Agenda packet — MCE Finance Committee, March 26, 2026

MCE Finance Committee Meeting
Thursday, March 26, 2026
10:00 a.m.

Agenda Page 1 of 2
Belvedere City Hall
450 San Rafael Ave, Small Conference Room
Belvedere, CA 94920
(Belvedere)
Lamorinda Music
81 Lafayette Circle
Lafayette, CA 94549
(Lafayette)
Larkspur City Hall
400 Magnolia Ave
Larkspur, CA 94939
(Larkspur)
Napa County Administration Building
1195 Third Street, Ste. 310
Napa, CA 94558
(Napa County)
MCE Concord Office
2300 Clayton Road, Suite 1500, Wind Room
Concord, CA 94520
(Vallejo)
Liz Alessio, County of Napa (Committee Chair)
Stephanie Andre, City of Larkspur
John McCormick, City of Lafayette
Charles Palmares, City of Vallejo
Sally Wilkinson, City of Belvedere
Public comments may be made in person or remotely via the details below.

Remote Public Meeting Participation
Video Conference: https://t.ly/tKNon
Phone: Dial (669) 900-9128, Meeting ID: 839 1108 1030, Passcode: 167504 Materials related to this agenda are available for physical inspection at MCE’s offices in San Rafael at 1125 Tamalpais Avenue, San Rafael, CA 94901 and in Concord at 2300 Clayton Road Suite 1500, Concord, CA 94520.

DISABLED ACCOMMODATION: If you are a person with a disability who requires an accommodation or an alternative format, please contact MCE at (888) 632-3672 or [email protected] at least 72 hours before the meeting start time to ensure arrangements are made.

Agenda Page 2 of 2

1. Welcome and Roll Call

2. Public Open Time for Items Not on the Agenda (Discussion)

3. Selection of Vice Chair (Discussion/Action)

4. Consent Calendar (Discussion/Action)
C.1. 2.9.26 Meeting Minutes

5. Report from Chief Operating Officer (Discussion)

6. MCE Monthly Treasurer’s Report for February 2026 (Presentation/Information)

7. Accounting Function and MCE’s Financial Statements with Maher Accountancy (Presentation/Information)

8. MCE’s Investment Portfolio with Chandler Asset Management (Presentation/Information)

9. Committee & Staff Announcements (Discussion)

10. Adjourn
The Finance Committee may discuss and/or take action on any or all of the items listed on the agenda irrespective of how the items are described.

2026 MCE Board Offices and Committee Rosters

BOARD OFFICES
Chair: Shanelle Scales-Preston, County of Contra Costa
Vice Chair: Cindy Darling, Walnut Creek
Treasurer: Maira Strauss, MCE Chief Financial Officer
Secretary: Dawn Weisz, MCE Chief Executive Officer

BOARD OFFICES SELECTION PROCESS
The Chair and Vice Chair offices are held for 1 year and there are no limits on the number of terms held by either Chair or Vice Chair.1 The selection of these offices shall take place in or near December of each year.2 The office of Treasurer is appointed by the Board via an approved resolution and may be a non-board member. The Treasurer appointment, along with the delegated authority, is held for 1 year and there are no limits on the number of terms held.3 Deputy Treasurers are appointed directly by the Treasurer each year. Once appointed by the Board, the Secretary shall continue to hold the office each year until the Secretary chooses to resign from the role or the Board decides to remove the individual from the Secretary position.4 The Secretary does not need to be a member of the Board. All officer appointments/selections by the Board require a majority vote of the full membership of the Board.5
EXECUTIVE COMMITTEE (Updated 3.2.26)

1. Barbara Coler, Chair

2. Cindy Darling, Vice Chair

3. Stephanie Andre

4. Kari Birdseye

5. Maika Llorens Gulati

6. Devin Murphy

7. Laura Nakamura

8. Beth Painter

9. Max Perrey

10.Shanelle Scales-Preston

11.Sally Wilkinson
Town of Fairfax
City of Walnut Creek
City of Larkspur
City of Benicia
City of San Rafael
City of Pinole
City of Concord
City of Napa
City of Mill Valley
County of Contra Costa
City of Belvedere
1 Section 4.13.1 of MCE Joint Powers Agreement.
2 Article V, Section 1 of MCE’s Operating Rules and Regulations. 3 Article V, Section 1 of MCE’s Operating Rules and Regulations; California Government Code § 53607. 4 Article IV, Section 1(c) of MCE’s Operating Rules and Regulations. 5 Article VI, Section 2 of MCE’s Operating Rules and Regulations. At MCE’s current membership of 38 communities with appointed Directors, the vote needed is 20.

FINANCE COMMITTEE (Updated 2.9.26)

1. Liz Alessio, Chair

2. Stephanie Andre

3. John McCormick, interested in Vice Chair

4. Charles Palmares

5. Sally Wilkinson
Napa County6
City of Larkspur
City of Lafayette
City of Vallejo
City of Belvedere
TECHNICAL COMMITTEE (Updated 1.15.26)

1. Devin Murphy, Chair

2. Stephanie Andre, Vice Chair

3. Dion Bailey

4. John McCormick

5. Charles Palmares

6. Amanda Szakats

7. Cesar Zepeda
City of Pinole
City of Larkspur
City of Hercules
City of Lafayette
City of Vallejo
City of Pleasant Hill
City of Richmond
2026 AD HOC CONTRACTS COMMITTEE (Updated 2.19.26)

1. Barbara Coler

2. Cindy Darling

3. Devin Murphy
Town of Fairfax
City of Walnut Creek
City of Pinole
2026 AD HOC GOVERNANCE COMMITTEE (Updated 1.15.26)

1. Liz Alessio

2. Kari Birdseye

3. Mary Sackett

4. Shanelle Scales-Preston
Napa County and Four Napa Cities
City of Benicia
County of Marin
Contra Costa County
6 The Board approved a Finance Committee consisting of 5 to 7 Board representatives. If Director Alessio were to participate in her capacity as the delegate for four Napa Cities, the Finance Committee would effectively have 9 Board representatives, more than the 7 approved by the Board, and Director Alessio would constitute a quorum by herself, raising Brown Act compliance challenges. Given the current size of the Finance Committee, we construe the Board to have appointed Director Alessio to the Committee solely in her capacity as the MCE Board representative for Napa County.

MCE Finance Committee Overview
Scope
The scope of the MCE Finance Committee is to explore, discuss, and provide input to the Board of Directors on general issues related to MCE’s finances.

Finance Committee will:
• Receive, review, and discuss monthly investment reports from the Treasurer • Receive, review, and discuss quarterly reports from the Treasurer • Receive, review, and discuss annual Audit
• Evaluate rate proposals
• Consider budget-setting proposals
• Consider high-level risk analysis and forward-looking financial forecasts • Regularly review contracts for financial vendors (investment advisors, auditors, banking)
The Finance Committee may also choose to make recommendations to the Board of Directors regarding:
• Rate setting proposals
• Annual budget and budget adjustments
• Entering into debt
• MCE Policies related to finance such as Policy 013: Reserve Policy and Policy 014:

Investment Policy
• Financial controls
• Contracts for financial vendors
Committee Size and Member Selection Process
The Finance Committee will consist of 5-7 MCE Board representatives. MCE strives to assemble a Finance Committee comprised of at least one representative from each county in the MCE service area. Available seats on the Finance Committee are therefore first offered to any interested Board member whose county is not yet represented. The Board may evaluate skills and abilities relative to finance, budget, risk management, and investments. Interested members can be added at a meeting of the Board of Directors when it is included in the agenda. Any member interested in joining is required to be a representative on the Board for six (6) months prior to serving on the Finance Committee.

The Finance Committee selects its own chair for a term of one year. The Finance Committee Chair is limited to two one-year terms.

Meeting Schedule
Every other month, or as needed. Meetings may be held in-person at MCE’s San Rafael and/or Concord offices. Participation via teleconferencing can be accommodated upon request if the address is provided to MCE’s Board clerk a minimum of 10 days before the meeting (for public noticing purposes) and the location and committee members follow applicable requirements for public access.

DRAFT

MCE FINANCE COMMITTEE MEETING MINUTES
Monday, February 9, 2026
10:00 A.M.

Present: Liz Alessio, County of Napa and Four Napa Cities/Town (American Canyon, Calistoga, St. Helena, and Yountville), Chair
Stephanie Andre, City of Larkspur
John McCormick, City of Lafayette, left at 1:30 p.m.

Charles Palmares, City of Vallejo
Sally Wilkinson, City of Belvedere
Staff
& Others: Jesica Brooks, Lead Board Clerk and Executive Assistant Vicken Kasarjian, Chief Operating Officer
Tanya Lomas, Board Clerk
Catalina Murphy, General Counsel
Efren Oxlaj, Manager of Finance
Justine Parmelee, VP of Internal Operations
Maíra Strauss, Chief Financial Officer
Jamie Tuckey, Chief Customer Officer
Dawn Weisz, Chief Executive Officer

1. Roll Call
The regular Finance Committee meeting was called to order at 12:01 p.m. with quorum established by roll call.

2. Selection of Committee Chair (Discussion/Action)
Vicken Kasarjian, Chief Operating Officer, opened the floor for Committee members to discuss.

3. Board Announcements (Discussion)
There were no comments.

4. Public Open Time (Discussion)
Chair Alessio opened the public comment period and comments were made by member of the public, Jody Timms.

Action: It was M/S/C (McCormick/Wilkinson) to Select Liz Alessio (County of Napa and Four Napa Cities/Town (American Canyon, Calistoga, St.

Helena, and Yountville) as Finance Committee Chair. Motion carried by unanimous roll call vote.

DRAFT

5. Report from Chief Executive Officer (Discussion)
Vicken Kasarjian, Chief Operating Officer, thanked the Committee members for the first meeting.

6. Select Standing Meeting Date, Time, Location, and Cadence (Discussion/Action)
Chair Alessio opened the floor for discussion.

Chair Alessio opened the public comment period and there were no comments.

7. Proposed Fiscal Year 2026/27 Budget Elements (Discussion) Maíra Strauss, Chief Financial Officer, and Efren Oxlaj, Manager of Finance, presented this item and addressed questions from Committee members.

Chair Alessio opened the public comment period and comments were made by members of the public, Jody Timms and Dan Segedin.

Action: No Action Required.

8. MCE Quarterly Treasurer’s Report and Monthly Investment Report for December 2025 (Discussion/Action)
Deferred to the next meeting.

9. Discuss Committee Expectations (Discussion/Action)
Deferred to the next meeting.

10. Committee & Staff Matters (Discussion)
There were comments from Directors Alessio, Wilkinson, and Andre.

Chair Alessio opened the public comment period and there was a comment from member of the public, Steven Rosenfeld.

11. Adjournment
Chair Alessio adjourned the meeting at 1:43 p.m. to the next scheduled Finance Committee Meeting on March 26, 2026.

Action: It was M/S/C (McCormick/Wilkinson) to Meet Monthly on the Fourth Thursday from 10:00-11:30 a.m., meeting virtually each month with quarterly in-person meetings in San Rafael. Motion carried unanimously.

