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Item No. 06 Investment Report January 2021
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: TMP 21-053 Agenda Date: 3/9/2021 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 6) CC Investment Report for January 2021 Receive and file. Page 1 City of Lake Elsinore Printed on 3/4/2021 REPORT TO CITY COUNCIL To: Honorable Mayor and Members of the City Council From: Jason Simpson, City Manager Prepared by: Andrew Zavala, Accountant I Approved by: Shannon Buckley, Assistant Administrative Services Director Date: March 9, 2021 Subject: Investment Report for January 2021 Recommendation Receive and file the Investment Report for January 2021. Background and Discussion The Investment Report is a listing of all funds invested for the City as of the date shown on the report. Additionally, this report includes the City’s Investment Performance Review for the Quarter Ended December 31, 2020. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for January 2021 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 2,318,507$ 868,700$ (465,983)$ 2,721,223$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 2,318,507 868,700 (465,983) 2,722,523 INVESTMENTS Local Agency Investment Fund 27,899,134 - - 27,899,134 CAMP Investments: CAMP Pool Account 644,988 - - 644,988 U.S. Treasury Bond / Note 10,326,556 - - 10,326,556 Supra-National Agency Bond / Note 898,625 - - 898,625 Municipal Bond / Note 1,329,846 - - 1,329,846 Federal Agency Collateralized Mortgage Obligation 658,955 - - 658,955 Federal Agency Bond / Note 6,060,687 - - 6,060,687 Corporate Notes 8,200,358 - - 8,200,358 Negotiable Certificate of Deposit 1,325,000 - - 1,325,000 Asset-Backed Security / Collaterized Mortgage 2,311,731 - - 2,311,731 Sub-total Investments 59,655,878 - - 59,655,878 Market Value Adjustment: Unrealized Gain/(Loss) at 12/31/2020 631,550 - - 631,550 Total Investments 60,287,428 - - 60,287,428 Total Pooled Cash and Investments 62,605,935$ 868,700$ (465,983)$ 63,009,951$ TOTAL POOLED CASH AND INVESTMENTS 63,009,951$ 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 February 19, 2021 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 JANUARY 31, 2021 FUND NO FUND NAME AMOUNT 100 General 8,622,996$ 103 The Anchor 334,966 106 Affordable Housing In Lieu 1,533,838 107 Developer Agreement Revenue 92,397 109 Road Maintenance and Rehabilitation (SB1)399,665 110 State Gas Tax 587,089 112 Measure A 1,347,392 114 SB1186 CASP Education Program 31,223 115 Traffic Safety 15,348 119 Animal Shelter DIF 14,308 121 T.R.I.P.-2014A 159 130 Lighting & Landscape Maintenance Fund - City-wide 792,704 135 Lighting & Landscape Maintenance - Dist. No. 1 1,449,904 140 Geothermal 11,874 155 CSA152 -- N.P.D.E.S.374,476 160 PEG Grant 41,025 180 Launch Pointe 158,043 202 La Strada RBBD 24,218 203 E.L.S.P. - S.T.I.F.3,256,168 205 Traffic Impact Fee 1,307,716 211 Storm Drain C.I.P. 701,860 221 Quimby Park C.I.P.599,114 231 Library C.I.P. 1,292,179 232 City Fire Protection 248,029 300 Insurance Service 1,401,290 305 Information Systems Service 625,129 310 Support Service 6,436 320 Facilities Service 706,524 331 CFD 2006-1CC Summerly Improvement Area CC 85,791 332 CFD 2006-1 Improvement Area B, Summerly 107,427 334 CFD 2015-5 Trieste - Far West Industries 85,405 336 CFD 2006-1FF Summerly Improvement Area FF 101,554 337 CFD 2016-2 Canyon Hills 524,292 338 CFD 2006-1 IA-JJ Summerly Improvement Area 160,841 339 CFD 2006-1 IA-KK Summerly Improvement Area 14,484 340 CFD 2006-1 IA-EE Summerly Improvement Area 135,954 345 CFD 2003-2 Improvement Area D, Canyon Hills 880,545 346 CFD 2014-1 Southshore 69,024 347 CFD 2006-1 Improvement Area A, Summerly 88,657 350 CFD 98-1 Summerhill 516,865 351 CFD 2006-1 IA-II Summerly Improvement 91,435 354 CFD 90-2 Tuscany Hills 762,593 357 CFD 2003-2 Canyon Hills Improvement Area 429,904 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 JANUARY 31, 2021 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 JANUARY 31, 2021 366 CFD 2005-6 City Center Townhomes 123,874 368 CFD 2006-2 Viscaya 190,733 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 681,210 370 CFD 2006-1 IA-HH Summerly Improvement 167,270 371 CFD 2005-1 Serenity 228,507 372 CFD 2005-2 Alberhill Ranch Improvement Area 611,489 374 CFD 2005-4 Lakeview Villas 3,292 376 CFD 2006-3 La Strada 25,441 377 CFD 2006-6 Tessara 12,022 378 CFD 2006-8 Running Deer Estates 12,904 384 CFD 2003-2 Area B Canyon Hills Improvement Area 1,382,167 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 866,995 386 CFD 2007-4 Mekenna Court 86,862 387 CFD 2007-5 Red Kite 50,034 388 CFD 2007-6 Holiday Inn Express 10,308 390 CFD 2003-2 Area C Canyon Hills Improvement Area 341,280 392 CFD 95-1 City Center 65,464 393 AD 93-1 Cottonwood Hills 391,655 394 CFD 2005-5 (2012A) Wasson Canyon 192,329 395 CFD 2018-1 Wasson Canyon II Improvement Area 6,037 396 CFD 2018-2 Nichols Ranch Improvement Area 23,326 397 CFD 2018-3 Village at Lakeshore 9,889 398 CFD 2021-1 Tuscany Valley and Crest 60,000 500 Capital Improvement Plan 5,351,229 510 Successor To RDA Area I, II, & III 10,553,415 540 Successor To RDA Diamond Stadium 882,924 603 Endowment Trust - Carl Graves 57,483 604 Endowment Trust - Korn Memorial 34,121 605 Public Improvement Trust 1,573,439 606 Mobile Source Air Polution Reduction 434,316 608 Trust Deposit & Pre Paid Expense 568,309 617 Successor Agency Housing 6,593,980 620 Cost Recovery System 945,008 631 Lake Destratification Equipment Replacement 441,791 Total Pooled Cash & Investments 63,009,951$ MAXIMUM DIVERSIFICATION CURRENT TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE CAMP - Pooled Sweep Account Unlimited 1.08%644,988$ U.S. Treasury Bond / Note Unlimited 17.31%10,326,556$ Supra-National Agency Bond / Note 30%1.51%898,625$ Municipal Bond / Note Unlimited 2.23%1,329,846$ Federal Agency Collaterized Mortgage Obligation 40.00%1.10%658,955$ Federal Agency Bond / Note Unlimited 10.16%(1)6,060,687$ Corporate Note 30.00%13.75%8,200,358$ Negotiable Certificates of Deposit 30.00%2.22%1,325,000$ Asset-Backed Security / Collaterized Mortgage 20%3.88%2,311,731$ LAIF (Local Agency Investment Fund)$75 Million 46.77%(2)27,899,134$ TOTAL 100.00%59,655,878$ 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 JANUARY 31, 2021 Local Agency Investment Fund Jan 0.458 Dec 0.540 Nov 0.576 0.00001719170547343 1.002271318 LAIF Earnings Ratio(2): LAIF Fair Value Factor(1): PMIA Daily(1):0.49% 0.63LAIF Apportionment Rate(2): PMIA Quarter to Date(1):0.58% 165PMIA Average Life(1): Treasuries 59.49%Agencies 16.60% Certificates of Deposit/Bank Notes 13.19% Time Deposits 3.46% Commercial Paper 6.69% Loans 0.56% 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 02/11/21 Daily rates are now available here. View PMIA Daily Rates Quarterly Performance Quarter Ended 12/31/20 Chart does not include 0.01% of mortgages.Percentages may not total 100% due to rounding. Pooled Money Investment Account Monthly Portfolio Composition (1) 01/31/21 $124.0 billion Yield Purchase Date Maturity Rate 0.458%Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:3,890,944$ 24,008,190$ 27,899,134$ 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 JANUARY 31, 2021 CAMP Investment Portfolio For the Month Ending January 31, 2021Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 283,965.34 439,374.70 (78,442.31) 0.00 $644,897.73 CAMP Pool Unsettled Trades 0.00 49.30 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 32,068,479.48 0.00 (332,848.41) (43,125.89) $31,692,505.18 CAMP Managed Account Unsettled Trades 0.00 29,629.61 Cash Dividends and Income January 31, 2021 December 31, 2020 Asset Summary CAMP Pool 644,897.73 283,965.34 CAMP Managed Account 31,692,505.18 32,068,479.48 $32,337,402.91 $32,352,444.82 Total Asset Allocation 1.99% CAMP Pool 98.01% CAMP Managed Account Page 1 For the Month Ending January 31, 2021Managed 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 $283,965.34 439,374.70 (78,442.31) $644,897.73 49.30 $32,068,479.48 (332,848.41) 0.00 0.00 0.00 (43,125.89) $31,692,505.18 $32,352,444.82 $32,337,402.91 30,791.68 0.00 (1,162.07) $29,629.61 126,119.79 0.00 29,671.89 207,848.41 0.00 (363,640.09) 0.00 Managed Account Total 31,051,505.23 31,696,402.96 102,336.96 0.00 333,968.20 29,671.89 0.00 (31,392,238.60) (87,038.10) 0.00 102,336.96 78,442.31 333,968.20 29,671.89 (439,374.70) (31,676,203.94) (87,038.10) 49.30 Total Accrual Basis Earnings $38,205.58 $38,254.88 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending January 31, 2021Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 10,100,000.00 10,615,335.88 32.84 Supra-National Agency Bond / Note 900,000.00 901,429.90 2.79 Municipal Bond / Note 1,325,000.00 1,351,497.90 4.18 Federal Agency Collateralized Mortgage Obligation 643,821.79 676,137.15 2.09 Federal Agency Bond / Note 6,075,000.00 6,082,546.83 18.81 Corporate Note 8,015,000.00 8,369,762.21 25.88 Certificate of Deposit 1,325,000.00 1,343,584.60 4.15 Asset-Backed Security 2,312,063.79 2,352,210.71 7.27 Managed Account Sub-Total 30,695,885.58 31,692,505.18 98.01% Accrued Interest 102,336.96 Total Portfolio 30,695,885.58 31,794,842.14 CAMP Pool 644,897.73 644,897.73 1.99 Total Investments 31,340,783.31 32,439,739.87 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 7.27% ABS 4.15% Cert of Deposit 25.88% Corporate Note 2.09% Fed Agency CMO 18.81% Fed Agy Bond / Note 1.99% Mny Mkt Fund 4.18% Muni Bond / Note 2.79% Supra-National Agency Bond / Note 32.84% 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 12.06% 1.15% 4.33% 31.77%30.48% 20.21% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Weighted Average Days to Maturity 1083 1.49% 0.55% Page 3 For the Month Ending January 31, 2021Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 8.84% A 4.69% A+ 6.84% A- 2.11% A-1+ 1.25% AA 56.92% AA+ 1.81% AA- 9.83% AAA 1.99% AAAm 4.77% BBB+ 0.95% NR Issuer Summary Percentof HoldingsIssuer Market Value 255,980.70 0.79 ABBOTT LABORATORIES 478,686.95 1.48 AMAZON.COM INC 200,676.60 0.62 AMERICAN EXPRESS CO 424,458.00 1.31 AMERICAN HONDA FINANCE 562,613.15 1.74 APPLE INC 254,126.70 0.79 BANK OF AMERICA CO 265,134.26 0.82 BMW FINANCIAL SERVICES NA LLC 141,379.38 0.44 BRISTOL-MYERS SQUIBB CO 644,897.73 1.99 CAMP Pool 818,622.64 2.53 CAPITAL ONE FINANCIAL CORP 501,157.52 1.55 CARMAX AUTO OWNER TRUST 226,424.25 0.70 CATERPILLAR INC 105,030.00 0.32 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 236,589.31 0.73 CHARLES SCHWAB 247,647.38 0.77 CITIGROUP INC 250,442.25 0.77 CREDIT SUISSE GROUP RK 332,272.20 1.03 DEERE & COMPANY 1,719,374.92 5.32 FANNIE MAE 501,410.90 1.55 FEDERAL HOME LOAN BANKS 318,816.40 0.99 FLORIDA STATE BOARD OF ADMIN FIN CORP 4,537,898.16 14.03 FREDDIE MAC 250,413.08 0.77 GENERAL DYNAMICS CORP 330,510.09 1.02 GM FINANCIAL SECURITIZED TERM 438,133.20 1.35 GOLDMAN SACHS GROUP INC 176,445.33 0.55 HERSHEY COMPANY 239,326.49 0.74 HONDA AUTO RECEIVABLES 300,063.90 0.93 IBM CORP 401,000.40 1.24 INTERNATIONAL FINANCE CORPORATION 500,429.50 1.55 INTL BANK OF RECONSTRUCTION AND DEV 696,881.48 2.16 JP MORGAN CHASE & CO 140,575.40 0.43 LOS ANGELES COMMUNITY COLLEGE DISTRICT 441,534.40 1.37 MORGAN STANLEY Page 4 For the Month Ending January 31, 2021Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 401,353.60 1.24 NATIONAL RURAL UTILITIES CO FINANCE CORP 327,265.25 1.01 NEW YORK ST URBAN DEVELOPMENT CORP 182,459.55 0.56 PACCAR FINANCIAL CORP 280,630.00 0.87 PEPSICO INC 435,510.00 1.35 PNC FINANCIAL SERVICES GROUP 682,642.35 2.11 ROYAL BANK OF CANADA 131,370.20 0.41 SAN JUAN UNIFIED SCHOOL DISTRICT 410,500.00 1.27 SKANDINAVISKA ENSKILDA BANKEN AB 140,939.25 0.44 STATE OF CONNECTICUT 100,917.00 0.31 STATE OF MINNESOTA 125,626.75 0.39 STATE STREET CORPORATION 412,269.60 1.27 THE BANK OF NEW YORK MELLON CORPORATION 416,076.00 1.29 THE WALT DISNEY CORPORATION 251,007.10 0.78 TOYOTA MOTOR CORP 200,503.60 0.62 TRUIST FIN CORP 10,615,335.88 32.82 UNITED STATES TREASURY 86,584.40 0.27 UNIVERSITY OF CALIFORNIA 197,459.71 0.61 VOLKSWAGEN OF AMERICA $32,337,402.91 Total 100.00% Page 5 For the Month Ending January 31, 2021Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/31/2016 1.625% 05/31/2023 1,293,164.00 1,244,269.29 3,515.63 1,240,185.56 06/07/1906/03/19AaaAA+ 1,250,000.00 912828R69 1.83 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,040,312.50 1,003,866.72 4,174.72 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 1,716,515.63 1,643,096.54 6,888.30 1,639,107.42 07/03/1907/01/19AaaAA+ 1,650,000.00 912828T91 1.78 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 185,554.69 177,596.32 309.39 178,541.01 11/06/1911/01/19AaaAA+ 175,000.00 912828XX3 1.55 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 344,601.56 331,844.20 574.59 333,823.24 02/07/2002/03/20AaaAA+ 325,000.00 912828XX3 1.36 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 530,156.25 519,228.00 883.98 524,355.47 03/06/2003/02/20AaaAA+ 500,000.00 912828XX3 0.85 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2,862,843.75 2,730,258.77 4,773.48 2,739,761.72 01/07/2001/02/20AaaAA+ 2,700,000.00 912828XX3 1.66 US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 528,437.50 530,602.17 