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Item No. 03 Investment Report October 2018
Text File City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 17-886 Agenda Date: 11/27/2018 Status: Consent AgendaVersion: 1 File Type: InvestmentsIn Control: City Council / Successor Agency Agenda Number: 3) Page 1 City of Lake Elsinore Printed on 11/20/2018 REPORT TO CITY COUNCIL To:Honorable Mayor and Members of the City Council From:Grant Yates, City Manager Prepared by:Andrew Zavala, Accountant I Approved by:Jason Simpson, Assistant City Manager Date:November 27, 2018 Subject:Investment Report for October 2018 Recommendation Receive and file the Investment Report for October 2018. Background and Discussion The Investment Report is a listing of all funds invested for the City as of the date shown on the report. Additionally, the Review of the Investment Performance for the quarter ended September 30, 2018 is included. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for October 2018 B: Investment Performance Review for the Quarter Ended September 30, 2018 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 2,585,974$ 33,094$ (382,476)$ 2,236,592$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 2,585,974 33,094 (382,476) 2,237,892 INVESTMENTS Local Agency Investment Fund 15,749,212 - - 15,749,212 CAMP Investments: CAMP Pool Account 122,665 - - 122,665 U.S. Treasury Bond / Note 16,920,975 - - 16,920,975 Supra-National Agency Bond / Note 3,097,685 - - 3,097,685 Municipal Bond / Note 225,632 - - 225,632 Federal Agency Collateralized Mortgage Obligation 540,923 - - 540,923 Federal Agency Bond / Note 1,224,056 - - 1,224,056 Corporate Notes 10,126,098 - - 10,126,098 Negotiable Certificate of Deposit 5,534,544 - - 5,534,544 Asset-Backed Security / Collaterized Mortgage 1,574,841 - - 1,574,841 Sub-total Investments 55,116,632 - - 55,116,632 Market Value Adjustment: Unrealized Gain/(Loss) at 06-30-17 (832,804) - - (832,804) Total Investments 54,283,828 - - 54,283,828 Total Pooled Cash and Investments 56,869,802$ 33,094$ (382,476)$ 56,521,720$ TOTAL POOLED CASH AND INVESTMENTS 56,521,720$ I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 12, 2018. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson November 13, 2018 Assistant City Manager Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF OCTOBER 31, 2018 FUND NO FUND NAME AMOUNT 100 General 8,768,624$ 101 Supplemental Law Enforcement 57,080 106 Affordable Housing In Lieu 1,462,029 107 Developer Agreement Revenue 123,205 110 State Gas Tax 1,265,628 112 Measure A 1,852,800 114 SB1186 CASP Education Program 10,676 115 Traffic Safety 44,402 116 City Hall-Public Works DIF 577,582 117 Community Center DIF 6,565 118 Lake Side Facility DIF 9,383 119 Animal Shelter DIF 4,028 121 T.R.I.P.-2014A 139 135 Lighting & Landscape Maintenance - Dist. No. 1 980,821 140 Geothermal 20,167 203 E.L.S.P. - S.T.I.F.1,675,434 205 Traffic Impact Fee 4,316,976 211 Storm Drain C.I.P. 294,375 220 Street Lighting C.I.P.101,940 221 Quimby Park C.I.P.64,968 231 Library C.I.P. 1,815,032 232 City Fire Protection 25,073 254 Railroad Canyon Improvement Area 89-1 126,253 300 Insurance Service 634,602 305 Information Systems Service 216,859 320 Facilities Service 531,127 331 CFD 2006-1CC Summerly Improvement Area CC 20,128 332 CFD 2006-1 Improvement Area B, Summerly 28,385 334 CFD 2015-5 Trieste - Far West Industries 34,780 335 CFD 2003-2E Canyon Hills Improvement Area E 8,052 336 CFD 2006-1FF Summerly Improvement Area FF 25,352 340 CFD 2006-1 IA-EE Summerly Improvement Area 9,073 345 CFD 2003-2 Improvement Area D, Canyon Hills 1,066,462 346 CFD 2014-1 Southshore 63,922 347 CFD 2006-1 Improvement Area A, Summerly 40,595 350 CFD 98-1 Summerhill 742,783 351 CFD 2006-1 IA-II Summerly Improvement 35,000 354 CFD 90-2 Tuscany Hills 1,394,393 357 CFD 2003-2 Canyon Hills Improvement Area 145,925 366 CFD 2005-6 City Center Townhomes 115,890 368 CFD 2006-2 Viscaya 333,543 C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF OCTOBER 31, 2018 FUND NO FUND NAME AMOUNT C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF OCTOBER 31, 2018 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 234,130 371 CFD 2005-1 Serenity 116,813 372 CFD 2005-2 Alberhill Ranch Improvement Area 162,741 374 CFD 2005-4 Lakeview Villas 59,299 375 CFD 2006-4 Clurman 16,484 377 CFD 2006-6 Tessara 9,806 378 CFD 2006-8 Running Deer Estates 8,299 384 CFD 2003-2 Area B Canyon Hills Improvement Area 111,536 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 609,604 386 CFD 2007-4 Mekenna Court 16,843 387 CFD 2007-5 Red Kite 47,390 388 CFD 2007-6 Holiday Inn Express 9,434 390 CFD 2003-2 Area C Canyon Hills Improvement Area 107,254 392 CFD 95-1 City Center 54,918 393 AD 93-1 Cottonwood Hills 99,198 394 CFD 2005-5 (2012A) Wasson Canyon 176,455 395 CFD 2018-1 Wasson Canyon II Improvement Area 9,994 396 CFD 2018-2 Nichols Ranch Improvement Area 76,319 397 CFD 2018-3 Village at Lakeshore 76,218 500 Capital Improvement Plan 9,835,978 510 Successor To RDA Area I, II, & III 4,368,822 603 Endowment Trust - Carl Graves 1,026,071 604 Endowment Trust - Korn Memorial 31,599 605 Public Improvement Trust 49,343 606 Mobile Source Air Polution Reduction 237,256 608 Trust Deposit & Pre Paid Expense 2,643,509 617 Successor Agency Housing 5,806,090 620 Cost Recovery System 1,138,264 631 Lake Destratification Equipment Replacement 332,003 Total Pooled Cash & Investments 56,521,720$ DIVERSIFICATION MAXIMUM TYPES OF SECURITIES PERCENTAGE PERCENTAGE U.S. Treasury Bills 0.00%Unlimited U.S. Treasury Bond / Note 30.70%Unlimited Current Balance 16,920,975$ Supra-National Agency Bond / Note 5.62%30% Current Balance 3,097,685$ Municipal Bond / Note 0.41%Unlimited Current Balance 225,632$ Federal Agency Collaterized Mortgage Obligation 0.98%40.00% Current Balance 540,923$ Federal Agency Bond / Note 2.22%*Unlimited Current Balance 1,224,056$ Negotiable Certificates of Deposit 10.04%25.00% Current Balance 5,534,544$ Corporate Note 18.37%30.00% Current Balance 10,126,098$ Asset-Backed Security / Collaterized Mortgage 20% Current Balance 3%1,574,841$ Repurchase Agreements 0.00%Unlimited Reverse Repurchase Agreements 0.00%20.00% LAIF (Local Agency Investment Fund)28.57%*$65 Million Current Balance 15,749,212$ CAMP - Pooled Sweep Account 0.22%Unlimited Current Balance 122,665$ TOTAL 100.00%55,116,632$ Note: *No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. *Investment in LAIF may not exceed $65 million in each agency. FOR THE MONTH ENDING OCTOBER 31, 2018 SUMMARY OF POLICY LIMITATIONS C I T Y O F L A K E E L S I N O R E Local Agency Investment Fund Yield Purchase Date Maturity Rate 2.144%Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:19,574,098$ (3,824,886)$ 15,749,212$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $65 million cap per agency. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING OCTOBER 31, 2018 JOHN CHIANG TREASURER STATE OF CALIFORNIA Average Quarter to Maturity Date Daily Yield*Date Yield (in days) 10/08/18 2.12 2.12 202 10/09/18 2.12 2.12 202 10/10/18 2.13 2.12 202 10/11/18 2.14 2.12 203 10/12/18 2.14 2.12 202 10/13/18 2.14 2.12 202 10/14/18 2.14 2.13 202 10/15/18 2.14 2.13 200 10/16/18 2.15 2.13 198 10/17/18 2.15 2.13 198 10/18/18 2.16 2.13 197 10/19/18 2.16 2.13 197 10/20/18 2.16 2.13 197 10/21/18 2.16 2.13 197 10/22/18 2.16 2.14 199 10/23/18 2.16 2.14 200 10/24/18 2.16 2.14 202 10/25/18 2.16 2.14 200 10/26/18 2.16 2.14 201 10/27/18 2.16 2.14 201 10/28/18 2.16 2.14 201 10/29/18 2.17 2.14 203 10/30/18 2.17 2.14 201 10/31/18 2.19 2.14 201 11/01/18 2.19 2.15 206 11/02/18 2.19 2.15 206 11/03/18 2.19 2.15 206 11/04/18 2.19 2.15 206 11/05/18 2.19 2.15 205 11/06/18 2.19 2.15 205 11/07/18 2.19 2.15 203 Oct 2018 2.144 Sept 2018 2.063 Aug 2018 1.998 PMIA Performance Report LAIF Performance Report Quarter Ending 09/30/18 Apportionment Rate: 2.16% Earnings Ratio: 0.00005909460836489 Fair Value Factor: 0.997832404 Daily: 2.09% Quarter to Date: 2.00% Average Life:193 Based on data available as of 11/7/2018 View Prior Month Daily Rates PMIA Average Monthly Effective Yields *Daily yield does not reflect capital gains or losses Percentages may not total 100%, due to rounding. Treasuries 49.98% Agencies 17.11% Certificates of Deposit/Bank Notes 19.05% Time Deposits 5.69% Commercial Paper 7.24% Loans 0.90% Pooled Money Investment Account Portfolio Composition 09/30/18 $88.3 billion CAMP Investment Portfolio For the Month Ending October 31, 2018Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 5,448.71 1,412,746.92 (1,295,530.30) 0.00 $122,665.33 CAMP Pool Unsettled Trades 0.00 338.02 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 38,501,668.82 1,290,167.63 (1,296,337.41) (42,997.59) $38,452,501.45 CAMP Managed Account Unsettled Trades 0.00 97,665.80 Cash Dividends and Income October 31, 2018 September 30, 2018 Asset Summary CAMP Pool 122,665.33 5,448.71 CAMP Managed Account 38,452,501.45 38,501,668.82 $38,575,166.78 $38,507,117.53 Total Asset Allocation 0.32% CAMP Pool 99.68% CAMP Managed Account Page 1 For the Month Ending October 31, 2018Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $5,448.71 1,412,746.92 (1,295,530.30) $122,665.33 338.02 $38,501,668.82 (39,102.86) (1,257,234.55) 1,290,167.63 0.00 (42,997.59) $38,452,501.45 $38,507,117.53 $38,575,166.78 115,008.99 (2,185.80) (15,157.39) $97,665.80 0.00 1,262,996.91 109,246.63 39,102.86 (1,292,353.43) (118,992.97) 0.00 Managed Account Total 39,188,819.47 39,311,484.80 161,911.49 1,262,996.91 39,102.86 109,246.63 (1,292,353.43) (39,209,994.25) (204,043.51) 0.00 161,911.49 2,558,527.21 39,102.86 109,246.63 (2,705,100.35) (39,215,442.96) (204,043.51) 338.02 Total Accrual Basis Earnings $55,686.17 $56,024.19 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending October 31, 2018Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 17,075,000.00 16,498,131.98 42.77 Supra-National Agency Bond / Note 3,095,000.00 3,043,445.95 7.89 Municipal Bond / Note 225,000.00 223,960.50 0.58 Federal Agency Collateralized Mortgage Obligation 533,434.23 532,006.90 1.38 Federal Agency Bond / Note 1,230,000.00 1,173,024.05 3.04 Corporate Note 10,055,000.00 9,910,947.78 25.69 Certificate of Deposit 5,535,000.00 5,498,310.18 14.25 Asset-Backed Security / Collateralized Mortgage Obligation 1,575,000.00 1,572,674.11 4.08 Managed Account Sub-Total 39,323,434.23 38,452,501.45 99.68% Accrued Interest 161,911.49 Total Portfolio 39,323,434.23 38,614,412.94 CAMP Pool 122,665.33 122,665.33 0.32 Total Investments 39,446,099.56 38,737,078.27 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 4.08% ABS / CMO 14.25% Cert of Deposit 25.69% Corporate Note 1.38% Fed Agency CMO 3.04% Fed Agy Bond / Note 0.32% Mny Mkt Fund 0.58% Muni Bond / Note 7.89% Supra-National Agency Bond / Note 42.77% US TSY Bond / Note Page 3 For the Month Ending October 31, 2018Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 2.98%3.09% 19.83% 44.62% 25.77% 3.71% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.33 927 2.23% 3.05% Page 4 For the Month Ending October 31, 2018Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 6.93% A 8.36% A+ 5.96% A- 3.08% A-1 0.95% AA 48.20% AA+ 9.08% AA- 12.99% AAA 0.32% AAAm 4.13% BBB+ Issuer Summary Percentof HoldingsIssuer Market Value 431,328.84 1.12 AMERICAN EXPRESS CO 374,508.38 0.97 AMERICAN HONDA FINANCE 391,384.80 1.01 APPLE INC 392,597.49 1.02 BANK OF AMERICA CO 668,032.88 1.73 BANK OF MONTREAL 774,915.87 2.01 BANK OF NOVA SCOTIA 315,414.89 0.82 BB&T CORPORATION 300,085.47 0.78 BMW FINANCIAL SERVICES NA LLC 202,958.80 0.53 BURLINGTON NORTHERN SANTA FE 122,665.33 0.32 CAMP Pool 699,306.66 1.81 CARMAX AUTO OWNER TRUST 298,248.22 0.77 CATERPILLAR INC 234,215.34 0.61 CHARLES SCHWAB 550,395.50 1.43 CITIGROUP INC 342,181.01 0.89 DEERE & COMPANY 976,472.95 2.53 FANNIE MAE 500,320.80 1.30 FEDERAL HOME LOAN BANKS 228,237.20 0.59 FREDDIE MAC 254,954.00 0.66 GENERAL ELECTRIC CO 274,674.76 0.71 GM FINANCIAL AUTO LEASING TRUST 298,607.22 0.77 GM FINANCIAL SECURITIZED TERM 398,094.40 1.03 GOLDMAN SACHS GROUP INC 174,218.99 0.45 HERSHEY COMPANY 196,085.20 0.51 HOME DEPOT INC 295,350.90 0.77 IBM CORP 1,252,187.10 3.25 INTER-AMERICAN DEVELOPMENT BANK 396,050.80 1.03 INTERNATIONAL FINANCE CORPORATION 1,395,208.05 3.61 INTL BANK OF RECONSTRUCTION AND DEV 668,364.08 1.73 JP MORGAN CHASE & CO 394,938.80 1.02 MICROSOFT CORP 389,723.20 1.01 MORGAN STANLEY 395,649.60 1.03 NATIONAL RURAL