DRAFT
___________________________________________
Liz Alessio, Chair
Attest:
___________________________________________
Dawn Weisz, Secretary
March 12th, 2026
TO: MCE Board of Directors
FROM: Maira Strauss, Chief Financial Officer and Treasurer Vicken Kasarjian, Chief Operating Officer and Deputy Treasurer

RE: MCE Monthly Treasurer’s Report for February 2026
Attachments: Attachment A: Statement of Investments held at USBank Attachment B: Statement of Transactions at USBank
Attachment C: Fixed Income Portfolio at USBank Summary
Attachment D: Statement of Investments held at River City Bank Attachment E: Statement of Transactions at River City Bank _____________________________________________________________________________________ Dear Board Members:

This memorandum is to verify and report in writing to the Board regarding the responsibilities designated to the MCE Treasurer pursuant to MCE’s Investment Policy 014. The Investment Policy was amended in 2019, 2020 and 2022 expanding the definition of Permitted Investments, adding a number of investment diversification requirements, best practices and requiring additional reporting requirements to the Board as follows:

Monthly obligation to report new investment transactions:

Government Code Section 53607 and MCE’s Investment Policy require MCE to report in writing to the Board any investment transactions (defined as purchases, sales or exchanges of securities) made during the prior month. MCE currently maintains bank accounts and investments at River City Bank and USBank.

USBank: In October of 2022 your Board approved amendments to MCE Policy 014: Investment Policy, as recommended by MCE’s investment advisor, Chandler Asset Management (CAM). Currently, CAM manages over $202 million of MCE’s reserves. All investments directed by CAM are held at MCE’s custodian, USBank. Attachment A shows a Statement of Investments held at USBank that reports on holdings as of February 28th,2026. Attachment B shows a Statement of Transactions at USBank. Two securities totaling $2.7 million were purchased; 1 security totaling $1.5 million was sold. Attachment C shows a summary of the Fixed Income Portfolio at USBank.

River City Bank: Attachment D shows a Statement of Investments held at River City Bank for the month ending February 2026. Attachment E shows a Statement of Transactions at River City Bank. Five CDARs totaling $17.9 million matured and one $5 million CDAR was bought. Staff will provide Statements of Investments as required throughout the year.
*Cash balances are held at JP Morgan Chase and River City Bank No Action Needed
This memorandum and associated attachments are to inform the Board pursuant to the requirements of MCE’s Investment Policy 014 and Government Code Section 53607. There is no action requested of the Board at this time.

MCE Holdings 2/28/2026 Allocation Average Yield
Fixed Income Portfolio Market Value $ 202,943,000 40% 4.37% CDARs 53,500,000 11% 4.30%
Cash Balances 238,898,000 48% 3.63%
Collateral at CAISO 7,511,000 1% 3.57%
Total 502,852,000 100% 4.00%
Attachment A: Statement of Investments held at USBank
Issuer Security Type Purchase Date Maturity Date Par Value $ Market Value $ Purchase Price $ Purchase Yield in % Amazon.com, Inc. Corporate 12/11/2025 11/20/2030 2,000,000.00 2,014,696.00 2,002,620.00 4.070 American Express Credit Master Trust ABS 10/25/2023 09/15/2026 500,000.00 503,936.50 495,781.25 5.611 American Express Credit Master Trust ABS 04/16/2024 04/16/2029 1,235,000.00 1,256,676.72 1,234,746.83 5.305 American Express Credit Master Trust ABS 05/06/2025 04/15/2030 1,600,000.00 1,622,217.60 1,599,971.04 4.280 Bank of America Credit Card Trust ABS 02/20/2024 11/16/2026 1,000,000.00 1,008,532.00 1,003,515.63 4.891 BMW Vehicle Owner Trust ABS 11/09/2023 02/25/2028 339,123.53 341,128.77 338,540.66 5.615 Bank of America Corporation Corporate 02/12/2025 02/07/2030 1,000,000.00 999,111.00 958,580.00 5.137 Bank of America Corporation Corporate 12/18/2023 07/22/2028 1,000,000.00 1,012,554.00 996,710.00 5.543 Blackrock, Inc. Corporate 03/05/2024 03/14/2029 1,740,000.00 1,785,932.52 1,736,850.60 4.741 BMW Vehicle Owner Trust ABS 06/04/2024 02/26/2029 596,381.61 601,681.06 596,291.02 5.183 CME Group Inc. Corporate 09/12/2025 03/15/2030 2,000,000.00 2,037,006.00 2,032,560.00 3.995 State of California Municipal Bonds 10/30/2024 08/01/2029 1,755,000.00 1,807,137.54 1,764,248.85 4.377 Caterpillar Inc. Corporate 08/16/2024 08/16/2029 1,500,000.00 1,530,129.00 1,502,595.00 4.336 Caterpillar Inc. Corporate 11/22/2024 11/15/2029 1,000,000.00 1,028,880.00 999,600.00 4.709 Chase Issuance Trust ABS 02/29/2024 01/16/2029 1,100,000.00 1,108,588.80 1,092,910.16 4.749 Cisco Systems, Inc. Corporate --- 02/26/2029 1,500,000.00 1,544,739.00 1,501,104.25 4.833 Deere & Company Corporate 02/20/2024 01/16/2029 500,000.00 510,874.50 495,830.00 4.691 Deere & Company Corporate 11/04/2025 10/15/2030 2,000,000.00 2,035,252.00 2,013,840.00 4.218 Meta Platforms, Inc. Corporate --- 08/15/2029 1,500,000.00 1,524,159.00 1,500,395.13 4.294 Meta Platforms, Inc. Corporate 11/12/2025 11/15/2030 1,250,000.00 1,260,993.75 1,255,000.00 4.109 Federal Home Loan Banks Agency 03/22/2023 03/10/2028 1,500,000.00 1,531,968.00 1,529,865.00 4.053 Federal Home Loan Banks Agency 10/24/2023 09/11/2026 3,000,000.00 3,014,625.00 2,969,070.00 5.009 Farm Credit System Agency 11/09/2023 11/15/2027 2,000,000.00 2,037,798.00 1,992,580.00 4.728 Farm Credit System Agency 06/02/2023 06/08/2028 2,000,000.00 2,020,986.00 1,996,034.00 3.919 Farm Credit System Agency 08/17/2023 08/07/2028 1,000,000.00 1,019,121.00 989,510.00 4.488 Farm Credit System Agency 08/21/2023 08/14/2026 2,500,000.00 2,508,570.00 2,478,850.00 4.808 Federal Home Loan Mortgage Corp Agency CMBS 11/14/2025 09/25/2030 1,700,000.00 1,546,603.90 1,518,910.16 4.025 Federal Home Loan Mortgage Corp Agency CMBS 01/14/2026 10/25/2030 3,000,000.00 2,712,564.00 2,682,539.06 3.966 Federal Home Loan Mortgage Corp Agency CMBS 01/07/2026 10/25/2030 3,000,000.00 2,717,724.00 2,685,000.00 3.979 Federal Home Loan Mortgage Corp Agency CMBS --- 04/25/2028 1,500,000.00 1,505,578.50 1,427,285.16 5.111 Federal Home Loan Mortgage Corp Agency CMBS --- 05/25/2028 2,512,000.00 2,519,548.56 2,382,240.00 6.298 Federal Home Loan Mortgage Corp Agency CMBS 10/30/2023 09/25/2028 1,500,000.00 1,507,873.50 1,411,113.28 5.313 Federal Home Loan Mortgage Corp Agency CMBS 01/29/2025 11/25/2028 800,000.00 803,242.40 780,343.75 4.540 Federal Home Loan Mortgage Corp Agency CMBS 02/27/2024 02/25/2029 3,650,000.00 3,624,566.80 3,445,542.97 4.692 Federal Home Loan Mortgage Corp Agency CMBS 10/01/2024 08/25/2029 2,175,000.00 2,088,898.28 2,041,101.56 3.829 Federal Home Loan Mortgage Corp Agency CMBS 12/16/2025 04/25/2030 1,400,000.00 1,286,545.40 1,272,796.88 3.894 Federal Home Loan Mortgage Corp Agency CMBS 02/03/2026 01/25/2031 1,500,000.00 1,388,382.00 1,366,406.25 4.109 Federal Home Loan Mortgage Corp Agency CMBS --- 01/25/2029 3,000,000.00 2,883,114.00 2,757,109.38 4.250 First American Govt Oblig Fund Money Market Fund --- 02/28/2026 4,590,587.54 4,590,587.54 4,590,587.54 3.300 Ford Credit Auto Owner Trust ABS 11/19/2024 08/15/2029 1,070,000.00 1,081,022.07 1,069,965.65 4.656 GM Financial Securitized Term ABS 10/24/2023 06/16/2028 697,706.66 702,665.26 693,782.06 5.758 GM Financial Securitized Term ABS 02/23/2024 12/18/2028 709,278.56 713,705.17 705,676.76 5.104 Guardian Life Global Funding Corporate 09/23/2024 09/26/2029 1,220,000.00 1,226,006.06 1,220,000.00 4.179 Guardian Life Global Funding Corporate 09/30/2025 10/06/2030 1,650,000.00 1,662,208.35 1,650,000.00 4.327 Honda Auto Receivables Owner Trust ABS 08/22/2023 11/15/2027 411,478.73 413,134.11 407,315.72 5.428 Honda Auto Receivables Owner Trust ABS 05/14/2024 11/20/2028 453,307.78 457,975.49 453,252.71 5.273 Honda Auto Receivables Owner Trust ABS --- 06/21/2028 602,489.71 608,895.99 604,388.62 5.607 Hyundai Auto Receivables Trust ABS 01/26/2026 09/16/2030 2,000,000.00 2,014,376.00 2,004,609.38 3.925 Hyundai Auto Lease Sec Trust ABS 01/12/2026 12/15/2028 620,000.00 622,634.38 619,909.11 3.975 Hyundai Auto Receivables Trust ABS 03/11/2024 02/15/2029 547,732.30 552,263.14 547,611.53 5.051 Hyundai Auto Lease Sec Trust ABS 05/14/2024 05/17/2027 438,981.82 440,662.68 438,969.61 5.411 Inter-American Development Bank Supranational 02/20/2024 02/15/2029 2,500,000.00 2,548,060.00 2,474,725.00 4.352 International Bank for Recon and Dev Supranational 08/25/2023 07/12/2028 2,500,000.00 2,505,287.50 2,385,525.00 4.558 International Bank for Recon and Dev Supranational 12/12/2024 10/16/2029 1,750,000.00 1,773,366.00 1,721,510.00 4.250 International Bank for Recon and Dev Supranational 03/14/2025 03/20/2030 2,000,000.00 2,046,084.00 1,993,200.00 4.201 JPMorgan Chase & Co. Corporate 09/12/2024 07/23/2029 1,000,000.00 1,004,329.00 995,730.00 4.323 JPMorgan Chase & Co. Corporate 10/27/2023 07/25/2028 1,000,000.00 1,011,586.00 958,670.00 6.368 John Deere Owner Trust ABS 12/18/2023 05/15/2028 273,981.63 276,251.84 277,684.66 4.921 John Deere Owner Trust ABS 01/27/2026 06/15/2029 2,000,000.00 2,007,102.00 2,005,937.50 3.866 John Deere Owner Trust ABS 04/17/2023 11/15/2027 205,364.86 206,174.00 207,458.62 4.633 John Deere Owner Trust ABS 03/25/2024 11/15/2028 429,889.45 433,474.73 429,687.94 5.133 Eli Lilly and Company Corporate 02/07/2024 02/09/2029 935,000.00 956,225.44 934,382.90 4.515 Eli Lilly and Company Corporate 05/16/2025 02/12/2030 1,000,000.00 1,033,352.00 1,011,760.00 4.466 Massachusetts Mutual Life Insurance Corporate 01/03/2025 01/10/2030 1,050,000.00 1,080,318.75 1,049,496.00 4.961 Massachusetts Mutual Life Insurance Corporate 05/28/2024 05/30/2029 500,000.00 517,428.50 498,975.00 5.197 Massachusetts Mutual Life Insurance Corporate 01/09/2024 01/17/2029 780,000.00 800,204.34 779,898.60 4.853 Mastercard Incorporated Corporate --- 03/09/2028 1,350,000.00 1,379,546.10 1,348,072.20 4.931 Mercedes-Benz Auto Lease Trust ABS 05/17/2024 01/18/2028 410,000.00 413,124.61 409,952.03 5.733 Mercedes-Benz Auto Lease Trust ABS 01/13/2026 01/15/2030 560,000.00 562,204.72 559,888.95 3.973 Merck & Co., Inc. Corporate 06/01/2023 05/17/2028 1,000,000.00 1,007,949.00 997,360.00 4.109 Met Tower Global Funding Corporate 05/28/2024 04/12/2029 500,000.00 517,675.00 499,395.00 5.277 Metropolitan Life Global Funding I Corporate 01/02/2025 01/09/2030 1,440,000.00 1,480,468.32 1,437,033.60 4.947 Morgan Stanley Corporate 10/27/2023 10/18/2028 1,000,000.00 1,035,917.00 1,002,120.00 6.234 Morgan Stanley Corporate 01/13/2025 01/16/2030 1,350,000.00 1,387,759.50 1,339,537.50 5.391 New York Life Insurance Company Corporate 01/05/2026 01/09/2031 1,065,000.00 1,075,053.60 1,063,296.00 4.286 Northern Trust Corporation Corporate 11/12/2025 11/19/2030 1,800,000.00 1,815,467.40 1,799,118.00 4.161 Northwestern Mutual Global Funding Corporate 02/29/2024 01/10/2029 750,000.00 766,785.75 740,122.50 5.018 Northwestern Mutual Global Funding Corporate 01/06/2026 01/13/2031 1,325,000.00 1,332,194.75 1,324,880.75 4.302 Marin Clean Energy
Statement of Investments held at USBank
As of 2/28/2026
PACCAR Inc Corporate 05/05/2025 05/08/2030 2,160,000.00 2,212,395.12 2,156,652.00 4.585 PepsiCo, Inc. Corporate 07/15/2024 07/17/2029 1,140,000.00 1,166,707.92 1,138,233.00 4.535 PepsiCo, Inc. Corporate 02/07/2025 02/07/2030 1,000,000.00 1,028,211.00 994,710.00 4.720 Pricoa Global Funding I Corporate 06/01/2023 05/30/2028 500,000.00 512,177.50 502,005.00 5.008 Pricoa Global Funding I Corporate 08/19/2025 05/28/2030 1,500,000.00 1,532,994.00 1,519,215.00 4.398 Royal Bank of Canada Corporate 02/20/2024 02/01/2029 1,000,000.00 1,031,773.00 996,120.00 5.038 State Street Corporation Corporate 11/29/2024 11/23/2029 2,000,000.00 2,067,104.00 2,016,280.00 4.597 Toyota Motor Corporation Corporate 02/20/2024 01/05/2029 1,000,000.00 1,023,818.00 992,770.00 4.817 Toyota Motor Corporation Corporate 01/06/2025 01/09/2030 1,550,000.00 1,606,925.30 1,546,683.00 4.999 Toyota Lease Owner Trust ABS 02/21/2024 04/20/2027 99,177.74 99,347.83 99,173.55 5.252 Toyota Auto Receivables Owner Trust ABS 11/07/2023 08/15/2028 301,546.14 304,705.14 301,513.63 5.609 United States US Treasury --- 05/31/2026 1,000,000.00 996,047.00 933,953.13 4.144 United States US Treasury --- 11/15/2026 1,000,000.00 988,784.00 923,117.19 4.095 United States US Treasury --- 03/31/2027 3,000,000.00 2,968,359.00 2,851,679.68 4.023 United States US Treasury --- 06/30/2027 1,000,000.00 997,305.00 968,453.13 4.000 United States US Treasury --- 10/31/2027 1,000,000.00 1,011,211.00 1,005,632.81 3.998 United States US Treasury --- 12/31/2027 1,500,000.00 1,512,363.00 1,520,419.92 3.568 United States US Treasury 04/04/2025 03/31/2030 2,000,000.00 2,011,718.00 2,000,078.13 3.624 United States US Treasury 06/14/2023 04/15/2026 2,000,000.00 2,000,066.00 1,963,984.38 4.432 United States US Treasury 06/01/2023 05/15/2026 2,000,000.00 1,999,586.00 1,979,843.75 3.990 United States US Treasury 06/01/2023 05/31/2028 2,000,000.00 2,010,078.00 1,993,046.88 3.702 United States US Treasury 08/21/2023 07/31/2028 2,500,000.00 2,542,970.00 2,463,964.84 4.453 United States US Treasury 09/25/2023 08/31/2028 400,000.00 409,375.20 395,781.25 4.616 United States US Treasury 10/30/2023 10/15/2026 3,000,000.00 3,018,069.00 2,978,789.06 4.884 United States US Treasury 10/26/2023 10/31/2028 3,000,000.00 3,112,266.00 3,002,929.69 4.853 United States US Treasury 11/09/2023 11/15/2026 1,500,000.00 1,510,338.00 1,496,308.59 4.714 United States US Treasury 02/16/2024 01/31/2029 2,000,000.00 2,033,438.00 1,972,500.00 4.311 United States US Treasury 02/27/2024 02/15/2027 3,000,000.00 3,016,194.00 2,971,171.88 4.474 United States US Treasury 04/29/2024 03/31/2029 1,000,000.00 1,021,016.00 976,367.19 4.668 United States US Treasury 05/03/2024 04/30/2029 2,500,000.00 2,590,332.50 2,515,966.80 4.480 United States US Treasury --- 05/31/2029 4,400,000.00 4,545,750.00 4,442,750.00 4.279 United States US Treasury 07/18/2024 06/30/2029 1,500,000.00 1,538,965.50 1,510,605.47 4.090 United States US Treasury --- 08/31/2029 6,500,000.00 6,540,625.00 6,539,550.78 3.490 United States US Treasury 10/04/2024 09/30/2029 2,000,000.00 2,004,296.00 1,976,250.00 3.764 United States US Treasury 11/19/2024 10/31/2029 3,000,000.00 3,069,843.00 2,985,234.38 4.236 United States US Treasury 12/16/2024 11/30/2029 2,000,000.00 2,047,110.00 1,988,515.63 4.254 United States US Treasury 05/08/2025 04/30/2030 3,000,000.00 3,045,939.00 2,983,593.75 3.997 United States US Treasury --- 05/31/2030 5,000,000.00 5,101,955.00 4,998,007.81 4.009 United States US Treasury 07/09/2025 06/30/2030 3,000,000.00 3,046,758.00 2,989,687.50 3.952 United States US Treasury 08/21/2025 07/31/2030 2,500,000.00 2,539,257.50 2,502,734.38 3.850 United States US Treasury --- 08/31/2030 4,000,000.00 4,020,780.00 3,987,734.37 3.693 United States US Treasury 11/05/2025 10/31/2030 1,500,000.00 1,507,383.00 1,490,566.41 3.764 United States US Treasury 12/03/2025 11/30/2030 2,500,000.00 2,498,632.50 2,485,644.53 3.627 Visa Inc. Corporate 02/03/2026 02/12/2031 1,310,000.00 1,325,188.14 1,308,244.60 4.130 Walmart Inc. Corporate --- 04/15/2028 1,250,000.00 1,257,233.75 1,239,252.50 4.099 Wells Fargo & Company Corporate 09/26/2025 09/15/2029 2,000,000.00 2,000,536.00 1,990,760.00 4.445 Cash Cash --- 02/28/2026 0.00 0.00 0.00 0.000
Cash Cash --- 02/28/2026 205,726.86 205,726.86 205,726.86 --- 201,654,754.94 202,943,114.94 198,901,676.78 4.36
Attachment B: Statement of Transactions at USBank
Marin Clean Energy
Statement of Transactions at USBank
For February 2026
Transaction
Type
Settlement
Date
Security Description Acq/Disp Yield Amount Purchased/
Sold Interest
Total Amount Net Realized
Gain/Loss
Buy 02/03/2026 FHMS K-127 A2 2.108 01/25/2031 4.109 1,500,000.00 439.17 (1,366,845.42) 0.00 Buy 02/03/2026 VISA INC 4.1 02/12/2031 4.130 1,310,000.00 0.00 (1,308,244.60) 0.00 Buy Total 2,810,000 439 - (2,675,090)
Sell 02/28/2026 FHMS K-073 A2 3.35 01/25/2028 4.208 1,485,761.72 (697.92) 1,486,459.64 6,564.18 Sell Total 1,485,762 (698) 1,486,460 6,564
CONFIDENTIAL | 2
Marin Clean Energy | Account #10993 | As of February 28, 2026 Execution Time: 03/04/2026 09:03:35 AM Chandler Asset Management | [email protected] | www.chandlerasset.com | 800.317.4747

