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HomeMy WebLinkAboutItem No. 22 SA Investment Report for April 2020City of Lake Elsinore LW811-Si no 130 South Main Street Lake Elsinore, CA 92530 www.lake - elsinore.org Ne °— IKikr- ' City Council Agenda Report File Number: ID# 19 -636 Agenda Date: 6/23/2020 Version: 1 Status: Approval Final In Control: City Council / Successor Aqency Agenda Number: 22) SA Investment Report for April 2020 Receive and file. File Type: Successor Consent Calendar City of Lake Elsinore Page 1 Printed on 611812020 CITY OF_., LAKE LS I I`�OI�E ` DREAM EXTREME, REPORT TO SUCCESSOR AGENCY BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Honorable Agency Chairman and Members of the Successor Agency From: Grant Yates, Executive Director Prepared by: Andrew Zavala, Accountant I Approved by: Jason Simpson, Assistant Executive Director Date: June 23, 2020 Subject: Investment Report for April 2020 Recommendation Receive and file the Investment Report for April 2020. Background and Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Additionally, the Review of the Investment Performance for the quarter ended March 31, 2020 is included. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for April 2020 CITY OF 4 LADE (3:,2LSll-i0P,E rr � DREAM EXTREME- CITY ITY OF LAKE ELSINORE INVESTMENT REPORT CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF APRIL 30, 2020 BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account $ 1,022,064 $ 153,170 $ (765,465) $ 409,768 Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 1,022,064 153,170 (765,465) 411,068 INVESTMENTS Local Agency Investment Fund 13,795,093 - - 13,795,093 CAMP Investments: CAMP Pool Account 92,668 - - 92,668 U.S. Treasury Bond / Note 14,842,387 - - 14,842,387 Supra - National Agency Bond / Note 723,920 - - 723,920 Municipal Bond / Note 100,000 - - 100,000 Federal Agency Collateralized Mortgage Obligation 887,672 - - 887,672 Federal Agency Bond / Note 697,543 - - 697,543 Corporate Notes 6,448,601 - - 6,448,601 Negotiable Certificate of Deposit 3,664,856 - - 3,664,856 Asset - Backed Security/ Collaterized Mortgage 3,338,835 - - 3,338,835 Sub -total Investments 44,591,573 - - 44,591,573 Market Value Adjustment: Unrealized Gain /(Loss) at 03/31/2020 1,042,285 - - 1,042,285 Total Investments 45,633,858 - - 45,633,858 Total Pooled Cash and Investments $ 46,655,922 $ 153,170 $ (765,465) $ 46,044,927 TOTAL POOLED CASH AND INVESTMENTS $ 46,044,927 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 11, 2019. 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 June 15, 2020 Assistant City Manager Date CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2020 FUND NO FUND NAME 100 General 106 Affordable Housing In Lieu 107 Developer Agreement Revenue 109 Road Maintenance and Rehabilitation (SB1) 110 State Gas Tax 112 Measure A 114 SB1186 CASP Education Program 115 Traffic Safety 118 Lake Side Facility DIF 119 Animal Shelter DIF 121 T.R.I.P. -2014A 135 Lighting & Landscape Maintenance - Dist. No. 1 140 Geothermal 155 CSA152 -- N.P.D.E.S. 160 PEG Grant 202 La Strada RBBD 203 E.L.S.P. - S.T.I.F. 205 Traffic Impact Fee 211 Storm Drain C.I.P. 220 Street Lighting C.I.P. 221 Quimby Park C.I.P. 231 Library C.I.P. 232 City Fire Protection 300 Insurance Service 305 Information Systems Service 320 Facilities Service 332 CFD 2006 -1 Improvement Area B, Summerly 334 CFD 2015 -5 Trieste - Far West Industries 337 CFD 2016 -2 Canyon Hills 338 CFD 2006 -1 IA -JJ Summerly Improvement Area 340 CFD 2006 -1 IA -EE Summerly Improvement Area 346 CFD 2014 -1 Southshore 350 CFD 98 -1 Summerhill 351 CFD 2006 -1 IA -II Summerly Improvement 354 CFD 90 -2 Tuscany Hills 357 CFD 2003 -2 Canyon Hills Improvement Area 369 CFD 2004 -3 Area 1 Rosetta Canyon Improvement Area 370 CFD 2006 -1 IA -HH Summerly Improvement 372 CFD 2005 -2 Alberhill Ranch Improvement Area 375 CFD 2006 -4 Clurman 376 CFD 2006 -3 La Strada AMOUNT 2,225,652 1,289,553 29,393 915,112 511,779 1,938,012 23,984 34,200 62,659 29,295 148 979,189 11,742 15,891 29,752 23,901 2,700,470 1,158,139 708,791 219 462,429 1,249,996 184,673 1,470,581 495,395 633,391 32,960 9,086 5,776 725 8,645 68,257 191,307 937 262,250 142,196 83,280 63,492 100,250 8,390 31,854 CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF APRIL 30, 2020 FUND NO FUND NAME AMOUNT 377 CFD 2006 -6 Tessara 29,473 378 CFD 2006 -8 Running Deer Estates 5,189 384 CFD 2003 -2 Area B Canyon Hills Improvement Area 489,378 385 CFD 2004 -3 Area 2 Rosetta Canyon Improvement Area 18,435 388 CFD 2007 -6 Holiday Inn Express 4,058 389 CFD 88 -3 (2008A) West Lake Elsinore Series A 17,149 392 CFD 95 -1 City Center 22,832 393 AD 93 -1 Cottonwood Hills 12,234 394 CFD 2005 -5 (2012A) Wasson Canyon 68,603 396 CFD 2018 -2 Nichols Ranch Improvement Area 3,073 500 Capital Improvement Plan 11,855,457 510 Successor To RDA Area I, II, & III 6,108,489 540 Successor To RDA Diamond Stadium 320,659 603 Endowment Trust - Carl Graves 56,844 604 Endowment Trust - Korn Memorial 33,742 605 Public Improvement Trust 562,653 606 Mobile Source Air Polution Reduction 368,559 608 Trust Deposit & Pre Paid Expense 1,563,799 617 Successor Agency Housing 4,861,747 620 Cost Recovery System 1,059,775 631 Lake Destratification Equipment Replacement 389,029 Total Pooled Cash & Investments $ 46,044,927 CITY OF LAKE ELSINORE SUMMARY OF POLICY LIMITATIONS FOR THE MONTH ENDING APRIL 30, 2020 DIVERSIFICATION MAXIMUM TYPES OF SECURITIES PERCENTAGE PERCENTAGE U.S. Treasury Bills 0.00% Unlimited U.S. Treasury Bond / Note 33.29% Unlimited Current Balance $ 14,842,387 Supra - National Agency Bond / Note 1.62% 30% Current Balance $ 723,920 Municipal Bond / Note 0.22% Unlimited Current Balance $ 100,000 Federal Agency Collaterized Mortgage Obligation 1.99% 40.00% Current Balance $ 887,672 Federal Agency Bond / Note 1.56% Unlimited Current Balance $ 697,543 Negotiable Certificates of Deposit 8.22% 30.00% Current Balance $ 3,664,856 Corporate Note 14.46% 30.00% Current Balance $ 6,448,601 Asset - Backed Security / Collaterized Mortgage 7% 20% Current Balance $ 3,338,835 Repurchase Agreements 0.00% Unlimited Reverse Repurchase Agreements 0.00% 10.00% LAW (Local Agency Investment Fund) 30.94% $65 Million Current Balance $ 13,795,093 CAMP -Pooled Sweep Account 0.21% Unlimited Current Balance $ 92,668 TOTAL 100.00% $ 44,591,573 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. CITY OF 4 LADE (3:,2LS11-iOP,E ,�V DREAM EXTREME- Local Agency Investment Fund CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING APRIL 30, 2020 Yield Purchase Date 1.648% Daily Investment Beginning Balance Net Increase /(Decrease) Total Investments Held with Local Agency Investment Fund: $ 16,668,751 $ (2,873,658) Maturity Rate 24 -Hour Ending Balance $ 13,795,093 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. %%V FS r,yjF2f Cj IN VEq,� q T, PMIA /LAIF Performance Report o d s� o as of 06/10/20 as9� FlY- 11f1U165Y� i �od �'11�ll101S'� PMIA Average Monthly Quarterly Performance Effective Yields(') Quarter Ended 03/31/20 May 1.363 LAIF Apportionment Rate ( 2): 2.03 Apr 1.648 LAIF Earnings Ratio ( 2): 0.00005535460693046 Mar 1.787 LAIF Fair Value Factor(l): 1.007481015 PMIA Daily((): 1.73% PMIA Quarter to Date(1): 1.89% PMIA Average Life(1): 208 Pooled Money Investment Account Monthly Portfolio Composition c1) 05/31/20 $99.0 billion Time 5. Certificates of Deposit /Bank Notes 12.62% Agencies 21.16% Commercial Paper Loans 7.31% 0.58% Percentages may not total 100% due to rounding Daily rates are now available here. View PMIA Daily Rates Treasuries 52.72 Notes: The apportionment rate includes interest earned on the CaIPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). Source: Ill State of California, Office of the Treasurer I2I State of Calfiornia, Office of the Controller CITY OF 4 LADE (3:,2LS1HOP,E ,�V DREAM EXTREME- CAMP Investment Portfolio � r CALIJ — Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value 400,538.62 Purchases 392,876.00 Redemptions (700,746.90) Unsettled Trades 0.00 Change in Value 0.00 Closing Market Value $92,667.72 Cash Dividends and Income 207.84 Opening Market Value 31,227,133.45 Purchases 697,543.00 Redemptions (328,236.42) Unsettled Trades 0.00 Change in Value 174,584.35 Closing Market Value $31,771,024.38 Cash Dividends and Income 87,141.87 CAMP Pool CAMP Managed Account Total CAMP Managed Account 99.71% For the Month Ending April 30, 2020 April 30, 2020 92,667.72 31,771,024.38 March 31, 2020 400,538.62 31,227,133.45 $31,863,692.10 $31,627,672.07 CAMP Pool 0.29% PFM Asset Management LLC Page 1 C,W � r J — Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Closing Market Value Dividend $400,538.62 392,876.00 (700,746.90) $92,667.72 207.84 Interest /Dividends /Coupons Received Less Purchased Interest Related to Interest /Coupons Plus Net Realized Gains /Losses Total Cash Basis Earninas Ending Amortized Value of Securities Ending Accrued Interest Plus Proceeds from Sales Plus Proceeds of Maturities /Calls /Principal Payments Plus Coupons /Dividends Received Less Cost of New Purchases Less Beginning Amortized Value of Securities Less Beginning Accrued Interest Dividends Total Accrual Basis Earnings For the Month Ending April 30, 2020 Opening Market Value $31,227,133.45 Opening Market Value $31,627,672.07 Maturities /Calls (15, 767.67) Principal Dispositions (312,468.75) Principal Acquisitions 697,543.00 Unsettled Trades 0.00 Change in Current Value 174,584.35 Closing Market Value $31,771,024.38 Closing Market Value $31,863,692.10 63,839.49 Closing Cash Balance $0.00 0.00 23,302.38 $87,141.87 30,725,290.62 30,817,958.34 Maturities /Calls 0.00 173,962.21 173,962.21 Sale Proceeds 314,413.42 314,413.42 1,015,160.32 Coupon /Interest /Dividend Income 61,894.82 15,767.67 15,767.67 Principal Payments 15,767.67 61,894.82 61,894.82 Security Purchases (697,543.00) (697,543.00) (1,090,419.00) Net Cash Contribution 305,467.09 (30,333,734.27) (30,734,272.89) Reconciling Transactions 0.00 (181,397.55) (181,397.55) 0.00 207.84 $78,653.92 $78,861.76 PFM Asset Management LLC Page 2 � r J — Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Description Par Value Market Value Percent U.S. Treasury Bond / Note 14,900,000.00 15,662,563.94 49.15 Supra - National Agency Bond / Note 725,000.00 733,617.10 2.30 Municipal Bond / Note 100,000.00 102,406.00 0.32 Federal Agency Collateralized Mortgage 869,939.04 908,039.15 2.85 Obligation Federal Agency Bond / Note 700,000.00 698,066.95 2.19 Corporate Note 6,405,000.00 6,568,770.45 20.62 Certificate of Deposit 3,665,000.00 3,702,231.99 11.62 Asset - Backed Security 3,339,292.99 3,395,328.80 10.66 Managed Account Sub -Total 30,704,232.03 31,771,024.38 99.71% Accrued Interest 173,962.21 Total Portfolio 30,704,232.03 31,944,986.59 CAMP Pool 92,667.72 92,667.72 0.29 Total Investments 30,796,899.75 32,037,654.31 100.00% Unsettled Trades 0.00 0.00 39.99% 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years US TSY Bond / Note 49.15% Yield to Maturity at Cost For the Month Ending April 30, 2020 ABS 10.66% Cert of Deposit 11.62% Corporate Note 20.62% Fed Agency CMO 2.85% Fed Agy Bond / Note 2.19% Mny Mkt Fund 0.29% Muni Bond / Note 0.32% Supra - National Agency Bond / Note 2.30% 2.25% Yield to Maturity at Market 0.88% Weighted Average Days to Maturity 1046 PFM Asset Management LLO Page 3 CAL � r J - Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS PFM Asset Management LLC For the Month Ending April 30, 2020 NR Market Value 0.86% Issuer of Holdings Percent AMERICAN EXPRESS CO 202,331.00 0.63 AMERICAN HONDA FINANCE 399,881.60 1.25 BANK OF AMERICA CO 402,475.28 1.26 BANK OF MONTREAL 674,674.59 2.12 BANK OF NOVA SCOTIA 380,857.28 1.20 BMW FINANCIAL SERVICES NA LLC 302,826.36 0.95 CAMP Pool 92,667.72 0.29 CAPITAL ONE FINANCIAL CORP 816,004.24 2.56 CARMAX AUTO OWNER TRUST 713,146.81 2.24 CHAFFEY CA JT UNION HS DIST 102,406.00 0.32 CHARLES SCHWAB 239,010.98 0.75 DEERE & COMPANY 358,158.66 1.12 FANNIE MAE 522,374.03 1.64 FEDERAL HOME LOAN BANKS 347,967.90 1.09 FREDDIE MAC 735,764.17 2.31 GM FINANCIAL AUTO LEASING TRUST 277,626.72 0.87 GM FINANCIAL SECURITIZED TERM 573,486.79 1.80 GOLDMAN SACHS GROUP INC 425,390.80 1.34 HERSHEY COMPANY 178,956.23 0.56 HONDA AUTO RECEIVABLES 381,948.86 1.20 IBM CORP 303,150.00 0.95 INTERNATIONAL FINANCE CORPORATION 407,739.60 1.28 INTL BANK OF RECONSTRUCTION AND DEV 325,877.50 1.02 JP MORGAN CHASE & CO 694,449.45 2.18 MORGAN STANLEY 430,241.60 1.35 NATIONAL RURAL UTILITIES CO FINANCE CORP 406,822.00 1.28 PACCAR FINANCIAL CORP 143,178.00 0.45 PEPSICO INC 283,274.32 0.89 PNC FINANCIAL SERVICES GROUP 426,807.20 1.34 ROYAL BANK OF CANADA 691,624.58 2.17 SKANDINAVISKA ENSKILDA BANKEN AB 406,368.40 1.28 STATE STREET CORPORATION 126,413.25 0.40 PFM Asset Management LLC For the Month Ending April 30, 2020 NR 7.60% 0.86% A+ BBB+ 3.57% 2.69% A- AAAm 7.88% 0.29% A -1 AAA 5.84% 12.10% AA- 2.65% L_A -1+ AA+ 2.33% 54.19% Page 4 � r J — Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total $31,863,692.10 100.00% For the Month Ending April 30, 2020 PFM Asset Management LLC Page 5 Market Value Issuer of Holdings Percent SWEDBANK AB 805,924.00 2.53 THE BANK OF NEW YORK MELLON CORPORATION 408,539.60 1.28 THE WALT DISNEY CORPORATION 406,257.60 1.27 TOYOTA MOTOR CORP 50,729.35 0.16 TRUIST FIN CORP 327,401.33 1.03 UNILEVER PLC 304,927.20 0.96 UNITED STATES TREASURY 15,662,563.94 49.15 VOLKSWAGEN OF AMERICA 330,289.02 1.04 WELLS FARGO & COMPANY 50,375.00 0.16 WESTPAC BANKING CORP 742,783.14 2.33 Total $31,863,692.10 100.00% For the Month Ending April 30, 2020 PFM Asset Management LLC Page 5 � r CALIJ — Managed Account Detail of Securities Held For the Month Ending April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity U.S. Treasury :. Note CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value US TREASURY NOTES 912828A83 10,000.00 AA+ Aaa 03/30/16 03/31/16 10,502.34 2.51 79.60 10,070.61 10,146.88 DTD 12/31/2013 2.375% 12/31/2020 US TREASURY NOTES 912828N48 15,000.00 AA+ Aaa 05/27/16 05/31/16 15,268.94 2.24 87.98 15,039.18 15,159.38 DTD 12/31/2015 1.750% 12/31/2020 US TREASURY N/B NOTES 912828R69 1,100,000.00 AA+ Aaa 04/01/19 04/05/19 1,070,050.78 2.32 7,472.34 1,077,789.80 1,145,718.75 