773.48 534,414.06 08/07/2008/05/20AaaAA+ 500,000.00 912828YY0 0.18 US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 2,113,750.00 2,113,888.42 3,093.92 2,130,625.00 07/06/2007/01/20AaaAA+ 2,000,000.00 912828YY0 0.28 24,987.49 10,615,335.88 10,294,650.43 1.28 10,326,555.67 10,100,000.00 Security Type Sub-Total Supra-National Agency Bond / Note INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 50,125.05 49,998.76 519.68 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 50,125.05 49,998.76 519.68 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.97 Page 6 For the Month Ending January 31, 2021Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Supra-National Agency Bond / Note INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 300,750.30 299,992.56 3,118.08 299,775.00 03/16/1803/09/18AaaAAA 300,000.00 45950VLQ7 2.66 INTL BK RECON & DEVELOP CORPORATE NOTES DTD 11/24/2020 0.250% 11/24/2023 500,429.50 498,992.74 232.64 498,925.00 11/24/2011/17/20AaaAAA 500,000.00 459058JM6 0.32 4,390.08 901,429.90 898,982.82 1.40 898,625.00 900,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 62,391.00 60,000.00 99.90 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 105,030.00 100,000.00 1,050.50 100,000.00 12/05/1911/06/19Aa1AA- 100,000.00 157411TK5 2.10 NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 327,265.25 325,000.00 298.46 325,000.00 12/23/2012/16/20NRAA+ 325,000.00 650036DT0 0.87 UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 86,584.40 85,000.00 158.45 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 78,548.25 78,353.92 250.00 78,822.75 06/25/2006/12/20A1A 75,000.00 20772KKK4 0.94 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 66,848.60 65,423.29 68.14 65,459.55 09/16/2009/03/20Aa3AA 65,000.00 341271AD6 1.11 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 87,417.40 85,519.08 89.11 85,563.55 09/16/2009/03/20Aa3AA 85,000.00 341271AD6 1.12 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 164,550.40 160,000.00 167.73 160,000.00 09/16/2009/03/20Aa3AA 160,000.00 341271AD6 1.26 MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 100,917.00 100,000.00 273.00 100,000.00 08/25/2008/11/20Aa1AAA 100,000.00 60412AVJ9 0.63 SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 131,370.20 130,000.00 283.05 130,000.00 10/29/2010/16/20Aa2NR 130,000.00 798306WP7 0.85 Page 7 For the Month Ending January 31, 2021Managed 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 Municipal Bond / Note LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 140,575.40 140,000.00 243.50 140,000.00 11/10/2010/30/20AaaAA+ 140,000.00 54438CYK2 0.77 2,981.84 1,351,497.90 1,329,296.29 1.07 1,329,845.85 1,325,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 5,713.44 5,720.98 16.92 5,815.33 04/30/1804/11/18AaaAA+ 5,701.91 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 5,713.44 5,720.98 16.92 5,815.33 04/30/1804/11/18AaaAA+ 5,701.91 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 28,567.19 28,604.90 84.58 29,076.65 04/30/1804/11/18AaaAA+ 28,509.57 3136B1XP4 2.93 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 35,935.85 35,103.32 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 35,935.85 35,103.32 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 164,278.17 160,472.33 412.00 161,362.50 04/09/1804/04/18AaaAA+ 160,000.00 3137BM6P6 2.88 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 28,048.20 27,361.39 73.03 27,361.35 12/17/1812/07/18AaaAA+ 27,361.43 3137FKK39 3.20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 99,076.75 96,545.23 168.31 96,544.63 11/26/1911/20/19AaaAA+ 96,546.96 3137FQ3V3 2.09 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 272,868.26 260,118.90 637.92 262,382.81 03/25/2003/19/20AaaAA+ 250,000.00 3137BGK24 1.95 1,589.92 676,137.15 654,751.35 2.43 658,954.70 643,821.79 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 902,115.90 899,219.11 1,000.00 899,082.00 08/21/2008/19/20AaaAA+ 900,000.00 3137EAEV7 0.28 Page 8 For the Month Ending January 31, 2021Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Federal Agency Bond / Note FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 375,797.63 375,059.13 382.81 375,068.48 09/04/2009/02/20AaaAA+ 375,000.00 3137EAEW5 0.24 FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 526,116.67 524,850.40 535.94 524,826.75 09/04/2009/02/20AaaAA+ 525,000.00 3137EAEW5 0.26 FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 324,534.28 323,907.31 118.49 323,787.75 10/16/2010/14/20AaaAA+ 325,000.00 3137EAEY1 0.25 FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 350,597.10 349,710.29 209.03 349,685.00 11/05/2011/03/20AaaAA+ 350,000.00 3137EAEZ8 0.28 FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 325,566.15 324,652.47 148.95 324,629.50 11/25/2011/23/20AaaAA+ 325,000.00 3135G06H1 0.29 FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 300,441.30 299,719.00 118.75 299,703.00 12/04/2012/02/20AaaAA+ 300,000.00 3137EAFA2 0.28 FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 351,866.90 348,540.96 520.14 348,264.00 04/16/2004/15/20AaaAA+ 350,000.00 3130AJHU6 0.60 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 353,708.95 349,390.87 601.56 349,279.00 04/24/2004/22/20AaaAA+ 350,000.00 3135G03U5 0.67 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 424,304.70 423,107.45 44.27 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48 FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 348,941.60 348,503.89 561.46 348,362.00 08/27/2008/25/20AaaAA+ 350,000.00 3135G05X7 0.47 FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 149,544.00 149,585.38 218.75 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44 FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 697,847.50 698,042.01 918.75 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44 FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 651,164.15 647,776.51 713.19 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 6,092.09 6,082,546.83 6,062,064.78 0.39 6,060,686.98 6,075,000.00 Security Type Sub-Total Page 9 For the Month Ending January 31, 2021Managed 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 IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 300,063.90 299,999.46 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 25,084.60 24,996.01 273.89 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 25,084.60 24,998.95 273.89 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 25,084.60 24,995.81 273.89 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 25,084.60 24,998.90 273.89 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 125,423.00 124,994.76 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 175,592.20 174,970.70 1,917.22 174,259.75 04/19/1804/12/18A2A 175,000.00 63743HER9 3.05 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 50,250.10 49,998.70 442.50 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 40,090.00 39,999.54 235.56 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 40,090.00 39,999.54 235.56 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 50,123.90 50,027.40 368.06 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 50,123.90 50,027.40 368.06 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 100,247.80 100,059.25 736.11 102,326.00 05/19/1605/16/16A1A 100,000.00 06406FAA1 2.00 Page 10 For the Month Ending January 31, 2021Managed 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 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 200,450.00 199,997.72 1,177.78 199,960.00 10/10/1710/05/17A1A+ 200,000.00 713448DX3 2.01 AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 200,676.60 199,976.03 1,075.00 199,536.00 05/31/1605/25/16A2A- 200,000.00 0258M0EB1 2.30 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,062.95 24,999.11 115.31 24,983.50 05/16/1605/10/16A3A- 25,000.00 05531FAV5 2.78 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,062.95 24,999.11 115.31 24,983.50 05/16/1605/10/16A3A- 25,000.00 05531FAV5 2.78 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 150,377.70 149,994.67 691.88 149,901.00 05/16/1605/10/16A3A- 150,000.00 05531FAV5 2.06 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 25,206.48 24,998.39 163.61 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 25,206.48 24,998.39 163.61 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 126,032.37 124,991.93 818.06 124,913.75 05/10/1805/03/18A1A 125,000.00 427866BA5 3.12 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,125.35 24,994.45 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 25,125.35 24,994.45 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 75,376.05 74,983.34 292.50 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 35,236.71 34,999.90 221.18 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 201,352.60 199,999.40 1,263.89 199,994.00 05/22/1805/17/18A2A 200,000.00 808513AW5 3.25 Page 11 For the Month Ending January 31, 2021Managed 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 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 51,118.80 49,957.48 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 281,153.40 274,766.14 506.08 273,787.25 03/15/1703/10/17A2A 275,000.00 24422ETL3 2.75 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 696,881.48 675,000.00 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 226,424.25 224,897.96 97.50 224,874.00 07/08/2007/06/20A3A 225,000.00 14913R2D8 0.67 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 200,757.00 199,870.05 463.89 199,846.00 08/14/2008/11/20A1A+ 200,000.00 89236THF5 0.53 PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 435,510.00 401,715.43 311.11 402,848.00 02/15/1902/12/19A3A- 400,000.00 693475AV7 3.34 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 441,534.40 415,562.36 3,961.11 422,916.00 07/23/1907/19/19A1BBB+ 400,000.00 61746BDQ6 2.59 AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 424,458.00 398,637.85 906.67 398,016.00 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 438,133.20 412,799.29 983.89 418,632.00 07/11/1907/08/19A2BBB+ 400,000.00 38141EC23 2.84 WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 416,076.00 398,828.91 2,936.11 398,368.00 09/06/1909/03/19A2BBB+ 400,000.00 254687FK7 1.84 BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 211,774.00 200,691.90 1,131.67 200,880.00 01/28/2001/21/20A1A 200,000.00 06406RAL1 2.00 PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 182,459.55 182,413.82 1,531.25 182,894.25 10/29/2010/22/20A1A+ 175,000.00 69371RQ66 0.73 CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 247,647.38 247,510.95 1,938.75 249,738.75 09/01/2008/28/20A3BBB+ 225,000.00 172967JP7 0.88 Page 12 For the Month Ending January 31, 2021Managed 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 562,613.15 550,942.82 1,375.00 551,105.50 05/13/2005/11/20Aa1AA+ 550,000.00 037833DT4 1.08 GENERAL DYNAMICS CORP DTD 05/11/2018 3.500% 05/15/2025 250,413.08 250,548.62 1,662.50 252,247.50 10/20/2010/16/20A2A 225,000.00 369550BG2 0.80 AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 478,686.95 474,798.00 612.22 474,767.25 06/05/2006/03/20A2AA- 475,000.00 023135BQ8 0.81 BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 254,126.70 254,003.97 4,359.38 256,918.50 08/20/2008/18/20A2A- 225,000.00 06051GFS3 0.93 BRISTOL-MYERS SQUIBB CO CORPORATE NOTES DTD 07/15/2020 3.875% 08/15/2025 141,379.38 141,524.85 2,233.51 142,835.00 09/30/2009/29/20A2A+ 125,000.00 110122DC9 0.88 ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 255,980.70 255,440.77 3,293.75 257,845.50 09/28/2009/24/20A3A 225,000.00 002824BM1 0.86 52,560.02 8,369,762.21 8,174,904.48 2.09 8,200,357.70 8,015,000.00 Security Type Sub-Total Certificate of Deposit ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 50,566.10 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 101,132.20 100,000.00 486.00 100,000.00 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 530,944.05 525,000.00 2,551.50 525,000.00 06/08/1806/07/18P-1A-1+ 525,000.00 78012UEE1 3.24 CREDIT SUISSE NEW YORK CERT DEPOS DTD 08/07/2020 0.520% 02/01/2022 250,442.25 250,000.00 642.78 250,000.00 08/07/2008/05/20Aa3A+ 250,000.00 22549L6F7 0.52 SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 410,500.00 400,000.00 3,286.00 400,000.00 09/03/1908/29/19Aa2A+ 400,000.00 83050PDR7 1.85 7,209.28 1,343,584.60 1,325,000.00 2.28 1,325,000.00 1,325,000.00 Security Type Sub-Total Page 13 For the Month Ending January 31, 2021Managed 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 Asset-Backed Security BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 265,134.26 264,223.42 271.27 264,221.84 10/17/1810/10/18AaaAAA 264,224.19 05586CAD6 3.36 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 239,326.49 235,890.37 331.32 235,871.77 11/28/1811/20/18AaaAAA 235,907.04 43815AAC6 3.16 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 197,459.71 194,270.53 192.93 194,266.46 11/21/1811/15/18AaaAAA 194,274.62 92869BAD4 3.25 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 153,181.75 151,210.19 190.29 151,191.60 07/18/1807/11/18NRAAA 151,226.87 36255JAD6 3.03 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 215,306.06 211,868.14 294.75 211,853.24 