Item No. 2.
STAFF REPORT
DATE:
September 14, 2026
TO:
Honorable Mayor and City Council
FROM:
Dr. Sean M. Moore, City Manager
PREPARED
Hrant Manuelian, Director of Finance
BY:
SUBJECT: Monthly Treasurer's Report — July 2026
RECOMMENDATION:
That the City Council:
1. Receive and file the Monthly Treasurer's Report for July 2026; or
2. Provide further direction to staff.
BACKGROUNDIDISCUSSION:
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 the 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 3.84% in July.
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 recommendations do not result in a fiscal impact.
Attachments
Attachment 1 - Treasurer's Report - July_pdf
Attachment 2 - Treasurer Managed Summary - Julypdf
Attachment 3 - LAIF July_pdf
Attachment 4 - WF Operating - Julypdf
Attachment 5 - Investment w Fiscal Agent Summary - July_pdf Attachment 6 - Portfolio Holdings - July_pdf
City of Yucaipa
Treasurer's Report - July 31, 2026
Attachment 1
June 2026
July 2026
Institution/Investment Type
Balance
Balance
Funds Under Control of the City:
U.S. Bank Investment Account - Managed by Treasurer
Cash and Equivalents
$
4,620,997.20
$
6,455,328.75
U.S. Government Issues
30,487,481.95
28,717,421.65
Corporate Issues
7,383,374.95
7,369,160.35
Municipal Issues
50,000.00
-
$
42,541,854.10
$
42,541,910.75
Local Agency Investment Fund (LAIF)
$
20,516,325.74
$
20,705,322.93
City Checking Account (Wells Fargo)
$
9,791,163.18
$
3,786,114.46
Petty Cash / Change Drawers
$
2,750.00
$
2,750.00
Total Funds Under Control of the City
$
72,852,093.02
$
67,036,098.14
Funds with Fiscal Agents:
Bank of New York Mellon
CFD 98-1 - Municipal Bond Insurance Policy
$
1.00 $
1.00 CFD 98-1 - Cash
$
281,932.11
$
1,606,711.67
U.S. Bank
RDA 1998 TAB - Blackrock Instl Funds
$
82.14 $
48,932.38
RDA 1998 TAB - LAIF
$
50,646.20
$
51,140.60
RDA 2004 TAB - Blackrock Instl Funds
$
171,362.33
$
503,649.81
RDA 2010 TAB - Blackrock Instl Funds
$
366,724.04
$
367,787.33
Total Funds with Fiscal Agents
$
870,747.82
$
2,578,222.79
Grand Total
$
73,722,840.84
$ 69,614,320.93
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:
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8/13/26, 8:47 AM
LAIF Regular Monthly Statement
Local Agency Investment
Fund
P.O. Box 942809 August 13, 2026
Sacramento, CA 94209-0001
(916) 653-3001 LAIF Home
PMIA Average Monthly Yield
CITY OF YUCAIPA
TREASURER
34272 YUCAIPA BLVD.
YUCAIPA, CA 92399
Tran Type Definitions
Account Number: 98-36-999
July 2026 Statement
Web
Effective Transaction Tyan Confirm Confirm
Date Date Type Number Number Authorized Caller
7/15/2026 7/14/2026 QRD 1804334 N/A SYSTEM
Account Summary
Total Deposit:
Total Withdrawal:
188,997.19 Beginning Balance:
0.00 Ending Balance:
Amount
188,997.19
20,516,325.74
20,705,322.93
hftps:Hlaifms.treasurer.ca.gov/RegularStatement.aspx 1 /1
Commercial Checking Acct Public Funds
Account number: ■ July 1, 2026 - July 31, 2026 ■ Page 1 of 7
CITY OF YUCAIPA
GENERAL OPERATING ACCOUNT
34272 YUCAIPA BLVD
YUCAIPA CA 92399-2434
Account summary
Commercial Checking Acct Public Funds
Questions?
