY'S RATING AAA CUSIP 459058JL8 1,700,000 INTL BK RECON & DEVELOP 1,694,220.00 1,720,825.00 0.99 26,605.00 19,673.96 DTD 03/20/2025 4.125% 03/20/2030 99.6600 101.2250 NON CALLABLE MOODY'S RATING AAA CUSIP 459058LR2 1,430,000 JOHN DEERE CAPITAL CORPORATION 1,429,571.00 1,451,593.00 0.84 22,022.00 31,769.83 DTD 01/09/2025 4.650% 01/07/2028 99.9700 101.5100 NON CALLABLE MOODY'S RATING A1 CUSIP 24422EXZ7 46,593.42 JOHN DEERE OWNER TRUST 46,583.11 46,461.09 0.03 122.02-48.04 ASSET BCKD SEC SER 2022-A CL A3 99.9779 99.7160 DTD 03/16/2022 2.320% 09/16/2026 NON CALLABLE MOODY'S RATING AAA CUSIP 47787JAC2 192,472.56 JOHN DEERE OWNER TRUST 192,454.18 191,848.95 0.11 605.23-319.93 ASSET BCKD SEC SER 2022-B CL A3 99.9905 99.6760 DTD 07/20/2022 3.740% 02/16/2027 NON CALLABLE MOODY'S RATING AAA CUSIP 47800AAC4 PAGE 10 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 469,547.22 JOHN DEERE OWNER TRUST 469,510.79 470,805.61 0.27 1,294.82 1,062.22 ASSET BCKD SEC SER 2022-C CL A3 99.9923 100.2680 DTD 10/19/2022 5.090% 06/15/2027 CALLABLE MOODY'S RATING AAA CUSIP 47800BAC2 500,000 JOHN DEERE OWNER TRUST 499,765.63 504,620.00 0.29 4,854.37 1,102.22 ASSET BCKD SEC SER 2024-A CL A3 99.9531 100.9240 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 1,493,670.00 0.86 2,940.00- 27,669.75 DTD 07/23/18 07/23/2029 99.7740 99.5780 MOODY'S RATING A1 CUSIP 46647PAV8 1,400,000 MARSH & MCLENNAN COS INC 1,397,340.00 1,415,792.00 0.81 18,452.00 19,168.33 DTD 11/08/2024 4.650% 03/15/2030 99.8100 101.1280 CALLABLE MOODY'S RATING A3 CUSIP 571748CA8 1,000,000 MASSMUTUAL GLBL FDG II 998,670.00 1,007,140.00 0.58 8,470.00 6,825.00 MEDIUM TERM NOTE 99.8670 100.7140 DTD 05/07/2025 4.550% 05/07/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA3 CUSIP 57629TBX4 1,000,000 MASSMUTUAL GLOBAL FUNDIN 1,002,230.00 969,300.00 0.56 32,930.00- 5,500.00 144A PRIV PLCMT 1.200 07/16/2026 100.2230 96.9300 MOODY'S RATING AA3 CUSIP 57629WDE7 PAGE 11 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 945,000 MASTERCARD INC 944,083.35 966,357.00 0.56 22,273.65 14,332.50 DTD 03/09/2023 4.875% 03/09/2028 99.9030 102.2600 CALLABLE MOODY'S RATING AA3 CUSIP 57636QAW4 1,100,000 MERCEDES-BENZ AUTO RECEIVABLES TRUST 1,123,289.06 1,114,289.00 0.64 9,000.06- 2,908.89 ASSET BCKD SEC SER 2023-2 CL A3 102.1172 101.2990 DTD 10/25/2023 5.950% 11/15/2028 CALLABLE CUSIP 58769FAC9 1,115,000 MET LIFE GLOB FUNDING I 1,113,728.90 1,077,647.50 0.62 36,081.40- 9,872.40 144A PRIV PLCMT 1.875 01/11/2027 99.8860 96.6500 MOODY'S RATING AA3 CUSIP 59217GER6 770,000 MET TOWER GLOBAL FUNDING 769,291.60 742,480.20 0.43 26,811.40- 2,860.76 144A PRIV PLCMT 1.250 09/14/2026 99.9080 96.4260 MOODY'S RATING AA3 CUSIP 58989V2D5 912,000 META PLATFORMS INC 910,584.09 920,317.44 0.53 9,733.35 14,814.93 DTD 08/09/2024 4.300% 08/15/2029 99.8448 100.9120 CALLABLE MOODY'S RATING AA3 CUSIP 30303M8S4 1,950,000 MORGAN STANLEY BANK 1,950,000.00 1,973,361.00 1.14 23,361.00 44,939.70 DTD 07/19/2024 VAR CPN 07/14/2028 100.0000 101.1980 CALLABLE MOODY'S RATING AA3 CUSIP 61690U8E3 1,000,000 NATIONAL RURAL UTILS COOP 1,002,873.61 1,022,840.00 0.59 19,966.39 19,800.00 MEDIUM TERM NOTE 100.2874 102.2840 DTD 02/07/2025 4.950% 02/07/2030 CALLABLE MOODY'S RATING A2 CUSIP 63743HFX5 PAGE 12 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,000,000 NEW YORK LIFE GLOBAL FDG 994,880.00 1,022,880.00 0.59 28,000.00 3,472.22 MEDIUM TERM NOTE 99.4880 102.2880 DTD 06/06/2024 5.000% 06/06/2029 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFG3 1,365,000 NEW YORK LIFE GLOBAL FDG 1,364,221.95 1,380,219.75 0.79 15,997.80 4,534.83 DTD 12/05/2024 4.600% 12/05/2029 99.9430 101.1150 