UTILITIES CO FINANCE CORP Page 5 For the Month Ending October 31, 2018Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 771,245.13 2.00 NORDEA BANK AB 334,430.83 0.87 PACCAR FINANCIAL CORP 271,643.68 0.70 PEPSICO INC 676,844.10 1.75 ROYAL BANK OF CANADA 795,104.80 2.06 SKANDINAVISKA ENSKILDA BANKEN AB 223,960.50 0.58 STATE OF CONNECTICUT 120,652.14 0.31 STATE STREET CORPORATION 783,097.60 2.03 SWEDBANK AB 391,985.20 1.02 THE BANK OF NEW YORK MELLON CORPORATION 393,176.70 1.02 THE WALT DISNEY CORPORATION 542,633.61 1.41 TOYOTA MOTOR CORP 300,336.30 0.78 UBS AG 296,866.80 0.77 UNILEVER PLC 16,498,131.98 42.76 UNITED STATES TREASURY 365,785.88 0.95 WAL-MART STORES INC 493,160.50 1.28 WELLS FARGO & COMPANY 728,733.50 1.89 WESTPAC BANKING CORP $38,575,166.78 Total 100.00% Page 6 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 9,781.25 10,079.50 0.48 10,185.16 02/03/1602/01/16AaaAA+ 10,000.00 912828WC0 1.35 US TREASURY NOTES DTD 12/02/2013 2.000% 11/30/2020 24,552.73 25,318.89 210.38 25,713.86 03/04/1603/02/16AaaAA+ 25,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/02/2013 2.000% 11/30/2020 98,210.90 101,275.57 841.53 102,855.47 03/04/1603/02/16AaaAA+ 100,000.00 912828A42 1.38 US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 9,891.41 10,232.55 80.03 10,502.34 03/31/1603/30/16AaaAA+ 10,000.00 912828A83 1.28 US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 14,644.34 15,129.02 88.45 15,268.94 05/31/1605/27/16AaaAA+ 15,000.00 912828N48 1.35 US TREASURY NOTES DTD 02/28/2014 2.000% 02/28/2021 24,492.20 25,619.27 85.64 26,222.66 07/08/1607/06/16AaaAA+ 25,000.00 912828B90 0.92 US TREASURY NOTES DTD 02/28/2014 2.000% 02/28/2021 146,953.20 153,715.59 513.81 157,335.94 07/08/1607/06/16AaaAA+ 150,000.00 912828B90 0.92 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 52,898.84 55,359.49 60.44 55,700.39 06/29/1606/27/16AaaAA+ 55,000.00 912828Q37 0.98 US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 110,606.66 115,751.65 126.37 116,464.45 06/29/1606/27/16AaaAA+ 115,000.00 912828Q37 0.98 US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 67,424.21 69,183.43 2.66 68,610.94 01/05/1701/03/17AaaAA+ 70,000.00 912828Q78 1.86 US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 216,720.68 222,311.68 8.55 220,508.79 02/03/1702/01/17AaaAA+ 225,000.00 912828Q78 1.87 US TREASURY NOTES DTD 05/31/2016 1.375% 05/31/2021 76,946.88 78,705.45 462.84 77,921.87 03/17/1703/15/17AaaAA+ 80,000.00 912828R77 2.02 US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 97,730.50 101,980.12 841.53 103,593.75 09/02/1609/01/16AaaAA+ 100,000.00 912828WN6 1.22 US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 171,028.38 178,465.20 1,472.68 181,289.06 09/02/1609/01/16AaaAA+ 175,000.00 912828WN6 1.22 Page 7 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 415,354.63 433,415.50 3,576.50 440,273.44 09/02/1609/01/16AaaAA+ 425,000.00 912828WN6 1.22 US TREASURY NOTES DTD 05/31/2016 1.375% 05/31/2021 432,826.20 442,718.13 2,603.48 438,310.55 03/17/1703/15/17AaaAA+ 450,000.00 912828R77 2.02 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 97,488.30 100,419.36 342.54 100,605.47 07/11/1707/06/17AaaAA+ 100,000.00 912828D72 1.85 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 121,860.38 127,740.86 428.18 129,692.38 10/05/1610/03/16AaaAA+ 125,000.00 912828D72 1.21 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 121,860.38 125,226.62 428.18 125,371.09 12/05/1612/01/16AaaAA+ 125,000.00 912828D72 1.93 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 146,232.45 150,629.04 513.81 150,908.20 07/11/1707/06/17AaaAA+ 150,000.00 912828D72 1.85 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 219,348.68 226,134.92 770.72 226,740.23 04/05/1704/03/17AaaAA+ 225,000.00 912828D72 1.82 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 219,348.68 226,683.28 770.72 227,452.15 06/29/1706/27/17AaaAA+ 225,000.00 912828D72 1.73 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 243,720.75 251,870.31 856.35 252,724.61 06/29/1706/27/17AaaAA+ 250,000.00 912828D72 1.73 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 316,836.98 332,126.23 1,113.26 337,200.20 10/05/1610/03/16AaaAA+ 325,000.00 912828D72 1.21 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 779,906.40 804,035.26 2,740.33 806,187.50 04/05/1704/03/17AaaAA+ 800,000.00 912828D72 1.82 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 999,255.08 1,026,858.34 3,511.05 1,028,042.97 12/05/1612/01/16AaaAA+ 1,025,000.00 912828D72 1.93 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 1,121,115.45 1,154,822.65 3,939.23 1,156,962.89 07/11/1707/06/17AaaAA+ 1,150,000.00 912828D72 1.85 US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 1,364,836.20 1,410,473.72 4,795.58 1,415,257.81 06/29/1706/27/17AaaAA+ 1,400,000.00 912828D72 1.73 Page 8 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 57,103.14 59,312.50 2.07 59,053.13 08/31/1708/30/17AaaAA+ 60,000.00 912828T67 1.64 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 123,723.47 127,754.09 4.49 126,988.67 10/10/1710/05/17AaaAA+ 130,000.00 912828T67 1.85 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 123,723.47 127,754.09 4.49 126,988.67 10/10/1710/05/17AaaAA+ 130,000.00 912828T67 1.85 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 237,929.75 247,135.41 8.63 246,054.69 08/31/1708/30/17AaaAA+ 250,000.00 912828T67 1.64 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 689,996.28 712,474.73 25.03 708,206.05 10/10/1710/05/17AaaAA+ 725,000.00 912828T67 1.85 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 1,046,890.90 1,087,395.80 37.98 1,082,640.63 08/31/1708/30/17AaaAA+ 1,100,000.00 912828T67 1.64 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 62,669.17 64,458.59 3.37 64,324.61 12/06/1712/04/17AaaAA+ 65,000.00 912828X47 2.12 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 72,310.58 74,375.30 3.88 74,220.70 12/06/1712/04/17AaaAA+ 75,000.00 912828X47 2.12 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 110,876.22 113,808.86 5.96 113,540.04 01/04/1801/03/18AaaAA+ 115,000.00 912828X47 2.18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 110,876.22 113,808.86 5.96 113,540.04 01/04/1801/03/18AaaAA+ 115,000.00 912828X47 2.18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 173,545.38 174,915.07 9.32 174,248.44 05/07/1805/03/18AaaAA+ 180,000.00 912828X47 2.73 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 241,035.25 242,937.60 12.95 242,011.72 05/07/1805/03/18AaaAA+ 250,000.00 912828X47 2.73 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 265,138.78 265,558.04 14.24 265,353.52 10/03/1810/02/18AaaAA+ 275,000.00 912828X47 2.91 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 433,863.45 446,251.77 23.31 445,324.22 12/06/1712/04/17AaaAA+ 450,000.00 912828X47 2.12 Page 9 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 891,830.43 915,419.07 47.91 913,256.84 01/04/1801/03/18AaaAA+ 925,000.00 912828X47 2.18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 1,205,176.25 1,214,687.99 64.74 1,210,058.59 05/07/1805/03/18AaaAA+ 1,250,000.00 912828X47 2.73 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 1,542,625.60 1,556,557.41 82.87 1,552,750.00 07/06/1807/03/18AaaAA+ 1,600,000.00 912828X47 2.69 US TREASURY NOTES DTD 08/15/2012 1.625% 08/15/2022 951,992.00 959,565.93 3,444.29 958,046.88 09/07/1809/05/18AaaAA+ 1,000,000.00 912828TJ9 2.76 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 434,952.90 437,176.80 3,222.15 436,464.84 08/03/1808/01/18AaaAA+ 450,000.00 912828N30 2.86 38,208.96 16,498,131.98 16,917,629.54 2.06 16,920,975.39 17,075,000.00 Security Type Sub-Total Supra-National Agency Bond / Note INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 121,742.25 124,810.63 265.59 124,700.00 09/19/1709/12/17AaaAAA 125,000.00 45905UP32 1.64 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 146,090.70 149,772.76 318.70 149,640.00 09/19/1709/12/17AaaAAA 150,000.00 45905UP32 1.64 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 730,453.50 748,863.79 1,593.52 748,200.00 09/19/1709/12/17AaaAAA 750,000.00 45905UP32 1.64 INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 98,332.10 100,614.67 1,015.28 100,926.91 10/10/1710/02/17AaaAAA 100,000.00 4581X0CD8 1.81 INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 98,332.10 100,614.67 1,015.28 100,926.91 10/10/1710/02/17AaaAAA 100,000.00 4581X0CD8 1.81 INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 589,992.60 603,688.00 6,091.67 605,561.46 10/10/1710/02/17AaaAAA 600,000.00 4581X0CD8 1.81 Page 10 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Supra-National Agency Bond / Note INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 49,506.35 49,970.00 190.31 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.66 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 49,506.35 49,970.00 190.31 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.66 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 297,038.10 299,820.00 1,141.83 299,775.00 03/16/1803/09/18AaaAAA 300,000.00 45950VLQ7 2.66 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 59,429.40 59,890.71 52.50 59,868.00 04/19/1804/12/18AaaAAA 60,000.00 4581X0DB1 2.70 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 59,429.40 59,890.71 52.50 59,868.00 04/19/1804/12/18AaaAAA 60,000.00 4581X0DB1 2.70 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 346,671.50 349,362.45 306.25 349,230.00 04/19/1804/12/18AaaAAA 350,000.00 4581X0DB1 2.70 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 07/25/2018 2.750% 07/23/2021 396,921.60 399,144.26 2,933.33 399,064.00 07/25/1807/18/18AaaAAA 400,000.00 459058GH0 2.83 15,167.07 3,043,445.95 3,096,412.65 2.14 3,097,685.28 3,095,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 29,861.40 30,008.15 75.67 30,084.30 03/25/1503/16/15A1A 30,000.00 20772JZK1 1.90 CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 29,861.40 30,008.15 75.67 30,084.30 03/25/1503/16/15A1A 30,000.00 20772JZK1 1.90 CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 164,237.70 165,044.85 416.19 165,463.65 03/25/1503/16/15A1A 165,000.00 20772JZK1 1.90 Page 11 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 567.53 223,960.50 225,061.15 1.90 225,632.25 225,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 1,402.91 1,407.63 2.23 1,421.70 11/30/1511/06/15AaaAA+ 1,407.63 3136AQSW1 1.20 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 1,402.91 1,407.63 2.23 1,421.70 11/30/1511/06/15AaaAA+ 1,407.63 3136AQSW1 1.20 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 7,014.53 7,038.14 11.13 7,108.53 11/30/1511/06/15AaaAA+ 7,038.14 3136AQSW1 1.20 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 5,203.09 5,237.68 7.18 5,284.33 10/30/1510/07/15AaaAA+ 5,231.94 3136AQDQ0 1.08 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 5,203.09 5,237.68 7.18 5,284.33 10/30/1510/07/15AaaAA+ 5,231.94 3136AQDQ0 1.08 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 30,640.46 30,844.15 42.26 31,118.89 10/30/1510/07/15AaaAA+ 30,810.36 3136AQDQ0 1.08 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 36,128.95 36,662.99 106.93 36,760.74 04/30/1804/11/18AaaAA+ 36,043.79 3136B1XP4 2.27 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 36,128.96 36,663.00 106.93 36,760.75 04/30/1804/11/18AaaAA+ 36,043.80 3136B1XP4 2.27 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 180,644.80 183,315.02 534.65 183,803.73 04/30/1804/11/18AaaAA+ 180,219.00 3136B1XP4 2.27 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 34,731.75 35,254.42 90.13 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 2.61 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 34,731.75 35,254.42 90.13 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 2.61 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 158,773.70 161,163.04 412.00 161,362.50 04/09/1804/04/18AaaAA+ 160,000.00 3137BM6P6 2.61 1,412.98 532,006.90 539,485.80 2.30 540,923.30 533,434.23 Security Type Sub-Total Federal Agency Bond / Note Page 12 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 119,124.00 124,583.07 417.97 124,239.88 07/15/1607/14/16AaaAA+ 125,000.00 3130A8QS5 1.25 FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 381,196.80 398,665.82 1,337.50 397,567.60 07/15/1607/14/16AaaAA+ 400,000.00 3130A8QS5 1.25 FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 23,854.73 24,951.46 64.24 24,914.48 08/19/1608/17/16AaaAA+ 25,000.00 3135G0N82 1.32 FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 