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Item No. 14 SA Investment Report July 2020
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 19-733 Agenda Date: 9/8/2020 Status: Approval FinalVersion: 1 File Type: Successor Consent Calendar In Control: City Council / Successor Agency Agenda Number: 14) SA Investment Report for July 2020 Receive and file. Page 1 City of Lake Elsinore Printed on 9/3/2020 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: Nancy Lassey, Finance Administrator Approved by: Jason Simpson, Assistant Executive Director Date: September 8, 2020 Subject: Investment Report for July 2020 Recommendation Receive and file the Investment Report for July 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 June 30, 2020 is included. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for July 2020 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 3,275,009$ 58,588$ (531,059)$ 2,802,537$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 3,275,009 58,588 (531,059) 2,803,837 INVESTMENTS Local Agency Investment Fund 26,350,103 - - 26,350,103 CAMP Investments: CAMP Pool Account 93,277 - - 93,277 U.S. Treasury Bond / Note 13,904,011 - - 13,904,011 Supra-National Agency Bond / Note 723,920 - - 723,920 Municipal Bond / Note 323,823 - - 323,823 Federal Agency Collateralized Mortgage Obligation 842,311 - - 842,311 Federal Agency Bond / Note 1,120,427 - - 1,120,427 Corporate Notes 7,672,707 - - 7,672,707 Negotiable Certificate of Deposit 3,285,000 - - 3,285,000 Asset-Backed Security / Collaterized Mortgage 3,254,637 - - 3,254,637 Sub-total Investments 57,570,215 - - 57,570,215 Market Value Adjustment: Unrealized Gain/(Loss) at 06/30/2020 1,308,034 - - 1,308,034 Total Investments 58,878,249 - - 58,878,249 Total Pooled Cash and Investments 62,153,258$ 58,588$ (531,059)$ 61,682,087$ TOTAL POOLED CASH AND INVESTMENTS 61,682,087$ 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 23, 2020. 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 August 14, 2020 Assistant City Manager Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JULY 31, 2020 FUND NO FUND NAME AMOUNT 100 General 9,515,805$ 106 Affordable Housing In Lieu 1,160,396 107 Developer Agreement Revenue 30,267 109 Road Maintenance and Rehabilitation (SB1)1,139,772 110 State Gas Tax 551,999 112 Measure A 1,926,363 114 SB1186 CASP Education Program 26,863 115 Traffic Safety 16,641 118 Lake Side Facility DIF 80,312 119 Animal Shelter DIF 36,682 135 Lighting & Landscape Maintenance - Dist. No. 1 1,240,388 140 Geothermal 11,898 150 C.D.B.G.48,813 160 PEG Grant 34,090 202 La Strada RBBD 24,289 203 E.L.S.P. - S.T.I.F.2,904,704 205 Traffic Impact Fee 1,282,470 211 Storm Drain C.I.P. 719,978 220 Street Lighting C.I.P.222 221 Quimby Park C.I.P.519,546 231 Library C.I.P. 1,280,742 232 City Fire Protection 210,172 300 Insurance Service 1,489,100 305 Information Systems Service 210,058 320 Facilities Service 508,070 331 CFD 2006-1CC Summerly Improvement Area CC 78,428 332 CFD 2006-1 Improvement Area B, Summerly 118,592 334 CFD 2015-5 Trieste - Far West Industries 81,004 336 CFD 2006-1FF Summerly Improvement Area FF 98,341 337 CFD 2016-2 Canyon Hills 508,834 338 CFD 2006-1 IA-JJ Summerly Improvement Area 147,448 340 CFD 2006-1 IA-EE Summerly Improvement Area 137,515 345 CFD 2003-2 Improvement Area D, Canyon Hills 647,981 346 CFD 2014-1 Southshore 69,160 347 CFD 2006-1 Improvement Area A, Summerly 88,353 350 CFD 98-1 Summerhill 744,017 351 CFD 2006-1 IA-II Summerly Improvement 299 354 CFD 90-2 Tuscany Hills 982,880 357 CFD 2003-2 Canyon Hills Improvement Area 577,296 366 CFD 2005-6 City Center Townhomes 82,934 368 CFD 2006-2 Viscaya 200,688 C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF JULY 31, 2020 FUND NO FUND NAME AMOUNT C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF JULY 31, 2020 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 830,803 370 CFD 2006-1 IA-HH Summerly Improvement 114,124 371 CFD 2005-1 Serenity 325,298 372 CFD 2005-2 Alberhill Ranch Improvement Area 834,516 376 CFD 2006-3 La Strada 23,676 377 CFD 2006-6 Tessara 29,039 378 CFD 2006-8 Running Deer Estates 9,707 384 CFD 2003-2 Area B Canyon Hills Improvement Area 1,361,361 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 866,125 386 CFD 2007-4 Mekenna Court 54,174 387 CFD 2007-5 Red Kite 55,487 388 CFD 2007-6 Holiday Inn Express 7,235 389 CFD 88-3 (2008A) West Lake Elsinore Series A 1,198,472 390 CFD 2003-2 Area C Canyon Hills Improvement Area 368,927 392 CFD 95-1 City Center 104,301 393 AD 93-1 Cottonwood Hills 729,911 394 CFD 2005-5 (2012A) Wasson Canyon 205,339 395 CFD 2018-1 Wasson Canyon II Improvement Area 3,963 396 CFD 2018-2 Nichols Ranch Improvement Area 2,489 500 Capital Improvement Plan 8,604,352 510 Successor To RDA Area I, II, & III 9,990,258 540 Successor To RDA Diamond Stadium 574,789 603 Endowment Trust - Carl Graves 57,597 604 Endowment Trust - Korn Memorial 34,189 605 Public Improvement Trust 610,392 606 Mobile Source Air Polution Reduction 394,072 608 Trust Deposit & Pre Paid Expense 629,225 617 Successor Agency Housing 2,654,353 620 Cost Recovery System 1,057,855 631 Lake Destratification Equipment Replacement 416,648 Total Pooled Cash & Investments 61,682,087$ MAXIMUM DIVERSIFICATION CURRENT TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE U.S. Treasury Bond / Note Unlimited 24.15%13,904,011$ Supra-National Agency Bond / Note 30%1.26%723,920$ Municipal Bond / Note Unlimited 0.56%323,823$ Federal Agency Collaterized Mortgage Obligation 40.00%1.46%842,311$ Federal Agency Bond / Note Unlimited 1.95%(1)1,120,427$ Negotiable Certificates of Deposit 30.00%5.71%3,285,000$ Corporate Note 30.00%13.33%7,672,707$ Asset-Backed Security / Collaterized Mortgage 20%6%3,254,637$ LAIF (Local Agency Investment Fund)$75 Million 45.77%(2)26,350,103$ CAMP - Pooled Sweep Account Unlimited 0.16%93,277$ TOTAL 100.00%57,570,215$ Note: (1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency. C I T Y O F L A K E E L S I N O R E SUMMARY OF POLICY LIMITATIONS FOR THE MONTH ENDING JULY 31, 2020 Local Agency Investment Fund Yield Purchase Date Maturity Rate 0.920%Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:27,295,093$ (944,990)$ 26,350,103$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $75 million cap per agency. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JULY 31, 2020 Jul 0.920 Jun 1.217 May 1.363 PMIA Quarter to Date(1):1.41% 191PMIA Average Life(1): 1.47LAIF Apportionment Rate(2): .00004012766505335 1.004912795 LAIF Earnings Ratio(2): LAIF Fair Value Factor(1): PMIA Daily(1):1.08% Treasuries 56.68% Agencies 17.56% Certificates of Deposit/Bank Notes 13.17% Time Deposits 4.63% Commercial Paper 7.40% Loans 0.55% Notes: The apportionment rate includes interest earned on the CalPERS 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: (1) State of California, Office of the Treasurer (2) State of Calfiornia, Office of the Controller PMIA Average Monthly Effective Yields(1) PMIA/LAIF Performance Report as of 08/18/20 Daily rates are now available here. View PMIA Daily Rates Quarterly Performance Quarter Ended 06/30/20 Chart does not include 0.01% of mortgages.Percentages may not total 100% due to rounding. Pooled Money Investment Account Monthly Portfolio Composition (1) 07/31/20 $113.5 billion *Revised 7/21/2020 per State Controller’s Office CAMP Investment Portfolio For the Month Ending July 31, 2020Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 92,083.64 2,868,384.98 (2,867,191.81) 0.00 $93,276.81 CAMP Pool Unsettled Trades 0.00 22.30 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 32,087,026.14 2,863,382.50 (2,834,619.35) 38,884.70 $32,154,673.99 CAMP Managed Account Unsettled Trades 0.00 217,526.14 Cash Dividends and Income July 31, 2020 June 30, 2020 Asset Summary CAMP Pool 93,276.81 92,083.64 CAMP Managed Account 32,154,673.99 32,087,026.14 $32,247,950.80 $32,179,109.78 Total Asset Allocation 0.29% CAMP Pool 99.71% CAMP Managed Account Page 1 For the Month Ending July 31, 2020Managed Account Summary Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $92,083.64 2,868,384.98 (2,867,191.81) $93,276.81 22.30 $32,087,026.14 (62,259.00) (2,772,360.35) 2,863,382.50 0.00 38,884.70 $32,154,673.99 $32,179,109.78 $32,247,950.80 33,095.79 (570.65) 185,001.00 $217,526.14 0.00 2,776,467.93 28,988.21 62,259.00 (2,863,953.15) (3,761.99) 0.00 Managed Account Total 31,120,735.95 31,214,012.76 133,640.83 2,776,467.93 62,259.00 28,988.21 (2,863,953.15) (30,930,971.65) (110,212.04) 0.00 133,640.83 5,643,659.74 62,259.00 28,988.21 (5,732,338.13) (31,023,055.29) (110,212.04) 22.30 Total Accrual Basis Earnings $216,955.08 $216,977.38 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending July 31, 2020Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 13,750,000.00 14,527,423.41 45.05 Supra-National Agency Bond / Note 725,000.00 731,021.40 2.27 Municipal Bond / Note 320,000.00 331,515.75 1.03 Federal Agency Collateralized Mortgage Obligation 825,144.54 865,387.11 2.68 Federal Agency Bond / Note 1,125,000.00 1,130,517.93 3.51 Corporate Note 7,630,000.00 7,921,452.49 24.56 Certificate of Deposit 3,285,000.00 3,319,708.77 10.29 Asset-Backed Security 3,255,080.80 3,327,647.13 10.32 Managed Account Sub-Total 30,915,225.34 32,154,673.99 99.71% Accrued Interest 133,640.83 Total Portfolio 30,915,225.34 32,288,314.82 CAMP Pool 93,276.81 93,276.81 0.29 Total Investments 31,008,502.15 32,381,591.63 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 10.32% ABS 10.29% Cert of Deposit 24.56% Corporate Note 2.68% Fed Agency CMO 3.51% Fed Agy Bond / Note 0.29% Mny Mkt Fund 1.03% Muni Bond / Note 2.27% Supra-National Agency Bond / Note 45.05% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 8.41% 12.07% 4.46% 24.33% 31.15% 19.58% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Weighted Average Days to Maturity 1042 2.01% 0.60% Page 3 For the Month Ending July 31, 2020Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 7.36% A 3.70% A+ 9.06% A- 4.57% A-1 4.44% A-1+ 0.27% AA 52.99% AA+ 1.82% AA- 11.75% AAA 0.29% AAAm 2.91% BBB+ 0.84% NR Issuer Summary Percentof HoldingsIssuer Market Value 482,507.38 1.50 AMAZON.COM INC 202,567.60 0.63 AMERICAN EXPRESS CO 424,580.00 1.32 AMERICAN HONDA FINANCE 566,262.95 1.76 APPLE INC 403,598.96 1.25 BANK OF AMERICA CO 670,180.23 2.08 BANK OF MONTREAL 304,452.24 0.94 BMW FINANCIAL SERVICES NA LLC 93,276.81 0.29 CAMP Pool 822,560.00 2.55 CAPITAL ONE FINANCIAL CORP 693,300.49 2.15 CARMAX AUTO OWNER TRUST 225,915.30 0.70 CATERPILLAR INC 104,948.00 0.33 CHAFFEY CA JT UNION HS DIST 239,883.77 0.74 CHARLES SCHWAB 335,579.08 1.04 DEERE & COMPANY 497,647.92 1.54 FANNIE MAE 351,977.50 1.09 FEDERAL HOME LOAN BANKS 1,146,279.62 3.54 FREDDIE MAC 277,890.11 0.86 GM FINANCIAL AUTO LEASING TRUST 523,791.52 1.62 GM FINANCIAL SECURITIZED TERM 442,187.20 1.37 GOLDMAN SACHS GROUP INC 178,884.48 0.55 HERSHEY COMPANY 383,001.60 1.19 HONDA AUTO RECEIVABLES 303,444.60 0.94 IBM CORP 405,618.40 1.26 INTERNATIONAL FINANCE CORPORATION 325,403.00 1.01 INTL BANK OF RECONSTRUCTION AND DEV 705,035.48 2.19 JP MORGAN CHASE & CO 445,657.20 1.38 MORGAN STANLEY 406,483.20 1.26 NATIONAL RURAL UTILITIES CO FINANCE CORP 142,965.62 0.44 PACCAR FINANCIAL CORP 282,862.72 0.88 PEPSICO INC 438,616.40 1.36 PNC FINANCIAL SERVICES GROUP 692,288.78 2.15 ROYAL BANK OF CANADA Page 4 For the Month Ending July 31, 2020Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 412,502.40 1.28 SKANDINAVISKA ENSKILDA BANKEN AB 140,779.80 0.44 STATE OF CONNECTICUT 126,647.75 0.39 STATE STREET CORPORATION 804,616.00 2.50 SWEDBANK AB 415,080.20 1.29 THE BANK OF NEW YORK MELLON CORPORATION 418,868.80 1.30 THE WALT DISNEY CORPORATION 50,885.80 0.16 TOYOTA MOTOR CORP 328,207.80 1.02 TRUIST FIN CORP 304,480.20 0.94 UNILEVER PLC 14,527,423.41 45.04 UNITED STATES TREASURY 85,787.95 0.27 UNIVERSITY OF CALIFORNIA 322,651.17 1.00 VOLKSWAGEN OF AMERICA 50,250.00 0.16 WELLS FARGO & COMPANY 740,121.36 2.30 WESTPAC BANKING CORP $32,247,950.80 Total 100.00% Page 5 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 10,090.63 10,043.98 20.65 10,502.34 03/31/1603/30/16AaaAA+ 10,000.00 912828A83 2.51 US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 15,098.44 15,024.41 22.83 15,268.94 05/31/1605/27/16AaaAA+ 15,000.00 912828N48 2.24 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 78,164.06 73,609.51 206.45 72,958.01 04/05/1904/01/19AaaAA+ 75,000.00 912828R69 2.32 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1,589,335.94 1,499,542.47 4,197.92 1,488,304.69 05/03/1905/01/19AaaAA+ 1,525,000.00 912828R69 2.25 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 3,204,726.56 3,057,847.12 8,464.65 3,050,856.45 06/07/1906/03/19AaaAA+ 3,075,000.00 912828R69 1.83 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,048,281.20 1,004,576.77 4,106.66 1,005,742.19 10/04/1910/02/19AaaAA+ 1,000,000.00 912828T91 1.48 