Agenda packet — Clean Power Alliance Finance Committee, August 26, 2026

Finance Committee of the
Clean Power Alliance of Southern California
Regular Meeting
Wednesday, August 26, 2026
11:00 a.m.

Visit CPA’s YouTube Channel to view a Live Stream of the Meeting www.youtube.com/@CPApublicmeetings
*There may be a streaming delay of up to 90 seconds. This is a view-only live stream.

Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Members of the public may also participate in this meeting at the following locations:

Calabasas City Hall
Closed Session Room
100 Civic Center Way
Calabasas, CA 91302
Camarillo City Hall
Administrative Conference Room
601 Carmen Drive
Camarillo, CA 93010
Claremont City Hall
Council Office
207 Harvard Avenue
Claremont, CA 91711
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.

Thousand Oaks, CA 91362
Carson City Hall
Executive Conference Room
701 East Carson Street
Carson, CA 90745

PUBLIC COMMENT: Members of the public may submit their comments by one of the following options:
• Email Public Comment: Members of the public are encouraged to submit written comments on any agenda item to [email protected] up to four hours before the meeting. Written public comments will be announced at the meeting and become part of the meeting record. Public comments received in writing will not be read aloud at the meeting. • Provide Public Comment During the Meeting: The General Public Comment item is reserved for persons wishing to address the Committee on any Clean Power Alliance-related matters not on today’s agenda. Public comments on matters on today’s Consent Agenda and Regular Agenda shall be heard at the time the matter is called. Comments on items on the Consent Agenda are consolidated into one public comment period. Members of the public who wish to address the Committee at CPA’s Office are requested to complete a comment card and provide it to staff. If you are attending from a remote location, please identify yourself to a CPA representative when your item is called. Each speaker is limited to two (2) minutes (in whole-minute increments) per agenda Agenda Page 1
item with a cumulative total of five 5 minutes to be allocated between the General Public Comment, the entire Consent Agenda, or individual items in the Regular Agenda. Please refer to Policy No. 8 – Public Comment for additional information.

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ACCESSIBILITY: Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact the Clerk of the Board at least two (2) working days before the meeting at [email protected] or (213) 713- 5995. Notification in advance of the meeting, while not required, will enable us to make reasonable arrangements to ensure accessibility to this meeting and the materials related to it.

CALL TO ORDER & ROLL CALL

GENERAL PUBLIC COMMENT

CONSENT AGENDA

1. Approve Minutes from the May 27, 2026, Finance Committee Meeting

2. Receive and File May, June, and July 2026 Risk Management Team Reports

REGULAR AGENDA

3. Oral Report from the Chief Financial Officer

4. Receive Presentation on Updates to the Monthly Investment Report and Provide Feedback on the July Investment Report

5. Receive Presentation on Updates to the Monthly and Quarterly Financial Reports

COMMITTEE MEMBER COMMENTS
ADJOURN – NEXT MEETING ON SEPTEMBER 23, 2026
Public Records: Public records that relate to any item on the open session agenda for a Committee Meeting are available for public inspection. Those records that are distributed less than 72 hours prior to the meeting are available for public inspection at the same time they are distributed to all, or a majority of, the members of the Committee. Public records are available for inspection at CPA’s Office at 801 S. Grand Ave., Suite 400, Los Angeles, CA 90017, or online at www.cleanpoweralliance.org/agendas.

Agenda Page 2
Staff Report – Agenda Item 1
To: Finance Committee
Subject: Approve Minutes from the May 27, 2026, Finance Committee Meeting
Date: August 26, 2026

RECOMMENDATION
Approve.

ATTACHMENT

1. Minutes
Agenda Page 3

MINUTES
Finance Committee
of the Clean Power Alliance of Southern California
Regular Meeting
Wednesday, May 27, 2026
11:00 a.m.

Meeting videos are available on CPA's YouTube Channel.
http://www.youtube.com/@CPApublicmeetings
Committee Members participated in this meeting from the following locations:

Camarillo City Hall
Administrative Conference Room
601 Carmen Drive
Camarillo, CA 93010
Clean Power Alliance
Executive Conference Room
801 S. Grand Ave., Suite 400
Los Angeles, CA 90017
Calabasas City Hall
Council Conference Room
100 Civic Center Way
Calabasas, CA 91302
Claremont City Hall
Council Office
207 Harvard Avenue
Claremont, CA 91711
Rolling Hills Estates City Hall
Conference Room
4045 Palos Verdes Drive North
Rolling Hills Estates, CA 90274
Thousand Oaks City Hall
City Manager’s Office, Council Office #1
2100 Thousand Oaks Blvd.

Thousand Oaks, CA 91362

CALL TO ORDER & ROLL CALL
Chair Santangelo called the meeting to order at 11:02 a.m. and Annie Mendoza, Deputy Clerk of the Board, conducted roll call.

ROLL CALL
Camarillo Susan Santangelo Committee Chair Remote
Calabasas Ed Albrecht Committee Member Remote
Carson Reata Kulcsar Committee Member Absent
Claremont Corey Calaycay Committee Member Remote
Rolling Hills Estates Steve Zuckerman Committee Member Remote Santa Monica Pam O’Connor Committee Member Present
Thousand Oaks David Newman Committee Member Remote
All votes are unanimous, unless otherwise stated.

GENERAL PUBLIC COMMENT
There was no public comment.

Finance Committee Item 1
Agenda Page 4

CONSENT AGENDA

1. Approve Minutes from the April 22, 2026, Finance Committee Meeting

2. Approve the Selection of Baker Tilly to Continue as the Independent Financial Auditor for CPA’s Fiscal Year 2025-26 Financial Statements

3. Receive and File April 2026 Risk Management Team Report

4. Receive and File April 2026 Investment Report

5. Receive and File Fiscal Year 2025-26 Q3 Financial Report Motion: Committee Member Albrecht, Calabasas
Second: Committee Member Calaycay, Claremont
Vote: The consent agenda was approved by a roll call vote

REGULAR AGENDA

6. Oral Report from the Chief Financial Officer
David McNeil, Chief Financial Officer, thanked Chair Santangelo for her ability to summarize the Committee’s agenda items and votes when making reports to the full Board. He remarked that her summaries highlight the Committee's important work and inform the Board. Mr. McNeil referred to the third quarter financial reporting, noting that CPA is tracking $75 million ahead of budget despite the rate decrease in February. Benign energy market conditions are contributing to that financial stability, as is mild weather. He cautioned that benign periods are often followed by turbulent ones and reminded the Committee that an El Niño event is anticipated, which may lead to hotter weather. He closed his report informing the Committee that Chandler Asset Management is now fully onboard and will start making investments according to CPA’s revised Investment Policy. Staff will be monitoring the July investment report for progress.