76,335.12 79,816.09 205.56 79,676.00 08/19/1608/17/16AaaAA+ 80,000.00 3135G0N82 1.33 FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 133,586.46 139,728.17 359.72 139,521.06 08/19/1608/17/16AaaAA+ 140,000.00 3135G0N82 1.32 FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 438,926.94 458,942.50 1,181.94 458,137.00 08/19/1608/17/16AaaAA+ 460,000.00 3135G0N82 1.33 3,566.93 1,173,024.05 1,226,687.11 1.30 1,224,056.02 1,230,000.00 Security Type Sub-Total Corporate Note GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 49,761.80 49,977.02 16.67 49,861.00 04/25/1604/20/16A3BBB+ 50,000.00 38141GVT8 2.10 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 49,761.80 49,994.71 16.67 49,968.00 04/26/1604/21/16A3BBB+ 50,000.00 38141GVT8 2.02 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 49,761.80 49,994.71 16.67 49,968.00 04/26/1604/21/16A3BBB+ 50,000.00 38141GVT8 2.02 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 248,809.00 249,973.56 83.33 249,840.00 04/26/1604/21/16A3BBB+ 250,000.00 38141GVT8 2.02 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 24,852.50 24,997.33 205.00 24,987.00 06/09/1606/02/16Baa1BBB+ 25,000.00 172967KS9 2.07 Page 13 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 24,852.50 24,997.33 205.00 24,987.00 06/09/1606/02/16Baa1BBB+ 25,000.00 172967KS9 2.07 CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 104,380.50 104,988.78 861.00 104,945.40 06/09/1606/02/16Baa1BBB+ 105,000.00 172967KS9 2.07 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 25,369.85 25,731.15 97.92 27,597.50 06/08/1606/03/16A3A+ 25,000.00 12189TBC7 1.48 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 25,369.85 25,731.15 97.92 27,597.50 06/08/1606/03/16A3A+ 25,000.00 12189TBC7 1.48 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 152,219.10 154,386.88 587.50 165,585.00 06/08/1606/03/16A3A+ 150,000.00 12189TBC7 1.48 GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 254,954.00 260,041.77 4,315.97 289,082.50 03/25/1503/20/15Baa1BBB+ 250,000.00 36962G4J0 2.05 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 49,538.75 49,991.88 377.71 49,980.00 01/10/1701/04/17Baa1BBB+ 50,000.00 172967LF6 2.46 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 49,538.75 49,991.88 377.71 49,980.00 01/10/1701/04/17Baa1BBB+ 50,000.00 172967LF6 2.46 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 297,232.50 299,951.30 2,266.25 299,880.00 01/10/1701/04/17Baa1BBB+ 300,000.00 172967LF6 2.46 WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 74,025.45 75,077.14 407.60 75,288.00 03/27/1503/24/15A2A- 75,000.00 94974BGF1 2.07 WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 370,127.25 375,679.99 2,038.02 377,621.25 02/05/1502/02/15A2A- 375,000.00 94974BGF1 2.00 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 49,367.35 49,985.66 218.40 49,966.50 02/06/1701/30/17AaaAAA 50,000.00 594918BV5 1.87 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 49,367.35 49,985.66 218.40 49,966.50 02/06/1701/30/17AaaAAA 50,000.00 594918BV5 1.87 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 296,204.10 299,913.99 1,310.42 299,799.00 02/06/1701/30/17AaaAAA 300,000.00 594918BV5 1.87 Page 14 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 29,605.08 29,985.82 106.33 29,968.80 03/03/1702/28/17A2A- 30,000.00 0258M0EE5 2.24 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 29,605.08 29,985.82 106.33 29,968.80 03/03/1702/28/17A2A- 30,000.00 0258M0EE5 2.24 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 177,630.48 179,914.95 638.00 179,812.80 03/03/1702/28/17A2A- 180,000.00 0258M0EE5 2.24 WALT DISNEY COMPANY CORP NOTES DTD 03/06/2017 1.950% 03/04/2020 24,680.20 24,997.04 77.19 24,993.50 03/06/1703/01/17A2A+ 25,000.00 25468PDP8 1.96 WALT DISNEY COMPANY CORP NOTES DTD 03/06/2017 1.950% 03/04/2020 123,401.00 124,985.18 385.94 124,967.50 03/06/1703/01/17A2A+ 125,000.00 25468PDP8 1.96 TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 197,510.60 200,505.83 585.28 201,776.00 03/27/1503/23/15Aa3AA- 200,000.00 89236TCF0 1.96 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 73,862.48 74,982.95 56.88 74,965.50 04/17/1704/11/17Aa3AA- 75,000.00 89236TDU6 1.97 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 221,587.43 224,948.84 170.63 224,896.50 04/17/1704/11/17Aa3AA- 225,000.00 89236TDU6 1.97 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 24,510.65 24,992.20 182.50 24,985.50 06/05/1705/24/17A2A 25,000.00 437076BQ4 1.82 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 24,510.65 24,992.20 182.50 24,985.50 06/05/1705/24/17A2A 25,000.00 437076BQ4 1.82 WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 24,509.55 24,984.38 182.50 24,971.00 06/06/1706/01/17A2A+ 25,000.00 25468PDU7 1.84 WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 49,019.10 49,968.75 365.00 49,942.00 06/06/1706/01/17A2A+ 50,000.00 25468PDU7 1.84 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 147,063.90 149,953.18 1,095.00 149,913.00 06/05/1705/24/17A2A 150,000.00 437076BQ4 1.82 Page 15 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 171,566.85 174,890.63 1,277.50 174,797.00 06/06/1706/01/17A2A+ 175,000.00 25468PDU7 1.84 JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 24,588.73 24,991.55 174.69 24,984.75 06/22/1706/19/17A2A 25,000.00 24422ETS8 1.97 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 99,016.90 100,172.74 977.78 100,497.00 09/04/1509/01/15A2A- 100,000.00 46625HLW8 2.64 JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 569,347.18 575,993.23 5,622.22 577,857.75 09/04/1509/01/15A2A- 575,000.00 46625HLW8 2.64 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 39,114.52 39,979.08 117.17 39,966.40 09/07/1709/05/17A3A 40,000.00 14913Q2A6 1.88 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 39,114.52 39,979.08 117.17 39,966.40 09/07/1709/05/17A3A 40,000.00 14913Q2A6 1.88 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 220,019.18 224,882.34 659.06 224,811.00 09/07/1709/05/17A3A 225,000.00 14913Q2A6 1.88 PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 24,401.63 24,998.46 239.17 24,997.75 11/13/1711/06/17A1A+ 25,000.00 69371RN85 2.05 PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 24,401.63 24,998.46 239.17 24,997.75 11/13/1711/06/17A1A+ 25,000.00 69371RN85 2.05 APPLE INC DTD 11/13/2017 2.000% 11/13/2020 48,923.10 49,971.26 466.67 49,958.00 11/13/1711/06/17Aa1AA+ 50,000.00 037833DJ6 2.03 APPLE INC DTD 11/13/2017 2.000% 11/13/2020 48,923.10 49,971.26 466.67 49,958.00 11/13/1711/06/17Aa1AA+ 50,000.00 037833DJ6 2.03 PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 146,409.75 149,990.76 1,435.00 149,986.50 11/13/1711/06/17A1A+ 150,000.00 69371RN85 2.05 APPLE INC DTD 11/13/2017 2.000% 11/13/2020 293,538.60 299,827.55 2,800.00 299,748.00 11/13/1711/06/17Aa1AA+ 300,000.00 037833DJ6 2.03 Page 16 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 49,007.80 50,521.47 510.00 51,108.00 05/10/1605/06/16A2A- 50,000.00 94974BGR5 2.04 WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 73,157.18 74,925.59 538.33 74,891.25 10/20/1710/11/17Aa2AA 75,000.00 931142EA7 1.95 WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 292,628.70 299,702.35 2,153.33 299,565.00 10/20/1710/11/17Aa2AA 300,000.00 931142EA7 1.95 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 24,353.78 24,991.74 134.38 24,988.50 10/26/1710/23/17A2A- 25,000.00 05531FAZ6 2.17 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 24,353.78 24,991.74 134.38 24,988.50 10/26/1710/23/17A2A- 25,000.00 05531FAZ6 2.17 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 73,061.33 74,975.22 403.13 74,965.50 10/26/1710/23/17A2A- 75,000.00 05531FAZ6 2.17 IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 295,350.90 299,887.96 1,899.17 299,853.00 02/06/1802/01/18A1A 300,000.00 44932HAG8 2.67 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 24,728.10 24,978.47 92.64 24,972.25 02/26/1802/21/18A2A 25,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 24,728.10 24,978.47 92.64 24,972.25 02/26/1802/21/18A2A 25,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 24,728.10 24,913.73 92.64 24,894.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.05 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 24,728.10 24,913.73 92.64 24,894.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.05 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 123,640.50 124,892.35 463.19 124,861.25 02/26/1802/21/18A2A 125,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 173,096.70 174,396.08 648.47 174,259.75 04/19/1804/12/18A2A 175,000.00 63743HER9 3.05 Page 17 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 296,866.80 298,767.45 893.75 298,467.00 03/22/1803/19/18A1A+ 300,000.00 904764AZ0 2.93 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 49,673.10 49,983.54 73.75 49,980.00 04/13/1804/10/18Aa3AA- 50,000.00 89236TEU5 2.96 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 38,806.24 39,994.31 35.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.01 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 38,806.24 39,994.31 35.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.01 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 48,998.15 50,579.40 55.56 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 48,998.15 50,579.40 55.56 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 194,031.20 199,971.57 177.78 199,960.00 10/10/1710/05/17A1A+ 200,000.00 713448DX3 2.01 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 293,988.90 303,518.49 333.33 306,978.00 05/19/1605/16/16A1A 300,000.00 06406FAA1 2.00 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 24,526.55 25,139.97 21.88 25,194.00 11/03/1711/01/17A3A- 25,000.00 06051GFW4 2.39 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 48,715.40 50,117.05 34.72 50,162.00 11/03/1711/01/17A3BBB+ 50,000.00 61746BEA0 2.40 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 48,715.40 50,117.05 34.72 50,162.00 11/03/1711/01/17A3BBB+ 50,000.00 61746BEA0 2.40 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 292,292.40 300,702.31 208.33 300,972.00 11/03/1711/01/17A3BBB+ 300,000.00 61746BEA0 2.40 AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 194,488.20 199,757.86 2,200.00 199,536.00 05/31/1605/25/16A2A- 200,000.00 0258M0EB1 2.30 Page 18 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 19,888.26 19,995.59 294.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.11 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 19,888.26 19,995.59 294.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.11 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 24,205.75 24,991.45 243.44 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 24,205.75 24,991.45 243.44 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 99,441.30 99,977.96 1,472.50 99,974.00 05/10/1805/07/18A1A+ 100,000.00 69371RP26 3.11 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 145,234.50 149,948.71 1,460.63 149,901.00 05/16/1605/10/16A2A- 150,000.00 05531FAV5 2.06 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 24,888.43 24,985.43 368.13 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.12 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 24,888.43 24,985.43 368.13 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.12 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 124,442.13 124,927.15 1,840.63 124,913.75 05/10/1805/03/18A1A 125,000.00 427866BA5 3.12 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 24,130.43 24,950.50 219.38 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 24,130.43 24,950.50 219.38 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 72,391.28 74,851.51 658.13 74,716.50 05/24/1605/19/16A1A 75,000.00 857477AV5 2.03 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 34,883.14 34,999.08 502.40 34,998.95 05/22/1805/17/18A2A 35,000.00 808513AW5 3.25 Page 19 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 199,332.20 199,994.74 2,870.83 199,994.00 05/22/1805/17/18A2A 200,000.00 808513AW5 3.25 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 34,166.13 35,000.00 67.90 35,000.00 09/18/1709/13/17A3A- 35,000.00 06051GGS2 2.33 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 34,166.13 35,000.00 67.90 35,000.00 09/18/1709/13/17A3A- 35,000.00 06051GGS2 2.33 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 195,235.00 200,000.00 388.00 200,000.00 09/18/1709/13/17A3A- 200,000.00 06051GGS2 2.33 AMERICAN HONDA FINANCE CORP NOTES DTD 10/10/2018 3.375% 12/10/2021 