Item No. 1
DATE: June 23, 2025
TO:
FROM: Jennifer Crawford, Interim City
Phil White, Director of Financ
AGENDA REPORT
Honorable Mayor and City Council
ager/Treasurer 3C.-
SUBJECT: Monthly Treasurer's Report May 2025
RECOMMENDATION:
That the City Council receive and file the Monthly Treasurer's Report for May 2025.
BACKGROUND/DISCUSSION:
To comply with the requirements of California Government Code Section 53607 and the recommendation of California Government Code Section 53646, a treasurer's report is submitted to the Council monthly.
It is the responsibility of the Finance staff to develop the Monthly Treasurer's Report in a timely manner for review by the City Manager/Treasurer, and ultimately the City Council. It is the function of the Treasurer to deposit and invest funds in accordance with the Investment Policy of the City of Yucaipa to achieve the stated objectives of preservation of capital, liquidity, and return on investment. The purpose of the Monthly Treasurer's Report is to provide the City Council with a snapshot of the City's investment portfolio. The balances included in the Monthly Treasurer's Report represent the market value of the City's investments.
The City utilizes the Monthly Treasurer's Report as one tool to monitor fiscal performance. The City's net position or fund balance (equity) is comprised of assets less liabilities. The portfolio is just one component of assets. The portfolio balance will fluctuate based on investment performance (yield) as well as timing of cash inflows (revenue collection) and cash outflows (expenditure payments).
The yield for the investment held with the Local Agency Investment Fund (LAIF) was 4.272% in May.
While the City does not have outstanding debt related to bond issuances, the City acts in a fiduciary capacity for the Successor Agency to the former Redevelopment Agency and the Chapman Heights Community Facilities District, both of which maintain outstanding bonds. The City pools cash and investments of all funds, except for assets related to the bond issuances of the Successor Agency and
Community Facilities District which are required to be held in separate accounts with fiscal agents in accordance with the bond indentures.
As required by the Investment Policy, the attached Monthly Treasurer's Report includes a certification that (1) All investment actions executed since the last report have been made in full compliance with the Investment Policy; and (2) the City will meet its expenditure obligations for the next six months.
FISCAL IMPACT:
The recommendation does not result in a fiscal impact.
Attachment(s):
1 Treasurer Report — May
2. Treasurer Managed Portfolio Summary — May
3. LAIF Quarterly Interest Statement — May
4. Wells Fargo Operating Account — May
5. Investments with Fiscal Agent Summary — May
6. Portfolio Holdings - May
ATTACHMENT 1
City of Yucaipa
Treasurer's Report - May 31, 2025
Attachment 2
Institution/Investment Type
April 2025
Balance
May 2025
Balance
Funds Under Control of the City:
U.S. Bank Investment Account - Managed by Treasurer
Cash and Equivalents
$ 1,487,024.36
$ 3,192,423.84
U.S. Government Issues
36,200,603.70
34,738,980.25
Corporate Issues
3,000,546.57
2,747,346.05
Municipal Issues
194,974.00
195,118.50
$ 40,883,148.63
$ 40,873,868.64
Local Agency Investment Fund (LAIF)
$ 15,989,553.03
$ 15,989,553.03
City Checking Account (Wells Fargo)
$ 7,423,855.38
$ 6,392,595.44
Petty Cash / Change Drawers
$ 2,750.00
$ 2,750.00
Total Funds Under Control of the City
$ 64,299,307.04
$ 63,258,767.11
Funds with Fiscal Agents:
Bank of New York Mellon
CFD 98-1 - Municipal Bond Insurance Policy
$ 1.00
$ 1.00
CFD 98-1- Admin Exp Acct
$ 80,354.58
$ 80,354.58
CFD 98-1 - Cash
$ 201,577.53
$ 201,577.53
U.S. Bank
RDA 1998 TAB - Blackrock Instl Funds
$ 94.98
$ 95.30
RDA 1998 TAB - LAIF
$ 48,561.60
$ 48,561.60
RDA 2004 TAB - Blackrock Instl Funds
$ 159,709.48
$ 160,262.38
RDA 2010 TAB - Blackrock Instl Funds
$ 367,657.74
$ 368,930.54
Total Funds with Fiscal Agents
$ 857,956.91
$ 859,782.93
Grand Total
$ 65,157,263.95
$ 64,118,550.04
1. All investment actions executed since the last report have been made in full compliance with the Investment Policy; and
2. The City will meet its expenditure obligations for the next six months.
Treasurer:
�n Dact7)\1"
ATTACHMENT 2
00190501
65- -01-B -82-156-01
0101-11-04304-01
CITY OF YUCAIPA - TREASURER MANAGED
ACCOUNT
embank.
