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Item No. 03 - City Council Investment Report for July 2021
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 21-291 Agenda Date: 8/24/2021 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 3) CC Investment Report for July 2021 Receive and file. Page 1 City of Lake Elsinore Printed on 8/19/2021 REPORT TO CITY COUNCIL To: Honorable Mayor and Members of the City Council From: Jason Simpson, City Manager Prepared by: Andrew Zavala, Senior Accountant Date: August 24, 2021 Subject: Investment Report for July 2021 Recommendation Receive and file the Investment Report for July 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 June 30, 2021. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for July 2021 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 2,752,961$ 269,432$ (22,578)$ 2,999,815$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 2,000 Total Cash Accounts 2,752,961 269,432 (22,578) 3,002,115 INVESTMENTS Local Agency Investment Fund 50,941,705 - - 50,941,705 CAMP Investments: CAMP Pool Account 815,530 - - 815,530 U.S. Treasury Bond / Note 11,507,278 - - 11,507,278 Supra-National Agency Bond / Note 743,418 - - 743,418 Municipal Bond / Note 1,414,846 - - 1,414,846 Federal Agency Collateralized Mortgage Obligation 579,356 - - 579,356 Federal Agency Bond / Note 6,060,687 - - 6,060,687 Corporate Notes 5,988,647 - - 5,988,647 Commercial Paper 1,897,362 - - 1,897,362 Negotiable Certificate of Deposit 650,000 - - 650,000 Asset-Backed Security / Collaterized Mortgage 2,363,896 - - 2,363,896 Sub-total Investments 82,962,724 - - 82,962,724 Market Value Adjustment: Unrealized Gain/(Loss) at 06/30/21 471,926 - - 471,926 Total Investments 83,434,650 - - 83,434,650 Total Pooled Cash and Investments 86,187,611$ 269,432$ (22,578)$ 86,436,765$ TOTAL POOLED CASH AND INVESTMENTS 86,436,765$ 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 May 25, 2021. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson August 17, 2021 City Manager Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JULY 31, 2021 FUND NO FUND NAME AMOUNT 100 General 15,369,093$ 102 Measure Z 1,714,389 103 The Anchor 232,984 106 Affordable Housing In Lieu 1,748,972 107 Developer Agreement Revenue 112,297 108 American Rescue Plan 7,483,599 109 Road Maintenance and Rehabilitation (SB1)574,427 110 State Gas Tax 1,009,543 112 Measure A 1,530,891 114 SB1186 CASP Education Program 36,713 115 Traffic Safety 88,814 118 Lake Side Facility DIF 14,679 119 Animal Shelter DIF 25,932 121 T.R.I.P.-2014A 505 130 Lighting & Landscape Maintenance Fund - City-wide 676,530 135 Lighting & Landscape Maintenance - Dist. No. 1 1,647,918 140 Geothermal 11,899 155 CSA152 -- N.P.D.E.S.354,525 160 PEG Grant 46,755 180 Launch Pointe 486,333 202 La Strada RBBD 24,269 203 E.L.S.P. - S.T.I.F.3,409,578 205 Traffic Impact Fee 977,907 211 Storm Drain C.I.P. 2,294,235 221 Quimby Park C.I.P.685,068 231 Library C.I.P. 1,278,357 232 City Fire Protection 289,040 300 Insurance Service 624,322 305 Information Systems Service 59,488 320 Facilities Service 567,517 331 CFD 2006-1CC Summerly Improvement Area CC 91,334 334 CFD 2015-5 Trieste - Far West Industries 76,347 335 CFD 2003-2E Canyon Hills Improvement Area E 32,710 336 CFD 2006-1FF Summerly Improvement Area FF 136,907 337 CFD 2016-2 Canyon Hills 607,611 338 CFD 2006-1 IA-JJ Summerly Improvement Area 201,815 339 CFD 2006-1 IA-KK Summerly Improvement Area 746 340 CFD 2006-1 IA-EE Summerly Improvement Area 184,537 345 CFD 2003-2 Improvement Area D, Canyon Hills 898,264 346 CFD 2014-1 Southshore 69,169 347 CFD 2006-1 Improvement Area A, Summerly 112,180 350 CFD 98-1 Summerhill 652,845 351 CFD 2006-1 IA-II Summerly Improvement 57,274 354 CFD 90-2 Tuscany Hills 1,263,402 C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF JULY 31, 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 JULY 31, 2021 357 CFD 2003-2 Canyon Hills Improvement Area 319,846 366 CFD 2005-6 City Center Townhomes 139,878 368 CFD 2006-2 Viscaya 294,144 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 946,257 370 CFD 2006-1 IA-HH Summerly Improvement 191,049 371 CFD 2005-1 Serenity 352,460 372 CFD 2005-2 Alberhill Ranch Improvement Area 829,734 374 CFD 2005-4 Lakeview Villas 6,044 377 CFD 2006-6 Tessara 16,615 378 CFD 2006-8 Running Deer Estates 9,881 384 CFD 2003-2 Area B Canyon Hills Improvement Area 1,334,055 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 1,091,524 386 CFD 2007-4 Mekenna Court 102,594 387 CFD 2007-5 Red Kite 62,876 388 CFD 2007-6 Holiday Inn Express 465 389 CFD 88-3 (2008A) West Lake Elsinore Series A 16,848 390 CFD 2003-2 Area C Canyon Hills Improvement Area 296,760 392 CFD 95-1 City Center 38,091 393 AD 93-1 Cottonwood Hills 808,881 394 CFD 2005-5 (2012A) Wasson Canyon 115,395 395 CFD 2018-1 Wasson Canyon II Improvement Area 83 396 CFD 2018-2 Nichols Ranch Improvement Area 2,674 397 CFD 2018-3 Village at Lakeshore 17,782 398 CFD 2021-1 Tuscany Valley and Crest 37,737 500 Capital Improvement Plan 5,247,366 510 Successor To RDA Area I, II, & III 8,982,331 540 Successor To RDA Diamond Stadium 2,182,102 603 Endowment Trust - Carl Graves 57,605 604 Endowment Trust - Korn Memorial 34,194 605 Public Improvement Trust 1,586,432 606 Mobile Source Air Polution Reduction 475,934 608 Trust Deposit & Pre Paid Expense 1,181,495 617 Successor Agency Housing 10,318,011 620 Cost Recovery System 1,100,880 631 Lake Destratification Equipment Replacement 477,019 Total Pooled Cash & Investments 86,436,765$ MAXIMUM DIVERSIFICATION CURRENT TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE CAMP - Pooled Sweep Account Unlimited 0.98%815,530$ U.S. Treasury Bond / Note Unlimited 13.87%11,507,278$ Supra-National Agency Bond / Note 30%0.90%743,418$ Municipal Bond / Note Unlimited 1.71%1,414,846$ Federal Agency Collaterized Mortgage Obligation 40%0.70%579,356$ Federal Agency Bond / Note Unlimited 7.31%(1)6,060,687$ Corporate Note 30%7.22%5,988,647$ Commercial Paper 25%2.29%1,897,362$ Negotiable Certificates of Deposit 30%0.78%650,000$ Asset-Backed Security / Collaterized Mortgage 20%2.85%2,363,896$ LAIF (Local Agency Investment Fund)$75 Million 61.40%(2)50,941,705$ TOTAL 100.00%82,962,724$ Note: (1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency. C I T Y O F L A K E E L S I N O R E SUMMARY OF POLICY LIMITATIONS FOR THE MONTH ENDING JULY 31, 2021 Local Agency Investment Fund Jul 0.221 Jun 0.262 May 0.315 0.00000897371743018 1.00008297 LAIF Earnings Ratio(2): LAIF Fair Value Factor(1): PMIA Daily(1):0.22% 0.33LAIF Apportionment Rate(2): PMIA Quarter to Date(1):0.30% 291PMIA Average Life(1): Treasuries 70.61% Agencies 14.00% Certificates of Deposit/Bank Notes 7.68% Time Deposits 2.11% Commercial Paper 5.12% Loans 0.41% Corporate Bonds 0.06% Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). Source: (1) State of California, Office of the Treasurer (2) State of Calfiornia, Office of the Controller PMIA Average Monthly Effective Yields(1) PMIA/LAIF Performance Report as of 08/13/21 Daily rates are now available here. View PMIA Daily Rates Quarterly Performance Quarter Ended 06/30/21 Chart does not include 0.01% of mortgages.Percentages may not total 100% due to rounding. Pooled Money Investment Account Monthly Portfolio Composition (1) 07/31/21 $181.8 billion Yield Purchase Date Maturity Rate 0.221%Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:43,419,299$ 7,522,406$ 50,941,705$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $75 million cap per agency. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JULY 31, 2021 CAMP Investment Portfolio For the Month Ending July 31, 2021Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE Opening Market Value Purchases Redemptions Change in Value Closing Market Value 913,600.65 137,793.60 (235,864.69) 0.00 $815,529.56 CAMP Pool Unsettled Trades 0.00 36.58 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 31,345,092.46 232,052.73 (112,922.32) 71,181.17 $31,535,404.04 CAMP Managed Account Unsettled Trades 0.00 23,520.91 Cash Dividends and Income July 31, 2021 June 30, 2021 Asset Summary CAMP Pool 815,529.56 913,600.65 CAMP Managed Account 31,535,404.04 31,345,092.46 $32,350,933.60 $32,258,693.11 Total Asset Allocation 2.52% CAMP Pool 97.48% CAMP Managed Account Page 1 For the Month Ending July 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 $913,600.65 137,793.60 (235,864.69) $815,529.56 36.58 $31,345,092.46 (112,922.32) 0.00 232,052.73 0.00 71,181.17 $31,535,404.04 $32,258,693.11 $32,350,933.60 23,649.23 (10.70) (117.62) $23,520.91 0.00 0.00 23,649.23 112,922.32 (232,063.43) 95,491.88 0.00 Managed Account Total 31,106,098.56 31,921,628.12 72,467.51 0.00 112,922.32 23,649.23 (232,063.43) (30,993,743.46) (61,193.33) 0.00 72,467.51 235,864.69 112,922.32 23,649.23 (369,857.03) (31,907,344.11) (61,193.33) 36.58 Total Accrual Basis Earnings $28,137.40 $28,173.98 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending July 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 11,300,000.00 11,693,953.07 36.15 Supra-National Agency Bond / Note 745,000.00 744,114.02 2.30 Municipal Bond / Note 1,410,000.00 1,429,060.00 4.42 Federal Agency Collateralized Mortgage Obligation 565,058.17 590,386.45 1.82 Federal Agency Bond / Note 6,075,000.00 6,060,956.78 18.74 Corporate Note 5,814,000.00 6,077,720.75 18.79 Commercial Paper 1,900,000.00 1,899,438.20 5.87 Certificate of Deposit 650,000.00 657,309.65 2.03 Asset-Backed Security 2,364,248.73 2,382,465.12 7.36 Managed Account Sub-Total 30,823,306.90 31,535,404.04 97.48% Accrued Interest 72,467.51 Total Portfolio 30,823,306.90 31,607,871.55 CAMP Pool 815,529.56 815,529.56 2.52 Total Investments 31,638,836.46 32,423,401.11 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 7.36% ABS 2.03% Cert of Deposit 5.87% Commercial Paper 18.79% Corporate Note 1.82% Fed Agency CMO 18.74% Fed Agy Bond / Note 2.52% Mny Mkt Fund 4.42% Muni Bond / Note 2.30% Supra-National Agency Bond / Note 36.15% US TSY Bond / Note Page 3 For the Month Ending July 31, 2021Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 8.40% 0.00% 9.93% 39.72% 28.39% 13.56% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Weighted Average Days to Maturity 1036 1.09% 0.51% Page 4 For the Month Ending July 31, 2021Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 2.32% A 5.33% A+ 5.68% A- 5.87% A-1 2.71% AA 59.88% AA+ 0.58% AA- 9.42% AAA 2.52% AAAm 4.72% BBB+ 0.97% NR Issuer Summary Percentof HoldingsIssuer Market Value 250,929.90 0.78 ABBOTT LABORATORIES 476,982.65 1.47 AMAZON.COM INC 420,966.40 1.30 AMERICAN HONDA FINANCE 557,156.05 1.72 APPLE INC 250,319.70 0.77 BANK OF AMERICA CO 65,869.08 0.20 BRISTOL-MYERS SQUIBB CO 85,222.70 0.26 CALIFORNIA STATE UNIVERSITY 815,529.56 2.52 CAMP Pool 812,872.00 2.51 CAPITAL ONE FINANCIAL CORP 381,897.94 1.18 CARMAX AUTO OWNER TRUST 226,455.98 0.70 CATERPILLAR INC 103,999.00 0.32 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 105,793.17 0.33 CHARLES SCHWAB 245,216.70 0.76 CITIGROUP INC 850,073.25 2.63 CREDIT SUISSE GROUP RK 1,672,850.72 5.18 FANNIE MAE 498,541.65 1.54 FEDERAL HOME LOAN BANKS 315,397.10 0.97 FLORIDA STATE BOARD OF ADMIN FIN CORP 4,479,950.86 13.86 FREDDIE MAC 246,844.35 0.76 GENERAL DYNAMICS CORP 169,579.22 0.52 GM FINANCIAL CONSUMER AUTOMOBILE TRUST 120,083.63 0.37 GM FINANCIAL LEASINGTRUST 433,569.60 1.34 GOLDMAN SACHS GROUP INC 112,912.26 0.35 HONDA AUTO RECEIVABLES 75,013.76 0.23 HYUNDAI AUTO RECEIVABLES 744,114.02 2.30 INTL BANK OF RECONSTRUCTION AND DEV 492,534.67 1.52 JP MORGAN CHASE & CO 140,750.40 0.44 LOS ANGELES COMMUNITY COLLEGE DISTRICT 434,975.60 1.34 MORGAN STANLEY 949,889.80 2.94 NATIXIS NY BRANCH 325,380.25 1.01 NEW YORK ST URBAN DEVELOPMENT CORP 294,530.92 0.91 NISSAN AUTO RECEIVABLES Page 5 For the Month Ending July 31, 2021Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 181,765.33 0.56 PACCAR FINANCIAL CORP 428,471.20 1.32 PNC FINANCIAL SERVICES GROUP 130,479.70 0.40 SAN JUAN UNIFIED SCHOOL DISTRICT 406,888.40 1.26 SKANDINAVISKA ENSKILDA BANKEN AB 142,522.95 0.44 STATE OF CONNECTICUT 100,126.00 0.31 STATE OF MINNESOTA 349,896.40 1.08 SUMITOMO MITSUI TRUST HOLDINGS INC 419,270.64 1.30 THE BANK OF NEW YORK MELLON CORPORATION 413,887.20 1.28 THE WALT DISNEY CORPORATION 525,056.94 1.62 TOYOTA MOTOR CORP 11,693,953.07 36.16 UNITED STATES TREASURY 225,958.73 0.70 UNITEDHEALTH GROUP INC 85,181.90 0.26 UNIVERSITY OF CALIFORNIA 91,272.25 0.28 VOLKSWAGEN OF AMERICA $32,350,933.60 Total 100.00% Page 6 For the Month Ending July 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 1,283,203.13 1,245,491.03 3,440.92 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 1,031,250.00 1,003,168.24 4,106.66 1,005,742.19 10/04/1910/02/19AaaAA+ 1,000,000.00 912828T91 1.48 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,701,562.50 1,644,343.57 6,775.98 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 183,449.21 177,218.87 304.35 178,541.01 11/06/1911/01/19AaaAA+ 175,000.00 912828XX3 1.55 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 340,691.39 330,849.18 565.22 333,823.24 02/07/2002/03/20AaaAA+ 325,000.00 912828XX3 1.36 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 524,140.60 516,432.61 869.56 524,355.47 03/06/2003/02/20AaaAA+ 