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 64952WFK4 1,000,000 NORTHWESTERN MUTUAL GLBL 1,004,040.00 1,010,530.00 0.58 6,490.00 3,577.78 MEDIUM TERM NOTE 100.4040 101.0530 DTD 06/03/2025 4.600% 06/03/2030 NON CALLABLE 144A PRIVATE PLACEMENT MOODY'S RATING AA1 CUSIP 66815L2W8 1,500,000 PEPSICO INC 1,497,675.00 1,523,910.00 0.88 26,235.00 30,750.00 DTD 07/17/2024 4.500% 07/17/2029 99.8450 101.5940 CALLABLE MOODY'S RATING A1 CUSIP 713448FX1 1,500,000 PROGRESSIVE CORP 1,455,495.00 1,490,925.00 0.86 35,430.00 20,000.00 DTD 10/23/18 4.000 03/01/2029 97.0330 99.3950 MOODY'S RATING A2 CUSIP 743315AV5 1,500,000 PROLOGIS LP 1,481,235.00 1,510,275.00 0.87 29,040.00 27,343.75 DTD 02/01/20 4.375 02/01/2029 98.7490 100.6850 MOODY'S RATING A2 CUSIP 74340XBL4 PAGE 13 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,463,000 REALTY INCOME CORP 1,419,212.41 1,444,361.38 0.83 25,148.97 26,984.22 DTD 01/15/2024 4.000% 07/15/2029 97.0070 98.7260 CALLABLE MOODY'S RATING A3 CUSIP 756109CB8 2,000,000 ROYAL BANK OF CANADA 2,019,920.00 2,045,820.00 1.18 25,900.00 41,250.00 MEDIUM TERM NOTE 100.9960 102.2910 CONVERTIBLE DTD 01/19/2024 4.950% 02/01/2029 NON CALLABLE MOODY'S RATING A1 CUSIP 78016HZV5 1,266,273.2 TOYOTA AUTO RECEIVABLES OWNER 1,261,128.97 1,273,123.74 0.73 11,994.77 2,903.99 ASSET BCKD SEC SER 2023-C CL A3 99.5938 100.5410 DTD 08/15/2023 5.160% 04/17/2028 CALLABLE CUSIP 89231FAD2 1,385,000 TOYOTA MOTOR CREDIT CORP 1,384,390.60 1,344,197.90 0.77 40,192.70-562.66 MED TERM NOTE 99.9560 97.0540 DTD 06/18/21 1.125 06/18/2026 MOODY'S RATING A1 CUSIP 89236TJK2 1,445,000 TOYOTA MOTOR CREDIT CORP 1,441,907.70 1,477,700.35 0.85 35,792.65 34,174.25 MEDIUM TERM NOTE 99.7860 102.2630 DTD 01/09/2025 4.950% 01/09/2030 NON CALLABLE MOODY'S RATING A1 CUSIP 89236TNA9 3,250,000 UNITED STATES TREASURY NOTES 3,260,312.50 3,220,945.00 1.85 39,367.50-287.02 DTD 06/30/2022 3.250% 06/30/2027 100.3173 99.1060 MOODY'S RATING AA1 CUSIP 91282CEW7 PAGE 14 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 400,000 UNITED STATES TREASURY NOTES 393,218.75 392,204.00 0.23 1,014.75- 4,588.40 DTD 07/31/2022 2.750% 07/31/2027 98.3047 98.0510 MOODY'S RATING AA1 CUSIP 91282CFB2 4,500,000 UNITED STATES TREASURY NOTES 4,468,902.34 4,444,650.00 2.56 24,252.34- 47,002.38 DTD 08/31/2022 3.125% 08/31/2027 99.3090 98.7700 MOODY'S RATING AA1 CUSIP 91282CFH9 3,450,000 UNITED STATES TREASURY NOTES 3,421,152.34 3,481,395.00 2.00 60,242.66 35,772.54 DTD 09/30/2022 4.125% 09/30/2027 99.1639 100.9100 MOODY'S RATING AA1 CUSIP 91282CFM8 850,000 UNITED STATES TREASURY NOTES 852,656.25 853,255.50 0.49 599.25 2,789.79 DTD 11/30/2022 3.875% 11/30/2027 100.3125 100.3830 MOODY'S RATING AA1 CUSIP 91282CFZ9 2,750,000 UNITED STATES TREASURY NOTES 2,775,107.42 2,761,605.00 1.59 13,502.42-289.57 DTD 12/31/2022 3.875% 12/31/2027 100.9130 100.4220 MOODY'S RATING AA1 CUSIP 91282CGC9 3,000,000 UNITED STATES TREASURY NOTES 2,957,929.69 2,984,760.00 1.72 26,830.31 43,798.34 DTD 01/31/2023 3.500% 01/31/2028 98.5977 99.4920 MOODY'S RATING AA1 CUSIP 91282CGH8 3,700,000 UNITED STATES TREASURY NOTES 3,699,113.28 3,728,046.00 2.15 28,932.72 49,467.39 DTD 02/28/2023 4.000% 02/29/2028 99.9760 100.7580 MOODY'S RATING AA1 CUSIP 91282CGP0 4,500,000 UNITED STATES TREASURY NOTES 4,496,958.99 4,543,785.00 2.61 46,826.01 60,163.04 DTD 02/28/2023 4.000% 02/28/2030 99.9324 100.9730 MOODY'S RATING AA1 CUSIP 91282CGQ8 PAGE 15 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 UNITED STATES TREASURY NOTES 2,525,097.66 2,518,650.00 1.45 6,447.66- 4,781.42 DTD 12/15/2023 4.375% 12/15/2026 101.0039 100.7460 MOODY'S RATING AA1 CUSIP 91282CJP7 2,300,000 UNITED STATES TREASURY NOTES 2,249,867.19 2,331,096.00 