07/25/1807/18/18NRAAA 211,882.11 14313FAD1 3.13 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 285,851.46 279,924.91 418.02 279,923.71 10/24/1810/17/18NRAAA 279,926.29 14315EAC4 3.36 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 177,328.34 174,611.52 216.10 174,603.33 01/16/1901/08/19AaaNR 174,622.67 36256XAD4 2.97 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 818,622.64 799,856.00 611.56 799,798.56 09/05/1908/28/19NRAAA 800,000.00 14041NFU0 1.73 2,526.24 2,352,210.71 2,311,855.08 2.69 2,311,730.51 2,312,063.79 Security Type Sub-Total 30,695,885.58 31,111,756.41 1.49 102,336.96 31,051,505.23 31,692,505.18 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 644,897.73 644,897.73 0.00 644,897.73 NRAAAm 644,897.73 644,897.73 644,897.73 0.00 644,897.73 644,897.73 Money Market Sub-Total $31,340,783.31 $31,756,654.14 $102,336.96 $31,696,402.96 $32,337,402.91 1.49% $32,439,739.87 $102,336.96 Total Investments Accrued Interest Securities Sub-Total Page 14 For the Month Ending January 31, 2021Managed 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 48,894.71 52,978.44 1,293,164.00 103.45 MORGAN_S 1,250,000.00 912828R69US TREASURY NOTES DTD 05/31/2016 1.625% 05/31/2023 0.14 2.30 36,445.78 34,570.31 1,040,312.50 104.03 BNP_PARI 1,000,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.15 2.69 73,419.09 77,408.21 1,716,515.63 104.03 MERRILL 1,650,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.15 2.69 7,958.37 7,013.68 185,554.69 106.03 MORGAN_S 175,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.23 3.32 12,757.36 10,778.32 344,601.56 106.03 HSBC 325,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.23 3.32 10,928.25 5,800.78 530,156.25 106.03 HSBC 500,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.23 3.32 132,584.98 123,082.03 2,862,843.75 106.03 HSBC 2,700,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.23 3.32 (2,164.67)(5,976.56) 528,437.50 105.69 WELLS_F 500,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 0.29 3.80 (138.42)(16,875.00) 2,113,750.00 105.69 WELLS_F 2,000,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 0.29 3.80 288,780.21 0.21 320,685.45 10,615,335.88 10,100,000.00 Security Type Sub-Total 3.15 Supra-National Agency Bond / Note 126.29 162.55 50,125.05 100.25 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.11 126.29 162.55 50,125.05 100.25 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.11 757.74 975.30 300,750.30 100.25 HSBC 300,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 0.32 0.11 1,436.76 1,504.50 500,429.50 100.09 TD 500,000.00 459058JM6INTL BK RECON & DEVELOP CORPORATE NOTES DTD 11/24/2020 0.250% 11/24/2023 0.22 2.81 Page 15 For the Month Ending January 31, 2021Managed 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 2,804.90 0.26 2,447.08 901,429.90 900,000.00 Security Type Sub-Total 1.61 Municipal Bond / Note 2,391.00 2,391.00 62,391.00 103.99 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 0.81 3.32 5,030.00 5,030.00 105,030.00 105.03 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 0.65 3.37 2,265.25 2,265.25 327,265.25 100.70 WELLS_F 325,000.00 650036DT0NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 0.70 4.06 1,584.40 1,584.40 86,584.40 101.86 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 0.44 4.14 194.33 (274.50) 78,548.25 104.73 MORGAN_ 75,000.00 20772KKK4CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 0.89 4.17 1,425.31 1,389.05 66,848.60 102.84 MERRILL 65,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.60 4.31 1,898.32 1,853.85 87,417.40 102.84 MERRILL 85,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.60 4.31 4,550.40 4,550.40 164,550.40 102.84 MERRILL 160,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.60 4.31 917.00 917.00 100,917.00 100.92 MORGAN_ 100,000.00 60412AVJ9MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 0.42 4.44 1,370.20 1,370.20 131,370.20 101.05 KEYBANC 130,000.00 798306WP7SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 0.61 4.42 575.40 575.40 140,575.40 100.41 MERRILL 140,000.00 54438CYK2LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 0.68 4.43 21,652.05 0.64 22,201.61 1,351,497.90 1,325,000.00 Security Type Sub-Total 4.14 Federal Agency Collateralized Mortgage Obligation (7.54)(101.89) 5,713.44 100.20 JPM_CHAS 5,701.91 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.21 0.48 (7.54)(101.89) 5,713.44 100.20 JPM_CHAS 5,701.91 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.21 0.48 (37.71)(509.46) 28,567.19 100.20 JPM_CHAS 28,509.57 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.21 0.48 Page 16 For the Month Ending January 31, 2021Managed 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 832.53 637.80 35,935.85 102.67 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.29 1.35 832.53 637.80 35,935.85 102.67 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.29 1.35 3,805.84 2,915.67 164,278.17 102.67 CITIGRP 160,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.29 1.35 686.81 686.85 28,048.20 102.51 CSFB 27,361.43 3137FKK39FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 2.14 1.20 2,531.52 2,532.12 99,076.75 102.62 JPM_CHAS 96,546.96 3137FQ3V3FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 1.31 2.09 12,749.36 10,485.45 272,868.26 109.15 CITIGRP 250,000.00 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 0.65 3.62 17,182.45 1.18 21,385.80 676,137.15 643,821.79 Security Type Sub-Total 2.32 Federal Agency Bond / Note 2,896.79 3,033.90 902,115.90 100.24 CITIGRP 900,000.00 3137EAEV7FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 0.16 2.56 738.50 729.15 375,797.63 100.21 NOMURA 375,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 0.17 2.60 1,266.27 1,289.92 526,116.67 100.21 WELLS_F 525,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 0.17 2.60 626.97 746.53 324,534.28 99.86 WELLS_F 325,000.00 3137EAEY1FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 0.18 2.71 886.81 912.10 350,597.10 100.17 CITIGRP 350,000.00 3137EAEZ8FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 0.19 2.76 913.68 936.65 325,566.15 100.17 NOMURA 325,000.00 3135G06H1FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 0.19 2.82 722.30 738.30 300,441.30 100.15 CITIGRP 300,000.00 3137EAFA2FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 0.20 2.84 3,325.94 3,602.90 351,866.90 100.53 CITIGRP 350,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 0.37 4.16 4,318.08 4,429.95 353,708.95 101.06 CITIGRP 350,000.00 3135G03U5FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 0.37 4.17 Page 17 For the Month Ending January 31, 2021Managed 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 Bond / Note 1,197.25 1,421.20 424,304.70 99.84 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 0.41 4.44 437.71 579.60 348,941.60 99.70 BARCLAY 350,000.00 3135G05X7FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 0.44 4.53 (41.38)(6.00) 149,544.00 99.70 WELLS_F 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 0.44 4.56 (194.51)(45.50) 697,847.50 99.69 CITIGRP 700,000.00 3137EAEX3FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 0.44 4.61 3,387.64 3,491.15 651,164.15 100.18 BARCLAY 650,000.00 3135G06G3FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 0.46 4.72 21,859.85 0.30 20,482.05 6,082,546.83 6,075,000.00 Security Type Sub-Total 3.56 Corporate Note 64.44 210.90 300,063.90 100.02 BNP_PARI 300,000.00 44932HAG8IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 1.10 0.02 88.59 190.35 25,084.60 100.34 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 85.65 112.35 25,084.60 100.34 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 88.79 190.35 25,084.60 100.34 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 85.70 112.35 25,084.60 100.34 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 428.24 561.75 125,423.00 100.34 RBC 125,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 621.50 1,332.45 175,592.20 100.34 RBC 175,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 0.19 0.13 251.40 270.10 50,250.10 100.50 JPM_CHAS 50,000.00 89236TEU5TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 0.48 0.21 90.46 98.00 40,090.00 100.23 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.91 0.13 90.46 98.00 40,090.00 100.23 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.91 0.13 Page 18 For the Month Ending January 31, 2021Managed 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 96.50 (1,025.10) 50,123.90 100.25 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.30 0.13 96.50 (1,025.10) 50,123.90 100.25 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.30 0.13 188.55 (2,078.20) 100,247.80 100.25 03/15/21KEYBAN 100,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.30 0.13 452.28 490.00 200,450.00 100.23 03/15/21MERRILL 200,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 0.91 0.13 700.57 1,140.60 200,676.60 100.34 04/04/21KEYBAN 200,000.00 0258M0EB1AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 0.96 0.18 63.84 79.45 25,062.95 100.25 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.14 0.19 63.84 79.45 25,062.95 100.25 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.14 0.19 383.03 476.70 150,377.70 100.25 04/09/21SCOTIA 150,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.14 0.19 208.09 223.73 25,206.48 100.83 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.26 0.29 208.09 223.73 25,206.48 100.83 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.26 0.29 1,040.44 1,118.62 126,032.37 100.83 MERRILL 125,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 0.26 0.29 130.90 219.85 25,125.35 100.50 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.29 0.31 130.90 219.85 25,125.35 100.50 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.29 0.31 Page 19 For the Month Ending January 31, 2021Managed 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 392.71 659.55 75,376.05 100.50 GOLDMAN 75,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 0.29 0.31 236.81 237.76 35,236.71 100.68 04/21/21CSFB 35,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 1.04 0.23 1,353.20 1,358.60 201,352.60 100.68 04/21/21CSFB 200,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 1.04 0.23 1,161.32 1,339.30 51,118.80 102.24 MITSU 50,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 0.25 0.93 6,387.26 7,366.15 281,153.40 102.24 MITSU 275,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 0.25 0.93 21,881.48 21,881.48 696,881.48 103.24 04/01/22JPM_CHAS 675,000.00 46647PBB1JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 1.68 1.15 1,526.29 1,550.25 226,424.25 100.63 BARCLAY 225,000.00 14913R2D8CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 0.39 2.42 886.95 911.00 200,757.00 100.38 JPM_CHA 200,000.00 89236THF5TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 0.35 2.52 33,794.57 32,662.00 435,510.00 108.88 CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 0.50 2.86 25,972.04 18,618.40 441,534.40 110.38 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 0.64 3.07 25,820.15 26,442.00 424,458.00 106.11 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 0.59 3.29 25,333.91 19,501.20 438,133.20 109.53 SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 1.02 3.26 17,247.09 17,708.00 416,076.00 104.02 JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 0.61 3.47 11,082.10 10,894.00 211,774.00 105.89 MORGAN_S 200,000.00 06406RAL1BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 0.51 3.60 45.73 (434.70) 182,459.55 104.26 MERRILL 175,000.00 69371RQ66PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 0.72 3.87 Page 20 For the Month Ending January 31, 2021Managed 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 136.43 (2,091.37) 247,647.38 110.07 MKTX 225,000.00 172967JP7CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 0.88 3.98 11,670.33 11,507.65 562,613.15 102.29 04/11/25GOLDMAN 550,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 0.58 4.11 (135.54)(1,834.42) 250,413.08 111.29 JPM_CHA 225,000.00 369550BG2GENERAL DYNAMICS CORP DTD 05/11/2018 3.500% 05/15/2025 0.82 4.02 3,888.95 3,919.70 478,686.95 100.78 GOLDMAN 475,000.00 023135BQ8AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 0.62 4.27 122.73 (2,791.80) 254,126.70 112.95 MERRILL 225,000.00 06051GFS3BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 0.93 4.13 (145.47)(1,455.62) 141,379.38 113.10 05/15/25WELLS_F 125,000.00 110122DC9BRISTOL-MYERS SQUIBB CO CORPORATE NOTES DTD 07/15/2020 3.875% 08/15/2025 0.92 3.96 539.93 (1,864.80) 255,980.70 113.77 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 0.83 4.04 169,404.51 0.77 194,857.73 8,369,762.21 8,015,000.00 Security Type Sub-Total 2.37 Certificate of Deposit 566.10 566.10 50,566.10 101.13 RBC 50,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.03 0.36 1,132.20 1,132.20 101,132.20 101.13 RBC 100,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.03 0.36 5,944.05 5,944.05 530,944.05 101.13 RBC 525,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 0.03 0.36 442.25 442.25 250,442.25 100.18 CSFB 250,000.00 22549L6F7CREDIT SUISSE NEW YORK CERT DEPOS DTD 08/07/2020 0.520% 02/01/2022 0.34 1.02 10,500.00 10,500.00 410,500.00 102.63 BARCLAYS 