500,000.00 912828XX3 0.85 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2,830,359.24 2,725,859.70 4,695.65 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 522,421.90 526,726.04 760.87 534,414.06 08/07/2008/05/20AaaAA+ 500,000.00 912828YY0 0.18 US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 2,089,687.60 2,099,463.09 3,043.48 2,130,625.00 07/06/2007/01/20AaaAA+ 2,000,000.00 912828YY0 0.28 US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 247,265.62 245,525.72 54.35 245,156.25 04/05/2104/01/21AaaAA+ 250,000.00 912828ZW3 0.72 US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 445,078.13 444,257.12 97.82 443,654.30 03/04/2103/01/21AaaAA+ 450,000.00 912828ZW3 0.58 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 148,453.12 147,097.71 48.91 147,052.73 07/07/2107/01/21AaaAA+ 150,000.00 91282CBC4 0.82 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 346,390.63 345,028.88 114.13 344,859.38 06/07/2106/02/21AaaAA+ 350,000.00 91282CBC4 0.70 24,877.90 11,693,953.07 11,451,461.76 1.22 11,507,278.33 11,300,000.00 Security Type Sub-Total Page 7 For the Month Ending July 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 INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 244,778.52 244,564.41 85.92 244,492.85 04/20/2104/13/21AaaAAA 245,000.00 459058JV6 0.23 INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 499,335.50 499,170.43 232.64 498,925.00 11/24/2011/17/20AaaAAA 500,000.00 459058JM6 0.32 318.56 744,114.02 743,734.84 0.29 743,417.85 745,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 62,674.20 60,000.00 99.90 60,000.00 06/11/2005/29/20Aa3A+ 60,000.00 20772KJW0 2.00 CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 103,999.00 100,000.00 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 325,380.25 325,000.00 1,068.17 325,000.00 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 85,181.90 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 79,848.75 77,969.95 250.00 78,822.75 06/25/2006/12/20Aa3A+ 75,000.00 20772KKK4 0.94 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 66,131.65 65,375.73 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 86,479.85 85,460.76 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 162,785.60 160,000.00 167.73 160,000.00 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 100,126.00 100,000.00 315.00 100,000.00 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 130,479.70 130,000.00 553.80 130,000.00 10/29/2010/16/20Aa2NR 130,000.00 798306WP7 0.85 LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 140,750.40 140,000.00 541.10 140,000.00 11/10/2010/30/20AaaAA+ 140,000.00 54438CYK2 0.77 Page 8 For the Month Ending July 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 CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 85,222.70 85,000.00 4.07 85,000.00 07/29/2107/09/21Aa2AA- 85,000.00 13077DQD7 0.86 4,365.97 1,429,060.00 1,413,806.44 1.06 1,414,845.85 1,410,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 328.00 328.16 0.97 334.52 04/30/1804/11/18AaaAA+ 328.00 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 328.00 328.16 0.97 334.52 04/30/1804/11/18AaaAA+ 328.00 3136B1XP4 3.11 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 1,639.99 1,640.79 4.86 1,672.61 04/30/1804/11/18AaaAA+ 1,639.99 3136B1XP4 2.93 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 34,094.48 33,508.71 86.12 33,727.50 04/09/1804/04/18AaaAA+ 33,442.71 3137BM6P6 3.08 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 34,094.48 33,508.71 86.12 33,727.50 04/09/1804/04/18AaaAA+ 33,442.71 3137BM6P6 3.09 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 155,860.49 153,182.65 393.67 154,182.82 04/09/1804/04/18AaaAA+ 152,880.95 3137BM6P6 2.88 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 16,392.96 16,085.68 42.94 16,085.65 12/17/1812/07/18AaaAA+ 16,085.70 3137FKK39 3.20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 78,536.06 76,908.95 134.08 76,908.27 11/26/1911/20/19AaaAA+ 76,910.12 3137FQ3V3 2.09 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 269,111.99 258,809.73 637.92 262,382.81 03/25/2003/19/20AaaAA+ 250,000.00 3137BGK24 1.95 1,387.65 590,386.45 574,301.54 2.39 579,356.20 565,058.17 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 900,868.50 899,370.44 981.25 899,082.00 08/21/2008/19/20AaaAA+ 900,000.00 3137EAEV7 0.28 Page 9 For the Month Ending July 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 375,290.25 375,047.85 372.40 375,068.48 09/04/2009/02/20AaaAA+ 375,000.00 3137EAEW5 0.24 FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 525,406.35 524,878.93 521.35 524,826.75 09/04/2009/02/20AaaAA+ 525,000.00 3137EAEW5 0.26 FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 324,299.30 324,107.70 118.49 323,787.75 10/16/2010/14/20AaaAA+ 325,000.00 3137EAEY1 0.25 FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 350,054.95 349,762.31 206.60 349,685.00 11/05/2011/03/20AaaAA+ 350,000.00 3137EAEZ8 0.28 FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 325,052.33 324,713.60 144.44 324,629.50 11/25/2011/23/20AaaAA+ 325,000.00 3135G06H1 0.29 FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 299,978.70 299,768.10 118.75 299,703.00 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 349,832.70 348,713.23 520.14 348,264.00 04/16/2004/15/20AaaAA+ 350,000.00 3130AJHU6 0.60 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 351,184.40 349,462.41 601.56 349,279.00 04/24/2004/22/20AaaAA+ 350,000.00 3135G03U5 0.67 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 421,779.35 423,317.48 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 347,005.75 348,666.43 568.75 348,362.00 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 148,708.95 149,630.15 229.69 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44 FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 694,183.00 698,251.10 933.33 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44 FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 647,312.25 648,007.80 758.33 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 6,119.35 6,060,956.78 6,063,697.53 0.39 6,060,686.98 6,075,000.00 Security Type Sub-Total Page 10 For the Month Ending July 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 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 178,336.03 175,000.00 1,870.75 175,000.00 03/22/1903/15/19A2A- 175,000.00 46647PBB1 3.21 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 226,455.98 224,918.80 97.50 224,874.00 07/08/2007/06/20A2A 225,000.00 14913R2D8 0.67 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 200,753.80 199,895.51 463.89 199,846.00 08/14/2008/11/20A1A+ 200,000.00 