1.34 81,228.81 23,848.36 DTD 03/31/2024 4.125% 03/31/2029 97.8203 101.3520 MOODY'S RATING AA1 CUSIP 91282CKG5 2,300,000 UNITED STATES TREASURY NOTES 2,283,109.38 2,328,658.00 1.34 45,548.62 21,774.59 DTD 04/15/2024 4.500% 04/15/2027 99.2656 101.2460 MOODY'S RATING AA1 CUSIP 91282CKJ9 3,200,000 UNITED STATES TREASURY NOTES 3,186,500.00 3,242,112.00 1.87 55,612.00 18,391.30 DTD 05/15/2024 4.500% 05/15/2027 99.5781 101.3160 MOODY'S RATING AA1 CUSIP 91282CKR1 2,000,000 UNITED STATES TREASURY NOTES 1,985,546.88 2,037,180.00 1.17 51,633.12 230.98 DTD 06/30/2024 4.250% 06/30/2029 99.2774 101.8590 MOODY'S RATING AA1 CUSIP 91282CKX8 3,500,000 UNITED STATES TREASURY NOTES 3,527,480.47 3,482,640.00 2.00 44,840.47- 42,406.59 DTD 08/31/2024 3.625% 08/31/2029 100.7852 99.5040 MOODY'S RATING AA1 CUSIP 91282CLK5 5,000,000 UNITED STATES TREASURY NOTES 4,925,039.06 4,949,600.00 2.85 24,560.94 43,989.07 DTD 09/30/2024 3.500% 09/30/2029 98.5008 98.9920 MOODY'S RATING AA1 CUSIP 91282CLN9 3,000,000 UNITED STATES TREASURY NOTES 2,993,789.06 3,042,900.00 1.75 49,110.94 20,849.18 DTD 10/31/2024 4.125% 10/31/2029 99.7930 101.4300 MOODY'S RATING AA1 CUSIP 91282CLR0 PAGE 16 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 4,400,000 UNITED STATES TREASURY NOTES 4,369,171.88 4,509,164.00 2.59 139,992.12 523.10 DTD 12/31/2024 4.375% 12/31/2029 99.2994 102.4810 MOODY'S RATING AA1 CUSIP 91282CMD0 4,000,000 UNITED STATES TREASURY NOTES 3,983,906.25 4,078,920.00 2.35 95,013.75 70,911.60 DTD 01/31/2025 4.250% 01/31/2030 99.5977 101.9730 MOODY'S RATING AA1 CUSIP 91282CMG3 2,000,000 UNITEDHEALTH GROUP INC 1,906,080.00 1,887,720.00 1.09 18,360.00- 21,722.22 DTD 07/25/19 2.875 08/15/2029 95.3040 94.3860 MOODY'S RATING A2 CUSIP 91324PDS8 1,035,000 UNITEDHEALTH GROUP INC 1,025,051.35 1,006,082.10 0.58 18,969.25- 1,520.87 DTD 05/19/21 1.150 05/15/2026 99.0388 97.2060 MOODY'S RATING A2 CUSIP 91324PEC2 1,200,000 US TREASURY NOTE 1,183,070.31 1,188,012.00 0.68 4,941.69 758.15 DTD 09/30/20 0.250 09/30/2025 98.5892 99.0010 MOODY'S RATING AA1 CUSIP 91282CAM3 2,450,000 US TREASURY NOTE 2,422,492.19 2,417,292.50 1.39 5,199.69- 1,031.93 DTD 10/31/20 0.250 10/31/2025 98.8772 98.6650 MOODY'S RATING AA1 CUSIP 91282CAT8 2,250,000 US TREASURY NOTE 2,209,658.20 2,213,865.00 1.27 4,206.80 733.70 DTD 11/30/20 0.375 11/30/2025 98.2070 98.3940 MOODY'S RATING AA1 CUSIP 91282CAZ4 2,500,000 US TREASURY NOTE 2,456,445.31 2,444,950.00 1.41 11,495.31- 3,910.57 DTD 02/01/21 0.375 01/31/2026 98.2578 97.7980 MOODY'S RATING AA1 CUSIP 91282CBH3 PAGE 17 STATEMENT OF ASSETS AND LIABILITIES CITY OF CUPERTINO AS OF JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF ASSETS AND LIABILITIES COST VALUE MARKET VALUE % TOTAL UNREALIZED PAR VALUE/SHARES DESCRIPTION / UNIT COST / UNIT PRICE MARKET GAIN/LOSS ACCRUED INCOME ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 2,500,000 US TREASURY NOTE 2,493,652.34 2,432,250.00 1.40 61,402.34- 3,176.23 DTD 04/30/21 0.750 04/30/2026 99.7461 97.2900 MOODY'S RATING AA1 CUSIP 91282CBW0 1,400,000 US TREASURY NOTE 1,379,054.68 1,348,592.00 0.78 30,462.68- 3,079.24 DTD 09/30/21 0.875 09/30/2026 98.5039 96.3280 MOODY'S RATING AA1 CUSIP 91282CCZ2 1,400,000 US TREASURY NOTE 1,391,468.75 1,350,076.00 0.78 41,392.75- 2,653.53 DTD 11/01/21 1.125 10/31/2026 99.3906 96.4340 CUSIP 91282CDG3 350,000 WALMART INC 349,338.50 338,257.50 0.19 11,081.00- 1,061.67 DTD 09/17/21 1.050 09/17/2026 99.8110 96.6450 MOODY'S RATING AA2 CUSIP 931142ER0 1,365,000 WELLS FARGO CARD ISSUANCE TRUST 1,364,977.34 1,375,687.95 0.79 10,710.61 3,455.73 ASSET BCKD SEC SER 2025-A1 CL A 99.9984 100.7830 DTD 06/10/2025 4.340% 05/15/2030 NON CALLABLE CUSIP 