# EDGAR Filing Document

**Accession Number:** 0001740316
**File Stem:** 0001740316-26-000001
**Filing Date:** 2026-2
**Character Count:** 15014
**Document Hash:** 609a51a3a6867c538f8975898933e072
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001740316-26-000001.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001740316-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gifford Fong Associates
- **CENTRAL INDEX KEY:** 0001740316

**ORGANIZATION NAME:**
- **EIN:** 953305625
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18752
- **FILM NUMBER:** 26614429

**BUSINESS ADDRESS:**
- **STREET 1:** 3658 MT. DIABLO BLVD
- **STREET 2:** SUITE 200
- **CITY:** LAFAYETTE
- **STATE:** CA
- **ZIP:** 94549
- **BUSINESS PHONE:** 9252997800

**MAIL ADDRESS:**
- **STREET 1:** 3658 MT. DIABLO BLVD
- **STREET 2:** SUITE 200
- **CITY:** LAFAYETTE
- **STATE:** CA
- **ZIP:** 94549

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Gifford Fong Associates<br>**Address:** 3658 MT. DIABLO BLVD<br>SUITE 200<br>LAFAYETTE, CA 94549

**Form 13F File Number:** 028-18752

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christine Matsutani<br>**Title:** Office Manager<br>**Phone:** 9252997800

**Signature, Place, and Date of Signing:**

Christine Matsutani  Lafayette, CA  02-10-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 124