374,508.38 374,820.00 738.28 374,820.00 10/10/1810/03/18A2A+ 375,000.00 02665WCP4 3.39 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 48,860.35 49,851.69 423.26 49,779.50 03/15/1703/10/17A2A 50,000.00 24422ETL3 2.75 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 268,731.93 274,184.28 2,327.95 273,787.25 03/15/1703/10/17A2A 275,000.00 24422ETL3 2.75 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 14,929.10 15,000.00 239.10 15,000.00 05/17/1805/14/18A3A- 15,000.00 06051GHH5 3.50 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 14,929.10 15,000.00 239.10 15,000.00 05/17/1805/14/18A3A- 15,000.00 06051GHH5 3.50 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 74,645.48 75,000.00 1,195.49 75,000.00 05/17/1805/14/18A3A- 75,000.00 06051GHH5 3.50 60,602.95 9,910,947.78 10,073,928.10 2.33 10,126,097.65 10,055,000.00 Security Type Sub-Total Certificate of Deposit BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 49,833.55 50,000.00 71.63 50,000.00 04/06/1704/05/17P-1A-1 50,000.00 06417GUE6 1.91 BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 69,766.97 70,000.00 100.28 70,000.00 04/06/1704/05/17P-1A-1 70,000.00 06417GUE6 1.91 BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 274,084.53 275,000.00 393.94 275,000.00 04/06/1704/05/17P-1A-1 275,000.00 06417GUE6 1.91 Page 20 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 99,388.10 99,985.32 465.11 99,961.00 08/04/1708/03/17P-1A-1 100,000.00 83050FXT3 1.85 SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 99,388.10 99,985.32 465.11 99,961.00 08/04/1708/03/17P-1A-1 100,000.00 83050FXT3 1.85 SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 596,328.60 599,911.93 2,790.67 599,766.00 08/04/1708/03/17P-1A-1 600,000.00 83050FXT3 1.85 NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 99,515.50 100,000.00 536.44 100,000.00 02/22/1802/20/18Aa3AA- 100,000.00 65590ASN7 2.72 NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 99,515.50 100,000.00 536.44 100,000.00 02/22/1802/20/18Aa3AA- 100,000.00 65590ASN7 2.72 NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 572,214.13 575,000.00 3,084.56 575,000.00 02/22/1802/20/18Aa3AA- 575,000.00 65590ASN7 2.72 UBS AG STAMFORD CT LT CD DTD 03/06/2018 2.900% 03/02/2020 300,336.30 300,000.00 1,401.67 300,000.00 03/06/1803/02/18Aa2A+ 300,000.00 90275DHG8 2.93 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 30,097.17 29,990.81 369.60 29,988.60 06/07/1806/05/18Aa2A+ 30,000.00 06417GU22 3.10 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 50,161.95 49,984.68 616.00 49,981.00 06/07/1806/05/18Aa2A+ 50,000.00 06417GU22 3.10 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 300,971.70 299,908.10 3,696.00 299,886.00 06/07/1806/05/18Aa2A+ 300,000.00 06417GU22 3.10 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 98,477.50 100,000.00 478.33 100,000.00 08/07/1708/03/17Aa3AA- 100,000.00 96121T4A3 2.05 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 98,477.50 100,000.00 478.33 100,000.00 08/07/1708/03/17Aa3AA- 100,000.00 96121T4A3 2.05 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 531,778.50 540,000.00 2,583.00 540,000.00 08/07/1708/03/17Aa3AA- 540,000.00 96121T4A3 2.05 BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 668,032.88 670,000.00 5,343.25 670,000.00 08/03/1808/01/18Aa2A+ 670,000.00 06370REU9 3.23 Page 21 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 97,887.20 100,000.00 1,065.64 100,000.00 11/17/1711/16/17Aa2AA- 100,000.00 87019U6D6 2.30 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 97,887.20 100,000.00 1,065.64 100,000.00 11/17/1711/16/17Aa2AA- 100,000.00 87019U6D6 2.30 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 587,323.20 600,000.00 6,393.83 600,000.00 11/17/1711/16/17Aa2AA- 600,000.00 87019U6D6 2.30 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 50,136.60 50,000.00 643.50 50,000.00 06/08/1806/07/18Aa2AA- 50,000.00 78012UEE1 3.24 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 100,273.20 100,000.00 1,287.00 100,000.00 06/08/1806/07/18Aa2AA- 100,000.00 78012UEE1 3.24 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 526,434.30 525,000.00 6,756.75 525,000.00 06/08/1806/07/18Aa2AA- 525,000.00 78012UEE1 3.24 40,622.72 5,498,310.18 5,534,766.16 2.55 5,534,543.60 5,535,000.00 Security Type Sub-Total Asset-Backed Security / Collateralized Mortgage Obligation BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 300,085.47 299,997.41 392.00 299,997.33 10/17/1810/10/18AaaAAA 300,000.00 05586CAD6 3.36 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 274,674.76 274,965.85 277.29 274,964.97 09/26/1809/18/18AaaAAA 275,000.00 36256GAE9 3.31 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 298,607.22 299,934.01 377.50 299,930.04 07/18/1807/11/18NRAAA 300,000.00 36255JAD6 3.03 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 349,346.94 349,954.81 486.89 349,952.30 07/25/1807/18/18NRAAA 350,000.00 14313FAD1 3.36 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 349,959.72 349,996.88 228.67 349,996.78 10/24/1810/17/18NRAAA 350,000.00 14315EAC4 3.36 1,762.35 1,572,674.11 1,574,848.96 3.29 1,574,841.42 1,575,000.00 Security Type Sub-Total 39,323,434.23 39,244,754.91 2.23 161,911.49 39,188,819.47 38,452,501.45 Managed Account Sub-Total Page 22 For the Month Ending October 31, 2018Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Money Market Mutual Fund CAMP Pool 122,665.33 122,665.33 0.00 122,665.33 NRAAAm 122,665.33 122,665.33 122,665.33 0.00 122,665.33 122,665.33 Money Market Sub-Total $39,446,099.56 $39,367,420.24 $161,911.49 $39,311,484.80 $38,575,166.78 2.23% $38,737,078.27 $161,911.49 Total Investments Accrued Interest Securities Sub-Total Page 23 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 1.95 (298.25)(403.91) 9,781.25 97.81 MERRILL 10,000.00 912828WC0US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 2.88 1.95 2.00 (766.16)(1,161.13) 24,552.73 98.21 MERRILL 25,000.00 912828A42US TREASURY NOTES DTD 12/02/2013 2.000% 11/30/2020 2.89 2.00 2.00 (3,064.67)(4,644.57) 98,210.90 98.21 MERRILL 100,000.00 912828A42US TREASURY NOTES DTD 12/02/2013 2.000% 11/30/2020 2.89 2.00 2.08 (341.14)(610.93) 9,891.41 98.91 MERRILL 10,000.00 912828A83US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 2.89 2.08 2.09 (484.68)(624.60) 14,644.34 97.63 MORGANST 15,000.00 912828N48US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 2.89 2.09 2.25 (1,127.07)(1,730.46) 24,492.20 97.97 MORGANST 25,000.00 912828B90US TREASURY NOTES DTD 02/28/2014 2.000% 02/28/2021 2.91 2.25 2.25 (6,762.39)(10,382.74) 146,953.20 97.97 MORGANST 150,000.00 912828B90US TREASURY NOTES DTD 02/28/2014 2.000% 02/28/2021 2.91 2.25 2.35 (2,460.65)(2,801.55) 52,898.84 96.18 CITIGRP 55,000.00 912828Q37US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 2.90 2.35 2.35 (5,144.99)(5,857.79) 110,606.66 96.18 CITIGRP 115,000.00 912828Q37US TREASURY NOTES DTD 03/31/2016 1.250% 03/31/2021 2.90 2.35 2.43 (1,759.22)(1,186.73) 67,424.21 96.32 MORGAN_S 70,000.00 912828Q78US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 2.91 2.43 2.43 (5,591.00)(3,788.11) 216,720.68 96.32 MERRILL 225,000.00 912828Q78US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 2.91 2.43 2.49 (1,758.57)(974.99) 76,946.88 96.18 MORGAN_S 80,000.00 912828R77US TREASURY NOTES DTD 05/31/2016 1.375% 05/31/2021 2.92 2.49 2.47 (4,249.62)(5,863.25) 97,730.50 97.73 HSBC 100,000.00 912828WN6US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 2.92 2.47 2.47 (7,436.82)(10,260.68) 171,028.38 97.73 HSBC 175,000.00 912828WN6US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 2.92 2.47 2.47 (18,060.87)(24,918.81) 415,354.63 97.73 HSBC 425,000.00 912828WN6US TREASURY NOTES DTD 06/02/2014 2.000% 05/31/2021 2.92 2.47 2.49 (9,891.93)(5,484.35) 432,826.20 96.18 MORGAN_S 450,000.00 912828R77US TREASURY NOTES DTD 05/31/2016 1.375% 05/31/2021 2.92 2.49 2.72 (2,931.06)(3,117.17) 97,488.30 97.49 MORGAN_S 100,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 Page 24 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 2.72 (5,880.48)(7,832.00) 121,860.38 97.49 HSBC 125,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (3,366.24)(3,510.71) 121,860.38 97.49 HSBC 125,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (4,396.59)(4,675.75) 146,232.45 97.49 MORGAN_S 150,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (6,786.24)(7,391.55) 219,348.68 97.49 MORGAN_S 225,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (7,334.60)(8,103.47) 219,348.68 97.49 MORGAN_S 225,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (8,149.56)(9,003.86) 243,720.75 97.49 MORGAN_S 250,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (15,289.25)(20,363.22) 316,836.98 97.49 HSBC 325,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (24,128.86)(26,281.10) 779,906.40 97.49 MORGAN_S 800,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (27,603.26)(28,787.89) 999,255.08 97.49 HSBC 1,025,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (33,707.20)(35,847.44) 1,121,115.45 97.49 MORGAN_S 1,150,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.72 (45,637.52)(50,421.61) 1,364,836.20 97.49 MORGAN_S 1,400,000.00 912828D72US TREASURY NOTES DTD 09/02/2014 2.000% 08/31/2021 2.93 2.72 2.91 (2,209.36)(1,949.99) 57,103.14 95.17 MERRILL 60,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 2.91 (4,030.62)(3,265.20) 123,723.47 95.17 MERRILL 130,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 2.91 (4,030.62)(3,265.20) 123,723.47 95.17 MERRILL 130,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 2.91 (9,205.66)(8,124.94) 237,929.75 95.17 MERRILL 250,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 2.91 (22,478.45)(18,209.77) 689,996.28 95.17 MERRILL 725,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 2.91 (40,504.90)(35,749.73) 1,046,890.90 95.17 MERRILL 1,100,000.00 912828T67US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 2.94 2.91 Page 25 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 3.35 (1,789.42)(1,655.44) 62,669.17 96.41 MERRILL 65,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (2,064.72)(1,910.12) 72,310.58 96.41 MERRILL 75,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (2,932.64)(2,663.82) 110,876.22 96.41 CITIGRP 115,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (2,932.64)(2,663.82) 110,876.22 96.41 CITIGRP 115,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (1,369.69)(703.06) 173,545.38 96.41 MERRILL 180,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (1,902.35)(976.47) 241,035.25 96.41 MERRILL 250,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (419.26)(214.74) 265,138.78 96.41 MORGAN_S 275,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (12,388.32)(11,460.77) 433,863.45 96.41 MERRILL 450,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (23,588.64)(21,426.41) 891,830.43 96.41 CITIGRP 925,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (9,511.74)(4,882.34) 1,205,176.25 96.41 MERRILL 1,250,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.35 (13,931.81)(10,124.40) 1,542,625.60 96.41 MERRILL 1,600,000.00 912828X47US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 2.96 3.35 3.62 (7,573.93)(6,054.88) 951,992.00 95.20 BMO 1,000,000.00 912828TJ9US TREASURY NOTES DTD 08/15/2012 1.625% 08/15/2022 2.97 3.62 3.92 (2,223.90)(1,511.94) 434,952.90 96.66 MERRILL 450,000.00 912828N30US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 2.98 3.92 (422,843.41) 2.94 2.99 (419,497.56) 16,498,131.98 17,075,000.00 Security Type Sub-Total 2.99 Supra-National Agency Bond / Note 1.81 (3,068.38)(2,957.75) 121,742.25 97.39 HSBC 125,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 3.01 1.81 Page 26 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Supra-National Agency Bond / Note 1.81 (3,682.06)(3,549.30) 146,090.70 97.39 HSBC 150,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 3.01 1.81 1.81 (18,410.29)(17,746.50) 730,453.50 97.39 HSBC 750,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 3.01 1.81 1.94 (2,282.57)(2,594.81) 98,332.10 98.33 HSBC 100,000.00 4581X0CD8INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 2.98 1.94 1.94 (2,282.57)(2,594.81) 98,332.10 98.33 HSBC 100,000.00 4581X0CD8INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 2.98 1.94 1.94 (13,695.40)(15,568.86) 589,992.60 98.33 HSBC 600,000.00 4581X0CD8INTER-AMERICAN DEVELOPMENT BANK DTD 11/08/2013 2.125% 11/09/2020 2.98 1.94 2.26 (463.65)(456.15) 49,506.35 99.01 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 