Period from May 1, 2025 to May 31, 2025
ASSET SUMMARY
ASSETS
05/31/2025
MARKET VALUE
% OF
MARKET
Cash And Equivalents
U.S. Government Issues
Corporate Issues
Municipal Issues
3,192,423.84
34,738,980.25
2,747,346.05
195,118.50
7.75 84.26
6.66 0.47
Total Assets
Accrued Income
40,873,868.64 99.14
355,168.87 0.86
Grand Total
41,229,037.51 100.00
BONDS 91.39%
CASH EQUIV & ACCR 8.61 %
ATTACHMENT 3
6/9/25, 6:45 PM
LAIF Regular Monthly Statement
California State Treasurer
Fiona Ma, CPA
Local Agency Investment Fund
P.O. Box 942809
Sacramento, CA 94209-0001
(916) 653-3001
CITY OF YUCAIPA
TREASURER
34272 YUCAIPA BLVD.
YUCAIPA, CA 92399
Account Numbe
May 2025 Statement
Account Summary.
Total Deposit:
Total Withdrawal:
June 09, 2025
LAIF Home
pMIAAverage Monthly
Yields,
Tran Typr Definitions
/.
0.00 Beginning Balance:
0.00 Ending Balance:
15,989,553.03
15,989,553.03
https://laifms.treasurer.ca.gov/RegularStatement.aspx 1/1
ATTACHMENT 4
Analyzed Business Checking - PF
Account number: • May 1, 2025 - May 31, 2025 • Page 1 of 7
CITY OF YUCAIPA
GENERAL OPERATING ACCOUNT
34272 YUCAIPA BLVD
YUCAIPA CA 92399-2434
WELLS
FARCGO
Questions?
Call your Customer Service Officer or Client Services
1-800-AT WELLS (1-800-289-3557)
5:00 AM TO 6:00 PM Pacific Time Monday - Friday
Online: wellsfargo.com
Write: Wells Fargo Bank, N.A. (114)
P.O. Box 6995
Portland, OR 97228-6995
Account summary
Analyzed Business Checking - PF
Account number Beginning balance
$ 7,423,855.38
Total credits
S9,805,720.59
Total debits
-$10,836,980.53
Ending balance
$6,392,595.44
Credits
Deposits
Effective Posted
date date
Amount
Transaction detail
05/02
05/05
05/08
05/08
05/13
05/14
05/15
05/19
05/19 05/20
05/19 05/20
05/27
05/27
05/28
05/30
05/30
200.00
100.00
40.00 3,590.00
25.00 630.00
25.00 145.00
3,758.27
2,745,947.01
10.00 2,320.00
150.00
125.00
220.00
Deposit
Deposit
Deposit
Deposit
Deposit
Deposit
Deposit
Deposit
Reversal of Check Posted 5-19-25 Refer to Maker Our Ref: 5-19-25 00000000 Reversal of Check Posted 5-19-25 Refer to Maker Our Ref: 5-19-25 00000000 Deposit
Deposit
Deposit
Deposit
Deposit
$2,757,285.28
Electronic deposits/bank credits
Effective Posted
date date
Amount
Total deposits
Transaction detail
05/01
05/01
05/01
05/02
05/02
02010 Wells Fargo Bank, N.A.
All rights reserved. Member FDIC.