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,729,663.98 1,641,828.84 6,775.98 1,639,107.42 07/03/1907/01/19AaaAA+ 1,650,000.00 912828T91 1.78 US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 348,257.81 332,855.71 565.22 333,823.24 02/07/2002/03/20AaaAA+ 325,000.00 912828XX3 1.36 US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 535,781.25 522,069.73 869.56 524,355.47 03/06/2003/02/20AaaAA+ 500,000.00 912828XX3 0.85 US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 937,617.19 889,900.21 1,521.74 892,705.08 11/06/1911/01/19AaaAA+ 875,000.00 912828XX3 1.55 US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 2,893,218.75 2,734,730.74 4,695.65 2,739,761.72 01/07/2001/02/20AaaAA+ 2,700,000.00 912828XX3 1.66 US TREASURY N/B DTD 12/31/2019 1.750% 12/31/2024 2,137,187.60 2,128,552.85 3,043.48 2,130,625.00 07/06/2007/01/20AaaAA+ 2,000,000.00 912828YY0 0.28 34,490.79 14,527,423.41 13,910,582.34 1.52 13,904,010.55 13,750,000.00 Security Type Sub-Total Supra-National Agency Bond / Note Page 6 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Supra-National Agency Bond / Note INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 50,062.00 49,994.94 301.36 49,880.00 09/19/1709/12/17AaaAAA 50,000.00 45905UP32 1.64 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 125,155.00 124,988.43 753.40 124,700.00 09/19/1709/12/17AaaAAA 125,000.00 45905UP32 2.45 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 150,186.00 149,986.12 904.08 149,640.00 09/19/1709/12/17AaaAAA 150,000.00 45905UP32 2.45 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 50,702.30 49,992.42 519.68 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.97 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 50,702.30 49,992.42 519.68 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.97 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 304,213.80 299,954.55 3,118.08 299,775.00 03/16/1803/09/18AaaAAA 300,000.00 45950VLQ7 2.66 6,116.28 731,021.40 724,908.88 2.55 723,920.00 725,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 62,092.80 60,000.00 166.50 60,000.00 06/11/2005/29/20A1A 60,000.00 20772KJW0 2.00 CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 104,948.00 100,000.00 1,050.50 100,000.00 12/05/1911/06/19Aa1AA- 100,000.00 157411TK5 2.10 UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 85,787.95 85,000.00 31.27 85,000.00 07/16/2007/10/20Aa2AA 85,000.00 91412HGE7 0.88 CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 78,687.00 78,744.26 150.00 78,822.75 06/25/2006/12/20A1A 75,000.00 20772KKK4 0.94 Page 7 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 1,398.27 331,515.75 323,744.26 1.49 323,822.75 320,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 20,516.66 20,435.38 60.25 20,712.48 04/30/1804/11/18AaaAA+ 20,308.52 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 20,516.66 20,435.38 60.25 20,712.48 04/30/1804/11/18AaaAA+ 20,308.52 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 102,583.30 102,176.84 301.24 103,562.39 04/30/1804/11/18AaaAA+ 101,542.61 3136B1XP4 2.93 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 36,150.60 35,138.14 90.12 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 3.09 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 36,150.60 35,138.14 90.12 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 3.08 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 165,259.88 160,631.51 412.00 161,362.50 04/09/1804/04/18AaaAA+ 160,000.00 3137BM6P6 2.88 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 102,921.94 99,834.85 266.48 99,834.74 12/17/1812/07/18AaaAA+ 99,835.04 3137FKK39 3.20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/25/2024 106,480.49 103,147.72 179.82 103,147.36 11/26/1911/20/19AaaAA+ 103,149.84 3137FQ3V3 2.09 FHMS K043 A2 DTD 03/01/2015 3.062% 12/25/2024 274,806.98 261,462.66 637.92 262,382.81 03/25/2003/19/20AaaAA+ 250,000.00 3137BGK24 1.97 2,098.20 865,387.11 838,400.62 2.57 842,310.86 825,144.54 Security Type Sub-Total Federal Agency Bond / Note FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 351,977.50 348,365.84 510.42 348,264.00 04/16/2004/15/20AaaAA+ 350,000.00 3130AJHU6 0.60 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 354,031.30 349,318.13 589.41 349,279.00 04/24/2004/22/20AaaAA+ 350,000.00 3135G03U5 0.67 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 424,509.13 422,893.94 35.42 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48 Page 8 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 1,135.25 1,130,517.93 1,120,577.91 0.57 1,120,426.50 1,125,000.00 Security Type Sub-Total Corporate Note WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 50,250.00 50,087.26 191.25 51,108.00 05/10/1605/06/16A2BBB+ 50,000.00 94974BGR5 2.96 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 25,192.80 24,998.23 268.75 24,988.50 10/26/1710/23/17A3A- 25,000.00 05531FAZ6 3.00 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 25,192.80 24,998.23 268.75 24,988.50 10/26/1710/23/17A3A- 25,000.00 05531FAZ6 3.00 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 75,578.40 74,994.68 806.25 74,965.50 10/26/1710/23/17A3A- 75,000.00 05531FAZ6 2.17 IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 303,444.60 299,974.76 3,886.67 299,853.00 02/06/1802/01/18A2A 300,000.00 44932HAG8 2.67 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,405.20 24,978.53 273.89 24,894.25 02/26/1802/21/18A2A 25,000.00 63743HER9 3.17 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,405.20 24,994.37 273.89 24,972.25 02/26/1802/21/18A2A 25,000.00 63743HER9 3.17 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,405.20 24,977.47 273.89 24,894.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.18 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,405.20 24,994.09 273.89 24,972.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.18 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 127,026.00 124,971.83 1,369.44 124,861.25 02/26/1802/21/18A2A 125,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 177,836.40 174,842.32 1,917.22 174,259.75 04/19/1804/12/18A2A 175,000.00 63743HER9 3.05 UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 304,480.20 299,674.10 2,956.25 298,467.00 03/22/1803/19/18A1A+ 300,000.00 904764AZ0 2.93 Page 9 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 50,885.80 49,995.35 442.50 49,980.00 04/13/1804/10/18A1A+ 50,000.00 89236TEU5 3.05 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 40,408.96 39,998.40 235.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.78 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 40,408.96 39,998.40 235.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.78 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 50,695.80 50,147.46 368.06 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.90 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 50,695.80 50,147.46 368.06 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.90 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 101,391.60 100,318.81 736.11 102,326.00 05/19/1605/16/16A1A 100,000.00 06406FAA1 2.00 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 202,044.80 199,991.99 1,177.78 199,960.00 10/10/1710/05/17A1A+ 200,000.00 713448DX3 2.01 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 25,408.43 25,040.09 185.94 25,194.00 11/03/1711/01/17A2A- 25,000.00 06051GFW4 2.39 AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 202,567.60 199,928.60 1,075.00 199,536.00 05/31/1605/25/16A2A- 200,000.00 0258M0EB1 2.30 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 20,423.66 19,998.66 139.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.07 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 20,423.66 19,998.66 139.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.07 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,280.48 24,997.44 115.31 24,983.50 05/16/1605/10/16A3A- 25,000.00 05531FAV5 2.78 Page 10 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,280.47 24,997.44 115.31 24,983.50 05/16/1605/10/16A3A- 25,000.00 05531FAV5 2.78 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 102,118.30 99,993.31 697.50 99,974.00 05/10/1805/07/18A1A+ 100,000.00 69371RP26 3.11 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 151,682.85 149,984.66 691.88 149,901.00 05/16/1605/10/16A3A- 150,000.00 05531FAV5 2.06 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 25,554.93 24,995.50 163.61 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.09 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 25,554.93 24,995.50 163.61 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.09 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 127,774.62 124,977.52 818.06 124,913.75 05/10/1805/03/18A1A 125,000.00 427866BA5 3.12 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,329.55 24,984.90 97.50 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.64 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,329.55 24,984.90 97.50 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.64 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 75,988.65 74,954.70 292.50 74,716.50 05/24/1605/19/16A1A 75,000.00 857477AV5 2.03 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 35,727.37 34,999.72 221.18 34,998.95 05/22/1805/17/18A2A 35,000.00 808513AW5 3.18 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 204,156.40 199,998.39 1,263.89 199,994.00 05/22/1805/17/18A2A 200,000.00 808513AW5 3.25 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 35,107.80 35,000.00 271.60 35,000.00 09/18/1709/13/17A2A- 35,000.00 06051GGS2 2.92 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 35,107.80 35,000.00 271.60 35,000.00 09/18/1709/13/17A2A- 35,000.00 06051GGS2 2.92 Page 11 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 200,616.00 200,000.00 1,552.00 200,000.00 09/18/1709/13/17A2A- 200,000.00 06051GGS2 2.33 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 51,627.55 49,934.40 92.01 49,779.50 03/15/1703/10/17A2A 50,000.00 24422ETL3 3.04 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 283,951.53 274,639.21 506.08 273,787.25 03/15/1703/10/17A2A 275,000.00 24422ETL3 2.75 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 15,336.99 15,000.00 107.89 15,000.00 05/17/1805/14/18A2A- 15,000.00 06051GHH5 3.52 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 15,336.99 15,000.00 107.89 15,000.00 05/17/1805/14/18A2A- 15,000.00 06051GHH5 3.52 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 76,684.95 75,000.00 539.43 75,000.00 05/17/1805/14/18A2A- 75,000.00 06051GHH5 3.50 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 705,035.48 675,000.00 7,215.75 675,000.00 03/22/1903/15/19A2A- 675,000.00 46647PBB1 3.21 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 225,915.30 224,876.76 93.44 224,874.00 07/08/2007/06/20A3A 225,000.00 14913R2D8 0.67 PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 438,616.40 402,006.08 311.11 402,848.00 02/15/1902/12/19A3A- 400,000.00 693475AV7 3.34 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 445,657.20 417,982.88 3,961.11 422,916.00 07/23/1907/19/19A3BBB+ 400,000.00 61746BDQ6 2.59 AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 424,580.00 398,436.05 906.67 398,016.00 07/15/1907/11/19A3A- 400,000.00 02665WCZ2 2.51 GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 442,187.20 414,678.83 983.89 418,632.00 07/11/1907/08/19A3BBB+ 400,000.00 38141EC23 2.84 WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 418,868.80 398,663.91 2,975.00 398,368.00 09/06/1909/03/19A2A- 400,000.00 254687FK7 1.83 BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 212,297.00 200,785.44 1,131.67 200,880.00 01/28/2001/21/20A1A 200,000.00 06406RAL1 2.00 Page 12 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 566,262.95 551,056.20 1,375.00 551,105.50 05/13/2005/11/20Aa1AA+ 550,000.00 037833DT4 1.08 AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 482,507.38 474,774.52 612.22 474,767.25 06/05/2006/03/20A2AA- 475,000.00 023135BQ8 0.81 45,615.92 7,921,452.49 7,662,748.01 2.43 7,672,707.30 7,630,000.00 Security Type Sub-Total Certificate of Deposit WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 100,016.40 100,000.00 990.83 100,000.00 08/07/1708/03/17P-1A-1+ 100,000.00 96121T4A3 2.61 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 100,016.40 100,000.00 990.83 100,000.00 08/07/1708/03/17P-1A-1+ 100,000.00 96121T4A3 2.61 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 540,088.56 540,000.00 5,350.50 540,000.00 08/07/1708/03/17P-1A-1+ 540,000.00 96121T4A3 2.05 BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 670,180.23 670,000.00 21,491.74 670,000.00 08/03/1808/01/18P-1A-1 670,000.00 06370REU9 3.19 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 100,577.00 100,000.00 472.92 100,000.00 11/17/1711/16/17P-1A-1 100,000.00 87019U6D6 3.01 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 100,577.00 100,000.00 472.92 100,000.00 11/17/1711/16/17P-1A-1 