3.07 2.26 2.26 (463.65)(456.15) 49,506.35 99.01 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 3.07 2.26 2.26 (2,781.90)(2,736.90) 297,038.10 99.01 HSBC 300,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 3.07 2.26 2.37 (461.31)(438.60) 59,429.40 99.05 CITIGRP 60,000.00 4581X0DB1INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 3.03 2.37 2.37 (461.31)(438.60) 59,429.40 99.05 CITIGRP 60,000.00 4581X0DB1INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 3.03 2.37 2.37 (2,690.95)(2,558.50) 346,671.50 99.05 CITIGRP 350,000.00 4581X0DB1INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 3.03 2.37 2.59 (2,222.66)(2,142.40) 396,921.60 99.23 MORGAN_S 400,000.00 459058GH0INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 07/25/2018 2.750% 07/23/2021 3.05 2.59 Page 27 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration (54,239.33) 3.02 2.09 (52,966.70) 3,043,445.95 3,095,000.00 Security Type Sub-Total 2.09 Municipal Bond / Note 0.37 (146.75)(222.90) 29,861.40 99.54 VINING 30,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 3.20 0.37 0.37 (146.75)(222.90) 29,861.40 99.54 VINING 30,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 3.20 0.37 0.37 (807.15)(1,225.95) 164,237.70 99.54 VINING 165,000.00 20772JZK1CT ST TXBL GO BONDS DTD 03/25/2015 1.974% 03/15/2019 3.20 0.37 (1,671.75) 3.20 0.37 (1,100.65) 223,960.50 225,000.00 Security Type Sub-Total 0.37 Federal Agency Collateralized Mortgage Obligation 0.17 (4.72)(18.79) 1,402.91 99.66 GOLDMAN 1,407.63 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3.16 0.21 0.17 (4.72)(18.79) 1,402.91 99.66 GOLDMAN 1,407.63 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3.16 0.21 0.17 (23.61)(94.00) 7,014.53 99.66 GOLDMAN 7,038.14 3136AQSW1FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3.16 0.21 0.70 (34.59)(81.24) 5,203.09 99.45 MORGANST 5,231.94 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 2.28 0.40 0.70 (34.59)(81.24) 5,203.09 99.45 MORGANST 5,231.94 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 2.28 0.40 0.70 (203.69)(478.43) 30,640.46 99.45 MORGANST 30,810.36 3136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 2.28 0.40 1.46 (534.04)(631.79) 36,128.95 100.24 JPM_CHAS 36,043.79 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3.24 2.23 1.46 (534.04)(631.79) 36,128.96 100.24 JPM_CHAS 36,043.80 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3.24 2.23 1.46 (2,670.22)(3,158.93) 180,644.80 100.24 JPM_CHAS 180,219.00 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3.24 2.23 1.90 (522.67)(566.30) 34,731.75 99.23 CITIGRP 35,000.00 3137BM6P6FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3.39 3.38 Page 28 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Federal Agency Collateralized Mortgage Obligation 1.90 (522.67)(566.30) 34,731.75 99.23 CITIGRP 35,000.00 3137BM6P6FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3.39 3.38 1.90 (2,389.34)(2,588.80) 158,773.70 99.23 CITIGRP 160,000.00 3137BM6P6FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3.39 3.38 (8,916.40) 3.22 1.56 (7,478.90) 532,006.90 533,434.23 Security Type Sub-Total 2.54 Federal Agency Bond / Note 2.62 (5,459.07)(5,115.88) 119,124.00 95.30 TD SEC U 125,000.00 3130A8QS5FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 2.95 2.62 2.62 (17,469.02)(16,370.80) 381,196.80 95.30 TD SEC U 400,000.00 3130A8QS5FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 2.95 2.62 2.71 (1,096.73)(1,059.75) 23,854.73 95.42 TD SEC U 25,000.00 3135G0N82FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 2.97 2.71 2.71 (3,480.97)(3,340.88) 76,335.12 95.42 CITIGRP 80,000.00 3135G0N82FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 2.97 2.71 2.71 (6,141.71)(5,934.60) 133,586.46 95.42 TD SEC U 140,000.00 3135G0N82FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 2.97 2.71 2.71 (20,015.56)(19,210.06) 438,926.94 95.42 CITIGRP 460,000.00 3135G0N82FNMA NOTES DTD 08/19/2016 1.250% 08/17/2021 2.97 2.71 (51,031.97) 2.96 2.67 (53,663.06) 1,173,024.05 1,230,000.00 Security Type Sub-Total 2.67 Corporate Note 0.48 (215.22)(99.20) 49,761.80 99.52 03/25/19GOLDMAN 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 2.98 0.47 0.48 (232.91)(206.20) 49,761.80 99.52 03/25/19MIZUHO 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 2.98 0.47 Page 29 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 0.48 (232.91)(206.20) 49,761.80 99.52 03/25/19MIZUHO 50,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 2.98 0.47 0.48 (1,164.56)(1,031.00) 248,809.00 99.52 03/25/19MIZUHO 250,000.00 38141GVT8GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 2.98 0.47 0.59 (144.83)(134.50) 24,852.50 99.41 CITIGRP 25,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 3.05 0.59 0.59 (144.83)(134.50) 24,852.50 99.41 CITIGRP 25,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 3.05 0.59 0.59 (608.28)(564.90) 104,380.50 99.41 CITIGRP 105,000.00 172967KS9CITIGROUP INC CORP NOTES DTD 06/09/2016 2.050% 06/07/2019 3.05 0.59 0.89 (361.30)(2,227.65) 25,369.85 101.48 GOLDMAN 25,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 3.05 0.89 0.89 (361.30)(2,227.65) 25,369.85 101.48 GOLDMAN 25,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 3.05 0.89 0.89 (2,167.78)(13,365.90) 152,219.10 101.48 GOLDMAN 150,000.00 12189TBC7BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 3.05 0.89 1.13 (5,087.77)(34,128.50) 254,954.00 101.98 GOLDMAN 250,000.00 36962G4J0GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 3.77 1.13 1.15 (453.13)(441.25) 49,538.75 99.08 12/10/19CITIGRP 50,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 3.24 1.15 1.15 (453.13)(441.25) 49,538.75 99.08 12/10/19CITIGRP 50,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 3.24 1.15 1.15 (2,718.80)(2,647.50) 297,232.50 99.08 12/10/19CITIGRP 300,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 3.24 1.15 1.21 (1,051.69)(1,262.55) 74,025.45 98.70 1ST TENN 75,000.00 94974BGF1WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 3.22 1.21 1.21 (5,552.74)(7,494.00) 370,127.25 98.70 JEFFERIE 375,000.00 94974BGF1WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 3.22 1.21 1.23 (618.31)(599.15) 49,367.35 98.73 HSBC 50,000.00 594918BV5MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 2.88 1.23 1.23 (618.31)(599.15) 49,367.35 98.73 HSBC 50,000.00 594918BV5MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 2.88 1.23 Page 30 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 1.23 (3,709.89)(3,594.90) 296,204.10 98.73 HSBC 300,000.00 594918BV5MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 2.88 1.23 1.30 (380.74)(363.72) 29,605.08 98.68 02/01/20MERRILL 30,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 3.21 1.29 1.30 (380.74)(363.72) 29,605.08 98.68 02/01/20MERRILL 30,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 3.21 1.29 1.30 (2,284.47)(2,182.32) 177,630.48 98.68 02/01/20MERRILL 180,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 3.21 1.29 1.31 (316.84)(313.30) 24,680.20 98.72 CITIGRP 25,000.00 25468PDP8WALT DISNEY COMPANY CORP NOTES DTD 03/06/2017 1.950% 03/04/2020 2.93 1.31 1.31 (1,584.18)(1,566.50) 123,401.00 98.72 CITIGRP 125,000.00 25468PDP8WALT DISNEY COMPANY CORP NOTES DTD 03/06/2017 1.950% 03/04/2020 2.93 1.31 1.33 (2,995.23)(4,265.40) 197,510.60 98.76 HSBC 200,000.00 89236TCF0TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 3.09 1.33 1.43 (1,120.47)(1,103.02) 73,862.48 98.48 MERRILL 75,000.00 89236TDU6TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 3.02 1.43 1.43 (3,361.41)(3,309.07) 221,587.43 98.48 MERRILL 225,000.00 89236TDU6TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 3.02 1.43 1.54 (481.55)(474.85) 24,510.65 98.04 JPM_CHAS 25,000.00 437076BQ4HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 3.07 1.54 1.54 (481.55)(474.85) 24,510.65 98.04 JPM_CHAS 25,000.00 437076BQ4HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 3.07 1.54 1.54 (474.83)(461.45) 24,509.55 98.04 DEUTSCHE 25,000.00 25468PDU7WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 3.07 1.54 1.54 (949.65)(922.90) 49,019.10 98.04 DEUTSCHE 50,000.00 25468PDU7WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 3.07 1.54 1.54 (2,889.28)(2,849.10) 147,063.90 98.04 JPM_CHAS 150,000.00 437076BQ4HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 3.07 1.54 1.54 (3,323.78)(3,230.15) 171,566.85 98.04 DEUTSCHE 175,000.00 25468PDU7WALT DISNEY COMPANY CORP NOTES DTD 06/06/2017 1.800% 06/05/2020 3.07 1.54 Page 31 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 1.59 (402.82)(396.02) 24,588.73 98.35 DEUTSCHE 25,000.00 24422ETS8JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 2.98 1.59 1.58 (1,155.84)(1,480.10) 99,016.90 99.02 05/23/20JPMCHASE 100,000.00 46625HLW8JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 3.37 1.57 1.58 (6,646.05)(8,510.57) 569,347.18 99.02 05/23/20JPMCHASE 575,000.00 46625HLW8JP MORGAN CHASE & CO CORP NT (CALLABLE) DTD 06/23/2015 2.750% 06/23/2020 3.37 1.57 1.79 (864.56)(851.88) 39,114.52 97.79 BARCLAYS 40,000.00 14913Q2A6CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 3.10 1.79 1.79 (864.56)(851.88) 39,114.52 97.79 BARCLAYS 40,000.00 14913Q2A6CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 3.10 1.79 1.79 (4,863.16)(4,791.82) 220,019.18 97.79 BARCLAYS 225,000.00 14913Q2A6CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 3.10 1.79 1.95 (596.83)(596.12) 24,401.63 97.61 CITIGRP 25,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 3.28 1.95 1.95 (596.83)(596.12) 24,401.63 97.61 CITIGRP 25,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 3.28 1.95 1.95 (1,048.16)(1,034.90) 48,923.10 97.85 JPM_CHAS 50,000.00 037833DJ6APPLE INC DTD 11/13/2017 2.000% 11/13/2020 3.10 1.95 1.95 (1,048.16)(1,034.90) 48,923.10 97.85 JPM_CHAS 50,000.00 037833DJ6APPLE INC DTD 11/13/2017 2.000% 11/13/2020 3.10 1.95 1.95 (3,581.01)(3,576.75) 146,409.75 97.61 CITIGRP 150,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 3.28 1.95 1.95 (6,288.95)(6,209.40) 293,538.60 97.85 JPM_CHAS 300,000.00 037833DJ6APPLE INC DTD 11/13/2017 2.000% 11/13/2020 3.10 1.95 2.00 (1,513.67)(2,100.20) 49,007.80 98.02 UBS AG 50,000.00 94974BGR5WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 3.54 2.00 2.04 (1,768.41)(1,734.07) 73,157.18 97.54 MORGAN_S 75,000.00 931142EA7WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 3.10 2.04 2.04 (7,073.65)(6,936.30) 292,628.70 97.54 MORGAN_S 300,000.00 931142EA7WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 3.10 2.04 Page 32 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.16 (637.96)(634.72) 24,353.78 97.42 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 3.35 2.16 2.16 (637.96)(634.72) 24,353.78 97.42 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 3.35 2.16 2.16 (1,913.89)(1,904.17) 73,061.33 97.42 01/01/21MORGAN_S 75,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 3.35 2.16 2.16 (4,537.06)(4,502.10) 295,350.90 98.45 BNP_PARI 300,000.00 44932HAG8IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 3.37 2.16 2.26 (250.37)(244.15) 24,728.10 98.91 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.26 (250.37)(244.15) 24,728.10 98.91 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.26 (185.63)(166.15) 24,728.10 98.91 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.26 (185.63)(166.15) 24,728.10 98.91 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.26 (1,251.85)(1,220.75) 123,640.50 98.91 RBC 125,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.26 (1,299.38)(1,163.05) 173,096.70 98.91 RBC 175,000.00 63743HER9NATIONAL RURAL UTIL COOP DTD 02/26/2018 2.900% 03/15/2021 3.38 2.26 2.29 (1,900.65)(1,600.20) 296,866.80 98.96 CITIGRP 300,000.00 904764AZ0UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 3.21 2.29 2.34 (310.44)(306.90) 49,673.10 99.35 JPM_CHAS 50,000.00 89236TEU5TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 3.23 2.34 2.37 (1,188.07)(1,185.76) 38,806.24 97.02 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 3.27 2.36 2.37 (1,188.07)(1,185.76) 38,806.24 97.02 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 3.27 2.36 2.35 (1,581.25)(2,150.85) 48,998.15 98.00 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 3.36 2.35 Page 33 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.35 (1,581.25)(2,150.85) 48,998.15 98.00 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 3.36 2.35 2.37 (5,940.37)(5,928.80) 194,031.20 97.02 03/15/21MERRILL 200,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 