299.00
3,760.00
10,001.27
59.00 175.00
Paymentech Transfer 250501 TyIer0005037661 Mun Csh CA Yucaipa Gen Desktop Check Deposit
Paymentech Transfer 250501 Tyler0005037697 Eg Css CA Yucaipa Comm American Express Settlement 250501 5647699297 General Bill5647699297 American Express Settlement 250501 5647699172 Comm Devt 5647699172 (114)
Sheet Seq = 0048576
Sheet 00001 of 00007
ATTACHMENT 5
City of Yucaipa
Investment with Fiscal Agent Summary
FY 2025
5/31/2024
Bank of New York Mellon CFD 98-1
703132 Principal AC - Cash $ 201,577.53
703132 Principal AC - Municipal Bond Insurance Policy $ 1.00 703170 Admin Exp Acct $ 80,354.58
$ 281,933.11
U.S. Bank
RDA 1998 TAB
6711616700 Project Acct - Blackrock Instl Funds $ 0.24
6711616701 Interest Acct - Blackrock Instl Funds $ 27.18 6711616702 Principal Acct - Blackrock Instl Funds $ 32.66 6711616703 Sinking Acct - Blackrock Instl Funds $ 35.15 6711616704 Reserve Acct - Blackrock Instl Funds $ 0.07
6711616704 Reserve Acct - LAIF $ 48,561.60
$ 48,656.90
RDA 2004 TAB
6711740700 Project Acct - Blackrock Instl Funds $ 0.12
6711740701 Interest Acct - Blackrock Instl Funds $ 13,484.84 6711740702 Principal Acct - Blackrock Instl Funds $ 241.15 6711740703 Reserve Acct - Blackrock Instl Funds $ 146,536.27 $ 160,262.38
RDA 2010 TAB
6711740705 Reserve Acct - Blackrock Instl Funds $ 368,930.54
ATTACHMENT 6
TVI
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Portfolio Summary
Wgtd Avg YTM *
Wgtd Avg YTM with Liq. Bal.*
Wgtd Avg YTW **
Wgtd Avg Mat (no call)
Wgtd Avg Mat with Liq. Bal.
Wgtd Avg Mat (all called)
Market Value 5/31/2025
3.88%
3.61%
3.88%
2.49 yrs
1.5 yrs
2.18 yrs
37,917,918
Par Value
Liquid Balances
Total Par with Liquid Bal.
Current MV with Liquid Bal.
Purchase Yield to Maturity
38,538,877
25,574,572
64,113,449
63,492,490
Yucaipa
Portfolio Composition (incl. Liquid Balances)
Portfolio Ratings (Worst***)
Sector
Agencies
Treasuries
Certificates of Deposit
Municipal Bonds
Corporate Bonds
Mortgages
Commercial Paper
Supra Nationals
Par Value YTM • Weight
9,350,000 4.60% 14.6%
25,965,000 3.69% 40.5%
488,000 4.70% 0.8%
200,000 1.35% 0.3%
2,535,877 3.25% 4.0%
Total
Account Name
LAIF
Wells Fargo
US Bank Money Market
38,538,877 3.88% 60.1%
Balance Rate Weight
15,989,553 4.28% 24.9%
6,392,595 0.00% 10.0%
3,192,424 4.18% 5.0%
Total Liquid Balances
** Purchase Yield to Worst
25,574,572 3.20%
39.9%
4.0%
• Agencies 0.3% 0.8%
Certificates of Deposit
• Corporate Bonds
• Treasuries
Municipal Bonds
■ Liquid Balances
AA • AA+ AA AA- ■ A+ ■ A A- BBB NR
*** All ratings are shown in S&P format.
Ratings Do Not Include Liquid Balances.