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 (01/01/23)
Marin Clean Energy 0.83% 1.26% 1.07% 5.64% 5.64% 5.35% -- -- 5.04% Benchmark Return 0.79% 1.15% 0.95% 5.20% 5.26% 4.87% -- -- 4.56% Average Modified Duration 2.60
Average Coupon 4.01%
Average Purchase YTM 4.37%
Average Market YTM 3.66%
Average Credit Quality* AA+
Average Final Maturity 3.05
Average Life 2.84
End Values as of
01/31/2026
End Values as of
02/28/2026
Market Value 201,079,926.75 202,943,114.94
Accrued Interest 1,764,878.16 1,575,885.32
Total Market Value 202,844,804.91 204,519,000.26
Income Earned 597,815.11 642,580.88
Cont/WD 0.00 0.00
Par 200,694,508.92 201,654,754.93
Book Value 198,929,809.56 199,824,607.70
Cost Value 197,985,247.90 198,901,676.78
United States 38.07%
Federal Home Loan Mortgage Corp 12.11%
Farm Credit System 3.74%
International Bank for Recon and Dev 3.12%
First American Govt Oblig Fund 2.26%
Federal Home Loan Banks 2.24%
American Express Credit Master Trust 1.67%
John Deere Owner Trust 1.44%
**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.