400,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 0.17 1.55 18,584.60 0.13 18,584.60 1,343,584.60 1,325,000.00 Security Type Sub-Total 0.84 Asset-Backed Security Page 21 For the Month Ending January 31, 2021Managed 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 Asset-Backed Security 910.84 912.42 265,134.26 100.34 SOCGEN 264,224.19 05586CAD6BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 3.05 0.13 3,436.12 3,454.72 239,326.49 101.45 JPM_CHAS 235,907.04 43815AAC6HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 2.40 0.51 3,189.18 3,193.25 197,459.71 101.64 CITIGRP 194,274.62 92869BAD4VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 2.49 0.52 1,971.56 1,990.15 153,181.75 101.29 JPM_CHAS 151,226.87 36255JAD6GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 2.44 0.47 3,437.92 3,452.82 215,306.06 101.62 BARCLAYS 211,882.11 14313FAD1CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 2.43 0.55 5,926.55 5,927.75 285,851.46 102.12 MERRILL 279,926.29 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 2.53 0.67 2,716.82 2,725.01 177,328.34 101.55 RBC 174,622.67 36256XAD4GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 2.40 0.57 18,766.64 18,824.08 818,622.64 102.33 RBC 800,000.00 14041NFU0COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 1.05 1.53 40,480.20 2.03 40,355.63 2,352,210.71 2,312,063.79 Security Type Sub-Total 0.85 30,695,885.58 31,692,505.18 580,748.77 640,999.95 0.55 Managed Account Sub-Total 2.74 Money Market Mutual Fund 0.00 0.00 644,897.73 1.00 644,897.73 CAMP Pool 0.00 644,897.73 644,897.73 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $32,439,739.87 $102,336.96 $32,337,402.91 Accrued Interest Securities Sub-Total $31,340,783.31 $580,748.77 $640,999.95 0.55% 2.74 Page 22 For the Month Ending January 31, 2021Managed 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 01/01/21 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 0.00 1,137.44 1,137.44 310,000.00 01/01/21 01/01/21 CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 20772KJW0 0.00 666.00 666.00 60,000.00 01/01/21 01/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 0.00 302.14 302.14 101,849.69 01/01/21 01/25/21 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 0.00 592.26 592.26 230,000.00 01/01/21 01/25/21 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 0.00 73.13 73.13 27,398.37 01/01/21 01/25/21 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 0.00 168.61 168.61 96,721.39 01/01/21 01/25/21 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 0.00 637.92 637.92 250,000.00 01/01/21 01/06/21 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 01/06/21 01/07/21 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 14913R2D8 0.00 727.19 727.19 225,000.00 01/07/21 01/08/21 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 01/08/21 01/15/21 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 0.00 599.72 599.72 229,924.60 01/15/21 01/15/21 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 0.00 838.74 838.74 299,548.50 01/15/21 01/15/21 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 01/15/21 01/15/21 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 0.00 682.96 682.96 259,351.97 01/15/21 01/16/21 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 0.00 418.80 418.80 166,410.61 01/16/21 01/16/21 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 0.00 468.23 468.23 189,185.12 01/16/21 Page 23 For the Month Ending January 31, 2021Managed 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 01/20/21 BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 0.00 840.00 840.00 300,000.00 01/20/21 01/20/21 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 0.00 577.81 577.81 213,343.74 01/20/21 01/21/21 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 0.00 788.02 788.02 425,000.00 01/21/21 01/23/21 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 01/23/21 29,671.89 29,671.89 0.00 5,308,733.99 Transaction Type Sub-Total MATURITY 01/04/21 BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 25,000.00 223.96 25,223.96 11.50 0.00 25,000.00 01/04/21 01/04/21 BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 75,000.00 671.87 75,671.87 34.50 0.00 75,000.00 01/04/21 01/04/21 BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 25,000.00 223.96 25,223.96 11.50 0.00 25,000.00 01/04/21 1,119.79 0.00 57.50 126,119.79 125,000.00 125,000.00 Transaction Type Sub-Total PAYDOWNS 01/25/21 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 36.94 0.00 36.94 0.00 0.00 36.94 01/01/21 01/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 44,240.21 0.00 44,240.21 (879.98) 0.00 44,240.21 01/01/21 01/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 8,848.04 0.00 8,848.04 (176.00) 0.00 8,848.04 01/01/21 01/25/21 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 174.43 0.00 174.43 0.00 0.00 174.43 01/01/21 01/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 8,848.04 0.00 8,848.04 (176.00) 0.00 8,848.04 01/01/21 Page 24 For the Month Ending January 31, 2021Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method PAYDOWNS 01/15/21 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 23,444.93 0.00 23,444.93 3.50 0.00 23,444.93 01/15/21 01/15/21 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 19,622.21 0.00 19,622.21 0.18 0.00 19,622.21 01/15/21 01/15/21 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 18,042.49 0.00 18,042.49 2.46 0.00 18,042.49 01/15/21 01/16/21 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 15,183.74 0.00 15,183.74 3.54 0.00 15,183.74 01/16/21 01/16/21 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 14,562.45 0.00 14,562.45 1.61 0.00 14,562.45 01/16/21 01/20/21 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 19,069.12 0.00 19,069.12 0.80 0.00 19,069.12 01/20/21 01/20/21 BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 35,775.81 0.00 35,775.81 0.32 0.00 35,775.81 01/20/21 0.00 0.00 (1,219.57) 207,848.41 207,848.41 207,848.41 Transaction Type Sub-Total 332,848.41 30,791.68 363,640.09 (1,162.07) 0.00 Managed Account Sub-Total Total Security Transactions ($1,162.07)$363,640.09 $30,791.68 $332,848.41 $0.00 Page 25 For the Month Ending January 31, 2021Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 283,965.34 Opening Balance 01/04/21 01/04/21 Purchase - Interest 341271AD6 1.00 1,137.44 285,102.78 01/04/21 01/04/21 Purchase - Interest 20772KJW0 1.00 666.00 285,768.78 01/04/21 01/04/21 Purchase - Principal 05531FAZ6 1.00 25,228.44 310,997.22 01/04/21 01/04/21 Purchase - Principal 05531FAZ6 1.00 25,228.44 336,225.66 01/04/21 01/04/21 Purchase - Principal 05531FAZ6 1.00 75,685.31 411,910.97 01/05/21 01/05/21 Purchase - Principal 05531FAZ6 1.00 75,662.91 487,573.88 01/05/21 01/05/21 Reversal for Correction - Purchase - Principal 05531FAZ6 1.00 (75,685.31) 411,888.57 01/06/21 01/06/21 Purchase - Interest 24422ETL3 1.00 4,306.25 416,194.82 01/07/21 01/07/21 Purchase - Interest 14913R2D8 1.00 727.19 416,922.01 01/08/21 01/08/21 Purchase - Interest 38141EC23 1.00 7,700.00 424,622.01 01/15/21 01/15/21 Purchase - Interest 14041NFU0 1.00 1,146.67 425,768.68 01/15/21 01/15/21 Purchase - Interest 14313FAD1 1.00 599.72 426,368.40 01/15/21 01/15/21 Purchase - Interest 14315EAC4 1.00 838.74 427,207.14 01/15/21 01/15/21 Purchase - Interest 43815AAC6 1.00 682.96 427,890.10 01/15/21 01/15/21 Purchase - Principal 14313FAD1 1.00 18,042.49 445,932.59 01/15/21 01/15/21 Purchase - Principal 14315EAC4 1.00 19,622.21 465,554.80 01/15/21 01/15/21 Purchase - Principal 43815AAC6 1.00 23,444.93 488,999.73 01/19/21 01/19/21 Purchase - Interest 36255JAD6 1.00 418.80 489,418.53 01/19/21 01/19/21 Purchase - Interest 36256XAD4 1.00 468.23 489,886.76 01/19/21 01/19/21 Purchase - Principal 36255JAD6 1.00 15,183.74 505,070.50 01/19/21 01/19/21 Purchase - Principal 36256XAD4 1.00 14,562.45 519,632.95 Page 26 For the Month Ending January 31, 2021Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 01/20/21 01/20/21 Purchase - Interest 05586CAD6 1.00 840.00 520,472.95 01/20/21 01/20/21 Purchase - Interest 92869BAD4 1.00 577.81 521,050.76 01/20/21 01/20/21 Purchase - Principal 05586CAD6 1.00 35,775.81 556,826.57 01/20/21 01/20/21 Purchase - Principal 92869BAD4 1.00 19,069.12 575,895.69 01/21/21 01/21/21 Purchase - Interest 3137EAEU9 1.00 788.02 576,683.71 01/25/21 01/25/21 Purchase - Interest 693475AV7 1.00 7,000.00 583,683.71 01/25/21 01/25/21 Purchase - Interest 3136B1XP4 1.00 302.14 583,985.85 01/25/21 01/25/21 Purchase - Interest 3137BGK24 1.00 637.92 584,623.77 01/25/21 01/25/21 Purchase - Interest 3137BM6P6 1.00 592.26 585,216.03 01/25/21 01/25/21 Purchase - Interest 3137FKK39 1.00 73.13 585,289.16 01/25/21 01/25/21 Purchase - Interest 3137FQ3V3 1.00 168.61 585,457.77 01/25/21 01/25/21 Purchase - Principal 3137FKK39 1.00 36.94 585,494.71 01/25/21 01/25/21 Purchase - Principal 3137FQ3V3 1.00 174.43 585,669.14 01/25/21 01/25/21 Purchase - Principal 3136B1XP4 1.00 8,848.04 594,517.18 01/25/21 01/25/21 Purchase - Principal 3136B1XP4 1.00 8,848.04 603,365.22 01/25/21 01/25/21 Purchase - Principal 3136B1XP4 1.00 44,240.21 647,605.43 01/26/21 01/26/21 IP Fees December 2020 1.00 (2,561.24) 645,044.19 01/26/21 01/26/21 U.S. Bank Fees November 2020 1.00 (195.76) 644,848.43 01/29/21 02/01/21 Accrual Income Div Reinvestment - Distributions 1.00 49.30 644,897.73 Page 27 For the Month Ending January 31, 2021Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate 644,897.73 644,897.73 644,897.73 495,363.64 49.30 0.00 (78,442.31) 439,374.70 283,965.34 49.30 644,897.73 0.00 (78,442.31) 439,374.70 283,965.34 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 January January-January 0.12% Page 28 Review of Investment Performance CAMP Accounts Investment Performance Review PFM Asset Management LLC For the Quarter Ended December 31, 2020 CITY OF LAKE ELSINORE Market Update QUARTERLY MARKET SUMMARY For the Quarter Ended December 31, 2020 Fixed Income Management SUMMARY •In Q4, U.S. economic conditions were impacted by: (1) a resurgence in global coronavirus cases causing the reintroduction of some lockdown measures; (2)expedited vaccine approval initiatives but challenging logistics surrounding mass inoculation; (3) a contentious U.S. presidential election resulting in the election of Joe Biden; (4) months of filibustering over a second stimulus package that eventually passed in December; and (5) moderating labor market and consumer spending data. •The economic outlook remains uncertain, between the pace and efficacy of the global vaccine rollout and a major resurgence of virus cases. •Political turmoil in the U.S. adds to the unpredictability, but, remarkably, the markets have largely discounted the downside. Underlying the recent low market volatility is confidence in the Federal Reserve (Fed) and global central banks that have supported economic stability and expansion. •The Fed reaffirmed its commitment to utilize the full scope of its monetary authority until a full economic recovery is achieved. It kept short-term rates in their current range of 0.00% to 0.25% and committed to continue its plans to buy $80 billion in Treasury securities and $40 billion in agency mortgage-backed securities (MBS) monthly. Due to the economic progress to date, the Fed also released more optimistic expectations for 2021, lowering its unemployment rate projection to 5.0% by year end and raising its forecast for real gross domestic product (GDP) to 4.2% for the upcoming year. After Joe Biden’s election as the next U.S. president, Janet Yellen was nominated to be the next Treasury Secretary, which should provide a more welcoming approach to further COVID-related fiscal support. •Amidst a tumultuous year, domestic equity markets continued to surge ahead with the Dow Jones, S&P 500, and Nasdaq posting new record highs during the quarter. U.S. small-cap stocks had a remarkably strong fourth quarter. International and emerging market returns were also robust despite the economic impact of the resurging virus. ECONOMIC SNAPSHOT •After an unprecedented 31.4% contraction in Q2, U.S. GDP rebounded at a record pace in Q3, rising 33.4%. Despite this, economic output remains about 3.5% below its level at the close of 2019. The labor market recovery slowed in Q4, with non-farm payrolls falling 140,000 in December as surging COVID-19 cases stymied the recovery. The unemployment rate ended the year at 6.7%, down from 7.8% at the beginning of the quarter, but overall employment remains nine million less than pre-pandemic. Weekly unemployment filings remained elevated—above 700,000 for 40 straight weeks—while the number of long-term unemployed (for 27 weeks or more) increased to four million during the quarter, representing 37% of the total unemployed population. •After a strong V-shaped bounce-back earlier in the year, both consumer confidence and retail sales fell in Q4. U.S. manufacturing and services activity, however, continued to rebound. The Markit Manufacturing PMI climbed for an eighth straight month to 57.1 to close out the year—well above the reading of 50 that signals expansion. The housing market also remained strong, although both new and existing homes sales cooled slightly by quarter