Maturity Distribution
$10.MM
$9. MM
$8.MM
$7.MM
$6.MM
$5.MM
$4.MM
$3.MM
$2.MM
$1.MM
50 52.8MM
0 - 3mo
$.BMM
3-6mo
$2.9MM
6 - 12mo
$9.4MM
1 - 2yr
$7.9MM
2-3yr
$5.3MM
3 - 4yr
$9.5MM
4 - 5yr
$0.0
5-7yr
$0.0
7 - 10yr
Performance versus Benchmark as of 5/31/2025
1Yr Average
As of
5/31/2025 1Mo Ago 3Mos Ago 6Mos Ago 9Mos Ago
As of
12/31/2024 1Yr Ago 3Yrs Ago SYrs Ago
Vied to Maturity:
Portfolio
2-Year Treasury
Fed Funds
n/a
4.13%
4.90%
3.88%
4.39%
4.50%
3.51%
4.39%
4.50%
n/a
3.99%
4.50%
n/a
4.13%
4.75%
n/a
3.91%
5.50%
n/a
4.25%
4.50%
n/a
4.89%
5.50%
n/a
2.53%
1.00%
n/a
0.16%
0.25%
$0.0
Over 10yr
Excluded Securities
Bonds that are not found
will not be shown
Cush) Reason
2 Report Date: 5/31/2025
TA
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
Cash -Flows - from 06/2025 to 05/2026 - Assuming None Called Type
11!Callable
Non -Callable
TOTAL
Par Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 5,235,000 30,518 2,098 3,923 4,326 10,250 75,493 0 2,098 3,923 4,326 10,250 152,721 33,303,877 209,489 2,838,241 113,083 5,402 51,935 777,670 209,489 960,118 113,081 1,170,400 541,933 325,603 38,538,877 240,007 2,840,339 117,006 9,728 62,185 853,163 209,489 962,216 117,004 1,174,726 552,183 478,324 Interest Payments
250,000
200,000
150,000
100,000
50,000
0 Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
May-26
Principal Payments
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0 Jun-25 Jul-25
Aug-25 Sep-25
Oct-25 Nov-25
Dec-25 Jan-26
Feb-26 Mar-26
Apr-26 May-26
3 Report Date: 5/31/2025
TVI
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
Cash -Flows - from 06/2025 to 05/2026 - Recognizing Likelihood of Call* Tvce
Nallale
Non -Callable
TOTAL
Par Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 5,235,000 30,518 2,098 2,053,062 4,326 10,250 26,354 0 2,098 3,923 4,326 10,250 1,105,421 33,303,877 209,489 2,838,241 113,083 5,402 51,935 777,670 209,489 960,118 113,081 1,170,400 541,933 325,603 38,538,877 240,007 2,840,339 2,166,145 9,728 62,185 804,024 209,489 962,216 117,004 1,174,726 552,183 1,431,024 Interest Payments
250,000
200,000
150,000
100,000
50,000
0 Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
Apr-26
May-26
Principal Payments
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0 Jun-25
Jul-25 Aug-25
' Likelihood based on 05/31/2025 market rates
Sep-25 Oct-25
Nov-25 Dec-25
Jan-26 Feb-26
Mar-26
Apr-26 May-26
4 Report Date: 5/31/2025
TVI
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
Extended Cash -Flows
N Cusio Par Value Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Year 1 Total 1 63743HFE7` 30,000 30,518 0 0 0 30,518