Attachment C: Fixed Income Portfolio at USBank Summary

PORTFOLIO SUMMARY
Attachment D: Statement of Investments held at River City Bank Investment Description Purchase Date Maturity Date Interest Rate Purchase Price Yield Most Recent Price (MTM)
% Total
Portfolio
River City Bank CDARS, 2 years 3/28/2024 3/26/2026 4.66% 2,000,000 4.77% 2,000,000 3.74% River City Bank CDARS, 2 years 4/11/2024 4/9/2026 4.84% 1,500,000 4.96% 1,500,000 2.80% River City Bank CDARS, 2 years 4/18/2024 4/16/2026 5.07% 4,000,000 5.20% 4,000,000 7.48% River City Bank CDARS, 2 years 5/9/2024 5/7/2026 4.92% 5,000,000 5.04% 5,000,000 9.35% River City Bank CDARS, 2 years 5/30/2024 5/28/2026 5.04% 4,000,000 5.17% 4,000,000 7.48% River City Bank CDARS, 2 years 6/20/2024 6/19/2026 4.85% 4,000,000 4.97% 4,000,000 7.48% River City Bank CDARS, 2 years 8/1/2024 7/30/2026 4.45% 4,000,000 4.55% 4,000,000 7.48% River City Bank CDARS, 52 weeks 8/14/2025 8/13/2026 3.90% 5,000,000 3.98% 5,000,000 9.35% River City Bank CDARS, 52 weeks 8/21/2025 8/20/2026 3.91% 5,000,000 3.99% 5,000,000 9.35% River City Bank CDARS, 52 weeks 11/20/2025 11/19/2026 3.67% 5,000,000 3.74% 5,000,000 9.35% River City Bank CDARS, 2 years 1/9/2025 1/7/2027 4.40% 4,000,000 4.50% 4,000,000 7.48% River City Bank CDARS, 52 weeks 2/19/2026 2/18/2027 3.48% 5,000,000 3.54% 5,000,000 9.35% River City Bank CDARS, 2 years 8/7/2025 8/5/2027 3.72% 5,000,000 3.79% 5,000,000 9.35% Total $53,500,000 $53,500,000 100%
Weighted Average Interest and Yield on All Investments 4.30% 4.39% Marin Clean Energy
Statement of Investments held at River City Bank
As of 02/28/2026
Attachment E: Statement of Transactions at River City Bank Marin Clean Energy
Statement of Transactions at River City Bank
For February 2026
Transaction Type Investment Description Effective Date Maturity/Purchase Date
Principal Interest Paid Total Amount Realized Gain Realized Loss Annualized Yield
Maturity River City Bank CDARS, 2 years 2/15/2024 2/12/2026 1,000,000 99,147 $ 1,099,147 $ 99,147 $ - 4.85% Maturity River City Bank CDARS, 52 weeks 2/22/2024 2/19/2026 4,000,000 392,205 $ 4,392,205 $ 392,205 $ 4.80% Maturity River City Bank CDARS, 2 years 2/29/2024 2/26/2026 2,000,000 200,925 $ 2,200,925 $ 200,925 $ 4.92% Maturity River City Bank CDARS, 26 weeks 8/21/2025 2/19/2026 5,000,000 103,520 $ 5,103,520 $ 103,520 $ - 4.20% Maturity River City Bank CDARS, 26 weeks 8/28/2025 2/26/2026 5,000,000 102,248 $ 5,102,248 $ 102,248 $ 4.14% Maturity Total 795,797 17,000,000 17,898,044 898,044
Purchase River City Bank CDARS, 52 weeks 2/19/2026 2/18/2027 5,000,000 $ - $ $ 5,000,000 - $ $ 3.52% - Purchase Total 5,000,000 - 5,000,000 - -
1 ACCOUNTANTS’ COMPILATION REPORT
Management
Marin Clean Energy
Management is responsible for the accompanying financial statements of Marin Clean Energy (a California Joint Powers Authority), which comprise the statement of net position as of December 31, 2025, and the related statement of revenues, expenses, and changes in net position, and the statement of cash flows for the nine months then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the accompanying statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, conclusion, nor provide any assurance on these financial statements.

Management has elected to omit substantially all of the note disclosures required by accounting principles generally accepted in the United States of America in these interim financial statements.

Marin Clean Energy’s annual audited financial statements include the note disclosures omitted from these interim statements. If the omitted disclosures were included in these financial statements, they might influence the user’s conclusions about the Authority’s financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

We are not independent with respect to Marin Clean Energy because we performed certain accounting services that impaired our independence.

Maher Accountancy
San Rafael, CA
February 6, 2026
1101 Fifth Avenue, Suite 200 San Rafael, CA 94901 415 459 1249 mahercpa.com Current assets
Cash and cash equivalents - unrestricted 170,649,166$
Cash equivalents - restricted for grant purposes 16,434,721 Cash equivalents - restricted for security reserve 17,577,317 Accounts receivable, net of allowance 73,601,617
Accrued revenue 39,261,478
Other receivables 4,139,813
Prepaid expenses 1,430,450
Investments 93,420,891
Deposits 24,035,280
Total current assets 440,550,733
Noncurrent assets
Investments 176,764,397
Capital assets, net of depreciation and amortization 6,077,964 Deposits 176,175
Total noncurrent assets 183,018,536
Total assets 623,569,269
Current liabilities
Accrued cost of electricity 67,360,460
Accounts payable 4,275,266
Other accrued liabilities 8,623,678
User taxes and energy surcharges due to other governments 1,545,598 Security deposits - energy suppliers 856,800
Advances from grantors 16,434,721
Total current liabilities 99,096,523
Operating Reserve Fund 70,000,000
Net position
Net investment in capital assets 6,077,964
Restricted 17,577,317
Unrestricted 430,817,465
Total net position 454,472,746$

NET POSITION

MARIN CLEAN ENERGY

STATEMENT OF NET POSITION
As of December 31, 2025
ASSETS

LIABILITIES

DEFERRED INFLOWS OF RESOURCES
See accountants' compilation report. 2

OPERATING REVENUES
Electricity sales, net 589,707,781$
Grant revenue 12,038,847
Other revenue 674,023
Total operating revenues 602,420,651

OPERATING EXPENSES
Cost of electricity 533,649,774
Contract services 17,238,963
Staff compensation 19,836,925
Other operating expenses 11,770,866
Depreciation and amortization 161,776
Total operating expenses 582,658,304
Operating income (loss) 19,762,347

NONOPERATING REVENUES (EXPENSES)
Investment income 17,847,347
Nonoperating revenues (expenses), net 17,847,347
CHANGE IN NET POSITION 37,609,694
Net position at beginning of period 416,863,052
Net position at end of period 454,472,746$
Nine Months Ended December 31, 2025

AND CHANGES IN NET POSITION

STATEMENT OF REVENUES, EXPENSES

MARIN CLEAN ENERGY
See accountants' compilation report. 3

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 582,785,715$
Receipts from grantors 6,516,565
Receipts of security deposits 4,455,783
Other operating receipts 4,178,849
Payments to suppliers for electricity and collateral (606,553,740) Payments for other goods and services (29,072,774)
Payments for deposits and collateral (2,007,968)
Payments for staff compensation (19,626,248)
Payments of taxes and surcharges to other governments (9,714,448) Net cash provided (used) by operating activities (69,038,266)

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Payments to acquire capital assets (5,433,924)
Net cash provided (used) by capital and related
financing activities (5,433,924)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income received 18,945,684
Proceeds from sales and maturities of investments 81,822,971 Purchase of investments (48,261,250)
Net cash provided (used) by investing activities 52,507,405 Net change in cash and cash equivalents (21,964,785)
Cash and cash equivalents at beginning of period 226,625,989 Cash and cash equivalents at end of period 204,661,204$ Reconciliation to the Statement of Net Position
Cash and cash equivalents - unrestricted 170,649,166$
Cash equivalents - restricted for grant purposes 16,434,721 Cash equivalents - restricted for security reserve 17,577,317 Cash and cash equivalents 204,661,204$
NONCASH INVESTING ACTIVITIES:

Change in fair value of investments (30,256)$
Change in interest receivable (1,068,081)

STATEMENT OF CASH FLOWS

MARIN CLEAN ENERGY
Nine Months Ended December 31, 2025
See accountants' compilation report. 4
Operating income $ 19,762,347
Adjustments to reconcile operating income to net
cash provided (used) by operating activities
Depreciation and amortization expense 161,776
(Increase) decrease in:

Accounts receivable, net (9,885,198)
Accrued revenue (7,014,536)
Other receivables 17,641,201
Prepaid expenses 942,134
Deposits 2,447,816
Increase (decrease) in:

Accrued cost of electricity (91,062,341)
Accounts payable 295,101
Other accrued liabilities 3,269,919
User taxes and energy surcharges due to other governments 263,220 Advances from grantors (5,859,705)
Net cash provided (used) by operating activities (69,038,266)$ Nine Months Ended December 31, 2025

STATEMENT OF CASH FLOWS (CONTINUED)

MARIN CLEAN ENERGY

RECONCILIATION OF OPERATING INCOME TO NET

CASH PROVIDED (USED) BY OPERATING ACTIVITIES
See accountants' compilation report. 5

INVESTMENT REPORT
Marin Clean Energy | As of December 31, 2025
CHANDLER ASSET MANAGEMENT | chandlerasset.com
Chandler Team:

For questions about your account, please call (800) 317-4747, or contact [email protected]
Information contained herein is confidential. We urge you to compare this statement to the one you receive from your qualified custodian. Please see Important Disclosures at the end of the statement. -400
-200
0 200
400
600
800
1,000
MOM Change In Thousands (000's)
Nonfarm Payroll (000's)
Non-farm Payroll (000's)
3-month average (000's)
The February Nonfarm Payrolls report showed an unexpected decline of 92,000 jobs, contrasting with expectations for a 55,000 increase. The loss partly reflected a month-long strike involving more than 30,000 Kaiser Permanente employees, while severe winter weather further weighed on hiring. Even so, payroll declines were broad-based across several industries. The unemployment rate rose to 4.4% in February, according to the Bureau of Labor Statistics. The unexpectedly weak jobs report may prompt renewed concerns about the labor market’srecent stability.

Source: US Department of Labor Source: US Department of Labor

EMPLOYMENT & INFLATION
Headline inflation moderated in January with the Consumer Price Index (CPI) rising 0.2% for the month, down from 0.3% in December. On an annual basis, headline CPI eased to 2.4% from 2.7% a year earlier. Core CPI, which excludes volatile food and energy prices, edged up to 0.3% in January from 0.2% the previous month, while the annual rate eased slightly to 2.5% from 2.6%. The Personal Consumption Expenditures(PCE) Index for December, released on February 20, showed both headline and core inflation rising 0.4%, which was 0.1% higher than expectations.

On an annual basis, headline PCE inflation advanced 2.9% and Core PCE, which excludes food and energy, rose 3.0% in December.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%
Consumer Price Index (CPI)
CPI YOY % Change
Core CPI YOY % Change
YOY (%) Change
Source: Bloomberg
The Federal Reserve left its benchmark interest rate unchanged in January, keeping the target range at 3.50% to 3.75% after the December quarter point cut that was justified by signs of softening in the labor market. Policymakers maintained a cautious tone, acknowledging that inflation has continued to moderate but emphasizing that the outlook remains uncertain and that future adjustments will depend on incoming data. The Fed minutes, released in February, indicated several participants would have supported ‘two-sided’ language on the go forward rate path, implying some possibility the next move by the FOMC could be an increase in the Fed Funds rate. The Committee also reaffirmed its December decision to halt balance sheet runoff and to reinvest principal and interest payments from its securities holdings, signaling a desire to maintain ample reserves and support orderly market functioning while it assesses the effects of earlier tightening and recent rate cuts.

FEDERAL RESERVE & BOND YIELDS

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
Effective Federal Funds Rate
Recession
Yield (%)
At the end of February, the 2-year yield was 61 basis points lower, and the 10-year yield was 27 basis points lower, year-over-year. The spread between the 2-year and 10-year Treasury yield points on the curve decreased to +56 basis points at February month-end versus +71 basis points at January month-end. The prior 2-year/10-year yield curve inversion, which spanned from July 2022 to August 2024, was historically long. The average historical spread (since 2005) is about +95 basis points. The spread between the 3-month and 10-year Treasury yield points on the curve was +28 basis points in February versus +58 basis points in January.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%
US Treasury Note Yields
2-Year
5-Year
10-Year
Yield (%)
Source: Bloomberg

OBJECTIVES
Investment Objectives
Safety of principal is the foremost objective of the investment program. The investment portfolio shall remain sufficiently liquid to meet all requirements that may be reasonably anticipated. The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and econmic cycles, taking into account the investment risk constraints and liquidity needs.

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 this objective, the portfolio invests in high-quality fixed income securities that comply with the investment policy and all regulations governing the funds.

PORTFOLIO CHARACTERISTICS
Marin Clean Energy | Account #10993 | As of December 31, 2025 Benchmark* 12/31/2025
Portfolio
9/30/2025
Portfolio
Average Maturity (yrs) 2.64 3.01 3.05
Average Modified Duration 2.47 2.57 2.59
Average Purchase Yield 4.45% 4.49%
Average Market Yield 3.55% 3.80% 3.87%
Average Quality** AA+ AA+ AA+
Total Market Value 202,345,711 200,096,514
*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.