7. Recommend Approval of the Budget Policy and Proposed Fiscal Year 2026-27 and Fiscal Year 2027-28 Budgets to the Board of Directors at its June 4, 2026, Meeting
Jennifer Stevenson, Financial Planning and Analysis Manager, presented details about the proposed two-year Budget Policy, including authorization for the CEO and CFO to make limited operating expense budget transfers, transfer controls and limitations, and procedures for the annual rate setting process for year two of the budget. She also explained the Fiscal Year 2026-2027 and Fiscal Year 2027- 2028 proposed budgets, highlighting revenues, energy costs, operating expenses, and impacts to the net position and reserves. She emphasized that CPA financial metrics continue to compare favorably with peer CCAs and are consistent with CPA’s “A” credit rating and bank credit covenants. Staff’s recommendation is for the Committee to recommend approval of the proposed budget policy and budgets as presented to the Board.

Committee Member Zuckerman asked about the $130 million increase in investments listed on page 15 of the agenda report, and staff clarified that those funds are in U.S. Treasury bonds. Committee Member Albrecht complimented the finance staff for the financial position, budget, investments, and reserves being in proportion, and expressed hope that the summer weather would cooperate. He also asked whether the Committee could review Chandler’s investments, and staff responded that the monthly investment report would provide the information and that the first set of investments would be completed by the end of June. Mr. McNeil Finance Committee Item 1
Agenda Page 5
said staff can give Committee members a preview of investments made by Chandler, some of which will be securities and products CPA has not previously invested in.

Motion: Committee Member Calaycay, Claremont
Second: Committee Member Zuckerman, Rolling Hills Estates Vote: This item was approved by a roll call vote

COMMITTEE MEMBER COMMENTS
Committee Member O’Connor thanked CPA staff for having an exhibitor’s booth at the recent Southern California Association of Governments (SCAG) regional conference.

Committee Member Calaycay echoed Mr. McNeil’s praise of Chair Santangelo’s monthly summaries presented to the Board; he also expressed appreciation for the finance expertise of Committee Members Albrecht, Zuckerman, and Newman, who have taught him a lot during his service on the Committee. He also reported that he is now serving on SCE’s government affairs panel. He said he raised the issue of SCE’s handling of collections when accounts are in arrears, and he informed the Committee that he’s willing to bring other issues to the panel for the benefit of CPA. Ted Bardacke, Chief Executive Officer, thanked Committee Member Calaycay for the offer and said that CPA appreciates every pathway of communication with SCE.

Committee Member Zuckerman asked if staff knows for certain that SCE will lower rates next year, and staff responded that SCE’s rates are likely to be reduced and the PCIA likely to go up in January. Staff is waiting for SCE to file its estimates shortly, and they will also be monitoring summer weather and its impacts on energy prices. Mr. Bardacke stated that the budget projections presented earlier in the meeting assume no rate change in the first quarter of 2027, and that it’s possible CPA’s rates may have to be adjusted to stay competitive with SCE. Mr. McNeil added that in June of last year, the Committee recommended an amendment to the energy risk management policy, which reduced the minimum hedge percentage. The result is that CPA would take a financial hit during a negative event, but such an event would likely also put downward pressure on the PCIA and upward pressure on SCE generation rates, which would improve CPA’s rate competitiveness with SCE.

Mr. McNeil thanked the Committee for making recommendations to the Board throughout the fiscal year. Chair Santangelo acknowledged his thanks and complimented staff for their work bringing all those items for Committee consideration.

ADJOURN
Chair Santangelo adjourned the meeting at 11:41 a.m.

Finance Committee Item 1
Agenda Page 6
Staff Report – Agenda Item 2
To: Finance Committee
From: Lyon Hardgrave, Director, Energy Risk Management
Reviewed By:

Approved By:

David McNeil, Chief Financial Officer
Ted Bardacke, Chief Executive Officer
Subject: Receive and File May, June, and July 2026 Risk Management Team Reports
Date: August 26, 2026
May 2026 RMT REPORT
Key Actions
• Reviewed the counterparty credit exposure summary
• Reviewed February 2026 day-ahead load forecast performance • Reviewed load forecast modeling assumptions and forecast changes • Reviewed April 2026 market performance
• Reviewed 2026 - 2030 energy position recommendations
• Reviewed 2025 - 2030 Renewable and Carbon-Free positions • Reviewed PCC1 purchase and sales strategy
• Reviewed CF purchase and sales strategy
• Reviewed the 2025-2026 Voluntary Allocation update
• Reviewed Sunzia test energy forecast
• Reviewed 2026 - 2028 slice of day RA position
• Reviewed RA purchase and sales strategy
• Reviewed Energy Risk Management Policy (ERMP) compliance for RA, REC, CF, and Energy
• Reviewed Long-Term Energy Contract amendments and terminations • Reviewed May 2026 CRR Allocations
• Reviewed the Negative REC Price strategy
Agenda Page 7
Finance Committee Item 2
Policy Compliance
Policy Deviation Required Action
The renewable energy hedge ratio exceeds
the maximum hedge percentage for 2027-
2031 due to cumulative PPA supply
additions, a reduction in the load forecast,
and updates to product content strategy that
reduced Clean Power RE targets in 2027-
2030.

None.

The deviations for 2027-2031 will be
resolved as CPA nears these years and
the maximum hedge percentages
increase.

Agenda Page 8
Finance Committee Item 2
June 2026 RMT REPORT
Key Actions
• Reviewed the counterparty credit exposure summary
• Reviewed March 2026 day-ahead load forecast performance • Reviewed May 2026 market performance
• Reviewed 2026 - 2030 energy position recommendations
• Reviewed 2026 - 2030 Renewable and Carbon-Free positions • Reviewed PCC1 purchase and sales strategy
• Reviewed CF purchase and sales strategy
• Reviewed the 2026 Voluntary Allocation update
• Reviewed Sunzia generation and Solar Star test energy forecast • Reviewed 2026 - 2028 slice of day RA position
• Reviewed RA purchase and sales strategy
• Reviewed Energy Risk Management Policy (ERMP) compliance for RA, REC, CF, and Energy
• Reviewed Long-Term Energy Contract amendments and terminations • Reviewed June 2026 CRR Allocations
• Reviewed the Negative REC Price strategy
Policy Compliance
Policy Deviation Required Action
The renewable energy hedge ratio exceeds
the maximum hedge percentage for 2027-
2031 due to cumulative PPA supply
additions, a reduction in the load forecast,
and updates to product content strategy that
reduced clean power RE targets in 2027-
2030.

None.

The deviations for 2027-2031 will be
resolved as CPA nears these years and
the maximum hedge percentages
increase.