3.27 2.36 2.35 (9,529.59)(12,989.10) 293,988.90 98.00 03/15/21KEYBAN 300,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 3.36 2.35 2.36 (613.42)(667.45) 24,526.55 98.11 MERRILL 25,000.00 06051GFW4BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 3.43 2.36 2.37 (1,401.65)(1,446.60) 48,715.40 97.43 MORGAN_S 50,000.00 61746BEA0MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 3.60 2.37 2.37 (1,401.65)(1,446.60) 48,715.40 97.43 MORGAN_S 50,000.00 61746BEA0MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 3.60 2.37 2.37 (8,409.91)(8,679.60) 292,292.40 97.43 MORGAN_S 300,000.00 61746BEA0MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 3.60 2.37 2.39 (5,269.66)(5,047.80) 194,488.20 97.24 04/04/21KEYBAN 200,000.00 0258M0EB1AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 3.40 2.38 2.37 (107.33)(106.54) 19,888.26 99.44 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 3.33 2.37 2.37 (107.33)(106.54) 19,888.26 99.44 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 3.33 2.37 2.41 (785.70)(777.75) 24,205.75 96.82 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 3.37 2.40 2.41 (785.70)(777.75) 24,205.75 96.82 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 3.37 2.40 2.37 (536.66)(532.70) 99,441.30 99.44 MERRILL 100,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 3.33 2.37 2.41 (4,714.21)(4,666.50) 145,234.50 96.82 04/09/21SCOTIA 150,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 3.37 2.40 Page 34 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 2.39 (97.00)(94.32) 24,888.43 99.55 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 3.28 2.39 2.39 (97.00)(94.32) 24,888.43 99.55 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 3.28 2.39 2.39 (485.02)(471.62) 124,442.13 99.55 MERRILL 125,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 3.28 2.39 2.44 (820.07)(775.07) 24,130.43 96.52 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 3.38 2.44 2.44 (820.07)(775.07) 24,130.43 96.52 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 3.38 2.44 2.44 (2,460.23)(2,325.22) 72,391.28 96.52 GOLDMAN 75,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 3.38 2.44 2.40 (115.94)(115.81) 34,883.14 99.67 CSFB 35,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 3.39 2.40 2.40 (662.54)(661.80) 199,332.20 99.67 CSFB 200,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 3.39 2.40 2.79 (833.87)(833.87) 34,166.13 97.62 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 3.19 2.05 2.79 (833.87)(833.87) 34,166.13 97.62 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 3.19 2.05 2.79 (4,765.00)(4,765.00) 195,235.00 97.62 10/01/20MERRILL 200,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 3.19 2.05 2.92 (311.62)(311.62) 374,508.38 99.87 JPM_CHAS 375,000.00 02665WCP4AMERICAN HONDA FINANCE CORP NOTES DTD 10/10/2018 3.375% 12/10/2021 3.42 2.92 2.99 (991.34)(919.15) 48,860.35 97.72 MITSU 50,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 3.41 2.99 2.99 (5,452.35)(5,055.32) 268,731.93 97.72 MITSU 275,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 3.41 2.99 3.25 (70.90)(70.90) 14,929.10 99.53 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 3.64 3.25 3.25 (70.90)(70.90) 14,929.10 99.53 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 3.64 3.25 3.25 (354.52)(354.52) 74,645.48 99.53 MERRILL 75,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 3.64 3.25 Page 35 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration (215,149.87) 3.25 1.87 (162,980.32) 9,910,947.78 10,055,000.00 Security Type Sub-Total 1.85 Certificate of Deposit 0.42 (166.45)(166.45) 49,833.55 99.67 MERRILL 50,000.00 06417GUE6BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 2.17 0.42 0.42 (233.03)(233.03) 69,766.97 99.67 MERRILL 70,000.00 06417GUE6BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 2.17 0.42 0.42 (915.47)(915.47) 274,084.53 99.67 MERRILL 275,000.00 06417GUE6BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 2.17 0.42 0.73 (597.22)(572.90) 99,388.10 99.39 BARCLAYS 100,000.00 83050FXT3SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 2.60 0.73 0.73 (597.22)(572.90) 99,388.10 99.39 BARCLAYS 100,000.00 83050FXT3SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 2.60 0.73 0.73 (3,583.33)(3,437.40) 596,328.60 99.39 BARCLAYS 600,000.00 83050FXT3SKANDINAV ENSKILDA BANKEN NY CD DTD 08/04/2017 1.840% 08/02/2019 2.60 0.73 1.26 (484.50)(484.50) 99,515.50 99.52 GOLDMAN 100,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 3.10 1.26 1.26 (484.50)(484.50) 99,515.50 99.52 GOLDMAN 100,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 3.10 1.26 1.26 (2,785.87)(2,785.87) 572,214.13 99.52 GOLDMAN 575,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 3.10 1.26 1.30 336.30 336.30 300,336.30 100.11 UBS 300,000.00 90275DHG8UBS AG STAMFORD CT LT CD DTD 03/06/2018 2.900% 03/02/2020 2.84 1.30 1.53 106.36 108.57 30,097.17 100.32 GOLDMAN 30,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 2.87 1.53 1.53 177.27 180.95 50,161.95 100.32 GOLDMAN 50,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 2.87 1.53 1.53 1,063.60 1,085.70 300,971.70 100.32 GOLDMAN 300,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 2.87 1.53 1.73 (1,522.50)(1,522.50) 98,477.50 98.48 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 2.84 1.73 1.73 (1,522.50)(1,522.50) 98,477.50 98.48 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 2.84 1.73 1.73 (8,221.50)(8,221.50) 531,778.50 98.48 JPM_CHAS 540,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 2.84 1.73 Page 36 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Certificate of Deposit 1.69 (1,967.12)(1,967.12) 668,032.88 99.71 BMO 670,000.00 06370REU9BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 3.38 1.69 1.95 (2,112.80)(2,112.80) 97,887.20 97.89 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 3.38 1.95 1.95 (2,112.80)(2,112.80) 97,887.20 97.89 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 3.38 1.95 1.95 (12,676.80)(12,676.80) 587,323.20 97.89 MERRILL 600,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 3.38 1.95 2.45 136.60 136.60 50,136.60 100.27 RBC 50,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 3.13 2.45 2.45 273.20 273.20 100,273.20 100.27 RBC 100,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 3.13 2.45 2.45 1,434.30 1,434.30 526,434.30 100.27 RBC 525,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 3.13 2.45 (36,233.42) 2.97 1.51 (36,455.98) 5,498,310.18 5,535,000.00 Security Type Sub-Total 1.51 Asset-Backed Security / Collateralized Mortgage Obligation 1.68 88.06 88.14 300,085.47 100.03 SOCGEN 300,000.00 05586CAD6BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 3.34 2.12 1.84 (291.09)(290.21) 274,674.76 99.88 RBC 275,000.00 36256GAE9GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 3.36 1.98 2.23 (1,326.79)(1,322.82) 298,607.22 99.54 JPM_CHAS 300,000.00 36255JAD6GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 3.23 2.14 2.27 (607.87)(605.36) 349,346.94 99.81 BARCLAYS 350,000.00 14313FAD1CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 3.21 2.32 2.38 (37.16)(37.06) 349,959.72 99.99 MERRILL 350,000.00 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 3.36 2.53 (2,167.31) 3.30 2.10 (2,174.85) 1,572,674.11 1,575,000.00 Security Type Sub-Total 2.24 39,323,434.23 38,452,501.45 (792,253.46) (736,318.02) 2.33 3.05 Managed Account Sub-Total 2.35 Page 37 For the Month Ending October 31, 2018Managed Account Fair Market Value & Analytics Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Money Market Mutual Fund 0.00 0.00 0.00 122,665.33 1.00 122,665.33 CAMP Pool 0.00 122,665.33 122,665.33 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $38,737,078.27 $161,911.49 $38,575,166.78 Accrued Interest Securities Sub-Total $39,446,099.56 ($792,253.46) ($736,318.02) 2.33 3.05% 2.35 Page 38 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 10/03/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 (265,353.52)(2,185.80)(267,539.32) 275,000.00 10/02/18 10/10/18 AMERICAN HONDA FINANCE CORP NOTES DTD 10/10/2018 3.375% 12/10/2021 02665WCP4 (374,820.00) 0.00 (374,820.00) 375,000.00 10/03/18 10/17/18 BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 (299,997.33) 0.00 (299,997.33) 300,000.00 10/10/18 10/24/18 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 (349,996.78) 0.00 (349,996.78) 350,000.00 10/17/18 (2,185.80) (1,292,353.43)(1,290,167.63) 1,300,000.00 Transaction Type Sub-Total INTEREST 10/01/18 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 407.40 407.40 35,000.00 10/01/18 10/01/18 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 0.00 3,525.00 3,525.00 150,000.00 10/01/18 10/01/18 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 2,328.00 2,328.00 200,000.00 10/01/18 10/01/18 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 407.40 407.40 35,000.00 10/01/18 10/01/18 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 0.00 587.50 587.50 25,000.00 10/01/18 10/01/18 BURLINGTON NRTH CORP DTD 09/24/2009 4.700% 10/01/2019 12189TBC7 0.00 587.50 587.50 25,000.00 10/01/18 10/25/18 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 412.00 412.00 160,000.00 10/01/18 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 116.07 116.07 37,764.05 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 2.23 2.23 1,409.68 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 11.15 11.15 7,048.41 10/01/18 Page 39 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 11.88 11.88 8,660.41 10/01/18 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 580.37 580.37 188,820.22 10/01/18 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 116.08 116.08 37,764.04 10/01/18 10/25/18 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 90.13 90.13 35,000.00 10/01/18 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 69.96 69.96 51,000.18 10/01/18 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 0.00 11.88 11.88 8,660.41 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 0.00 2.23 2.23 1,409.68 10/01/18 10/25/18 FHLMC MULTIFAMILY STRUCTURED P POOL DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 90.13 90.13 35,000.00 10/01/18 10/05/18 BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 06417GUE6 0.00 2,670.02 2,670.02 275,000.00 10/05/18 10/05/18 BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 06417GUE6 0.00 485.46 485.46 50,000.00 10/05/18 10/05/18 BANK OF NOVA SCOTIA HOUSTON LT CD DTD 04/06/2017 1.910% 04/05/2019 06417GUE6 0.00 679.64 679.64 70,000.00 10/05/18 10/13/18 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 89236TEU5 0.00 737.50 737.50 50,000.00 10/13/18 10/15/18 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 400.00 400.00 40,000.00 10/15/18 10/15/18 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 3,750.00 3,750.00 300,000.00 10/15/18 Page 40 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 10/15/18 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 0.00 912.92 912.92 350,000.00 10/15/18 10/15/18 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 2,000.00 2,000.00 200,000.00 10/15/18 10/15/18 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 400.00 400.00 40,000.00 10/15/18 10/15/18 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 625.00 625.00 50,000.00 10/15/18 10/15/18 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 625.00 625.00 50,000.00 10/15/18 10/16/18 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 0.00 755.00 755.00 300,000.00 10/16/18 10/17/18 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 0.00 2,193.75 2,193.75 225,000.00 10/17/18 10/17/18 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 0.00 731.25 731.25 75,000.00 10/17/18 10/19/18 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 0.00 787.50 787.50 60,000.00 10/19/18 10/19/18 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 06051GFW4 0.00 328.13 328.13 25,000.00 10/19/18 10/19/18 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 0.00 787.50 787.50 60,000.00 10/19/18 10/19/18 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 0.00 4,593.75 4,593.75 350,000.00 10/19/18 10/20/18 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 36256GAE9 0.00 655.42 655.42 275,000.00 10/20/18 10/21/18 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 61746BEA0 0.00 3,750.00 3,750.00 300,000.00 10/21/18 Page 41 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 10/21/18 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 