2 91282CEY3 2,000,000 0 2,030,000 0 0 0 0 0 0 0 0 0 0 2,030,000 3 91282CAB7 750,000 0 750,938 0 0 0 0 0 0 0 0 0 0 750,938 4 3135G06G3 750,000 0 0 0 0 0 751,875 0 0 0 0 0 0 751,875 5 43815GAC3 2,815 2 2 2 2 2 2 2 2,817 0 0 0 0 2,831
6 9128203113 900,000 0 1,688 0 0 0 0 0 901,688 0 0 0 0 903,376 7 64985TDC2 150,000 0 0 0 983 0 0 0 0 0 150,983 0 0 151,966 8 91282CBT7 1,015,000 0 0 0 3,806 0 0 0 0 0 1,018,806 0 0 1,022,612 9 91282C8W0 490,000 0 0 0 0 1,838 0 0 0 0 0 491,838 0 493,676 10 04636NAA1• 80,000 0 480 0 80,480 80,960
11 91282CCF6 300,000 0 0 0 0 0 1,125 0 0 0 0 0 301,125 302,250 12 3130818T3 4,000,000 97,500 0 0 0 0 0 97,500 0 0 0 0 0 195,000 13 345286AC2 2,655 3 3 3 3 3 3 3 3 3 3 3 3 36
14 14317DAC4 1,869 1 1 1 1 1 1 1 1 1 1 1 1 12
15 91282C08 300,000 1,313 0 0 0 0 0 1,313 0 0 0 0 0 2,626 16 544647FC9 50,000 0 364 0 0 0 0 0 364 0 0 0 0 728
17 91282CHM6 1,700,000 0 38,250 0 0 0 0 0 38,250 0 0 0 0 76,500 18 9128282A7 200,000 0 0 1,500 0 0 0 0 0 1,500 0 0 0 3,000 19 05602RAD3 10,030 27 27 27 27 27 27 27 27 27 27 27 27 324 20 02665W011' 125,000 0 0 813 0 0 0 0 813 0 0 1,626
21 362554AC1 2,355 1 1 1 1 1 1 1 1 1 1 1 1 12
22 448977AO0 13,934 26 26 26 26 26 26 26 26 26 26 26 26 312 23 98163KAC6 1,980 1 1 1 1 1 1 1 1 1 1 1 1 12
24 91282CDG3 575,000 0 0 0 0 3,234 0 0 0 0 0 3,234 0 6,468 25 025816CM9` 125,000 0 0 0 0 0 1,031 0 0 0 0 0 1,031 2,062 26 91282CDK4 250,000 0 0 0 0 0 1,563 0 0 0 0 0 1,563 3,126 27 24422EWA3 75,000 0 638 0 0 0 0 0 638 0 0 0 0 1,276
28 87612EBM7* 110,000 0 1,073 0 0 0 0 0 1,073 0 0 0 0 2,146 29 0640696A4' 100,000 0 1,025 0 0 0 0 0 1,025 0 0 0 0 2,050 30 459200KM2` 135,000 0 0 1,485 0 0 0 0 0 1,485 0 0 0 2,970 31 912828V98 650,000 0 0 7,313 0 0 0 0 0 7,313 0 0 0 14,626 32 362585AC5 12,846 33 33 33 33 33 33 33 33 33 33 33 33 396 33 438516CE4' 100,000 0 0 0 550 0 0 0 0 0 550 0 0 1,100 34 14318MAD1 52,394 173 173 173 173 173 173 173 173 173 173 173 173 2,076 35 665859AW4' 90,000 0 0 0 0 0 1,800 0 0 0 0 0 1,800 3,600 36 91324PE03' 60,000 0 0 0 0 0 1,110 0 0 0 0 0 1,110 2,220 37 912828X88 510,000 0 0 0 0 0 6,056 0 0 0 0 0 6,056 12,112 38 254683CS2 125,000 346 346 346 346 346 346 346 346 346 346 346 346 4,152 39 458140BY5* 130,000 0 0 2,438 0 0 0 0 0 2,438 0 0 0 4,876 40 9128282R0 4,300,000 0 0 48,375 0 0 0 0 0 48,375 0 0 0 96,750 41 91282CAH4 175,000 0 0 438 0 0 0 0 0 438 0 0 0 876
42 931142EX7" 150,000 0 0 0 2,963 0 0 0 0 0 2,963 0 0 5,926 43 91282CGH8 900,000 0 15,750 0 0 0 0 0 15,750 0 0 0 0 31,500 44 91282CGP0 2,000,000 0 0 40,000 0 0 0 0 0 40,000 0 0 0 80,000 5 Report Date: 5/31/2025
TVI
TIME
VALUE „
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
Extended Cash-Flowst,