89236THF5 0.53 PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 428,471.20 401,404.71 311.11 402,848.00 02/15/1902/12/19A3A- 400,000.00 693475AV7 3.34 CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 105,793.17 104,954.01 290.94 104,947.50 03/18/2103/16/21A2A 105,000.00 808513BN4 0.77 BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 210,231.84 209,795.19 277.08 209,775.30 04/26/2104/19/21A1A 210,000.00 06406RAS6 0.54 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 434,975.60 413,181.30 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 420,966.40 398,836.36 906.67 398,016.00 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 433,569.60 410,950.39 983.89 418,632.00 07/11/1907/08/19A2BBB+ 400,000.00 38141EC23 2.84 WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 413,887.20 398,991.21 2,975.00 398,368.00 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 209,038.80 200,599.88 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 181,765.33 181,498.47 1,531.25 182,894.25 10/29/2010/22/20A1A+ 175,000.00 69371RQ66 0.73 Page 11 For the Month Ending July 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 CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 245,216.70 244,875.45 1,938.75 249,738.75 09/01/2008/28/20A3BBB+ 225,000.00 172967JP7 0.88 APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 557,156.05 550,831.28 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 246,844.35 247,591.90 1,662.50 252,247.50 10/20/2010/16/20A2A- 225,000.00 369550BG2 0.80 JPMORGAN CHASE & CO CORPORATE NOTES DTD 06/01/2021 0.824% 06/01/2025 314,198.64 315,000.00 432.60 315,000.00 06/01/2105/24/21A2A- 315,000.00 46647PCH7 0.82 AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 476,982.65 474,821.10 612.22 474,767.25 06/05/2006/03/20A1AA 475,000.00 023135BQ8 0.81 BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 250,319.70 250,806.82 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 65,869.08 65,897.07 1,054.22 67,418.12 09/30/2009/29/20A2A+ 59,000.00 110122DC9 0.88 ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 250,929.90 251,986.37 3,293.75 257,845.50 09/28/2009/24/20A2A+ 225,000.00 002824BM1 0.86 UNITEDHEALTH GROUP INC CORPORATE NOTES DTD 05/19/2021 1.150% 05/15/2026 225,958.73 224,624.40 517.50 224,608.50 05/19/2105/17/21A3A+ 225,000.00 91324PEC2 1.19 30,046.78 6,077,720.75 5,946,460.22 1.58 5,988,646.67 5,814,000.00 Security Type Sub-Total Commercial Paper SUMITOMO MITSUI TRUST NY COMM PAPER DTD 05/05/2021 0.000% 11/01/2021 349,896.40 349,847.94 0.00 349,702.50 05/05/2105/05/21P-1A-1 350,000.00 86563GY14 0.17 NATIXIS NY BRANCH COMM PAPER DTD 02/04/2021 0.000% 11/01/2021 949,889.80 949,563.00 0.00 948,869.50 03/08/2103/05/21P-1A-1 950,000.00 63873JY12 0.18 Page 12 For the Month Ending July 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 Commercial Paper CREDIT SUISSE NEW YORK COMM PAPER DTD 04/29/2021 0.000% 01/24/2022 599,652.00 599,208.00 0.00 598,789.50 04/30/2104/29/21P-1A-1 600,000.00 2254EBAQ4 0.27 0.00 1,899,438.20 1,898,618.94 0.21 1,897,361.50 1,900,000.00 Security Type Sub-Total Certificate of Deposit SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 406,888.40 400,000.00 3,224.00 400,000.00 09/03/1908/29/19Aa2A+ 400,000.00 83050PDR7 1.85 CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 250,421.25 250,000.00 536.74 250,000.00 03/23/2103/19/21A1A+ 250,000.00 22552G3C2 0.59 3,760.74 657,309.65 650,000.00 1.37 650,000.00 650,000.00 Security Type Sub-Total Asset-Backed Security HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 112,912.26 111,996.89 157.30 111,986.05 11/28/1811/20/18AaaAAA 112,002.80 43815AAC6 3.16 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 91,272.25 90,443.92 89.82 90,441.60 11/21/1811/15/18AaaAAA 90,445.40 92869BAD4 3.25 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 72,710.59 72,198.66 90.86 72,188.06 07/18/1807/11/18NRAAA 72,204.90 36255JAD6 3.03 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 106,167.83 105,286.20 146.47 105,277.34 07/25/1807/18/18NRAAA 105,291.68 14313FAD1 3.13 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 165,463.95 163,349.02 243.94 163,348.17 10/24/1810/17/18NRAAA 163,349.67 14315EAC4 3.36 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 96,868.63 95,949.24 118.74 95,943.66 01/16/1901/08/19AaaNR 95,954.28 36256XAD4 2.97 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 812,872.00 799,876.19 611.56 799,798.56 09/05/1908/28/19NRAAA 800,000.00 14041NFU0 1.73 GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 85,104.86 84,988.56 8.57 84,987.17 02/24/2102/17/21AaaNR 85,000.00 36261RAD0 0.33 Page 13 For the Month Ending July 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 GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 34,978.77 34,997.19 4.38 34,997.05 05/26/2105/18/21NRAAA 35,000.00 380144AD7 0.41 HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 75,013.76 74,992.58 12.67 74,992.11 04/28/2104/20/21NRAAA 75,000.00 44933LAC7 0.38 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 294,530.92 294,995.13 43.27 294,995.01 06/23/2106/15/21AaaAAA 295,000.00 65480BAC1 0.33 TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 324,303.14 324,966.04 37.56 324,965.00 06/14/2106/08/21NRAAA 325,000.00 89190GAC1 0.26 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 110,266.16 109,977.67 25.42 109,976.30 04/21/2104/13/21NRAAA 110,000.00 14314QAC8 0.52 1,590.56 2,382,465.12 2,364,017.29 1.58 2,363,896.08 2,364,248.73 Security Type Sub-Total 30,823,306.90 31,205,489.46 1.09 72,467.51 31,106,098.56 31,535,404.04 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 815,529.56 815,529.56 0.00 815,529.56 NRAAAm 815,529.56 815,529.56 815,529.56 0.00 815,529.56 815,529.56 Liquid Sub-Total $31,638,836.46 $32,021,019.02 $72,467.51 $31,921,628.12 $32,350,933.60 1.09% $32,423,401.11 $72,467.51 Total Investments Accrued Interest Securities Sub-Total Page 14 For the Month Ending July 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 37,712.10 43,017.57 1,283,203.13 102.66 MORGAN_S 1,250,000.00 912828R69US TREASURY NOTES DTD 05/31/2016 1.625% 05/31/2023 0.17 1.81 28,081.76 25,507.81 1,031,250.00 103.13 BNP_PARI 1,000,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.23 2.21 57,218.93 62,455.08 1,701,562.50 103.13 MERRILL 1,650,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 0.23 2.21 6,230.34 4,908.20 183,449.21 104.83 MORGAN_S 175,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.33 2.85 9,842.21 6,868.15 340,691.39 104.83 HSBC 325,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.33 2.85 7,707.99 (214.87) 524,140.60 104.83 HSBC 