Agenda Page 9
Finance Committee Item 2
July 2026 RMT REPORT
Key Actions
• Reviewed the counterparty credit exposure summary
• Reviewed April 2026 day-ahead load forecast performance • Reviewed 2026 - 2030 energy position recommendations
• Reviewed 2026 - 2030 Renewable and Carbon-Free positions • Reviewed PCC1 purchase and sales strategy
• Reviewed CF purchase and sales strategy
• Reviewed the 2026 Voluntary Allocation update
• Reviewed Sunzia generation and Solar Star test energy forecast • Reviewed 2026 - 2028 slice of day RA position
• Reviewed RA purchase and sales strategy
• Reviewed Energy Risk Management Policy (ERMP) compliance for RA, REC, CF, and Energy
• Reviewed Long-Term Energy Contract amendments and terminations • Reviewed July 2026 CRR Allocations
• Reviewed the Negative REC Price strategy
• Reviewed 2027 IAR Allocations process
Agenda Page 10
Finance Committee Item 2
Policy Compliance
Policy Deviation Required Action
The renewable energy hedge ratio exceeds
the maximum hedge percentage for 2027-
2031 due to cumulative PPA supply
additions, a reduction in the load forecast,
and updates to product content strategy that
reduced clean power RE targets in 2027-
2030.

None.

The deviations for 2027-2031 will be
resolved as CPA nears these years and
the maximum hedge percentages
increase.

The energy hedge position exceeds the
maximum hedge percentage limit in May
2029, March through May of 2030, and each
March from 2031-2034. These deviations
arise from CPA continuing to enter into long-term contracts for renewable energy consistent with its objective to reduce
exposure to the short-term renewable
energy market and from July 2026
amendments to the ERMP which require
monthly (formerly quarterly) measurement of
energy hedge positions.

None.

The deviations for 2027-2031 will be
resolved as CPA implements its energy
hedge program, nears these years, and
the maximum hedge percentages
increase.

ATTACHMENT
None.

Agenda Page 11
Staff Report – Agenda Item 3
To: Finance Committee
From: David McNeil, Chief Financial Officer
Subject: Oral Report from the Chief Financial Officer
Date: August 26, 2026
The CFO will provide an oral report on CPA’s financial operations.

Agenda Page 12
Staff Report – Agenda Item 4
To: Finance Committee
From: Ammad Mansoor, Analyst, Strategic Finance
Reviewed by: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Updates to the Monthly Investment Report
Date: August 26, 2026
Staff will provide a presentation on the item.

ATTACHMENTS

1. July 2026 Investment Report

2. Updates to the Monthly Investment Report Presentation Agenda Page 13
Investment Type: First American
Treasury Obligations CAMP Pool Local Agency Investment Fund (LAIF) CAMP Term Managed Portfolio - Chandler Asset Management US Treasury Securities
Issuer/Depository: US Bank, N.A. California Asset Management Program (CAMP) State of California California Asset Management Program (CAMP) Issuer: See Chandler Account
Statement
Custodian: US Bank, N.A.

US Department of the
Treasury
Investment Report1
July 2026
(in USD unless otherwise noted)
Portfolio Summary
Total Investments
Beginning Balance 463,894 149,277,447 18,109 0 101,344,425 138,824,963 389,928,838 Deposits & Purchases 500,042 417,121 177 75,000,000 0 0 75,917,339 Maturities & Withdrawals (719) (75,000,000) 0 0 0 0 (75,000,719) Net Change in Value3 0 0 0 0 344,254 0 344,254
Ending Balance 963,217 74,694,567 18,286 75,000,000 101,688,679 138,824,963 391,189,712 Book Value2
Beginning Balance 463,894 149,277,447 18,109 0 101,227,238 136,982,294 387,968,982 Deposits & Purchases 500,042 417,121 177 75,000,000 0 0 75,917,339 Maturities & Withdrawals (719) (75,000,000) 0 0 0 0 (75,000,719) Net Change in Value3 0 0 0 0 (146,674) (821,855) (968,529) Ending Balance 963,217 74,694,567 18,286 75,000,000 101,080,565 136,160,439 387,917,074 Interest Earned4 1,333 417,121 58 35,260 412,220 442,585 1,308,577 Yield5 3.30% 3.78% 3.82% 4.29% 4.44% 3.78% 4.05%
Weighted Average Term to Maturity (Months) 1.0 2.0 7.0 11.5 39.2 43.4 28.2 High Interest Savings 93,403,604.71
Insured Cash Sweep 136,316,519.92
Operating 568,735.11
Checking 41,578,847.75
Total Bank Deposits 271,867,707.49
Total Investments 391,189,712.21
Total Cash & Investments 663,057,419.70
Market Value2
Month Ending Cash Balances & Investments
2Book value represents the original purchase cost of fixed income assets adjusted for amortization/accretion. Market value reflects the month-end fair market value of fixed income assets based on current interest rate and market conditions. Market values were provided by LAIF, CAMP, US Bank, and Chandler statements using independent pricing sources. 1 This report is in compliance with CPA's Investment Policy as approved by the Board of Directors and in alignment with California Government Code Sections 53607 & 53646. CPA has sufficient resources to meet its investment portfolio’s expenditure requirements over the next six months. 3Net Change in Value is the change in balance not attributable to contributions, deposits, or withdrawals. For US Treasury holdings it reflects amortization/accretion of bond premium/discount; for the professionally managed portfolio it also reflects net realized and unrealized gains/(losses) and accrued interest. It is derived from the beginning balance, ending balance, and net contributions reported on each account statement. 4 Interest earned on LAIF is based on daily compounding, account balances and monthly effective yield published by LAIF. Interest earned on fixed income is based on the yield of each asset and is paid out at maturity (for terms <6mo) or biannually (for terms >6mo). 5 Yield for LAIF & CAMP is reported on a monthly average basis; yield for fixed income assets is equivalent to the yield to maturity at purchase date; total yield is the weighted average yield for the whole portfolio.
1 Agenda Page 14

MONTHLY ACCOUNT STATEMENT
CPA Long Term Managed | Account #11571 | As of July 31, 2026 CHANDLER ASSET MANAGEMENT | 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.

Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Custodian:

PORTFOLIO SUMMARY
Portfolio Characteristics
Sector Allocation
Performance Review
Account Summary
Maturity Distribution
Top Issuers
Credit Quality*
Total Rate of Return** 1M 3M YTD 1YR 2YRS 3YRS 5YRS 10YRS Since Inception (07/01/26)
CPA Long Term Managed (0.11%) -- -- -- -- -- -- -- --
Benchmark Return (0.04%) -- -- -- -- -- -- -- --
Average Modified Duration 2.49
Average Coupon 3.63%
Average Purchase YTM 4.44%
Average Market YTM 4.62%
Average Credit Quality* AA
Average Final Maturity 3.27
Average Life 2.91
End Values as of
06/30/2026
End Values as of
07/31/2026
Market Value 101,227,238.38 101,080,564.77
Accrued Interest 593,215.08 622,292.70
Total Market Value 101,820,453.46 101,702,857.47
Income Earned 338,966.39 412,220.16
Cont/WD 69,697,918.08 0.00
Par 103,047,021.81 103,325,566.35
Book Value 101,344,425.04 101,688,678.98
Cost Value 101,328,724.33 101,607,268.87
Federal Home Loan Mortgage Corp 11.20%
Bank of America Corporation 4.88%
Toyota Motor Corporation 4.85%
Deere & Company 3.91%
BNY Mellon Corp 2.97%
Hyundai Auto Receivables Trust 2.97%
WF Card Issuance Trust 2.96%
The Goldman Sachs Group, Inc. 2.96%
**Periods over 1 year are annualized.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index *The average credit quality is a weighted average calculation of the highest of S&P, Moody’s and Fitch. 3 Agenda Page 16
CPA Long Term Managed | Account #11571 | As of July 31, 2026 Execution Time: 08/05/2026 10:38:48 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