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 1,525.000.00 AA+ Aaa 05/01/19 05/03/19 1,488.304.69 2.25 10,359.37 1,497,275.20 1,588.382.81 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 1,700,000.00 AA+ Aaa 03/04/19 03/06/19 1,638,308.59 2.53 11,548.16 1,655,137.15 1,770,656.25 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 3,075,000.00 AA+ Aaa 06/03/19 06/07/19 3,050,856.45 1.83 20,888.57 3,056,319.47 3,202,804.69 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY NOTES 912828T91 1,000.000.00 AA+ Aaa 10/02/19 10/04/19 1,005.742.19 1.48 44.16 1,004,931.80 1,046.406.20 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY NOTES 912828T91 1,650,000.00 AA+ Aaa 07/01/19 07/03/19 1,639,107.42 1.78 72.86 1,641,194.99 1,726,570.23 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY N/B NOTES 912828XX3 325,000.00 AA+ Aaa 02/03/20 02/07/20 333,823.24 1.36 2,178.57 333,361.46 347,343.75 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 500,000.00 AA+ Aaa 03/02/20 03/06/20 524,355.47 0.85 3,351.65 523,490.60 534,375.00 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 1,300.000.00 AA+ Aaa 11/01/19 11/06/19 1,326.304.69 1.55 8,714.29 1,323,562.68 1,389.375.00 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 2,700,000.00 AA+ Aaa 01/02/20 01/07/20 2,739.761.72 1.66 18,098.90 2,736,966.73 2,885.625.00 DTD 06/30/2017 2.000% 06/30/2024 Security Type Sub -Total 14,900,000.00 14,842,386.52 1.86 82,896.45 14,875,139.67 15,662,563.94 Supra-National Agency :. Note PFM Asset Management LLC Page 6 � r CALIJ — M =mmmnrl erd-niinIF notnil of Cne iiriiFinc 14niel For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity Supra-National Agency Bond / Note CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value INTL BANK OF RECONSTRUCTION AND DEV 45905UP32 50,000.00 AAA Aaa 09/12/17 09/19/17 49,880.00 1.64 106.24 49,983.85 50,135.00 NOTE DTD 09/19/2017 1.561% 09/12/2020 INTL BANK OF RECONSTRUCTION AND DEV 45905UP32 125.000.00 AAA Aaa 09/12/17 09/19/17 124.700.00 2.45 265.59 124,963.09 125,337.50 NOTE DTD 09/19/2017 1.561% 09/12/2020 INTL BANK OF RECONSTRUCTION AND DEV 45905UP32 150,000.00 AAA Aaa 09/12/17 09/19/17 149,640.00 2.45 318.71 149,955.70 150,405.00 NOTE DTD 09/19/2017 1.561% 09/12/2020 INTERNATIONAL FINANCE CORPORATION 45950VLO7 50,000.00 AAA Aaa 03/09/18 03/16/18 49,962.50 2.97 190.31 49,989.26 50,967.45 NOTE DTD 03/16/2018 2.635% 03/09/2021 INTERNATIONAL FINANCE CORPORATION 45950VLO7 50,000.00 AAA Aaa 03/09/18 03/16/18 49,962.50 2.97 190.31 49,989.26 50,967.45 NOTE DTD 03/16/2018 2.635% 03/09/2021 INTERNATIONAL FINANCE CORPORATION 45950VLO7 300,000.00 AAA Aaa 03/09/18 03/16/18 299,775.00 2.66 1,141.83 299,935.54 305,804.70 NOTE DTD 03/16/2018 2.635% 03/09/2021 Security Type Sub -Total Municipal Bond / Note 725,000.00 723,920.00 2.55 2,212.99 724,816.70 733,617.10 CHAFFEY UHSD, CA TXBL GO BONDS 157411TK5 100,000.00 AA- Aa1 11/06/19 12/05/19 100,000.00 2.10 525.25 100,000.00 102,406.00 DTD 12/05/2019 2.101% 08/01/2024 Security Type Sub -Total 100,000.00 100,000.00 2.10 525.25 100,000.00 102,406.00 Collateralized Federal Agency • Obligation FNA 2018 -M5 A2 3136B1XP4 24,376.41 AA+ Aaa 04/11/18 04/30/18 24,861.29 3.11 72.32 24,564.05 24,610.71 DTD 04/01/2018 3.560% 09/01/2021 FNA 2018 -M5 A2 3136B1XP4 24,376.41 AA+ Aaa 04/11/18 04/30/18 24,861.29 3.11 72.32 24,564.05 24,610.71 DTD 04/01/2018 3.560% 09/01/2021 PFM Asset Management LLC Page 7 � r CALIJ - Managed Account Detail of Securities Held For the Month Ending April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Obligation Federal Agency Collateralized Mortgage FNA 2018 -M5 A2 3136B1XP4 121,882.06 AA+ Aaa 04/11/18 04/30/18 124.306.40 2.93 361.59 122,820.20 123,053.56 DTD 04/01/2018 3.560% 09/01/2021 FHLMC SERIES K721 A2 3137BM6P6 35,000.00 AA+ Aaa 04/04/18 04/09/18 35,298.05 3.09 90.12 35,155.55 36,265.23 DTD 12/01/2015 3.090% 08/01/2022 FHLMC SERIES K721 A2 3137BM6P6 35,000.00 AA+ Aaa 04/04/18 04/09/18 35,298.05 3.08 90.12 35,155.55 36,265.23 DTD 12/01/2015 3.090% 08/01/2022 FHLMC SERIES K721 A2 3137BM6P6 160,000.00 AA+ Aaa 04/04/18 04/09/18 161,362.50 2.88 412.00 160,711.10 165,783.90 DTD 12/01/2015 3.090% 08/01/2022 FHMS KP05 A 3137FKK39 113,345.29 AA+ Aaa 12/07/18 12/17/18 113,344.95 3.20 302.54 113,345.05 116,931.53 DTD 12/01/2018 3.203% 07/01/2023 FHMS K327 Al 3137FO3V3 105,958.86 AA+ Aaa 11/20/19 11/26/19 105,956.32 2.09 184.72 105,956.55 108,749.09 DTD 11/01/2019 2.092% 07/25/2024 FHMS K043 A2 3137BGK24 250,000.00 AA+ Aaa 03/19/20 03/25/20 262,382.81 1.97 637.92 262,118.89 271,769.19 DTD 03/01/2015 3.062% 12/25/2024 Security Type Sub -Total 869,939.04 887,671.66 2.59 2,223.65 884,390.99 908,039.15 Federal Agency Bond / Note FEDERAL HOME LOAN BANK NOTES 3130AJHU6 350,000.00 AA+ Aaa 04/15/20 04/16/20 348,264.00 0.60 72.92 348,278.28 347,967.90 DTD 04/16/2020 0.500% 04/14/2025 FANNIE MAE NOTES 3135G03U5 350,000.00 AA+ Aaa 04/22/20 04/24/20 349,279.00 0.67 42.53 349,281.77 350,099.05 DTD 04/24/2020 0.625% 04/22/2025 Security Type Sub -Total 700,000.00 697,543.00 0.63 115.45 697,560.05 698,066.95 Corporate JOHN DEERE CAPITAL CORP NOTES 24422ETS8 25,000.00 A A2 06/19/17 06/22/17 24,984.75 2.67 174.69 24,999.28 25,036.58 DTD 06/22/2017 1.950% 06/22/2020 WELLS FARGO & COMPANY NOTES 94974BGR5 50,000.00 A- A2 05/06/16 05/10/16 51,108.00 2.96 510.00 50,150.78 50,375.00 DTD 12/07/2015 2.550% 12/07/2020 PFM Asset Management LLC Page 8 � r CALIJ - M =mmmnrl erd-niinIF notnil of Cne- iiriiFinc 41n1r1 For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Corporate Par Rating Rating Date Date Cost at Cost Interest Cost Value BRANCH BANKING & TRUST (CALLABLE) 05531FAZ6 25,000.00 A- A3 10/23/17 10/26/17 24,988.50 3.00 134.38 24,997.34 25,185.83 NOTES DTD 10/26/2017 2.150% 02/01/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAZ6 25,000.00 A- A3 10/23/17 10/26/17 24,988.50 3.00 134.38 24,997.34 25,185.83 NOTES DTD 10/26/2017 2.150% 02/01/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAZ6 75,000.00 A- A3 10/23/17 10/26/17 74,965.50 2.17 403.13 74,992.03 75,557.47 NOTES DTD 10/26/2017 2.150% 02/01/2021 IBM CORP CORP NOTES 44932HAGS 300,000.00 A A2 02/01/18 02/06/18 299,853.00 2.67 1,899.17 299,962.41 303,150.00 DTD 02/06/2018 2.650% 02/05/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 02/21/18 02/26/18 24,894.25 3.17 92.64 24,969.79 25,426.37 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 02/21/18 02/26/18 24,972.25 3.17 92.64 24,992.07 25,426.38 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 04/12/18 04/19/18 24,894.25 3.18 92.64 24,968.30 25,426.38 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 04/12/18 04/19/18 24,972.25 3.18 92.64 24,991.68 25,426.37 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 125,000.00 A A2 02/21/18 02/26/18 124,861.25 2.94 463.19 124,960.36 127,131.88 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 175,000.00 A A2 04/12/18 04/19/18 174,259.75 3.05 648.47 174,778.13 177,984.62 DTD 02/26/2018 2.900% 03/15/2021 UNILEVER CAPITAL CORP NOTES 904764AZO 300,000.00 A+ Al 03/19/18 03/22/18 298,467.00 2.93 893.75 299,545.42 304,927.20 DTD 03/22/2018 2.750% 03/22/2021 TOYOTA MOTOR CREDIT CORP NOTES 89236TEU5 50,000.00 AA- Al 04/10/18 04/13/18 49,980.00 3.05 73.75 49,993.67 50,729.35 DTD 04/13/2018 2.950% 04/13/2021 PEPSICO INC CORP (CALLABLE) NOTE 713448DX3 40,000.00 A+ Al 10/05/17 10/10/17 39,992.00 2.78 35.56 39,997.82 40,467.76 DTD 10/10/2017 2.000% 04/15/2021 PFM Asset Management LLC Page 9 � r CALIJ _ Mnnnnorl Areniint Ilotnil of Coe -iiritioc 14olel For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Corporate Par Rating Rating Date Date Cost at Cost Interest Cost Value PEPSICO INC CORP (CALLABLE) NOTE 713448DX3 40,000.00 A+ Al 10/05/17 10110117 39,992.00 2.78 35.56 39,997.82 40,467.76 DTD 10/10/2017 2.000% 04/15/2021 BANK OF NEW YORK MELLON CORP 06406FAAl 50,000.00 A Al 05/16/16 05/19/16 51,149.00 2.90 55.56 50,207.49 50,752.95 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF NEW YORK MELLON CORP 06406FAAl 50,000.00 A Al 05/16/16 05/19/16 51,149.00 2.90 55.56 50,207.49 50,752.95 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF NEW YORK MELLON CORP 06406FAAl 100,000.00 A Al 05/16/16 05/19/16 102,326.00 2.00 111.11 100,448.59 101,505.90 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 PEPSICO INC CORP (CALLABLE) NOTE 713448DX3 200,000.00 A+ Al 10/05/17 10/10/17 199,960.00 2.01 177.78 199,989.12 202,338.80 DTD 10/10/2017 2.000% 04/15/2021 BANK OF AMERICA CORP NOTE 06051GFW4 25,000.00 A- A2 11/01/17 11/03/17 25,194.00 2.39 21.88 25,054.22 25,386.03 DTD 04/19/2016 2.625% 04/19/2021 AMERICAN EXPRESS CREDIT (CALLABLE) 0258MOEB1 200,000.00 A- A2 05/25/16 05/31/16 199,536.00 2.30 2,200.00 199,904.88 202,331.00 NOTES DTD 05/05/2016 2.250% 05/05/2021 PACCAR FINANCIAL CORP 69371RP26 20,000.00 A+ Al 05/07/18 05/10/18 19,994.80 3.07 294.50 19,998.23 20,454.00 DTD 05/10/2018 3.100% 05/10/2021 PACCAR FINANCIAL CORP 69371RP26 20,000.00 A+ Al 05/07/18 05/10/18 19,994.80 3.07 294.50 19,998.23 20,454.00 DTD 05/10/2018 3.100% 05/10/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAV5 25,000.00 A- A3 05/10/16 05/16/16 25,811.45 2.78 243.44 25,155.58 25,184.03 NOTE DTD 05/10/2016 2.050% 05/10/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAV5 25,000.00 A- A3 05/10/16 05/16/16 25,811.45 2.78 243.44 25,155.58 25,184.02 NOTE DTD 05/10/2016 2.050% 05/10/2021 PACCAR FINANCIAL CORP 69371RP26 100,000.00 A+ Al 05/07/18 05/10/18 99,974.00 3.11 1,472.50 99,991.13 102,270.00 DTD 05/10/2018 3.100% 05/10/2021 PFM Asset Management LLC Page 10 � r CALIJ _ M =mmmnrl erd-niinIF nntnil of Cne- iiriiFinc 14nlrl For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 PFM Asset Management LLC 05531FAV5 150,000.00 A- A3 05/10/16 05/16/16 149,901.00 2.06 1,460.63 149,979.66 151,104.15 427866BA5 25,000.00 A Al 05/03/18 05/10/18 24,982.75 3.09 357.36 24,994.06 25,565.18 427866BA5 25,000.00 A Al 05/03/18 05/10/18 24,982.75 3.09 357.36 24,994.06 25,565.18 427866BA5 125,000.00 A Al 05/03/18 05/10/18 124,913.75 3.12 1,786.81 124,970.31 127,825.87 857477AV5 25,000.00 A Al 05/19/16 05/24/16 24,905.50 2.64 219.38 24,980.12 25,282.65 857477AV5 25,000.00 A Al 05/19/16 05/24/16 24,905.50 2.64 219.38 24,980.12 25,282.65 857477AV5 75,000.00 A Al 05/19/16 05/24/16 74,716.50 2.03 658.13 74,940.37 75,847.95 808513AW5 35,000.00 A A2 05/17/18 05/22/18 34,998.95 3.18 505.55 34,999.63 35,597.38 808513AW5 200,000.00 A A2 05/17/18 05/22/18 199,994.00 3.25 2,888.89 199,997.89 203,413.60 06051GGS2 35,000.00 A- A2 09/13/17 09/18/17 35,000.00 2.92 67.90 35,000.00 35,049.52 06051GGS2 35,000.00 A- A2 09/13/17 09/18/17 35,000.00 2.92 67.90 35,000.00 35,049.53 06051GGS2 200,000.00 A- A2 09/13/17 09/18/17 200,000.00 2.33 388.00 200,000.00 200,283.00 24422ETL3 50,000.00 A A2 03/10/17 03/15/17 49,779.50 3.04 423.26 49,922.86 51,249.55 24422ETL3 275,000.00 A A2 03/10/17 03/15/17 273,787.25 2.75 2,327.96 274,575.74 281,872.53 Page 11 � r CALIJ _ Mnnnnorl Areniinf Ilotnil of Coe -iiritioc 14xalel For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity Corporate CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 A- A2 05/14/18 05/17/18 15,000.00 3.52 239.10 15,000.00 15,243.89 DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 A- A2 05/14/18 05/17/18 15,000.00 3.52 239.10 15,000.00 15,243.89 DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 75,000.00 A- A2 05/14/18 05/17/18 75,000.00 3.50 1,195.49 75,000.00 76,219.42 DTD 05/17/2018 3.499% 05/17/2022 JPMORGAN CHASE & CO BONDS 46647PBB1 675,000.00 A- A2 03/15/19 03/22/19 675,000.00 3.21 1,803.94 675,000.00 694,449.45 DTD 03/22/2019 3.207% 04/01/2023 PNC BANK NA CORP NOTES 693475AV7 400,000.00 A- A3 02/12/19 02/15/19 402,848.00 3.34 3,811.11 402,151.40 426,807.20 DTD 01/23/2019 3.500% 01/23/2024 MORGAN STANLEY CORP NOTES 61746BDO6 400,000.00 BBB+ A3 07/19/19 07/23/19 422,916.00 2.59 86.11 419,193.14 430,241.60 DTD 04/28/2014 3.875% 04/29/2024 AMERICAN HONDA FINANCE CORP NOTE 02665WCZ2 400,000.00 A A3 07/11/19 07/15/19 398,016.00 2.51 3,306.67 398,335.15 399,881.60 DTD 06/27/2019 2.400% 06/27/2024 GOLDMAN SACHS GROUP INC BONDS 38141EC23 400,000.00 BBB+ A3 07/08/19 07/11/19 418,632.00 2.84 4,833.89 415,618.60 425,390.80 DTD 07/08/2014 3.850% 07/08/2024 WALT DISNEY COMPANY /THE 254687FK7 400,000.00 A- A2 09/03/19 09/06/19 398,368.00 1.83 1,225.00 398,581.42 406,257.60 DTD 09/06/2019 1.750% 08/30/2024 BANK OF NY MELLON CORP 06406RALl 200,000.00 A Al 01/21/20 01/28/20 200,880.00 2.00 81.67 200,832.21 205,527.80 DTD 10/24/2019 2.100% 10/24/2024 Security Type Sub -Total 6,405,000.00 6,448,601.20 2.73 39,497.45 6,439,451.52 6,568,770.45 Certificate of Deposit BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 30,000.00 A -1 P -1 06/05/18 06/07/18 29,988.60 2.79 374.73 29,998.34 30,067.68 DTD 06/07/2018 3.080% 06/05/2020 BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 50,000.00 A -1 P -1 06/05/18 06/07/18 49,981.00 2.79 624.56 49,997.24 50,112.80 DTD 06/07/2018 3.080% 06/05/2020 BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 300,000.00 A -1 P -1 06/05/18 06/07/18 299,886.00 3.10 3,747.33 299,983.45 300,676.80 DTD 06/07/2018 3.080% 06/05/2020 PFM Asset Management LLC Page 12 � r CALIJ — Managed Account Detail of Securities Held For the Month Ending April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 A -1+ P -1 08/03/17 08/07/17 100.000.00 2.61 478.33 100,000.00 100,376.10 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 A -1+ P -1 08/03/17 08/07/17 100,000.00 2.61 478.33 100,000.00 100,376.10 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 540,000.00 A -1+ P -1 08/03/17 08/07/17 540,000.00 2.05 2,583.00 540,000.00 542,030.94 DTD 08/07/2017 2.050% 08/03/2020 BANK OF MONTREAL CHICAGO CERT DEPOS 06370REU9 670,000.00 A -1 P -1 08/01/18 08/03/18 670,000.00 3.19 16,029.75 670,000.00 674,674.59 DTD 08/03/2018 3.190% 08/03/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 100,000.00 A -1 P -1 11/16/17 11/17/17 100,000.00 2.97 1,040.42 100,000.00 100,740.50 DTD 05/16/2019 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 100,000.00 A -1 P -1 11/16/17 11/17/17 100,000.00 2.97 1,040.42 100,000.00 100,740.50 DTD 05/16/2019 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 600,000.00 A -1 P -1 11/16/17 