100,000.00 87019U6D6 3.01 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 603,462.00 600,000.00 2,837.51 600,000.00 11/17/1711/16/17P-1A-1 600,000.00 87019U6D6 2.27 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 51,280.65 50,000.00 243.00 50,000.00 06/08/1806/07/18P-1A-1+ 50,000.00 78012UEE1 2.98 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 102,561.30 100,000.00 486.00 100,000.00 06/08/1806/07/18P-1A-1+ 100,000.00 78012UEE1 2.98 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 538,446.83 525,000.00 2,551.50 525,000.00 06/08/1806/07/18P-1A-1+ 525,000.00 78012UEE1 3.24 SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 412,502.40 400,000.00 3,244.67 400,000.00 09/03/1908/29/19Aa2A+ 400,000.00 83050PDR7 1.85 Page 13 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit 39,132.42 3,319,708.77 3,285,000.00 2.62 3,285,000.00 3,285,000.00 Security Type Sub-Total Asset-Backed Security BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 304,452.24 299,998.73 308.00 299,997.33 10/17/1810/10/18AaaAAA 300,000.00 05586CAD6 3.36 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 277,890.11 274,981.94 277.29 274,964.97 09/26/1809/18/18AaaAAA 275,000.00 36256GAE9 3.30 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 383,001.60 374,966.68 526.67 374,943.94 11/28/1811/20/18AaaAAA 375,000.00 43815AAC6 3.16 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 322,651.17 315,568.82 313.39 315,563.73 11/21/1811/15/18AaaAAA 315,576.98 92869BAD4 3.25 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 252,895.47 248,348.90 312.55 248,324.42 07/18/1807/11/18NRAAA 248,382.34 36255JAD6 3.03 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 332,527.49 325,853.30 453.33 325,834.95 07/25/1807/18/18NRAAA 325,879.36 14313FAD1 3.13 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 360,773.00 349,997.95 522.67 349,996.78 10/24/1810/17/18NRAAA 350,000.00 14315EAC4 3.36 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 270,896.05 265,222.13 328.24 265,212.76 01/16/1901/08/19AaaNR 265,242.12 36256XAD4 2.97 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 822,560.00 799,835.48 611.56 799,798.56 09/05/1908/28/19NRAAA 800,000.00 14041NFU0 1.73 3,653.70 3,327,647.13 3,254,773.93 2.84 3,254,637.44 3,255,080.80 Security Type Sub-Total 30,915,225.34 31,126,835.40 2.01 133,640.83 31,120,735.95 32,154,673.99 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 93,276.81 93,276.81 0.00 93,276.81 NRAAAm 93,276.81 Page 14 For the Month Ending July 31, 2020Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par 93,276.81 93,276.81 0.00 93,276.81 93,276.81 Money Market Sub-Total $31,008,502.15 $31,220,112.21 $133,640.83 $31,214,012.76 $32,247,950.80 2.01% $32,381,591.63 $133,640.83 Total Investments Accrued Interest Securities Sub-Total Page 15 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 46.65 (411.71) 10,090.63 100.91 MERRILL 10,000.00 912828A83US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 0.19 0.42 74.03 (170.50) 15,098.44 100.66 MORGANST 15,000.00 912828N48US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 0.17 0.42 4,554.55 5,206.05 78,164.06 104.22 SOCGEN 75,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 0.13 2.77 89,793.47 101,031.25 1,589,335.94 104.22 MORGAN_S 1,525,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 0.13 2.77 146,879.44 153,870.11 3,204,726.56 104.22 MORGAN_S 3,075,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 0.13 2.77 43,704.43 42,539.01 1,048,281.20 104.83 BNP_PARI 1,000,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.14 3.17 87,835.14 90,556.56 1,729,663.98 104.83 MERRILL 1,650,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.14 3.17 15,402.10 14,434.57 348,257.81 107.16 HSBC 325,000.00 912828XX3US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 0.17 3.79 13,711.52 11,425.78 535,781.25 107.16 HSBC 500,000.00 912828XX3US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 0.17 3.79 47,716.98 44,912.11 937,617.19 107.16 MORGAN_S 875,000.00 912828XX3US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 0.17 3.79 158,488.01 153,457.03 2,893,218.75 107.16 HSBC 2,700,000.00 912828XX3US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 0.17 3.79 8,634.75 6,562.60 2,137,187.60 106.86 WELLS_F 2,000,000.00 912828YY0US TREASURY N/B DTD 12/31/2019 1.750% 12/31/2024 0.19 4.27 623,412.86 0.15 616,841.07 14,527,423.41 13,750,000.00 Security Type Sub-Total 3.39 Supra-National Agency Bond / Note 67.06 182.00 50,062.00 100.12 HSBC 50,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 0.49 0.12 166.57 455.00 125,155.00 100.12 HSBC 125,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 0.49 0.12 Page 16 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Supra-National Agency Bond / Note 199.88 546.00 150,186.00 100.12 HSBC 150,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 0.49 0.12 709.88 739.80 50,702.30 101.40 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.60 709.88 739.80 50,702.30 101.40 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.60 4,259.25 4,438.80 304,213.80 101.40 HSBC 300,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.60 7,101.40 0.40 6,112.52 731,021.40 725,000.00 Security Type Sub-Total 0.39 Municipal Bond / Note 2,092.80 2,092.80 62,092.80 103.49 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 1.09 3.78 4,948.00 4,948.00 104,948.00 104.95 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 0.84 3.83 787.95 787.95 85,787.95 100.93 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 0.69 4.70 (57.26)(135.75) 78,687.00 104.92 MORGAN_ 75,000.00 20772KKK4CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 0.96 4.63 7,693.00 0.88 7,771.49 331,515.75 320,000.00 Security Type Sub-Total 4.24 Federal Agency Collateralized Mortgage Obligation 81.28 (195.82) 20,516.66 101.02 JPM_CHAS 20,308.52 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 2.60 0.65 81.28 (195.82) 20,516.66 101.02 JPM_CHAS 20,308.52 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 2.60 0.65 406.46 (979.09) 102,583.30 101.02 JPM_CHAS 101,542.61 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 2.60 0.65 Page 17 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Federal Agency Collateralized Mortgage Obligation 1,012.46 852.55 36,150.60 103.29 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.42 1.81 1,012.46 852.55 36,150.60 103.29 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.42 1.81 4,628.37 3,897.38 165,259.88 103.29 CITIGRP 160,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.42 1.81 3,087.09 3,087.20 102,921.94 103.09 CSFB 99,835.04 3137FKK39FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 2.11 1.47 3,332.77 3,333.13 106,480.49 103.23 JPM_CHAS 103,149.84 3137FQ3V3FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/25/2024 1.26 2.50 13,344.32 12,424.17 274,806.98 109.92 CITIGRP 250,000.00 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/25/2024 0.77 4.06 23,076.25 1.47 26,986.49 865,387.11 825,144.54 Security Type Sub-Total 2.38 Federal Agency Bond / Note 3,611.66 3,713.50 351,977.50 100.57 CITIGRP 350,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 0.38 4.65 4,713.17 4,752.30 354,031.30 101.15 CITIGRP 350,000.00 3135G03U5FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 0.38 4.66 1,615.19 1,625.63 424,509.13 99.88 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 0.40 4.93 10,091.43 0.39 9,940.02 1,130,517.93 1,125,000.00 Security Type Sub-Total 4.76 Corporate Note 162.74 (858.00) 50,250.00 100.50 UBS AG 50,000.00 94974BGR5WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 1.12 0.35 194.57 204.30 25,192.80 100.77 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 0.61 0.41 194.57 204.30 25,192.80 100.77 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 0.61 0.41 Page 18 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 583.72 612.90 75,578.40 100.77 01/01/21MORGAN_S 75,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 0.61 0.41 3,469.84 3,591.60 303,444.60 101.15 BNP_PARI 300,000.00 44932HAG8IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 0.41 0.51 426.67 510.95 25,405.20 101.62 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 410.83 432.95 25,405.20 101.62 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 427.73 510.95 25,405.20 101.62 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 411.11 432.95 25,405.20 101.62 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 2,054.17 2,164.75 127,026.00 101.62 RBC 125,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 2,994.08 3,576.65 177,836.40 101.62 RBC 175,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.30 0.62 4,806.10 6,013.20 304,480.20 101.49 CITIGRP 300,000.00 904764AZ0UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 0.43 0.64 890.45 905.80 50,885.80 101.77 JPM_CHAS 50,000.00 89236TEU5TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 0.42 0.70 410.56 416.96 40,408.96 101.02 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.55 0.62 410.56 416.96 40,408.96 101.02 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.55 0.62 548.34 (453.20) 50,695.80 101.39 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 0.53 0.62 548.34 (453.20) 50,695.80 101.39 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 0.53 0.62 1,072.79 (934.40) 101,391.60 101.39 03/15/21KEYBAN 100,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 0.53 0.62 Page 19 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 2,052.81 2,084.80 202,044.80 101.02 03/15/21MERRILL 200,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.55 0.62 368.34 214.43 25,408.43 101.63 MERRILL 25,000.00 06051GFW4BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 0.35 0.71 2,639.00 3,031.60 202,567.60 101.28 04/04/21KEYBAN 200,000.00 0258M0EB1AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 0.56 0.67 425.00 428.86 20,423.66 102.12 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 0.37 0.77 425.00 428.86 20,423.66 102.12 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 0.37 0.77 283.04 296.98 25,280.48 101.12 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 0.60 0.69 283.03 296.97 25,280.47 101.12 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 0.60 0.69 2,124.99 2,144.30 102,118.30 102.12 MERRILL 100,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 0.37 0.77 1,698.19 1,781.85 151,682.85 101.12 04/09/21SCOTIA 150,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 0.60 0.69 559.43 572.18 25,554.93 102.22 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.29 0.78 559.43 572.18 25,554.93 102.22 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.29 0.78 2,797.10 2,860.87 127,774.62 102.22 MERRILL 125,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.29 0.78 344.65 424.05 25,329.55 101.32 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.30 0.80 344.65 424.05 25,329.55 101.32 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.30 0.80 1,033.95 1,272.15 75,988.65 101.32 GOLDMAN 75,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.30 0.80 Page 20 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 727.65 728.42 35,727.37 102.08 04/21/21CSFB 35,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 0.67 0.72 4,158.01 4,162.40 204,156.40 102.08 04/21/21CSFB 200,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 0.67 0.72 107.80 107.80 35,107.80 100.31 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.06 0.17 107.80 107.80 35,107.80 100.31 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.06 0.17 616.00 616.00 200,616.00 100.31 10/01/20MERRILL 200,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.06 0.17 1,693.15 1,848.05 51,627.55 103.26 MITSU 50,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 0.37 1.41 9,312.32 10,164.28 283,951.53 103.26 MITSU 275,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 0.37 1.41 336.99 336.99 15,336.99 102.25 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.22 1.75 336.99 336.99 15,336.99 102.25 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.22 1.75 1,684.95 1,684.95 76,684.95 102.25 MERRILL 75,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.22 1.75 30,035.48 30,035.48 705,035.48 104.45 04/01/22JPM_CHAS 675,000.00 46647PBB1JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 1.50 1.62 1,038.54 1,041.30 225,915.30 100.41 BARCLAY 225,000.00 14913R2D8CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 0.51 2.91 36,610.32 35,768.40 438,616.40 109.65 CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 0.69 3.31 27,674.32 22,741.20 445,657.20 111.41 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 0.78 3.51 26,143.95 26,564.00 424,580.00 106.15 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 0.80 3.75 27,508.37 23,555.20 442,187.20 110.55 SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 1.11 3.70 Page 21 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 20,204.89 20,500.80 418,868.80 104.72 JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 0.58 3.93 11,511.56 11,417.00 212,297.00 106.15 MORGAN_S 200,000.00 06406RAL1BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 0.63 4.06 15,206.75 15,157.45 566,262.95 102.96 04/11/25GOLDMAN 550,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 0.50 4.58 7,732.86 7,740.13 482,507.38 101.58 GOLDMAN 475,000.00 023135BQ8AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 0.47 4.75 248,745.19 0.73 258,704.48 7,921,452.49 7,630,000.00 Security Type Sub-Total 2.27 Certificate of Deposit 16.40 16.40 100,016.40 100.02 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 0.08 0.01 16.40 16.40 100,016.40 100.02 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 0.08 0.01 88.56 88.56 540,088.56 100.02 JPM_CHAS 540,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 0.08 0.01 180.23 180.23 670,180.23 100.03 BMO 670,000.00 06370REU9BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 -0.09 0.01 577.00 577.00 100,577.00 100.58 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.26 0.30 577.00 577.00 100,577.00 100.58 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.26 0.30 3,462.00 3,462.00 603,462.00 100.58 MERRILL 600,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.26 0.30 1,280.65 1,280.65 51,280.65 102.56 RBC 50,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.23 0.85 2,561.30 2,561.30 102,561.30 102.56 RBC 100,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.23 0.85 13,446.83 13,446.83 538,446.83 102.56 RBC 525,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.23 0.85 Page 22 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Value On Cost Amort CostCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration Certificate of Deposit 12,502.40 12,502.40 412,502.40 103.13 BARCLAYS 400,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 0.34 2.03 34,708.77 0.64 34,708.77 3,319,708.77 3,285,000.00 Security Type Sub-Total 0.50 Asset-Backed Security 4,453.51 4,454.91 304,452.24 101.48 SOCGEN 300,000.00 05586CAD6BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 2.44 0.54 2,908.17 2,925.14 277,890.11 101.05 RBC 275,000.00 36256GAE9GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 2.75 0.39 8,034.92 8,057.66 383,001.60 102.13 JPM_CHAS 375,000.00 43815AAC6HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 2.27 0.77 7,082.35 7,087.44 322,651.17 102.24 CITIGRP 315,576.98 92869BAD4VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 2.40 0.76 4,546.57 4,571.05 252,895.47 101.82 JPM_CHAS 248,382.34 36255JAD6GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 2.35 0.73 6,674.19 6,692.54 332,527.49 102.04 BARCLAYS 325,879.36 14313FAD1CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 2.39 0.79 10,775.05 10,776.22 360,773.00 103.08 MERRILL 350,000.00 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 2.34 1.03 5,673.92 5,683.29 270,896.05 102.13 RBC 265,242.12 36256XAD4GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 2.30 0.83 22,724.52 22,761.44 822,560.00 102.82 RBC 800,000.00 14041NFU0COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 1.01 2.01 73,009.69 2.05 72,873.20 3,327,647.13 3,255,080.80 Security Type Sub-Total 1.05 30,915,225.34 32,154,673.99 1,027,838.59 1,033,938.04 0.60 Managed Account Sub-Total 2.54 Money Market Mutual Fund 0.00 0.00 93,276.81 1.00 93,276.81 CAMP Pool 0.00 93,276.81 93,276.81 0.00 0.00 Money Market Sub-Total 0.00 Page 23 For the Month Ending July 31, 2020Managed Account Fair Market Value & Analytics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Investments $32,381,591.63 $133,640.83 $32,247,950.80 Accrued Interest Securities Sub-Total $31,008,502.15 $1,027,838.59 $1,033,938.04 0.60% 2.54 Page 24 For the Month Ending July 31, 2020Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method BUY 07/06/20 US TREASURY N/B DTD 12/31/2019 1.750% 12/31/2024 912828YY0 (2,130,625.00)(570.65)(2,131,195.65) 2,000,000.00 07/01/20 07/08/20 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 14913R2D8 (224,874.00) 0.00 (224,874.00) 225,000.00 07/06/20 07/16/20 UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 91412HGE7 (85,000.00) 0.00 (85,000.00) 85,000.00 07/10/20 07/23/20 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 (422,883.50) 0.00 (422,883.50) 425,000.00 07/21/20 (570.65) (2,863,953.15)(2,863,382.50) 2,735,000.00 Transaction Type Sub-Total INTEREST 07/25/20 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 0.00 592.26 592.26 230,000.00 07/01/20 07/25/20 FHMS K043 A2 DTD 03/01/2015 3.062% 12/25/2024 3137BGK24 0.00 637.92 637.92 250,000.00 07/01/20 07/25/20 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 0.00 266.96 266.96 100,017.45 07/01/20 07/25/20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/25/2024 3137FQ3V3 0.00 180.16 180.16 103,343.42 07/01/20 07/25/20 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 0.00 476.77 476.77 153,287.48 07/01/20 07/06/20 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 0.00 4,306.25 4,306.25 325,000.00 07/06/20 07/08/20 GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 38141EC23 0.00 7,700.00 7,700.00 400,000.00 07/08/20 07/15/20 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 0.00 980.00 980.00 350,000.00 07/15/20 07/15/20 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 0.00 1,146.67 1,146.67 800,000.00 07/15/20 07/15/20 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 0.00 987.50 987.50 375,000.00 07/15/20 07/15/20 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 0.00 903.02 903.02 346,204.68 07/15/20 Page 25 For the Month Ending July 31, 2020Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 07/16/20 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 0.00 665.99 665.99 264,631.31 07/16/20 07/16/20 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 0.00 668.25 668.25 270,000.00 07/16/20 07/20/20 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 0.00 880.21 880.21 325,000.00 07/20/20 07/20/20 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 36256GAE9 0.00 756.25 756.25 275,000.00 07/20/20 07/20/20 BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 0.00 840.00 840.00 300,000.00 07/20/20 07/23/20 PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 693475AV7 0.00 7,000.00 7,000.00 400,000.00 07/23/20 28,988.21 28,988.21 0.00 5,267,484.34 Transaction Type Sub-Total PAYDOWNS 07/25/20 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 1,589.69 0.00 1,589.69 (31.62) 0.00 1,589.69 07/01/20 07/25/20 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 7,948.44 0.00 7,948.44 (158.10) 0.00 7,948.44 07/01/20 07/25/20 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 182.41 0.00 182.41 0.00 0.00 182.41 07/01/20 07/25/20 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 1,589.69 0.00 1,589.69 (31.62) 0.00 1,589.69 07/01/20 07/25/20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/25/2024 3137FQ3V3 193.58 0.00 193.58 0.00 0.00 193.58 07/01/20 07/15/20 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 20,325.32 0.00 20,325.32 2.77 0.00 20,325.32 07/15/20 07/16/20 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 4,757.88 0.00 4,757.88 0.53 0.00 4,757.88 07/16/20 07/16/20 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 16,248.97 0.00 16,248.97 3.79 0.00 16,248.97 07/16/20 07/20/20 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 9,423.02 0.00 9,423.02 0.40 0.00 9,423.02 07/20/20 Page 26 For the Month Ending July 31, 2020Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method 0.00 0.00 (213.85) 62,259.00 62,259.00 62,259.00 Transaction Type Sub-Total SELL 07/06/20 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 833,250.00 1,278.69 834,528.69 55,031.25 48,455.24 FIFO 800,000.00 07/01/20 07/06/20 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,249,875.00 1,918.03 1,251,793.03 93,421.88 79,685.05 FIFO 1,200,000.00 07/01/20 07/08/20 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 234,369.14 379.61 234,748.75 15,495.12 13,637.54 FIFO 225,000.00 07/06/20 07/23/20 US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 454,866.21 531.25 455,397.46 21,266.60 22,583.38 FIFO 425,000.00 07/21/20 4,107.58 164,361.21 185,214.85 2,776,467.93 2,772,360.35 2,650,000.00 Transaction Type Sub-Total (28,763.15) 32,525.14 3,761.99 185,001.00 164,361.21 Managed Account Sub-Total Total Security Transactions $185,001.00 $3,761.99 $32,525.14 ($28,763.15)$164,361.21 Page 27 For the Month Ending July 31, 2020Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 92,083.64 Opening Balance 07/06/20 07/06/20 Purchase - Interest 24422ETL3 1.00 4,306.25 96,389.89 07/06/20 07/06/20 Purchase - Principal 912828R69 1.00 2,083,125.00 2,179,514.89 07/06/20 07/06/20 Purchase - Interest 912828R69 1.00 3,196.72 2,182,711.61 07/06/20 07/06/20 Redemption - Principal 912828YY0 1.00 (2,130,625.00) 52,086.61 07/06/20 07/06/20 Redemption - Interest 912828YY0 1.00 (570.65) 51,515.96 07/08/20 07/08/20 Purchase - Interest 38141EC23 1.00 7,700.00 59,215.96 07/08/20 07/08/20 Purchase - Principal 912828R69 1.00 234,369.14 293,585.10 07/08/20 07/08/20 Purchase - Interest 912828R69 1.00 379.61 293,964.71 07/08/20 07/08/20 Redemption - Principal 14913R2D8 1.00 (224,874.00) 69,090.71 07/15/20 07/15/20 Purchase - Interest 14313FAD1 1.00 903.02 69,993.73 07/15/20 07/15/20 Purchase - Principal 14313FAD1 1.00 20,325.32 90,319.05 07/16/20 07/16/20 Interest Adjustment for IP Transaction 1.00 0.03 90,319.08 07/16/20 07/16/20 Purchase - Interest 36255JAD6 1.00 665.99 90,985.07 07/16/20 07/16/20 Purchase - Interest 36256XAD4 1.00 668.25 91,653.32 07/16/20 07/16/20 Purchase - Interest 14041NFU0 1.00 1,146.67 92,799.99 07/16/20 07/16/20 Purchase - Interest 14315EAC4 1.00 980.00 93,779.99 07/16/20 07/16/20 Purchase - Interest 43815AAC6 1.00 987.50 94,767.49 07/16/20 07/16/20 Purchase - Principal 36255JAD6 1.00 16,248.97 111,016.46 07/16/20 07/16/20 Purchase - Principal 36256XAD4 1.00 4,757.88 115,774.34 07/16/20 07/16/20 Redemption - Principal 91412HGE7 1.00 (85,000.00) 30,774.34 07/20/20 07/20/20 Purchase - Interest 05586CAD6 1.00 840.00 31,614.34 Page 28 For the Month Ending July 31, 2020Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 07/20/20 07/20/20 Purchase - Interest 36256GAE9 1.00 756.25 32,370.59 07/20/20 07/20/20 Purchase - Interest 92869BAD4 1.00 880.21 33,250.80 07/20/20 07/20/20 Purchase - Principal 92869BAD4 1.00 9,423.02 42,673.82 07/23/20 07/23/20 Purchase - Interest 693475AV7 1.00 7,000.00 49,673.82 07/23/20 07/23/20 Purchase - Interest 912828XX3 1.00 531.25 50,205.07 07/23/20 07/23/20 Purchase - Principal 912828XX3 1.00 454,866.21 505,071.28 07/23/20 07/23/20 Redemption - Principal 3137EAEU9 1.00 (422,883.50) 82,187.78 07/24/20 07/24/20 IP Fees June 2020 1.00 (2,443.93) 79,743.85 07/24/20 07/24/20 U.S. Bank Fees May 2020 1.00 (147.22) 79,596.63 07/27/20 07/27/20 Purchase - Interest 3136B1XP4 1.00 476.77 80,073.40 07/27/20 07/27/20 Purchase - Interest 3137BGK24 1.00 637.92 80,711.32 07/27/20 07/27/20 Purchase - Interest 3137BM6P6 1.00 592.26 81,303.58 07/27/20 07/27/20 Purchase - Interest 3137FKK39 1.00 266.96 81,570.54 07/27/20 07/27/20 Purchase - Interest 3137FQ3V3 1.00 180.16 81,750.70 07/27/20 07/27/20 Purchase - Principal 3137FKK39 1.00 200.74 81,951.44 07/27/20 07/27/20 Purchase - Principal 3137FQ3V3 1.00 446.77 82,398.21 07/27/20 07/27/20 Purchase - Principal 3137FKK39 1.00 182.41 82,580.62 07/27/20 07/27/20 Purchase - Principal 3137FQ3V3 1.00 193.58 82,774.20 07/27/20 07/27/20 Purchase - Principal 3136B1XP4 1.00 1,589.69 84,363.89 07/27/20 07/27/20 Purchase - Principal 3136B1XP4 1.00 1,589.69 85,953.58 07/27/20 07/27/20 Purchase - Principal 3136B1XP4 1.00 7,948.44 93,902.02 07/28/20 07/28/20 Redemption - Reversal of Principal 3137FKK39 from 7/27/2020 1.00 (200.74) 93,701.28 Page 29 For the Month Ending July 31, 2020Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 07/28/20 07/28/20 Redemption - Reversal of Principal 3137FQ3V3 from 7/27/2020 1.00 (446.77) 93,254.51 07/31/20 08/03/20 Accrual Income Div Reinvestment - Distributions 1.00 22.30 93,276.81 93,276.81 93,276.81 93,276.81 70,207.84 2,135.25 0.00 (8,812,084.92) 8,796,328.03 109,033.70 22.30 93,276.81 0.00 (2,867,191.81) 2,868,384.98 92,083.64 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance July January-July 0.37% Page 30 Review of Investment Performance CAMP Accounts PFM Asset Management LLC Investment Performance Review For the Quarter Ended June 30, 2020 CITY OF LAKE ELSINORE Market Update QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2020 Fixed Income Management SUMMARY •In Q2, U.S. economic conditions were characterized by: (1) unprecedented deterioration in economic fundamentals due to broad lockdowns and stay-at-home orders; (2)economic indicators bottoming out in April and sharply rebounding off historical lows, yet still trailing pre-crisis levels; (3) equity markets posting strong quarterly performance on a positive forward