SECTOR DISTRIBUTION
Marin Clean Energy | Account #10993 | As of December 31, 2025 Sector as a Percentage of Market Value
Sector 12/31/2025 09/30/2025
US Treasury 41.34% 40.54%
Corporate 26.76% 27.40%
Agency CMBS 12.20% 10.91%
ABS 7.94% 9.05%
Agency 6.05% 6.62%
Supras 4.40% 4.45%
Muni Bonds 0.90% 0.91%
Money Mkt Fd 0.41% 0.13%
0-.25 .25-.5 .5-1 1-2 2-3 3-4 4-5 5-7 7+
Portfolio 4.3% 3.4% 10.2% 12.1% 27.3% 28.5% 14.3% 0.0% 0.0% ICE BofA 1-5 Year Unsubordinated US Treasury &
Agency Index 0.0% 0.0% 2.5% 35.4% 28.7% 21.2% 12.3% 0.0% 0.0%

DURATION DISTRIBUTION
Marin Clean Energy | Account #10993 | As of December 31, 2025 Portfolio Compared to the Benchmark
TOTAL RATE OF RETURN* 3 Months 12 Months 2 Years 3 Years 5 Years 10 Years Since Inception Marin Clean Energy 1.13% 6.16% 4.97% 4.94% 4.94%
Benchmark 1.11% 5.73% 4.57% 4.48% 4.48%
*Periods over 1 year are annualized.

Total rate of return: A measure of a portfolio’s performance over time. It is the internal rate of return, which equates the beginning value of the portfolio with the ending market value; it includes interest earnings, realized and unrealized gains and losses in the portfolio.

Benchmark: ICE BofA 1-5 Year Unsubordinated US Treasury & Agency Index

INVESTMENT PERFORMANCE
Marin Clean Energy | Account #10993 | As of December 31, 2025 Total Rate of Return : Inception | 01/01/2023

PORTFOLIO HOLDINGS

HOLDINGS REPORT
Marin Clean Energy | Account #10993 | As of December 31, 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
89238GAD3 TLOT 2024-A A3 5.25 04/20/2027 187,909.00 02/21/2024

5.25%
187,901.07
187,905.73
100.37

3.51%
188,595.62
301.44

0.09%
689.89
NA/AAA
AAA

1.30 0.20
44934FAD7 HALST 2024-B A3 5.41 05/17/2027 560,116.93 05/14/2024

5.41%
560,101.36
560,109.77
100.51

4.11%
562,972.97
1,346.77

0.28%
2,863.20
NA/AAA
AAA

1.38 0.37
47800CAC0 JDOT 2023 A3 5.01 11/15/2027 270,167.34 04/17/2023

4.63%
272,921.79
270,838.03
100.46

4.01%
271,410.39
601.57

0.14%
572.36
Aaa/NA
AAA

1.87 0.43
437927AC0 HAROT 2023-2 A3 4.93
11/15/2027 521,347.18 08/22/20235.43%
516,072.61
519,013.94
100.46

3.97%
523,764.15
1,142.33

0.26%
4,750.21
Aaa/AAA
NA

1.87 0.45
58770JAD6 MBALT 2024-A A3 5.32
01/18/2028 410,000.00 05/17/20245.73%
409,952.03
409,973.16
100.97

4.03%
413,983.97
969.42

0.21%
4,010.81
Aaa/NA
AAA

2.05 0.72
05592XAD2 BMWOT 2023-A A3 5.47
02/25/2028 437,162.96 11/09/20235.62%
436,411.58
436,786.79
100.60

4.08%
439,799.92
398.55

0.22%
3,013.13
NA/AAA
AAA

2.15 0.42
47787CAC7 JDOT 2023-C A3 5.48 05/15/2028 329,233.00 12/18/2023

4.92%
333,682.78
331,020.79
100.89

4.03%
332,170.74
801.87

0.17%
1,149.95
Aaa/NA
AAA

2.37 0.59
36267KAD9 GMCAR 2023-3 A3 5.45
06/16/2028 843,437.73 10/24/20235.76%
838,693.39
840,927.01
100.72

4.14%
849,503.73
1,915.31

0.42%
8,576.72
Aaa/AAA
NA

2.46 0.52
438123AC5 HAROT 2023-4 A3 5.67
06/21/2028 708,691.99 --

5.61%
710,925.62
709,683.74
101.09

4.09%
716,425.94
1,116.19

0.36%
6,742.20
Aaa/NA
AAA

2.47 0.64
89239FAD4 TAOT 2023-D A3 5.54 08/15/2028 346,998.76 11/07/2023

5.61%
346,961.35
346,978.14
101.10

4.10%
350,820.60
854.39

0.17%
3,842.47
NA/AAA
AAA

2.62 0.73
02582JKD1 AMXCA 2023-3 A 5.23 09/15/2026 500,000.00 10/25/2023

5.61%
495,781.25
498,971.33
100.99

3.84%
504,931.50
1,162.22

0.25%
5,960.17
NA/AAA
AAA

0.71 0.68
47800RAD5 JDOT 2024 A3 4.96 11/15/2028 500,000.00 03/25/2024

5.13%
499,765.63
499,854.87
100.88

3.98%
504,381.50
1,102.22

0.25%
4,526.63
Aaa/NA
AAA

2.88 0.85
05522RDH8 BACCT 2023-2 A 4.98 11/16/2026 1,000,000.00 02/20/2024

4.89%
1,003,515.63
1,001,123.73
101.04

3.79%
1,010,380.00
2,213.33

0.50%
9,256.27
Aaa/NA
AAA

0.88 0.84
437930AC4 HAROT 2024-2 A3 5.27
11/20/2028 519,127.49 05/14/20245.27%
519,064.41
519,087.05
101.21

3.84%
525,406.33
987.93

0.26%
6,319.28
NA/AAA
AAA

2.89 0.81
36268GAD7 GMCAR 2024-1 A3 4.85
12/18/2028 828,976.92 02/23/20245.10%
824,767.28
826,383.05
100.61

4.00%
834,035.34
1,675.22

0.42%
7,652.29
Aaa/NA
AAA

2.97 0.68
161571HV9 CHAIT 241 A 4.6 01/16/2029 1,100,000.00 02/29/2024

4.75%
1,092,910.16
1,095,572.34
100.90

3.75%
1,109,854.90
2,248.89

0.55%
14,282.56
NA/AAA
AAA

3.04 0.99

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
92348KBG7 VZMT 2023-1 A 4.49 01/22/2029 1,500,000.00 02/29/2024

5.17%
1,483,242.19
1,489,513.46
100.02

5.16%
1,500,313.50
2,057.92

0.75%
10,800.04
Aaa/NA
AAA

3.06 0.05
448973AD9 HART 2024-A A3 4.99 02/15/2029 623,382.95 03/11/2024

5.05%
623,245.50
623,295.48
100.86

3.96%
628,718.49
1,382.52

0.31%
5,423.00
NA/AAA
AAA

3.13 0.79
096919AD7 BMWOT 2024-A A3 5.18
02/26/2029 689,929.26 06/04/20245.18%
689,824.46
689,859.11
100.91

3.98%
696,226.24
595.64

0.35%
6,367.14
Aaa/AAA
NA

3.16 0.73
02582JKH2 AMXCA 2024-1 A 5.23 04/16/2029 1,235,000.00 04/16/2024

5.30%
1,234,746.83
1,234,832.85
101.89

3.75%
1,258,345.21
2,870.69

0.63%
23,512.36
NA/AAA
AAA

3.29 1.22
34535VAD6 FORDO 2024-D A3 4.61
08/15/2029 1,070,000.00 11/19/20244.66%
1,069,965.65
1,069,973.71
101.10

3.89%
1,081,768.93
2,192.31

0.54%
11,795.22
Aaa/NA
AAA

3.62 1.43
02582JKP4 AMXCA 2025-2 A 4.28 04/15/2030 1,600,000.00 05/06/2025

4.28%
1,599,971.04
1,599,974.79
101.14

3.79%
1,618,262.40
3,043.56

0.81%
18,287.61
NA/AAA
AAA

4.29 2.14
15,750,423.61 100.89 15,922,072.37 7.94% 2.74
Total ABS 15,781,481.50 5.11% 15,761,678.86 4.03% 30,980.28 160,393.51 0.86 AGENCY
3133EPSW6 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.5 08/14/2026 2,500,000.00 08/21/20234.81% 2,478,850.00
2,495,626.15
100.55

3.59%
2,513,712.50
42,812.50

1.25%
18,086.35
Aa1/AA+
AA+

0.62 0.60
3130AWTQ3 FEDERAL HOME LOAN BANKS

4.625 09/11/2026 3,000,000.00 10/24/20235.01%
2,969,070.00
2,992,561.51
100.69

3.60%
3,020,682.00
42,395.83

1.51%
28,120.49
Aa1/AA+
AA+

0.70 0.67
3133EPC60 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.625 11/15/2027 2,000,000.00 11/09/2023

4.73%
1,992,580.00
1,996,531.24
101.99

3.51%
2,039,756.00
11,819.44

1.02%
43,224.76
Aa1/AA+
AA+

1.87 1.77
3130ATS57 FEDERAL HOME LOAN BANKS 4.5
03/10/2028 1,500,000.00 03/22/20234.05%
1,529,865.00
1,513,154.43
102.09

3.50%
1,531,359.00
20,812.50

0.76%
18,204.57
Aa1/AA+
AA+

2.19 2.05
3133EPME2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 3.875 06/08/2028 2,000,000.00 06/02/20233.92% 1,996,034.00
1,998,070.18
100.86

3.50%
2,017,254.00
4,951.39

1.01%
19,183.82
Aa1/AA+
AA+

2.44 2.30
3133EPSK2 FEDERAL FARM CREDIT BANKS
FUNDING CORP 4.25 08/07/2028 1,000,000.00 08/17/20234.49% 989,510.00
994,506.07
101.73

3.55%
1,017,306.00
17,000.00

0.51%
22,799.93
Aa1/AA+
AA+

2.60 2.40
11,955,909.00 101.17 12,140,069.50 6.05% 1.52
Total Agency 12,000,000.00 4.57% 11,990,449.58 3.55% 139,791.67 149,619.92 1.43

AGENCY CMBS

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
3137BUX60CMO FHMS K-062 A2 3.413 12/25/2026 910,317.35 --