92970QAJ4 ====================================================================================================================================== TOTAL BOND & NOTES 171,916,591.28 173,000,218.62 99.55 1,083,627.34 1,268,006.88 ====================================================================================================================================== TOTAL INVESTMENTS 172,701,301.96 173,784,929.30 100.00 1,083,627.34 1,271,174.38 TOTAL ACCRUALS 1,271,174.38 1,271,174.38 ====================================================================================================================================== TOTAL ACCRUALS AND INVESTMENTS 173,972,476.34 175,056,103.68 PAGE 18 CASH SUMMARY CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH SUMMARY DESCRIPTION PRINCIPAL CASH INCOME CASH ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 0.00 RECEIPTS NET INTEREST COLLECTED 0.00 531,405.97 TRANSFER RECEIPTS 531,405.97 0.00 SALES 5,419,774.84 0.00 CASH MANAGEMENT SALES 4,962,422.02 0.00 TOTAL CASH RECEIPTS 10,913,602.83 531,405.97 DISBURSEMENTS INVESTMENT MANAGEMENT EXPENSES 10,358.71-0.00 TRANSFER DISBURSEMENTS 0.00 531,405.97- PURCHASES 7,585,091.57-0.00 CASH MANAGEMENT PURCHASES 3,318,152.55-0.00 TOTAL CASH DISBURSEMENTS 10,913,602.83-531,405.97- ======================================================================================================================================== ENDING BALANCE 0.00 0.00 ________________________________________________________________________________________________________________________________________ PAGE 19 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ BEGINNING BALANCE 0.00 172,279,577.57 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CASH EQUIVALENTS 06/02/25 INTEREST RECEIVED 5,657.22 AS 100% TREAS MM FD-SVC CL #008 INTEREST FROM 5/1/25 TO 5/31/25 06/02/25 INTEREST RECEIVED 99.57 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM INTEREST FROM 05.01.25 TO 05.31.25 06/30/25 3,318,052.98 CASH SWEEP PURCHASES FOR STMT PERIOD 3,318,052.98- 3,318,052.98 AS 100% TREAS MM FD-SVC CL #008 12 TRANSACTIONS 06/30/25 99.57 CASH SWEEP PURCHASES FOR STMT PERIOD 99.57-99.57 PRINCIPAL PUBLIC DEPOSIT SWEEP PRGRM 1 TRANSACTIONS 06/30/25 4,962,422.02- CASH SWEEP SALES FOR STMT PERIOD 4,962,422.02 4,962,422.02- AS 100% TREAS MM FD-SVC CL #008 7 TRANSACTIONS BONDS & NOTES 06/16/25 INTEREST RECEIVED 5,402.31 AMER EXPR CREDIT ABS 4.280% 4/15/30 CUSIP 02582JKP4 $0.00380/PV ON 1,420,000.00 PV DUE 6/15/25 06/16/25 INTEREST RECEIVED 3,225.04 BANK OF AMERICA ABS 4.930% 5/15/29 CUSIP 05522RDJ4 $0.00411/PV ON 785,000.00 PV DUE 6/15/25 PAGE 20 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 INTEREST RECEIVED 3,527.50 BK OF AMERICA ABS 4.980% 11/15/28 CUSIP 05522RDH8 $0.00415/PV ON 850,000.00 PV DUE 6/15/25 06/25/25 INTEREST RECEIVED 173.96 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 $0.00033/PV ON 65,030.92 PV DUE 6/25/25 06/25/25 18,777.79- PAID DOWN 18,777.79 18,776.81-0.98 BMW VEHICLE OWN ABS 3.210% 8/25/26 CUSIP 05602RAD3 06/25/25 INTEREST RECEIVED 3,000.08 BMW VEHICLE OWN ABS 5.180% 2/26/29 CUSIP 096919AD7 $0.00432/PV ON 695,000.00 PV DUE 6/25/25 06/16/25 INTEREST RECEIVED 6,478.33 CHASE ISSUANCE ABS 4.600% 1/16/29 CUSIP 161571HV9 $0.00383/PV ON 1,690,000.00 PV DUE 6/15/25 06/06/25 1,400,000- SOLD 1,383,480.00 1,394,043.17-10,563.17- FED HOME LN MTG CORP 0.375% 9/23/25 CUSIP 3137EAEX3 AT $98.8200 ON TRADE DATE 06/05/2025 TO SETTLE ON 06/06/2025 MELLON BANK/CAPITAL MARKETS PAGE 21 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/06/25 ACCRUED INTEREST ON SALE 1,064.58 FED HOME LN MTG CORP 0.375% 9/23/25 CUSIP 3137EAEX3 06/10/25 1,500,000 