end. Historically low mortgage rates continue to underpin housing demand and drive home prices higher. INTEREST RATES •Shorter-term Treasury yields remained low in Q4, anchored by the Fed’s near-zero interest rate policy. Longer-term Treasury yields rose sharply, steepening the curve and increasing the spread between the yield on 10- and 2-year Treasuries to 0.79% at year-end—a three-year high. The bond market appears to be looking beyond the current economic challenges and focusing more on the outlook for stronger growth later in the year and a potential rise in inflation. The vaccine rollout has pulled forward some of that optimism, while the prospects for additional fiscal stimulus and deficit spending from the new administration has increased. •At quarter-end, the yield on a 3-month Treasury Bill stood at 0.07%, the 2-year note was 0.12%, the 5-year was 0.36%, while the 10- and 30-year were 0.92% and 1.65%, respectively. The 10-year Treasury was up 23 bps (0.23%) during the quarter. •As a result of low rates and a steeper yield curve, Treasury index returns were mixed. Short- term Treasury benchmarks (5 years and under) ended the quarter with slightly positive returns, while longer-duration indices were notably negative, but were strongly positive for the year. For example, the 3-month constant-maturity U.S. Treasury Index returned 0.03%, while the and 2-year returned 0.06%, the 5-year benchmark returned -0.22%, while the 10- and 30- year benchmark notes returned -1.91% and -4.21%, respectively. SECTOR PERFORMANCE •Yield spreads continued to narrow in Q4, albeit at a more modest pace, having retraced to pre-COVID levels in most sectors. Broad portfolio diversification was additive to portfolio performance in Q4 as most investment-grade (IG) fixed income sectors generated incremental returns relative to Treasuries. • • Federal agency yield spreads snapped back to pre-pandemic levels across the curve and generated attractive excess returns relative to similar-duration U.S. Treasuries. Callable agency yield spreads were historically narrow in Q4 and offered little value. The IG corporate sector continued to be a top performer as yield spreads returned to the tight spreads of the recovery phase following the brief bout of volatility at the end of Q3. Credit spreads continued to compress, leading to a third consecutive quarter of relative outperformance versus comparable maturity U.S. Treasuries, with the rally largely led by BBB-rated issues. The corporate sector continues to benefit from insatiable demand for yield, strong Fed monetary support, and optimism about the economy. •The asset-backed securities sector performed well in Q4 as spreads tightened and approached the record lows of early 2020. Strong collateral performance and better-than- expected macroeconomic data contributed to the sector’s outperformance compared to similar duration Treasuries. Light issuance in Q4 had strong investor demand, while credit card structures modestly outperformed auto-loan backed deals. •After struggling for much of the year due to heightened prepayments, the broad agency MBS sector generated positive excess returns. MBS continue to experience elevated prepayments and refinancing activity, the result of persistently low mortgage rates. Within the agency MBS sector, commercial MBS was a top performer, with strong positive excess returns due to heightened investor demand and significantly less prepayment impact compared to pass-through MBS. •In short-term money markets, rates are expected to remain low for the foreseeable future. Commercial paper and negotiable bank CD yield spreads widened a bit in Q4, providing a chance for short-term investors to capture incremental yield, but supply continues to decline. PFM Asset Management LLC 1 QUARTERLY MARKET SUMMARY For the Quarter Ended December 31, 2020 Fixed Income Management Economic Snapshot Labor Market Sep '20 Dec '19 Unemployment Rate Dec '20 6.7%7.8%3.6% Change In Non-Farm Payrolls Dec '20 -140,000 711,000 184,000 Average Hourly Earnings (YoY)Dec '20 5.1%4.7%3.0% Personal Income (YoY)Nov '20 3.8%6.4%2.9% Initial Jobless Claims (week)1/2/21 787,000 849,000 220,000 Growth Real GDP (QoQ SAAR)2020Q3 33.4% -31.4%2.6% GDP Personal Consumption (QoQ SAAR)2020Q3 41.0% -33.2%2.7% Retail Sales (YoY)Nov '20 4.1%6.1%5.6% ISM Manufacturing Survey (month)Dec '20 60.7 55.4 47.8 Existing Home Sales SAAR (month) Nov '20 6.69 mil. 6.57 mil. 5.53 mil. Inflation / Prices Personal Consumption Expenditures (YoY) Nov '20 1.1%1.4%1.6% Consumer Price Index (YoY)Nov '20 1.2%1.4%2.3% Consumer Price Index Core (YoY)Nov '20 1.6%1.7%2.3% Crude Oil Futures (WTI, per barrel)Dec 31 $48.52 $40.22 $61.06 Gold Futures (oz.)Dec 31 $1,895 $1,888 $1,523 Latest 25-000K 20-000K 15-000K 10-000K 5-000K 0 5,000K 10,000K 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Jun '20 Dec '20 Unemployment Rate (left) vs. Change in Non-Farm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate -40% -30% -20% -10% 0% 10% 20% 30% 40% Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Mar '20 Sep '20 Real GDP (QoQ) 0% 1% 2% 3% 4% Dec '17 Jun '18 Dec '18 Jun '19 Dec '19 Jun '20 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 1. Data as of Second Quarter 2020. 2. Data as of Third 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 December 31, 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 12/31/2020 0% 1% 2% 3%3-mo1-yr2-yr3-yr5-yr7-yr10-yr30-yrYieldMaturity December 31, 2020 September 30, 2020 December 31, 2019 -1% 0% 1% 2% 3%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% 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20Yield 2-Year 5-Year 10-Year Maturity Dec '20 Sep '20 Change over Quarter Dec '19 Change over Year 3-Month 0.07% 0.10% (0.03%)1.55% (1.48%) 1-Year 0.11% 0.12% (0.01%)1.58% (1.47%) 2-Year 0.12% 0.13% (0.01%)1.57% (1.45%) 5-Year 0.36% 0.28% 0.08% 1.69% (1.33%) 10-Year 0.92% 0.69% 0.23% 1.92% (1.00%) 30-Year 1.65% 1.46% 0.19% 2.39% (0.74%) PFM Asset Management LLC 3 QUARTERLY MARKET SUMMARY For the Quarter Ended December 31, 2020 Fixed Income Management Source: ICE BofAML Indices. December 31, 2020 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.90 0.13% 0.05% 3.10% 2.74% Federal Agency 1.77 0.17% 0.13% 2.67% 2.64% U.S. Corporates, A-AAA rated 1.81 0.42% 0.46% 3.98% 3.52% Agency MBS (0 to 3 years)2.19 0.98% 0.41% 4.24% 4.01% Taxable Municipals 1.69 1.16% 0.80% 4.08% 3.68% 1-5 Year Indices U.S. Treasury 2.66 0.18% 0.02% 4.25% 3.31% Federal Agency 2.31 0.24% 0.17% 3.35% 2.94% U.S. Corporates, A-AAA rated 2.70 0.57% 0.71% 5.41% 4.27% Agency MBS (0 to 5 years)1.91 0.81% 0.30% 3.64% 3.41% Taxable Municipals 2.79 0.92% 0.69% 4.54% 3.94% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 7.47 0.60%(0.91%)8.22% 5.28% Federal Agency 3.94 0.50% 0.04% 5.75% 4.30% U.S. Corporates, A-AAA rated 8.72 1.51% 2.01% 9.84% 6.72% Agency MBS (0 to 30 years)2.12 0.85% 0.33% 4.09% 3.84% Taxable Municipals 11.60 2.41% 1.58% 11.82% 7.92% As of 12/31/2020 Returns for Periods ended 12/31/2020 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 December 31, 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. © 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 December 31, 2020 Portfolio Recap Portfolio Review Our strategy for the fourth quarter encompassed the following: •Approaches carried forward from the third quarter: maintain allocations in most sectors and carefully manage risk considering various headwinds caused by the uneven and decelerating recovery. •Yield spreads returned to near pre-pandemic levels in most sectors at the same time that new supply waned. This limited new investment opportunities in the fourth quarter. •After months of consistent supply and attractive value in the federal agency sector, limited new issuance towards year-end slowed new purchases in the sector. However, meaningful additions in prior periods helped boost portfolio returns once again in the fourth quarter. •Agency mortgage-backed securities (MBS) remained a core holding. While the sector’s performance was generally positive for the quarter, returns were a mixed bag for the year. Structure, age of issuance, and coupon level drove performance. Our preference to avoid securities with heightened prepayment risk continued to be beneficial for portfolio performance. •In the supranational sector, light seasonal issuance headlined a quiet close to the year. Excess returns were positive, adding modest value in the portfolio. •The taxable municipal sector remained abuzz as issuers continued to benefit from record-low borrowing rates. Although yield spreads narrowed significantly since March, new debt issued during the fourth quarter remained an attractive alternative to other government alternatives and even some high-quality corporate issuers. PFM continued to methodically increase municipal allocations through participation in a number of new deals. •Investment grade corporates outpaced the performance of most other sectors during the quarter. Corporates proved to be a valuable asset class for both the quarter and for all of 2020, despite significant market disruptions early in the year. Investors’ strong demand for yield pushed spreads even tighter during the fourth quarter, which ended the year near 20-year lows. •Allocations of AAA-rated asset-backed securities (ABS) were reduced during the final months of 2020. The sector posted strong absolute and relative returns for both the fourth quarter and the calendar year while providing diversification and incremental income to portfolios. The combination of quiet new issuance towards year end and robust demand limited new opportunities in the sector. 6 PFM Asset Management LLC For the Quarter Ended December 31, 2020 CITY OF LAKE ELSINORE Portfolio Compliance The portfolio is in compliance with the City Investment Policy and 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 2020. Security Type Market Value % of Portfolio % Change vs. 9/30/20 Permitted by Policy In Compliance U.S. Treasury $10,632,422 32.9%-5.6%100% Federal Agency $6,082,152 18.8%+6.0%100% Federal Agency CMOs $739,325 2.3%-0.2%100% Municipal Obligations $1,348,852 4.2%+1.9%100% Supranationals $902,041 2.8%+1.5%30% Negotiable CDs $1,345,846 4.2%-2.5%30% Corporate Notes $8,516,433 26.3%+0.6%30% Asset-Backed Securities $2,501,408 7.7%-2.0%20% Securities Sub-Total $32,068,479 99.1% Accrued Interest $87,038 Securities Total $32,155,518 CAMP Cash Reserve Portfolio $283,965 0.9%+0.2%100% Total Investments $32,439,483 100.0% 7 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Snapshot Portfolio Statistics As of December 31, 2020 $31,312,699 $32,439,483 $32,068,479 $87,038 - Accrued Interest: Cash: Par Value: Total Market Value: Security Market Value: CAMP $283,965 $31,676,204 0.56% 1.50% AAAverage Credit: * Yield at Cost: Amortized Cost: Yield at Market: Effective Duration:2.78 Years Average Maturity:3.03 Years Credit Quality (S&P Ratings)** 8.9% A 7.2% A- 4.7% A+ 2.1% A-1+ 1.3% AA 1.8% AA- 57.1% AA+ 10.2% AAA 0.9% AAAm 4.8% BBB+ 1.0% Not Rated 0% 5% 10% 15% 20% 25% 30% 35% 0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years 11.7% 4.7% 31.5% 23.7% 28.4% 0.0% Maturity Distribution Sector Allocation 7.7% Asset-Backed 4.2% Certificate of Deposit 26.3% Corporate 2.3% Federal Agency/CMO 18.8% Federal Agency/GSE 0.9% Mny Mkt Fund / Pool 4.2% Municipal 2.8% Supra-Sov / Supra-Natl Agency 32.8% U.S. Treasury PFM Asset Management LLC * An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. **Securities in the portfolio are in compliance with California Government Code and the City's Investment Policy dated June 2020. 8 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Composition Sector Allocation December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 10.6 32.8% 12.4 38.4% 15.2 47.1% 15.9 50.4% Corporate 8.5 26.3% 8.3 25.7% 7.7 23.8% 6.5 20.5% Federal Agency/GSE 6.1 18.8% 4.1 12.8% 0.7 2.2% 0.0 0.0% Asset-Backed 2.5 7.7% 3.1 9.7% 3.4 10.5% 3.4 10.6% Municipal 1.3 4.2% 0.7 2.3% 0.2 0.8% 0.1 0.3% Certificate of Deposit 1.3 4.2% 2.2 6.7% 3.3 10.3% 3.7 11.7% Supra-Sov / Supra-Natl Agency 0.9 2.8% 0.4 1.3% 0.7 2.3% 0.7 2.3% Federal Agency/CMO 0.7 2.3% 0.8 2.5% 0.9 2.7% 0.9 2.9% Mny Mkt Fund / Pool 0.3 0.9% 0.2 0.6% 0.1 0.3% 0.4 1.3% $32.4 100.0%$32.2 100.0%$32.2 100.0%$31.6 100.0%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% December 2020 September 2020 June 2020 March 2020 Mny Mkt Fund / Pool Federal Agency/CMO Supra-Sov / Supra-Natl Agency Certificate of Deposit Municipal Asset-Backed Federal Agency/GSE Corporate U.S. Treasury PFM Asset Management LLC Detail may not add to total due to rounding. 