4.38%
876,869.67
902,710.09

99.52 3.72%
905,944.19
2,589.09

0.45%
3,234.09
Aa1/AA+
AAA

0.98 0.90
3137FAWS3 FHMS K-067 A2 3.194 07/25/2027 1,000,000.00 04/13/2023

4.09%
964,531.20
987,383.74

99.11 3.69%
991,081.00
2,661.67

0.49%
3,697.26
Aaa/AA+
AA+

1.56 1.45
3137FBU79 FHMS K-069 A2 3.187 09/25/2027 971,136.93 04/11/2023

4.10%
935,174.52
957,479.75

98.93 3.74%
960,725.37
2,579.18

0.48%
3,245.62
Aa1/AAA
AA+

1.73 1.61
3137FCJK1 FHMS K-070 A2 3.303 11/25/2027 1,000,000.00 03/30/2023

4.37%
955,625.00
982,255.30

99.07 3.74%
990,722.00
2,752.50

0.49%
8,466.70
Aaa/AA+
AA+

1.90 1.70
3137FEBQ2 FHMS K-072 A2 3.444 12/25/2027 1,500,000.00 10/31/2023

5.32%
1,397,167.97
1,451,726.27

99.26 3.75%
1,488,865.50
4,305.00

0.74%
37,139.23
Aa1/AA+
AAA

1.98 1.81
3137FETN0 FHMS K-073 A2 3.35 01/25/2028 1,500,000.00 --

4.21%
1,448,730.47
1,478,118.45

99.07 3.75%
1,486,114.50
4,187.50

0.74%
7,996.05
Aa1/AA+
AAA

2.07 1.86
3137FEZU7 FHMS K-076 A2 3.9 04/25/2028 1,500,000.00 --

5.11%
1,427,285.16
1,463,560.27
100.11

3.76%
1,501,606.50
4,875.00

0.75%
38,046.23
Aa1/AA+
AAA

2.32 2.09
3137FG6X8 FHMS K-077 A2 3.85 05/25/2028 2,512,000.00 --

6.30%
2,382,240.00
2,445,388.70
100.00

3.76%
2,512,052.75
8,059.33

1.25%
66,664.05
Aa1/AA+
AAA

2.40 2.17
3137FJKE8 FHMS K-082 A2 3.92 09/25/2028 1,500,000.00 10/30/2023

5.31%
1,411,113.28
1,450,948.63
100.21

3.76%
1,503,097.50
4,900.00

0.75%
52,148.87
Aa1/AA+
AAA

2.74 2.48
3137FKSH0 FHMS K-086 A2 3.859 11/25/2028 800,000.00 01/29/2025

4.54%
780,343.75
785,117.62

99.97 3.81%
799,728.00
2,572.67

0.40%
14,610.38
Aaa/AA+
AA+

2.90 2.66
3137H5YC5 FHMS K-748 A2 2.26 01/25/2029 3,000,000.00 --

4.25%
2,757,109.38
2,838,233.96

95.51 3.84%
2,865,345.00
5,650.00

1.43%
27,111.04
Aa1/AA+
AAA

3.07 2.83
3137FLMV3 FHMS K-090 A2 3.422 02/25/2029 3,650,000.00 02/27/2024

4.69%
3,445,542.97
3,521,844.79

98.66 3.83%
3,601,181.25
10,408.58

1.80%
79,336.46
Aa1/AAA
AA+

3.15 2.88
3137FPHK4 FHMS K-098 A2 2.425 08/25/2029 2,175,000.00 10/01/2024

3.83%
2,041,101.56
2,075,602.07

95.07 3.90%
2,067,735.53
4,395.31

1.03%
(7,866.54)
Aa1/AA+
AAA

3.65 3.34
3137FTFY8 FHMS K-109 A2 1.558 04/25/2030 1,400,000.00 12/16/2025

3.89%
1,272,796.88
1,273,854.19

90.69 3.97%
1,269,683.80
1,817.67

0.63%
(4,170.39)
Aa1/AA+
AAA

4.31 3.99
3137F63Z8 FHMS K-119 A2 1.566 09/25/2030 1,700,000.00 11/14/2025

4.02%
1,518,910.16
1,523,367.44

89.51 4.04%
1,521,704.00
2,218.50

0.76%
(1,663.44)
Aa1/AA+
AAA

4.73 4.42
Total Agency CMBS 25,118,454.28 4.64%
23,614,541.97
24,137,591.27

97.51 3.81%
24,465,586.88
63,972.00

12.20%
327,995.62

2.79 2.56

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
CASH
CCYUSD Receivable 2,390.85 -- 2,390.85
2,390.85

1.00 2,390.85

0.00 0.00%

0.00 Aaa/AAA
AAA

0.00 0.00
Total Cash 2,390.85
2,390.85
2,390.85

1.00 2,390.85

0.00 0.00%

0.00 0.00

0.00 CORPORATE
57636QAW4 MASTERCARD INC 4.875
03/09/2028 1,350,000.00 --4.93%
1,348,072.20
1,348,409.38
102.27

3.78%
1,380,704.40
20,475.00

0.69%
32,295.02
Aa3/A+
NA

2.19 1.96
931142FB4 WALMART INC 3.9 04/15/2028 1,250,000.00 --

4.10%
1,239,252.50
1,244,921.41
100.53

3.66%
1,256,591.25
10,291.67

0.63%
11,669.84
Aa2/AA
AA

2.29 2.08
58933YBH7 MERCK & CO INC 4.05 05/17/2028 1,000,000.00 06/01/2023

4.11%
997,360.00
998,734.03
100.72

3.73%
1,007,205.00
4,950.00

0.50%
8,470.97
Aa3/A+
NA

2.38 2.16
74153WCS6 PRICOA GLOBAL FUNDING I 5.1
05/30/2028 500,000.00 06/01/20235.01%
502,005.00
500,968.92
102.48

4.01%
512,423.00
2,195.83

0.26%
11,454.08
Aa3/AA-AA-2.41

2.25 66815L2M0 NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.9 06/12/2028 750,000.00 10/24/2023

5.82%
722,362.50
735,404.92
102.22

3.94%
766,626.00
1,939.58

0.38%
31,221.08
Aa1/AA+
AAA

2.45 2.28
64952WFD0 NEW YORK LIFE GLOBAL FUNDING

4.9 06/13/2028 500,000.00 10/24/20235.80%
481,860.00
490,415.39
102.24

3.93%
511,184.50
1,225.00

0.25%
20,769.11
Aa1/AA+
AAA

2.45 2.29
06051GKW8 BANK OF AMERICA CORP 4.948
07/22/2028 1,000,000.00 12/18/2023

5.54%
996,710.00
998,576.01
101.42

4.67%
1,014,159.00
21,853.67

0.51%
15,582.99
A1/A-AA-2.56

1.46 46647PDG8 JPMORGAN CHASE & CO 4.851
07/25/2028 1,000,000.00 10/27/2023

6.37%
958,670.00
982,715.99
101.29

4.64%
1,012,856.00
21,021.00

0.51%
30,140.01
A1/A
AA-2.571.47
69371RS64 PACCAR FINANCIAL CORP 4.95
08/10/2028 405,000.00 08/03/2023

4.99%
404,360.10
404,666.57
102.83

3.80%
416,450.16
7,851.94

0.21%
11,783.59
A1/A+
NA

2.61 2.39
61747YEV3 MORGAN STANLEY 6.296
10/18/2028 1,000,000.00 10/27/2023

6.23%
1,002,120.00
1,000,958.98
103.88

4.69%
1,038,816.00
12,766.89

0.52%
37,857.02
A1/A-A+2.80

1.67 89236TLL7 TOYOTA MOTOR CREDIT CORP

4.65 01/05/2029 1,000,000.00 02/20/20244.82%
992,770.00
995,529.51
101.82

4.00%
1,018,183.00
22,733.33

0.51%
22,653.49
A1/A+
A+

3.01 2.73
66815L2Q1

NORTHWESTERNMUTUAL
GLOBAL FUNDING 4.71
01/10/2029
750,000.00
02/29/2024

5.02%
740,122.50
743,843.97
101.77

4.08%
763,242.75
16,779.38

0.38%
19,398.78
Aa1/AA+
AAA

3.03 2.74

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
24422EXH7 JOHN DEERE CAPITAL CORP 4.5
01/16/2029 500,000.00 02/20/20244.69%
495,830.00
497,411.80
101.60

3.94%
507,986.00
10,312.50

0.25%
10,574.20
A1/A
A+

3.04 2.76
57629W5B2 MASSMUTUAL GLOBAL FUNDING
II 4.85 01/17/2029 780,000.00 01/09/20244.85%
779,898.60
779,938.28
102.04

4.13%
795,908.88
17,233.67

0.40%
15,970.60
Aa3/AA+
AA+

3.05 2.75
64952WFF5 NEW YORK LIFE GLOBAL FUNDING

4.7 01/29/2029 750,000.00 02/29/20244.99%
740,580.00
744,091.47
101.70

4.10%
762,747.00
14,883.33

0.38%
18,655.53
Aa1/AA+
AAA

3.08 2.79
78016HZV5 ROYAL BANK OF CANADA 4.95
02/01/2029 1,000,000.00 02/20/20245.04%
996,120.00
997,578.76
102.65

4.03%
1,026,479.00
20,625.00

0.51%
28,900.24
A1/A
AA-3.092.79
532457CK2 ELI LILLY AND CO 4.5 02/09/2029 935,000.00 02/07/2024

4.51%
934,382.90
934,616.63
101.89

3.85%
952,633.17
16,596.25

0.48%
18,016.53
Aa3/A+
NA

3.11 2.76
17275RBR2 CISCO SYSTEMS INC 4.85
02/26/2029 1,500,000.00 --4.83%
1,501,104.25
1,500,688.83
102.64

3.95%
1,539,618.00
25,260.42

0.77%
38,929.17
A1/AA-NA3.16

2.79 09290DAA9 BLACKROCK INC 4.7 03/14/2029 1,740,000.00 03/05/2024

4.74%
1,736,850.60
1,737,985.49
102.22

3.95%
1,778,666.28
24,306.83

0.89%
40,680.79
Aa3/AA-NA3.20

2.84 58989V2H6 MET TOWER GLOBAL FUNDING

5.25 04/12/2029 500,000.00 05/28/2024

5.28%
499,395.00
499,592.93
103.31

4.16%
516,547.50
5,760.42

0.26%
16,954.57
Aa3/AA-AA-3.28

2.96 57629W4T4 MASSMUTUAL GLOBAL FUNDING
II 5.15 05/30/2029 500,000.00 05/28/2024

5.20%
498,975.00
499,301.14
102.95

4.21%
514,727.00
2,217.36

0.26%
15,425.86
Aa3/AA+
AA+

3.41 3.10
713448FX1 PEPSICO INC 4.5 07/17/2029 1,140,000.00 07/15/2024

4.53%
1,138,233.00
1,138,748.78
101.96

3.90%
1,162,316.64
23,370.00

0.58%
23,567.86
A1/A+
NA

3.54 3.12
46647PAV8 JPMORGAN CHASE & CO 4.203
07/23/2029 1,000,000.00 09/12/20244.32%
995,730.00
997,169.50
100.32

4.37%
1,003,243.00
18,446.50

0.50%
6,073.50
A1/A
AA-3.562.36
30303M8S4 META PLATFORMS INC 4.3
08/15/2029 1,500,000.00 --4.29%
1,500,395.13
1,500,280.35
101.20

3.94%
1,518,072.00
24,366.67

0.76%
17,791.65
Aa3/AA-NA3.62

3.20 14913UAQ3 CATERPILLAR FINANCIAL SERVICES
CORP 4.375 08/16/2029 1,500,000.00 08/16/2024

4.34%
1,502,595.00
1,501,883.26
101.37

3.96%
1,520,574.00
24,609.38

0.76%
18,690.74
A2/A
A+

3.62 3.27
95000U4A8 WELLS FARGO & CO 4.078
09/15/2029 2,000,000.00 09/26/20254.44%
1,990,760.00
1,991,360.25

99.92 4.24%
1,998,394.00
24,014.89

1.00%
7,033.75
A1/BBB+
A+

3.71 2.51
40139LBJ1 GUARDIAN LIFE GLOBAL FUNDING

4.179 09/26/2029 1,220,000.00 09/23/20244.18%
1,220,000.00
1,220,000.00

99.93 4.20%
1,219,192.36
13,454.06

0.61%
(807.64)
Aa1/AA+
NA

3.74 3.39
14913UAU4 CATERPILLAR FINANCIAL SERVICES
CORP 4.7 11/15/2029 1,000,000.00 11/22/20244.71%
999,600.00
999,688.55
102.60

3.97%
1,025,977.00
6,005.56

0.51%
26,288.45
A2/A
A+

3.87 3.50
857449AE2 STATE STREET BANK AND TRUST
CO 4.782 11/23/2029 2,000,000.00 11/29/20244.60%
2,016,280.00
2,012,740.87
102.93

3.96%
2,058,586.00
10,095.33

1.03%
45,845.13
Aa2/AA-AA3.90

3.52 HOLDINGS REPORT
Marin Clean Energy | Account #10993 | As of December 31, 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
59217GFT1 METROPOLITAN LIFE GLOBAL
FUNDING I 4.9 01/09/2030 1,440,000.00 01/02/20254.95%
1,437,033.60
1,437,613.56
102.32