PURCHASED 1,407,011.72- 1,407,011.72 FED HOME LN MTG CORP 2.595% 9/25/29 CUSIP 3137FPJG1 AT $93.8008 ON TRADE DATE 06/05/2025 TO SETTLE ON 06/10/2025 WACHOVIA CAPITAL MARKETS, LLC. 06/10/25 ACCRUED INTEREST ON PURCHASE 973.13- FED HOME LN MTG CORP 2.595% 9/25/29 CUSIP 3137FPJG1 06/25/25 INTEREST RECEIVED 4,939.20 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 $0.00247/PV ON 1,987,604.20 PV DUE 6/25/25 06/25/25 2,141.38- PAID DOWN 2,141.38 2,065.93-75.45 FED HOME LN MTG CORP 2.982% 5/25/29 CUSIP 3137FMCR1 06/25/25 INTEREST RECEIVED 3,824.29 FED HOME LN MTG CORP 3.563% 1/25/29 CUSIP 3137FL6P4 $0.00297/PV ON 1,288,000.00 PV DUE 6/25/25 06/11/25 2,000,000 PURCHASED 1,810,078.13- 1,810,078.13 FHLMC MULTIFAMILY ST 2.069% 1/25/30 CUSIP 3137FRUT6 AT $90.5039 ON TRADE DATE 06/06/2025 TO SETTLE ON 06/11/2025 WACHOVIA CAPITAL MARKETS, LLC. PAGE 22 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/11/25 ACCRUED INTEREST ON PURCHASE 1,149.44- FHLMC MULTIFAMILY ST 2.069% 1/25/30 CUSIP 3137FRUT6 06/25/25 INTEREST RECEIVED 3,233.33 FHLMC MULTIFAMILY ST 2.425% 8/25/29 CUSIP 3137FPHK4 $0.00202/PV ON 1,600,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 1,437.04 FHLMC MULTIFAMILY ST 2.653% 8/25/26 CUSIP 3137BSP72 $0.00221/PV ON 650,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 5,105.83 FHLMC MULTIFAMILY ST 2.785% 6/25/29 CUSIP 3137FNAE0 $0.00232/PV ON 2,200,000.00 PV DUE 6/25/25 06/11/25 261,105.56- PAID DOWN-RV 261,105.56-281,912.41 20,806.85 FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 TO SETTLE ON 06/11/2025 06/11/25 REVERSAL 1,875.25- INTEREST RECEIVED FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 CU06 06/11/25 INTEREST RECEIVED 1,875.25 FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 $0.00188/PV ON 747,608.50 PV DUE 5/25/25 PAGE 23 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/11/25 261,143.37- PAID DOWN 261,143.37 281,953.23-20,809.86- FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 TO SETTLE ON 06/11/2025 06/11/25 0.01 SHARE ADJUSTMENT FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 06/25/25 INTEREST RECEIVED 1,220.22 FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 $0.00251/PV ON 350,547.18 PV DUE 6/25/25 06/25/25 350,547.17- PAID DOWN 350,547.17 378,481.39-27,934.22- FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 06/25/25 135,917.96- SOLD 135,397.65 146,748.92-11,351.27- FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 AT $99.6172 ON TRADE DATE 06/06/2025 TO SETTLE ON 06/25/2025 TORONTO DOMINION SECURITIES (U 06/25/25 ACCRUED INTEREST ON SALE 113.64 FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 06/25/25 0.01- DELIVERED 0.01- FHLMC MULTIFAMILY ST 3.010% 8/25/25 CUSIP 3137BLMZ8 TAXLOTS WITH FRACTIONAL SHARES PAGE 24 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/25 INTEREST RECEIVED 2,703.33 FHLMC MULTIFAMILY ST 3.244% 8/25/27 CUSIP 3137FBBX3 $0.00270/PV ON 1,000,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 7,302.08 FHLMC MULTIFAMILY ST 3.505% 3/25/29 CUSIP 3137FLN91 $0.00292/PV ON 2,500,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 7,841.25 FHLMC MULTIFAMILY ST 3.690% 1/25/29 CUSIP 3137FKZZ2 $0.00308/PV ON 2,550,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 6,285.00 FHLMC MULTIFAMILY ST 3.771% 12/25/28 CUSIP 3137FKUP9 $0.00314/PV ON 2,000,000.00 PV DUE 6/25/25 06/25/25 INTEREST RECEIVED 3,766.67 FHLMC SER K748 CMO 2.260% 1/25/29 CUSIP 3137H5YC5 $0.00188/PV ON 2,000,000.00 PV DUE 6/25/25 06/16/25 INTEREST RECEIVED 245.14 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 $0.00063/PV ON 94,894.43 PV DUE 6/16/25 PAGE 25 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 