It CusiD Par Value Jun-25 JuI-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 MaY-26 Year 1 Total 45 61690DRP5 244,000 0 0 0 0 5,843 0 0 0 0 0 5,747 11,590 46 3130AWC24 300,000 6,000 0 0 0 0 0 6,000 0 0 0 0 0 12,000 47 91282CHK0 500,000 10,000 0 0 0 0 0 10,000 0 0 0 0 0 20,000 48 3130AFFX0 300,000 0 0 0 0 0 4,875 0 0 0 0 0 4,875 9,750 49 91282CKP5 2,000,000 0 0 0 0 46,250 0 0 0 0 0 46,250 0 92,500 50 3133ETGK7* 2,000,000 0 0 2,049,139
51073718W0 244,000 0 0 0 0 0 5,720 0 0 0 0 0 5,626 11,346 52 91282CEV9 4,000,000 65,000 0 0 0 0 0 65,000 0 0 0 0 0 130,000 53 91282CFJ5 950,000 0 0 14,844 0 0 0 0 0 14,844 0 0 0 29,688 54 91282CGB1 1,500,000 29,063 0 0 0 0 0 29,063 0 0 0 0 0 58,126 55 76116FA83 1,000,000 0 0 0 0 0 0 0 0 0 0 0 0 0
56 92826CAM4" 1,000,000 0 0 10_" 0 20,500
57 3134H80W4" 1,000,000 0 ,000 1,042,933
(TOTAL 38,538,877 240,007 2,840,339 2,166,145 9,728 62,185 804,024 209,489 962,216 117,004 1,174,726 552,183 1,431,024 10,569,070 • Callable - currently not likely to be called
" Callable - currently likely to be called
See Cash -Flows graph above "Recognizing Likelihood of Call" for current projected cash flows 6 Report Date: 5/31/2025
TVI
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
Maturity Distribution
30%
25%
20%
15%
10%
5%
0%
7.2%
0 - 3mo
1.9%
3 - 6mo
7.6%
6 12mo
24.3%
1 - 2yr
20.5%
2 - 3yr
13.996
3 - 4yr
24.5%
4 - 5yr
0.0%
5 - 7yr
0.0%
7 - l0yr
0.0%
Over 10yr
Portfolio Details - Sorted by Maturity
8 CUSIP/Sec-ID Sec Desc 1
0 Total Liquid Balances
1 63743HFE7 NATIONAL RURAL UTILSCOOP FIN M
2 91282CEY3 TREAS NTS
3 91282CA87 T
4 3135G06G3 FEDL NATL MTG ASSN SER BENCHM
We eht Par Value Coulson • Se Dt Mat Dt
39.9% 25,574,572
Estimated Estimated
Nxt Call Dt Rating ••• YTM •• YTW •• Duration Call Tuve Bos to Call Redem. Date
0.0% 30,000 3.450 2/28/2023 6/15/2025 6/11/2025 A- 3.46 3.46 0.04 Anytime
3.1% 2,000,000 3.000 7/9/2024 7/15/2025 AAA 4.94 4.94 0.12
1.2% 750,000 0.250 2/28/2023 7/31/2025 AAA 1.20 1.20 0.16
1.2% 750,000 0.500 8/1/2024 11/7/2025 AA+ 4.63 4.63 0.42 5 43815GAC3 HONDA AUTO REC OWNR SER 2021-4 0.0% 2,815 0.880 2/28/2023 1/21/2026 AAA 0.89 0.89 0.64 6 91282CBH3 T 1.4% 900,000 0.375 2/28/2023 1/31/2026 AAA 0.85 0.85 0.65 7 64985TDC2 NEW YORK ST URBAN DEV CORP 5 0.2% 150,000 1.310 2/28/2023 3/15/2026 NR 1.31 1.31 0.77 8 91282C8T7 T 1.6% 1,015,000 0.750 2/28/2023 3/31/2026 AAA 1.07 1.07 0.81 9 91282C6W0 T 0.8% 490,000 0.750 2/28/2023 4/30/2026 AAA 0.58 0.58 0.90 10 04636NAA1 ASTRAZENECA FINANCE LLC NOTE 0.1% 80,000 1.200 2/28/2023 5/28/2026 4/28/2026 A+ 1.17 1.17 0.98 Anytime 11 91282CCF6 T 0.5% 300,000 0.750 2/28/2023 5/31/2026 AAA 0.82 0.82 0.98 12 313081BT3 FEDERAL HOME LOAN BANKS BOND 6.2% 4,000,000 4.875 5/17/2024 