**Form 13F Information Table Value Total:** $501412

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 1561 | 9750 | SH |  | SOLE |  | 9750 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 2431 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 6375 | 27900 | SH |  | SOLE |  | 27900 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 12489 | 58318 | SH |  | SOLE |  | 58318 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 2272 | 20600 | SH |  | SOLE |  | 20600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 14452 | 46055 | SH |  | SOLE |  | 46055 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 9747 | 31140 | SH |  | SOLE |  | 31140 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 22342 | 96793 | SH |  | SOLE |  | 96793 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 4069 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 1634 | 19100 | SH |  | SOLE |  | 19100 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 4454 | 13609 | SH |  | SOLE |  | 13609 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1085 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 612 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 22067 | 81169 | SH |  | SOLE |  | 81169 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 2327 | 93689 | SH |  | SOLE |  | 93689 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2572 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| BANK AMER CORP | COM | 060505104 |  | 833 | 15147 | SH |  | SOLE |  | 15147 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 2191 | 18872 | SH |  | SOLE |  | 18872 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 695 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 554 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 13320 | 26500 | SH |  | SOLE |  | 26500 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 1012 | 5750 | SH |  | SOLE |  | 5750 | 0 | 0 |
| BLACKBERRY LTD | COM | 09228F103 |  | 190 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 1897 | 8735 | SH |  | SOLE |  | 8735 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 1936 | 35899 | SH |  | SOLE |  | 35899 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 528 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 4468 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3384 | 22200 | SH |  | SOLE |  | 22200 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 2866 | 12255 | SH |  | SOLE |  | 12255 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 2044 | 26540 | SH |  | SOLE |  | 26540 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 7173 | 61471 | SH |  | SOLE |  | 61471 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 822 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2630 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3864 | 41281 | SH |  | SOLE |  | 41281 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 659 | 9828 | SH |  | SOLE |  | 9828 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 4325 | 5016 | SH |  | SOLE |  | 5016 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 133 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 2747 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 874 | 6946 | SH |  | SOLE |  | 6946 | 0 | 0 |
| DEUTSCHE BANK AG | NAMEN AKT | D18190898 |  | 578 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 230 | 9828 | SH |  | SOLE |  | 9828 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 188 | 4665 | SH |  | SOLE |  | 4665 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 24 | 178 | SH |  | SOLE |  | 178 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 630 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7469 | 62066 | SH |  | SOLE |  | 62066 | 0 | 0 |
| FIRST HORIZON NATL CORP | COM | 320517105 |  | 4304 | 180082 | SH |  | SOLE |  | 180082 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 4528 | 345157 | SH |  | SOLE |  | 345157 | 0 | 0 |
| FRANKLIN RES INC | COM | 354613101 |  | 3356 | 140480 | SH |  | SOLE |  | 140480 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604301 |  | 11798 | 38301 | SH |  | SOLE |  | 38301 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 1559 | 19012 | SH |  | SOLE |  | 19012 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 6258 | 9575 | SH |  | SOLE |  | 9575 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1105 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| GLOBE LIFE INC | COM | 37959E102 |  | 629 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 7032 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 226 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 728 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 2751 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| HORMEL FOODS CORP | COM | 440452100 |  | 474 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 2450 | 66395 | SH |  | SOLE |  | 66395 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 3525 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 250 | 3707 | SH |  | SOLE |  | 3707 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 6709 | 255393 | SH |  | SOLE |  | 255393 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 868 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 5981 | 28900 | SH |  | SOLE |  | 28900 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 11373 | 35296 | SH |  | SOLE |  | 35296 | 0 | 0 |
| KEYCORP NEW | COM | 493267108 |  | 619 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 706 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 3695 | 15320 | SH |  | SOLE |  | 15320 | 0 | 0 |
| LUMEN TECHNOLOGIES INC | COM | 550241103 |  | 1943 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 6753 | 11829 | SH |  | SOLE |  | 11829 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 2410 | 22900 | SH |  | SOLE |  | 22900 | 0 | 0 |
| FACEBOOK INC | CL A | 30303M102 |  | 14852 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 1184 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 5651 | 19800 | SH |  | SOLE |  | 19800 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 16589 | 34302 | SH |  | SOLE |  | 34302 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 5326 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 956 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| NOV INC | COM | 62955J103 |  | 188 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 489 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 45918 | 246210 | SH |  | SOLE |  | 246210 | 0 | 0 |
| OCCIDENTAL PETE CORP DEL | COM | 674599105 |  | 7049 | 171429 | SH |  | SOLE |  | 171429 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 7260 | 37250 | SH |  | SOLE |  | 37250 | 0 | 0 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 2197 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1866 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2777 | 111527 | SH |  | SOLE |  | 111527 | 0 | 0 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 2661 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| PITNEY BOWES INC | COM | 724479100 |  | 5402 | 511059 | SH |  | SOLE |  | 511059 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 2087 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 1139 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 1524 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 |  | 1298 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 190 | 2332 | SH |  | SOLE |  | 2332 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 855 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 1834 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 19341 | 73009 | SH |  | SOLE |  | 73009 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 972 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 11268 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 1296 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 171 | 3525 | SH |  | SOLE |  | 3525 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 193 | 2437 | SH |  | SOLE |  | 2437 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 2904 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| STANLEY BLACK  DECKER INC | COM | 854502101 |  | 223 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1768 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| SYNCHRONY FINL | COM | 87165B103 |  | 11019 | 132073 | SH |  | SOLE |  | 132073 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 3050 | 6782 | SH |  | SOLE |  | 6782 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1388 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 2872 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2587 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 4142 | 36407 | SH |  | SOLE |  | 36407 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 3994 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 1033 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 2030 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1170 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| UNITED HEALTH GROUP INC | COM | 91324P102 |  | 1954 | 5918 | SH |  | SOLE |  | 5918 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 2740 | 67263 | SH |  | SOLE |  | 67263 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 193 | 15476 | SH |  | SOLE |  | 15476 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 6094 | 17375 | SH |  | SOLE |  | 17375 | 0 | 0 |
| W R BERKLEY CORPORATION | COM | 084423102 |  | 710 | 10125 | SH |  | SOLE |  | 10125 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 7303 | 65550 | SH |  | SOLE |  | 65550 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 397 | 13760 | SH |  | SOLE |  | 13760 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 8206 | 88052 | SH |  | SOLE |  | 88052 | 0 | 0 |
| WABTEC CORP | COM | 929740108 |  | 385 | 1806 | SH |  | SOLE |  | 1806 | 0 | 0 |
| ZOOM VIDEO COMMUNICATIONS IN | CL A | 98980L101 |  | 1294 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |

---