Call Global Payments & Liquidity Service
1-800-ATWELLS (1-800-289-3557)
Online: wellsforgo.com
Write: Wells Fargo Bank, N.A. (114)
San Francisco Wholesale
PO Box 63020
San Francisco, CA 94163
Accountnumber Beginning balance Total credits Total debits Ending balance $9,791,163.18 $2,949,057.41-$8,954,106.13 $3,786,114.46 Credits
Deposits
Effective Posted
date date
Amount
Transaction detail
07/08
620.00
Deposit
07/08
2,730.00
Deposit
07/09
200.00
Deposit
07/13
10.00 Deposit
07/30 07/31
171.36
Reversal of Check Posted 7-30-26 Reposted 7-31-26 as Serial 0000022243 Our Ref: 7-30-26 00000000
$3,731.36 Total deposits
Electronic deposits/bank credits
Effective Posted
date date
Amount
Transaction detail
07/01
220.78
07/01 Bankcard Deposit-0328149721
07/01
15,018.00
Paymentech Transfer 260701 Tyler0005037697 Eg Css CA Yucaipa Comm 07/01
232,795.08
Desktop Check Deposit
07/01
2,293.25
ZBA Funding Account Transfer From 4241875095
07/02
12.93 Paymentech Transfer 260702 Tyler0005037661 Mun Csh CA Yucaipa Gen 07/02
14.14 07/0213ankcard Deposit-0328149721
07/02
20.00 07/0213ankcard Deposit-0483998756
07/02
37.00 Cash Only Customer Deposit
07/02
55.00 American Express Settlement 260701 5647699172 Comm Devt 5647699172 07/02
108.00
Cash Only Customer Deposit
07/02
407.00
Cash Only Customer Deposit
07/02
436.00
Cash Only Customer Deposit
07/02
520.50
Cash Only Customer Deposit
07/02
5,352.60
Cash Only Customer Deposit
©2 026 Wells Fargo Bank, N.A
All rights reserved. Member FDIC
(114)
SheetSeq = 0039688
Sheet 00001 of 00007
City of Yucaipa
Investment with Fiscal Agent Summary
FY 2027
7/31/2026
Bank of New York Mellon CFD 98-1
703130 Special Tax Acct - Cash
$
1,524,750.00
703132 Principal AC - Municipal Bond Insurance Policy
$
1.00 703170 Admin Exp Acct - Cash
$
81,961.67
$
1,606,712.67
U.S. Bank
RDA 1998 TAB
6711616700 Project Acct - Blackrock Instl Funds
$
0.24 6711616701 Interest Acct - Blackrock Instl Funds
$
48,862.15
6711616702 Principal Acct - Blackrock Instl Funds
$
0.24 6711616703 Sinking Acct - Blackrock Instl Funds
$
69.68 6711616704 Reserve Acct - Blackrock Instl Funds
$
0.07 $
48,932.38
6711616704 Reserve Acct - LAIF
$
51,140.60
$
100,072.98
RDA 2004 TAB
6711740700 Project Acct -
Blackrock Instl Funds
$
0.12 6711740701 Interest Acct -
Blackrock Instl Funds
$
355,407.01
6711740702 Principal Acct
- Blackrock Instl Funds
$
199.26
6711740703 Reserve Acct
- Blackrock Instl Funds
$
148,043.42
$
503,649.81
RDA 2010 TAB
6711740705 Reserve Acct
- Blackrock Instl Funds
$
367,787.33
TVIITIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Wgtd Avg YTM *
3.96%
Wgtd Avg YTM with Liq. Bal.*
3.66%
Wgtd Avg YTW **
3.95%
Wgtd Avg Mat (no call)
2.34 yrs
Wgtd Avg Mat with Liq. Bal.
1.27 yrs
Wgtd Avg Mat (all called)
2.15 yrs
Market Value 6/30/2026
34,891,252
Market Value 7/31/2026
36,108,374
Difference
1,217,123
Par Value 36,803,000
Liquid Balances 30,946,766
Total Par with Liquid Bal. 67,749,766
Current MV with Liquid Bal. 67,055,140
Sector
Par Value
YTM *
Weight
Agencies
9,605,000
3.98%
14.2%
Treasuries
19,710,000
3.97%
29.1%
Certificates of Deposit
3,314,000
4.11%
4.9%
Municipal Bonds
249,000
3.65%
0.4%
Corporate Bonds
3,690,000
3.80%
5.4%
Mortgages
Commercial Paper
Supra Nationals
235,000
2.44%
0.3%
Total
36,803,000
3.96%
54.3%
Account Name
Balance
Rate
Weight
LAIF
20,705,323
3.84%
30.6%
Wells Fargo Operating
3,786,114
0.00%
5.6%
US Bank Money Market
6,455,329
3.53%
9.5%
0.3%
■ Age.
■ Certificates of Deposit 0.4%
■ Corporate Bonds
■ Supra Nationals
■ Municipal Bonds
■ Liquid Balances ■ AA+ ■ NR
Yucaipa
Total Liquid Balances 30,946,766 3.31% 45.7% ***All ratings are shown in S&P format. * Purchase Yield to Maturity ** Purchase Yield to Worst Ratings Do Not Include Liquid Balances.