outlook; (4) improving bond market dynamics as the Federal Reserve (Fed) continued to flood the market with liquidity; and (5) COVID-19 hotspots (re)appearing around the nation, raising concerns that the economic recovery may slow. •The Fed spent the second quarter mobilizing and refining its arsenal of emergency lending programs to provide liquidity and stabilize financial markets. At its two meetings over the quarter, the central bank left the target range for the federal funds rate unchanged at 0% to 0.25%. Released at its June policy meeting, the Federal Open Market Committee’s updated economic projections now anticipate a long, slow recovery, with persistently high unemployment, and short-term rates pegged at near 0%. •Treasury yields were largely range-bound over the second quarter after plummeting to all-time lows in Q1. Returns on Treasuries were muted in Q2, while yield spreads in all other sectors significantly retraced their Q1 widening, resulting in strongly positive excess returns. Diversification was once again a strong benefit in Q2 as diversified portfolios largely recouped the bulk of Q1 underperformance. •Many nations began to gradually re-open their economies after seemingly containing the spread of the coronavirus. Equity indices, on a global scale, responded positively to the developments and reported solid Q2 returns. U.S. equities performed particularly well, with major indices posting their best quarterly performance in over 20 years. ECONOMIC SNAPSHOT •The U.S. economy contracted at 5.0% in Q1 as the pandemic-induced economic shutdown negatively affected most businesses. The American consumer, generally the driving force behind gross domestic product figures, was the largest detractor in Q1 as consumer spending and confidence experienced record drops. •The U.S. labor market continued to battle the economic slowdown in Q2. While weekly initial jobless claims readings leveled off from the record-breaking 6.9 million claims at the end of March, the indicator was greater than one million in each week of Q2, which is much larger than any pre-coronavirus reading on record dating back to 1967. Despite surprisingly strong jobs gains in May and June, total employment still fell by about 17 million jobs in Q2, with the unemployment rate ending the quarter at 11.1%, the highest rate in over 50 years. •Earlier in the quarter, U.S. manufacturing and services activity fell materially as lockdowns were enacted by state and local authorities to control the spread of COVID-19. In April, the Markit manufacturing PMI reached its lowest level since 2009 due to customers canceling or postponing orders. The services sector faced similar issues with temporary closures. By the end of the quarter, the manufacturing and services sectors stabilized considerably as COVID-19 restrictions eased, with both indices teetering between contraction and expansion levels. INTEREST RATES •U.S. Treasury yields remained near their low levels reached by the end of Q1 while trading in a relatively tight range. By the end of Q2, short-term rates (with maturities less than 6-months) had increased modestly by 4 to 7 basis points (bps) as yields were nudged higher on massive Treasury Bill issuance to finance the stimulus packages. The longest-maturity Treasuries (20 and 30 years), which had fallen to record lows in Q1, rose by 9 to 15 bps. Intermediate-term yields, with maturities between 2 and 7 years, declined between 7 and 10 bps, largely on prospects of potential Fed yield curve control —the targeting by the Fed of specific yields on specific maturities. •At quarter-end, the yield on a 3-month Treasury bill stood at 0.14%, the 3-year note was 0.17%, the 5-year note was 0.29%, the 10-year note was 0.66%, and the 30-year Treasury ended the quarter at 1.41%. •As a result of low rates and modest curve steepening, Treasury index returns were mixed for the quarter. For example, the 3-month and 2-year Constant Maturity U.S. Treasury Indices returned 0.02% and 0.10%, respectively. Meanwhile, the 5-year and 30-year indices returned 0.55% and -0.81%. SECTOR PERFORMANCE •In contrast to Q1, most non-U.S. Treasury fixed income investment-grade (IG) sectors generated positive excess returns, making up most of the Q1 underperformance, though most sectors still trailed Treasuries’ strong year-to-date returns. Diversification away from Treasuries was significantly additive to fixed income portfolios during Q2. •Throughout much of the quarter, federal agency spreads remained elevated relative to recent historical levels. Agency yield spreads eventually normalized closer to pre-crisis levels, particularly for securities maturing in three years or less. While the agency spread curve steepened by quarter-end, the general tightening across the board resulted in similar return attributes for fixed-rate maturities less than five years. •The IG corporate sector was one of the best performing sectors in Q2 as spreads snapped back toward pre-crisis levels. The Fed’s corporate bond support programs kicked off in earnest, with the Fed buying both IG ETFs and a broad range of individual corporate bonds in the secondary market. Although longer-duration and lower-quality issues outperformed shorter-duration and higher-quality issues on an absolute basis in Q2, the latter recouped a greater percentage of their relative underperformance in Q1. •Uncertainties facing the asset-backed security (ABS) sector from Q1 carried into Q2, namely over concern about the consumers' ability to make timely payments on credit cards and car loans. Following the Fed’s targeted liquidity support, a resilient consumer, and increased credit enhancements on new issues, the sector regained investor appetite and yield spreads narrowed markedly. The result was attractive positive excess returns. •The federal agency mortgage-backed security sector (MBS) continued to battle record- low mortgage rates, which led to increased refinancing activity and elevated prepayments. The sector also contended with heightened levels of forbearance, which permitted borrowers to defer mortgage payments. The Fed’s unwavering support of the market through unlimited bond purchases supported the sector as spreads tightened from March wides. PFM Asset Management LLC 1 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2020 Fixed Income Management Economic Snapshot Labor Market Mar '20 Jun '19 Unemployment Rate Jun '20 11.1%4.4%3.7% Change In Non-Farm Payrolls Jun '20 4,800,000 -1,373,000 182,000 Average Hourly Earnings (YoY)Jun '20 5.0%3.4%3.4% Personal Income (YoY)May '20 7.0%1.4%4.6% Initial Jobless Claims (week)7/4/20 1,314,000 6,867,000 222,000 Growth Real GDP (QoQ SAAR)2020Q1 -5.0%2.1%3.1% GDP Personal Consumption (QoQ SAAR)2020Q1 -6.8%1.8%1.1% Retail Sales (YoY)May '20 -6.1% -5.6%3.6% ISM Manufacturing Survey (month)Jun '20 52.6 49.1 51.6 Existing Home Sales SAAR (month)May '20 3.91 mil. 5.27 mil. 5.32 mil. Inflation/Prices Personal Consumption Expenditures (YoY) May '20 0.5%1.3%1.4% Consumer Price Index (YoY)May '20 0.1%1.5%1.6% Consumer Price Index Core (YoY)May '20 1.2%2.1%2.1% Crude Oil Futures (WTI, per barrel)Jun 30 $39.27 $20.48 $58.47 Gold Futures (oz.)Jun 30 $1,801 $1,583 $1,414 Latest 25,000K 20,000K 15,000K 10,000K 5,000K 0 5,000K 10,000K 0.0% 5.0% 10.0% 15.0% 20.0% Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Jun '20 Unemployment Rate (left) vs. Change in Non-Farm Payrolls (right) Change in Non-Farm Payrolls (rhs)Unemployment Rate (lhs) -6% -4% -2% 0% 2% 4% Mar '17 Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Mar '20 Real GDP (QoQ) 0% 1% 2% 3% 4% Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 1. Data as of Fourth Quarter 2019. 2. Data as of First Quarter 2019. 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 2 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2020 Fixed Income Management Source: Bloomberg. Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve U.S. Treasury Yields Yield Curves as of 06/30/2020 0% 1% 2% 3%3-mo1-yr2-yr3-yr5-yr7-yr10-yr30-yrYieldMaturity June 30, 2020 March 31, 2020 June 30, 2019 0% 1% 2% 3% 4%3-mo1-yr2-yr3-yr5-yr07-yr10-yr25-yr30-yrYieldMaturity U.S. Treasury Federal Agency Corporates, A Rated 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20Yield 2-Year 5-Year 10-Year Maturity Jun '20 Mar '20 Change over Quarter Jun '19 Change over Year 3-Month 0.14% 0.09% 0.05% 2.09% (1.95%) 1-Year 0.15% 0.16% (0.01%)1.93% (1.78%) 2-Year 0.15% 0.25% (0.10%)1.76% (1.61%) 5-Year 0.29% 0.38% (0.09%)1.77% (1.48%) 10-Year 0.66% 0.67% (0.01%)2.01% (1.35%) 30-Year 1.41% 1.32% 0.09% 2.53% (1.12%) PFM Asset Management LLC 3 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2020 Fixed Income Management Source: ICE BofAML Indices. June 30, 2020 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.89 0.17%0.13%4.07% 2.68% Federal Agency 1.61 0.31%0.37% 3.53% 2.55% U.S. Corporates, A-AAA rated 1.90 0.71%3.33%4.80% 3.38% Agency MBS (0 to 3 years)2.38 1.53% 0.06% 5.73% 3.89% Taxable Municipals 1.58 1.74%2.03%3.90% 3.46% 1-5 Year Indices U.S. Treasury 2.64 0.19% 0.29% 5.25%3.23% Federal Agency 2.09 0.38% 0.49%4.14%2.82% U.S. Corporates, A-AAA rated 2.77 0.87%4.34%5.98%4.00% Agency MBS (0 to 5 years)1.53 1.31%0.59% 5.11%3.40% Taxable Municipals 2.36 1.59% 2.36%4.34%3.60% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 7.44 0.52%0.20%10.76% 5.72% Federal Agency 4.03 0.63%1.01%6.98%4.33% U.S. Corporates, A-AAA rated 8.52 1.77% 7.12% 10.19% 6.37% Agency MBS (0 to 30 years)2.19 1.45% 0.81% 5.80% 4.05% Taxable Municipals 11.77 2.68% 7.95%11.42%8.45% As of 06/30/2020 Returns for Periods ended 06/30/2020 Returns for periods greater than one year are annualized. PFM Asset Management LLC ICE BofAML Index Returns 4 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2020 Fixed Income Management DISCLOSURES 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. © 2020 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. PFM Asset Management LLC 5 Investment Strategy& Portfolio Review PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Recap Portfolio Review Following the plunge in the U.S. Treasury yield curve during the first quarter, yields were relatively stable over the second quarter, leading to muted returns for Treasury indexes. •Yield spreads on all other asset classes retraced significantly from March’s wide levels as unprecedented fiscal and monetary stimulus helped support the economy and financial markets. •In stark contrast to the first quarter, allocations to corporates, asset-backed securities (ABS) and mortgage-backed securities (MBS) were all strongly additive to performance in the second quarter. PFM’s strategy for the second quarter encompassed the following: •We remained proactive in response to the market effects and uncertainty created by the pandemic. We continued to apply our strong credit process, reassessing every issuer for the short-and intermediate-term impact of the disrupted economy. As financial markets began to normalize during the second quarter, investment-grade issuers on PFM’s approved issuer list were carefully vetted, with many issuers gradually reapproved. •Portfolio durations were maintained generally in line with benchmarks—a strategy consistent with high levels of market uncertainty as well as expectations that rates will remain low for a prolonged period. Our neutral duration strategy over the past 18 months has been an important element in sustaining performance as yields draw close to all-time lows. •We also increased liquidity within portfolios by generally making larger allocations to U.S. Treasuries. As market conditions stabilized, we began to cautiously reallocate this excess liquidity into sectors and issuers that offered opportunities to safely enhance earnings. •Throughout much of the second quarter, yield spreads on federal agencies were wide and attractive, so we took this opportunity to add allocations back to the sector. As yields began to narrow back to pre-crisis lows, especially in maturities under three years, portfolios benefited from incremental performance. 