4.27%
1,473,379.20
33,712.00

0.73%
35,765.64
Aa3/AA-AA-4.02

3.54 89236TNA9 TOYOTA MOTOR CREDIT CORP

4.95 01/09/2030 1,550,000.00 01/06/20255.00%
1,546,683.00
1,547,331.50
102.97

4.14%
1,595,980.75
36,657.50

0.80%
48,649.25
A1/A+
A+

4.02 3.54
57629TBV8 MASSMUTUAL GLOBAL FUNDING
II 4.95 01/10/2030 1,050,000.00 01/03/20254.96%
1,049,496.00
1,049,594.26
102.38

4.30%
1,074,937.50
24,688.13

0.54%
25,343.24
Aa3/AA+
AA+

4.03 3.54
61747YFK6 MORGAN STANLEY 5.173
01/16/2030 1,350,000.00 01/13/20255.39%
1,339,537.50
1,342,043.92
102.66

4.45%
1,385,865.45
32,007.94

0.69%
43,821.53
A1/A-A+4.04

2.73 713448GB8 PEPSICO INC 4.6 02/07/2030 1,000,000.00 02/07/2025

4.72%
994,710.00
995,653.09
102.28

3.99%
1,022,811.00
18,400.00

0.51%
27,157.91
A1/A+
NA

4.10 3.58
06051GHQ5 BANK OF AMERICA CORP 3.974
02/07/2030 1,000,000.00 02/12/20255.14%
958,580.00
967,746.49

99.44 4.40%
994,369.00
15,896.00

0.50%
26,622.51
A1/A-AA-4.10

2.84 532457CV8 ELI LILLY AND CO 4.75 02/12/2030 1,000,000.00 05/16/2025

4.47%
1,011,760.00
1,010,188.77
102.83

4.00%
1,028,280.00
18,340.28

0.51%
18,091.23
Aa3/A+
NA

4.12 3.58
12572QAL9 CME GROUP INC 4.4 03/15/2030 2,000,000.00 09/12/2025

3.99%
2,032,560.00
2,030,381.26
101.44

4.02%
2,028,768.00
25,911.11

1.01%
(1,613.26)
Aa3/AA-AA-4.20

3.69 69371RT71 PACCAR FINANCIAL CORP 4.55
05/08/2030 2,160,000.00 05/05/2025

4.59%
2,156,652.00
2,157,088.38
101.85

4.08%
2,199,893.04
14,469.00

1.10%
42,804.66
A1/A+
NA

4.35 3.89
74153WCW7 PRICOA GLOBAL FUNDING I 4.7
05/28/2030 1,500,000.00 08/19/2025

4.40%
1,519,215.00
1,517,736.92
101.76

4.26%
1,526,454.00
6,462.50

0.76%
8,717.08
Aa3/AA-AA-4.41

3.93 40139LBN2 GUARDIAN LIFE GLOBAL FUNDING

4.327 10/06/2030 1,650,000.00 09/30/20254.33%
1,650,000.00
1,650,000.00
100.18

4.28%
1,653,027.75
16,857.27

0.82%
3,027.75
Aa1/AA+
NA

4.76 4.22
24422EYF0 JOHN DEERE CAPITAL CORP 4.375
10/15/2030 2,000,000.00 11/04/20254.22%
2,013,840.00
2,013,402.95
101.05

4.13%
2,021,068.00
18,472.22

1.01%
7,665.05
A1/A
A+

4.79 4.25
30303MAB8 META PLATFORMS INC 4.2
11/15/2030 1,250,000.00 11/12/2025

4.11%
1,255,000.00
1,254,874.51
100.21

4.15%
1,252,641.25
8,458.33

0.62%
(2,233.26)
Aa3/AA-NA4.87

4.27 665859AY0 NORTHERN TRUST CORP 4.15
11/19/2030 1,800,000.00 11/12/20254.16%
1,799,118.00
1,799,138.77
100.11

4.12%
1,801,949.40
8,715.00

0.90%
2,810.63
A2/A+
A+

4.88 4.36
023135CT1 AMAZON.COM INC 4.1
11/20/2030 2,000,000.00 12/11/20254.07%
2,002,620.00
2,002,590.45
100.11

4.07%
2,002,180.00
9,338.89

1.00%
(410.45)
A1/AA
AA-4.89

4.37 Total Corporate 52,820,000.00 4.68%
52,699,199.38
52,773,606.78
101.60

4.10%
53,661,713.23
714,027.61

26.76%
888,106.45

3.69 3.16

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration

MONEY MARKET
FUND
31846V203 FIRST AMER:GVT OBLG Y 826,324.59 --

3.40%
826,324.59
826,324.59

1.00 3.40%
826,324.59

0.00 0.41%

0.00 Aaa/AAAm
AAA

0.00 0.00
Total Money Market
Fund 826,324.59 3.40%
826,324.59
826,324.59

1.00 3.40%
826,324.59

0.00 0.41%

0.00 0.00

0.00 MUNICIPAL BONDS
13063EGT7 CALIFORNIA STATE 4.5 08/01/2029 1,755,000.00 10/30/2024

4.38%
1,764,248.85
1,761,992.77
102.47

3.76%
1,798,348.50
32,906.25

0.90%
36,355.73
Aa2/AA-AA3.58

3.23 Total Municipal
Bonds 1,755,000.00 4.38%
1,764,248.85
1,761,992.77
102.47

3.76%
1,798,348.50
32,906.25

0.90%
36,355.73

3.58 3.23

SUPRANATIONAL
459058KT9

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 3.5 07/12/2028
2,500,000.00
08/25/2023

4.56%
2,385,525.00
2,440,606.84

99.78 3.59%
2,494,587.50
41,076.39

1.24%
53,980.66
Aaa/AAA
NA

2.53 2.36
4581X0EN4 INTER-AMERICAN DEVELOPMENT
BANK 4.125 02/15/2029 2,500,000.00 02/20/20244.35%
2,474,725.00
2,484,154.52
101.46

3.63%
2,536,465.00
38,958.33

1.26%
52,310.48
Aaa/AAA
NA

3.13 2.86
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
1,727,697.87
100.70

3.68%
1,762,246.50
14,122.50

0.88%
34,548.63
Aaa/AAA
NA

3.79 3.47
459058LR2

INTERNATIONAL BANK FOR

RECONSTRUCTION AND
DEVELOPM 4.125 03/20/2030
2,000,000.00
03/14/2025

4.20%
1,993,200.00
1,994,268.78
101.49

3.74%
2,029,762.00
23,145.83

1.01%
35,493.22
Aaa/AAA
NA

4.22 3.80
Total Supranational 8,750,000.00 4.36%
8,574,960.00
8,646,728.02
100.84

3.65%
8,823,061.00
117,303.06

4.40%
176,332.98

3.34 3.06

US TREASURY
91282CGE5 UNITED STATES TREASURY 3.875
01/15/2026 3,000,000.00 --4.35%
2,974,648.44
2,999,482.53
100.00

3.69%
3,000,123.00
53,702.45

1.50%
640.47
Aa1/AA+
AA+

0.04 0.04
91282CGL9 UNITED STATES TREASURY 4.0
02/15/2026 3,000,000.00 02/26/20244.71%
2,960,156.25
2,997,506.30
100.03

3.70%
3,000,873.00
45,326.09

1.50%
3,366.70
Aa1/AA+
AA+

0.13 0.12

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CGV7 UNITED STATES TREASURY 3.75
04/15/2026 2,000,000.00 06/14/20234.43%
1,963,984.38
1,996,381.04
100.05

3.55%
2,000,944.00
16,071.43

1.00%
4,562.96
Aa1/AA+
AA+

0.29 0.28
91282CHB0 UNITED STATES TREASURY 3.625
05/15/2026 2,000,000.00 06/01/20233.99%
1,979,843.75
1,997,494.49
100.03

3.53%
2,000,542.00
9,412.98

1.00%
3,047.51
Aa1/AA+
AA+

0.37 0.36
9128286X3 UNITED STATES TREASURY 2.125
05/31/2026 1,000,000.00 --4.14%
933,953.13
992,301.00

99.40 3.60%
994,011.00
1,868.13

0.50%
1,710.00
Aa1/AA+
AA+

0.41 0.40
91282CJC6 UNITED STATES TREASURY 4.625
10/15/2026 3,000,000.00 10/30/20234.88%
2,978,789.06
2,994,363.39
100.81

3.57%
3,024,171.00
29,732.14

1.51%
29,807.61
Aa1/AA+
AA+

0.79 0.76
91282CJK8 UNITED STATES TREASURY 4.625
11/15/2026 1,500,000.00 11/09/20234.71%
1,496,308.59
1,498,928.95
100.89

3.57%
1,513,402.50
9,007.25

0.75%
14,473.55
Aa1/AA+
AA+

0.87 0.84
912828U24 UNITED STATES TREASURY 2.0
11/15/2026 1,000,000.00 --4.09%
923,117.19
983,221.94

98.68 3.56%
986,787.00
2,596.69

0.49%
3,565.06
Aa1/AA+
AA+

0.87 0.85
91282CKA8 UNITED STATES TREASURY 4.125
02/15/2027 3,000,000.00 02/27/20244.47%
2,971,171.88
2,989,086.31
100.66

3.52%
3,019,689.00
46,742.53

1.51%
30,602.69
Aa1/AA+
AA+

1.13 1.07
91282CEF4 UNITED STATES TREASURY 2.5
03/31/2027 3,000,000.00 --

4.02%
2,851,679.68
2,947,485.15

98.76 3.53%
2,962,851.00
19,162.09

1.48%
15,365.85
Aa1/AA+
AA+

1.25 1.20
91282CEW7 UNITED STATES TREASURY 3.25
06/30/2027 1,000,000.00 --

4.00%
968,453.13
989,776.93

99.66 3.49%
996,563.00

89.78 0.50%
6,786.07
Aa1/AA+
AA+

1.50 1.45
91282CFU0 UNITED STATES TREASURY 4.125
10/31/2027 1,000,000.00 --

4.00%
1,005,632.81
1,002,084.82
101.11

3.49%
1,011,094.00
7,064.92

0.50%
9,009.18
Aa1/AA+
AA+

1.83 1.74
91282CGC9 UNITED STATES TREASURY 3.875
12/31/2027 1,500,000.00 --3.57%
1,520,419.92
1,508,361.05
100.75

3.48%
1,511,191.50
160.57

0.75%
2,830.45
Aa1/AA+
AA+

2.00 1.91
91282CHE4 UNITED STATES TREASURY 3.625
05/31/2028 2,000,000.00 06/01/2023

3.70%
1,993,046.88
1,996,643.45
100.26

3.51%
2,005,234.00
6,373.63

1.00%
8,590.55
Aa1/AA+
AA+

2.42 2.28
91282CHQ7 UNITED STATES TREASURY 4.125
07/31/2028 2,500,000.00 08/21/20234.45%
2,463,964.84
2,481,193.84
101.49

3.51%
2,537,305.00
43,155.57

1.27%
56,111.16
Aa1/AA+
AA+

2.58 2.39
91282CHX2 UNITED STATES TREASURY 4.375
08/31/2028 400,000.00 09/25/20234.62%
395,781.25
397,720.80
102.11

3.53%
408,453.20
5,946.13

0.20%
10,732.40
Aa1/AA+
AA+

2.67 2.46
91282CJF9 UNITED STATES TREASURY 4.875
10/31/2028 3,000,000.00 10/26/20234.85%
3,002,929.69
3,001,658.07
103.54