61746BEA0 0.00 625.00 625.00 50,000.00 10/21/18 10/21/18 MORGAN STANLEY CORP NOTES DTD 04/21/2016 2.500% 04/21/2021 61746BEA0 0.00 625.00 625.00 50,000.00 10/21/18 10/25/18 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 38141GVT8 0.00 500.00 500.00 50,000.00 10/25/18 10/25/18 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 38141GVT8 0.00 500.00 500.00 50,000.00 10/25/18 10/25/18 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 38141GVT8 0.00 2,500.00 2,500.00 250,000.00 10/25/18 10/25/18 GOLDMAN SACHS GRP INC CORP NT (CALLABLE) DTD 04/25/2016 2.000% 04/25/2019 38141GVT8 0.00 500.00 500.00 50,000.00 10/25/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 1,078.13 1,078.13 115,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 609.38 609.38 65,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 1,687.50 1,687.50 180,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 4,531.25 4,531.25 725,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 1,562.50 1,562.50 250,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 15,000.01 15,000.01 1,600,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 812.50 812.50 130,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 1,078.13 1,078.13 115,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 912828Q78 0.00 1,546.88 1,546.88 225,000.00 10/31/18 Page 42 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 812.50 812.50 130,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 2,343.75 2,343.75 250,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 8,671.85 8,671.85 925,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 4,218.75 4,218.75 450,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 2,578.11 2,578.11 275,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 375.00 375.00 60,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2013 1.750% 10/31/2020 912828WC0 0.00 87.50 87.50 10,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 11,718.76 11,718.76 1,250,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/01/2017 1.875% 04/30/2022 912828X47 0.00 703.13 703.13 75,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 05/02/2016 1.375% 04/30/2021 912828Q78 0.00 481.25 481.25 70,000.00 10/31/18 10/31/18 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 0.00 6,875.00 6,875.00 1,100,000.00 10/31/18 109,246.63 109,246.63 0.00 12,687,537.08 Transaction Type Sub-Total PAYDOWNS 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 3,428.47 0.00 3,428.47 (34.33) 0.00 3,428.47 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 2.05 0.00 2.05 (0.02) 0.00 2.05 10/01/18 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 1,720.26 0.00 1,720.26 (34.22) 0.00 1,720.26 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 2.05 0.00 2.05 (0.02) 0.00 2.05 10/01/18 Page 43 For the Month Ending October 31, 2018Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method PAYDOWNS 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 1,720.25 0.00 1,720.25 (34.22) 0.00 1,720.25 10/01/18 10/25/18 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 8,601.22 0.00 8,601.22 (171.09) 0.00 8,601.22 10/01/18 10/25/18 FNMA SERIES 2015-M15 ASQ2 DTD 11/01/2015 1.898% 01/01/2019 3136AQSW1 10.27 0.00 10.27 (0.10) 0.00 10.27 10/01/18 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 20,189.82 0.00 20,189.82 (202.18) 0.00 20,189.82 10/01/18 10/25/18 FANNIE MAE SERIES 2015-M13 ASQ2 DTD 10/01/2015 1.646% 09/01/2019 3136AQDQ0 3,428.47 0.00 3,428.47 (34.33) 0.00 3,428.47 10/01/18 0.00 0.00 (510.51) 39,102.86 39,102.86 39,102.86 Transaction Type Sub-Total SELL 10/03/18 CANADIAN IMPERIAL BANK NY CD DTD 12/05/2016 1.760% 11/30/2018 13606A5Z7 574,451.55 3,457.67 577,909.22 (99.95)(512.57)FIFO 575,000.00 10/02/18 10/10/18 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 02665WAH4 273,685.50 945.31 274,630.81 (805.75)(1,222.72)FIFO 275,000.00 10/03/18 10/10/18 AMERICAN HONDA FINANCE GLOBAL NOTES DTD 09/09/2014 2.250% 08/15/2019 02665WAH4 99,522.00 343.75 99,865.75 (293.00)(444.63)FIFO 100,000.00 10/03/18 10/24/18 FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 3130A8QS5 309,575.50 1,015.63 310,591.13 (13,448.18)(14,332.82)FIFO 325,000.00 10/17/18 5,762.36 (16,512.74)(14,646.88) 1,262,996.91 1,257,234.55 1,275,000.00 Transaction Type Sub-Total 6,169.78 112,823.19 118,992.97 (15,157.39) (16,512.74)Managed Account Sub-Total Total Security Transactions ($15,157.39)$118,992.97 $112,823.19 $6,169.78 ($16,512.74) Page 44 For the Month Ending October 31, 2018Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 5,448.71 Opening Balance 10/01/18 10/01/18 Purchase - Interest 06051GGS2 1.00 2,328.00 7,776.71 10/01/18 10/01/18 Purchase - Interest 06051GGS2 1.00 407.40 8,184.11 10/01/18 10/01/18 Purchase - Interest 06051GGS2 1.00 407.40 8,591.51 10/01/18 10/01/18 Purchase - Interest 12189TBC7 1.00 587.50 9,179.01 10/01/18 10/01/18 Purchase - Interest 12189TBC7 1.00 587.50 9,766.51 10/01/18 10/01/18 Purchase - Interest 12189TBC7 1.00 3,525.00 13,291.51 10/01/18 10/01/18 Purchase - Interest 912828Q37 1.00 343.75 13,635.26 10/01/18 10/01/18 Purchase - Interest 912828Q37 1.00 718.75 14,354.01 10/03/18 10/03/18 Purchase - Interest 13606A5Z7 1.00 3,457.67 17,811.68 10/03/18 10/03/18 Purchase - Principal 13606A5Z7 1.00 574,451.55 592,263.23 10/03/18 10/03/18 Redemption - Interest 912828X47 1.00 (2,185.80) 590,077.43 10/03/18 10/03/18 Redemption - Principal 912828X47 1.00 (265,353.52) 324,723.91 10/05/18 10/05/18 Purchase - Interest 06417GUE6 1.00 679.64 325,403.55 10/05/18 10/05/18 Purchase - Interest 06417GUE6 1.00 485.46 325,889.01 10/05/18 10/05/18 Purchase - Interest 06417GUE6 1.00 2,670.02 328,559.03 10/10/18 10/10/18 Purchase - Interest 02665WAH4 1.00 1,289.06 329,848.09 10/10/18 10/10/18 Purchase - Principal 02665WAH4 1.00 373,207.50 703,055.59 10/10/18 10/10/18 Redemption - Principal 02665WCP4 1.00 (374,820.00) 328,235.59 10/15/18 10/15/18 Purchase - Interest 06406FAA1 1.00 3,750.00 331,985.59 10/15/18 10/15/18 Purchase - Interest 06406FAA1 1.00 625.00 332,610.59 10/15/18 10/15/18 Purchase - Interest 06406FAA1 1.00 625.00 333,235.59 Page 45 For the Month Ending October 31, 2018Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 10/15/18 10/15/18 Purchase - Interest 713448DX3 1.00 400.00 333,635.59 10/15/18 10/15/18 Purchase - Interest 713448DX3 1.00 400.00 334,035.59 10/15/18 10/15/18 Purchase - Interest 713448DX3 1.00 2,000.00 336,035.59 10/15/18 10/15/18 Purchase - Interest 89236TEU5 1.00 737.50 336,773.09 10/15/18 10/15/18 Purchase - Interest 14313FAD1 1.00 912.92 337,686.01 10/16/18 10/16/18 Purchase - Interest 36255JAD6 1.00 755.00 338,441.01 10/17/18 10/17/18 Purchase - Interest 89236TDU6 1.00 731.25 339,172.26 10/17/18 10/17/18 Purchase - Interest 89236TDU6 1.00 2,193.75 341,366.01 10/17/18 10/17/18 Redemption - Principal 05586CAD6 1.00 (299,997.33) 41,368.68 10/19/18 10/19/18 Purchase - Interest 06051GFW4 1.00 328.13 41,696.81 10/19/18 10/19/18 Purchase - Interest 4581X0DB1 1.00 4,593.75 46,290.56 10/19/18 10/19/18 Purchase - Interest 4581X0DB1 1.00 787.50 47,078.06 10/19/18 10/19/18 Purchase - Interest 4581X0DB1 1.00 787.50 47,865.56 10/22/18 10/22/18 Purchase - Interest 61746BEA0 1.00 3,750.00 51,615.56 10/22/18 10/22/18 Purchase - Interest 61746BEA0 1.00 625.00 52,240.56 10/22/18 10/22/18 Purchase - Interest 61746BEA0 1.00 625.00 52,865.56 10/22/18 10/22/18 Purchase - Interest 36256GAE9 1.00 655.42 53,520.98 10/24/18 10/24/18 Purchase - Interest 3130A8QS5 1.00 1,015.63 54,536.61 10/24/18 10/24/18 Purchase - Principal 3130A8QS5 1.00 309,575.50 364,112.11 10/24/18 10/24/18 Redemption - Principal 14315EAC4 1.00 (349,996.78) 14,115.33 10/25/18 10/25/18 Purchase - Interest 38141GVT8 1.00 500.00 14,615.33 10/25/18 10/25/18 Purchase - Interest 38141GVT8 1.00 500.00 15,115.33 Page 46 For the Month Ending October 31, 2018Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 10/25/18 10/25/18 Purchase - Interest 38141GVT8 1.00 500.00 15,615.33 10/25/18 10/25/18 Purchase - Interest 38141GVT8 1.00 2,500.00 18,115.33 10/25/18 10/25/18 Purchase - Interest 3136AQDQ0 1.00 69.96 18,185.29 10/25/18 10/25/18 Purchase - Interest 3136AQDQ0 1.00 11.88 18,197.17 10/25/18 10/25/18 Purchase - Interest 3136AQDQ0 1.00 11.88 18,209.05 10/25/18 10/25/18 Purchase - Interest 3136AQSW1 1.00 11.15 18,220.20 10/25/18 10/25/18 Purchase - Interest 3136AQSW1 1.00 2.23 18,222.43 10/25/18 10/25/18 Purchase - Interest 3136AQSW1 1.00 2.23 18,224.66 10/25/18 10/25/18 Purchase - Interest 3136B1XP4 1.00 580.38 18,805.04 10/25/18 10/25/18 Purchase - Interest 3136B1XP4 1.00 116.07 18,921.11 10/25/18 10/25/18 Purchase - Interest 3136B1XP4 1.00 116.07 19,037.18 10/25/18 10/25/18 Purchase - Interest 3137BM6P6 1.00 412.00 19,449.18 10/25/18 10/25/18 Purchase - Interest 3137BM6P6 1.00 90.13 19,539.31 10/25/18 10/25/18 Purchase - Interest 3137BM6P6 1.00 90.13 19,629.44 10/25/18 10/25/18 Purchase - Principal 3136B1XP4 1.00 1,720.25 21,349.69 10/25/18 10/25/18 Purchase - Principal 3136B1XP4 1.00 1,720.25 23,069.94 10/25/18 10/25/18 Purchase - Principal 3136AQDQ0 1.00 20,189.82 43,259.76 10/25/18 10/25/18 Purchase - Principal 3136AQDQ0 1.00 3,428.47 46,688.23 10/25/18 10/25/18 Purchase - Principal 3136AQDQ0 1.00 3,428.47 50,116.70 10/25/18 10/25/18 Purchase - Principal 3136AQSW1 1.00 10.27 50,126.97 10/25/18 10/25/18 Purchase - Principal 3136AQSW1 1.00 2.05 50,129.02 10/25/18 10/25/18 Purchase - Principal 3136AQSW1 1.00 2.05 50,131.07 Page 47 For the Month Ending October 31, 2018Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 10/25/18 10/25/18 Purchase - Principal 3136B1XP4 1.00 8,601.23 58,732.30 10/26/18 10/26/18 IP Fees September 2018 1.00 (2,994.62) 55,737.68 10/26/18 10/26/18 U.S. Bank Fees August 2018 1.00 (182.25) 55,555.43 10/31/18 10/31/18 Purchase - Interest 912828Q78 1.00 481.25 56,036.68 10/31/18 10/31/18 Purchase - Interest 912828Q78 1.00 1,546.88 57,583.56 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 6,875.00 64,458.56 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 812.50 65,271.06 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 375.00 65,646.06 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 4,531.25 70,177.31 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 812.50 70,989.81 10/31/18 10/31/18 Purchase - Interest 912828T67 1.00 1,562.50 72,552.31 10/31/18 10/31/18 Purchase - Interest 912828WC0 1.00 87.50 72,639.81 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 703.13 73,342.94 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 2,578.11 75,921.05 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 1,078.13 76,999.18 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 2,343.75 79,342.93 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 11,718.76 91,061.69 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 1,078.13 92,139.82 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 609.38 92,749.20 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 15,000.01 107,749.21 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 1,687.50 109,436.71 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 4,218.75 113,655.46 Page 48 For the Month Ending October 31, 2018Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 10/31/18 10/31/18 Purchase - Interest 912828X47 1.00 8,671.85 122,327.31 10/31/18 11/01/18 Accrual Income Div Reinvestment - Distributions 1.00 338.02 122,665.33 122,665.33 122,665.33 122,665.33 175,642.65 1,264.05 0.00 (12,527,521.37) 12,588,970.79 61,215.91 338.02 122,665.33 0.00 (1,295,530.30) 1,412,746.92 5,448.71 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance October January-October 2.27% Page 49 Client Management Team Sarah Meacham, Managing Director Richard Babbe, CCM, Senior Managing Consultant 601 South Figueroa, Suite 4500 Los Angeles, CA 90017 213-489-4075 PFM Asset Management LLC One Keystone Plaza, Suite 300 Harrisburg, PA 17101-2044 717-232-2723 Investment Performance Review For the Quarter Ended September 30, 2018 CITY OF LAKE ELSINORE PFM Asset Management LLCFor the Quarter Ended September 30, 2018Portfolio OverviewKey MessagesEconomic ConditionsEconomic growth has strengthened over the past year.The labor market remains strong with the unemployment rate at a 49-year low.Inflation has firmed up at the federal reserve’s desired target level.Interest rates are up sharply year-over-year with further increases possible through 2019.Trade concerns, higher interest rates, and geo-political events could impact longer-term economic trends.Portfolio ReviewWe continued to actively manage the portfolio to add value in a rapidly rising interest rate environment.The portfolio has benefited from higher interest rates which have driven higher accrual earnings, but the rise in rates has alsoresulted in market value depreciation in the portfolio which has lowered the portfolio’s total return.We positioned the portfolio with a modestly defensive duration posture relative to the benchmark, holding maturities shorter than the benchmark for the majority of the past two quarters in light of the Fed’s impact on short-term rates. With yield spreads (the difference in yield for similar maturity securities), narrow by recent standards, we shifted additional funds into the U.S. Treasury sector and we were more selective with corporate sector purchases. The portfolio continues outperform its benchmark by a good margin.CITY OF LAKE ELSINORE1 Market Update PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Market UpdateEconomic SummarySource: Bloomberg, data available as of 9/30/2018. SAAR is seasonally adjusted annualized rate.4.2%406080100120140160Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18Consumer ConfidenceHighest since 20007.2%5.9%5.0%5.0%4.2%3.7%3%4%5%6%7%8%9%Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18Unemployment Rate-1%0%1%2%3%4%5%6%3Q13 3Q14 3Q15 3Q16 3Q17 3Q18U.S. Real GDP(QoQ, SAAR)Rolling 4-Quarter Avg.