Maturity Distribution
$14.MM
$12.MM
$10.MM
$B.MM
$6.MM
$4.MM
$2.MM
$0
0-3mo 3-6mo 6-12mo
$12.3MM
1-2yr
2 -3yr
$6.9MM
$3.4MM
JEW$0.0 $0.0 $0.0
3 - 4yr 4 - Syr 5 - Tyr 7 -10yr Over 10yr
As of
As of
1Yr Average
7/31/2026
1Mo Ago
3Mos Ago
6Mos Ago
9Mos Ago
12/31/2025
1Yr Ago
3Yrs Ago SYrs Ago
Yield to Maturity:
Portfolio
3.92%
3.96%
3.88%
4.02%
3.95%
3.90%
3.89%
3.62%
n/a n/a
2-Year Treasury
3.75%
4.19%
4.14%
3.88%
3.52%
3.60%
3.47%
3.94%
4.88% 0.19%
Fed Funds
3.94%
3.75%
3.75%
3.75%
3.75%
4.00%
3.75%
4.50%
5.50% 0.25%
LAIF (per most recent month end)
3.81% (06/26)
3.81% (05/26)
3.82% (03/26)
4.03% (12/25)
4.21% (09/25)
4.03% (12/25)
4.27% (06/25)
3.17% (06/23) 0.26% (06/21)
Bonds that are not found
will not be shown
Cu Reason
2 Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Type Par Aug-26
Callable 4,570,000 3,923
Non -Callable 32,233,000 370,428
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0 Sep-26
176,476
30,183
Yucaipa
Oct-26 NOV-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 10,250 128,950 5,221 212,098 138,923 150,263 10,250 152,910 5,192 0 667,804 321,934 140,560 110,390 818,420 1,179,986 89,627 580,124 140,506 34,695 Now
Aug-26 Sep-26
Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 1,400,000
Principal Payments
1,200,000 -
1,000,000
800,000
600,000
400,000
200,000
0 Aug-26 Sep-26
Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 3 Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
Yucaipa
FOR INSTITUTIONAL INVESTOR USE ONLY
Cash -Flows
- from 1'
1 . 1 127
- Recognizing
Likelihood
of Call*
Type
Par
Aug-26
Sep-26
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
Mav-27
Jun-27
Jul27
'Callable
4,570,000
3,923
176,476
10,250
128,950
5,221
212,098
138,923
150,263
10,250
152,910
5,192
0 Non -Callable
32,233,000
370,428
30,183
667,804
321,934
140,560
110,390
818,420
1,179,986
89,627
580,124
140,506
34,695
TOTAL
36,803,000
374,351
206,659
678,054
450,884
145,781
322,488
957,343
1,330,249
99,877
733,034
145,698
34,695
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0 Aug-26 Sep-26
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27
* Likelihood based on 0713112026 market rates
Oct-26
Nov-26 Dec-26
-Rik
Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27
Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27
4 Report Date: 7/31/2026
TVI
TIME
VALUE
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
q cu5
Par Value
Aug-26
Sep-26
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
May-27
Jun-27
Jul-27
Year Total
19128282A7
200,000
201,500
0 0
0 0
0 0
0 0
0 0
0 201,500
2 02665WDZ1*
125,000
0 125,813
0 0
0 0
0 0
0 0
0 0
125,813
3 91282CDG3
575,000
0 0
578,234
0 0
0 0
0 0
0 0
0 578,234
4 025816CM9*
125,000
0 0
0 126,040
0 0
0 0
0 0
0 0
126,040
5 91282CDK4
250,000
0 0
0 251,563
0 0
0 0
0 0
0 0
251,563
6 24422EWA3
75,000
0 0
0 0
0 75,638
0 0
0 0
0 0
75,638
7 87612EBM7*
110,000
0 0
0 0
0 111,073
0 0
0 0
0 0
111,073
8 06406RBA4*
100,000
0 0
0 0
0 101,025
0 0
0 0
0 0
101,025
9 459200KM2*
135,000
1,485
0 0
0 0
0 136,485
0 0
0 0
0 137,970
10 912828V98
650,000
7,313
0 0
0 0
0 657,313
0 0
0 0
0 664,626
11 438516CE4*
100,000
0 550
0 0
0 0
0 100,550
0 0
0 0
101,100
12 3133EP4U6
1,150,000
0 25,156
0 0
0 0
0 1,175,156
0 0
0 0
1,200,312
13 665859AW4*
90,000
0 0
0 1,800
0 0
0 0
0 91,800
0 0
93,600
14 912828X88
510,000
0 0
0 6,056
0 0
0 0
0 516,056
0 0
522,112
15 91324PEG3*
60,000
0 0
0 1,110
0 0
0 0
0 61,110
0 0
62,220
16 458140BY5*
130,000
2,438
0 0
0 0
0 2,438
0 0
0 0
0 4,876
17 9128282RO
4,300,000
48,375
0 0
0 0
0 48,375
0 0
0 0
0 96,750
18 91282CAH4
175,000
438
0 0
0 0
0 438
0 0
0 0
0 876
19 931142EX7*
150,000
0 2,963
0 0
0 0
0 2,963
0 0
0 0
5,926
20 89236TKJ3*
1,000,000
0 22,750
0 0
0 0
0 22,750
0 0
0 0
45,500
2191282CGH8
900,000
0 0
0 0
0 15,750
0 0
0 0
0 15,750
31,500
22 91282CGPO
2,000,000
40,000
0 0
0 0
0 40,000
0 0
0 0
0 80,000
23 3133ETKM8
1,150,000
0 0
22,281
0 0
0 0
0 22,281
0 0
0 44,562
24 61690DRP5
244,000
0 0
0 5,843
0 0
0 0
0 5,747
0 0
11,590
25 06051YBD1
245,000
0 0
0 0
5,036
0 0
0 0
0 5,009
0 10,045
26 3130AWC24
300,000
0 0
0 0
6,000
0 0
0 0
0 6,000
0 12,000
27 73317AFP2
247,000
0 2,525
0 0
2,525
0 0
2,497
0 0
2,553
0 10,100