RECONCILIATION SUMMARY
Accrual Activity Summary
Fair Market Activity Summary
Month to Date Fiscal Year to Date
(07/01/2026)
Beginning Book Value 101,344,425.04 101,344,425.04
Maturities/Calls 0.00 0.00
Principal Paydowns 0.00 0.00
Purchases 340,948.40 340,948.40
Sales (27,544.52) (27,544.52)
Change in Cash, Payables, Receivables (34,859.34) (34,859.34) Amortization/Accretion 65,709.40 65,709.40
Realized Gain (Loss) 0.00 0.00
Ending Book Value 101,688,678.98 101,688,678.98
Month to Date Fiscal Year to Date
(07/01/2026)
Beginning Market Value 101,227,238.38 101,227,238.38
Maturities/Calls 0.00 0.00
Principal Paydowns 0.00 0.00
Purchases 340,948.40 340,948.40
Sales (27,544.52) (27,544.52)
Change in Cash, Payables, Receivables (34,859.34) (34,859.34) Amortization/Accretion 65,709.40 65,709.40
Change in Net Unrealized Gain (Loss) (490,927.54) (490,927.54) Realized Gain (Loss) 0.00 0.00
Ending Market Value 101,080,564.77 101,080,564.77
Maturities / Calls
Month to Date 0.00
Fiscal Year to Date 0.00
Principal Paydowns
Month to Date 0.00
Fiscal Year to Date 0.00
Purchases
Month to Date 340,948.40
Fiscal Year to Date 340,948.40
Sales
Month to Date (27,544.52)
Fiscal Year to Date (27,544.52)
Interest Received
Month to Date 317,433.14
Fiscal Year to Date 317,433.14
Purchased / Sold Interest
Month to Date 0.00
Fiscal Year to Date 0.00
4 Agenda Page 17
CPA Long Term Managed | Account #11571 | As of July 31, 2026 Execution Time: 08/05/2026 10:38:48 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

HOLDINGS REPORT
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
89240MAD6 TLOT 26A A3 3.82 02/20/2029 3,000,000.00 06/04/2026

4.40%
2,977,382.81
2,978,683.70

99.07 4.72%
2,972,115.00
3,501.67

2.94%
(6,568.70)
NA/AAA
AAA

2.56 1.06
36275AAD1 GMALT 2026-2 A3 4.3
03/20/2029 3,000,000.00 06/03/20264.46%
2,996,601.56
2,996,794.80

99.71 4.53%
2,991,366.00
3,941.67

2.96%
(5,428.80)
NA/AAA
AAA

2.64 1.50
05594YAD8 BMWLT 2026-1 A3 4.15
05/25/2029 3,000,000.00 06/17/20264.39%
2,990,742.19
2,991,122.17

99.47 4.53%
2,984,073.00
2,075.00

2.95%
(7,049.17)
Aaa/NA
AAA

2.82 1.53
92970QAJ4 WFCIT 2025-1 A 4.34
05/15/2030 3,000,000.00 06/15/20264.29%
3,004,921.87
3,004,597.97

99.86 4.46%
2,995,944.00
5,786.67

2.96%
(8,653.97)
NA/AAA
AAA

3.79 1.68
44935KAD5 HART 26B A3 4.51 02/18/2031 3,000,000.00 06/22/2026

4.83%
3,002,109.38
3,002,047.67

99.99 4.56%
2,999,817.00
6,013.33

2.97%
(2,230.67)
NA/AAA
AAA

4.55 2.17
92348KFC2 VZMT 2026-1 A1A 3.94
02/20/2031 3,000,000.00 06/26/20264.35%
2,982,539.06
2,982,878.61

99.24 4.55%
2,977,101.00
3,611.67

2.95%
(5,777.61)
Aaa/NA
AAA

4.56 1.47
Total ABS 18,000,000.00 4.45%
17,954,296.87
17,956,124.92

99.56 4.56%
17,920,416.00
24,930.00

17.73%
(35,708.92)

3.49 1.57

AGENCY CMBS
3137HA4B9 FHMS K-751 A2 4.412
03/25/2030 3,359,000.00 --4.38%
3,356,531.91
3,356,600.66

99.21 4.62%
3,332,557.95
12,349.92

3.30%
(24,042.71)
Aaa/AA+
AA+

3.65 3.00
3137FX3Q9 FHMS K-117 A2 1.406
08/25/2030 3,000,000.00 06/03/20264.46%
2,657,460.94
2,669,670.25

88.28 4.65%
2,648,358.00
3,515.00

2.62%
(21,312.25)
Aa1/AA+
AAA

4.07 3.79
3137F62M8 FHMS K-118 A2 1.493
09/25/2030 3,000,000.00 06/16/2026

4.40%
2,668,710.94
2,677,360.78

88.35 4.66%
2,650,566.00
3,732.50

2.62%
(26,794.78)
Aa1/AA+
AAA

4.15 3.85
3137FXYV4 FHMS K-126 A2 2.074
01/27/2031 3,000,000.00 06/25/20264.39%
2,719,687.50
2,725,052.33

89.75 4.67%
2,692,518.00
5,185.00

2.66%
(32,534.33)
Aa1/AA+
AAA

4.49 4.09
Total Agency CMBS 12,359,000.00 4.41%
11,402,391.29
11,428,684.03

91.86 4.65%
11,323,999.95
24,782.42

11.20%
(104,684.08)

4.07 3.64
CASH
CCYUSD Receivable 551.37 -- 551.37
551.37

1.00 551.37

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 551.37
551.37
551.37

1.00 551.37

0.00 0.00%

0.00 0.00

HOLDINGS REPORT
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
24422MHS3 John Deere Capital Corporation
08/26/2026 2,000,000.00 06/26/20263.77%
1,987,291.67
1,994,791.67

99.73 3.69%
1,994,686.00

0.00 1.97%
(105.67)
P-1/A-1
F1

0.07 0.06
59157UKM1 MetLife Short Term Funding LLC
10/21/2026 2,000,000.00 06/26/20263.92%
1,975,490.00
1,982,585.00

99.13 4.01%
1,982,534.00

0.00 1.96%
(51.00)
P-1/NA
F1+

0.22 0.21
62479MMP5 MUFG Bank, Ltd., New York
Branch 12/23/2026 2,000,000.00 06/26/20264.08%
1,960,666.67
1,968,000.00