9 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Composition Maturity Distribution As of December 31, 2020 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity 0.56% 11.7% 4.7% 31.5% 23.7% 28.4% 0.0%3.03 yrsCITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 0.18% 1.6% 33.5% 27.5% 18.2% 19.1% 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 11.7% 4.7% 31.5% 23.7% 28.4% 0.0% 1.6% 33.5% 27.5% 18.2%19.1% 0.0% CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC 10 For the Quarter Ended December 31, 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 2.78 0.24%2.08%4.62%3.62%2.69%2.01% CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 2.59 0.02%1.79%4.25%3.31%2.33%1.68% Difference 0.37% 0.22%0.31%0.36%0.29%0.33% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 0.24% 4.62% 3.62% 2.69% 2.08%2.01% 0.02% 4.25% 3.31% 2.33% 1.79%1.68%Total ReturnICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. CITY OF LAKE ELSINORE 11 For the Quarter Ended December 31, 2020 Portfolio Performance Portfolio Earnings Quarter-Ended December 31, 2020 Market Value Basis Accrual (Amortized Cost) Basis Net Purchases/Sales Change in Value Interest Earned $32,223,933.68 $195,471.94 ($66,960.80) $145,516.01 $78,555.21 $32,352,444.82 $31,433,253.06 $195,471.94 $47,478.94 $145,516.01 $192,994.95 $31,676,203.94 Portfolio Earnings Beginning Value (09/30/2020) Ending Value (12/31/2020) PFM Asset Management LLC CITY OF LAKE ELSINORE 12 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Market Update Fixed Income Sector Outlook –January 2021 PFM Asset Management LLC Sector Our Investment Preferences Comments COMMERCIAL PAPER / CD •Credit spreads have tightened 5-10 basis points across the curve as year-end volatility has subsided.Select issuers may offer fixed paper at about 15 basis points to comparable-maturity Treasuries in 6-to 12-month maturities. TREASURIES •The T-Bill curve is very flat;however, the sector remains attractive relative to agency discount notes.Bill supply is expected to decline in 2021,but additional fiscal stimulus may offset the reduction. •Yields have repriced higher,more notably in longer tenors,with the outcome of the Georgia Senate Election and additional fiscal stimulus.Market-based measures of inflation expectations climbed above 2.0%for the first time since 2018. T-Bill T-Note FEDERAL AGENCIES •Federal agency bullet spreads continue to tighten, erasing most of the relative value in the sector.Potentially higher rates and lighter supply will likely pressure spreads. There may be opportunities to reduce allocations of bonds trading at or through comparable-maturity Treasuries.Attractive new issues will continue to be evaluated. •New issue callable levels are low,leaving spreads near historic tights.There may be value in longer-maturity, longer lock-out structures for some accounts. Bullets Callables SUPRANATIONALS •Supranational spreads started the year unchanged, but the new issue pipeline has opened across the curve.Given the expected increased supply, there will likely be attractive new issue opportunities. CORPORATES •Spreads on high-quality corporate bonds have reached new tights as investors looked forward to further economic recovery in 2021.The expiration of the Fed’s corporate facilities may leave credit markets exposed to higher volatility than during the second half of 2020,although lax monetary policy will remain supportive of the sector. •Companies that borrowed heavily during 2020 warrant closer scrutiny to ensure that management prioritizes balance sheet repair over M&A or share buybacks.Overall, we remain cautious on the sector and are well-positioned to take advantage of opportunities should spreads widen. Financials Industrials SECURITIZED •ABS spreads are tighter month-over-month and are approaching the record lows of early 2020 on the back of strong collateral performance and better-than-expected macro economic data.Further spread compression from current levels is likely limited. We expect a healthy level of new issuance in January. •The Fed continues “to support the smooth functioning” of the MBS market through its ongoing purchase program.Spreads are narrow,especially in the lower coupons. Expectations are that prepayments will slow modestly in the coming months but remain elevated relative to historic standards. •Strong demand has led to CMBS outperformance as spreads tightened, leaving valuations stretched.Multifamily fundamentals remain challenged in certain markets. Asset-Backed Agency Mortgage-Backed Agency CMBS MUNICIPALS •Taxable supply will begin to ramp up at the start of the new year, but investor demand will keep spreads contained.Issuers’ fiscal positions need to continue to be monitored. Negative Slightly Negative Neutral Slightly Positive PositiveCurrent outlook Outlook one quarter ago 13 PFM Asset Management LLC CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Investment Strategy Outlook As 2020 ends, the uncertainties of 2021 now come into focus. Significant central bank intervention is expected to continue, and we expect interest rates will remain low for the foreseeable future. The speed of vaccine rollouts will ultimately drive the pace of the anticipated “return to normalcy.” Considering the economic uncertainties that remain, we plan on maintaining the portfolio’s neutral duration position relative to the benchmark. Our outlook for major investment-grade sectors includes the following: •Agencies: Strong demand for agency bonds has pushed incremental yield spreads in basis points down to single digits. While the portfolio currently includes larger allocations relative to prior years when spreads were consistently tight to similar-duration treasuries, in 2021 agency strategy will likely include reduced holdings of shorter maturities where spreads may be narrower while continued participation in attractive longer new issues. •Agency MBS: The combination of the 10-year Treasury yield near 1%, securities trading at a premium, and elevated refinancing activity creates challenges for the MBS sector. As a result, attractive investment opportunities may be limited. Like in other sectors, however, the portfolio’s allocation will be maintained as MBS can provide incremental income and diversification benefits. •Supranationals: Due to collapsed yield spreads, portfolio allocations stand near cyclical lows relative to historical levels. While expectations are tempered in 2021, we remain on the lookout for opportunities to add income relative to Treasuries and agencies, especially if issuance picks up in the first quarter of 2021 as forecasted. •Taxable Municipals: We continue to find value in the sector. As a result, we will continue to participate in new high-quality issues and increase the portfolio’s allocation while the sector remains attractive. Additional fiscal stimulus targeted to state and local governments would be a big credit positive should it occur under the new federal administration. •Corporates: Continued economic recovery, vaccine rollouts, and supportive monetary policies around the world serve as primary tailwinds. Due to incremental income potential, corporates will remain a core, long-term holding. We may look to add to the sector should spreads widen, however, this may be challenging, as market demand seems insatiable while issuance is expected to fall from the record new supply seen in 2020. •Asset-Backed Securities (ABS): ABS spreads are on the tighter side of their historical ranges. However, demand for ABS remains elevated as investors look for income return in high-quality sectors. New issuance is expected to be strong in 2021, and we will likely seek opportunities to purchase new, attractively-yielding AAA-rated issues to boost portfolio income-earning potential. Outlook 14 Issuer Distribution For the Quarter Ended December 31, 2020 Portfolio Composition Issuer Distribution As of December 31, 2020 Market Value ($)% of PortfolioIssuer UNITED STATES TREASURY 10,632,422 32.9% FREDDIE MAC 4,537,637 14.0% FANNIE MAE 1,782,274 5.5% CAPITAL ONE FINANCIAL CORP 819,542 2.5% JP MORGAN CHASE & CO 698,232 2.2% ROYAL BANK OF CANADA 684,357 2.1% APPLE INC 564,755 1.8% CARMAX AUTO OWNER TRUST 539,693 1.7% FEDERAL HOME LOAN BANKS 501,566 1.6% INTL BANK OF RECONSTRUCTION AND DEV 500,323 1.6% AMAZON.COM INC 481,704 1.5% MORGAN STANLEY 442,132 1.4% GOLDMAN SACHS GROUP INC 437,736 1.4% PNC FINANCIAL SERVICES GROUP 435,760 1.4% AMERICAN HONDA FINANCE 425,152 1.3% THE WALT DISNEY CORPORATION 416,439 1.3% THE BANK OF NEW YORK MELLON CORPORATION 413,813 1.3% SKANDINAVISKA ENSKILDA BANKEN AB 411,039 1.3%Top 5 = 57.1%Top 10 = 65.7% PFM Asset Management LLC CITY OF LAKE ELSINORE 15 For the Quarter Ended December 31, 2020 Portfolio Composition Market Value ($)% of PortfolioIssuer NATIONAL RURAL UTILITIES CO FINANCE CORP 402,000 1.2% INTERNATIONAL FINANCE CORPORATION 401,719 1.2% GM FINANCIAL SECURITIZED TERM 360,804 1.1% DEERE & COMPANY 332,702 1.0% TRUIST FIN CORP 325,944 1.0% NEW YORK ST URBAN DEVELOPMENT CORP 325,481 1.0% FLORIDA STATE BOARD OF ADMIN FIN CORP 317,034 1.0% BMW FINANCIAL SERVICES NA LLC 301,114 0.9% IBM CORP 300,630 0.9% CAMP POOL 283,965 0.9% PEPSICO INC 280,997 0.9% HONDA AUTO RECEIVABLES 263,133 0.8% ABBOTT LABORATORIES 257,324 0.8% BANK OF AMERICA CO 256,734 0.8% TOYOTA MOTOR CORP 251,207 0.8% GENERAL DYNAMICS CORP 251,164 0.8% CREDIT SUISSE GROUP RK 250,450 0.8% CITIGROUP INC 248,808 0.8% CHARLES SCHWAB 237,059 0.7% CATERPILLAR INC 226,696 0.7% VOLKSWAGEN OF AMERICA 217,122 0.7% PFM Asset Management LLC CITY OF LAKE ELSINORE 16 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Composition Market Value ($)% of PortfolioIssuer AMERICAN EXPRESS CO 200,999 0.6% PACCAR FINANCIAL CORP 183,273 0.6% HERSHEY COMPANY 176,840 0.6% BRISTOL-MYERS SQUIBB CO 142,524 0.4% LOS ANGELES COMMUNITY COLLEGE DISTRICT 141,834 0.4% STATE OF CONNECTICUT 141,025 0.4% SAN JUAN UNIFIED SCHOOL DISTRICT 131,375 0.4% STATE STREET CORPORATION 125,810 0.4% CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 105,101 0.3% STATE OF MINNESOTA 100,673 0.3% UNIVERSITY OF CALIFORNIA 86,329 0.3% 32,352,445 100.0%Grand Total: PFM Asset Management LLC 17 Portfolio Transactions CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Activity Quarterly Portfolio Transactions Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 10/1/20 10/1/20 675,000.00 46647PBB1 JPMORGAN CHASE & CO BONDSINTEREST 4/1/23 10,823.63 3.20% 10/1/20 10/25/20 55,177.71 3137FKK39 FHMS KP05 AINTEREST 7/1/23 147.28 3.20% 10/1/20 10/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 10/1/20 10/25/20 120,870.31 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 359.89 3.56% 10/1/20 10/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 10/1/20 10/25/20 100,223.07 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 174.72 2.09% 10/1/20 10/25/20 924.55 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 924.55 0.00 3.56% 10/1/20 10/25/20 97.53 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 97.53 0.00 3.20% 10/1/20 10/25/20 924.55 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 924.55 0.00 3.56% 10/1/20 10/25/20 198.05 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 198.05 0.00 2.09% 10/1/20 10/25/20 4,622.76 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 4,622.76 0.00 3.56% 10/13/20 10/13/20 50,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESINTEREST 4/13/21 737.50 2.95% 10/14/20 10/14/20 350,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESINTEREST 4/14/25 865.28 0.50% 10/14/20 10/16/20 325,000.00 3137EAEY1 FREDDIE MAC NOTESBUY 10/16/23 (323,787.75) 0.25%0.12% 10/14/20 10/16/20 50,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 52,228.23 2,180.27 1.62% 10/15/20 10/15/20 200,000.00 06406FAA1 BANK OF NEW YORK MELLON CORP (CALLABLE)INTEREST 4/15/21 2,500.00 2.50% 10/15/20 10/15/20 280,000.00 713448DX3 PEPSICO INC CORP (CALLABLE) NOTEINTEREST 4/15/21 2,800.00 2.00% 10/15/20 10/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 10/15/20 10/15/20 332,043.40 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 874.38 3.16% 10/15/20 10/15/20 285,564.25 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 744.85 3.13% PFM Asset Management LLC 18 For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 10/15/20 10/15/20 350,000.00 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 10/15/20 10/15/20 10,185.93 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 10,185.93 0.00 3.36% 10/15/20 10/15/20 19,093.02 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 19,093.02 0.00 3.13% 10/15/20 10/15/20 25,741.54 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 25,741.54 0.00 3.16% 10/15/20 10/16/20 125,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 130,560.80 5,440.90 1.62% 10/16/20 10/16/20 214,991.82 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 541.06 3.02% 10/16/20 10/16/20 234,100.45 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 579.40 2.97% 10/16/20 10/16/20 16,368.57 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 16,368.57 0.00 3.02% 10/16/20 10/16/20 15,193.85 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 15,193.85 0.00 2.97% 10/16/20 10/20/20 225,000.00 369550BG2 GENERAL DYNAMICS CORPBUY 5/15/25 (255,638.13) 0.80%3.50% 10/16/20 10/20/20 125,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 130,578.12 5,433.31 1.62% 10/16/20 10/29/20 130,000.00 798306WP7 SAN JUAN USD, CA TXBL GO BONDSBUY 8/1/25 (130,000.00) 0.85%0.85% 10/20/20 10/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 10/20/20 10/20/20 272,323.19 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 737.54 3.25% 10/20/20 10/20/20 275,000.00 