500,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.33 2.85 104,499.54 90,597.52 2,830,359.24 104.83 HSBC 2,700,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 0.33 2.85 (4,304.14)(11,992.16) 522,421.90 104.48 WELLS_F 500,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 0.43 3.33 (9,775.49)(40,937.40) 2,089,687.60 104.48 WELLS_F 2,000,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 0.43 3.33 1,739.90 2,109.37 247,265.62 98.91 GOLDMAN 250,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 0.53 3.90 821.01 1,423.83 445,078.13 98.91 MERRILL 450,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 0.53 3.90 1,355.41 1,400.39 148,453.12 98.97 CITIGRP 150,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 0.61 4.38 1,361.75 1,531.25 346,390.63 98.97 JPM_CHA 350,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 0.61 4.38 186,674.74 0.34 242,491.31 11,693,953.07 11,300,000.00 Security Type Sub-Total 2.82 Supra-National Agency Bond / Note 214.11 285.67 244,778.52 99.91 TD 245,000.00 459058JV6INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 0.20 1.72 165.07 410.50 499,335.50 99.87 TD 500,000.00 459058JM6INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 0.31 2.31 Page 15 For the Month Ending July 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 696.17 0.27 379.18 744,114.02 745,000.00 Security Type Sub-Total 2.12 Municipal Bond / Note 2,674.20 2,674.20 62,674.20 104.46 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 0.46 2.85 3,999.00 3,999.00 103,999.00 104.00 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 0.75 2.90 380.25 380.25 325,380.25 100.12 WELLS_F 325,000.00 650036DT0NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 0.84 3.56 181.90 181.90 85,181.90 100.21 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 0.83 3.65 1,878.80 1,026.00 79,848.75 106.47 MORGAN_ 75,000.00 20772KKK4CT ST T/E GO BONDS DTD 06/25/2020 2.000% 06/01/2025 0.30 3.71 755.92 672.10 66,131.65 101.74 MERRILL 65,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.81 3.83 1,019.09 916.30 86,479.85 101.74 MERRILL 85,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.81 3.83 2,785.60 2,785.60 162,785.60 101.74 MERRILL 160,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 0.81 3.83 126.00 126.00 100,126.00 100.13 MORGAN_ 100,000.00 60412AVJ9MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 0.60 3.95 479.70 479.70 130,479.70 100.37 KEYBANC 130,000.00 798306WP7SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 0.76 3.93 750.40 750.40 140,750.40 100.54 MERRILL 140,000.00 54438CYK2LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 0.64 3.93 222.70 222.70 85,222.70 100.26 JPM_CHA 85,000.00 13077DQD7CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 0.80 4.18 14,214.15 0.73 15,253.56 1,429,060.00 1,410,000.00 Security Type Sub-Total 3.69 Federal Agency Collateralized Mortgage Obligation (0.16)(6.52) 328.00 100.00 JPM_CHAS 328.00 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.56 0.13 (0.16)(6.52) 328.00 100.00 JPM_CHAS 328.00 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.56 0.13 Page 16 For the Month Ending July 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 (0.80)(32.62) 1,639.99 100.00 JPM_CHAS 1,639.99 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3.56 0.13 585.77 366.98 34,094.48 101.95 CITIGRP 33,442.71 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.13 0.85 585.77 366.98 34,094.48 101.95 CITIGRP 33,442.71 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.13 0.85 2,677.84 1,677.67 155,860.49 101.95 CITIGRP 152,880.95 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 1.13 0.85 307.28 307.31 16,392.96 101.91 CSFB 16,085.70 3137FKK39FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 2.19 0.94 1,627.11 1,627.79 78,536.06 102.11 JPM_CHAS 76,910.12 3137FQ3V3FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 1.35 1.76 10,302.26 6,729.18 269,111.99 107.64 CITIGRP 250,000.00 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 0.74 3.16 11,030.25 1.02 16,084.91 590,386.45 565,058.17 Security Type Sub-Total 2.03 Federal Agency Bond / Note 1,498.06 1,786.50 900,868.50 100.10 CITIGRP 900,000.00 3137EAEV7FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 0.20 2.06 242.40 221.77 375,290.25 100.08 NOMURA 375,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 0.21 2.10 527.42 579.60 525,406.35 100.08 WELLS_F 525,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 0.21 2.10 191.60 511.55 324,299.30 99.78 WELLS_F 325,000.00 3137EAEY1FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 0.22 2.21 292.64 369.95 350,054.95 100.02 CITIGRP 350,000.00 3137EAEZ8FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 0.24 2.26 338.73 422.83 325,052.33 100.02 NOMURA 325,000.00 3135G06H1FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 0.24 2.32 210.60 275.70 299,978.70 99.99 CITIGRP 300,000.00 3137EAFA2FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 0.25 2.34 1,119.47 1,568.70 349,832.70 99.95 CITIGRP 350,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 0.51 3.67 Page 17 For the Month Ending July 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 1,721.99 1,905.40 351,184.40 100.34 CITIGRP 350,000.00 3135G03U5FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 0.53 3.68 (1,538.13)(1,104.15) 421,779.35 99.24 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 0.57 3.95 (1,660.68)(1,356.25) 347,005.75 99.14 BARCLAY 350,000.00 3135G05X7FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 0.59 4.04 (921.20)(841.05) 148,708.95 99.14 WELLS_F 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 0.59 4.06 (4,068.10)(3,710.00) 694,183.00 99.17 CITIGRP 700,000.00 3137EAEX3FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 0.58 4.11 (695.55)(360.75) 647,312.25 99.59 BARCLAY 650,000.00 3135G06G3FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 0.60 4.22 269.80 0.39 (2,740.75) 6,060,956.78 6,075,000.00 Security Type Sub-Total 3.06 Corporate Note 3,336.03 3,336.03 178,336.03 101.91 04/01/22JPM_CHAS 175,000.00 46647PBB1JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 2.04 0.66 1,537.18 1,581.98 226,455.98 100.65 BARCLAY 225,000.00 14913R2D8CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 0.31 1.93 858.29 907.80 200,753.80 100.38 JPM_CHA 200,000.00 89236THF5TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 0.31 2.03 27,066.49 25,623.20 428,471.20 107.12 12/23/23CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 0.60 2.32 839.16 845.67 105,793.17 100.76 02/18/24CSFB 105,000.00 808513BN4CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 0.46 2.52 436.65 456.54 210,231.84 100.11 