98.39 4.15%
1,967,800.00

0.00 1.95%
(200.00)
P-1/A-1
NA

0.40 0.38
06054PNN2 BofA Securities, Inc. 01/22/2027 2,000,000.00 06/26/2026

3.91%
1,956,070.00
1,963,073.33

98.04 4.18%
1,960,852.00

0.00 1.94%
(2,221.33)
P-1/A-1
F1+

0.48 0.46
89233HQP2 Toyota Motor Credit Corporation
03/23/2027 2,000,000.00 06/26/20264.12%
1,940,666.67
1,948,000.00

97.42 4.12%
1,948,314.00

0.00 1.93%
314.00
P-1/A-1+
F1

0.64 0.62
Total Commercial
Paper 10,000,000.00 3.96%
9,820,185.01
9,856,450.01

98.55 4.03%
9,854,186.00

0.00 9.75%
(2,264.01)

0.36 0.35

CORPORATE
89236TPQ2 TOYOTA MOTOR CREDIT CORP

4.05 03/13/2029 3,000,000.00 06/01/20264.39%
2,973,030.00
2,974,624.29

98.63 4.61%
2,958,921.00
46,575.00

2.93%
(15,703.29)
A1/A+
A+

2.62 2.41
95000U4H3 WELLS FARGO & CO 4.577
05/20/2029 3,000,000.00 06/24/20264.68%
2,992,050.00
2,992,327.50

99.66 4.64%
2,989,671.00
27,080.58

2.96%
(2,656.50)
A1/BBB+
A+

2.80 1.69
38151LAJ9 GOLDMAN SACHS BANK USA

4.656 06/03/2029 3,000,000.00 05/28/20264.58%
3,004,200.00
3,003,861.01

99.73 4.67%
2,992,011.00
22,504.00

2.96%
(11,850.01)
A1/A+
AA-2.841.72
67066GAQ7 NVIDIA CORP 4.35 06/15/2029 3,000,000.00 --

4.40%
2,995,890.00
2,996,043.45

99.03 4.71%
2,970,996.00
15,587.50

2.94%
(25,047.45)
Aa1/AA
NA

2.87 2.65
59217GDC0 METROPOLITAN LIFE GLOBAL
FUNDING I 3.05 06/17/2029 2,113,000.00 06/15/20264.58%
2,023,303.15
2,027,064.37

95.44 4.77%
2,016,710.59
7,876.79

2.00%
(10,353.78)
Aa3/AA-AA-2.88

2.69 69371RU53 PACCAR FINANCIAL CORP 4.3
06/18/2029 3,000,000.00 06/25/20264.39%
2,992,920.00
2,993,154.26

99.22 4.59%
2,976,603.00
15,408.33

2.94%
(16,551.26)
A1/A+
NA

2.88 2.66
00287YBX6 ABBVIE INC 3.2 11/21/2029 3,000,000.00 06/15/2026

4.47%
2,879,640.00
2,884,055.12

95.32 4.75%
2,859,684.00
18,666.67

2.83%
(24,371.12)
A2/A-NA3.31

3.06 857477BD4 STATE STREET CORP 4.141
12/03/2029 2,682,000.00 06/26/20264.63%
2,661,965.46
2,662,493.11

98.80 4.79%
2,649,824.05
17,893.26

2.62%
(12,669.06)
Aa3/A
AA-3.342.18
46647PFL5 JPMORGAN CHASE & CO 4.408
04/23/2030 3,000,000.00 05/28/2026

4.59%
2,982,240.00
2,983,037.64

98.65 4.83%
2,959,479.00
35,998.67

2.93%
(23,558.64)
A1/A
AA-3.732.50
06051GMY2 BANK OF AMERICA CORP 4.477
04/23/2030 3,000,000.00 06/12/20264.64%
2,983,650.00
2,984,195.77

98.91 4.82%
2,967,150.00
36,562.17

2.94%
(17,045.77)
A1/A-AA-3.73

2.50 61778EUR0 MORGAN STANLEY BANK NA

4.788 05/10/2030 3,000,000.00 06/15/20264.68%
3,008,280.00
3,007,920.34

99.59 4.87%
2,987,751.00
33,915.00

2.96%
(20,169.34)
Aa3/A+
AA

HOLDINGS REPORT
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
74464AAC5 PUBLIC STORAGE OPERATING CO

4.375 07/01/2030 3,000,000.00 06/25/20264.47%
2,989,620.00
2,989,874.90

98.47 4.81%
2,954,205.00
10,937.50

2.92%
(35,669.90)
A2/A
NA

3.92 3.54
369604BZ5 GENERAL ELECTRIC CO 4.3
07/29/2030 3,000,000.00 06/24/20264.53%
2,974,470.00
2,975,101.85

98.30 4.77%
2,949,066.00
716.67

2.92%
(26,035.85)
A2/A-NA3.99

3.62 141781CF9 CARGILL INC 4.125 10/23/2030 3,000,000.00 06/25/2026

4.62%
2,941,890.00
2,943,214.03

97.12 4.89%
2,913,648.00
33,687.50

2.88%
(29,566.03)
A2/A
NA

4.23 3.78
828807EB9 SIMON PROPERTY GROUP LP 4.3
01/15/2031 3,000,000.00 06/12/20264.69%
2,952,270.00
2,953,609.29

97.48 4.94%
2,924,307.00
5,733.33

2.89%
(29,302.29)
A3/A
NA

4.46 3.99
06406RCB1 BANK OF NEW YORK MELLON
CORP 4.942 02/11/2031 3,000,000.00 06/05/2026

4.74%
3,019,530.00
3,018,745.31
100.05

4.85%
3,001,497.00
70,011.67

2.97%
(17,248.31)
Aa3/A
AA-4.533.12
023135DD5 AMAZON.COM INC 4.25
03/13/2031 2,000,000.00 06/24/20264.61%
1,970,080.00
1,970,722.88

97.00 4.98%
1,940,048.00
32,583.33

1.92%
(30,674.88)
A1/AA
AA-4.624.06
58933YBX2 MERCK & CO INC 4.15
03/15/2031 1,800,000.00 06/30/20264.58%
1,767,294.00
1,767,902.84

97.28 4.81%
1,750,962.60
28,220.00

1.73%
(16,940.24)
Aa3/A+
NA

4.62 4.08
24422EYN3 JOHN DEERE CAPITAL CORP

4.375 04/15/2031 2,000,000.00 06/16/20264.54%
1,985,440.00
1,985,811.64

97.98 4.86%
1,959,600.00
22,604.17

1.94%
(26,211.64)
A1/A
A+

4.71 4.14
14913V2D9 CATERPILLAR FINANCIAL
SERVICES CORP 4.5 05/15/2031 2,000,000.00 06/16/20264.56% 1,995,040.00
1,995,164.48