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 10/20/20 10/20/20 21,312.94 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 21,312.94 0.00 3.25% 10/22/20 10/22/20 350,000.00 3135G03U5 FANNIE MAE NOTESINTEREST 4/22/25 1,081.60 0.62% 10/22/20 10/29/20 175,000.00 69371RQ66 PACCAR FINANCIAL CORP CORPORATE NOTESBUY 2/6/25 (183,620.50) 0.72%1.80% 10/22/20 10/29/20 20,000.00 69371RP26 PACCAR FINANCIAL CORPSELL 5/10/21 20,593.26 303.12 3.10% 10/22/20 10/29/20 20,000.00 69371RP26 PACCAR FINANCIAL CORPSELL 5/10/21 20,593.26 303.12 3.10% 10/22/20 10/29/20 125,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 130,510.88 5,310.05 1.62% 10/22/20 10/29/20 100,000.00 69371RP26 PACCAR FINANCIAL CORPSELL 5/10/21 102,966.28 1,515.58 3.10% PFM Asset Management LLC CITY OF LAKE ELSINORE 19 For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 10/24/20 10/24/20 200,000.00 06406RAL1 BANK OF NY MELLON CORPINTEREST 10/24/24 2,100.00 2.10% 10/27/20 10/27/20 225,000.00 172967JP7 CITIGROUP INC CORP NOTESINTEREST 4/27/25 3,712.50 3.30% 10/29/20 10/29/20 400,000.00 61746BDQ6 MORGAN STANLEY CORP NOTESINTEREST 4/29/24 7,750.00 3.87% 10/30/20 11/10/20 140,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDSBUY 8/1/25 (140,000.00) 0.77%0.77% 10/31/20 10/31/20 2,650,000.00 912828T91 US TREASURY NOTESINTEREST 10/31/23 21,531.25 1.62% 11/1/20 11/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 11/1/20 11/25/20 100,025.02 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 174.38 2.09% 11/1/20 11/25/20 55,080.18 3137FKK39 FHMS KP05 AINTEREST 7/1/23 147.02 3.20% 11/1/20 11/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 11/1/20 11/25/20 114,398.45 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 340.21 3.56% 11/1/20 11/25/20 606.53 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 606.53 0.00 3.56% 11/1/20 11/25/20 96.56 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 96.56 0.00 3.20% 11/1/20 11/25/20 606.53 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 606.53 0.00 3.56% 11/1/20 11/25/20 175.59 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 175.59 0.00 2.09% 11/1/20 11/25/20 3,032.64 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 3,032.63 0.01 3.56% 11/3/20 11/5/20 350,000.00 3137EAEZ8 FREDDIE MAC NOTESBUY 11/6/23 (349,685.00) 0.28%0.25% 11/3/20 11/5/20 350,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 365,361.51 14,677.17 1.62% 11/5/20 11/5/20 200,000.00 0258M0EB1 AMERICAN EXPRESS CREDIT (CALLABLE) NOTESINTEREST 5/5/21 2,250.00 2.25% 11/9/20 11/10/20 75,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 78,217.58 3,052.26 1.62% 11/9/20 11/12/20 650,000.00 3135G06G3 FANNIE MAE NOTESBUY 11/7/25 (647,673.00) 0.57%0.50% 11/9/20 11/12/20 650,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 677,968.81 26,471.31 1.62% 11/10/20 11/10/20 200,000.00 05531FAV5 BRANCH BANKING & TRUST (CALLABLE) NOTEINTEREST 5/10/21 2,050.00 2.05% PFM Asset Management LLC CITY OF LAKE ELSINORE 20 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 11/11/20 11/11/20 550,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTESINTEREST 5/11/25 3,093.75 1.12% 11/15/20 11/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 11/15/20 11/15/20 266,471.23 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 695.05 3.13% 11/15/20 11/15/20 225,000.00 369550BG2 GENERAL DYNAMICS CORPINTEREST 5/15/25 3,937.50 3.50% 11/15/20 11/15/20 306,301.86 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 806.60 3.16% 11/15/20 11/15/20 339,814.07 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 951.48 3.36% 11/15/20 11/15/20 175,000.00 427866BA5 HERSHEY COMPANY CORP NOTESINTEREST 5/15/21 2,712.50 3.10% 11/15/20 11/15/20 85,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/25 248.10 0.88% 11/15/20 11/15/20 19,159.18 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 19,159.18 0.00 3.13% 11/15/20 11/15/20 24,477.78 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 24,477.78 0.00 3.16% 11/15/20 11/15/20 20,763.80 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 20,763.80 0.00 3.36% 11/16/20 11/16/20 218,906.60 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 541.79 2.97% 11/16/20 11/16/20 198,623.25 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 499.87 3.02% 11/16/20 11/16/20 600,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSMATURITY 11/16/20 606,885.67 0.00 2.27% 11/16/20 11/16/20 100,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSMATURITY 11/16/20 101,147.61 0.00 2.27% 11/16/20 11/16/20 100,000.00 87019U6D6 SWEDBANK (NEW YORK) CERT DEPOSMATURITY 11/16/20 101,147.61 0.00 2.27% 11/16/20 11/16/20 17,298.13 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 17,298.13 0.00 3.02% 11/16/20 11/16/20 15,481.62 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 15,481.62 0.00 2.97% 11/17/20 11/24/20 500,000.00 459058JM6 INTL BK RECON & DEVELOP CORPORATE NOTESBUY 11/24/23 (498,925.00) 0.32%0.25% 11/19/20 11/19/20 125,000.00 857477AV5 STATE STREET CORP NOTESINTEREST 5/19/21 1,218.75 1.95% 11/20/20 11/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 11/20/20 11/20/20 251,010.25 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 679.82 3.25% PFM Asset Management LLC 21 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 11/20/20 11/20/20 275,000.00 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 11/20/20 11/20/20 153,727.16 36256GAE9 GMALT 2018-3 A4PAYDOWNS 7/20/22 153,727.16 0.00 3.30% 11/20/20 11/20/20 19,736.59 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 19,736.59 0.00 3.25% 11/21/20 11/21/20 235,000.00 808513AW5 CHARLES SCHWAB CORP NOTESINTEREST 5/21/21 3,818.75 3.25% 11/23/20 11/25/20 325,000.00 3135G06H1 FANNIE MAE NOTESBUY 11/27/23 (324,629.50) 0.29%0.25% 11/30/20 11/30/20 1,375,000.00 912828R69 US TREASURY N/B NOTESINTEREST 5/31/23 11,171.88 1.62% 12/1/20 12/1/20 75,000.00 20772KKK4 CT ST T/E GO BONDSINTEREST 6/1/25 650.00 2.00% 12/1/20 12/25/20 230,000.00 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 592.26 3.09% 12/1/20 12/25/20 99,849.43 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 217.80 2.09% 12/1/20 12/25/20 110,152.76 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 327.42 3.56% 12/1/20 12/25/20 54,983.62 3137FKK39 FHMS KP05 AINTEREST 7/1/23 146.76 3.20% 12/1/20 12/25/20 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 12/1/20 12/25/20 1,186.15 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,186.15 0.00 3.56% 12/1/20 12/25/20 27,585.25 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 27,585.25 0.00 3.20% 12/1/20 12/25/20 1,186.15 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,186.15 0.00 3.56% 12/1/20 12/25/20 5,930.76 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 5,930.77 (0.01)3.56% 12/1/20 12/25/20 3,128.04 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 3,128.04 0.00 2.09% 12/2/20 12/4/20 300,000.00 3137EAFA2 FREDDIE MAC NOTESBUY 12/4/23 (299,703.00) 0.28%0.25% 12/3/20 12/3/20 475,000.00 023135BQ8 AMAZON.COM INC CORPORATE NOTESINTEREST 6/3/25 1,900.00 0.80% 12/7/20 12/7/20 675,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDINTEREST 6/7/21 10,935.00 3.24% 12/7/20 12/7/20 50,000.00 94974BGR5 WELLS FARGO & COMPANY NOTESMATURITY 12/7/20 50,637.50 0.00 2.55% 12/15/20 12/15/20 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% PFM Asset Management LLC 22 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 12/15/20 12/15/20 319,050.27 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 893.34 3.36% 12/15/20 12/15/20 247,312.05 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 645.07 3.13% 12/15/20 12/15/20 281,824.08 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 742.14 3.16% 12/15/20 12/15/20 19,501.77 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 19,501.77 0.00 3.36% 12/15/20 12/15/20 22,472.11 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 22,472.11 0.00 3.16% 12/15/20 12/15/20 17,387.45 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 17,387.45 0.00 3.13% 12/15/20 12/23/20 50,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 51,856.03 2,044.72 1.62% 12/16/20 12/16/20 203,424.98 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 503.48 2.97% 12/16/20 12/16/20 181,325.12 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 456.34 3.02% 12/16/20 12/16/20 14,914.51 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 14,914.51 0.00 3.02% 12/16/20 12/16/20 14,239.86 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 14,239.86 0.00 2.97% 12/16/20 12/23/20 325,000.00 650036DT0 NY ST URBAN DEV CORP TXBL REV BONDSBUY 3/15/25 (325,000.00) 0.87%0.87% 12/20/20 12/20/20 231,273.66 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 626.37 3.25% 12/20/20 12/20/20 300,000.00 05586CAD6 BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 12/20/20 12/20/20 121,272.84 36256GAE9 GMALT 2018-3 A4INTEREST 7/20/22 333.50 3.30% 12/20/20 12/20/20 121,272.84 36256GAE9 GMALT 2018-3 A4PAYDOWNS 7/20/22 121,272.84 0.00 3.30% 12/20/20 12/20/20 17,929.92 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 17,929.92 0.00 3.25% 12/22/20 12/23/20 75,000.00 912828R69 US TREASURY N/B NOTESSELL 5/31/23 77,795.76 3,078.79 1.62% 12/27/20 12/29/20 400,000.00 02665WCZ2 AMERICAN HONDA FINANCE CORP NOTEINTEREST 6/27/24 4,800.00 2.40% 12/31/20 12/31/20 2,500,000.00 912828YY0 US TREASURY N/BINTEREST 12/31/24 21,875.00 1.75% 12/31/20 12/31/20 3,700,000.00 912828XX3 US TREASURY N/B NOTESINTEREST 6/30/24 37,000.00 2.00% 12/31/20 12/31/20 15,000.00 912828N48 US TREASURY NOTESMATURITY 12/31/20 15,131.25 0.00 1.75% PFM Asset Management LLC 23 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 2020 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 12/31/20 12/31/20 10,000.00 912828A83 US TREASURY NOTESMATURITY 12/31/20 10,118.75 0.00 2.37% TOTALS 89,790.84 69,810.60 PFM Asset Management LLC 24 Portfolio Holdings CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 6/3/2019 6/7/2019 1,240,185.56 1,785.71 1,244,060.04 1,294,531.251.83US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,250,000.00 AA+ Aaa 10/2/2019 10/4/2019 1,005,742.19 2,783.15 1,003,986.35 1,041,562.501.48US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,000,000.00 AA+ Aaa 7/1/2019 7/3/2019 1,639,107.42 4,592.20 1,642,882.96 1,718,578.131.78US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,650,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 17.96 332,014.61 345,210.941.36US 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 178,541.01 9.67 177,660.97 185,882.811.55US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 175,000.00 AA+ Aaa 1/2/2020 1/7/2020 2,739,761.72 149.17 2,731,012.20 2,867,906.251.66US 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 27.62 519,706.77 531,093.750.85US TREASURY N/B NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 500,000.00 AA+ Aaa 7/1/2020 7/6/2020 2,130,625.00 96.69 2,116,359.06 2,118,125.000.28US TREASURY N/B DTD 12/31/2019 1.750% 12/31/2024 912828YY0 2,000,000.00 AA+ Aaa 8/5/2020 8/7/2020 534,414.06 24.17 531,266.04 529,531.250.18US TREASURY N/B DTD 12/31/2019 1.750% 12/31/2024 912828YY0 500,000.00 1.28 10,632,421.88 10,298,949.00 9,486.34 10,100,000.00 10,326,555.67Security Type Sub-Total Supra-National Agency Bond / Note AAA Aaa 3/9/2018 3/16/2018 49,962.50 409.89 49,997.69 50,214.852.97INTERNATIONAL 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 49,997.69 50,214.852.97INTERNATIONAL 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 2,459.33 299,986.16 301,289.102.66INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 300,000.00 PFM Asset Management LLC 25 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 11/17/2020 11/24/2020 498,925.00 128.47 498,962.31 500,322.500.32INTL BK RECON & DEVELOP CORPORATE NOTES DTD 11/24/2020 0.250% 11/24/2023 459058JM6 500,000.00 1.40 902,041.30 898,943.85 3,407.58 900,000.00 898,625.00Security Type Sub-Total Municipal Bond / Note A A1 5/29/2020 6/11/2020 60,000.00 666.00 60,000.00 62,436.602.00CT 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 100,000.00 875.42 100,000.00 105,101.002.10CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 157411TK5 100,000.00 AA+ NR 12/16/2020 12/23/2020 325,000.00 62.83 325,000.00 325,481.000.87NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 650036DT0 325,000.00 AA Aa2 7/10/2020 7/16/2020 85,000.00 95.90 85,000.00 86,328.550.88UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 91412HGE7 85,000.00 A A1 6/12/2020 6/25/2020 78,822.75 125.00 78,419.69 78,588.750.94CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 20772KKK4 75,000.00 AA Aa3 9/3/2020 9/16/2020 160,000.00 587.07 160,000.00 163,630.401.26FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 160,000.00 AA Aa3 9/3/2020 9/16/2020 65,459.55 238.50 65,431.44 66,474.851.11FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 65,000.00 AA Aa3 9/3/2020 9/16/2020 85,563.55 311.88 85,529.07 86,928.651.12FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 85,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 190.75 130,000.00 131,375.400.85SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 798306WP7 130,000.00 PFM Asset Management LLC 26 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 Municipal Bond / Note AA+ Aaa 10/30/2020 11/10/2020 140,000.00 153.31 140,000.00 141,834.000.77LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 54438CYK2 140,000.00 AAA Aa1 8/11/2020 8/25/2020 100,000.00 220.50 100,000.00 100,673.000.63MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 60412AVJ9 100,000.00 1.07 1,348,852.20 1,329,380.20 3,527.16 1,325,000.00 1,329,845.85Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation AA+ Aaa 4/11/2018 4/30/2018 14,839.37 43.16 14,605.73 14,582.183.