11/17/17 600,000.00 2.24 6,242.50 600,000.00 604,443.00 DTD 05/16/2019 2.270% 11/16/2020 ROYAL BANK OF CANADA NY CD 78012UEE1 50,000.00 AA- Aa2 06/07/18 06/08/18 50,000.00 2.98 648.00 50,000.00 51,231.45 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 100,000.00 AA- Aa2 06/07/18 06/08/18 100,000.00 2.98 1,296.00 100,000.00 102,462.90 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 525,000.00 AA- Aa2 06/07/18 06/08/18 525,000.00 3.24 6,804.00 525,000.00 537,930.23 DTD 06/08/2018 3.240% 06/07/2021 SKANDINAV ENSKILDA BANK LT CD 83050PDR7 400,000.00 A+ Aa2 08/29/19 09/03/19 400,000.00 1.85 1,343.33 400,000.00 406,368.40 DTD 09/03/2019 1.860% 08/26/2022 Security Type Sub -Total 3,665,000.00 3,664,855.60 2.66 42,730.70 3,664,979.03 3,702,231.99 BMWLT 2018 -1 A4 05586CAD6 300,000.00 AAA Aaa 10/10/18 10/17/18 299,997.33 3.36 308.00 299,998.53 302,826.36 DTD 10/17/2018 3.360% 03/20/2022 PFM Asset Management LLC Page 13 � r CALIJ — M =n =nnrl Ard-niinIF notmil of Cne iiriiFinc 14niel For the Month Endina April 30, 2020 5 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Asset-Backed Security Par Rating Rating Date Date Cost at Cost Interest Cost Value GMALT 2018 -3 A4 36256GAE9 275,000.00 AAA Aaa 09/18/18 09/26/18 274,964.97 3.30 277.29 274,979.63 277,626.72 DTD 09/26/2018 3.300% 07/20/2022 HAROT 2018 -4 A3 43815AAC6 375.000.00 AAA Aaa 11/20/18 11/28/18 374.943.94 3.16 526.67 374,963.26 381,948.86 DTD 11/28/2018 3.160% 01/15/2023 VALET 2018 -2 A3 92869BAD4 325,000.00 AAA Aaa 11/15/18 11/21/18 324,986.35 3.25 322.74 324,990.82 330,289.02 DTD 11/21/2018 3.250% 04/20/2023 GMCAR 2018 -3 A3 362553AD6 294,292.99 AAA NR 07/11/18 07/18/18 294,224.36 3.03 370.32 294,249.78 298,745.02 DTD 07/18/2018 3.020% 05/16/2023 CARMAX AUTO OWNER TRUST 14313FAD1 350,000.00 AAA NR 07/18/18 07/25/18 349,952.30 3.13 486.89 349,969.55 355,438.41 DTD 07/25/2018 3.130% 06/15/2023 CARMAX AUTO OWNER TRUST 14315EAC4 350,000.00 AAA NR 10/17/18 10/24/18 349,996.78 3.36 522.67 349,997.78 357,708.40 DTD 10/24/2018 3.360% 09/15/2023 GMCAR 2019 -1 A3 36256XAD4 270,000.00 NR Aaa 01/08/19 01/16/19 269,970.11 2.97 334.13 269,978.09 274,741.77 DTD 01/16/2019 2.970% 11/16/2023 COMET 2019 -A2 A2 14041NFUO 800,000.00 AAA NR 08/28/19 09/05/19 799,798.56 1.73 611.56 799,825.22 816,004.24 DTD 09/05/2019 1.720% 08/15/2024 Security Type Sub -Total 3,339,292.99 3,338,834.70 2.85 3,760.27 3,338,952.66 3,395,328.80 Managed Account Sub -Total 30,704,232.03 30,703,812.68 2.25 173,962.21 30,725,290.62 31,771,024.38 Money Market Mutual Fund CAMP Pool 92,667.72 AAAm NR 92,667.72 0.00 92,667.72 92,667.72 Money Market Sub -Total 92,667.72 92,667.72 0.00 92,667.72 92,667.72 Securities Sub -Total $30,796,899.75 $30,796,480.40 2.25% $173,962.21 $30,817,958.34 31,863,692.10 Accrued Interest $173,962.21 Total Investments 32,037,654.31 PFM Asset Management LLC Page 14 � r � CAE1J__F___ Mnnnnnrl Airemint emir Mmrlrot Vnimm IL Annhitiec For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt US TREASURY NOTES 912828A83 10,000.00 MERRILL 101.47 10,146.88 (355.46) 76.27 0.66 0.17 DTD 12/31/2013 2.375% 12/31/2020 US TREASURY NOTES 912828N48 15,000.00 MORGANST 101.06 15,159.38 (109.56) 120.20 0.66 0.16 DTD 12/31/2015 1.750% 12/31/2020 US TREASURY N/B NOTES 912828R69 1,100,000.00 SOCGEN 104.16 1,145,718.75 75,667.97 67,928.95 3.00 0.27 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 1,525,000.00 MORGANSS 104.16 1,588,382.81 100,078.12 91,107.61 3.00 0.27 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 1,700,000.00 MORGANSS 104.16 1,770,656.25 132,347.66 115,519.10 3.00 0.27 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 3,075,000.00 MORGANSS 104.16 3,202,804.69 151,948.24 146,485.22 3.00 0.27 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY NOTES 912828T91 1,000,000.00 BNP_PARI 104.64 1,046,406.20 40,664.01 41,474.40 3.42 0.29 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY NOTES 912828T91 1,650,000.00 MERRILL 104.64 1,726,570.23 87,462.81 85,375.24 3.42 0.29 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY N/B NOTES 912828XX3 325,000.00 HSBC 106.88 347,343.75 13,520.51 13,982.29 4.00 0.34 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 500,000.00 HSBC 106.88 534,375.00 10,019.53 10,884.40 4.00 0.34 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 1,300,000.00 MORGANSS 106.88 1,389,375.00 63,070.31 65,812.32 4.00 0.34 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 2.700,000.00 HSBC 106.88 2,885,625.00 145,863.28 148,658.27 4.00 0.34 DTD 06/30/2017 2.000% 06/30/2024 Security Type Sub -Total 14,900,000.00 15,662,563.94 820,177.42 787,424.27 3.40 0.30 INTL BANK OF RECONSTRUCTION AND 45905UP32 50,000.00 HSBC 100.27 50,135.00 255.00 151.15 0.37 0.82 DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 INTL BANK OF RECONSTRUCTION AND 45905UP32 125,000.00 HSBC 100.27 125,337.50 637.50 374.41 0.37 0.82 DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 PFM Asset Management LLC Page 15 � F- � CAE1J__F___ Mnnnnnrl Airemint- emir M =rlrot Vnimm IL Annhitiec For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt INTL BANK OF RECONSTRUCTION AND 45905UP32 150,000.00 HSBC 100.27 150,405.00 765.00 449.30 0.37 0.82 DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 100,000.00 102,406.00 2,406.00 2,406.00 4.07 1.51 INTERNATIONAL FINANCE CORPORATION 45950VLO7 50,000.00 HSBC 101.93 50,967.45 1,004.95 978.19 0.85 0.37 NOTE 3136B1XP4 24,376.41 JPM_CHAS 100.96 24,610.71 (250.58) 46.66 0.90 2.83 DTD 03/16/2018 2.635% 03/09/2021 INTERNATIONAL FINANCE CORPORATION 45950VLO7 50,000.00 HSBC 101.93 50,967.45 1,004.95 978.19 0.85 0.37 NOTE DTD 03/16/2018 2.635% 03/09/2021 3136B1XP4 121,882.06 3PM_CHAS 100.96 123,053.56 (1,252.84) 233.36 0.90 2.83 INTERNATIONAL FINANCE CORPORATION 45950VLO7 300,000.00 HSBC 101.93 305,804.70 6,029.70 5,869.16 0.85 0.37 NOTE 3137BM6P6 35,000.00 CITIGRP 103.61 36,265.23 967.18 1,109.68 2.05 1.46 DTD 03/16/2018 2.635% 03/09/2021 Security Type Sub -Total 725,000.00 733,617.10 9,697.10 8,800.40 0.64 0.57 CHAFFEY UHSD, CA TXBL GO BONDS 157411TK5 100,000.00 RBC 102.41 102,406.00 2,406.00 2,406.00 4.07 1.51 DTD 12/05/2019 2.101% 08/01/2024 Security Type Sub -Total 100,000.00 102,406.00 2,406.00 2,406.00 4.07 1.51 Federal Agency Collateralized Mortgage Obligation FNA 2018 -M5 A2 3136B1XP4 24,376.41 JPM_CHAS 100.96 24,610.71 (250.58) 46.66 0.90 2.83 DTD 04/01/2018 3.560% 09/01/2021 FNA 2018 -M5 A2 3136B1XP4 24,376.41 3PM_CHAS 100.96 24,610.71 (250.58) 46.66 0.90 2.83 DTD 04/01/2018 3.560% 09/01/2021 FNA 2018 -M5 A2 3136B1XP4 121,882.06 3PM_CHAS 100.96 123,053.56 (1,252.84) 233.36 0.90 2.83 DTD 04/01/2018 3.560% 09/01/2021 FHLMC SERIES K721 A2 3137BM6P6 35,000.00 CITIGRP 103.61 36,265.23 967.18 1,109.68 2.05 1.46 DTD 12/01/2015 3.090% 08/01/2022 FHLMC SERIES K721 A2 3137BM6P6 35,000.00 CITIGRP 103.61 36,265.23 967.18 1,109.68 2.05 1.46 DTD 12/01/2015 3.090% 08/01/2022 FHLMC SERIES K721 A2 3137BM6P6 160,000.00 CITIGRP 103.61 165,783.90 4,421.40 5,072.80 2.05 1.46 DTD 12/01/2015 3.090% 08/01/2022 PFM Asset Management LLC Page 16 � r � CAE1j__F___ Mnnnnnrl Airnmint emir Mmr4ot Vnimm IL Annhhiec For the Month Ending April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt FHMS KP05 A 3137FKK39 113,345.29 CSFB 103.16 116,931.53 3,586.58 3,586.48 1.55 2.17 DTD 12/01/2018 3.203% 07/01/2023 FHMS K327 Al 3137FO3V3 105,958.86 3PM_CHAS 102.63 108,749.09 2,792.77 2,792.54 2.69 1.45 DTD 11/01/2019 2.092% 07/25/2024 FHMS K043 A2 3137BGK24 250,000.00 CITIGRP 108.71 271,769.19 9,386.38 9,650.30 4.27 1.14 DTD 03/01/2015 3.062% 12/25/2024 Security Type Sub -Total 869,939.04 908,039.15 20,367.49 23,648.16 2.51 1.71 FEDERAL HOME LOAN BANK NOTES 3130A)HU6 350,000.00 CITIGRP 99.42 347,967.90 (296.10) (310.38) 4.90 0.62 DTD 04/16/2020 0.500% 04/14/2025 FANNIE MAE NOTES 3135G03U5 350,000.00 CITIGRP 100.03 350,099.05 820.05 817.28 4.91 0.62 DTD 04/24/2020 0.625% 04/22/2025 Security Type Sub -Total 700,000.00 698,066.95 523.95 506.90 4.90 0.62 JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 PFM Asset Management LLC 24422ETS8 25,000.00 DEUTSCHE 100.15 25,036.58 51.83 37.30 0.14 0.93 94974BGR5 50,000.00 UBS AG 100.75 50,375.00 (733.00) 224.22 0.60 1.30 05531FAZ6 25,000.00 MORGAN_S 01/01/21 100.74 25,185.83 197.33 188.49 0.67 1.15 05531FAZ6 25,000.00 MORGAN_S 01/01/21 100.74 25,185.83 197.33 188.49 0.67 1.15 05531FAZ6 75,000.00 MORGAN_S 01/01/21 100.74 75,557.47 591.97 565.44 0.67 1.15 44932HAG8 300,000.00 BNP_PARI 101.05 303,150.00 3,297.00 3,187.59 0.76 1.26 Page 17 � r � CALIJ--F--- Mnnnnnrl Airemint 1;nir Mnrlrot Vnlno IL Annhitirc CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 For the Month Ending April 30, 2020 Unreal G/L Effective YTM Amort Cost Duration at Mkt 63743HER9 25,000.00 RBC 101.71 25,426.37 532.12 456.58 0.87 0.94 63743HER9 25,000.00 RBC 101.71 25,426.38 454.13 434.31 0.87 0.94 63743HER9 25,000.00 RBC 101.71 25,426.38 532.13 458.08 0.87 0.94 63743HER9 25,000.00 RBC 101.71 25,426.37 454.12 434.69 0.87 0.94 63743HER9 125,000.00 RBC 101.71 127,131.88 2,270.63 2,171.52 0.87 0.94 63743HER9 175,000.00 RBC 101.71 177,984.62 3,724.87 3,206.49 0.87 0.94 904764AZO 300,000.00 CITIGRP 101.64 304,927.20 6,460.20 5,381.78 0.89 0.90 89236TEU5 50,000.00 3PM_CHAS 101.46 50,729.35 749.35 735.68 0.95 1.40 713448DX3 40,000.00 MERRILL 03/15/21 101.17 40,467.76 475.76 469.94 0.87 0.77 713448DX3 40,000.00 MERRILL 03/15/21 101.17 40,467.76 475.76 469.94 0.87 0.77 06406FAA1 50,000.00 KEYBAN 03/15/21 101.51 50,752.95 (396.05) 545.46 0.87 0.92 06406FAA1 50,000.00 KEYBAN 03/15/21 101.51 50,752.95 (396.05) 545.46 0.87 0.92 06406FAA1 100,000.00 KEYBAN 03/15/21 101.51 101,505.90 (820.10) 1,057.31 0.87 0.92 713448DX3 200,000.00 MERRILL 03/15/21 101.17 202,338.80 2,378.80 2,349.68 0.87 0.77 06051GFW4 25,000.00 MERRILL 101.54 25,386.03 192.03 331.81 0.96 1.02 PFM Asset Management LLC Page 18 � r � Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS For the Month Ending April 30, 2020 Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity Corporate CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt AMERICAN EXPRESS CREDIT (CALLABLE) 0258MOEB1 200,000.00 KEYBAN 04/04/21 101.17 202,331.00 2,795.00 2,426.12 0.91 1.09 NOTES DTD 05/05/2016 2.250% 05/05/2021 PACCAR FINANCIAL CORP 69371RP26 20.000.00 MERRILL 102.27 20,454.00 459.20 455.77 1.01 0.88 DTD 05/10/2018 3.100% 05/10/2021 PACCAR FINANCIAL CORP 69371RP26 20.000.00 MERRILL 102.27 20,454.00 459.20 455.77 1.01 0.88 DTD 05/10/2018 3.100% 05/10/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAV5 25.000.00 SCOTIA 04/09/21 100.74 25,184.03 (627.42) 28.45 0.93 1.33 NOTE DTD 05/10/2016 2.050% 05/10/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAV5 25.000.00 SCOTIA 04/09/21 100.74 25,184.02 (627.43) 28.44 0.93 1.33 NOTE DTD 05/10/2016 2.050% 05/10/2021 PACCAR FINANCIAL CORP 69371RP26 100,000.00 MERRILL 102.27 102,270.00 2,296.00 2,278.87 1.01 0.88 DTD 05/10/2018 3.100% 05/10/2021 BRANCH BANKING & TRUST (CALLABLE) 05531FAV5 150,000.00 SCOTIA 04/09/21 100.74 151,104.15 1,203.15 1,124.49 0.93 1.33 NOTE DTD 05/10/2016 2.050% 05/10/2021 HERSHEY COMPANY CORP NOTES 427866BA5 25.000.00 MERRILL 102.26 25,565.18 582.43 571.12 1.02 0.91 DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES 427866BA5 25.000.00 MERRILL 102.26 25,565.18 582.43 571.12 1.02 0.91 DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES 427866BA5 125,000.00 MERRILL 102.26 127,825.87 2,912.12 2,855.56 1.02 0.91 DTD 05/10/2018 3.100% 05/15/2021 STATE STREET CORP NOTES 857477AV5 25.000.00 GOLDMAN 101.13 25,282.65 377.15 302.53 1.04 0.87 DTD 05/19/2016 1.950% 05/19/2021 STATE STREET CORP NOTES 857477AV5 25.000.00 GOLDMAN 101.13 25,282.65 377.15 302.53 1.04 0.87 DTD 05/19/2016 1.950% 05/19/2021 STATE STREET CORP NOTES 857477AV5 75.000.00 GOLDMAN 101.13 75,847.95 1,131.45 907.58 1.04 0.87 DTD 05/19/2016 1.950% 05/19/2021 CHARLES SCHWAB CORP NOTES 808513AW5 35.000.00 CSFB 101.71 35,597.38 598.43 597.75 1.03 1.62 DTD 05/22/2018 3.250% 05/21/2021 CHARLES SCHWAB CORP NOTES 808513AW5 200,000.00 CSFB 101.71 203,413.60 3,419.60 3,415.71 1.03 1.62 DTD 05/22/2018 3.250% 05/21/2021 PFM Asset Management LLC Page 19 � r � CAE1j__F___ Mnnnnnrl Airnmint emir Mmr4ot Vnimm IL Annhhiec For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt BANK OF AMERICA CORP (CALLABLE) 06051GGS2 35,000.00 MERRILL 10/01/20 100.14 35,049.52 49.52 49.52 0.42 2.23 DTD 09/18/2017 2.328% 10/01/2021 BANK OF AMERICA CORP (CALLABLE) 06051GGS2 35,000.00 MERRILL 10/01/20 100.14 35,049.53 49.53 49.53 0.42 2.23 DTD 09/18/2017 2.328% 10/01/2021 BANK OF AMERICA CORP (CALLABLE) 06051GGS2 200,000.00 MERRILL 10/01/20 100.14 200,283.00 283.00 283.00 0.42 2.23 DTD 09/18/2017 2.328% 10/01/2021 JOHN DEERE CAPITAL CORP NOTES 24422ETL3 50,000.00 MITSU 102.50 51,249.55 1,470.05 1,326.69 1.65 1.15 DTD 01/06/2017 2.650% 01/06/2022 JOHN DEERE CAPITAL CORP NOTES 24422ETL3 275,000.00 MITSU 102.50 281,872.53 8,085.28 7,296.79 1.65 1.15 DTD 01/06/2017 2.650% 01/06/2022 BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 MERRILL 101.63 15,243.89 243.89 243.89 1.96 2.68 DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 MERRILL 101.63 15,243.89 243.89 243.89 1.96 2.68 DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 75,000.00 MERRILL 101.63 76,219.42 1,219.42 1,219.42 1.96 2.68 DTD 05/17/2018 3.499% 05/17/2022 JPMORGAN CHASE & CO BONDS 46647PBB1 675,000.00 JPM_CHAS 04/01/22 102.88 694,449.45 19,449.45 19,449.45 2.81 2.18 DTD 03/22/2019 3.207% 04/01/2023 PNC BANK NA CORP NOTES 693475AV7 400,000.00 CITIGRP 106.70 426,807.20 23,959.20 24,655.80 3.51 1.64 DTD 01/23/2019 3.500% 01/23/2024 MORGAN STANLEY CORP NOTES 61746BDO6 400,000.00 WELLS FA 107.56 430,241.60 7,325.60 11,048.46 3.75 1.90 DTD 04/28/2014 3.875% 04/29/2024 AMERICAN HONDA FINANCE CORP NOTE 02665WCZ2 400,000.00 WELLS FA 99.97 399,881.60 1,865.60 1,546.45 3.95 2.41 DTD 06/27/2019 2.400% 06/27/2024 GOLDMAN SACHS GROUP INC BONDS 38141EC23 400,000.00 SUSQ 106.35 425,390.80 6,758.80 9,772.20 3.88 2.25 DTD 07/08/2014 3.850% 07/08/2024 WALT DISNEY COMPANY /THE 254687FK7 400,000.00 JPM_CHAS 101.56 406,257.60 7,889.60 7,676.18 4.18 1.38 DTD 09/06/2019 1.750% 08/30/2024 BANK OF NY MELLON CORP 06406RALl 200,000.00 MORGAN_S 102.76 205,527.80 4,647.80 4,695.59 4.30 1.46 DTD 10/24/2019 2.100% 