98.59 4.83%
1,971,810.00
19,000.00

1.95%
(23,354.48)
A1/A
A+

4.79 4.21
57636QBL7 MASTERCARD INC 4.6
06/08/2031 2,035,000.00 06/04/20264.62%
2,033,372.00
2,033,420.14

98.93 4.85%
2,013,268.24
13,781.47

1.99%
(20,151.91)
Aa3/A+
NA

4.85 4.26
74340XCU3 PROLOGIS LP 4.25 06/15/2031 2,000,000.00 06/16/2026

4.61%
1,968,180.00
1,968,965.03

97.11 4.92%
1,942,204.00
23,138.89

1.92%
(26,761.03)
A2/A
NA

4.87 4.29
Total Corporate 58,630,000.00 4.57%
58,094,354.61
58,111,309.25

98.34 4.79%
57,649,416.47
538,482.50

57.03%
(461,892.78)

3.76 3.07

MONEY MARKET
FUND
31846V807 FIRST AMER:TRS OBG Y 336,014.98 --

3.29%
336,014.98
336,014.98

1.00 3.29%
336,014.98

0.00 0.33%

0.00 Aaa/
AAAm
AAA

0.00 0.00
Total Money
Market Fund 336,014.98 3.29%
336,014.98
336,014.98

1.00 3.29%
336,014.98

0.00 0.33%

0.00 0.00

HOLDINGS REPORT
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
86564TSH7
Sumitomo Mitsui Trust
Bank New York Branch 3.88
09/24/2026
2,000,000.00 06/26/2026

3.88%
1,999,961.95
1,999,976.38
100.01

3.77%
2,000,256.00
11,208.89

1.98%
279.62
P-1/NA
NA

0.15 0.14
96130AK31 Westpac Banking Corporation -
New York Branch 4.0 04/16/2027 2,000,000.00 06/26/20264.00% 1,999,512.79
1,999,568.04

99.79 4.26%
1,995,724.00
22,888.89

1.97%
(3,844.04)
P-1/A-1+
NA

0.71 0.69
Total Negotiable
CD 4,000,000.00 3.94%
3,999,474.74
3,999,544.42

99.90 4.01%
3,995,980.00
34,097.78

3.95%
(3,564.42)

0.43 0.42
Total Portfolio 103,325,566.35 4.44%
101,607,268.87
101,688,678.98

97.59 4.62%
101,080,564.77
622,292.70
100.00%
(608,114.21)

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss

ACQUISITIONS
Purchase 07/01/2026 31846V807 65,625.00 FIRST AMER:TRS OBG Y 1.000 3.28% (65,625.00) 0.00 (65,625.00) 0.00 Purchase 07/02/2026 31846V807 35,410.71 FIRST AMER:TRS OBG Y 1.000 3.27% (35,410.71) 0.00 (35,410.71) 0.00 Purchase 07/15/2026 31846V807 76,066.67 FIRST AMER:TRS OBG Y 1.000 3.28% (76,066.67) 0.00 (76,066.67) 0.00 Purchase 07/15/2026 31846V807 10,523.33 FIRST AMER:TRS OBG Y 1.000 3.28% (10,523.33) 0.00 (10,523.33) 0.00 Purchase 07/20/2026 31846V807 9,550.00 FIRST AMER:TRS OBG Y 1.000 3.25% (9,550.00) 0.00 (9,550.00) 0.00 Purchase 07/20/2026 31846V807 20,600.00 FIRST AMER:TRS OBG Y 1.000 3.25% (20,600.00) 0.00 (20,600.00) 0.00 Purchase 07/21/2026 31846V807 23,515.26 FIRST AMER:TRS OBG Y 1.000 3.26% (23,515.26) 0.00 (23,515.26) 0.00 Purchase 07/27/2026 31846V807 19,597.43 FIRST AMER:TRS OBG Y 1.000 3.28% (19,597.43) 0.00 (19,597.43) 0.00 Purchase 07/27/2026 31846V807 15,560.00 FIRST AMER:TRS OBG Y 1.000 3.28% (15,560.00) 0.00 (15,560.00) 0.00 Purchase 07/29/2026 31846V807 64,500.00 FIRST AMER:TRS OBG Y 1.000 3.30% (64,500.00) 0.00 (64,500.00) 0.00 Total Purchase 340,948.40 (340,948.40) 0.00 (340,948.40) 0.00 TOTAL
ACQUISITIONS 340,948.40 (340,948.40) 0.00 (340,948.40) 0.00

DISPOSITIONS
Sale 07/14/2026 31846V807 (3,345.98) FIRST AMER:TRS OBG Y 1.000 3.28% 3,345.98 0.00 3,345.98 0.00 Sale 07/24/2026 31846V807 (683.28) FIRST AMER:TRS OBG Y 1.000 3.28% 683.28 0.00 683.28 0.00 Sale 07/30/2026 31846V807 (23,515.26) FIRST AMER:TRS OBG Y 1.000 3.30% 23,515.26 0.00 23,515.26 0.00 Total Sale (27,544.52) 27,544.52 0.00 27,544.52 0.00
TOTAL
DISPOSITIONS (27,544.52) 27,544.52 0.00 27,544.52 0.00
OTHER

TRANSACTIONS
Coupon 07/01/2026 74464AAC5 0.00

PUBLIC STORAGE
OPERATING CO 4.375
07/01/2030

4.47% 65,625.00 0.00 65,625.00 0.00
Coupon 07/01/2026 3137FX3Q9 0.00 FHMS K-117 A2 1.406
08/25/2030 4.46% 3,515.00 0.00 3,515.00 0.00
9 Agenda Page 22
CPA Long Term Managed | Account #11571 | As of July 31, 2026 Execution Time: 08/05/2026 10:38:48 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

TRANSACTION LEDGER
Transaction Type Settlement
Date CUSIP Quantity Security Description Price
Acq/
Disp
Yield
Amount Interest Pur/
Sold Total Amount Gain/Loss
Coupon 07/01/2026 3137F62M8 0.00 FHMS K-118 A2 1.493
09/25/2030 4.40% 3,732.50 0.00 3,732.50 0.00
Coupon 07/01/2026 3137FXYV4 0.00 FHMS K-126 A2 2.074
01/27/2031 4.39% 5,185.00 0.00 5,185.00 0.00
Coupon 07/01/2026 3137HA4B9 0.00 FHMS K-751 A2 4.412
03/25/2030 4.38% 12,349.93 0.00 12,349.93 0.00
Coupon 07/15/2026 44935KAD5 0.00 HART 26B A3 4.51
02/18/2031 4.83% 10,523.33 0.00 10,523.33 0.00
Coupon 07/15/2026 828807EB9 0.00