6/12/2026 AA+ 4.76 4.76 0.97 13 345286AC2 FORD CR AUTO OWN TR SER 2022-A 0.0% 2,655 1.290 2/28/2023 6/15/2026 AAA 1.29 1.29 1.03 14 14317DAC4 CARMAX AUTO OWN TR SER 2021-3 0.0% 1,869 0.550 2/28/2023 6/15/2026 AAA 0.56 0.56 1.03 15 91282CCJ8 TREAS SER AA-202 0.5% 300,000 0.875 2/28/2023 6/30/2026 AAA 3.11 3.11 1.05 16 544647FC9 LOS ANGELES CALIF UNI SCH DI 0.1% 50,000 1.455 2/28/2023 7/1/2026 NR 1.46 1.46 1.05 17 91282CHM6 TREAS SER AQ-202 2.7% 1,700,000 4.500 7/9/2024 7/15/2026 AAA 4.56 4.56 1.07 18 9128282A7 T 0.3% 200,000 1.500 2/28/2023 8/15/2026 AAA 3.37 3.37 1.17 19 05602RAD3 BMW VEHICLE OWNER TRSER 2022-A 0.0% 10,030 3.210 2/28/2023 8/25/2026 AAA 3.21 3.21 1.20 20 02665WDZ1 AMERICAN HONDA FIN CORP SER 0.2% 125,000 1.300 2/28/2023 9/9/2026 6/11/2025 A- 1.72 1.72 1.25 Anytime 21 362554AC1 GM FIN CONS AUTO RECSER 2021-4 0.0% 2,355 0.680 2/28/2023 9/16/2026 AAA 0.68 0.68 1.28 22 448977AD0 HYUNDAI AUTO REC TR SER 2022-A 0.0% 13,934 2.220 2/28/2023 10/15/2026 AAA 2.22 2.22 1.34 23 98163KAC6 WORLD OMNI AUTO REC SER 2021-D 0.0% 1,980 0.810 2/28/2023 10/15/2026 AAA 0.81 0.81 1.36 24 91282CDG3 T 0.9% 575,000 1.125 2/28/2023 10/31/2026 AAA 2.43 2.43 1.38 25 025816CM9 AMERICAN EXPRESS CO NOTE 0.2% 125,000 1.650 2/28/2023 11/4/2026 10/4/2026 A- 1.85 1.85 1.40 Anytime 26 91282C0K4 TREAS NTS 0.4% 250,000 1.250 2/28/2023 11/30/2026 AAA 1.17 1.17 1.46 27 24422EWA3 JOHN DEERE CAPITAL CORPORATIO 0.1% 75,000 1.700 2/28/2023 1/11/2027 A 1.85 1.85 1.57 28 87612EBM7 TARGET CORP NOTE CALL 0.2% 110,000 1.950 2/28/2023 1/15/2027 12/15/2026 A 1.91 1.91 1.58 Anytime 29 06406RBA4 BANK NEW YORK MELLONCORP SER 1 0.2% 100,000 2.050 2/28/2023 1/26/2027 12/24/2026 A 2.02 2.02 1.61 Anytime 30 459200KM2 INTERNATIONAL BUSINESS M 0.2% 135,000 2.200 2/28/2023 2/9/2027 1/9/2027 A- 2.53 2.53 1.64 Anytime 6/15/2025
7/15/2025
7/31/2025
11/7/2025
1/21/2026
1/31/2026
3/15/2026
3/31/2026
4/30/2026
5/28/2026
5/31/2026
6/12/2026
6/15/2026
6/15/2026
6/30/2026
7/1/2026
7/15/2026
8/15/2026
8/25/2026
9/9/2026
9/16/2026
10/15/2026
10/15/2026
10/31/2026
11/4/2026
11/30/2026
1/11/2027
1/15/2027
1/26/2027
2/9/2027
7 Report Date: 5/31/2025
TIME
VALUE
INVESTMENTS%
Yucaipa
Portfolio Details - Sorted by Maturity
31 912828V98
32 362585AC5
33 438516CE4
34 14318MAD1
35 665859AW4
36 91324PEG3
37 912828X88
38 254683CS2
39 458140BY5
40 9128282R0
41 91282CAH4
42 931142EX7
43 91282CGH8
44 91282CGP0
45 61690DRP5
46 3130AWC24
47 91282CHK0
48 3130AFFX0
49 91282CKP5
50 3133ETGK7
51 07371BVV0
52 91282CEV9
53 91282CF15
54 91282CGB1
55 76116FAB3
56 92826CAM4
57 3134HBQW4
T
GM FIN CONS AUT REC SER 2022-2
HONEYWELL INTL INC NOTE CALL
CARMAX AUTO OWNER SER 2022-3
NORTHERN TR CORP NOTE