03/26/24JPM_CHA 210,000.00 06406RAS6BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 0.46 2.64 21,794.30 12,059.60 434,975.60 108.74 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 0.66 2.62 Page 18 For the Month Ending July 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 22,130.04 22,950.40 420,966.40 105.24 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 0.58 2.82 22,619.21 14,937.60 433,569.60 108.39 SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 0.95 2.81 14,895.99 15,519.20 413,887.20 103.47 JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 0.61 2.99 8,438.92 8,158.80 209,038.80 104.52 MORGAN_S 200,000.00 06406RAL1BANK OF NY MELLON CORP DTD 10/24/2019 2.100% 10/24/2024 0.68 3.13 266.86 (1,128.92) 181,765.33 103.87 MERRILL 175,000.00 69371RQ66PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 0.69 3.40 341.25 (4,522.05) 245,216.70 108.99 MKTX 225,000.00 172967JP7CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 0.85 3.53 6,324.77 6,050.55 557,156.05 101.30 04/11/25GOLDMAN 550,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 0.78 3.62 (747.55)(5,403.15) 246,844.35 109.71 JPM_CHA 225,000.00 369550BG2GENERAL DYNAMICS CORP DTD 05/11/2018 3.500% 05/15/2025 0.89 3.57 (801.36)(801.36) 314,198.64 99.75 JPM_CHA 315,000.00 46647PCH7JPMORGAN CHASE & CO CORPORATE NOTES DTD 06/01/2021 0.824% 06/01/2025 0.89 3.78 2,161.55 2,215.40 476,982.65 100.42 GOLDMAN 475,000.00 023135BQ8AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 0.69 3.79 (487.12)(6,598.80) 250,319.70 111.25 MERRILL 225,000.00 06051GFS3BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 1.00 3.70 (27.99)(1,549.04) 65,869.08 111.64 05/15/25WELLS_F 59,000.00 110122DC9BRISTOL-MYERS SQUIBB CO CORPORATE NOTES DTD 07/15/2020 3.875% 08/15/2025 0.93 3.52 (1,056.47)(6,915.60) 250,929.90 111.52 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 1.02 3.60 1,334.33 1,350.23 225,958.73 100.43 CITIGRP 225,000.00 91324PEC2UNITEDHEALTH GROUP INC CORPORATE NOTES DTD 05/19/2021 1.150% 05/15/2026 1.06 4.67 Page 19 For the Month Ending July 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 89,074.08 0.76 131,260.53 6,077,720.75 5,814,000.00 Security Type Sub-Total 3.08 Commercial Paper 48.46 193.90 349,896.40 99.97 MERRILL 350,000.00 86563GY14SUMITOMO MITSUI TRUST NY COMM PAPER DTD 05/05/2021 0.000% 11/01/2021 0.11 0.26 326.80 1,020.30 949,889.80 99.99 NATIXIS 950,000.00 63873JY12NATIXIS NY BRANCH COMM PAPER DTD 02/04/2021 0.000% 11/01/2021 0.04 0.26 444.00 862.50 599,652.00 99.94 CSFB 600,000.00 2254EBAQ4CREDIT SUISSE NEW YORK COMM PAPER DTD 04/29/2021 0.000% 01/24/2022 0.12 0.50 2,076.70 0.08 819.26 1,899,438.20 1,900,000.00 Security Type Sub-Total 0.34 Certificate of Deposit 6,888.40 6,888.40 406,888.40 101.72 BARCLAYS 400,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 0.25 1.06 421.25 421.25 250,421.25 100.17 CSFB 250,000.00 22552G3C2CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 0.48 1.62 7,309.65 0.34 7,309.65 657,309.65 650,000.00 Security Type Sub-Total 1.28 Asset-Backed Security 915.37 926.21 112,912.26 100.81 JPM_CHAS 112,002.80 43815AAC6HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 2.59 0.29 828.33 830.65 91,272.25 100.91 CITIGRP 90,445.40 92869BAD4VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 2.71 0.29 511.93 522.53 72,710.59 100.70 JPM_CHAS 72,204.90 36255JAD6GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 2.62 0.27 881.63 890.49 106,167.83 100.83 BARCLAYS 105,291.68 14313FAD1CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 2.67 0.30 2,114.93 2,115.78 165,463.95 101.29 MERRILL 163,349.67 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 2.73 0.42 919.39 924.97 96,868.63 100.95 RBC 95,954.28 36256XAD4GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 2.54 0.35 Page 20 For the Month Ending July 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 12,995.81 13,073.44 812,872.00 101.61 RBC 800,000.00 14041NFU0COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 1.18 1.04 116.30 117.69 85,104.86 100.12 RBC 85,000.00 36261RAD0GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 0.30 1.80 (18.42)(18.28) 34,978.77 99.94 SOCGEN 35,000.00 380144AD7GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 0.43 2.14 21.18 21.65 75,013.76 100.02 BARCLAY 75,000.00 44933LAC7HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 0.38 2.03 (464.21)(464.09) 294,530.92 99.84 MITSU 295,000.00 65480BAC1NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 0.37 2.16 (662.90)(661.86) 324,303.14 99.79 CITIGRP 325,000.00 89190GAC1TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 0.31 2.15 288.49 289.86 110,266.16 100.24 MERRILL 110,000.00 14314QAC8CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 0.47 2.28 18,569.04 1.26 18,447.83 2,382,465.12 2,364,248.73 Security Type Sub-Total 1.27 30,823,306.90 31,535,404.04 329,914.58 429,305.48 0.51 Managed Account Sub-Total 2.63 Money Market Mutual Fund 0.00 0.00 815,529.56 1.00 815,529.56 CAMP Pool 0.00 815,529.56 815,529.56 0.00 0.00 Liquid Sub-Total 0.00 Total Investments $32,423,401.11 $72,467.51 $32,350,933.60 Accrued Interest Securities Sub-Total $31,638,836.46 $329,914.58 $429,305.48 0.51% 2.63 Page 21 For the Month Ending July 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 BUY 07/07/21 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 91282CBC4 (147,052.73)(10.70)(147,063.43) 150,000.00 07/01/21 07/29/21 CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 13077DQD7 (85,000.00) 0.00 (85,000.00) 85,000.00 07/09/21 (10.70) (232,063.43)(232,052.73) 235,000.00 Transaction Type Sub-Total INTEREST 07/01/21 CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 20772KJW0 0.00 599.40 599.40 60,000.00 07/01/21 07/01/21 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 0.00 1,949.90 1,949.90 310,000.00 07/01/21 07/25/21 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 0.00 637.92 637.92 250,000.00 07/01/21 07/25/21 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 0.00 199.94 199.94 84,751.33 07/01/21 07/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 0.00 16.00 16.00 5,393.91 07/01/21 07/25/21 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 0.00 43.04 43.04 16,125.37 07/01/21 07/25/21 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 0.00 649.85 649.85 227,556.61 07/01/21 07/07/21 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 07/08/2020 0.650% 07/07/2023 14913R2D8 0.00 731.25 731.25 225,000.00 07/07/21 07/08/21 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 07/08/21 07/15/21 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 07/15/21 07/15/21 