SIMON PROPERTY
GROUP LP 4.3
01/15/2031

4.69% 65,216.67 0.00 65,216.67 0.00
Coupon 07/15/2026 92970QAJ4 0.00 WFCIT 2025-1 A 4.34
05/15/2030 4.29% 10,850.00 0.00 10,850.00 0.00
Coupon 07/20/2026 36275AAD1 0.00 GMALT 2026-2 A3 4.3
03/20/2029 4.46% 10,750.00 0.00 10,750.00 0.00
Coupon 07/20/2026 89240MAD6 0.00 TLOT 26A A3 3.82
02/20/2029 4.40% 9,550.00 0.00 9,550.00 0.00
Coupon 07/20/2026 92348KFC2 0.00 VZMT 2026-1 A1A 3.94
02/20/2031 4.35% 9,850.00 0.00 9,850.00 0.00
Coupon 07/25/2026 05594YAD8 0.00 BMWLT 2026-1 A3 4.15
05/25/2029 4.39% 10,375.00 0.00 10,375.00 0.00
Coupon 07/29/2026 369604BZ5 0.00 GENERAL ELECTRIC CO

4.3 07/29/2030 4.53% 64,500.00 0.00 64,500.00 0.00
Total Coupon 0.00 282,022.43 0.00 282,022.43 0.00
Custody Fee 07/24/2026 CCYUSD (683.28) Cash 0.00% (683.28) 0.00 (683.28) 0.00 Total Custody Fee (683.28) (683.28) 0.00 (683.28) 0.00
Dividend 07/31/2026 31846V807 0.00 FIRST AMER:TRS OBG Y 3.29% 551.37 0.00 551.37 0.00 Total Dividend 0.00 551.37 0.00 551.37 0.00
Management Fee 07/14/2026 CCYUSD (3,345.98) Cash 0.00% (3,345.98) 0.00 (3,345.98) 0.00 Total
Management Fee (3,345.98) (3,345.98) 0.00 (3,345.98) 0.00

TOTAL OTHER
TRANSACTIONS (4,029.26) 278,544.54 0.00 278,544.54 0.00 10 Agenda Page 23
CPA Long Term Managed | Account #11571 | As of July 31, 2026 Execution Time: 08/05/2026 10:38:48 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

IMPORTANT DISCLOSURES
Chandler Asset Management, Inc. (“Chandler”) is an SEC registered investment adviser. For additional information about our firm, please see our current disclosures (Form ADV).

To obtain a copy of our current disclosures, you may contact your client service representative by calling the number on the front of this statement or you may visit our website at www.chandlerasset.com.

Information contained in this monthly statement is confidential and is provided for informational purposes only and should not be construed as specific investment or legal advice. The information contained herein was obtained from sources believed to be reliable as of the date of this statement, but may become outdated or superseded at any time without notice.

Custody: Your qualified custodian bank maintains control of all assets reflected in this statement and we urge you to compare this statement to the one you receive from your qualified custodian. Chandler does not have any authority to withdraw or deposit funds from/to the custodian account.

Valuation: Prices are provided by IDC, an independent pricing source. In the event IDC 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: 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.

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 IS AT LICENSEE’S OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY DO NOT SPONSOR, ENDORSE, OR RECOMMEND CHANDLER, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

Ratings: Ratings information have been provided by Moody’s, S&P and Fitch through data feeds we believe to be reliable as of the date of this statement, however we cannot guarantee its accuracy.

Security level ratings for U.S. Agency issued mortgage-backed securities (“MBS”) reflect the issuer rating because the securities themselves are not rated. The issuing U.S. Agency guarantees the full and timely payment of both principal and interest.

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

LAIF Yields: Additional Disclosure for CA Clients - As a result of a reporting lag from the Local Agency Investment Fund (LAIF), reported LAIF yields represent the most recently available Daily Effective Yield and may reflect data from approximately 7–10 days prior to month-end. 11 Agenda Page 24
CPA Long Term Managed | Account #11571 | As of July 31, 2026 Execution Time: 08/05/2026 10:38:48 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

BENCHMARK INDEX & DISCLOSURES
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. 12 Agenda Page 25
Updates to the Monthly Investment Report
August 26, 2026
Agenda Page 26
Staff request feedback from the Finance Committee on updates to the July Investment Report which would be incorporated into future Investment Reports.

The July Investment Report includes the following updates; • Addition to the first page of the Investment Report of a table summarizing cash balances at River City Bank and total investments
• Addition of Chandler Account Statement detailing investments made by CPA’s investment manager, Chandler Asset Management
• Other administrative clean-ups
Summary
2 Agenda Page 27
CPA's Board adopted the Investment Policy in March 2020 to establish guidelines for the management of cash, deposits, and investments
• The Investment Policy was subsequently amended in February 2024 to permit investment in the California Asset Management Program ("CAMP")
In February 2026, CPA engaged Chandler Asset Management (“Chandler”) to provide external investment management services
• Chandler is a SEC-registered Investment Adviser with ~$45B assets under management that currently serves dozens of California-based public agencies including several CCAs In May 2026, the Board approved further amendments to CPA’s Investment Policy that:
• Expanded acceptable investment types
• Expanded detail regarding prohibited investment types and practices • Enhanced risk mitigation practices
• Established a methodology for evaluating the performance of CPA’s investment portfolio CPA provided initial funding of $100 million of cash and securities to Chandler in May and June 2026. By June 30, 2026, Chandler had completed its initial allocation of these funds into a diversified portfolio matching CPA's investment objectives Background
3 Agenda Page 28
Investment Report – Overview and Updates
4 Agenda Page 29
5 Addition of Chandler Account Statement
The Investment Reports for July 2026 and subsequent months will include the Account Statement from Chandler detailing investment activity for the ~$100 million portfolio managed by Chandler on CPA’s behalf
The July Chandler Account Statement appears on the following slides and includes the following;
• Portfolio Summary including average fixed-income portfolio metrics, month-end balances/earnings, top issuers, sector allocation, and performance against benchmark • Reconciliation Summary to show month-to-date and fiscal-year-to-date values • Holdings Report showing all holdings by asset type and issuer • Transaction Ledger showing all purchases/sales made in reporting month Agenda Page 30
6 Chandler Account Statement (Portfolio Summary)
Agenda Page 31
7 Chandler Account Statement
(Reconciling accrual and fair value reporting)
Agenda Page 32
8 Chandler Account Statement (Holdings Report)
Agenda Page 33
9 Chandler Account Statement (Transaction Ledger)
Agenda Page 34
10 Addition of Unrestricted Cash Balances
Staff added a summary and
subtotal of cash balances at River
City Bank
The sum of Cash and Investments
ties out with the assets reported
in the quarterly financial
statements and provide additional
insight into the composition of
CPA’s liquidity.

High Interest Savings 93,403,604.71
Insured Cash Sweep 136,316,519.92
Operating 568,735.11
Checking 41,578,847.75
Total Bank Deposits 271,867,707.49
Total Investments 391,189,712.21
Total Cash & Investments 663,057,419.70
Month Ending Cash Balances & Investments
Agenda Page 35
Other Administrative Clean-ups
Updated names of investment types
Updated Footnote 1 to certify the investment pool’s ability to meet its expenditures for the next 6 months and comply with California Government Code Section 53607 Footnote 1: “This report is in compliance with CPA's Investment Policy as approved by the Board of Directors and in alignment with California Government Code Sections 53607 & 53646. CPA has sufficient resources to meet its investment portfolio’s expenditure requirements over the next six months.”
Replaced “Amortization & Accretion” with “Net Change in Value” and updated Footnote 3 accordingly With the addition of CPA’s Chandler-managed portfolio, our Investment Report values reflect unrealized and realized gains/(losses) in addition to amortization and accretion as applicable to the investment type.