6 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Recap Portfolio Review •Investment grade corporate bonds faced a multitude of uncertainties heading into the second quarter as economies were shut down and companies contended with growing concerns around revenue, profitability, liquidity, and sustainability. Aggressive Fed actions calmed the credit markets and restored liquidity, leading to a sharp tightening of the wide yield spreads from March. This allowed companies to bring a record amount of new issuance to market. ‒A key element to our strategy during the second quarter was to cautiously maintain overall exposure to the credit sector, emphasizing issuers with strong balance sheets and limited overseas exposure. ‒This strategy benefited portfolios significantly as investment grade corporates significantly outperformed Treasuries during the second quarter and mostly offset the negative underperformance experienced in the first quarter. •Agency MBS allocations modestly fell over the quarter, largely the result of a significant uptick in home refinancing activity as mortgage rates fell to all-time lows. ‒The Fed’s unlimited Treasury and agency MBS purchase program brought some stabilization to mortgage markets, although spreads are still higher than pre-crisis levels. We remained selective of the MBS sector due to concerns over the stability and timing of future principal payments. •The ABS sector was challenged by many unknowns during the second quarter as high unemployment threatened consumers’ ability to make timely payments on credit cards and car loans. The Fed revived a program from 2009 to provide financing to eligible ABS investors, boosting confidence in the sector. In addition, new deals were structured with increased credit enhancements. ‒PFM generally avoided new exposure to ABS during the quarter as risks and uncertainties appeared to outweigh the benefits. The outperformance of existing holdings boosted portfolio performance relative to benchmarks in the second half of the quarter. •In a similar theme, both taxable and tax-exempt municipals generated positive excess returns for the quarter as the Fed implemented the Municipal Liquidity Facility to support issuance. This improved liquidity allayed investors’ fears regarding public sector finances and triggered an increase in new supply, creating select opportunities to add high-quality issues to portfolios where permitted. 7 PFM Asset Management LLC For the Quarter Ended June 30, 2020 CITY OF LAKE ELSINORE Portfolio Compliance The portfolio is in compliance with the City Investment Policy and the California Government Code. Sector Allocation & Compliance Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of June 2018. Security Type Market Value as of June 30, 2020 % of Portfolio % Change Since March 31, 2020 Permitted by Policy In Compliance U.S. Treasury $15,156,453 47.1%-3.3%100% Federal Agency $703,810 2.2%2.2%100% Agency CMO/MBS $875,208 2.7%100% Supranationals $732,090 2.3%30% Municipal $246,070 0.8% -0.2% - 0.4%100% Asset-Backed $3,380,951 10.5%-0.1%20% Negotiable CDs $3,325,021 10.3%-1.4%30% Corporate Notes $7,667,424 23.8%3.4%30% Security Sub-Total $32,087,026 99.7% Accrued Interest $110,212 Securities Total $32,197,238 CAMP Pool $92,083 0.3%-1.0% Total Investments $32,289,322 100.0% 8 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Snapshot Portfolio Statistics As of June 30, 2020 $30,984,568 $32,289,322 $32,087,026 $110,212 - Accrued Interest: Cash: Par Value: Total Market Value: Security Market Value: CAMP $92,084 $31,023,055 0.66% 2.19% AAAverage Credit: * Yield at Cost: Amortized Cost: Yield at Market: Effective Duration:2.49 Years Average Maturity:2.81 Years 6.7% A 9.2% A- 3.7% A+ 4.6% A-1 4.5% A-1+ 1.8% AA- 53.8% AA+ 11.9% AAA 0.3% AAAm 2.7% BBB+ 0.9% Not Rated 0% 5% 10% 15% 20% 25% 30% 35% 0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years 20.5% 3.6% 31.6% 15.0% 29.3% 0.0% Maturity Distribution 10.5% Asset-Backed 10.3% Certificate of Deposit 23.8% Corporate 2.7% Federal Agency/CMO 2.2% Federal Agency/GSE 0.3% Mny Mkt Fund / Pool 0.8% Municipal 2.3% Supra-Sov / Supra-Natl Agency 47.1% U.S. Treasury PFM Asset Management LLC * An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. **Securities in the portfolio are in compliance with California Government Code and the City's Investment Policy dated June 2018. Credit Quality (S&P Ratings)**Sector Allocation 9 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Composition Sector Allocation June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 15.2 47.1% 15.9 50.4% 14.4 46.5% 19.6 48.3% Corporate 7.7 23.8% 6.5 20.5% 6.8 21.9% 10.1 24.7% Asset-Backed 3.4 10.5% 3.4 10.6% 3.4 10.9% 3.4 8.3% Certificate of Deposit 3.3 10.3% 3.7 11.7% 4.8 15.4% 4.8 11.7% Federal Agency/CMO 0.9 2.7% 0.9 2.9% 0.7 2.2% 0.6 1.5% Supra-Sov / Supra-Natl Agency 0.7 2.3% 0.7 2.3% 0.7 2.4% 1.6 4.0% Federal Agency/GSE 0.7 2.2% 0.0 0.0% 0.0 0.0% 0.5 1.3% Municipal 0.2 0.8% 0.1 0.3% 0.1 0.3% 0.0 0.0% Mny Mkt Fund / Pool 0.1 0.3% 0.4 1.3% 0.1 0.4% 0.1 0.2% $32.2 100.0%$31.6 100.0%$30.9 100.0%$40.7 100.0%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June 2020 March 2020 December 2019 September 2019 Mny Mkt Fund / Pool Municipal Federal Agency/GSE Supra-Sov / Supra-Natl Agency Federal Agency/CMO Certificate of Deposit Asset-Backed Corporate U.S. Treasury PFM Asset Management LLC Detail may not add to total due to rounding. 10 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Composition Maturity Distribution As of June 30, 2020 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity CAMP-LAKE ELSINORE CITY FUNDS 0.66% 20.5% 3.6% 31.6% 15.0% 29.3% 0.0%2.81 yrs ICE BofAML 1-5 Year U.S. Treasury Index 0.19% 1.7% 33.6% 27.0% 19.0% 18.7% 0.0%2.73 yrs 0% 5% 10% 15% 20% 25% 30% 35% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 20.5% 3.6% 31.6% 15.0% 29.3% 0.0% 1.7% 33.6% 27.0% 19.0%18.7% 0.0% CAMP-LAKE ELSINORE CITY FUNDS ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC 11 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark Annualized Return 10 Year1 Year 3 Year 5 Year Since Inception (09/30/10) ** Current Quarter CAMP-LAKE ELSINORE CITY FUNDS 2.49 1.53%-5.49%3.48%2.63%2.06% ICE BofAML 1-5 Year U.S. Treasury Index 2.58 0.29%-5.25%3.23%2.31%1.75% Difference 0.24% 1.24%0.25%0.32%-0.31% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 1.53% 5.49% 3.48% 2.63% 2.06% 0.29% 5.25% 3.23% 2.31% 1.75%Total ReturnCAMP-LAKE ELSINORE CITY FUNDS ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. **Since Inception performance is not shown for periods less than one year. 12 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Performance Portfolio Earnings Quarter-Ended June 30, 2020 Market Value Basis Accrual (Amortized Cost) Basis Net Purchases/Sales Change in Value Interest Earned $31,627,672.07 $232,451.75 $318,985.96 $169,121.65 $488,107.61 $32,179,109.78 $30,734,272.89 $232,451.75 $56,330.65 $169,121.65 $225,452.30 $31,023,055.29 Portfolio Earnings Beginning Value (03/31/2020) Ending Value (06/30/2020) PFM Asset Management LLC 13 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Investment Strategy Outlook A cloud of uncertainty hangs over the U.S. and global economies entering the second half of 2020. Economic data has rebounded significantly from the April lows but remains well below pre-pandemic levels. •To recapture previous economic highs, it will be important that COVID-19 hotspots are contained so that public confidence can be restored. Considering these uncertainties, we plan on structuring portfolios to have neutral durations to their respective benchmarks. Our outlook for major investment grade sectors includes the following: •We plan to focus the majority of new federal agency purchases in maturities beyond three years as yield spreads on shorter maturities are now back near pre-pandemic levels. Some callable agencies also appear to have value given low yields and narrowing yield spreads. •Supranationals look expensive along most of the curve, although some shorter maturity issues offer decent yield pick-ups relative to agencies. New issues remain the preferred outlet for new allocations. •The investment grade corporate market should continue to benefit from Fed support moving into the third quarter. Yield spreads for shorter corporates are back to near pre-crisis levels, but the credit curve is relatively steep. As a result, longer maturity corporates appear attractive, as the “roll down” effect in the credit curve is back in play. We will continue our enhanced due diligence to track the progress of individual issuers as they navigate the recovery phase of the coronavirus pandemic. •ABS allocations are expected to remain stable. Liquidity has improved and spreads have narrowed due to Fed support. However, we continue to carefully follow consumer trends for signs of material deterioration in collateral performance. •The agency MBS sector continues to benefit from the Fed’s large-scale purchase program, which the central bank has signaled will continue in the coming months. However, near-term prepayment risk remains elevated in the low rate environment as refinancings remain robust. Allocations to the sector will likely be maintained, with additions focused on structures that mitigate prepayment risk. •While tax-exempt municipal spreads have narrowed to historical levels and are no longer attractive, taxable municipals appear to be one of the more attractive investment-grade sectors available for purchase. Value remains, and supply is expected to pick up over the coming months. As a result, we expect to add to the sector through participation in new issues. Outlook 14 Issuer Distribution CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Composition Issuer Distribution As of June 30, 2020 Market Value ($)% of PortfolioIssuer UNITED STATES TREASURY 15,156,453 47.1% CAPITAL ONE FINANCIAL CORP 821,720 2.6% SWEDBANK AB 805,594 2.5% WESTPAC BANKING CORP 741,341 2.3% FREDDIE MAC 720,044 2.2% CARMAX AUTO OWNER TRUST 714,185 2.2% JP MORGAN CHASE & CO 701,187 2.2% ROYAL BANK OF CANADA 693,845 2.2% BANK OF MONTREAL 672,008 2.1% APPLE INC 560,738 1.7% GM FINANCIAL SECURITIZED TERM 545,135 1.7% FANNIE MAE 508,109 1.6% AMAZON.COM INC 478,662 1.5% MORGAN STANLEY 441,881 1.4% GOLDMAN SACHS GROUP INC 441,048 1.4% PNC FINANCIAL SERVICES GROUP 435,914 1.4% AMERICAN HONDA FINANCE 419,644 1.3% THE WALT DISNEY CORPORATION 414,182 1.3%Top 5 = 56.7%Top 10 = 67.1% PFM Asset Management LLC 15 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Composition Market Value ($)% of PortfolioIssuer THE BANK OF NEW YORK MELLON CORPORATION 413,215 1.3% SKANDINAVISKA ENSKILDA BANKEN AB 412,233 1.3% NATIONAL RURAL UTILITIES CO FINANCE CORP 406,488 1.3% INTERNATIONAL FINANCE CORPORATION 406,378 1.3% BANK OF AMERICA CO 404,017 1.3% HONDA AUTO RECEIVABLES 383,893 1.2% FEDERAL HOME LOAN BANKS 350,864 1.1% DEERE & COMPANY 335,572 1.0% VOLKSWAGEN OF AMERICA 332,631 1.0% TRUIST FIN CORP 328,563 1.0% INTL BANK OF RECONSTRUCTION AND DEV 325,712 1.0% UNILEVER PLC 305,226 1.0% BMW FINANCIAL SERVICES NA LLC 304,960 1.0% IBM CORP 304,132 1.0% PEPSICO INC 283,556 0.9% GM FINANCIAL AUTO LEASING TRUST 278,427 0.9% CHARLES SCHWAB 240,264 0.8% AMERICAN EXPRESS CO 202,660 0.6% HERSHEY COMPANY 179,266 0.6% PACCAR FINANCIAL CORP 143,189 0.4% STATE OF CONNECTICUT 140,543 0.4% PFM Asset Management LLC 16 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Composition Market Value ($)% of PortfolioIssuer STATE STREET CORPORATION 126,713 0.4% CHAFFEY CA JT UNION HS DIST 105,527 0.3% CAMP POOL 92,084 0.3% TOYOTA MOTOR CORP 50,869 0.2% WELLS FARGO & COMPANY 50,438 0.2% 32,179,110 100.0%Grand Total: PFM Asset Management LLC 17 Portfolio Transactions CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Activity Quarterly Portfolio Transactions Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/1/20 4/1/20 270,000.00 06051GGS2 BANK OF AMERICA CORP (CALLABLE)INTEREST 10/1/21 3,142.80 2.32% 4/1/20 4/1/20 675,000.00 46647PBB1 JPMORGAN CHASE & CO BONDSINTEREST 4/1/23 10,823.63 3.20% 4/1/20 4/25/20 173,371.90 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 517.88 3.56% 4/1/20 4/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 637.92 3.06% 4/1/20 4/25/20 120,499.13 3137FKK39 FHMS KP05 AINTEREST 7/1/23 321.63 3.20% 4/1/20 4/25/20 106,128.67 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 185.02 2.09% 4/1/20 4/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 4/1/20 4/25/20 391.00 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 391.00 0.00 3.56% 4/1/20 4/25/20 1,955.01 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,955.01 0.00 3.56% 4/1/20 4/25/20 391.00 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 391.00 0.00 3.56% 4/1/20 4/25/20 169.81 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 169.81 0.00 2.09% 4/1/20 4/25/20 7,153.84 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 7,153.84 0.00 3.20% 4/13/20 4/13/20 50,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 4/13/21 737.50 2.95% 4/15/20 4/15/20 350,000.00 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 4/15/20 4/15/20 200,000.00 06406FAA1 BANK OF NEW YORK MELLON CORP (CALLABLE)INTEREST 4/15/21 2,500.00 2.50% 4/15/20 4/15/20 375,000.00 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 4/15/20 4/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 4/15/20 4/15/20 350,000.00 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 4/15/20 4/15/20 280,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTEINTEREST 4/15/21 2,800.00 2.00% 4/15/20 4/16/20 350,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESBUY 4/14/25 (348,264.00) 0.60%0.50% PFM Asset Management LLC 18 