10/24/2024 Security Type Sub -Total 6,405,000.00 6,568,770.45 120,169.25 129,318.93 2.17 1.54 PFM Asset Management LLC Page 20 � r � CAE1J__F___ Mnnnnnrl Airemint emir Mmrlrot Vnimm IL Annhitiec For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 30,000.00 GOLDMAN 100.23 30,067.68 79.08 69.34 0.10 0.75 DTD 06/07/2018 3.080% 06/05/2020 BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 50,000.00 GOLDMAN 100.23 50,112.80 131.80 115.56 0.10 0.75 DTD 06/07/2018 3.080% 06/05/2020 BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 300,000.00 GOLDMAN 100.23 300,676.80 790.80 693.35 0.10 0.75 DTD 06/07/2018 3.080% 06/05/2020 WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 JPM_CHAS 100.38 100,376.10 376.10 376.10 0.26 0.59 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 JPM_CHAS 100.38 100,376.10 376.10 376.10 0.26 0.59 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 540,000.00 JPM_CHAS 100.38 542,030.94 2,030.94 2,030.94 0.26 0.59 DTD 08/07/2017 2.050% 08/03/2020 BANK OF MONTREAL CHICAGO CERT 06370REU9 670,000.00 BMO 100.70 674,674.59 4,674.59 4,674.59 0.26 0.49 DEPOS DTD 08/03/2018 3.190% 08/03/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 100,000.00 MERRILL 100.74 100,740.50 740.50 740.50 0.54 0.88 DTD 05/16/2019 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 100,000.00 MERRILL 100.74 100,740.50 740.50 740.50 0.54 0.88 DTD 05/16/2019 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT DEPOS 87019U6D6 600,000.00 MERRILL 100.74 604,443.00 4,443.00 4,443.00 0.54 0.88 DTD 05/16/2019 2.270% 11/16/2020 ROYAL BANK OF CANADA NY CD 78012UEE1 50,000.00 RBC 102.46 51,231.45 1,231.45 1,231.45 1.08 0.99 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 100,000.00 RBC 102.46 102,462.90 2,462.90 2,462.90 1.08 0.99 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 525,000.00 RBC 102.46 537,930.23 12,930.23 12,930.23 1.08 0.99 DTD 06/08/2018 3.240% 06/07/2021 SKANDINAV ENSKILDA BANK LT CD 83050PDR7 400,000.00 BARCLAYS 101.59 406,368.40 6,368.40 6,368.40 2.28 1.16 DTD 09/03/2019 1.860% 08/26/2022 Security Type Sub -Total 3,665,000.00 3,702,231.99 37,376.39 37,252.96 0.68 0.79 PFM Asset Management LLC Page 21 � F- � CAE1J__F___ Mnnnnnel Airnniint 1=mir Mmrlrot Vnhin IL Annhitiec For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/ Description Next Call Market Market Unreal G/L Unreal G/L Effective YTM Dated Date /Coupon /Maturity CUSIP Par Broker Date Price Value On Cost Amort Cost Duration at Mkt BMWLT 2018 -1 A4 05586CAD6 300,000.00 SOCGEN 100.94 302,826.36 2,829.03 2,827.83 0.79 2.85 DTD 10/17/2018 3.360% 03/20/2022 0.00 Money Market Sub -Total 92,667.72 92,667.72 0.00 0.00 0.00 Securities Sub -Total $30,796,899.75 GMALT 2018 -3 A4 36256GAE9 275,000.00 RBC 100.96 277,626.72 2,661.75 2,647.09 0.66 2.86 DTD 09/26/2018 3.300% 07/20/2022 $32,037,654.31 HAROT 2018 -4 A3 43815AAC6 375,000.00 3PM_CHAS 101.85 381,948.86 7,004.92 6,985.60 1.02 2.45 DTD 11/28/2018 3.160% 01/15/2023 VALET 2018 -2 A3 92869BAD4 325,000.00 CITIGRP 101.63 330,289.02 5,302.67 5,298.20 0.95 2.68 DTD 11/21/2018 3.250% 04/20/2023 GMCAR 2018 -3 A3 362553AD6 294,292.99 3PM_CHAS 101.51 298,745.02 4,520.66 4,495.24 0.84 2.50 DTD 07/18/2018 3.020% 05/16/2023 CARMAX AUTO OWNER TRUST 14313FAD1 350,000.00 BARCLAYS 101.55 355,438.41 5,486.11 5,468.86 0.93 2.61 DTD 07/25/2018 3.130% 06/15/2023 CARMAX AUTO OWNER TRUST 14315EAC4 350,000.00 MERRILL 102.20 357,708.40 7,711.62 7,710.62 1.24 2.68 DTD 10/24/2018 3.360% 09/15/2023 GMCAR 2019 -1 A3 36256XAD4 270,000.00 RBC 101.76 274,741.77 4,771.66 4,763.68 1.01 2.45 DTD 01/16/2019 2.970% 11/16/2023 COMET 2019 -A2 A2 14041NFUO 800,000.00 RBC 102.00 816,004.24 16,205.68 16,179.02 2.24 1.24 DTD 09/05/2019 1.720% 08/15/2024 Security Type Sub -Total 3,339,292.99 3,395,328.80 56,494.10 56,376.14 1.25 2.30 Managed Account Sub -Total 30,704,232.03 31,771,024.38 1,067,211.70 1,045,733.76 2.55 0.88 Money Market Mutual Fund CAMP Pool 92,667.72 1.00 92.667.72 0.00 0.00 0.00 Money Market Sub -Total 92,667.72 92,667.72 0.00 0.00 0.00 Securities Sub -Total $30,796,899.75 $31,863,692.10 $1,067,211.70 $1,045,733.76 2.55 0.880/0 Accrued Interest $173,962.21 Total Investments $32,037,654.31 PFM Asset Management LLC Page 22 � r � CAE1J__F___ M =n =nnel Annnirnt Cornrifti Trnncnrtinnc IL Tntnroct CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Principal Accrued Trade Settle Securitv Description CUSIP Par Proceeds Interest 04/15/20 04/16/20 FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 04/22/20 04/24/20 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 Transaction Type Sub -Total 04/01/20 04/01/20 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 04/01/20 04/01/20 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 04/01/20 04/25/20 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 04/01/20 04/25/20 FHMS K043 A2 DTD 03/01/2015 3.062% 12/25/2024 04/01/20 04/25/20 FHMS KJ27 Al DTD 11/01/2019 2.092% 07/25/2024 04/01/20 04/25/20 FNA 2018 -M5 A2 DTD 04/01/2018 3.560% 09/01/2021 04/01/20 04/25/20 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 04/13/20 04/13/20 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 04/15/20 04/15/20 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 04/15/20 04/15/20 COMET 2019 -A2 A2 DTD 09/05/2019 1.720% 08/15/2024 04/15/20 04/15/20 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 04/15/20 04/15/20 HAROT 2018 -4 A3 DTD 11/28/2018 3.160% 01/15/2023 04/15/20 04/15/20 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 For the Month Ending April 30, 2020 Realized GIL Realized GIL Sale Total Cost Amort Cost Method 3130AJHU6 350,000.00 (348,264.00) 0.00 (348,264.00) 3135G03U5 350,000.00 (349,279.00) 0.00 (349,279.00) 700,000.00 (697,543.00) 0.00 (697,543.00) 46647PBB1 675,000.00 0.00 10,823.63 10,823.63 06051GGS2 0.00 0.00 3.142.80 3,142.80 3137FKK39 120,716.74 0.00 321.63 321.63 3137BGK24 250,000.00 0.00 637.92 637.92 3137FO3V3 106,345.12 0.00 185.02 185.02 3136B1XP4 0.00 0.00 517.88 517.88 3137BM6P6 230,000.00 0.00 592.26 592.26 89236TEU5 0.00 0.00 737.50 737.50 06406FAAl 0.00 0.00 2.500.00 2,500.00 14041NFUO 800,000.00 0.00 1.146.67 1,146.67 14313FAD1 350,000.00 0.00 912.92 912.92 43815AAC6 375,000.00 0.00 987.50 987.50 14315EAC4 350,000.00 0.00 980.00 980.00 PFM Asset Management LLC Page 23 � F- � CAE1J__F___ M =n =nnel Annnirnt Cornrifti Trnncnrtinnc IL Tntnroct CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Principal Accrued Trade Settle Securitv Description CUSIP Par Proceeds Interest 04/15/20 04/15/20 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 04/16/20 04/16/20 GMCAR 2018 -3 A3 DTD 07/18/2018 3.020% 05/16/2023 04/16/20 04/16/20 GMCAR 2019 -1 A3 DTD 01/16/2019 2.970% 11/16/2023 04/19/20 04/19/20 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 04/20/20 04/20/20 BMWLT 2018 -1 A4 DTD 10/17/2018 3.360% 03/20/2022 04/20/20 04/20/20 GMALT 2018 -3 A4 DTD 09/26/2018 3.300% 07/20/2022 04/20/20 04/20/20 VALET 2018 -2 A3 DTD 11/21/2018 3.250% 04/20/2023 04/24/20 04/24/20 BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 04/29/20 04/29/20 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 04/30/20 04/30/20 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 Transaction Type Sub -Total For the Month Ending April 30, 2020 Realized GIL Realized GIL Sale Total Cost Amort Cost Method 713448DX3 0.00 FNA 2018 -M5 A2 0.00 2,800.00 3136B1XP4 2,800.00 36255JAD6 300,000.00 1,955.01 0.00 755.00 755.00 36256XAD4 270,000.00 09/01/2021 0.00 668.25 668.25 06051GFW4 25,000.00 0.00 328.13 FHMS KJ27 Al 328.13 05586CAD6 300,000.00 169.81 0.00 840.00 169.81 840.00 36256GAE9 275,000.00 0.00 756.25 07/25/2024 756.25 92869BAD4 325,000.00 0.00 880.21 880.21 06406RAL1 200,000.00 0.00 2,100.00 7.153.84 2,100.00 61746BDO6 400,000.00 0.02 0.00 7,750.00 7,750.00 912828T91 2,650,000.00 0.00 21,531.25 21,531.25 8,002,061.86 0.00 61,894.82 61,894.82 04/01/20 04/25/20 FNA 2018 -M5 A2 3136B1XP4 1.955.01 1,955.01 0.00 1,955.01 (38.88) 0.00 DTD 04/01/2018 3.560% 09/01/2021 04/01/20 04/25/20 FHMS KJ27 Al 3137FO3V3 169.81 169.81 0.00 169.81 0.00 0.00 DTD 11/01/2019 2.092% 07/25/2024 04/01/20 04/25/20 FHMS KP05 A 3137FKK39 7.153.84 7,153.84 0.00 7,153.84 0.02 0.00 DTD 12/01/2018 3.203% 07/01/2023 04/01/20 04/25/20 FNA 2018 -M5 A2 3136B1XP4 391.00 391.00 0.00 391.00 (7.78) 0.00 DTD 04/01/2018 3.560% 09/01/2021 04/01/20 04/25/20 FNA 2018 -M5 A2 3136B1XP4 391.00 391.00 0.00 391.00 (7.78) 0.00 DTD 04/01/2018 3.560% 09/01/2021 PFM Asset Management LLC Page 24 � F- � CAE1J__F___ M =n =nnel Annnirnt Corirrifti Tr =nc =rtinnc IL Tntnroct For the Month Endin4 April 30, 2020 CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Principal Accrued Realized GIL Realized GIL Sale Trade Settle Securitv Description CUSIP Par Proceeds Interest Total Cost Amort Cost Method 04/16/20 04/16/20 GMCAR 2018 -3 A3 36255JAD6 5,707.01 5,707.01 0.00 5,707.01 1.33 0.00 DTD 07/18/2018 3.020% 05/16/2023 Transaction Type Sub -Total 15,767.67 15,767.67 0.00 15,767.67 (53.09) 0.00 04/22/20 04/24/20 US TREASURY N/B NOTES 912828R69 300,000.00 312,468.75 1.944.67 314,413.42 23,355.47 20,434.99 FIFO DTD 05/31/2016 1.625% 05/31/2023 Transaction Type Sub -Total 300,000.00 312,468.75 1,944.67 314,413.42 23,355.47 20,434.99 Managed Account Sub -Total (369,306.58) 63,839.49 (305,467.09) 23,302.38 20,434.99 Total Security Transactions PFM Asset Management LLC ($369,306.58) $63,839.49 ($305,467.09) $23,302.38 $20,434.99 Page 25 � r CALIJ - Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Trade Settlement Date Date Transaction Description For the Month Ending April 30, 2020 Share or Dollar Amount Unit Price of Transaction Total Shares Owned Opening Balance 400,538.62 04/01/20 04/01/20 Purchase - Interest 06051GGS2 1.00 407.40 400,946.02 04/01/20 04/01/20 Purchase - Interest 06051GGS2 1.00 2,328.00 403,274.02 04/01/20 04/01/20 Purchase - Interest 06051GGS2 1.00 407.40 403,681.42 04/01/20 04/01/20 Purchase - Interest 46647PBB1 1.00 10,823.63 414,505.05 04/13/20 04/13/20 Purchase - Interest 89236TEU5 1.00 737.50 415,242.55 04/15/20 04/15/20 Purchase - Interest 06406FAA1 1.00 625.00 415,867.55 04/15/20 04/15/20 Purchase - Interest 06406FAA1 1.00 1,250.00 417,117.55 04/15/20 04/15/20 Purchase - Interest 06406FAA1 1.00 625.00 417,742.55 04/15/20 04/15/20 Purchase - Interest 713448DX3 1.00 2,000.00 419,742.55 04/15/20 04/15/20 Purchase - Interest 713448DX3 1.00 400.00 420,142.55 04/15/20 04/15/20 Purchase - Interest 713448DX3 1.00 400.00 420,542.55 04/15/20 04/15/20 Purchase - Interest 43815AAC6 1.00 987.50 421,530.05 04/15/20 04/15/20 Purchase - Interest 14315EAC4 1.00 980.00 422,510.05 04/15/20 04/15/20 Purchase - Interest 14313FAD1 1.00 912.92 423,422.97 04/15/20 04/15/20 Purchase - Interest 14041NFUO 1.00 1,146.67 424,569.64 04/16/20 04/16/20 Purchase - Interest 36255]AD6 1.00 755.00 425,324.64 04/16/20 04/16/20 Purchase - Interest 36256XAD4 1.00 668.25 425,992.89 04/16/20 04/16/20 Purchase - Principal 362553AD6 1.00 5,707.01 431,699.90 04/16/20 04/16/20 Redemption - Principal 3130AJHU6 1.00 (348,264.00) 83,435.90 04/20/20 04/20/20 Purchase - Interest 06051GFW4 1.00 328.13 83,764.03 04/20/20 04/20/20 Purchase - Interest 05586CAD6 1.00 840.00 84,604.03 PFM Asset Management LLC Page 26 � r CALIJ - Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Trade Settlement Date Date Transaction Description For the Month Ending April 30, 2020 Share or Dollar Amount Unit Price of Transaction Total Shares Owned 04/20/20 04/20/20 Purchase - Interest 36256GAE9 1.00 756.25 85,360.28 04/20/20 04/20/20 Purchase - Interest 92869BAD4 1.00 880.21 86,240.49 04/24/20 04/24/20 Purchase - Interest 06406RAL1 1.00 2,100.00 88,340.49 04/24/20 04/24/20 Purchase - Interest 912828R69 1.00 1,944.67 90,285.16 04/24/20 04/24/20 Purchase - Principal 912828R69 1.00 312,468.75 402,753.91 04/24/20 04/24/20 Redemption - Principal 3135G03U5 1.00 (349,279.00) 53,474.91 04/24/20 04/24/20 IP Fees March 2020 1.00 (2,471.49) 51,003.42 04/24/20 04/24/20 U.S. Bank Fees February 2020 1.00 (140.16) 50,863.26 04/27/20 04/27/20 Purchase - Interest 3136B1XP4 1.00 517.88 51,381.14 04/27/20 04/27/20 Purchase - Interest 3137BGK24 1.00 637.92 52,019.06 04/27/20 04/27/20 Purchase - Interest 3137BM6P6 1.00 592.25 52,611.31 04/27/20 04/27/20 Purchase - Interest 3137FKK39 1.00 321.63 52,932.94 04/27/20 04/27/20 Purchase - Interest 3137FQ3V3 1.00 185.02 53,117.96 04/27/20 04/27/20 Purchase - Principal 3136B1XP4 1.00 2,737.01 55,854.97 04/28/20 04/28/20 Purchase - Correction to Interest 3137BM6P6 from 4/27/20 1.00 592.26 56,447.23 04/28/20 04/28/20 Purchase- Principal3137FKK39 1.00 7,153.84 63,601.07 04/28/20 04/28/20 Purchase - Principal 3137FQ3V3 1.00 169.81 63,770.88 04/28/20 04/28/20 Reversal - Redemption of Interest 3137BM6P6 from 4/27/20 1.00 (592.25) 63,178.63 04/29/20 04/29/20 Purchase - Interest 61746BDQ6 1.00 7,750.00 70,928.63 04/30/20 04/30/20 Purchase - Interest 912828T91 1.00 21,531.25 92,459.88 04/30/20 05/01/20 Accrual Income Div Reinvestment - Distributions 1.00 207.84 92,667.72 PFM Asset Management LLC Page 27 CALIJ — Aeeniint Ctntmmnnt CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Trade Settlement Date Date Transaction Description Closing Balance Month of Fiscal YTD April January-April Opening Balance 400,538.62 109,033.70 Closing Balance Purchases 392,876.00 4,758,532.38 Average Monthly Balance Redemptions (Excl. Checks) (700,746.90) (4,774,898.36) Monthly Distribution Yield Check Disbursements 0.00 0.00 Closing Balance 92,667.72 92,667.72 Cash Dividends and Income 207.84 2,018.13 For the Month Ending April 30, 2020 Share or Dollar Amount Unit Price of Transaction 92,667.72 244,761.09 0.98% Total Shares Owned 92,667.72 PFM Asset Management LLC Page 28 CITY OF 4 LADE LSIHORE 1W DREAM EXTREME- Review of Investment Performance CAMP Accounts 0 pfm CITY OF LAKE ELSINORE Investment Performance Review For the Quarter Ended March 31, 2020 Client Management Team Sarah Meacham, Managing Director 601 South Figueroa, Suite 4500 Richard Babbe, CCM, Senior Managing Consultant Los Angeles, CA 90017 213- 489 -4075 PFM Asset Management LLC 213 Market Street Harrisburg, PA 17101 -2141 717- 232 -2723 Market Update QUARTERLY MARKET SUMMARY SUMMARY • In Q1, U.S. economic conditions were characterized by: (1) solid economic fundamentals to start the year made largely irrelevant by the emergence of the COVID-19 pandemic; (2) global economic shutdowns enforced to slow the spread of the virus; (3) whole scale equity market sell -offs; (4) bond market dislocations amid liquidity concerns and sharply wider yield spreads; (5) record - shattering weekly jobless claims; (6) contraction in both the manufacturing and services sectors, and; (7) massive monetary and fiscal initiatives designed to support markets, households, and businesses. • As the COVID -19 pandemic took hold across the globe, it created a threefold crisis: (1) a global health crisis, (2) a virtual economic shutdown in the U.S. and elsewhere, and (3) sudden, extreme volatility in the financial markets. U.S. states attempted to slow the spread of the virus through closures of non - essential businesses and lockdowns, causing severe and abrupt economic distress. • The Fed acted quickly and aggressively by cutting rates at two emergency meetings to the new target range of 0% to 0.25 %. It initiated unlimited bond - buying (quantitative easing) of various security types and rolled out an "alphabet soup" of market support programs totaling $2.3 trillion. Some programs are from the 2008 -2009 financial crisis playbook and new, even broader, programs are to cushion the potential blow on financial markets. • U.S. Treasury yields plunged in the wake of the Fed's rate cuts and a broad flight -to- quality. Short-term yields settled near 0 %, and long -term rates fell to record lows with the 10 -year Treasury well below 1 %. At the same time, credit spreads widened to the highest levels since the 2008 -9 financial crisis and equity markets plunged. U.S. equities ended their 11 -year bull market (2009 — 2020), and the S &P 500 lost 19.6% of its value in the first quarter. ECONOMIC SNAPSHOT • The immediate impact of the pandemic on global economies made typical economic indicators, most of which are backward - looking, essentially irrelevant. The U.S. economy grew at 2.1 % in Q4, driven by consumer spending, but by the end of Q1, the economy was likely in recession. Economists' forecasts for 2nd quarter GDP point to a deep recession, perhaps as severe as -40% on an annualized rate basis. The U.S. labor market was turned on its head in March as tens of millions of Americans filed for unemployment. While the usually - important March employment report showed job losses and an uptick in the official unemployment rate, the real rate is likely much higher. The weekly release of initial jobless claims painted a more dire picture of current conditions. Despite long lines and overburdened state unemployment systems, over 10 million Americans filed initial jobless claims during the last two weeks of the quarter, with an additional 6.6 million filing for the week ended April 4. • As expected, due to the shelter -in -place orders and closures of many businesses, both the U.S. services and goods - producing parts of the economy fell into contraction, according to the latest Markit PMI surveys. Services suffered the steepest decline in output since data collection began in 2009. PFM Asset Management LLC For the Quarter Ended March 31, 2020 Fixed Income Management INTEREST RATES • U.S. Treasury yields plunged amid a flight -to- quality and extreme levels of volatility. Short -term rates (with maturities less than six months) fell in near lock -step with the Fed's rate actions, with the 3 -month T -Bill falling approximately 1.46 %. Intermediate - and longer -term yields (with maturities beyond two years) also fell, declining between 1.00% to 1.35 %. Long -term Treasuries fell to the lowest yields on record. • At quarter -end, the yield on a 3 -month T -Bill stood at a mere 0.09 %, the 2 -year and 5 -year notes were 0.25% and 0.38 %, respectively, the 10 -year note was 0.67% and the 30 -year Treasury ended at 1.32 %. • As a result of the sharp fall in Treasury yields over the quarter, longer duration was advantageous for portfolio returns. For example, the 3 -month and 2 -year Constant Maturity U.S. Treasury Indexes returned 0.6% and 2.8 %, respectively, while the longer 5 -year and 10 -year indices returned 6.7% and 11.9 %, respectively. SECTOR PERFORMANCE • Amid the extreme flight to quality, U.S. Treasuries led all investment -grade (IG) fixed income sectors. Yield spreads on non - Treasuries widened, generating severe underperformance. Diversification away from U.S. Treasury securities, which typically enhances returns, was a detractor of historic proportions for fixed income portfolios. • While federal agency and supranational spreads increased to multi -year wides, each sector produced positive absolute returns, albeit less than comparable Treasuries. • The corporate sector underperformed markedly in Q1, as spreads widened to levels not seen since the financial crisis, but well below peak levels of that recession. As a result, IG corporates produced negative excess returns, with longer- duration and lower quality issues underperforming the most. In coming months, the IG corporate market will face numerous challenges and uncertainties as companies respond to the dislocation brought on by the near shutdown of the economy. • Asset - backed securities (ABS), even AAA -rated issues, were not immune to credit - related sell -offs. ABS was one of the worst - performing sectors as investors raised concerns about consumer's ability to pay on credit cards and auto loans in the wake of the shutdown and unemployment. Similar to corporates, spreads spiked to their highest levels since the financial crisis, still not reaching the widest levels during that recession. • Federal agency mortgage- backed securities (MBS) posted positive absolute returns but trailed similar- duration Treasuries. The sector was hurt initially by an expected surge in prepayments as mortgage rates fell, then were hurt by spread widening due to reports of mortgage forbearance. The Fed's announcement of unlimited buying of agency MBS eased liquidity concerns and helped stabilize the MBS sector near quarter -end. • Like other credit sectors, both the taxable and tax - exempt municipal sectors were affected by lack of liquidity and spread widening, which produced negative excess returns that were most pronounced in longer -term taxable securities. • In money markets, overnight repurchase agreement rates fell to near zero. Yield spreads on commercial paper and bank CDs widened sharply, but issuers re- entered the market in late March, supported by the Fed's liquidity support measures. For the Quarter Ended March 31, 2020 QUARTERLY MARKET SUMMARY Fixed Income Management Economic Snapshot Unemployment Rate Mar'20 4.4% 3.5% 3.8% Unemployment Rate (left) vs. Change in Non -Farm Payrolls (right) ililililili� Change In Non -Farm Payrolls - Unemployment Rate -1 4.5% _1%_O 450K Change In Non -Farm Pa Mar'20 - 701,000 184,000 7.0 300K 3% Consumer Price Index Core (YoY) Mar'20 2.1% 2.3% 2.0% 2% 4.0% 0 Average Hourly Earnings (YoY) Mar'20 3.1% 3.0% 3.4% $61.06 -150K -300K Gold Futures (oz.) Mar 31 $1,583 $1,523 $1,293 3.5% -450K Personal Income (YoY Feb '20 4.0% 3.7% 4.7 M. 2. Data as of Fourth Quarter 2018. 600K Note: YoY = year - over -year, QoQ = quarter - over - quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas - Source: Bloomberg. 3.0% -900K Initial Jobless Claims (week) 4/11/20 5,245,000 220,000 211,000 Mar'17 Sep'17 Mar'18 Sep'18 Mar'19 Sep'19 Mar'20 Real GDP (QoQ SAAR) 2019Q4 2.1% .1 %1 2.1% 1 1.1% Z Real GDP (QoQ) 4% 1 GDP Personal Consumption (QoQ SAAR) 2019Q4 1.8% 3.2% 1. Retail Sales (YoY) Mar'20 -6.2% 5.4% 3.8% 0 2% ISM Manufacturing Survey (month) Mar'20 49.1 47.8 _M 0% Existing Home Sales SAAR (month) Feb '20 5.77 mil. 5.53 mil. 5.23 mil. Dec'16 Jun'17 Dec'l7 Jun '18 Dec'18 Jun'19 Dec'l9 Personal Consumption Expenditures (YoY) Feb '20 1.8% 1.6% 1.4% Consumer Price Index CPI (YoY) Core CPI (YoY) "M 4% Consumer Price Index (YoY) Mar'20 2.3% 3% Consumer Price Index Core (YoY) Mar'20 2.1% 2.3% 2.0% 2% 1% Mar 31 $61.06 $60.14 0% Gold Futures (oz.) Mar 31 $1,583 $1,523 $1,293 Mar'l7 Sep'17 Mar'l8 Sep'18 Mar'19 Sep'19 Mar'20 1. Data as of Third Quarter 2019. 2. Data as of Fourth Quarter 2018. Note: YoY = year - over -year, QoQ = quarter - over - quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil. Source: Bloomberg. PFM Asset Management LLC For the Quarter Ended March 31, 2020 QUARTERLY MARKET SUMMARY Fixed Income Management Interest Rate Overview U.S. Treasury Note Yields 3.5% 3.0% - 2.5% - a 2.0% - 1.5% .. ♦� 1.0% - 0.5% - 0.0% 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 2 -Year 5 -Year 10 -Year U.S. Treasury Yields Source: Bloomberg. PFM Asset Management LLC U.S. Treasury Yield Curve 3% Mar'20 Change over Quarter Change over 3 -Month 0.09% 1.55% ' 46 %) 2.39% (2.30 %) 1 -Year 0.16% 1.58% (1.42 %) 2.39% (2.23 %) 2 -Year I 0.25% 1.57% (1.32 %) 2.26% 5 -Year 0.38% 1.69% (1.31 %) 2.23% 10 -Year 0.67% 1.92% (1.25 %) 2.41% N(2 30 -Year 1.32% 2.39% 2.82% Source: Bloomberg. PFM Asset Management LLC U.S. Treasury Yield Curve 3% d } 1% 0% W N W (n -4 W o Maturity March 31. 2020 December 31. 2019 March 31. 2019 Yield Curves as of 03/31/2020 4% N 2% �'--- r--- f - - - -- F- 1% 0% W N W M -4 N W 0 ` M CD o Maturity U.S. Treasury Federal Agency Corporates, A Rated 3 i ` 2% - - -- - -- -- - -- - - - - -- d } 1% 0% W N W (n -4 W o Maturity March 31. 2020 December 31. 2019 March 31. 2019 Yield Curves as of 03/31/2020 4% N 2% �'--- r--- f - - - -- F- 1% 0% W N W M -4 N W 0 ` M CD o Maturity U.S. Treasury Federal Agency Corporates, A Rated 3 For the Quarter Ended March 31, 2020 QUARTERLY MARKET SUMMARY ICE B&AML Index Returns As of 03/31/2020 Returns for Periods ended 03/31/2020 Fixed Income Management March 31, 2020 Duration Yield 3 Month Year • U.S. Treasury 1.81 0.20% 2.81% 5.42% 2.70% deral Agency 1.47 0.54% 1.950 4.48% 2.51% U.S. Corporates, A -AAA rated 1.76 2.36% (0.29 9/6) 2.99% 2.45% .26 1.47% /0 7.36% 4.07% Taxable Municipals 1.61 1.97% 0.27% 2.89% • 1- NVI U.S. Treasury 2.58 0.25% 3.80% 6.86% 3.26% Federal Agency 1.95 ° 5.12% 2.78% U.S. Corporates, A -AAA rated 2.55 2.40% (0.36 %) 3.60% 8.71% Agency MBS (0 to 5 years) 1.36 1.28% 2.53% 6.43% 3.42% Municipals 2.22 2.43% 0.19% 3.34% 2.99% OaSx.aTbr'ee 6.07% asury 7.35 0.56% 8.80% 13.92% ederal Agency 0.90% 4.23 ° / (0.72 0%) U.S. Corporates, A -AAA rated 7.75 2.85% 7.02% 4.72% (0 to 30 years) 2.25 1.64% 4.08% Taxable Municipals 11.03 3.31% 0.17% 8.36% 6.97% Returns for periods greater than one year are annualized. Source: ICE BofAML Indices. PFM Asset Management LLC 4 QUARTERLY MARKET SUMMARY DISCLOSURES For the Quarter Ended March 31, 2020 Fixed Income Management PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. Investment advisory services are provided by PFM Asset Management LLC, which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. For more information regarding PFM's services or entities, please visit www.pfm.com. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public, however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. The information contained in this report is not an offer to purchase or sell any securities. © 2019 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. 0 Pfm PFM Asset Management LLC 5 Investment Strategy & Portfolio Review CITY OF LAKE ELSINORE First Quarter Portfolio Recap For the Quarter Ended March 31, 2020 Portfolio Review PFM took a proactive response to the emerging crisis and fast - moving markets by maintaining our emphasis on safety and liquidity in the portfolio's strategy, as well as holding frequent ad -hoc Credit and Investment Committee meetings to assess emerging news and market trends. As the crisis developed, one of the first steps we took was to restrict to all new credit and ABS purchases. PFM has also undertaken a wholesale review of all issuers on our approved list and redoubled our ongoing monitoring and due diligence efforts. Our strategy throughout the first quarter included the following elements: The portfolio's duration was maintained in line with its benchmark, which has been an important element in sustaining its performance over the past several years. We have been increasing the portfolio's target allocation to U.S. Treasuries reflective of narrow yield spreads to most fixed - income sectors. The portfolio's significant allocation to Treasury securities enhanced the portfolio's liquidity profile. Entering the quarter, we had a modestly defensive posture towards corporate credit, reflective of narrow yield spreads and our concerns about overall increased leverage by issuers in the sector. We had modestly reduced allocations to the sector, but still viewed corporate securities as a core holding in the portfolio. Although not to the same degree as during the 2008 -09 financial crisis, investment grade corporate bond spreads widened significantly in the second half of the quarter. The move in spreads resulted in significant negative excess returns in the sector to the tune of -2% to -4 %. Asset - backed securities (ABS) also generated significant negative excess returns as spreads widened sharply (again, not reaching 2008 -09 levels). All new ABS purchases were halted, and cash flows were reallocated to U.S. Treasuries and federal agencies to improve portfolio liquidity. The drop in Treasury yields drove high absolute returns during the quarter, but the widening of corporate (MTN, ABS, NCD) yield spreads resulted in the portfolio's underperformance relative to its Treasury benchmark. PFM was cautious about agency mortgage- backed securities (MBS) purchases in the first quarter as declining rates caused a wave of prepayments and yield spread widening. However, the Fed's quick response and commitment to purchase large amounts of agency MBS and commercial MBS have helped stabilize the sector and created opportunities for new purchases. PFM Asset Management LLC CITY OF LAKE ELSINORE Sector Allocation & Compliance *The portfolio is in compliance with the City Investment Policy and the California Government Code. For the Quarter Ended March 31, 2020 Portfolio Compliance Security Type Market Value % of % Change Permitted by In Compliance Portfolio vs. 12131/19 