-0.5%0.5%1.5%2.5%Sep '13 Sep '14 Sep '15 Sep '16 Sep '17 Sep '18Inflation Measures (YoY)Core CPICore PCEFed's Long Term Inflation Target2 PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Source: Bloomberg, as of 9/30/2018.Market UpdateThe third quarter marked the eighth straight quarterly rise in the 2-year yield as the U.S. economy remained strong and the Federal Reserve continued on its path of quantitative tightening, raising the federal funds target rate by 25 basis points at its September meeting. Treasury Yields Continue to RiseQuarterEnding YieldQoQ Change3Q20182.82% 0.29%2Q20182.53% 0.26%1Q20182.27% 0.38%4Q20171.89% 0.42%3Q20171.47% 0.09%2Q20171.38% 0.11%1Q20171.27% 0.07%4Q20161.20% 0.56%3Q20160.64% 0.00%1.75%2.00%2.25%2.50%2.75%3.00%Dec-17 Mar-18 Jun-18 Sep-182-Year U.S. Treasury1.89%2.82%2.53%2.27%3 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Source: Bloomberg, as of 9/30/2018. Market Update U.S. Treasury Curve 3Q2018 9/30/18 2Q2018 6/30/18 1Q2018 3/31/18 3 month 2.20%1.91%1.70% 6 month 2.36%2.10%1.91% 1 year 2.56%2.31%2.08% 2 year 2.82%2.53%2.27% 3 year 2.88%2.62%2.38% 5 year 2.95%2.74%2.56% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25%3M6M1Y2Y3Y5YYieldMaturity September 30, 2018 June 30, 2018 March 31, 2018 4 Investment Strategy & Portfolio Review PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Sector Allocation and ComplianceThe portfolio is in compliance with the City’s Investment Policy and the California Government Code.Sector Allocation and Compliance4.2%Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of December 2017. Security TypeMarket Value% of Portfolio% Changevs. 6/30/18Permitted by PolicyIn ComplianceU.S. Treasury$16,242,006 42.2% +4.8%100%Federal Agency$1,483,956 3.9% -2.6%100%Federal Agency CMOs$573,974 1.5% -0.2%100%Municipal Obligations$223,812 0.6%-100%Supranationals$3,044,621 7.9% +1.0%30%Negotiable CDs$6,078,621 15.8% -2.4%30%Corporate Notes$9,930,433 25.8% -2.6%30%Asset-Backed Securities$924,246 2.4% +2.4%20%Securities Sub-Total$38,501,669 100.0%Accrued Interest$204,015Securities Total$38,705,684CAMP Cash Reserve Portfolio$5,449--0.3%100%Total Investments$38,711,133 100.0%5 PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Portfolio Trade ActivitySummary of Portfolio Trade ActivityNetActivity(000s)-$970.0-$930.0+925.0-$91.1-$1,030.0+$400.0+$2,035.0+$338.9Based on par of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.During the third quarter, we purchased $5.045 million of new securities with an average yield of 2.90%.-$2,000-$1,000$0$1,000$2,000$3,000$4,000US TreasurySupranationalAgencyAgency CMOAsset-BackedNegotiable CDCorporateThousandsSell/MaturityBuy6 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Portfolio Snapshot Portfolio Statistics As of September 30, 2018 $39,342,986 $38,711,133 $38,501,669 $204,015 - Accrued Interest: Cash: Par Value: Total Market Value: Security Market Value: CAMP $5,449 $39,215,443 2.95% 2.18% AAAverage Credit: * Yield at Cost: Amortized Cost: Yield at Market: Effective Duration:2.36 Years Duration to Worst:2.35 Years Average Maturity:2.53 Years Credit Quality (S&P Ratings) 6.8% A 6.0% A- 9.2% A+ 4.6% A-1 0.9% AA 9.1% AA- 48.5% AA+ 11.3% AAA 0.0% AAAm 3.5% BBB+** 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years 7.8% 20.4% 44.9% 24.1% 2.8% 0.0% Maturity Distribution Sector Allocation 2.4% Asset-Backed 15.8% Certificate of Deposit 25.8% Corporate 1.5% Federal Agency/CMO 3.9% Federal Agency/GSE 0.6% Municipal 7.9% Supra-Sov / Supra-Natl Agency 42.1% U.S. Treasury PFM Asset Management LLC * An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. **The "BBB+" category comprises securities rated A or better by Moody's and/or Fitch. 7 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Portfolio Composition Sector Allocation September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 16.2 42.1% 14.4 37.4% 10.9 36.5% 10.9 36.0% Corporate 9.9 25.8% 10.9 28.4% 8.1 27.1% 7.5 24.9% Certificate of Deposit 6.1 15.8% 7.0 18.2% 4.9 16.4% 5.2 17.4% Supra-Sov / Supra-Natl Agency 3.0 7.9% 2.7 6.9% 1.6 5.4% 1.3 4.4% Federal Agency/GSE 1.5 3.9% 2.5 6.5% 3.8 12.8% 4.6 15.3% Asset-Backed 0.9 2.4% 0.0 0.0% 0.0 0.0% 0.0 0.0% Federal Agency/CMO 0.6 1.5% 0.7 1.7% 0.1 0.5% 0.2 0.8% Municipal 0.2 0.6% 0.2 0.6% 0.3 1.0% 0.3 1.0% Mny Mkt Fund / Pool 0.0 0.0% 0.1 0.3% 0.1 0.3% 0.1 0.2% $38.5 100.0%$38.4 100.0%$29.9 100.0%$30.1 100.0%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% September 2018 June 2018 March 2018 December 2017 Mny Mkt Fund / Pool Municipal Federal Agency/CMO Asset-Backed Federal Agency/GSE Supra-Sov / Supra-Natl Agency Certificate of Deposit Corporate U.S. Treasury PFM Asset Management LLC Detail may not add to total due to rounding. 8 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Portfolio Composition Maturity Distribution As of September 30, 2018 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity 2.95% 7.8% 20.4% 44.9% 24.1% 2.8% 0.0%2.53 yrsCAMP-LAKE ELSINORE CITY FUNDS ICE BofAML 1-5 Year U.S. Treasury Index 2.86% 1.7% 32.1% 26.6% 20.0% 19.6% 0.0%2.77 yrs 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 7.8% 20.4% 44.9% 24.1% 2.8% 0.0%1.7% 32.1% 26.6% 20.0%19.6% 0.0% CAMP-LAKE ELSINORE CITY FUNDS ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC 9 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark Annualized Return 10 Year1 Year 3 Year 5 Year Since Inception (09/30/10) ** Current Quarter CAMP-LAKE ELSINORE CITY FUNDS 2.36 0.32%--0.16%0.77%1.06%1.24% ICE BofAML 1-5 Year U.S. Treasury Index 2.57 0.05%--0.58%0.29%0.73%0.89% Difference 0.42% 0.27%0.48%0.33%-0.35% -0.8% -0.4% 0.0% 0.4% 0.8% 1.2% 1.6% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 0.32% -0.16% 0.77% 1.06% 1.24% 0.05% -0.58% 0.29% 0.73% 0.89%Total ReturnCAMP-LAKE ELSINORE CITY FUNDS ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year. 10 PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Portfolio EarningsAnnual Portfolio Earnings4Q 171Q 182Q 183Q 1812-Mo.TotalsChange in 2-Yr UST+0.42%+0.38%+0.26%+0.29%+1.35%Market Value EarningsInterest Earned$139,594$142,452$154,917$206,718$643,681 Change in Value($234,206)($291,295)($53,476)($84,231)($663,208)Portfolio Earnings ($94,612)($148,843)$101,441 $122,487 ($19,527)Total Return-0.31%-0.49%0.32%0.32%-0.16%Accrual EarningsInterest Earned$139,594$142,452$154,917$206,718$643,681 Change in Value($28,218)($46,749)$92,184 ($58,612)($41,395)Portfolio Earnings $111,376 $95,703 $247,101 $148,106 $602,286 2-Year Treasury YieldsSeptember 30, 2017 – September 30, 20181.25%1.50%1.75%2.00%2.25%2.50%2.75%3.00%Sep-17 Dec-17 Mar-18 Jun-18 Sep-1811 PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Economic OutlookWhere Are We in the Economic Cycle?Source (left): Wall Street Journal; Deutsche Bank. Source (right): Conference Board.Different Indicators Give Differing ViewsSupports the continuing solid growth in the economySuggests no recession in the near-termThe Conference Board Leading Economic Index Continues to Rise12 PFM Asset Management LLCCITY OF LAKE ELSINOREFor the Quarter Ended September 30, 2018Market ActivityEquity Selloff Erases Year-to-Date GainsSource: Bloomberg, as of 11/5/2018..After hitting an all-time high in late September, the S&P 500 fell into correction territory driven by a range of concerns ranging from higher interest rates to peak profits worries. 2,550 2,600 2,650 2,700 2,750 2,800 2,850 2,900 2,950Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18S&P 500Year-to-Date Change2017 close+2.4% YTDHigh: +9.6% YTD13 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 0% 1% 2% 3% 4% 5% Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy September 2018 Sept-18 FOMC Projections Sept-18 Median Fed Funds Futures Market Update FOMC “Dot Plot” –A Third 2018 Rate Hike in September 2018 2019 2021 Longer Term Fed expects 1 more rate hike in 2018 & maintained future projections History of Recent Fed Rate Hikes Sept ’18 2.00 –2.25% Jun ’18 1.75 –2.00% Mar ’18 1.50 -1.75% Dec ’17 1.25 -1.50% Jun ’17 1.00 -1.25% Mar ’17 0.75 -1.00% Dec ’16 0.50 -0.75% Dec ’15 0.25 -0.50% Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. Fed funds futures as of 9/26/18. 14 2020 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2018 Market Update We believe the current strength of the U.S. economy, coupled with a strong labor market and rising inflation, will cause the Fed to continue raising rates at a pace of about one ¼ percent hike per quarter well into 2019. Therefore, we plan to maintain a defensive duration posture to mitigate a portion of interest rate risk relative to benchmarks. While diversification away from U.S. Treasury securities has added significant value over the last several quarters, very narrow spreads across most investment-grade sectors give us reason to turn a bit more cautious. Our outlook for each of the major investment-grade fixed-income sectors are as follows: •Federal agency securities remain expensive, as most maturities offer less than five basis points of incremental yield relative to U.S. Treasuries. We will continue to reduce agency exposure where spreads are tight, seeking better relative value in other sectors. As an alternative, we may selectively add callable agency issues because we view them as providing better value in today’s market in addition to favorable diversification and income benefits. •Issuance in the supranational sector is very light, and spreads have narrowed sharply. We will likely wait until the first quarter of next year, when seasonal issuance typical surges (as these multinational corporations begin preparing for new fiscal year funding initiatives), to aggressively increase allocations at what we expect will be much wider spreads. •Corporate sector earnings remain solid, fundamentals are stable, and the domestic backdrop is strong, all of which support credit spreads. However, increased balance sheet leverage, headwinds from tariffs, merger and acquisition uncertainty, and higher short-term yields may be headwinds for future performance. In conjunction with tight spreads, we plan to be more selective and defensive with corporate positioning. Our preference continues to favor financials and select industrial issuers with stronger balance sheets and fair valuations, which we think can better withstand the current phase of the credit cycle. •In conjunction with our slightly defensive credit posture, asset-backed securities (ABS) offer attractive incremental income compared to government security alternatives. Further, where allocations to the corporate sector are trimmed, we may seek to reinvest a portion of those assets in AAA-rated ABS. •Short-term money market investors continue to reap the rewards of current monetary policy tightening. In addition, increased projections for U.S. Treasury debt issuance over the next several quarters may continue to pressure short- term yields higher in both the government and short-term credit spaces. Investment Outlook and Strategy 15