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/16/20 4/16/20 270,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 4/16/20 4/16/20 300,000.00 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 755.00 3.02% 4/16/20 4/16/20 5,707.01 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 5,707.01 0.00 3.02% 4/19/20 4/19/20 25,000.00 06051GFW4 BANK OF AMERICA CORP NOTEINTEREST 4/19/21 328.13 2.62% 4/20/20 4/20/20 325,000.00 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 4/20/20 4/20/20 275,000.00 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 4/20/20 4/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 4/22/20 4/24/20 350,000.00 3135G03U5 FANNIE MAE NOTESBUY 4/22/25 (349,279.00) 0.67%0.62% 4/22/20 4/24/20 300,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 314,413.42 20,434.99 1.62% 4/24/20 4/24/20 200,000.00 06406RAL1 BANK OF NY MELLON CORPINTEREST 10/24/24 2,100.00 2.10% 4/29/20 4/29/20 400,000.00 61746BDQ6 MORGAN STANLEY CORP NOTESINTEREST 4/29/24 7,750.00 3.87% 4/30/20 4/30/20 2,650,000.00 912828T91 US TREASURY NOTESINTEREST 10/31/23 21,531.25 1.62% 5/1/20 5/25/20 113,345.29 3137FKK39 FHMS KP05 AINTEREST 7/1/23 302.54 3.20% 5/1/20 5/25/20 105,958.86 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 241.82 2.09% 5/1/20 5/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 5/1/20 5/25/20 170,634.89 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 539.90 3.56% 5/1/20 5/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 637.92 3.06% 5/1/20 5/25/20 1,975.46 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,975.46 0.00 3.56% 5/1/20 5/25/20 210.98 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 210.98 0.00 3.20% 5/1/20 5/25/20 2,445.97 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 2,445.97 0.00 2.09% 5/1/20 5/25/20 9,877.31 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 9,877.32 (0.01)3.56% 5/1/20 5/25/20 1,975.46 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,975.46 0.00 3.56% PFM Asset Management LLC 19 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 5/5/20 5/5/20 200,000.00 0258M0EB1 AMERICAN EXPRESS CREDIT (CALLABLE) NOTESINTEREST 5/5/21 2,250.00 2.25% 5/10/20 5/10/20 200,000.00 05531FAV5 BRANCH BANKING & TRUST (CALLABLE) NOTEINTEREST 5/10/21 2,050.00 2.05% 5/10/20 5/10/20 140,000.00 69371RP26 PACCAR FINANCIAL CORPINTEREST 5/10/21 2,170.00 3.10% 5/11/20 5/13/20 550,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTESBUY 5/11/25 (551,139.88) 1.08%1.12% 5/11/20 5/13/20 500,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 525,010.57 34,401.87 1.62% 5/15/20 5/15/20 350,000.00 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 5/15/20 5/15/20 375,000.00 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 5/15/20 5/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 5/15/20 5/15/20 350,000.00 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 5/15/20 5/15/20 175,000.00 427866BA5 HERSHEY COMPANY CORP NOTESINTEREST 5/15/21 2,712.50 3.10% 5/16/20 5/16/20 270,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 5/16/20 5/16/20 294,292.99 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 740.64 3.02% 5/16/20 5/16/20 13,188.78 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 13,188.78 0.00 3.02% 5/17/20 5/17/20 105,000.00 06051GHH5 BANK OF AMERICA CORP NOTESINTEREST 5/17/22 1,836.98 3.49% 5/18/20 5/18/20 800,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSINTEREST 11/16/20 9,180.89 2.27% 5/19/20 5/19/20 125,000.00 857477AV5 STATE STREET CORP NOTESINTEREST 5/19/21 1,218.75 1.95% 5/20/20 5/20/20 275,000.00 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 5/20/20 5/20/20 325,000.00 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 5/20/20 5/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 5/21/20 5/21/20 235,000.00 808513AW5 CHARLES SCHWAB CORP NOTESINTEREST 5/21/21 3,818.75 3.25% 5/29/20 6/11/20 60,000.00 20772KJW0 CT ST TXBL GO BONDSBUY 7/1/24 (60,000.00) 2.00%1.99% 5/31/20 5/31/20 6,900,000.00 912828R69 US TREASURY N/B NOTESINTEREST 5/31/23 56,062.50 1.62% PFM Asset Management LLC 20 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 6/1/20 6/25/20 156,806.65 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 470.23 3.56% 6/1/20 6/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 6/1/20 6/25/20 103,512.89 3137FQ3V3 FHMS KJ27 A1INTEREST 7/25/24 180.46 2.09% 6/1/20 6/25/20 113,134.31 3137FKK39 FHMS KP05 AINTEREST 7/1/23 301.97 3.20% 6/1/20 6/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/25/24 637.92 3.06% 6/1/20 6/25/20 2,513.69 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 2,513.69 0.00 3.56% 6/1/20 6/25/20 502.74 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 502.74 0.00 3.56% 6/1/20 6/25/20 13,116.86 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 13,116.86 0.00 3.20% 6/1/20 6/25/20 502.74 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 502.74 0.00 3.56% 6/1/20 6/25/20 169.47 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/25/24 169.47 0.00 2.09% 6/3/20 6/5/20 475,000.00 023135BQ8 AMAZON.COM INC CORPORATE NOTESBUY 6/3/25 (474,788.36) 0.81%0.80% 6/5/20 6/5/20 30,000.00 06417GU22 BANK OF NOVA SCOTIA HOUSTON CDMATURITY 6/5/20 30,462.00 0.00 3.08% 6/5/20 6/5/20 50,000.00 06417GU22 BANK OF NOVA SCOTIA HOUSTON CDMATURITY 6/5/20 50,770.00 0.00 3.08% 6/5/20 6/5/20 300,000.00 06417GU22 BANK OF NOVA SCOTIA HOUSTON CDMATURITY 6/5/20 304,620.00 0.00 3.08% 6/7/20 6/7/20 675,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDINTEREST 6/7/21 10,935.00 3.24% 6/7/20 6/7/20 50,000.00 94974BGR5 WELLS FARGO & COMPANY NOTESINTEREST 12/7/20 637.50 2.55% 6/12/20 6/25/20 75,000.00 20772KKK4 CT ST T/E GO BONDSBUY 6/1/25 (78,822.75) 0.94%2.00% 6/15/20 6/15/20 375,000.00 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 6/15/20 6/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 6/15/20 6/15/20 350,000.00 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 6/15/20 6/15/20 350,000.00 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 6/15/20 6/15/20 3,795.32 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 3,795.32 0.00 3.13% PFM Asset Management LLC 21 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 6/16/20 6/16/20 270,000.00 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 6/16/20 6/16/20 281,104.21 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 707.45 3.02% 6/16/20 6/16/20 16,472.90 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 16,472.90 0.00 3.02% 6/20/20 6/20/20 275,000.00 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 6/20/20 6/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 6/20/20 6/20/20 325,000.00 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 6/22/20 6/22/20 25,000.00 24422ETS8 JOHN DEERE CAPITAL CORP NOTESMATURITY 6/22/20 25,243.75 0.00 1.95% 6/27/20 6/27/20 400,000.00 02665WCZ2 AMERICAN HONDA FINANCE CORP NOTEINTEREST 6/27/24 4,800.00 2.40% 6/30/20 6/30/20 10,000.00 912828A83 US TREASURY NOTESINTEREST 12/31/20 118.75 2.37% 6/30/20 6/30/20 15,000.00 912828N48 US TREASURY NOTESINTEREST 12/31/20 131.25 1.75% 6/30/20 6/30/20 4,825,000.00 912828XX3 US TREASURY N/B NOTESINTEREST 6/30/24 48,250.00 2.00% TOTALS (300,902.23) 54,836.85 PFM Asset Management LLC 22 Portfolio Holdings CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity U.S. Treasury Bond / Note AA+Aaa 3/30/2016 3/31/2016 10,502.34 0.65 10,052.95 10,109.382.51US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 912828A83 10,000.00 AA+ Aaa 5/27/2016 5/31/2016 15,268.94 0.71 15,029.38 15,117.192.24US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 912828N48 15,000.00 AA+ Aaa 5/1/2019 5/3/2019 1,488,304.69 2,098.96 1,498,778.50 1,589,335.942.25US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,525,000.00 AA+ Aaa 4/1/2019 4/5/2019 1,070,050.78 1,514.00 1,078,994.09 1,146,406.252.32US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,100,000.00 AA+ Aaa 6/3/2019 6/7/2019 3,050,856.45 4,232.33 3,057,332.37 3,204,726.561.83US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 3,075,000.00 AA+ Aaa 3/4/2019 3/6/2019 1,156,453.12 1,651.64 1,170,049.20 1,250,625.002.53US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,200,000.00 AA+ Aaa 7/1/2019 7/3/2019 1,639,107.42 4,517.33 1,641,615.26 1,728,375.001.78US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,650,000.00 AA+ Aaa 10/2/2019 10/4/2019 1,005,742.19 2,737.77 1,004,696.40 1,047,500.001.48US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,000,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 17.66 333,026.12 347,851.561.36US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 325,000.00 AA+ Aaa 11/1/2019 11/6/2019 1,326,304.69 70.65 1,322,617.70 1,391,406.251.55US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 1,300,000.00 AA+ Aaa 1/2/2020 1/7/2020 2,739,761.72 146.74 2,735,484.18 2,889,843.751.66US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 2,700,000.00 AA+ Aaa 3/2/2020 3/6/2020 524,355.47 27.17 522,548.50 535,156.250.85US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 500,000.00 1.84 15,156,453.13 14,390,224.65 17,015.61 14,400,000.00 14,360,531.05Security Type Sub-Total Supra-National Agency Bond / Note AAA Aaa 9/12/2017 9/19/2017 149,640.00 708.96 149,975.87 150,328.502.45INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 150,000.00 PFM Asset Management LLC 23 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Supra-National Agency Bond / Note AAA Aaa 9/12/2017 9/19/2017 49,880.00 236.32 49,991.20 50,109.501.64INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 50,000.00 AAA Aaa 9/12/2017 9/19/2017 124,700.00 590.80 124,979.89 125,273.752.45INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 125,000.00 AAA Aaa 3/9/2018 3/16/2018 49,962.50 409.89 49,991.36 50,797.302.97INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 50,000.00 AAA Aaa 3/9/2018 3/16/2018 49,962.50 409.89 49,991.36 50,797.302.97INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 50,000.00 AAA Aaa 3/9/2018 3/16/2018 299,775.00 2,459.33 299,948.14 304,783.802.66INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 300,000.00 2.55 732,090.15 724,877.82 4,815.19 725,000.00 723,920.00Security Type Sub-Total Municipal Bond / Note A A1 5/29/2020 6/11/2020 60,000.00 66.60 60,000.00 61,944.002.00CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 20772KJW0 60,000.00 AA- Aa1 11/6/2019 12/5/2019 100,000.00 875.42 100,000.00 105,527.002.10CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 157411TK5 100,000.00 A A1 6/12/2020 6/25/2020 78,822.75 25.00 78,810.02 78,598.500.94CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 20772KKK4 75,000.00 1.70 246,069.50 238,810.02 967.02 235,000.00 238,822.75Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation AA+ Aaa 4/11/2018 4/30/2018 22,333.79 64.96 22,045.70 22,166.163.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 21,898.21 PFM Asset Management LLC 24 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Federal Agency Collateralized Mortgage Obligation AA+Aaa 4/11/2018 4/30/2018 22,333.79 64.96 22,045.70 22,166.163.