Policy U.S. Treasury $15,949,553 50.4% +3.9% 100% ✓ Federal Agency /CMO $911,937 2.9% +0.7% 100% ✓ Supranationals $734,614 2.3% - 30% ✓ Municipal $101,881 0.3% - 30% ✓ Negotiable CDs $3,702,840 11.7% -3.7% 30% ✓ Corporate Notes $6,470,322 20.5% -1.5% 30% ✓ Asset - Backed $3,355,986 10.6% -0.3% 20% ✓ Securities Sub -Total $31,227,133 98.7% Accrued Interest $181,398 Securities Total $31,408,531 CAMP Cash Reserve Portfolio $400,539 1.3% +0.9% 100% ✓ Total Investments $31,809,070 100.0% Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of June 2018. PFM Asset Management LLC 7 CITY OF LAKE ELSINORE Portfolio Statistics As of March 31, 2020 Par Value: $30,720,538 Total Market Value: $31,809,070 Security Market Value: $31,227,133 Accrued Interest: $181,398 Cash: - CAMP $400,539 Amortized Cost: $30,734,273 Yield at Market: 1.16% Yield at Cost: 2.25% Effective Duration: 2.55 Years Duration to Worst: 2.58 Years Average Maturity: 2.90 Years Average Credit: * AA BBB+ 2.6% AAArn 1.3% AAA 12.9% AA+ 53.3% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Credit Quality (S &P Ratings)" For the Quarter Ended March 31, 2020 Portfolio Snapshot Sector Allocation A 8.8% A- �6.6% A+ 3.6% A -1 X5.9% A -1 + 2.3% AA- 2.7% U.S. Treas ur 50.4% Maturity Distribution .1 „o, Asset - Backed 10.6% Certificate of Deposit 11.7% Corporate 20.5% Federal 4.1ency/CMO 2.9% Mny Mkt and / Pool 1.3% Municipal 0.3% upra -Sov/ Supra -Natl Agency 2.3% 0- 1 Year 1- 2 Years 2- 3 Years 3- 4 Years 4- 5 Years > 5 Years An average of each security's credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. ** Securities held in the City's portfolio are in compliance with California Government Code and the City's Investment Policy dated June 2018. PFM Asset Management LLC 8 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Composition Sector Allocation March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Sector My ($MM) % of Total My ($MM) % of Total My ($MM) % of Total My ($MM) % of Total U.S. Treasury 15.9 50.4% 14.4 46.5% 19.6 48.3% 20.2 50.2% Corporate 6.5 20.5% 6.8 21.9% 10.1 24.7% 9.6 23.8% Certificate of Deposit 3.7 11.7% 4.8 15.4% 4.8 11.7% 4.4 10.8% Asset - Backed 3.4 10.6% 3.4 10.9% 3.4 8.3% 2.6 6.4% Federal Agency /CMO 0.9 2.9% 0.7 2.2% 0.6 1.5% 0.6 1.6% Supra -Sov / Supra -Natl Agency 0.7 2.3% 0.7 2.4% 1.6 4.0% 1.6 4.0% Mny Mkt Fund / Pool 0.4 1.3% 0.1 0.4% 0.1 0.2% 0.1 0.2% Municipal 0.1 0.3% 0.1 0.3% 0.0 0.0% 0.0 0.0% Federal Agency /GSE 0.0 0.0% 0.0 0.0% 0.5 1.3% 1.2 3.0% Total $31.6 100.0% $30.9 100.0% $40.7 100.0% $40.3 100.0% 100% • Federal Agency /GSE 90% • Municipal 80% • Mny Mkt Fund / Pool 70% Supra -Sov / Supra -Natl 60% Agency 50% • Federal Agency /CMO 40% ■ Asset - Backed 30% Certificate of Deposit 20% 0 Corporate 10% - U.S. Treasury 0% March 2020 December 2019 September 2019 June 2019 Detail may not add to total due to rounding. PFM Asset Management LLC 9 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Composition Maturity Distribution As of March 31, 2020 Yield Average 0 -1 1 -2 2 -3 3 -4 4 -5 >5 Portfolio /Benchmark at Market Maturity Years Years Years Years Years Years CITY OF LAKE ELSINORE 1.16% 2.90 yrs 15.7% 10.7% 4.4% 43.0% 26.1% 0.0% ICE BofAML 1 -5 Year U.S. Treasury Index 0.25% 2.67 yrs 4.1% 32.6% 26.4% 19.4% 17.5% 0.0% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 15.7% 10.7% 32.6% 26.4% ■ 4.1% 4_ 0 -1 Years 1 -2 Years 2 -3 Years ■ CITY OF LAKE ELSINORE 43.0% 19.4% 26.1% 17.5% 0.0% 0.0% 3 -4 Years 4 -5 Years > 5 Years ICE BofAML 1 -5 Year U.S. Treasury Index PFM Asset Management LLC 10 CITY OF LAKE ELSINORE Portfolio /Benchmark For the Quarter Ended March 31, 2020 Portfolio Performance Portfolio Performance (Total Return) Annualized Return Effective Current Duration Quarter 1 Year 3 Year 5 Year 10 Year Since Inception (09/30/10) ** CITY OF LAKE ELSINORE ICE BofAML 1 -5 Year U.S. Treasury Index 2.55 2.51% 2.58 3.80% 5.80% 6.86% 3.14% 3.26% 2.31% 2.25% 1.95% 1.76% Difference -1.29% -1.06% - 0.12% 0.06% 0.19% 7.0% 6.86% 6.0% 5.80% 5.0% w 4.0% 3.80% 3.14% 3.26% 3.0% 0 2.51% I- 2.0% 1.0% 0.0% Current Quarter 1 Year 3 Year ■ CITY OF LAKE ELSINORE Portfolio performance is gross of fees unless otherwise indicated. * *Since Inception performance is not shown for periods less than one year. PFM Asset Management LLC 2.31% 2.25% 1.95% 1.76% 5 Year 10 Year Since Inception ICE BofAML 1 -5 Year U.S. Treasury Index 11 CITY OF LAKE ELSINORE Portfolio Earnings Quarter -Ended March 31, 2020 Market Value Basis For the Quarter Ended March 31, 2020 Portfolio Performance Accrual (Amortized Cost) Basis Beginning Value (12/31/2019) $30,921,542.86 $30,558,470.06 Net Purchases /Sales $99,150.49 $99,150.49 Change in Value $606,978.72 $76,652.34 Ending Value (03/31/2020) $31,627,672.07 $30,734,272.89 Interest Earned $172,548.97 $172,548.97 Portfolio Earnings $779,527.69 $249,201.31 PFM Asset Management LLC 12 CITY OF LAKE ELSINORE Second Quarter Investment Strategy Outlook For the Quarter Ended March 31, 2020 Outlook U.S. economic fundamentals are expected to deteriorate significantly in the second quarter as the full effect of COVID -19 materializes. The real question is the duration of the economic shutdown and the speed and trajectory of the eventual recovery. As a result of this uncertainty, we plan to maintain neutral portfolio durations relative to their respective benchmarks into April as we monitor guidance from index vendors regarding future rebalancing. Our outlook for major investment -grade sectors includes the following: Federal agencies currently offer value, materially less credit risk, and better liquidity than most other sectors. Moving into the second quarter, we will likely target increased allocations to agencies. Given low yields, we also find value in callable agencies but will evaluate them on an issue - specific basis. The supranational sector remains underwhelming, even though spreads are wider than the previous quarter. We anticipate increasing allocations as opportunities become available. The investment grade corporate market faces numerous challenges and uncertainties. We believe the prudent action is to remain cautious and vigilant until longer -term economic consequences are better understood and market liquidity stabilizes. While spreads are significantly wider, PFM's view is that under current conditions the risks still outweigh the potential benefits. The late quarter surge in new issues that were easily absorbed by investors is an early, optimistic sign. In ABS, spreads remain wide, and liquidity remains impaired. At the forefront of risks are consumers' and businesses' ability to make timely credit card, auto loan, and equipment lease payments. We plan to avoid new ABS purchases until the outlook is clearer. ABS allocations are expected to naturally decline from principal paydowns. The MBS sector survived the recent surge of prepayments and now has support from the unlimited Fed purchase program. As a result, spreads began to narrow in the late first quarter. We view this stabilization as a modest buying opportunity in MBS heading into the second quarter with a focus on structures with less prepayment risk. In the municipal sector, recent monetary and fiscal stimulus is expected to benefit local government issuers. We anticipate continuing to search for and scrutinize high - quality municipal issuers that are best positioned to weather current challenges. PFM Asset Management LLC 13 Issuer Distribution CITY OF LAKE ELSINORE Issuer UNITED STATES TREASURY SWEDBANK AB CAPITAL ONE FINANCIAL CORP WESTPAC BANKING CORP MDIE MAC "W CARMAX AUTO OWNER TRUST ROYAL BANK OF CANADA JP MORGAN CHASE & CO BANK OF MONTREAL GM FINANCIAL SECURITIZED TERM MORGAN STANLEY GOLDMAN SACHS GROUP INC PNC FINANCIAL SERVICES GROUP INTERNATIONAL FINANCE CORPORATION SKANDINAVISKA ENSKILDA BANKEN AB THE WALT DISNEY CORPORATION CAMP POOL THE BANK OF NEW YORK MELLON CORPORATION PFM Asset Management LLC For the Quarter Ended March 31, 2020 Portfolio Composition Issuer Distribution As of March 31, 2020 Market Value ($) % of Portfolio 15,949,553 50.4% 805,482 2.5% 791,687 2.5% 742,734 2.4% 737,400 2.3% 708,952 2.2% 691,504 2.2% 685,686 2.2% 675,255 2.1% 575,158 1.8% 420,896 1.3% 417,541 1.3% 1.3% 408,376 1.3% 406,500 1.3% 402,933 1.3% 0 1.3% 400,528 1.3% 14 CITY OF LAKE ELSINORE Issuer NATIONAL RURAL UTILITIES CO FINANCE CORP L BANK OF AMERICA CO BANK OF NOVA SCOTIA NDA AUTO RECEIVABLES DEERE & COMPANY LKSWA N OF AMERICA Market Value ($) For the Quarter Ended March 31, 2020 % of Portfolio 400,514 1.3% —MEL 398,290 1.3% 381,364 349,885 328,230 1.3% 1.2% 1.2% 1.1% INTL BANK OF RECONSTRUCTION AND DEV 326,238 1.0% BB &T CORPORATION UNILEVER PLC IBM CORP L BMW FINANCIAL SERVICES NA LLC 303,686 3,048 296,836 1.0% 0.9% KPSICO INC 279,758 0.9% GM FINANCIAL AUTO LEASING TRUST 278,183 0.9% ARLES SCHWAB 235,593 0.7% AMERICAN EXPRESS CO H PA FANNIE MAE PACCAR FINANCIAL CORP STATE STREET CORPORATION CHAFFEY CA JT UNION HS DIST 199,998 175,797 0.6% 174,538 0.6% 139,784 124,352 0.4% 101,881 Portfolio Composition PFM Asset Management LLC 15 CITY OF LAKE ELSINORE Issuer Market Value ($) For the Quarter Ended March 31, 2020 % of Portfolio TOYOTA MOTOR CORP 50.174 0.2% WELLS FARGO & COMPANY 50,000 0.2% Grand Total: 31,627,672 100.0% Portfolio Composition PFM Asset Management LLC 16 Portfolio Transactions CITY OF LAKE ELSINORE Quarterly Portfolio Transactions For the Quarter Ended March 31, 2020 Portfolio Activity Tran. Trade Settle Par ($) CUSIP Security Description Maturity Coupon Transact Realized Yield Type Yp Date Date 3137BM6P6 FHLMC SERIES K721 A2 Date Amt ($) G/L (BV) INTEREST 1/1/2 /25/2flh 160,000.00 3137BM6PAL FHLMC SERIES K721 A2 3.09% 8/25A NP INTEREST 1/1/20 1/25/20 35,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/22 90.13 INTEREST INTEREST 1/1/20 1 /25/20 1/11/20 1 /25/20 25,794.12 3136B1XP4 134,787.81 3137FQ3V3 FNA 2018 -M5 A2 Nk FHMS KJ27 Al 2.09% 7125/24 250.82 aTERESM 1/1/2PW1/25/2Mw 28,970.65 3136B1XPjM2018- 3.56% 9/25/0 388.76 _ INTEREST 111120 1/25/20 35,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/22 90.13 INTEREST 1/1/20 1/25/20 121,114.06 3137FKK39 FHMS KP05 A 3.20% A /1/23 + 1/6/2 X1/8/20 INTEREST 111/20 1/25/20 25,794.12 3136B1XP4 FNA 2018 -M5 A2 3.56% 9125/21 77.75 P 397.32 3136B1XP4 FNA 2018 -M5 A2 19 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 1 1/8/20 PAYDOWNS 1/1/20 1/25/20 198.16 3137FKK39 FHMS KP05 A 3.20% 7/1/23 198.16 0.00 �OW 1/1/2& 1/25/2 2,046.33 3137FQ3V3 FHMS KJ27 Al 1/8/20 6. 2,046.33 0.0� 36962G4J0 PAYDOWNS 1/1/20 1/25/20 397.32 3136B1XP4 FNA 2018 -M5 A2 3.56% 9/25/21 397.32 0.00 PAYDOWNS 1/1/20 1/25/20 BUY 1/2/20 1/7/20 1,986.62 3136B1XP4 2,700,000.00 912828XX3 FNA 2018 -M5 A2 3.56% 9/25/ 1,986.62 US TREASURY N/B NOTES 2.00% 6/30/24 (2,740,800.18) 1.66% VREASURY NOTE 2.12% 12/31/22 2,691,557.54 1.60% 72,833.12 INTEREST 1/6/20 1/6/20 275,000.00 24422ETL3 JOHN DEERE CAPITAL CORP NOTES 2.65% 1/6/22 3,643.75 INTEREST + 1/6/2 X1/8/20 16120 50,000.00 24422ETL3 JOHN DEERE CAPITAL CORP NOTES 2.65% 1/6/2= jWR250 INTEREST 1/8/20 250,000.00 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 5.50% 1/8/20 6,875.00 INTEREST /8/20 1/8/20 400,000.00 38141EC23 GOLDMAN SACHS GROUP INC BONDS 3.85% 7,700.00 MATURITY 1/8/20 1/8/20 250,000.00 36962G4J0 GENERAL ELECTRIC CAP CORP NOTES 5.50% 1/8/20 250,000.00 0.00 PFM Asset Management LLC 17 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE Portfolio Activity Tran. Trade Settle Maturity Transact Realized Par ($) CUSIP Security Description Coupon Yield Yp Type Date Date Date Amt ($) G/L (BV) INTEREST 1/15/20 1/15/20 800,000.00 14041NFUO COMET 2019 -A2 A2 1.72% 8/15/24 1,146.67 INTEREST 1/15/20 1/15/20 375,000.00 43815AAC6 HAROT 2018 -4 A3 3.16% 1/15/23 987.50 350,000.00 14313FAD1 ARMAX AUTO OWNER TRUST 3.13% INTEREST 1/15/20 1/15/20 350,000.00 14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/23 980.00 INTEREST 1/16/20 1/16/20 270,000.00 36256XAD4 GMCAR 2019 -1 A3 2.97% 11/16/23 668.25 INTEREST 1/16/20 1/16/20 300,000.00 36255JAD6 GMCAR 2018 -3 A3 3.02% 5/16123 755.00 1/20/200.00 92 3.25% - INTEREST 1/20/20 1/20/20 300,000.00 05586CAD6 BMWLT 2018 -1 A4 3.36% 3/20/22 840.00 1/20/ /20/2 5,000.00 36256GAE9 &MALT 2018 -3 A4 756.25 BUY 1/21/20 1/28/20 200,000.00 06406RALl BANK OF NY MELLON CORP 2.10% 10/24/24 (201,976.67) 2.00% 1/21/20 INTEREST 1/23/20 1/28/20 1/23/20 200,000.00 06406FAAl BANK OF NEW YORK MELLON CORP (CALLABLE) 2.50% 400,000.00 693475AV7 PNC BANK NA CORP NOTES 3.50% 4/15/21 203,052.56 1.82% 489.96 1/23/24 7,000.00 2/1/2P0MFL/1/20 0,000.00 "157411TK5 CI Y UHSD, CA TXBL GO BONDS INTEREST 2/1/20 2/1/20 25,000.00 05531FAZ6 BRANCH BANKING & TRUST (CALLABLE) NOTES 2.15% 2/1/21 268.75 INTEREST 2/1/20 2/1/20 25,000.00 05531 FAZE BRANCH BANKING & TRUST (CALLABLE) NOTES 2.15% INTEREST 2/1/20 2/1/20 75,000.00 05531FAZ6 BRANCH BANKING & TRUST (CALLABLE) NOTES 2.15% 2/1/21 806.25 INTERES o INTEREST 2/1/20 2/25/20 132,741.47 3137F03V3 FHMS KJ27 Al 2.09% 7/25/24 468.38 INTEREST 2/1120 2/25/20 160,000.00 137BM6P HLmdLERIES K721 A2 INTEREST 2/1/20 2125/20 25,396.80 3136131XP4 FNA 2018 -M5 A2 INTEREST 2/1/20 2/25/20 126,984.03 3136B1XP4 FNA 2018 -M5 A2 3.09% 3.56% 9/25/21 75.49 3.56% 9/25/21 INTEREST 2/1/20 2/25/20 25,396.80 313661XP4 FNA 2018 -M5 A2 3.56% 9/25/21 75.50 PFM Asset Management LLC 18 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE 2/1/20 2/25/? 199.16 3137FKK39 Portfolio Activity Tran. Trade Settle Par ($) CUSIP Security Description Maturity Coupon Transact Realized Yield Type Date Date YP 214.00 3136B1XP4 Date Amt ($) G/L (BV) INTEREST 35,000.00 3137BM6P6 ,LLMC SERIES K721 A2 3.09% 8/25/22 90.13 214.00 INTEREST 2/1/20 2/25/20 35,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/22 90.13 0.0 L PAYDOWNS 2/1/20 2/25/? 