16,216.15- PAID DOWN 16,216.15 16,212.76-3.39 GM FINANCIAL ABS 3.100% 2/16/27 CUSIP 362585AC5 06/16/25 INTEREST RECEIVED 5,294.58 GM FINANCIAL ABS 4.850% 12/18/28 CUSIP 36268GAD7 $0.00404/PV ON 1,310,000.00 PV DUE 6/16/25 06/16/25 INTEREST RECEIVED 6.82 GM FINANCIAL SECURIT 0.680% 9/16/26 CUSIP 362554AC1 $0.00002/PV ON 12,031.95 PV DUE 6/16/25 06/16/25 11,149.81- PAID DOWN 11,149.81 11,149.52-0.29 GM FINANCIAL SECURIT 0.680% 9/16/26 CUSIP 362554AC1 06/16/25 INTEREST RECEIVED 20.86 GM FINANCIAL SECURIT 1.260% 11/16/26 CUSIP 380146AC4 $0.00007/PV ON 19,869.36 PV DUE 6/16/25 06/16/25 10,786.41- PAID DOWN 10,786.41 10,785.47-0.94 GM FINANCIAL SECURIT 1.260% 11/16/26 CUSIP 380146AC4 06/16/25 INTEREST RECEIVED 24,529.25 HOME DEPOT INC 2.950% 6/15/29 CUSIP 437076BY7 INTEREST ON 1,663,000.000 UNITS PAGE 26 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/25 INTEREST RECEIVED 23,750.00 HOME DEPOT INC 4.750% 6/25/29 CUSIP 437076DC3 INTEREST ON 1,000,000.000 UNITS 06/18/25 INTEREST RECEIVED 2,349.54 HONDA AUTO RECE ABS 5.270% 11/20/28 CUSIP 437930AC4 $0.00439/PV ON 535,000.00 PV DUE 6/18/25 06/23/25 INTEREST RECEIVED 3,803.63 HONDA AUTO RECE ABS 5.670% 6/21/28 CUSIP 438123AC5 $0.00473/PV ON 805,000.00 PV DUE 6/21/25 06/16/25 INTEREST RECEIVED 115.84 HONDA AUTO RECEIVABL 1.000% 5/15/26 CUSIP 43815BAC4 $0.00016/PV ON 73,937.12 PV DUE 6/15/25 06/16/25 28,669.69- PAID DOWN 28,669.69 28,665.38-4.31 HONDA AUTO RECEIVABL 1.000% 5/15/26 CUSIP 43815BAC4 AT $400.4060 ON TRADE DATE 06/15/2025 TO SETTLE ON 06/16/2025 06/16/25 INTEREST RECEIVED 2,750.08 HYUNDAI AUTO ABS 5.410% 5/17/27 CUSIP 44934FAD7 $0.00451/PV ON 610,000.00 PV DUE 6/15/25 PAGE 27 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 INTEREST RECEIVED 196.64 HYUNDAI AUTO REC ABS 2.220% 10/15/26 CUSIP 448977AD0 $0.00019/PV ON 106,290.92 PV DUE 6/15/25 06/16/25 40,389.59- PAID DOWN 40,389.59 40,388.04-1.55 HYUNDAI AUTO REC ABS 2.220% 10/15/26 CUSIP 448977AD0 AT $284.2197 ON TRADE DATE 06/15/2025 TO SETTLE ON 06/16/2025 06/16/25 INTEREST RECEIVED 2,178.92 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 $0.00208/PV ON 513,695.26 PV DUE 6/15/25 06/16/25 44,148.04- PAID DOWN 44,148.04 44,144.61-3.43 JOHN DEERE OWNE ABS 5.090% 6/15/27 CUSIP 47800BAC2 AT $260.0232 ON TRADE DATE 06/15/2025 TO SETTLE ON 06/16/2025 06/16/25 INTEREST RECEIVED 110.27 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 $0.00025/PV ON 57,037.30 PV DUE 6/15/25 06/16/25 10,443.88- PAID DOWN 10,443.88 10,441.57-2.31 JOHN DEERE OWNER ABS 2.320% 9/16/26 CUSIP 47787JAC2 AT $1,099.1620 ON TRADE DATE 06/15/2025 TO SETTLE ON 06/16/2025 PAGE 28 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 INTEREST RECEIVED 675.87 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 $0.00103/PV ON 216,856.15 PV DUE 6/15/25 06/16/25 24,383.59- PAID DOWN 24,383.59 24,381.26-2.33 JOHN DEERE OWNER ABS 3.740% 2/16/27 CUSIP 47800AAC4 AT $470.7886 ON TRADE DATE 06/15/2025 TO SETTLE ON 06/16/2025 06/16/25 INTEREST RECEIVED 2,066.67 JOHN DEERE OWNER ABS 4.960% 11/15/28 CUSIP 47800RAD5 $0.00413/PV ON 500,000.00 PV DUE 6/15/25 06/16/25 INTEREST RECEIVED 5,454.17 MERCEDES-BENZ ABS 5.950% 11/15/28 CUSIP 58769FAC9 $0.00496/PV ON 1,100,000.00 PV DUE 6/15/25 06/05/25 INTEREST RECEIVED 31,395.00 NEW YORK LIFE GL FDG 4.600% 12/05/29 CUSIP 64952WFK4 INTEREST ON 1,365,000.000 UNITS 06/06/25 INTEREST RECEIVED 25,000.00 NEW YORK LIFE MTN 5.000% 6/06/29 CUSIP 64952WFG3 INTEREST ON 1,000,000.000 UNITS 06/09/25 670,000- SOLD 665,269.80 668,914.60-3,644.80- NORTHERN TRUST CORP 4.000% 5/10/27 CUSIP 665859AW4 AT $99.2940 ON TRADE DATE 06/06/2025 TO SETTLE ON 06/09/2025 US BANCORP INVESTMENTS, INC. PAGE 29 