3.54%
3,106,290.00
25,048.34

1.55%
104,631.93
Aa1/AA+
AA+

2.84 2.61
91282CJW2 UNITED STATES TREASURY 4.0
01/31/2029 2,000,000.00 02/16/20244.31%
1,972,500.00
1,982,854.37
101.27

3.56%
2,025,468.00
33,478.26

1.01%
42,613.63
Aa1/AA+
AA+

3.08 2.83
91282CKG5 UNITED STATES TREASURY 4.125
03/31/2029 1,000,000.00 04/29/20244.67%
976,367.19
984,407.08
101.66

3.58%
1,016,563.00
10,539.15

0.51%
32,155.92
Aa1/AA+
AA+

3.25 2.99

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
91282CKP5 UNITED STATES TREASURY 4.625
04/30/2029 2,500,000.00 05/03/20244.48%
2,515,966.80
2,510,659.16
103.23

3.58%
2,580,762.50
19,803.18

1.29%
70,103.35
Aa1/AA+
AA+

3.33 3.05
91282CKT7 UNITED STATES TREASURY 4.5
05/31/2029 4,400,000.00 --4.28%
4,442,750.00
4,429,522.87
102.88

3.60%
4,526,500.00
17,406.59

2.26%
96,977.13
Aa1/AA+
AA+

3.41 3.13
91282CKX8 UNITED STATES TREASURY 4.25
06/30/2029 1,500,000.00 07/18/20244.09%
1,510,605.47
1,507,488.98
102.11

3.60%
1,531,699.50
176.11

0.76%
24,210.52
Aa1/AA+
AA+

3.50 3.23
91282CLK5 UNITED STATES TREASURY 3.625
08/31/2029 6,500,000.00 --3.49%
6,539,550.78
6,529,247.96

99.98 3.63%
6,498,986.00
80,060.43

3.24%
(30,261.96)
Aa1/AA+
AA+

3.67 3.36
91282CLN9 UNITED STATES TREASURY 3.5
09/30/2029 2,000,000.00 10/04/20243.76%
1,976,250.00
1,982,138.54

99.54 3.63%
1,990,704.00
17,884.62

0.99%
8,565.46
Aa1/AA+
AA+

3.75 3.45
91282CLR0 UNITED STATES TREASURY 4.125
10/31/2029 3,000,000.00 11/19/20244.24%
2,985,234.38
2,988,561.96
101.71

3.64%
3,051,327.00
21,194.75

1.52%
62,765.04
Aa1/AA+
AA+

3.83 3.49
91282CMA6 UNITED STATES TREASURY 4.125
11/30/2029 2,000,000.00 12/16/2024

4.25%
1,988,515.63
1,990,928.05
101.73

3.65%
2,034,532.00
7,252.75

1.01%
43,603.95
Aa1/AA+
AA+

3.91 3.58
91282CGS4 UNITED STATES TREASURY 3.625
03/31/2030 2,000,000.00 04/04/2025

3.62%
2,000,078.13
2,000,066.58

99.81 3.67%
1,996,250.00
18,523.35

1.00%
(3,816.58)
Aa1/AA+
AA+

4.25 3.86
91282CMZ1 UNITED STATES TREASURY 3.875
04/30/2030 3,000,000.00 05/08/2025

4.00%
2,983,593.75
2,985,733.70
100.78

3.68%
3,023,439.00
19,910.22

1.51%
37,705.30
Aa1/AA+
AA+

4.33 3.93
91282CNG2 UNITED STATES TREASURY 4.0
05/31/2030 5,000,000.00 --

4.01%
4,998,007.81
4,998,239.09
101.27

3.68%
5,063,670.00
17,582.42

2.52%
65,430.91
Aa1/AA+
AA+

4.41 4.00
91282CNK3 UNITED STATES TREASURY 3.875
06/30/2030 3,000,000.00 07/09/20253.95%
2,989,687.50
2,990,681.27
100.75

3.69%
3,022,617.00
321.13

1.51%
31,935.73
Aa1/AA+
AA+

4.50 4.09
91282CNN7 UNITED STATES TREASURY 3.875
07/31/2030 2,500,000.00 08/21/20253.85%
2,502,734.38
2,502,534.30
100.74

3.70%
2,518,457.50
40,540.08

1.26%
15,923.20
Aa1/AA+
AA+

4.58 4.10
91282CNX5 UNITED STATES TREASURY 3.625
08/31/2030 4,000,000.00 --3.69%
3,987,734.37
3,988,482.38

99.64 3.71%
3,985,780.00
49,267.96

1.99%
(2,702.38)
Aa1/AA+
AA+

4.67 4.20
91282CPD7 UNITED STATES TREASURY 3.625
10/31/2030 1,500,000.00 11/05/20253.76%
1,490,566.41
1,490,856.67

99.58 3.72%
1,493,671.50
9,312.85

0.74%
2,814.83
Aa1/AA+
AA+

4.83 4.36
91282CPN5 UNITED STATES TREASURY 3.5
11/30/2030 2,500,000.00 12/03/20253.63%
2,485,644.53
2,485,865.14

98.99 3.73%
2,474,805.00
7,692.31

1.23%
(11,060.14)
Aa1/AA+
AA+

4.91 4.45
Total US Treasury 82,300,000.00 4.12%
81,729,668.00
82,121,958.16
100.76

3.61%
82,914,756.20
692,406.85

41.34%
792,798.04

2.88 2.63

Gain/Loss
Moody's/
S&P/
Fitch
Maturity
Duration
Total Portfolio 199,353,651.22 4.45%
196,917,666.25
198,022,720.88
100.23

3.80%
200,554,323.12
1,791,387.71
100.00%
2,531,602.24

3.01 2.57
Total Market Value +
Accrued 202,345,710.83

TRANSACTIONS

ACQUISITIONS
Purchase 11/05/2025 24422EYF0 2,000,000.00

JOHN DEERE
CAPITAL CORP 4.375
10/15/2030
100.692 4.22% (2,013,840.00) (4,861.11) (2,018,701.11) 0.00 Purchase 11/06/2025 91282CPD7 1,500,000.00

UNITED STATES
TREASURY 3.625
10/31/2030

99.371 3.76% (1,490,566.41) (901.24) (1,491,467.65) 0.00 Purchase 11/17/2025 30303MAB8 1,250,000.00 META PLATFORMS INC

4.2 11/15/2030 100.400 4.11% (1,255,000.00) (2,041.67) (1,257,041.67) 0.00 Purchase 11/19/2025 3137F63Z8 1,700,000.00 FHMS K-119 A2 1.566 09/25/2030 89.348 4.02% (1,518,910.16) (1,331.10) (1,520,241.26) 0.00 Purchase 11/19/2025 665859AY0 1,800,000.00 NORTHERN TRUST CORP 4.15 11/19/2030 99.951 4.16% (1,799,118.00) 0.00 (1,799,118.00) 0.00 Purchase 12/04/2025 91282CPN5 2,500,000.00

UNITED STATES
TREASURY 3.5
11/30/2030

99.426 3.63% (2,485,644.53) (961.54) (2,486,606.07) 0.00 Purchase 12/12/2025 023135CT1 2,000,000.00 AMAZON.COM INC 4.1 11/20/2030 100.131 4.07% (2,002,620.00) (5,011.11) (2,007,631.11) 0.00 Purchase 12/19/2025 3137FTFY8 1,400,000.00 FHMS K-109 A2 1.558 04/25/2030 90.914 3.89% (1,272,796.88) (1,090.60) (1,273,887.48) 0.00 Total Purchase 14,150,000.00 (13,838,495.98) (16,198.37) (13,854,694.35) 0.00 TOTAL
ACQUISITIONS 14,150,000.00 (13,838,495.98) (16,198.37) (13,854,694.35) 0.00

DISPOSITIONS
Maturity 11/30/2025 9128285N6 (500,000.00)

UNITED STATES
TREASURY 2.875
11/30/2025
100.000 3.79% 500,000.00 0.00 500,000.00 0.00
Maturity 12/15/2025 91282CGA3 (1,000,000.00)

UNITED STATES
TREASURY 4.0
12/15/2025
100.000 3.91% 1,000,000.00 0.00 1,000,000.00 0.00
Total Maturity (1,500,000.00) 1,500,000.00 0.00 1,500,000.00 0.00 Sale 11/05/2025 24422EWV7 (600,000.00) JOHN DEERE CAPITAL CORP 4.9 03/03/2028 102.226 4.38% 613,356.00 5,063.33 618,419.33 6,846.53

TRANSACTION LEDGER
Marin Clean Energy | Account #10993|10/01/2025 Through 12/31/2025| Transaction
Type
Settlement
Date CUSIP Quantity Security Description Price Acq/DispYield Amount Interest Pur/Sold Total Amount Gain/Loss Sale 11/05/2025 24422EXZ7 (915,000.00) JOHN DEERE CAPITAL CORP 4.65 01/07/2028 101.524 4.66% 928,944.60 13,946.13 942,890.73 14,143.76 Sale 11/05/2025 24422EXB0 (500,000.00) JOHN DEERE CAPITAL CORP 4.95 07/14/2028 102.601 5.49% 513,005.00 7,631.25 520,636.25 19,336.99 Sale 11/14/2025 46647PCP9 (400,000.00) JPMORGAN CHASE & CO 1.47 09/22/2027 97.721 5.44% 390,884.00 849.33 391,733.33 2,669.05 Sale 11/14/2025 713448DY1 (500,000.00) PEPSICOINC 3.0
10/15/2027 98.634 4.11% 493,170.00 1,208.33 494,378.33 2,800.43 Sale 11/14/2025 78016FZS6 (300,000.00)

ROYAL BANK OF
CANADA 4.24
08/03/2027
100.547 4.61% 301,641.00 3,568.67 305,209.67 3,349.69
Sale 11/14/2025 89115A2H4 (300,000.00)

TORONTO-DOMINION
BANK 4.693
09/15/2027
101.178 4.67% 303,534.00 2,307.39 305,841.39 3,434.37
Sale 11/14/2025 89236TKJ3 (400,000.00)

TOYOTA MOTOR
CREDIT CORP 4.55
09/20/2027
101.184 4.83% 404,736.00 2,730.00 407,466.00 6,584.90
Sale 11/14/2025 023135CP9 (1,000,000.00) AMAZON.COM INC

4.55 12/01/2027 101.449 4.47% 1,014,490.00 20,601.39 1,035,091.39 13,070.14 Sale 11/17/2025 3135G0K36 (1,000,000.00)

FEDERAL NATIONAL

MORTGAGE
ASSOCIATION 2.125
04/24/2026

99.253 4.01% 992,530.00 1,357.64 993,887.64 144.35
Sale 11/17/2025 69371RS31 (200,000.00) PACCAR FINANCIAL CORP 4.6 01/10/2028 101.502 4.71% 203,004.00 3,245.56 206,249.56 3,420.47 Sale 11/17/2025 037833DK3 (500,000.00) APPLE INC 3.0
11/13/2027 98.790 4.19% 493,950.00 166.67 494,116.67 4,606.79 Sale 12/12/2025 857477CU5 (1,350,000.00) STATE STREET CORP

4.536 02/28/2028 101.421 4.51% 1,369,183.50 17,690.40 1,386,873.90 19,183.50 Sale 12/12/2025 66815L2K4 (700,000.00)

NORTHWESTERN

MUTUAL GLOBAL
FUNDING 4.35
09/15/2027
100.720 4.74% 705,040.00 7,358.75 712,398.75 9,356.41
Total Sale (8,665,000.00) 8,727,468.10 87,724.84 8,815,192.94 108,947.38 TOTAL
DISPOSITIONS (10,165,000.00) 10,227,468.10 87,724.84 10,315,192.94 108,947.38

IMPORTANT DISCLOSURES
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.

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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.

BENCHMARK 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.

MCE Finance CommitteeMarch 26, 2026

MCE Finance Committee
March 26, 2026