199.16 3137FKK39 NkHMS KP05 2.05% 7/1/23 1,025.00 0.00 PAYDOWNS 2/1/20 2/25/20 214.00 3136B1XP4 FNA 2018 -M5 A2 3.56% 9125121 214.00 0.00 PAYDOWNS 2/1/20 2/25/20 214.00 3136B1XP4 FNA 2018 -M5 A2 3.56% 9/25/21 2/15120 0.0 43815AAC6 HAROT 2018 -4 A3 3.16% 1/15/237 INTEREST 2/15/20 2/15/20 800,000.00 14041NFUO PAYDOWNS 2/1/20 2125/20 1,070.08 3136B1XP4 FNA 2018 -M5 A2 3.56% 9125121 1,070.08 0.00 26,396 14mr7w J27 Al 6256XAD4 7/25/24 6,396.36 0.00 BUY 2/3/20 2/7/20 325,000.00 912828XX3 US TREASURY N/B NOTES 2.00% 6/30/24 (334,501.81) 1.36% 0,000.00 05586CAD6 2/5/2 /5/200,000.00 44932HAG8 IBM CORP CORP NOTES 2.65% 2/5/2 575,000.00 65590ASN7 INTEREST 2/7/20 2/7/20 100,000.00 96121T4A3 WESTPAC BANKING CORP NY CD INTEREST 2/7/20 2/7/20 540,000.00 96121T4A3 WESTPAC BANKING CORP NY CD 2.05% 8/3/20 1,025.00 2.05% 8/3/20 5,535.00 INTEREST 2/7/20 2/7/20 100,000.00 96121T4A3 WESTPAC BANKING CORP NY CD 2.05% 8/3/20 1,025.00 350,000.00 qF14315EAC4 CARMAX AUTO OWNER TRUST 3.36% 9/15/2 INTEREST 2/15/20 2/15/20 350,000.00 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/23 912.92 INTEREST L 2/15/20 2/15120 375,000.00 43815AAC6 HAROT 2018 -4 A3 3.16% 1/15/237 INTEREST 2/15/20 2/15/20 800,000.00 14041NFUO COMET 2019 -A2 A2 1.72% 8/15/24 1,146.67 INTERES 6256XAD4 INTEREST 2/16/20 2/16/20 300,000.00 36255JAD6 GMCAR 2018 -3 A3 3.02% 5/16/23 755.00 MITEREST 2/20/20 2/20/20 0,000.00 05586CAD6 BMWLT 2018 -1 A 3.36% INTEREST 2/20/20 2/20/20 575,000.00 65590ASN7 NORDEA BANK AB NY CD 2.72% 2/20/20 7,820.00 INTEREST 2/20/20 2/20/20 100,000.00 65590ASN7 WRIDEA BANK AB NY CD 2.72% 2/20 1,360.00 INTEREST 2/20/20 2/20/20 275,000.00 36256GAE9 GMALT 2018 -3 A4 3.30% 7/20/22 756.25 PFM Asset Management LLC 19 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE /25/21 120,716.74 3137FKK39 J[HMS KP05 A Portfolio Activity Tran. Trade Settle Par ($) CUSIP Security Description Coupon Maturity Transact Yield Realized YP Type Date Date REST 3/1/20 3/25120 25,182.80 Date Amt ($) G/L (BV) INTEREST 2/20/20 2/20/20 100,000.00 65590ASN7 NORDEA BANK AB NY CD 2.72 %20 1,360.00 FNA 2018 -M5 A2 INTEREST 2/20/20 2/20/20 325,000.00 92869BAD4 VALET 2018 -2 A3 3.25% 4120/23 880.21 F - M� ATURITY 2/� 2/20/20 161;;MOOO.00 65590AS NORDEA BANK AB NY CD 2.72% 2/20 100,000.0 0.00 MATURITY 2/20/20 2120120 575,000.00 65590ASN7 NORDEA BANK AB NY CD 2.72% 2120/20 575,000.00 0.00 LfTURITY 2/20/20 2/20/20 100,000.00 65590ASN7 NORDEA BANK AB NYC 2.72% 217.61 100,000.00 0.00 INTEREST 2/26/20 2126/20 400,000.00 83050PDR7 SKANDINAV ENSKILDA BANK LT CD 1.86% 8126122 3,637.33 UBS AG STAMFORD CT LTC MR 3/2/20 4,374.17 400,000.00 -41W WALT D�OMP 1.75% 8/30/24 90275DHG8 UBS AG STAMFORD CT LT CD INTEREST 3/1/20 3/25/20 35,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/22 90.13 3/1/20 35,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/ INTEREST 3/1/20 3/25/20 125,913.95 3136B1XP4 FNA 2018 -M5 A2 3.56% 9/25/21 378.00 INTEREST 3/11/20 3 IT 1 0 INTEREST 3/1/20 3/25/20 106,345.12 3137FQ3V3 FHMS K127 25,182.80 3136B1XP4 FNA 2018 -M5 A2 2.09% 185.39 3.56% 9/25/21 75.60 PFM Asset Management LLC 20 /25/21 120,716.74 3137FKK39 J[HMS KP05 A 3.20% INTEREST 3/1/20 3/25/20 160,000.00 3137BM6P6 FHLMC SERIES K721 A2 3.09% 8/25/22 412.00 REST 3/1/20 3/25120 25,182.80 3136B1XP4 FNA 2018 -M5 A2 3.56% 9/25/21 75.60 PAYDOWNS 3/1/20 3/25/20 415.39 3136B1XP4 FNA 2018 -M5 A2 3.56% 9/25/21 415.39 0.00 076.87 3136B1XP4 F - PAYDOWNS 3/1/20 3/25/20 216.45 3137FQ3V3 FHMS KJ27 Al 2.09% 7/25/24 216.45 0.00 f 3/1/2 05/2 9 3136B1XP2`018 -M5 A2 PAYDOWNS 3/1/20 3/25/20 217.61 3137FKK39 FHMS KP05 A 3.20% 7/1/23 217.61 0.00 INTEREST 3/2/20 3/2/20 300,000.00 90275DHG8 UBS AG STAMFORD CT LTC 2.90 to 3/2/20 4,374.17 MATURITY 3/2/20 3/2/20 300,000.00 90275DHG8 UBS AG STAMFORD CT LT CD 2.90% 3/2/20 300,000.00 0.00 PFM Asset Management LLC 20 CITY OF LAKE ELSINORE Tran. Trade Settle Par ($) CUSIP Security Description Type Date Date For the Quarter Ended March 31, 2020 Portfolio Activity Cou p on Maturity Transact Yield Realized Date Amt ($) G/L (BV) PFM Asset Management LLC 21 500,000.00 912828XX3 US TREASURY N/B NOTES 2.00% 6/30/24 (526,168.0.85% INTEREST 3/9/20 3/9120 50,000.00 45950VLQ7 INTERNATIONAL FINANCE CORPORATION NOTE 2.63% 3/9/21 659.00 300,000.00 4595JI11L INTERNATIONAL FINANCE CORPORATION NOTE 2.63% M I INTEREST 3/9/20 3/9120 50,000.00 45950VLQ7 INTERNATIONAL FINANCE CORPORATION NOTE 2.63% 3/9/21 659.00 L REST 3/12/20 3/12/20 125,000.00 45905UP32 INTL BANK OF RECONSTRUCTION AND DEV 63743HER9 NATIONAL RURAL UTIL COOP NOTE 76.25 1,812.50 INTEREST 3/15/20 3/15/20 NOTE ' 63743HER9 NATIONAL RURAL UTIL COOP NOTE 2.90% INTEREST 3/12/20 3/12/20 150,000.00 45905UP32 INTL BANK OF RECONSTRUCTION AND DEV 1.56% 9/12/20 1,171.50 PFM Asset Management LLC 21 NOTE 50,000.00 459 INTL BANK OF RECONSTRUCTION AND DEV 390.50 NOTE MMEEE� INTEREST 3/15/20 3/15/20 350,000.00 14313FAD1 CARMAX AUTO OWNER TRUST 3.13% 6/15/23 912.92 INTEREST 3/15/20 3/15/20 125,000.00 63743HER9 NATIONAL RURAL UTIL COOP NOTE 1,812.50 INTEREST 3/15/20 3/15/20 25,000.00 63743HER9 NATIONAL RURAL UTIL COOP NOTE 2.90% 3/15/21 362.50 ow 25,000.0 NATIONAL R1111111PRWCOOP NO INTEREST 3/15/20 3/15/20 25,000.00 63743HER9 NATIONAL RURAL UTIL COOP NOTE 2.90% 3/15/21 362.50 3/15/20 3/15120 J1150 ,000.00 Mb4.315EAC4 CARMAX AUTO OWNER TRUST � 3.36% 9/15/ 980.00 INTEREST 3/15/20 3/15/20 175,000.00 63743HER9 NATIONAL RURAL UTIL COOP NOTE 2.90% 3/15/21 2,537.50 INTEREST /15/20 3/15/20 375,000.00 43815AAC6 HAROT 2018 -4 A 0 1/15/23 INTEREST 3/15/20 3/15/20 800,000.00 14041NFUO COMET 2019 -A2 A2 1.72% 8/15/24 1,146.67 aTERES 5,000.00 63743HER9 TIONAL RURAL UTIL COOP NOTE 2.90% 3/1 INTEREST 3/16/20 3/16/20 270,000.00 36256XAD4 GMCAR 2019 -1 A3 2.97% 11/16/23 668.25 INTEREST 3/16/20 3/16/20 300,000.00 36255JAD6 GMCAR 2018 -3 A3 3.02% 755.00 BUY 3/19/20 3/25/20 250,000.00 3137BGK24 FHMS K043 A2 3.06% 12/25/24 (262,893.14) 0.94% =T 00,000.00 PFM Asset Management LLC 21 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE Portfolio Activity Tran. Trade Settle Maturity Transact Realized Type Date Date Par ($) CUSIP Security Description Coupon Date Yield YP Amt ($) G/L (BV) INTEREST 3/20/20 3/20/20 275,000.00 36256GAE9 GMALT 2018 -3 A4 3.30% 7/20/22 756.25 3/20/20 3/20/20 325,000.00 92869BAD4 VALET 2018 -2 A3 3.25% 4/20/ INTEREST 3/22/20 3/22/20 300,000.00 904764AZO UNILEVER CAPITAL CORP NOTES 2.75% 3/22/21 4,125.00 TOTALS 297,505.63 73,323.08 PFM Asset Management LLC 22 Portfolio Holdings For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE Portfolio Holdings Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value U.S. Treasury Bond / Note US TREASURY NOTES 912828N48 15,000.00 AA+ Aaa 5/27/2016 5/31/2016 15,268.94 1.35 66.35 15,044.98 15,173.44 DTD 12/31 /2015 1.750% 12/31 /2020 US TREASURY NOTES 912828A83 10,000.00 AA+ Aaa 3/30/2016 3/31/2016 10,502.34 1.28 60.03 10,081.03 10,160.94 DTD 12/31/2013 2.375% 12/31/2020 US TREASURY N/B NOTES 912828R69 1,525,000.00 AA+ Aaa 5/1/2019 5/3/2019 1,488,304.69 2.25 8,328.13 1,496,246.86 1,585,046.88 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 2,000,000.00 AA+ Aaa 3/4/2019 3/6/2019 1,927,421.87 2.53 10,922.13 1,945,099.34 2,078,750.00 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 3,075,000.00 AA+ Aaa 6/3/2019 6/7/2019 3,050,856.45 1.83 16,792.78 3,055,675.62 3,196,078.13 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY N/B NOTES 912828R69 1,100,000.00 AA+ Aaa 4/1/2019 4/5/2019 1,070,050.78 2.32 6,007.17 1,076,943.15 1,143,312.50 DTD 05/31/2016 1.625% 05/31/2023 US TREASURY NOTES 912828T91 1,000,000.00 AA+ Aaa 10/2/2019 10/4/2019 1,005,742.19 1.48 6,830.36 1,005,067.41 1,044,843.80 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY NOTES 912828791 1,650,000.00 AA+ Aaa 7/1/2019 7/3/2019 1,639,107.42 1.78 11,270.09 1,640,939.54 1,723,992.27 DTD 10/31/2016 1.625% 10/31/2023 US TREASURY N/B NOTES 912828XX3 2,700,000.00 AA+ Aaa 1/2/2020 1/7/2020 2,739,761.72 1.66 13,648.35 2,737,759.07 2,883,093.75 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 1,300,000.00 AA+ Aaa 11/1/2019 11/6/2019 1,326,304.69 1.55 6,571.43 1,324,109.90 1,388,156.25 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 500,000.00 AA+ Aaa 3/2/2020 3/6/2020 524,355.47 0.85 2,527.47 523,959.94 533,906.25 DTD 06/30/2017 2.000% 06/30/2024 US TREASURY N/B NOTES 912828XX3 325,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 1.36 1,642.86 333,534.10 347,039.06 DTD 06/30/2017 2.000% 06/30/2024 Security Type Sub -Total 15,200,000.00 15,131,499.80 1.87 84,667.15 15,164,460.94 15,949,553.27 Supra - National Agency Bond / Note INTL BANK OF RECONSTRUCTION 45905UP32 125,000.00 AAA Aaa 9/12/2017 9/1912017 124,700.00 1.64 102.98 124,954.05 125,476.25 AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 PFM Asset Management LLC 23 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Holdings PFM Asset Management LLC 24 Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Supra - National Agency Bond / Note INTL BANK OF RECONSTRUCTION 45905UP32 50,000.00 AAA Aaa 9/12/2017 9/19/2017 49,880.00 1.64 41.19 49,981.62 50,190.50 AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 INTL BANK OF RECONSTRUCTION 45905UP32 150,000.00 AAA Aaa 9/12/2017 9/19/2017 149,640.00 1.64 123.58 149,944.85 150,571.50 AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 INTERNATIONAL FINANCE 45950VLQ7 300,000.00 AAA Aaa 3/9/2018 3/16/2018 299,775.00 2.66 483.08 299,926.92 306,282.00 CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 INTERNATIONAL FINANCE 45950VLQ7 50,000.00 AAA 411 49,962.50 2.66 80.51 49,987.82 51,047.00 CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 INTERNATIONAL FINANCE 45950VLQ7 50,000.00 AAA Aaa 3/9/2018 3/16/2018 49,962.50 2.66 80.51 49,987.82 51,047.00 CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 Security Type Sub -Total 725,000.00 723,920.00 2.21 911.85 724,783.08 734,614.25 Municipal Bond / Note CHAFFEY UHSD, CA TXBL GO BONDS 157411TK5 100,000.00 AA- Aa1 11/6/2019 12/5/2019 100,000.00 2.10 350.17 100,000.00 101,881.00 DTD 12/05/2019 2.101% 08/01/2024 Security Type Sub -Total 100,000.00 1009000.00 2.10 350.17 100,000.00 101,881.00 Federal Agency Collateralized Mortgage Obligation FNA 2018 -M5 A2 3136131XP4 24,767.41 AA+ Aaa 4/11/2018 4/30/2018 25,260.06 2.27 73.48 24,968.66 24,933.93 DTD 04/01/2018 3.560% 09/25/2021 FNA 2018 -M5 A2 3136B1XP4 24,767.41 AA+ Aaa 4/11/2018 4/30/2018 25,260.06 2.27 73.48 24,968.66 24,933.93 DTD 04/01/2018 3.560% 09/25/2021 FNA 2018 -M5 A2 3136B1XP4 123,837.08 AA+ Aaa 4/11/2018 4/30/2018 126,300.31 2.27 367.38 124,843.32 124,669.70 DTD 04/01/2018 3.560% 09/25/2021 PFM Asset Management LLC 24 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Holdings Security Type Sub -Total Corporate Note JOHN DEERE CAPITAL CORP NOTES 24422ETS8 Managed Account Detail of Securities Held 6/19/2017 WELLS FARGO & COMPANY NOTES Security Type /Description DTD 12/07/2015 2.550% 12/07/2020 A2 S &P Moody's Trade Settle Original YTM Accrued Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Federal Agency Collateralized Mortgage Obligation FHLMC SERIESES =2 3137BM6P6 35,000.00 AA+ Aa�4/4/201814/9/2018 35,298.05 2.61 90.13 DTD 12/01/2015 3.090% 08/25/202 W FHLMC SERIES K721 A2 3137BM6P6 35,000.00 AA+ Aaa 4/4/2018 4/9/2018 35,298.05 2.61 90.13 DTD 12/01/2015 3.090% 08/25/2022 FHLMC SERIES K721 A2 3137BM6P6 160,000.00 AA+ /4/2018 4/9/2 vp 161,362.50 2.61 412.00 DTD 12/01/2015 3.090% 08/25/2022 I FHMS KP05 A 3137FKK39 120,499.13 AA+ Aaa 12/7/2018 12/17/2018 120,498.76 3.11 321.63 DTD 12/01/2018 3.203% 07/01/2023 FHMS KJ27 Al 3137FQ3V3 106,128.67 AA+ Aaa 11/20/2019 11/26/2019 106,126.13 2.03 IM DTD 11/01/2019 2.092% 07/25/2024 FHMS K043 A2 3137BGK24 250,000.00 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 0.94 637.92 DTD 03/01/2015 3.062% 12/25/2024 Security Type Sub -Total Corporate Note JOHN DEERE CAPITAL CORP NOTES 24422ETS8 DTD 06/22/2017 1.950% 06/22/2020 6/19/2017 WELLS FARGO & COMPANY NOTES 94974BGR5 DTD 12/07/2015 2.550% 12/07/2020 A2 BRANCH BANKING & TRUST W 05531 FAZE (CALLABLE) NOTES A- DTD 10/26/2017 2.150% 02/01/2021 10/23/2017 BRANCH BANKING & TRUST 05531 FAZE (CALLABLE) NOTES A3 DTD 10/26/2017 2.150% 02/01/2021 10/26/2017 BRANCH BANKING & TRUS 05531 FAZE (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 879,999.70 25,000.00 A A2 6/19/2017 6/22/2017 50,000.00 A- A2 5/6/2016 5/10/2016 75,000.00 A- A3 10/23/2017 10/26/2017 25,000.00 A- A3 10/23/2017 10/26/2017 Amortized Market Cost Value 35,138.94 35,999.55 35,138.94 35,999.55 160, 635.17 164, 569.38 120,498.77 124, 343.05 106,126.12 108,483.92 262, 382.81 268, 004.18 897,786.73 2.06 2,251.17 894,701.39 911,937.19 24,984.75 1.97 134.06 51,108.00 2.04 403.75 74,965.50 2.17 268.75 24,988.50 2.17 89.58 25,000.00 A- A3 10/23/2017 10/26/2017 24,988.50 2.17 89.58 IBM CORP CORP NOTES 44932HAG8 300,000.00 A A2 2/1/2018 2/6/2018 299,853.00 2.67 1,236.67 DTD 02/06/2018 2.650% 02/05/2021 PFM Asset Management LLC 24,998.83 24,978.53 50,172.02 50,000.00 74,990.68 74,909.25 A 24,996.89 24,969.75 24,996.89 24,969.75 299,957.39 301,048.20 CITY OF LAKE ELSINORE Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost For the Quarter Ended March 31, 2020 Portfolio Holdings Accrued Interest Amortized Cost Market Value Corporate Note NATIONAL RURAL UTIL COOP NOTE 63743HER9 175,000.00 A A2 4/12/2018 4/19/2018 174,259.75 3.05 225.56 174,750.40 175,225.05 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 125,000.00 A A2 2/21/2018 2/26/2018 124,861.25 2.94 161.11 124,954.85 125,160.75 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 4/12/2018 4/19/2018 24,894.25 3.05 32.22 24,964.34 25,032.15 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 4/12/2018 4/19/2018 24,894.25 3.05 32.22 24,964.34 25,032.15 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 2/21/2018 2/26/2018 24,972.25 2.94 32.22 24,990.97 25,032.15 DTD 02/26/2018 2.900% 03/15/2021 NATIONAL RURAL UTIL COOP NOTE 63743HER9 25,000.00 A A2 2/21/2018 2/26/2018 24,972.25 2.94 32.22 24,990.97 25,032.15 DTD 02/26/2018 2.900% 03/15/2021 UNILEVER CAPITAL CORP NOTES 904764AZO 300,000.00 A+ Al 3/19/2018 3/22/2018 298,467.00 2.93 206.25 299,487.12 303,686.10 DTD 03/22/2018 2.750% 03/22/2021 TOYOTA MOTOR CREDIT CORP 89236TEU5 50,000.00 AA- Al 4/10/2018 4/13/2018 49,980.00 2.96 688.33 49,992.91 50,173.55 NOTES DTD 04/13/2018 2.950% 04/13/2021 PEPSICO INC CORP (CALLABLE) 713448DX3 40,000.00 A+ Al 10/5/2017 10/10/2017 39,992.00 2.01 368.89 39,997.56 39,965.48 NOTE DTD 10/10/2017 2.000% 04/15/2021 PEPSICO INC CORP (CALLABLE) 713448DX3 200,000.00 A+ Al 10/5/2017 10/10/2017 199,960.00 2.01 1,844.44 199,987.80 199,827.40 NOTE DTD 10/10/2017 2.000% 04/15/2021 PEPSICO INC CORP (CALLABLE) 713448DX3 40,000.00 A+ Al 10/5/2017 10/10/2017 39,992.00 