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 0.00 318.01 318.01 121,921.56 07/15/21 07/15/21 TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 89190GAC1 0.00 72.76 72.76 325,000.00 07/15/21 Page 22 For the Month Ending July 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 07/15/21 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 14314QAC8 0.00 47.67 47.67 110,000.00 07/15/21 07/15/21 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 65480BAC1 0.00 59.49 59.49 295,000.00 07/15/21 07/15/21 HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 44933LAC7 0.00 23.75 23.75 75,000.00 07/15/21 07/15/21 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 0.00 508.70 508.70 181,677.51 07/15/21 07/15/21 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 0.00 344.11 344.11 130,672.97 07/15/21 07/16/21 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 0.00 269.17 269.17 108,756.79 07/16/21 07/16/21 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 0.00 212.78 212.78 84,549.98 07/16/21 07/20/21 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 0.00 286.60 286.60 105,823.19 07/20/21 07/20/21 GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 380144AD7 0.00 11.96 11.96 35,000.00 07/20/21 07/20/21 GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 36261RAD0 0.00 23.38 23.38 85,000.00 07/20/21 07/21/21 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 0.00 796.88 796.88 425,000.00 07/21/21 07/23/21 PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 693475AV7 0.00 7,000.00 7,000.00 400,000.00 07/23/21 23,649.23 23,649.23 0.00 4,862,229.22 Transaction Type Sub-Total PAYDOWNS 07/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 442.56 0.00 442.56 (8.81) 0.00 442.56 07/01/21 07/25/21 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 7,841.21 0.00 7,841.21 0.19 0.00 7,841.21 07/01/21 07/25/21 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 39.67 0.00 39.67 0.00 0.00 39.67 07/01/21 Page 23 For the Month Ending July 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 07/25/21 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 5,419.31 0.00 5,419.31 (46.15)(0.01) 5,419.30 07/01/21 07/25/21 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 1,185.47 0.00 1,185.47 (10.10) 0.00 1,185.47 07/01/21 07/25/21 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 1,185.47 0.00 1,185.47 (10.10) 0.00 1,185.47 07/01/21 07/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 442.56 0.00 442.56 (8.81) 0.00 442.56 07/01/21 07/25/21 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 2,212.80 0.00 2,212.80 (44.02) 0.00 2,212.80 07/01/21 07/15/21 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 18,327.84 0.00 18,327.84 0.17 0.00 18,327.84 07/15/21 07/15/21 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 16,629.88 0.00 16,629.88 2.27 0.00 16,629.88 07/15/21 07/15/21 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 18,670.17 0.00 18,670.17 2.79 0.00 18,670.17 07/15/21 07/16/21 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 12,345.08 0.00 12,345.08 2.88 0.00 12,345.08 07/16/21 07/16/21 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 12,802.51 0.00 12,802.51 1.42 0.00 12,802.51 07/16/21 07/20/21 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 15,377.79 0.00 15,377.79 0.65 0.00 15,377.79 07/20/21 0.00 (0.01)(117.62) 112,922.32 112,922.32 112,922.31 Transaction Type Sub-Total (119,130.41) 23,638.53 (95,491.88) (117.62)(0.01)Managed Account Sub-Total Total Security Transactions ($117.62)($95,491.88)$23,638.53 ($119,130.41)($0.01) Page 24 For the Month Ending July 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 913,600.65 Opening Balance 07/01/21 07/01/21 Purchase - Interest 20772KJW0 1.00 599.40 914,200.05 07/01/21 07/01/21 Purchase - Interest 341271AD6 1.00 1,949.90 916,149.95 07/07/21 07/07/21 Purchase - Interest 14913R2D8 1.00 731.25 916,881.20 07/07/21 07/07/21 Redemption - Interest 91282CBC4 1.00 (10.70) 916,870.50 07/07/21 07/07/21 Redemption - Principal 91282CBC4 1.00 (147,052.73) 769,817.77 07/08/21 07/08/21 Purchase - Interest 38141EC23 1.00 7,700.00 777,517.77 07/15/21 07/15/21 Purchase - Interest 14041NFU0 1.00 1,146.67 778,664.44 07/15/21 07/15/21 Purchase - Interest 14313FAD1 1.00 318.01 778,982.45 07/15/21 07/15/21 Purchase - Interest 14314QAC8 1.00 47.67 779,030.12 07/15/21 07/15/21 Purchase - Interest 14315EAC4 1.00 508.70 779,538.82 07/15/21 07/15/21 Purchase - Interest 43815AAC6 1.00 344.11 779,882.93 07/15/21 07/15/21 Purchase - Interest 44933LAC7 1.00 23.75 779,906.68 07/15/21 07/15/21 Purchase - Interest 65480BAC1 1.00 59.49 779,966.17 07/15/21 07/15/21 Purchase - Interest 89190GAC1 1.00 72.76 780,038.93 07/15/21 07/15/21 Purchase - Principal 14313FAD1 1.00 16,629.88 796,668.81 07/15/21 07/15/21 Purchase - Principal 14315EAC4 1.00 18,327.84 814,996.65 07/15/21 07/15/21 Purchase - Principal 43815AAC6 1.00 18,670.17 833,666.82 07/16/21 07/16/21 Purchase - Interest 36255JAD6 1.00 212.78 833,879.60 07/16/21 07/16/21 Purchase - Interest 36256XAD4 1.00 269.17 834,148.77 07/16/21 07/16/21 Purchase - Principal 36255JAD6 1.00 12,345.08 846,493.85 07/16/21 07/16/21 Purchase - Principal 36256XAD4 1.00 12,802.51 859,296.36 Page 25 For the Month Ending July 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 07/20/21 07/20/21 Purchase - Interest 36261RAD0 1.00 23.38 859,319.74 07/20/21 07/20/21 Purchase - Interest 380144AD7 1.00 11.96 859,331.70 07/20/21 07/20/21 Purchase - Interest 92869BAD4 1.00 286.60 859,618.30 07/20/21 07/20/21 Purchase - Principal 92869BAD4 1.00 15,377.79 874,996.09 07/21/21 07/21/21 Purchase - Interest 3137EAEU9 1.00 796.88 875,792.97 07/23/21 07/23/21 Purchase - Interest 693475AV7 1.00 7,000.00 882,792.97 07/23/21 07/23/21 IP Fees June 2021 1.00 (2,441.27) 880,351.70 07/23/21 07/23/21 U.S. Bank Fees May 2021 1.00 (174.52) 880,177.18 07/26/21 07/26/21 Purchase - Interest 3136B1XP4 1.00 16.00 880,193.18 07/26/21 07/26/21 Purchase - Interest 3137BGK24 1.00 637.92 880,831.10 07/26/21 07/26/21 Purchase - Interest 3137BM6P6 1.00 649.85 881,480.95 07/26/21 07/26/21 Purchase - Interest 3137FKK39 1.00 43.04 881,523.99 07/26/21 07/26/21 Purchase - Interest 3137FQ3V3 1.00 199.94 881,723.93 07/26/21 07/26/21 Purchase - Principal 3137BM6P6 1.00 1,185.47 882,909.40 07/26/21 07/26/21 Purchase - Principal 3137BM6P6 1.00 5,419.30 888,328.70 07/26/21 07/26/21 Purchase - Principal 3137FKK39 1.00 39.67 888,368.37 07/26/21 07/26/21 Purchase - Principal 3137FQ3V3 1.00 7,841.21 896,209.58 07/26/21 07/26/21 Purchase - Principal 3136B1XP4 1.00 442.56 896,652.14 07/26/21 07/26/21 Purchase - Principal 3136B1XP4 1.00 442.56 897,094.70 