Footnote 3: “Net Change in Value is the change in balance not attributable to contributions, deposits, or withdrawals. For US Treasury holdings it reflects amortization/accretion of bond premium/discount; for the professionally managed portfolio it also reflects net realized and unrealized gains/(losses) and accrued interest. It is derived from the beginning balance, ending balance, and net contributions reported on each account statement.”

11 Agenda Page 36
Questions?
Agenda Page 37
Staff Report – Agenda Item 5
To: Finance Committee
From: Jennifer Stevenson, Financial Planning & Analysis Manager Reviewed by: David McNeil, Chief Financial Officer
Approved By: Ted Bardacke, Chief Executive Officer
Subject: Updates to the Monthly and Quarterly Financial Reports Date: August 26, 2026
Staff will provide a presentation on the item.

ATTACHMENT

1. Updates to the Monthly and Quarterly Financial Reports Presentation Agenda Page 38
Updates to the Monthly and Quarterly
Financial Reports
August 26, 2026
Agenda Page 39
Monthly Financial Dashboard
Published monthly except for June results which are incorporated in the annual audited financial statements
Provides updates on monthly and year to date financial results, and related financial and customer metrics Posted publicly in the Finance Committee and Board packets Quarterly Financial Report
Published for Q1-Q3 (Q4 results are incorporated in the annual audited financial statements) Posted publicly on the Finance & Budget page of CPA’s website The Quarterly Financial Report includes:
• Financial Dashboard
• The unaudited financial statements
• Year to date budget to actual comparison
• Select financial indicators
Monthly and Quarterly Financial reports provide stakeholders including Board members, the public, lenders, investment banks, rating agencies, energy suppliers, long term renewable energy project investors and renewable energy prepay bond investors timely and accurate insights into CPA’s financial strength and performance.
2 CPA’s Financial Reports
Agenda Page 40
Updates to the Monthly Financial Dashboard
3 Add long term
investments
Add
comparisons
Add
liquidity
table
Narrative
complements
the figures
rather than
repeating them
Definitions moved to a second page
to allow for larger font sizes
Removed Revenue chart
because similar data already
available in Revenue less
Energy Cost chart
Agenda Page 41
Financial Dashboard April 2026
Note: Numbers are unaudited and may not sum up due to rounding.

Active Accounts
1,072,390
+3.2% YOY
Overall
Participation Rate

92.9%
+0.0% Rolling 6-mo
YTD Retail Sales
8,822 GWh

3.9% below budget
April Retail Sales
759 GWh

5.7% below budget
Liquidity at month end
Cash & cash equiv $444.9M
ST Investments $0M
LT investments $200.0M
Available in bank LOC $119.5M
Total liquidity: $764.4M
DLOH 248 days
In April energy revenues were lower than budgeted, due to the interim rates introduced in February and lower residential energy use for heating and cooling that resulted from moderate temperatures. Cost of energy was lower than budgeted driven by lower than budgeted energy market prices and unused energy contingencies.

Year to date revenues were lower than budgeted due to mild weather this fiscal year generally reducing customer energy usage and the introduction of interim rates in February. YTD energy expenses were less than budgeted, due to lower than forecasted market prices for energy and renewables and the non-use of energy contingencies. Absent contingencies, YTD energy expense is 8% below budget. Operating expenses reflect lower than budgeted spending in three areas: staffing, where hiring has progressed slower than planned; customer program incentives, which are distributed as customers enroll in programs and will extend into future fiscal years; and professional services, where four project budgets have shifted to next fiscal year and several engagements have come in under budget. Net position grew faster than budgeted through January because savings on energy outpaced the shortfall in revenues. That pace has slowed since the February interim rate adjustment.

CPA is financially sound and in compliance with its bank and other credit covenants.

Res
43%
Com - Lg
24%
Com - Sm
31%
Agr/Oth
2%
% SALES BY

CUSTOMER TYPE
April 2026 Year-to-Date
in $000,000's Actual Budget Var % Actual Budget Var %
Energy Revenues 71.7 92.3 -20.6 -22% 1,013.9 1,106.7 -92.8 -8% Cost of Energy 50.2 61.3 -11.2 -18% 910.7 1,058.7 -148.0 -14% Net Energy Revenue 21.5 31.0 -9.4 -31% 103.2 48.0 55.2 115% Operating Expenses 5.0 6.7 -1.7 -25% 48.0 63.4 -15.4 -24% Operating Income 16.5 24.3 -7.8 -32% 55.2 -15.4 70.6 NA Non-Operating Income 1.9 2.3 -0.4 -16% 17.8 20.7 -2.9 -14% Change in Net Position 18.4 26.6 -8.2 -31% 73.0 5.3 67.7 1,279% Summary of Financial Results
Example of
new format
applied to
April 2026
Agenda Page 42
Financial Dashboard Definitions:

Accounts: Active Accounts represents customer accounts of active customers served by CPA Overall Participation Rate %: Participation Rate represents active accounts divided by eligible CPA accounts Rolling 6-mo: Rolling 6 month average of participation rates, compares current month’s participation rate to average of last 6 months participation rates.

YTD Retail Sales: Represents the year-to-date amount of energy (in gigawatt hours) sold to retail customers Revenues: Retail energy sales and other (grant related) revenues less allowance for doubtful accounts Cost of energy: Includes all direct power costs incurred to serve CPA’s load Operating expenses: Includes general, administrative, consulting, staffing, and other costs required to fund operations Operating Income: Represents the difference between revenues and cost of energy and operating expenses Non-Operating Income: Interest income arising from deposits and investments net of borrowing costs and fees Investments: Liquid and high-quality securities with a remaining term to maturity of less than one year (Short Term = ST) and one year or greater (Long Term = LT)
Cash and Cash Equivalents: Includes bank deposits and high quality and liquid securities with maturities of 90 days or less Bank LOC: Represents funds available to draw from CPA’s bank line of credit DLOH: Days Liquidity on Hand represents total liquidity (cash & cash equivalents, investments, and unused bank LOC) divided by trailing 12 months expenses divided by 365. Per CPA’s Financial Reserve policy CPA’s Reserves shall support a DLOH equal to 150 to 240 days.

Year to date (YTD): Represents the fiscal period beginning July 1, 2025 Year over year (YOY): refers to comparison to the same month from the prior fiscal year.

Agenda Page 43
Update to the Quarterly Financial Report
6 Add Reserves %
Added to track status
against reserve targets per
the Financial Reserves
policy.

Agenda Page 44
Questions?
Agenda Page 45

Clean Power Alliance Finance CommitteeAugust 26, 2026

Clean Power Alliance Finance Committee
August 26, 2026