UNITEDHEALTH GROUP INC NOTE
TREAS SER C-2027
DISCOVER CARD EXE NTSER 2022-2
INTEL CORP NOTE CALL
T
TREAS SER P-2027
WALMART INC NOTE CALL
TREAS SER U-2028
T
MORGAN STANLEY BK N A CD
FEDERAL HOME LOAN BANKS
TREAS SER AA-202
FEDERAL HOME LOAN BANK 4973
TREAS SER Y-2029
FFCB
XD BK PLANO TEX CD
TREAS SER M-2029
TREAS SER P-2029
TREAS SER T-2029
RFCSP
VISA INC NOTE CALL
FHLMC
1.0% 650,000 2.250 2/28/2023 2/15/2027
0.0% 12,846 3.100 2/28/2023 2/16/2027
0.2% 100,000 1.100 2/28/2023 3/1/2027
0.1% 52,394 3.970 2/28/2023 4/15/2027
0.1% 90,000 4.000 2/28/2023 5/10/2027
0.1% 60,000 3.700 2/28/2023 5/15/2027
0.8% 510,000 2.375 2/28/2023 5/15/2027
0.2% 125,000 3.320 2/28/2023 5/17/2027
0.2% 130,000 3.750 2/28/2023 8/5/2027
6.7% 4,300,000 2.250 7/9/2024 8/15/2027
0.3% 175,000 0.500 2/28/2023 8/31/2027
0.2% 150,000 3.950 2/28/2023 9/9/2027
1.4% 900,000 3.500 1/18/2024 1/31/2028
3.1% 2,000,000 4.000 1/30/2024 2/29/2028
0.4% 244,000 4.750 5/30/2024 5/30/2028
0.5% 300,000 4.000 2/13/2024 6/9/2028
0.8% 500,000 4.000 3/13/2024 6/30/2028
0.5% 300,000 3.250 2/13/2024 11/16/2028
3.1% 2,000,000 4.625 5/15/2025 4/30/2029
3.1% 2,000,000 4.730 5/15/2025 5/14/2029
0.4% 244,000 4.650 6/5/2024 5/30/2029
6.2% 4,000,000 3.250 10/25/2024 6/30/2029
1.5% 950,000 3.125 11/21/2024 8/31/2029
2.3% 1,500,000 3.875 2/5/2025 12/31/2029
1.6% 1,000,000 0.000 5/15/2025 1/15/2030
1.6% 1,000,000 2.050 4/30/2025 4/15/2030
1.6% 1,000,000 4.200 5/15/2025 5/20/2030
AAA
AAA
2/1/2027 A
AAA
4/10/2027 A
4/15/2027 A
AA+
AAA
7/5/2027 BBB
AAA
AAA
8/9/2027 AA
AA+
AAA
NR
AA+
AAA
AA+
AA+
8/14/2025 AA+
NR
AAA
AAA
AA+
AA+
1/15/2030 AA-
5/20/2026 AA+
2.95 2.95 1.64 2/15/2027
3.11 3.11 1.66 2/16/2027
2.33 2.33 1.72 Anytime 3/1/2027
3.97 3.97 1.79 4/15/2027
3.75 3.74 1.85 Anytime 5/10/2027
3.56 3.56 1.87 Anytime 5/15/2027
3.46 3.46 1.88 5/15/2027
3.32 3.32 1.89 5/17/2027
3.72 3.72 2.05 Anytime 8/5/2027
4.41 4.41 2.11 8/15/2027
3.93 3.93 2.19 8/31/2027
3.91 3.91 2.14 Anytime 9/9/2027
4.04 4.04 2.49 1/31/2028
4.14 4.14 2.56 2/29/2028
4.75 4.75 2.77 5/30/2028
4.18 4.18 2.77 6/9/2028
4.17 4.17 2.83 6/30/2028
4.08 4.08 3.23 11/16/2028
3.98 3.98 3.55 4/30/2029
4.73 4.73 0.20 Anytime 56 8/14/2025
4.65 4.65 3.62 5/30/2029
3.98 3.98 3.73 6/30/2029
4.23 4.23 3.90 8/31/2029
4.30 4.30 4.09 12/31/2029
4.25 4.25 4.52 1/15/2030
4.12 4.12 4.60 Anytime 4/15/2030
4.30 4.30 0.94 Annually 13 5/20/2026
'TOTAL and AVERAGES
100.016 64,113,449 2.49 yrs 2.18 yrs 3.88 3.88 2.05
' Semi -Annual interest payment
•" Yields calculated using cost price, at settlement date ••• Ratings Shown Are: Lowest Rating in S&P format, NR AGY = Non -Rated U.S. Government Agency 8 Report Date: 5/31/2025