28 05612LFD9
244,000
0 0
0 0
4,955
0 0
0 0
0 4,927
0 9,882
29 856288BU8
244,000
0 0
0 0
5,260
0 0
0 0
0 5,232
0 10,492
30 61776NTK9
244,000
0 0
0 0
5,199
0 0
0 0
0 5,171
0 10,370
31919853QU8
244,000
0 0
0 0
5,077
0 0
0 0
0 5,049
0 10,126
32 91282CHKO
500,000
0 0
0 0
10,000
0 0
0 0
0 10,000
0 20,000
33 20825WEB2
249,000
867
867
839
867
839
867
867
783
867
839
867
839
10,208
34 38150V462
245,000
4,677
0 0
0 0
0 4,755
0 0
0 0
0 9,432
35 005594BW5
245,000
4,677
0 0
0 0
0 4,755
0 0
0 0
0 9,432
36 3133EPA47
1,000,000
0 0
0 24,375
0 0
0 0
0 24,375
0 0
48,750
37 3130AFFXO
300,000
0 0
0 4,875
0 0
0 0
0 4,875
0 0
9,750
38 91282CKD2
1,200,000
25,500
0 0
0 0
0 25,500
0 0
0 0
0 51,000
39 91282CKP5
2,000,000
0 0
46,250
0 0
0 0
0 46,250
0 0
0 92,500
40 07371BVVO
244,000
0 0
0 5,720
0 0
0 0
0 5,626
0 0
11,346
41 59013LNY6
249,000
878
878
849
878
849
878
878
793
878
849
878
849
10,335
4217290GNW3*
245,000
0 0
0 0
5,221
0 0
0 0
0 5,192
0 10,413
43 91282CEV9
4,000,000
0 0
0 0
65,000
0 0
0 0
0 65,000
0 130,000
44 91282CFJ5
950,000
14,844
0 0
0 0
0 14,844
0 0
0 0
0 29,688
Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
Yucaipa
# cum
Par Value
Aua-26
Sep-2 6
Oct-26
Nov-26
Dec-26
Jan-27
Feb-27
Mar-27
Apr-27
May-27
Jun-27
Jul-27
Year Total
45 91282CGB1
1,500,000
0 0
0 0
29,063
0 0
0 0
0 29,063
0 58,126
46 76116FAB3
1,000,000
0 0
0 0
0 0
0 0
0 0
0 0
0 47 76116FAC1
605,000
0 0
0 0
0 0
0 0
0 0
0 0
0 48 92826CAM4*
1,000,000
0 0
10,250
0 0
0 0
0 10,250
0 0
0 20,500
49 3134HBQW4
1,000,000
0 0
0 21,000
0 0
0 0
0 21,000
0 0
42,000
50 3136GAKW8
800,000
0 0
0 0
0 16,500
0 0
0 0
0 16,500
33,000
5124422EYFO
850,000
0 0
18,594
0 0
0 0
0 18,594
0 0
0 37,188
52 45780PDK8
249,000
757
757
757
757
757
757
757
757
757
757
757
757
9,084
53 3133EWEX4
1,100,000
20,602
0 0
0 0
0 19,938
0 0
0 0
0 40,540
54 3134HCF61*
1,200,000
0 24,400
0 0
0 0
0 24,000
0 0
0 0
48,400
TOTAL
36,803,000
374,351
206,659
678,054
450,884
145,781
322,488
957,343
1,330,249
99,877
733,034
145,698
34,695
5,479,113
* Callable - currently not likely to be called See Cash -Flows graph above "Recognizing Likelihood of Call"for current projected cash flows **Callable - currently likely to be called
Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
FOR INSTITUTIONAL INVESTOR USE ONLY
40%
35%
30%
25%
20%
15%
10%
5%
0%
0-3mo 3-6mo 6-12mo 1-2yr 2-3yr 3-4yr
9.2 %
0.0% 0.0% 0.0%
4-5yr 5-7yr 7-10yr Over 10yr
Yucaipa
Estimated Estimated
# CUSIP/Sec-ID
Sec Desc 1
Weiaht
Par Value
Coupon*
Settle Dt
Mat Dt
Nxt Call Dt
Ratinz ***
YTM **
YTW ""
Duration
Call Type
Bps to Call Redem. Date
0 Total Liquid Balances
45.7%
30,946,766
1 9128282A7
T
0.3%
200,000
1.500
2/28/2023
8/15/2026
AA+
3.37 3.37
0.04 8/15/2026
2 02665WDZ1
AMERICAN HONDA FIN CORP SER A
0.2%
125,000
1.300
2/28/2023
9/9/2026
8/19/2026
NR
1.72 1.72
0.10 Anytime
9/9/2026
3 91282CDG3
T
0.8%
575,000
1.125
2/28/2023
10/31/2026
AA+
2.43 2.43
0.25 10/31/2026
4 025816CM9
AMERICAN EXPRESS CO NOTE 1.650
0.2%
125,000
1.650
2/28/2023
11/4/2026
10/4/2026
NR
1.85 1.85
0.25 Anytime
11/4/2026
5 91282CDK4
TREAS NTS
0.4%
250,000
1.250
2/28/2023
11/30/2026
AA+
1.17 1.17
0.33 11/30/2026
6 24422EWA3
JOHN DEERE CAPITAL CORPORATION
0.1%
75,000
1.700
2/28/2023
1/11/2027
NR
1.85 1.85
0.44 1/11/2027
7 87612EBM7
TARGET CORP NOTE CALL MAKE WHO
0.2%
110,000
1.950
2/28/2023
1/15/2027
12/15/2026
NR
1.91 1.91
0.45 Anytime
1/15/2027
8 06406RBA4
BANK OF NY MELLON CORP SER J M
0.1%
100,000
2.050
2/28/2023
1/26/2027
12/24/2026
NR
2.02 2.02
0.48 Anytime
1/26/2027
9 459200KM2
INTERNATIONAL BUSINESS MACHS N
0.2%
135,000
2.200
2/28/2023
2/9/2027
1/9/2027
NR
2.53 2.53
0.51 Anytime
2/9/2027
10 912828V98
T
1.0%
650,000
2.250
2/28/2023
2/15/2027
AA+
2.95 2.95
0.53 2/15/2027
11 438516CE4
HONEYWELL INTL INC NOTE CALL M
0.1%
100,000
1.100
2/28/2023
3/1/2027
2/1/2027
NR
2.33 2.33
0.57 Anytime
3/1/2027
12 3133EP4U6
FFCB
1.7%
1,150,000
4.375
6/12/2025
3/8/2027
AA+
3.85 3.85
0.58 3/8/2027
13 665859AW4
NORTHERN TR CORP NOTE 4.00000%
0.1%
90,000
4.000
2/28/2023
5/10/2027
4/10/2027
NR
3.75 3.74
0.75 Anytime
5/10/2027
14 912828X88
TREAS SER C-2027
0.8%
510,000
2.375
2/28/2023
5/15/2027
AA+
3.46 3.46
0.77 5/15/2027
15 91324PEG3
UNITEDHEALTH GROUP INC NOTE 3.