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 21,898.21 AA+ Aaa 4/11/2018 4/30/2018 111,668.93 324.82 110,228.47 110,830.812.93FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 109,491.06 AA+ Aaa 4/4/2018 4/9/2018 161,362.50 412.00 160,658.33 164,493.902.88FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 160,000.00 AA+ Aaa 4/4/2018 4/9/2018 35,298.05 90.12 35,144.01 35,983.043.09FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 35,000.00 AA+ Aaa 4/4/2018 4/9/2018 35,298.05 90.12 35,144.01 35,983.043.08FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 35,000.00 AA+ Aaa 12/7/2018 12/17/2018 100,017.15 266.96 100,017.25 103,213.013.20FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 100,017.45 AA+ Aaa 11/20/2019 11/26/2019 103,340.94 180.16 103,341.26 105,845.462.09FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/25/2024 3137FQ3V3 103,343.42 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 637.92 261,683.78 274,525.961.97FHMS K043 A2 DTD 03/01/2015 3.062% 12/25/2024 3137BGK24 250,000.00 2.57 875,207.54 850,308.51 2,132.02 836,648.35 854,036.01Security Type Sub-Total Federal Agency Bond / Note AA+ Aaa 4/15/2020 4/16/2020 348,264.00 364.58 348,336.33 350,863.800.60FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 3130AJHU6 350,000.00 AA+ Aaa 4/22/2020 4/24/2020 349,279.00 407.12 349,305.88 352,946.300.67FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 3135G03U5 350,000.00 0.63 703,810.10 697,642.21 771.70 700,000.00 697,543.00Security Type Sub-Total Corporate Note A- A2 5/6/2016 5/10/2016 51,108.00 85.00 50,108.78 50,437.502.96WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 94974BGR5 50,000.00 PFM Asset Management LLC 25 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A-A3 10/23/2017 10/26/2017 74,965.50 671.87 74,993.79 75,634.872.17BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 75,000.00 A- A3 10/23/2017 10/26/2017 24,988.50 223.96 24,997.93 25,211.633.00BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 25,000.00 A- A3 10/23/2017 10/26/2017 24,988.50 223.96 24,997.93 25,211.633.00BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 25,000.00 A A2 2/1/2018 2/6/2018 299,853.00 3,224.17 299,970.60 304,131.902.67IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 44932HAG8 300,000.00 A A2 4/12/2018 4/19/2018 24,894.25 213.47 24,974.38 25,405.483.18NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 A A2 2/21/2018 2/26/2018 24,972.25 213.47 24,993.59 25,405.483.17NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 A A2 2/21/2018 2/26/2018 24,894.25 213.47 24,975.58 25,405.473.17NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 A A2 4/12/2018 4/19/2018 24,972.25 213.47 24,993.28 25,405.473.18NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 A A2 4/12/2018 4/19/2018 174,259.75 1,494.31 174,820.69 177,838.323.05NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 175,000.00 A A2 2/21/2018 2/26/2018 124,861.25 1,067.36 124,967.96 127,027.382.94NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 125,000.00 A+ A1 3/19/2018 3/22/2018 298,467.00 2,268.75 299,630.74 305,225.702.93UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 904764AZ0 300,000.00 A+ A1 4/10/2018 4/13/2018 49,980.00 319.58 49,994.78 50,869.353.05TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 89236TEU5 50,000.00 A+ A1 10/5/2017 10/10/2017 39,992.00 168.89 39,998.20 40,507.962.78PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 40,000.00 PFM Asset Management LLC 26 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A+A1 10/5/2017 10/10/2017 199,960.00 844.44 199,991.02 202,539.802.01PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 200,000.00 A+ A1 10/5/2017 10/10/2017 39,992.00 168.89 39,998.20 40,507.962.78PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 40,000.00 A A1 5/16/2016 5/19/2016 51,149.00 263.89 50,167.68 50,751.102.90BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 50,000.00 A A1 5/16/2016 5/19/2016 51,149.00 263.89 50,167.68 50,751.102.90BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 50,000.00 A A1 5/16/2016 5/19/2016 102,326.00 527.78 100,362.54 101,502.202.00BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 100,000.00 A- A2 11/1/2017 11/3/2017 25,194.00 131.25 25,044.85 25,437.982.39BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 06051GFW4 25,000.00 A- A2 5/25/2016 5/31/2016 199,536.00 700.00 199,920.60 202,660.402.30AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 0258M0EB1 200,000.00 A- A3 5/10/2016 5/16/2016 24,983.50 72.60 24,997.16 25,313.152.78BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 25,000.00 A- A3 5/10/2016 5/16/2016 24,983.50 72.60 24,997.16 25,313.152.78BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 25,000.00 A- A3 5/10/2016 5/16/2016 149,901.00 435.62 149,982.97 151,878.902.06BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 150,000.00 A+ A1 5/7/2018 5/10/2018 19,994.80 87.83 19,998.51 20,455.523.07PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 20,000.00 PFM Asset Management LLC 27 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A+A1 5/7/2018 5/10/2018 99,974.00 439.16 99,992.57 102,277.603.11PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 100,000.00 A+ A1 5/7/2018 5/10/2018 19,994.80 87.83 19,998.51 20,455.523.07PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 20,000.00 A A1 5/3/2018 5/10/2018 24,982.75 99.03 24,995.02 25,609.453.09HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 A A1 5/3/2018 5/10/2018 124,913.75 495.14 124,975.09 128,047.253.12HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 125,000.00 A A1 5/3/2018 5/10/2018 24,982.75 99.03 24,995.02 25,609.453.09HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 A A1 5/19/2016 5/24/2016 24,905.50 56.88 24,983.29 25,342.632.64STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 A A1 5/19/2016 5/24/2016 74,716.50 170.63 74,949.87 76,027.872.03STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 75,000.00 A A1 5/19/2016 5/24/2016 24,905.50 56.88 24,983.29 25,342.632.64STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 A A2 5/17/2018 5/22/2018 199,994.00 722.22 199,998.22 204,480.003.25CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 200,000.00 A A2 5/17/2018 5/22/2018 34,998.95 126.39 34,999.69 35,784.003.18CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 35,000.00 A- A2 9/13/2017 9/18/2017 35,000.00 203.70 35,000.00 35,141.012.92BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 35,000.00 A- A2 9/13/2017 9/18/2017 200,000.00 1,164.00 200,000.00 200,805.802.33BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 200,000.00 A- A2 9/13/2017 9/18/2017 35,000.00 203.70 35,000.00 35,141.022.92BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 35,000.00 A A2 3/10/2017 3/15/2017 49,779.50 644.10 49,930.51 51,626.403.04JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 50,000.00 A A2 3/10/2017 3/15/2017 273,787.25 3,542.53 274,617.83 283,945.202.75JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 275,000.00 PFM Asset Management LLC 28 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A-A2 5/14/2018 5/17/2018 15,000.00 64.15 15,000.00 15,355.943.52BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 15,000.00 A- A2 5/14/2018 5/17/2018 75,000.00 320.74 75,000.00 76,779.673.50BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 75,000.00 A- A2 5/14/2018 5/17/2018 15,000.00 64.15 15,000.00 15,355.943.52BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 15,000.00 A- A2 3/15/2019 3/22/2019 675,000.00 5,411.81 675,000.00 701,186.633.21JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 46647PBB1 675,000.00 A- A3 2/12/2019 2/15/2019 402,848.00 6,144.44 402,055.05 435,914.403.34PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 693475AV7 400,000.00 BBB+ A3 7/19/2019 7/23/2019 422,916.00 2,669.44 418,390.68 441,880.802.59MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 400,000.00 A- A3 7/11/2019 7/15/2019 398,016.00 106.67 398,402.05 419,644.402.51AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 02665WCZ2 400,000.00 BBB+ A3 7/8/2019 7/11/2019 418,632.00 7,400.56 414,995.49 441,047.602.84GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 38141EC23 400,000.00 A- A2 9/3/2019 9/6/2019 398,368.00 2,391.67 398,636.11 414,182.401.83WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 254687FK7 400,000.00 A A1 1/21/2020 1/28/2020 200,880.00 781.67 200,801.20 210,210.602.00BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 06406RAL1 200,000.00 AA+ Aa1 5/11/2020 5/13/2020 551,105.50 859.38 551,075.31 560,738.201.08APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 037833DT4 550,000.00 AA- A2 6/3/2020 6/5/2020 474,767.25 295.56 474,770.57 478,661.780.81AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 023135BQ8 475,000.00 2.49 7,667,423.59 7,438,591.97 48,791.98 7,405,000.00 7,447,833.30Security Type Sub-Total Certificate of Deposit PFM Asset Management LLC 29 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Certificate of Deposit A-1+P-1 8/3/2017 8/7/2017 540,000.00 4,428.00 540,000.00 540,978.482.05WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 540,000.00 A-1+ P-1 8/3/2017 8/7/2017 100,000.00 820.00 100,000.00 100,181.202.61WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 100,000.00 A-1+ P-1 8/3/2017 8/7/2017 100,000.00 820.00 100,000.00 100,181.202.61WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 100,000.00 A-1 P-1 8/1/2018 8/3/2018 670,000.00 19,651.29 670,000.00 672,007.993.19BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 06370REU9 670,000.00 A-1 P-1 11/16/2017 11/17/2017 600,000.00 1,664.67 600,000.00 604,195.202.27SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 600,000.00 A-1 P-1 11/16/2017 11/17/2017 100,000.00 277.45 100,000.00 100,699.203.01SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 100,000.00 A-1 P-1 11/16/2017 11/17/2017 100,000.00 277.45 100,000.00 100,699.203.01SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 100,000.00 A-1+ P-1 6/7/2018 6/8/2018 50,000.00 108.00 50,000.00 51,395.952.98ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 50,000.00 A-1+ P-1 6/7/2018 6/8/2018 525,000.00 1,134.00 525,000.00 539,657.483.24ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 525,000.00 A-1+ P-1 6/7/2018 6/8/2018 100,000.00 216.00 100,000.00 102,791.902.98ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 100,000.00 A+ Aa2 8/29/2019 9/3/2019 400,000.00 2,604.00 400,000.00 412,233.201.85SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 83050PDR7 400,000.00 2.62 3,325,021.00 3,285,000.00 32,000.86 3,285,000.00 3,285,000.00Security Type Sub-Total Asset-Backed Security PFM Asset Management LLC 30 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Asset-Backed Security AAA Aaa 10/10/2018 10/17/2018 299,997.33 308.00 299,998.66 304,959.903.36BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 300,000.00 AAA Aaa 9/18/2018 9/26/2018 274,964.97 277.29 274,981.16 278,426.833.30GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 36256GAE9 275,000.00 AAA Aaa 11/20/2018 11/28/2018 374,943.94 526.67 374,965.52 383,892.833.16HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 375,000.00 AAA Aaa 11/15/2018 11/21/2018 324,986.35 322.74 324,991.33 332,631.203.25VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 325,000.00 AAA NR 7/11/2018 7/18/2018 264,569.60 332.99 264,594.59 269,270.803.03GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 264,631.31 AAA NR 7/18/2018 7/25/2018 346,157.50 481.61 346,176.18 353,592.033.13CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 346,204.68 AAA NR 10/17/2018 10/24/2018 349,996.78 522.67 349,997.89 360,593.143.36CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 350,000.00 NR Aaa 1/8/2019 1/16/2019 269,970.11 334.13 269,979.12 275,864.402.97GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 270,000.00 AAA NR 8/28/2019 9/5/2019 799,798.56 611.56 799,832.02 821,720.001.73COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 800,000.00 2.84 3,380,951.13 3,305,516.47 3,717.66 3,305,835.99 3,305,385.14Security Type Sub-Total 30,913,071.25 30,892,484.34 110,212.04 30,930,971.65 32,087,026.14 2.19 Managed Account Sub Total Money Market Mutual Fund AAAm NR 92,083.64 0.00 92,083.64 92,083.64CAMP Pool 92,083.64 92,083.64 92,083.64 0.00 92,083.64 92,083.64Money Market Sub Total $110,212.04 $31,023,055.29 $32,179,109.78 Securities Sub-Total Accrued Interest $110,212.04 Total Investments $32,289,321.82 2.19%$30,984,567.98 $31,005,154.89 PFM Asset Management LLC 31 Appendix CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Appendix 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. Dime à 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. à 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. à 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. à Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets. à Money market fund/cash balances are included in performance and duration computations. à Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings. à 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. à MBS maturities are represented by expected average life. PFM Asset Management LLC 32 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Appendix GLOSSARY à ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made. à AGENCIES: Federal agency securities and/or Government-sponsored enterprises. à 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. à 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. à COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. à 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. à EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years. à 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. à FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount. à INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage. à MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date. à MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. à NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets. à PAR VALUE: The nominal dollar face amount of a security. à 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. PFM Asset Management LLC 33 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2020 Appendix GLOSSARY à 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. à 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. à TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place. à UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place. à U.S. TREASURY: The department of the U.S. government that issues Treasury securities. à 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. à 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. à 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. PFM Asset Management LLC 34