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 14,549.96 AA+ Aaa 4/11/2018 4/30/2018 74,196.84 215.82 73,028.61 72,910.912.93FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 72,749.78 AA+ Aaa 4/11/2018 4/30/2018 14,839.37 43.16 14,605.73 14,582.183.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 14,549.96 AA+ Aaa 4/4/2018 4/9/2018 161,362.50 412.00 160,499.15 164,291.732.88FHLMC 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 35,109.19 35,938.823.08FHLMC 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 35,109.19 35,938.823.09FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 35,000.00 AA+ Aaa 12/7/2018 12/17/2018 27,398.29 73.13 27,398.33 28,118.653.20FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 27,398.37 AA+ Aaa 11/20/2019 11/26/2019 96,719.06 168.62 96,719.62 99,396.992.09FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 96,721.39 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 637.92 260,343.12 273,564.821.95FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 250,000.00 2.48 739,325.10 717,418.67 1,774.05 705,969.45 722,334.34Security Type Sub-Total Federal Agency Bond / Note PFM Asset Management LLC 27 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 Bond / Note AA+ Aaa 8/19/2020 8/21/2020 899,082.00 812.50 899,193.20 901,478.700.28FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 3137EAEV7 900,000.00 AA+ Aaa 9/2/2020 9/4/2020 375,068.48 304.69 375,061.06 375,525.000.24FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 3137EAEW5 375,000.00 AA+ Aaa 9/2/2020 9/4/2020 524,826.75 426.56 524,845.51 525,735.000.26FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 3137EAEW5 525,000.00 AA+ Aaa 10/14/2020 10/16/2020 323,787.75 84.64 323,872.99 324,255.750.25FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 3137EAEY1 325,000.00 AA+ Aaa 11/3/2020 11/5/2020 349,685.00 136.11 349,701.38 350,420.000.28FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 3137EAEZ8 350,000.00 AA+ Aaa 11/23/2020 11/25/2020 324,629.50 81.25 324,642.00 325,398.130.29FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 3135G06H1 325,000.00 AA+ Aaa 12/2/2020 12/4/2020 299,703.00 56.25 299,710.59 300,369.900.28FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 3137EAFA2 300,000.00 AA+ Aaa 4/15/2020 4/16/2020 348,264.00 374.31 348,511.46 351,894.200.60FEDERAL 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 349,279.00 419.27 349,378.61 353,768.450.67FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 3135G03U5 350,000.00 AA+ Aaa 7/21/2020 7/23/2020 422,883.50 699.48 423,071.48 424,476.830.48FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 425,000.00 AA+ Aaa 8/25/2020 8/27/2020 348,362.00 452.08 348,476.05 349,239.100.47FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 3135G05X7 350,000.00 AA+ Aaa 9/10/2020 9/11/2020 149,550.00 171.88 149,577.71 149,672.100.44FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 3130AK5E2 150,000.00 AA+ Aaa 9/23/2020 9/25/2020 697,893.00 700.00 698,006.21 698,126.100.44FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 3137EAEX3 700,000.00 AA+ Aaa 11/9/2020 11/12/2020 647,673.00 442.36 647,736.89 651,792.700.57FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 3135G06G3 650,000.00 0.39 6,082,151.96 6,061,785.14 5,161.38 6,075,000.00 6,060,686.98Security Type Sub-Total PFM Asset Management LLC 28 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 24,988.50 223.96 24,999.97 24,998.533.00BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 25,000.00 A- A3 10/23/2017 10/26/2017 24,988.50 223.96 24,999.97 24,998.533.00BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 25,000.00 A- A3 10/23/2017 10/26/2017 74,965.50 671.87 74,999.91 74,995.572.17BRANCH BANKING & TRUST (CALLED, OMD 02/0 DTD 10/26/2017 2.150% 01/04/2021 05531FAZ6 75,000.00 A A2 2/1/2018 2/6/2018 299,853.00 3,224.17 299,995.30 300,630.002.67IBM 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 24,992.72 25,124.983.18NATIONAL 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 24,972.25 213.47 24,998.09 25,124.973.18NATIONAL 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 24,998.18 25,124.983.17NATIONAL 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 24,993.06 25,124.973.17NATIONAL 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 174,259.75 1,494.31 174,949.07 175,874.823.05NATIONAL 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 1,067.36 124,990.90 125,624.882.94NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 125,000.00 A+ A1 4/10/2018 4/13/2018 49,980.00 319.58 49,998.14 50,358.403.05TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 89236TEU5 50,000.00 A A1 5/16/2016 5/19/2016 51,149.00 263.89 50,047.63 50,227.702.90BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 50,000.00 PFM Asset Management LLC 29 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 199,960.00 844.44 199,996.76 200,712.002.01PEPSICO 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 39,999.35 40,142.402.78PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 40,000.00 A+ A1 10/5/2017 10/10/2017 39,992.00 168.89 39,999.35 40,142.402.78PEPSICO 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 50,047.63 50,227.702.90BANK 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 102,326.00 527.78 100,102.98 100,455.402.00BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 100,000.00 A- A2 5/25/2016 5/31/2016 199,536.00 700.00 199,968.04 200,999.402.30AMERICAN 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 24,998.83 25,118.872.78BRANCH 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 149,901.00 435.62 149,992.98 150,713.252.06BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 150,000.00 A- A3 5/10/2016 5/16/2016 24,983.50 72.60 24,998.83 25,118.882.78BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 25,000.00 A A1 5/3/2018 5/10/2018 24,982.75 99.03 24,997.90 25,262.803.09HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 A A1 5/3/2018 5/10/2018 124,913.75 495.14 124,989.50 126,314.003.12HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 125,000.00 PFM Asset Management LLC 30 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 5/3/2018 5/10/2018 24,982.75 99.03 24,997.90 25,262.803.09HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 A A1 5/19/2016 5/24/2016 74,716.50 170.63 74,978.52 75,485.922.03STATE 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 24,992.84 25,161.982.64STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 A A1 5/19/2016 5/24/2016 24,905.50 56.88 24,992.84 25,161.982.64STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 A A2 5/17/2018 5/22/2018 34,998.95 126.39 34,999.87 35,306.713.18CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 35,000.00 A A2 5/17/2018 5/22/2018 199,994.00 722.22 199,999.23 201,752.603.25CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 200,000.00 A A2 3/10/2017 3/15/2017 273,787.25 3,542.53 274,744.76 281,516.682.75JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 275,000.00 A A2 3/10/2017 3/15/2017 49,779.50 644.10 49,953.59 51,184.853.04JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 50,000.00 A- A2 3/15/2019 3/22/2019 675,000.00 5,411.81 675,000.00 698,232.153.21JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 46647PBB1 675,000.00 A A3 7/6/2020 7/8/2020 224,874.00 702.81 224,894.39 226,696.050.67CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 14913R2D8 225,000.00 A+ A1 8/11/2020 8/14/2020 199,846.00 380.56 199,865.69 200,848.800.53TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 89236THF5 200,000.00 A- A3 2/12/2019 2/15/2019 402,848.00 6,144.44 401,764.40 435,760.403.34PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 693475AV7 400,000.00 BBB+ A2 7/19/2019 7/23/2019 422,916.00 2,669.44 415,970.16 442,131.602.59MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 400,000.00 A- A3 7/11/2019 7/15/2019 398,016.00 106.67 398,603.85 425,152.002.51AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 02665WCZ2 400,000.00 PFM Asset Management LLC 31 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 BBB+ A3 7/8/2019 7/11/2019 418,632.00 7,400.56 413,115.95 437,736.402.84GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 38141EC23 400,000.00 BBB+ A2 9/3/2019 9/6/2019 398,368.00 2,352.78 398,801.11 416,438.801.84WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 254687FK7 400,000.00 A A1 1/21/2020 1/28/2020 200,880.00 781.67 200,707.66 212,902.002.00BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 06406RAL1 200,000.00 A+ A1 10/22/2020 10/29/2020 182,894.25 1,268.75 182,570.59 183,273.130.73PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 69371RQ66 175,000.00 BBB+ A3 8/28/2020 9/1/2020 249,738.75 1,320.00 247,962.34 248,808.150.88CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 172967JP7 225,000.00 AA+ Aa1 5/11/2020 5/13/2020 551,105.50 859.38 550,961.92 564,755.401.08APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 037833DT4 550,000.00 A A2 10/16/2020 10/20/2020 252,247.50 1,006.25 251,055.01 251,163.680.80GENERAL DYNAMICS CORP DTD 05/11/2018 3.500% 05/15/2025 369550BG2 225,000.00 AA- A2 6/3/2020 6/5/2020 474,767.25 295.56 474,794.05 481,703.680.81AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 023135BQ8 475,000.00 A- A2 8/18/2020 8/20/2020 256,918.50 3,632.81 254,551.55 256,733.550.93BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 06051GFS3 225,000.00 A+ A2 9/29/2020 9/30/2020 142,835.00 1,829.86 141,852.38 142,524.380.88BRISTOL-MYERS SQUIBB CO CORPORATE NOTES DTD 07/15/2020 3.875% 08/15/2025 110122DC9 125,000.00 A A3 9/24/2020 9/28/2020 257,845.50 2,567.19 256,032.41 257,323.950.86ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 002824BM1 225,000.00 2.09 8,516,433.07 8,303,218.10 56,341.06 8,140,000.00 8,325,300.20Security Type Sub-Total Certificate of Deposit PFM Asset Management LLC 32 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 6/7/2018 6/8/2018 525,000.00 1,134.00 525,000.00 532,277.553.24ROYAL 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 100,000.00 216.00 100,000.00 101,386.202.98ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 100,000.00 A-1+ P-1 6/7/2018 6/8/2018 50,000.00 108.00 50,000.00 50,693.102.98ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 50,000.00 A+ Aa3 8/5/2020 8/7/2020 250,000.00 530.83 250,000.00 250,449.500.52CREDIT SUISSE NEW YORK CERT DEPOS DTD 08/07/2020 0.520% 02/01/2022 22549L6F7 250,000.00 A+ Aa2 8/29/2019 9/3/2019 400,000.00 2,645.33 400,000.00 411,039.201.85SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 83050PDR7 400,000.00 2.28 1,345,845.55 1,325,000.00 4,634.16 1,325,000.00 1,325,000.00Security Type Sub-Total Asset-Backed Security AAA Aaa 10/10/2018 10/17/2018 299,997.33 308.00 299,999.05 301,113.633.36BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 300,000.00 AAA Aaa 11/20/2018 11/28/2018 259,313.20 364.25 259,332.85 263,133.243.16HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 259,351.97 AAA Aaa 11/15/2018 11/21/2018 213,334.78 211.86 213,339.07 217,121.783.25VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 213,343.74 AAA NR 7/11/2018 7/18/2018 166,371.80 209.40 166,391.57 168,598.983.03GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 166,410.61 AAA NR 7/18/2018 7/25/2018 229,893.27 319.85 229,908.90 233,768.483.13CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 229,924.60 AAA NR 10/17/2018 10/24/2018 299,545.74 447.33 299,546.98 305,924.723.36CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 299,548.50 NR Aaa 1/8/2019 1/16/2019 189,164.17 234.12 189,172.67 192,205.272.97GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 189,185.12 AAA NR 8/28/2019 9/5/2019 799,798.56 611.56 799,852.55 819,542.321.73COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 800,000.00 PFM Asset Management LLC 33 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 2.72 2,501,408.42 2,457,543.64 2,706.37 2,457,764.54 2,457,418.85Security Type Sub-Total 31,445,766.89 31,028,733.99 87,038.10 31,392,238.60 32,068,479.48 1.50 Managed Account Sub Total Money Market Mutual Fund AAAm NR 283,965.34 0.00 283,965.34 283,965.34CAMP Pool 283,965.34 283,965.34 283,965.34 0.00 283,965.34 283,965.34Money Market Sub Total $87,038.10 $31,676,203.94 $32,352,444.82 Securities Sub-Total Accrued Interest $87,038.10 Total Investments $32,439,482.92 1.50%$31,312,699.33 $31,729,732.23 Bolded items are forward settling trades. PFM Asset Management LLC 34 Appendix CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 35 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 36 CITY OF LAKE ELSINORE For the Quarter Ended December 31, 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 37