0.1%
60,000
3.700
2/28/2023
5/15/2027
4/15/2027
NR
3.56 3.56
0.76 Anytime
5/15/2027
16 458140BY5
INTEL CORP NOTE CALL MAKE WHOL
0.2%
130,000
3.750
2/28/2023
8/5/2027
7/5/2027
NR
3.72 3.72
0.96 Anytime
8/5/2027
17 9128282RO
T
6.3%
4,300,000
2.250
7/9/2024
8/15/2027
AA+
4.41 4.41
1.00 8/15/2027
18 91282CAH4
TREAS SER P-2027
0.3%
175,000
0.500
2/28/2023
8/31/2027
AA+
3.93 3.93
1.06 8/31/2027
19 931142EX7
WALMART INC NOTE CALL MAKE WHO
0.2%
150,000
3.950
2/28/2023
9/9/2027
8/9/2027
NR
3.91 3.91
1.05 Anytime
9/9/2027
20 89236TKJ3
TOYOTA MTR CR CORP MTN CALL MA
1.5%
1,000,000
4.550
7/29/2025
9/20/2027
8/19/2026
NR
4.06 3.58
1.08 Anytime
9/20/2027
21 91282CGH8
TREAS SER U-2028
1.3%
900,000
3.500
1/18/2024
1/31/2028
AA+
4.04 4.04
1.44 1/31/2028
22 91282CGPO
T
3.0%
2,000,000
4.000
1/30/2024
2/29/2028
AA+
4.14 4.14
1.49 2/29/2028
23 3133ETKM8
FFCB
1.7%
1,150,000
3.875
3/12/2026
4/10/2028
AA+
3.57 3.57
1.60 4/10/2028
24 61690DRPS
MORGAN STANLEY BK N A CD 4.750
0.4%
244,000
4.750
5/30/2024
5/30/2028
NR
4.75 4.75
1.73 5/30/2028
2506051YBD1
BANK OF AMERICA NA CD 4.10000%
0.4%
245,000
4.100
6/4/2026
6/5/2028
NR
4.10 4.10
1.75 6/5/2028
26 3130AWC24
FEDERAL HOME LOAN BANKS
0.4%
300,000
4.000
2/13/2024
6/9/2028
AA+
4.18 4.18
1.76 6/9/2028
27 73317AFP2
POPULAR BK NEW YORK BRH IN CD
0.4%
247,000
4.100
6/10/2026
6/9/2028
NR
4.10 4.10
1.76 6/9/2028
28 05612LFD9
BMW BK NORTH AMER SALT LAKE Cl
0.4%
244,000
4.050
6/13/2025
6/13/2028
NR
4.05 4.05
1.77 6/13/2028
7 Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
Yucaipa
29 856288BU8
STATE BK INDIA NEW YORK NY CD
0.4%
244,000
4.300
6/16/2025
6/16/2028
NR
4.30 4.30
1.78 6/16/2028
30 61776NTK9
MORGAN STANLEY PRIVATE BK NATL
0.4%
244,000
4.250
6/18/2025
6/20/2028
NR
4.25 4.25
1.79 6/20/2028
31 919853QU8
VALLEY NATL BK PASSAIC N 1 CD
0.4%
244,000
4.150
6/17/2025
6/20/2028
NR
4.15 4.15
1.79 6/20/2028
32 91282CHKO
TREAS SER AA-202
0.7%
500,000
4.000
3/13/2024
6/30/2028
AA+
4.17 4.17
1.82 6/30/2028
3320825WEB2
CONNEXUS CREDIT UNION WAUSAU
0.4%
249,000
4.100
8/6/2025
8/7/2028
NR
4.10 4.10
1.91 8/7/2028
34 38150V462
GOLDMAN SACHS BK USACD 3.85000
0.4%
245,000
3.850
8/5/2025
8/7/2028
NR
3.85 3.85
1.89 8/7/2028
35 005594BWS
ADAMS CMNTY BK ADAMSMASS CD 3.