2.01 368.89 39,997.56 39,965.48 NOTE DTD 10/10/2017 2.000% 04/15/2021 BANK OF NEW YORK MELLON CORP 06406FAAl 50,000.00 A Al 5/16/2016 5/19/2016 51,149.00 2.00 576.39 50,236.91 50,251.65 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 PFM Asset Management LLC 26 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Holdings Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate Note BANK OF NEW YORK MELLON CORP 06406FAAl 100,000.00 A Al 5/16/2016 5/19/2016 102,326.00 2.00 1,152.78 100,479.53 100,503.30 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF NEW YORK MELLON CORP 06406FAAl 50,000.00 A Al 5/16/2016 5/19/2016 51,149.00 2.00 576.39 50,236.91 50,251.65 (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 BANK OF AMERICA CORP NOTE 06051GFW4 25,000.00 A- A2 11/1/2017 11/3/2017 25,194.00 2.39 295.31 25,060.58 25,156.58 DTD 04/19/2016 2.625% 04119/2021 AMERICAN EXPRESS CREDIT 0258MOEB1 200,000.00 A- A2 5/25/2016 5/31/2016 199,536.00 2.30 1,825.00 199,892.79 199,997.80 (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 PFM Asset Management LLC BRANCH BANKING & TRU 05531 FAV5 25,000.00 A- A3 5/10/2016 5/16/2016 24,983.50 2.06 200.73 24,996.19 24,953.60 (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 PACCAR FINANCIAL CORP 69371 RP26 20,000.00 A+ Al 5/7/2018 5/10/2018 19,994.80 3.11 242.83 19,998.02 19,969.18 DTD 05/10/2018 3.100% 05/10/2021 PACCAR FINANCIAL CORP 69371 RP26 100,000.00 51712018 5/10/2018 99,974.00 3.11 1,214.17 99,990.12 99,845.90 DTD 05/10/2018 3.100% 05/10/2021 PACCAR FINANCIAL CORP 69371 RP26 20,000.00 A+ Al 5/7/2018 5/10/2018 19,994.80 3.11 242.83 19,998.02 19,969.18 DTD 05/10/2018 3.100% 05/10/2021 BRANCH BANKING & TRUST 05531 FAV5 25,000.00 A- A3 5/10/2016 5/16/2016 24,983.50 2.06 200.73 24,996.19 24,953.60 (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 BRANCH BANKING & TRUST 05531 FAV5 150,000.00 A- A3 5/10/2016 5/16/2016 149,901.00 2.06 1,204.38 149,977.17 149,721.60 (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 HERSHEY COMPANY CORP NOTES 427866BA5 25,000.00 A Al 5/3/2018 5/10/2018 24,982.75 3.12 292.78 24,993.36 25,113.93 DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES 427866BA5 125,000.00 A Al 5/3/2018 5/10/2018 124,913.75 3.12 1,463.89 124,966.81 125,569.63 DTD 05/10/2018 3.100% 05/15/2021 HERSHEY COMPANY CORP NOTES 427866BA5 25,000.00 A Al 5/3/2018 5/10/2018 24,982.75 3.12 292.78 24,993.36 25,113.93 DTD 05/10/2018 3.100% 05/15/2021 PFM Asset Management LLC CITY OF LAKE ELSINORE Security Type /Description Dated Date /Coupon /Maturity CUSIP For the Quarter Ended March 31, 2020 Portfolio Holdings Managed Account Detail of Securities Held S &P Moody's Trade Settle Original YTM Accrued Amortized Market Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate Note 5/19/2016 STATE STREET CORP NOTES 857477AV5 75,000.00 A DTD 05/19/2016 1.950% 05/19/2021 5/24/2016 STATE STREET CORP NOTES 857477AV5 25,000.00 A DTD 05/19/2016 1.950% 05/19/2021 A2 STATE STREET CORP NOTES 857477AV5 25,000.00 A DTD 05/19/2016 1.950% 05/19/2021 5/17/2018 CHARLES SCHWAB CORP NOTES 808513AW5 35,000.00 A DTD 05/22/2018 3.250% 05/21/2021 9/18/2017 CHARLES SCHWAB CORP NOTES 808513AW5 200,000.00 A DTD 05/22/2018 3.250% 05/21/2021 A2 BANK OF AMERICA CORP (CALLABLE) 06051 GGS2 200,000.00 A- DTD 09/18/2017 2.328% 10/01/2021 3/10/2017 BANK OF AMERICA CORP (CALLABLE) 06051 GGS2 35,000.00 A- DTD 09/18/2017 2.328% 10/01/2021 3/15/2017 RANK OF AMERICA CORP (CALLABLE) 06051 GGS2 35,000.00 A- DTD 09/18/2017 2.328% 10/01/2021 =M=M==,dL A2 JOHN DEERE CAPITAL CORP NOTES 24422ETL3 50,000.00 A DTD 01/06/2017 2.650% 01/06/2022 5/14/2018 JOHN DEERE CAPITAL CORP NOTES 24422ETL3 275,000.00 A DTD 01/06/2017 2.650% 01/06/2022 3/22/2019 BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 A- DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 15,000.00 A- DTD 05/17/2018 3.499% 05/17/2022 BANK OF AMERICA CORP NOTES 06051GHH5 75,000.00 A- DTD 05/17/2018 3.499% 05/17/2022 JPMORGAN CHASE & CO BONDS 46647PBB1 675,000.00 A- DTD 03/22/2019 3.207% 04/01/2023 PNC BANK NA CORP NOTES 693475AV7 400,000.00 A- DTD 01/23/2019 3.500% 01/23/2024 PFM Asset Management LLC Al 5/19/2016 5/24/2016 Al 5/19/2016 5/24/2016 Al 5/19/2016 5/24/2016 A2 5/17/2018 5/22/2018 A2 5/17/2018 5/22/2018 A2 9/13/2017 9/18/2017 A2 9/13/2017 9/18/2017 A2 9/1312017 9/18/2017 A2 3/10/2017 3/15/2017 A2 3/10/2017 3/15/2017 A2 5/14/2018 5/17/2018 A2 5/14/2018 5/17/2018 A2 5/14/2018 5/17/2018 A2 3/15/2019 3/22/2019 A3 2/12/2019 2/15/2019 74,716.50 2.03 24,905.50 2.03 24,905.50 2.03 34,998.95 3.25 199,994.00 3.25 200,000.00 2.33 35,000.00 2.33 35,000.00 2.33 49,779.50 2.75 273,787.25 2.75 15,000.00 3.50 15,000.00 3.50 75,000.00 3.50 675,000.00 3.21 402,848.00 3.34 536.25 178.75 178.75 410.76 2,347.22 2,328.00 407.40 407.40 312.85 1,720.66 195.36 195.36 976.80 10,823.63 2,644.44 74,933.08 24,977.69 24,977.69 34,999.58 199,997.60 200,000.00 35,000.00 35,000.00 49,916.18 274,538.99 15,000.00 15, 000.00 75,000.00 675,000.00 402,242.46 74,611.05 24,870.35 24,870.35 35,088.34 200,504.80 197,858.00 34,625.15 34,625.15 49,985.60 274,920.80 15,146.48 15,146.48 75, 732.38 685,685.93 414,974.40 28 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Holdings PFM Asset Management LLC 29 Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Corporate Note MORGAN STANLEY CORP NOTES 61746BDQ6 400,000.00 BBB+ A3 7/19/2019 7/23/2019 422,916.00 2.59 6,544.44 419,784.04 420,896.00 DTD 04/28/2014 3.875% 04/29/2024 AMERICAN HONDA FINANCE CORP 02665WCZ2 400,000.00 A A3 7/11/2019 7/15/2019 398,016.00 2.51 2,506.67 398,288.81 394,406.00 NOTE DTD 06/27/2019 2.400% 06/27/2024 GOLDMAN SACHS GROUP INC 38141EC23 400,000.00 BBB+ A3 7/8/2019 7/11/2019 418,632.00 2.84 3,550.56 416,093.56 417,541.20 BONDS DTD 07/08/2014 3.850% 07/08/2024 WALT DISNEY COMPANY /THE 254687FK7 400,000.00 A A2 9/3/2019 9/6/2019 398,368.00 1.84 602.78 398,545.86 402,932.80 DTD 09/06/2019 1.750% 08/30/2024 BANK OF NY MELLON CORP 06406RALl 200,000.00 A Al 1/21/2020 1/28/2020 200,880.00 2.00 1,831.67 200,850.76 199,521.40 DTD 10/24/2019 2.100% 10/24/2024 Security Type Sub -Total 6,405,000.00 6,446,945.30 2.66 54,695.48 6,440,153.78 6,470,322.08 Certificate of Deposit BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 300,000.00 A -1 P -1 6/5/2018 6/7/2018 299,886.00 3.10 2,977.33 299,989.57 301,077.00 DTD 06/07/2018 3.080% 06/05/2020 BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 30,000.00 A -1 P -1 6/5/2018 6/7/2018 29,988.60 3.10 297.73 29,998.96 30,107.70 DTD 06/07/2018 3.080% 06/05/2020 am BANK OF NOVA SCOTIA HOUSTON CD 06417GU22 50,000.00 A -1 P -1 6/5/2018 6/7/2018 49,981.00 3.10 496.22 49,998.26 50,179.50 DTD 06/07/2018 3.080% 06/05/2020 BANK OF MONTREAL CHICAGO CERT 06370REU9 670,000.00 A -1 P -1 8/1/2018 8/3/2018 670,000.00 3.23 14,248.67 670,000.00 675,254.81 DEPOS DTD 08/03/2018 3.190% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 A -1+ P -1 8/3/2017 8/7/2017 100,000.00 2.05 307.50 100,000.00 100,369.50 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 100,000.00 A -1+ P -1 8/3/2017 8/7/2017 100,000.00 2.05 307.50 100,000.00 100,369.50 DTD 08/07/2017 2.050% 08/03/2020 WESTPAC BANKING CORP NY CD 96121T4A3 540,000.00 A -1+ P -1 8/3/2017 8/7/2017 540,000.00 2.05 1,660.50 540,000.00 541,995.30 DTD 08/07/2017 2.050% 08/03/2020 PFM Asset Management LLC 29 CITY OF LAKE ELSINORE For the Quarter Ended March 31, 2020 Portfolio Holdings PFM Asset Management LLC 30 Managed Account Detail of Securities Held Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Certificate of Deposit SWEDBANK (NEW YORK) CERT 87019U6D6 100,000.00 A -1 P -1 11/16/2017 11/17/2017 100,000.00 2.30 851.25 100,000.00 100,685.30 DEPOS DTD 11/17/2017 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT 87019U6D6 100,000.00 A -1 P -1 11/16/2017 11/17/2017 100,000.00 2.30 851.25 100,000.00 100,685.30 DEPOS DTD 11/17/2017 2.270% 11/16/2020 SWEDBANK (NEW YORK) CERT 87019U6D6 600,000.00 A -1 P -1 11/16/2017 11/17/2017 600,000.00 2.30 5,107.50 600,000.00 604,111.80 DEPOS DTD 11/17/2017 2.270% 11/16/2020 ROYAL BANK OF CANADA NY CD 78012UEE1 50,000.00 AA- Aa2 6/7/2018 6/8/2018 50,000.00 3.24 513.00 50,000.00 51,222.55 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 525,000.00 AA- Aa2 6/7/2018 6/8/2018 525,000.00 3.24 5,386.50 525,000.00 537,836.78 DTD 06/08/2018 3.240% 06/07/2021 ROYAL BANK OF CANADA NY CD 78012UEE1 100,000.00 AA- Aa2 6/7/2018 6/8/2018 100,000.00 3.24 1,026.00 100,000.00 102,445.10 DTD 06/08/2018 3.240% 06/07/2021 SKANDINAV ENSKILDA BANK LT CD 83050PDR7 400,000.00 A+ Aa2 8/29/2019 9/3/2019 400,000.00 1.88 723.33 400,000.00 406,500.00 DTD 09/03/2019 1.860% 08/26/2022 Security Type Sub -Total 3,665,000.00 3,664,855.60 2.63 34,754.28 3,664,986.79 3,702,840.14 Asset - Backed Security BMWLT 2018 -1 A4 05586CAD6 300,000.00 AAA Aaa 10/10/2018 10/17/2018 299,997.33 3.36 308.00 299,998.49 296,836.26 DTD 10/17/2018 3.360% 03/20/2022 GMALT 2018 -3 A4 36256GAE9 275,000.00 AAA Aaa 9/18/2018 9/26/2018 274,964.97 3.31 277.29 274,978.40 278,183.18 DTD 09/26/2018 3.300% 07/20/2022 HAROT 2018 -4 A3 43815AAC6 375,000.00 AAA Aaa 11/20/2018 11/28/2018 374,943.94 3.17 526.67 374,961.42 376,939.16 DTD 11/28/2018 3.160% 01/15/2023 VALET 2018 -2 A3 92869BAD4 325,000.00 AAA Aaa 11/15/2018 11/21/2018 324,986.35 3.25 322.74 324,990.43 328,230.18 DTD 11/21/2018 3.250% 04/20/2023 GMCAR 2018 -3 A3 36255JAD6 300,000.00 AAA NR 7/11/2018 7/18/2018 299,930.04 3.03 377.50 299,953.88 303,234.00 DTD 07/18/2018 3.020% 05/16/2023 PFM Asset Management LLC 30 CITY OF LAKE ELSINORE Managed Account Detail of Securities Held For the Quarter Ended March 31, 2020 Portfolio Holdings Security Type /Description S &P Moody's Trade Settle Original YTM Accrued Amortized Market Dated Date /Coupon /Maturity CUSIP Par Rating Rating Date Date Cost at Cost Interest Cost Value Asset - Backed Security CARMAX AUTO OWNER TRUST 14313FAD1 350,000.00 AAA NR 7/18/2018 7/25/2018 349,952.30 3.36 486.89 349,968.17 353,295.50 DTD 07/25/2018 3.130% 06/15/2023 CARMAX AUTO OWNER TRUST 14315EAC4 350,000.00 AAA NR 10/17/2018 10/24/2018 349,996.78 3.36 522.67 349,997.89 355,656.42 DTD 10/24/2018 3.360% 09/15/2023 GMCAR 2019 -1 A3 36256XAD4 270,000.00 AAA Aaa 1/8/2019 1/16/2019 269,970.11 2.97 334.13 269,977.32 271,923.62 DTD 01/16/2019 2.970% 11/16/2023 COMET 2019 -A2 A2 14041 NFUO 800,000.00 AAA NR 8/28/2019 9/5/2019 799,798.56 1.73 611.56 799,822.29 791,687.20 DTD 09/05/2019 1.720% 08/15/2024 Security Type Sub -Total 3,345,000.00 3,344,540.38 2.88 3,767.45 3,344,648.29 3,355,985.52 Managed Account Sub Total 30,319,999.70 30,3099547.81 2.25 1819397.55 30,333,734.27 31,227,133.45 Money Market Mutual Fund CAMP Pool 400,538.62 AAAm NR 400,538.62 0.00 400,538.62 400,538.62 Money Market Sub Total 400,538.62 400,538.62 0.00 400,538.62 400,538.62 Securities Sub -Total $30,720,538.32 $30,710,086.43 2.25% $181,397.55 $30,734,272.89 $31,627,672.07 Accrued Interest $181,397.55 Total Investments $31,809,069.62 Bolded items are forward settling trades PFM Asset Management LLC 31 Appendix For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE IMPORTANT DISCLOSURES This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities. • Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated market value. • In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded. • Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns. • Bank of America /Merrill Lynch Indices provided by Bloomberg Financial Markets. • Money market fund /cash balances are included in performance and duration computations • Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund /LGIP holdings. • Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity. • MBS maturities are represented by expected average life. Appendix PFM Asset Management LLC 32 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE GLOSSARY • ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made. • AGENCIES: Federal agency securities and /or Government - sponsored enterprises. • AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short -term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer -term securities is amortized using the constant yield basis. • BANKERS' ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer. • COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. • CONTRIBUTION TO DURATION: Represents each sector or maturity range's relative contribution to the overall duration of the portfolio measured as a percentage weighting. Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or maturity range to the total rate sensitivity of the portfolio. • DURATION TO WORST: A measure of the sensitivity of a security's price to a change in interest rates, stated in years, computed from cash flows to the maturity date or to the put date, whichever results in the highest yield to the investor. • EFFECTIVE DURATION: A measure of the sensitivity of a security's price to a change in interest rates, stated in years. • EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. • FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount. • INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage. • MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date. • MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. • NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets. • PAR VALUE: The nominal dollar face amount of a security. Appendix PFM Asset Management LLC 33 For the Quarter Ended March 31, 2020 CITY OF LAKE ELSINORE GLOSSARY • PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage- backed security. • REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. • SETTLE DATE: The date on which the transaction is settled and monies /securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non- business day, the funds are exchanged on the next business day. • TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place. • UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place. • U.S. TREASURY: The department of the U.S. government that issues Treasury securities. • YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. • YTM AT COST: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis. • YTM AT MARKET: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. Appendix PFM Asset Management LLC 34