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/09/25 ACCRUED INTEREST ON SALE 2,158.89 NORTHERN TRUST CORP 4.000% 5/10/27 CUSIP 665859AW4 06/13/25 850,000- SOLD 831,912.00 827,449.50-4,462.50 NW MUTUAL GLBL MTN 0.800% 1/14/26 CUSIP 66815L2A6 AT $97.8720 ON TRADE DATE 06/12/2025 TO SETTLE ON 06/13/2025 PERSHING LLC 06/13/25 ACCRUED INTEREST ON SALE 2,814.44 NW MUTUAL GLBL MTN 0.800% 1/14/26 CUSIP 66815L2A6 06/13/25 1,000,000 PURCHASED 1,004,040.00- 1,004,040.00 NW MUTUAL GLOBAL MTN 4.600% 6/03/30 CUSIP 66815L2W8 AT $100.4040 ON TRADE DATE 06/12/2025 TO SETTLE ON 06/13/2025 J.P. MORGAN SECURITIES INC., - 06/13/25 ACCRUED INTEREST ON PURCHASE 1,277.78- NW MUTUAL GLOBAL MTN 4.600% 6/03/30 CUSIP 66815L2W8 06/04/25 1,000,000- SOLD 1,008,680.00 1,000,000.00-8,680.00 TORONTO BK MTN CONV 4.980% 4/05/27 CUSIP 89115A2W1 AT $100.8680 ON TRADE DATE 06/03/2025 TO SETTLE ON 06/04/2025 TORONTO DOMINION SECURITIES (U 06/04/25 ACCRUED INTEREST ON SALE 8,161.67 TORONTO BK MTN CONV 4.980% 4/05/27 CUSIP 89115A2W1 PAGE 30 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 INTEREST RECEIVED 5,590.00 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 $0.00430/PV ON 1,300,000.00 PV DUE 6/15/25 06/16/25 33,726.8- PAID DOWN 33,726.80 33,589.78-137.02 TOYOTA AUTO REC ABS 5.160% 4/17/28 CUSIP 89231FAD2 06/18/25 INTEREST RECEIVED 7,790.63 TOYOTA MOTOR CREDIT 1.125% 6/18/26 CUSIP 89236TJK2 INTEREST ON 1,385,000.000 UNITS 06/30/25 INTEREST RECEIVED 52,812.50 U.S. TREASURY NOTES 3.250% 6/30/27 CUSIP 91282CEW7 INTEREST ON 3,250,000.000 UNITS 06/02/25 INTEREST RECEIVED 16,468.75 U.S. TREASURY NOTES 3.875% 11/30/27 CUSIP 91282CFZ9 INTEREST ON 850,000.000 UNITS 06/30/25 INTEREST RECEIVED 53,281.25 U.S. TREASURY NOTES 3.875% 12/31/27 CUSIP 91282CGC9 INTEREST ON 2,750,000.000 UNITS 06/04/25 2,000,000 PURCHASED 1,998,984.38- 1,998,984.38 U.S. TREASURY NOTES 4.000% 2/28/30 CUSIP 91282CGQ8 AT $99.9492 ON TRADE DATE 06/03/2025 TO SETTLE ON 06/04/2025 WACHOVIA CAPITAL MARKETS, LLC. PAGE 31 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/04/25 ACCRUED INTEREST ON PURCHASE 20,869.57- U.S. TREASURY NOTES 4.000% 2/28/30 CUSIP 91282CGQ8 06/30/25 INTEREST RECEIVED 42,500.00 U.S. TREASURY NOTES 4.250% 6/30/29 CUSIP 91282CKX8 INTEREST ON 2,000,000.000 UNITS 06/16/25 INTEREST RECEIVED 54,687.50 U.S. TREASURY NOTES 4.375% 12/15/26 CUSIP 91282CJP7 INTEREST ON 2,500,000.000 UNITS 06/30/25 INTEREST RECEIVED 96,250.00 U.S. TREASURY NOTES 4.375% 12/31/29 CUSIP 91282CMD0 INTEREST ON 4,400,000.000 UNITS 06/02/25 INTEREST RECEIVED 4,218.75 US TREASURY NOTE 0.375% 11/30/25 CUSIP 91282CAZ4 INTEREST ON 2,250,000.000 UNITS 06/06/25 0.01 SHARE ADJUSTMENT VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 06/25/25 INTEREST RECEIVED 2,236.78 VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 $0.00278/PV ON 415,308.72 PV DUE 6/25/25 06/25/25 415,308.72- PAID DOWN 415,308.72 445,094.14-29,785.42- VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 PAGE 32 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/25/25 389,770.2- SOLD 388,308.56 417,724.03-29,415.47- VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 AT $99.6250 ON TRADE DATE 06/06/2025 TO SETTLE ON 06/25/2025 TORONTO DOMINION SECURITIES (U 06/25/25 ACCRUED INTEREST ON SALE 360.98 VR FHLMC MULTIFAMI 3.334% 8/25/25 CUSIP 3137BLW95 06/10/25 1,365,000 PURCHASED 1,364,977.34- 1,364,977.34 WELLS FARGO CARD ABS 4.340% 5/15/30 CUSIP 92970QAJ4 AT $99.9983 ON TRADE DATE 06/03/2025 TO SETTLE ON 06/10/2025 WACHOVIA CAPITAL MARKETS, LLC. TRANSFER RECEIPTS 06/02/25 ADDITION TO ACCOUNT 26,444.29 TRANSFER FROM INCOME 06/05/25 ADDITION TO ACCOUNT 18,687.10 TRANSFER FROM INCOME 06/06/25 