0.4%
245,000
3.850
8/8/2025
8/8/2028
NR
3.85 3.85
1.89 8/8/2028
36 3133EPA47
FFCB
1.5%
1,000,000
4.875
6/12/2025
11/1/2028
AA+
3.88 3.88
2.09 11/1/2028
37 3130AFFXO
FEDERAL HOME LOAN BANK 4973
0.4%
300,000
3.250
2/13/2024
11/16/2028
AA+
4.08 4.08
2.17 11/16/2028
38 91282CKD2
TREAS SER V-2029
1.8%
1,200,000
4.250
2/2/2026
2/28/2029
AA+
3.55 3.55
2.38 2/28/2029
39 91282CKP5
TREAS SER Y-2029
3.0%
2,000,000
4.625
5/15/2025
4/30/2029
AA+
3.98 3.98
2.53 4/30/2029
40 07371BVVO
MONET BK PLANO TEX CD 4.65000%
0.4%
244,000
4.650
6/5/2024
5/30/2029
NR
4.65 4.65
2.61 5/30/2029
41 59013LNY6
MERRICK BK SOUTH JORDAN UTAH C
0.4%
249,000
4.150
6/9/2026
6/11/2029
NR
4.15 4.15
2.67 6/11/2029
4217290GNW3
CITIBANK N A CD 4.25000% 06/15
0.4%
245,000
4.250
6/15/2026
6/15/2029
12/15/2026
NR
4.25 4.25
2.66 6/15/2029
43 91282CEV9
TREAS SER M-2029
5.9%
4,000,000
3.250
10/25/2024
6/30/2029
AA+
3.98 3.98
2.74 6/30/2029
44 91282CFJ5
TREAS SER P-2029
1.4%
950,000
3.125
11/21/2024
8/31/2029
AA+
4.23 4.23
2.86 8/31/2029
45 91282CGB1
TREAS SER T-2029
2.2%
1,500,000
3.875
2/5/2025
12/31/2029
AA+
4.30 4.30
3.15 12/31/2029
46 76116FAB3
RFCSP
1.5%
1,000,000
0.000
5/15/2025
1/15/2030
AA+
4.25 4.25
3.38 1/15/2030
47 76116FAC1
RFCSP
0.9%
605,000
0.000
7/29/2025
4/15/2030
AA+
4.10 4.10
3.63 4/15/2030
48 92826CAM4
VISA INC NOTE CALL MAKE WHOLE2
1.5%
1,000,000
2.050
4/30/2025
4/15/2030
1/15/2030
NR
4.12 4.12
3.48 Anytime
4/15/2030
49 3134HBQW4
FHLMC
1.5%
1,000,000
4.200
5/15/2025
5/20/2030
AA+
4.30 4.30
3.45 Annually
5/20/2030
50 3136GAKW8
FNMA
1.2%
800,000
4.125
7/29/2025
7/29/2030
AA+
4.21 4.21
3.64 Quarterly
7/29/2030
51 24422EYFO
JOHN DEERE CAPITAL CORPORATION
1.3%
850,000
4.375
11/7/2025
10/15/2030
NR
4.08 4.08
3.75 10/15/2030
52 45780PDK8
INSTITUTION FOR SVGS IN NEWBUR
0.4%
249,000
3.650
10/28/2025
10/28/2030
NR
3.65 3.65
3.90 10/28/2030
53 3133EWEX4
FFCB
1.6%
1,100,000
3.625
3/12/2026
2/26/2031
AA+
3.70 3.70
4.09 2/26/2031
54 3134HCF61
FHLMC
1.8%
1,200,000
4.000
3/31/2026
3/26/2031
3/26/2027
AA+
4.04 4.04
4.14 (30) 3/26/2031
TOTAL and AVERAGES
100.0%
67,749,766
2.34 yrs
2.15 yrs
3.96 3.95
2.17 * 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
Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
IY117111F1IIILIIINlPLmKIkrll�le]:l�b il�L7
4q%
48.9%
Callables purchased at Discount
IN66.7% 8.9%
13.4% r D
■ As percent of ❑ As percent of
Callables Portfolio
0.6%
■ Agencies ■ Treasuries
FNMA FHLMC ■ FFCB ■ RFCSP
■ Callable ■ Non -Callable ■ Certificates of Deposit ■ Municipal Bonds ■ Corporate Bonds ■ Supra Nationals
Unrealized
# CUSIP/Sec-ID
Sec Desc 1
Con
Mat Dt
Par Value
Cost
Purch Px
Book Val
Book Px
Book YTM
Mkt Val
Mkt Px
Mkt YTM
Gain Loss
19128282A7
T
1.50 8/15/2026
200,000
187,883
93.94 199,844
99.92 3.37
199,812
99.91 3.75
(32)
2 02665WDZ1
AMERICAN HONDA FIN CORP SE
1.30 9/9/2026
125,000
123,204
98.56 124,943
99.95 1.68
124,805
99.84 2.70
(138)
3 91282CDG3
T
1.13 10/31/2026
575,000
548,823
95.45 573,127
99.67 2.43
571,032
99.31 3.90
(2,095)
4 025816CM9
AMERICAN EXPRESS CO NOTE 1
1.65 11/4/2026
125,000
124,111
99.29 124,933
99.95 1.85
124,409
99.53 3.47
(524)
5 91282CDK4
TREAS NTS
1.25 11/30/2026
250,000
250,713
100.29
250,063
100.03
1.17 247,819
99.13 3.89
(2,244)
6 24422EWA3
JOHN DEERE CAPITAL CORPORA
1.70 1/11/2027
75,000
74,577
99.44 74,949
99.93 1.84
74,297
99.06 3.82
(652)
7 87612EBM7
TARGET CORP NOTE CALL MAKE
1.95 1/15/2027
110,000
110,144
100.13
110,017
100.02
1.90 109,088
99.17 3.77
(929)
8 06406RBA4
BANK OF NY MELLON CORP SER
2.05 1/26/2027
100,000
100,121
100.12
100,015
100.02
2.01 99,095
99.10 3.92
(920)
9 459200KM2
INTERNATIONAL BUSINESS MA(
2.20 2/9/2027
135,000
133,334
98.77 134,770
99.83 2.53
133,747
99.07 4.01
(1,023)
# 912828V98
T
2.25 2/15/2027
650,000
632,979
97.38 647,553
99.62 2.95
643,957
99.07 4.00
(3,596)
# 438516CE4
HONEYWELL INTL INC NOTE CAL
1.10 3/1/2027
100,000
95,328
95.33 99,292
99.29 2.33
98,397
98.40 3.90
(895)
# 3133EP41.16
FFCB
4.38 3/8/2027
1,150,000
1,159,994
100.87
1,153,521
100.31
3.85 1,151,398
100.12
4.16 (2,123)
# 665859AW4
NORTHERN TR CORP NOTE 4.00
4.00 5/10/2027
90,000
90,869
100.97
90,167
100.19
3.75 89,863
99.85 4.19
(304)
# 912828X88
TREAS SER C-2027
2.38 5/15/2027
510,000
488,492
95.78 505,710
99.16 3.46
503,146
98.66 4.12
(2,564)
# 91324PEG3
UNITEDHEALTH GROUP INC NO'
3.70 5/15/2027
60,000
60,316
100.53
60,061
100.10
3.56 59,807
99.68 4.11
(253)
# 458140BY5
INTEL CORP NOTE CALL MAKE N
3.75 8/5/2027
130,000
130,157
100.12
130,038
100.03
3.72 129,203
99.39 4.38
(835)
# 9128282RO
T
2.25 8/15/2027
4,300,000
4,032,970
93.79 4,206,269
97.82 4.41
4,217,639
98.08 4.15
11,370
# 91282CAH4
TREAS SER P-2027
0.50 8/31/2027
175,000
150,438
85.96 168,682
96.39 3.93
168,280
96.16 4.16
(402)
# 931142EX7
WALMART INC NOTE CALL MAK
3.95 9/9/2027
150,000
150,243
100.16
150,059
100.04
3.91 149,723
99.82 4.12
(336)
# 89236TK13
TOYOTA MTR CR CORP MTN CA
4.55 9/20/2027
1,000,000
1,009,900
100.99
1,005,338
100.53
4.06 1,003,160
100.32
4.26 (2,178)
# 91282CGH8
TREAS SER U-2028
3.50 1/31/2028
900,000
882,197
98.02 893,049
99.23 4.04
890,648
98.96 4.22
(2,401)
# 91282CGPO
T
4.00 2/29/2028
2,000,000
1,989,539
99.48 1,995,697
99.78 4.14
1,993,438
99.67 4.21
(2,260)
# 3133ETKM8
FFCB
3.88 4/10/2028
1,150,000
1,156,935
100.60
1,155,659
100.49
3.57 1,146,056
99.66 4.08
(9,603)
# 61690DRP5
MORGAN STANLEY BK N A CD 4
4.75 5/30/2028
244,000
244,000
100.00
244,000
100.00
4.75 246,091
100.86
4.26 2,091
# 06051YBD1
BANK OF AMERICA NA CD 4.10C
4.10 6/5/2028
245,000
245,000
100.00
245,000
100.00
4.10 244,378
99.75 4.24
(622)
# 3130AWC24
FEDERAL HOME LOAN BANKS
4.00 6/9/2028
300,000
297,834
99.28 299,016
99.67 4.18
298,605
99.54 4.26
(411)
Yucaipa
Report Date: 7/31/2026
T_ j� I TIME
VALUE
V
INVESTMENTS
calculations
# 73317AFP2
POPULAR BK NEW YORK BRH IN
4.10 6/9/2028
247,000
�Non/Accremjpmok
247,000
100.00
247,000
100.00
4.10 246,370
99.75 4.24
(630)
# 05612LFD9
BMW BK NORTH AMER SALT LA
4.05 6/13/2028
244,000
244,000
100.00
244,000
100.00
4.05 243,070
99.62 4.26
(930)
# 856288BU8
STATE BK INDIA NEW YORK NY (
4.30 6/16/2028
244,000
244,000
100.00
244,000
100.00
4.30 244,117
100.05
4.27 117
# 61776NTK9
MORGAN STANLEY PRIVATE BK
4.25 6/20/2028
244,000
244,000
100.00
244,000
100.00
4.25 243,978
99.99 4.25
(22)
# 919853QU8
VALLEY NATL BK PASSAIC N J CC
4.15 6/20/2028
244,000
244,000
100.00
244,000
100.00
4.15 243,551
99.82 4.25
(449)
# 91282CHKO
TREAS SER AA-202
4.00 6/30/2028
500,000
496,574
99.31 498,395
99.68 4.17
497,480
99.50 4.28
(915)
# 20825WEB2
CONNEXUS CREDIT UNION WAL
4.10 8/7/2028
249,000
249,000
100.00
249,000
100.00
4.10 248,029
99.61 4.30
(971)
# 38150V4132
GOLDMAN SACHS BK USACD 3.!