ADDITION TO ACCOUNT 26,064.58 TRANSFER FROM INCOME 06/09/25 ADDITION TO ACCOUNT 2,158.89 TRANSFER FROM INCOME 06/13/25 ADDITION TO ACCOUNT 566.42 TRANSFER FROM INCOME PAGE 33 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/16/25 ADDITION TO ACCOUNT 117,261.21 TRANSFER FROM INCOME 06/17/25 ADDITION TO ACCOUNT 5,294.58 TRANSFER FROM INCOME 06/18/25 ADDITION TO ACCOUNT 10,140.17 TRANSFER FROM INCOME 06/23/25 ADDITION TO ACCOUNT 3,803.63 TRANSFER FROM INCOME 06/25/25 ADDITION TO ACCOUNT 73,362.06 TRANSFER FROM INCOME 06/26/25 ADDITION TO ACCOUNT 2,779.29 TRANSFER FROM INCOME 06/30/25 ADDITION TO ACCOUNT 244,843.75 TRANSFER FROM INCOME INVESTMENT MANAGEMENT EXPENSES 06/05/25 INVESTMENT MGMT FEE 10,358.71- PAID TO CHANDLER ASSET MANAGEMENT INC INV 2505CUPERTIN MAY 2025 CITY OF CUPERTINO TRANSFER DISBURSEMENTS 06/02/25 TRANSFER TO PRINCIPAL 26,444.29- 06/05/25 TRANSFER TO PRINCIPAL 18,687.10- 06/06/25 TRANSFER TO PRINCIPAL 26,064.58- 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 34 STATEMENT OF TRANSACTIONS CITY OF CUPERTINO FOR THE PERIOD JUNE 1, 2025 THROUGH JUNE 30, 2025 ACCOUNT NUMBER ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯ STATEMENT OF TRANSACTIONS REALIZED DATE PAR VALUE/SHARES DESCRIPTION CASH COST VALUE GAIN/LOSS ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 06/09/25 TRANSFER TO PRINCIPAL 2,158.89- 06/13/25 TRANSFER TO PRINCIPAL 566.42- 06/16/25 TRANSFER TO PRINCIPAL 117,261.21- 06/17/25 TRANSFER TO PRINCIPAL 5,294.58- 06/18/25 TRANSFER TO PRINCIPAL 10,140.17- 06/23/25 TRANSFER TO PRINCIPAL 3,803.63- 06/25/25 TRANSFER TO PRINCIPAL 73,362.06- 06/26/25 TRANSFER TO PRINCIPAL 2,779.29- 06/30/25 TRANSFER TO PRINCIPAL 244,843.75- ================================================================================================================= ENDING BALANCE 0.00 172,701,301.96 ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ CITY OF CUPERTINO PARS Post-Employment Benefits Trust 6/1/2025 to 6/30/2025 Kristina Alfaro Director of Administrative Services City of Cupertino 10300 Torre Ave. Cupertino, CA 95014 Account Summary Source 6/1/2025 Contributions Earnings Expenses Distributions Transfers 6/30/2025 OPEB 1001 $41,365,164.41 $0.00 $1,379,943.97 $11,066.74 $0.00 $0.00 $42,734,041.64 PENSION 1002 $23,530,746.70 $0.00 $796,410.48 $6,297.21 $0.00 $0.00 $24,320,859.97 Totals $64,895,911.11 $0.00 $2,176,354.45 $17,363.95 $0.00 $0.00 $67,054,901.61 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 3.34%8.21%12.80%12.61%8.94%7.12%6/21/2010 PENSION 3.38%8.19%12.63%12.53%8.87%-3/26/2019 Information as provided by US Bank, Trustee for PARS; Not FDIC Insured; No Bank Guarantee; May Lose Value Headquarters - 4350 Von Karman Ave., Suite 100, Newport Beach, CA 92660 800.540.6369 Fax 949.250.1250 www.pars.org Account balances are inclusive of Trust Administration, Trustee and Investment Management fees Annualized Return Investment Return: Annualized rate of return is the return on an investment over a period other than one year multiplied or divided to give a comparable one-year return. Past performance does not guarantee future results. Performance returns may not reflect the deduction of applicable fees, which could reduce returns. Information is deemed reliable but may be subject to change. Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital. Account Report for the Period Balance as of City of Cupertino - OPEB Balance as of Individual account based on US Bank Balanced MM. Dual goals are to provide a moderate amount of current income with moderate capital growth. Income production and longer term growth of capital. City of Cupertino - PEN Plan's Inception Date