3.85 8/7/2028
245,000
245,000
100.00
245,000
100.00
3.85 242,989
99.18 4.28
(2,011)
# 005594BW5
ADAMS CM NTY BK ADAMSMAS
3.85 8/8/2028
245,000
245,000
100.00
245,000
100.00
3.85 242,935
99.16 4.29
(2,065)
# 3133EPA47
FFCB
4.88 11/1/2028
1,000,000
1,031,240
103.12
1,021,177
102.12
3.88 1,014,290
101.43
4.20 (6,887)
# 3130AFFXO
FEDERAL HOME LOAN BANK 49'
3.25 11/16/2028
300,000
289,266
96.42 294,567
98.19 4.08
293,612
97.87 4.23
(954)
# 91282CKD2
TREAS SER V-2029
4.25 2/28/2029
1,200,000
1,224,204
102.02
1,220,527
101.71
3.55 1,198,032
99.84 4.32
(22,495)
# 91282CKP5
TREAS SER Y-2029
4.63 4/30/2029
2,000,000
2,046,780
102.34
2,033,169
101.66
3.98 2,020,080
101.00
4.23 (13,089)
# 07371BW0
MONET BK PLANO TEX CD 4.65C
4.65 5/30/2029
244,000
244,000
100.00
244,000
100.00
4.65 245,945
100.80
4.35 1,945
# 59013LNY6
MERRICK BK SOUTH JORDAN Ul
4.15 6/11/2029
249,000
249,000
100.00
249,000
100.00
4.15 247,765
99.50 4.33
(1,235)
# 17290GNW3
CITIBANK N A CD 4.25000%06/:
4.25 6/15/2029
245,000
245,000
100.00
245,000
100.00
4.25 243,403
99.35 4.49
(1,597)
# 91282CEV9
TREAS SER M-2029
3.25 6/30/2029
4,000,000
3,876,431
96.91 3,920,398
98.01 3.98
3,882,200
97.06 4.34
(38,198)
# 91282CFJ5
TREAS SER P-2029
3.13 8/31/2029
950,000
904,846
95.25 919,807
96.82 4.23
916,305
96.45 4.37
(3,503)
# 91282CGB1
TREAS SER T-2029
3.88 12/31/2029
1,500,000
1,471,779
98.12 1,479,709
98.65 4.30
1,476,735
98.45 4.37
(2,974)
# 76116FAB3
RFCSP
0.00 1/15/2030
1,000,000
821,730
82.17 871,805
87.18 4.26
857,580
85.76 4.50
(14,225)
# 76116FAC1
RFCSP
0.00 4/15/2030
605,000
499,663
82.59 525,121
86.80 4.11
515,091
85.14 4.39
(10,030)
# 92826CAM4
VISA INC NOTE CALL MAKE WH(
2.05 4/15/2030
1,000,000
907,910
90.79 929,430
92.94 4.12
915,690
91.57 4.55
(13,740)
# 3134HBQW4
FHLMC
4.20 5/20/2030
1,000,000
995,540
99.55 996,483
99.65 4.30
994,190
99.42 4.37
(2,293)
# 3136GAKW8
FNMA
4.13 7/29/2030
800,000
797,096
99.64 797,631
99.70 4.21
792,776
99.10 4.37
(4,855)
# 24422EYFO
JOHN DEERE CAPITAL CORPORA
4.38 10/15/2030
850,000
861,093
101.31
859,554
101.12
4.08 837,590
98.54 4.76
(21,964)
# 45780PDK8
INSTITUTION FOR SVGSIN NEW
3.65 10/28/2030
249,000
249,000
100.00
249,000
100.00
3.65 242,113
97.23 4.37
(6,887)
# 3133EWEX4
FFCB
3.63 2/26/2031
1,100,000
1,096,271
99.66 1,096,530
99.68 3.70
1,068,386
97.13 4.32
(28,144)
# 3134HCF61
FHLMC
4.00 3/26/2031
1,200,000
1,197,600
99.80 1,197,701
99.81 4.04
1,176,180
98.02 4.48
(21,521)
TOTAL and AVERAGES 36,803,000 35,937,124 36,352,775 3.96 36,108,374 4.26 (244,401) Yucaipa
10 Report Date: 7/31/2026