07/26/21 07/26/21 Purchase - Principal 3136B1XP4 1.00 2,212.80 899,307.50 07/27/21 07/27/21 Purchase - Correction to Principal 3137BM6P6 from 7/26/2021 1.00 1,185.48 900,492.98 07/27/21 07/27/21 Redemption - Reversal of Principal 3137BM6P6 from 7/26/2021 1.00 (1,185.47) 899,307.51 Page 26 For the Month Ending July 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 07/28/21 07/28/21 Purchase - Reversal of Principal Redemption 3137BM6P6 from 7/26/2021 1.00 1,185.47 900,492.98 07/29/21 07/29/21 Redemption - Principal 13077DQD7 1.00 (85,000.00) 815,492.98 07/30/21 08/02/21 Accrual Income Div Reinvestment - Distributions 1.00 36.58 815,529.56 815,529.56 815,529.56 815,529.56 851,386.06 507.93 0.00 (5,535,698.12) 6,067,262.34 283,965.34 36.58 815,529.56 0.00 (235,864.69) 137,793.60 913,600.65 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance July January-July 0.05% Page 27 Review of Investment Performance CAMP Accounts Market Update For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC 6.3% 10.0% 7.0% 5.0% 0% 2% 4% 6% 8% 10% 12% Q1 Q2 Q3 Q4 2021 U.S. GDP Forecasts Annualized Rate 6.5% Bloomberg Average forecasts ■Fully open ■Opened in June ■Opening in July ■Criteria but no date set Reopening Status of U.S. States Reopening Economy Drives GDP Growth Sources: New York Times (left) and Bloomberg (right), Bureau of Economic Analysis, as of June 30, 2021. Market Update 1 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC 0 5 10 15 20 25 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21MillionsJob Openings vs. Unemployed Workers Unemployed US Job Openings 1,600 384 288 286 171 147 87 86 77 61 33 26 10 1 Leisure & hospitality Government Education & health svcs. Professional & business svcs. Other svcs. Retail trade Manufacturing Wholesale trade Information Transportation & warehousing Natural Resources & Mining Financial & Insurance Construction Utilities Change in Total Nonfarm Employment since December 2020 (thousands) these sectors have made the greatest headway in jobs growth since the beginning of the year Source: Bloomberg,Bureau of Labor Statistics, as of June 30, 2021.. Job Openings Hit Record High; Service Sector Leads Jobs Recovery Market Update 2 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC 2.2%2.0%2.1%2.0% 3.4% 2.1%2.2%2.0% 0% 1% 2% 3% 4% 2021 2022 2023 Longer Run Federal Reserve Projections Core PCE Inflation March Projections June Projections 2.3% 0% 1% 2% 3% Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Breakeven Inflation Rates 10 Yr. .Market Update Source: Bloomberg, as of June 30, 2021. . Inflation Strengthens but Driven by a Few Key Sectors 45.2% 7.0%4.9%4.5%3.3%2.6%1.0%1.0% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%Used Cars & TrucksTobacco & Smoking Prod.ApparelCore CPI YoYNew CarsShelterAirline FareMedical CareYOY Price Change in Key Consumer Price Index Components (June 2021) 3 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC 0% 1% 2% 3% 4% Fed Participants’ Assessments of “Appropriate” Monetary Policy June-21 FOMC Projections June-21 Median 2021 Longer Term20222023 wide dispersion between Fed participants’ views on monetary policy Market Update Source: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year end. . Fed’s “Dot Plot” Reflects Evolving Monetary Policy Views 4 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC Market Update Source: Bloomberg, as of June 30, 2021. . Yield Curve Moves Have Differing Impacts on Performance U.S. Treasury Yield Curve 0.04% 0.89% 1.47% 2.09% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3 M 1 Y 2 Y 3 Y 4 Y 5 Y 10 Y 30 YYieldMaturity June 30, 2021 March 31, 2021 December 31, 2020 5 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% Sep-20 Dec-20 Mar-21 Jun-21 Federal Agency Yield Spreads (September 2020 –June 2021) 0.20% 0.40% 0.60% 0.80% 1.00% Sep-20 Dec-20 Mar-21 Jun-21 Corporate Notes A-AAA Yield Spreads (September 2020 –June 2021) 0.20% 0.30% 0.40% 0.50% Sep-20 Dec-20 Mar-21 Jun-21 Asset-Backed Securities (ABS) Yield Spreads (September 2020 –June 2021) -0.25% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% Sep-20 Dec-20 Mar-21 Jun-21 Mortgage-Backed Securities (MBS) Yield Spreads (September 2020 –June 2021) Agency MBS AAA CMBS Index Market Update Spread Sectors Remain near Record Tight Levels (1-5 Year) Source:ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess, and PFM as of June 30, 2021. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable-maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities. 6 Investment Strategy& Portfolio Review CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Review PFM Asset Management LLC Portfolio Recap Our strategy for second quarter was largely carried forward from the first quarter and encompassed the following: •We maintained core allocations in most sectors while we opportunistically trimmed non-Treasury allocations in certain sectors and maturities, matched the benchmark’s duration, and carefully managed risk as we considered inflationary pressures and Fed policy uncertainty. •The federal agency sector experienced 1 to 2 basis points (0.01% to 0.02%) of spread widening, concentrated in the 4-to 5- year area of the curve. Allocations to the sector were reduced selectively, locking in strong performance from agencies previously purchased over a year ago when spreads were wider. •Investment-grade corporates were aided over the quarter by the prospect of economic recovery, helped by further fiscal stimulus and supportive monetary policy globally. Credit spreads achieved new tights versus comparable-maturity Treasuries despite an active new issue market as investors continued to reach for yield. We invested in longer corporate issues, which captured value along the steeper portions of the curve. •New issues in the supranational sector were sporadic, with reduced supply in May and June. Where supply was available, the new issue market was the best entry point into the sector, as valuations appeared attractive relative to federal government alternatives. •Allocations to asset-backed securities (ABS) were maintained over the quarter as we capitalized on attractive new issuance in May while opportunistically selling rich holdings where appropriate. AAA Auto and Credit Card holdings outperformed Treasuries by over 15 basis points (0.15%). ABS spreads remained on the tight end of historical ranges. Similar to the corporate sector, investor appetite for new issue ABS continued to pressure spreads even lower. •Mortgage-backed securities (MBS) came under pressure late in the quarter as the Fed signaled that they were ready to “talk about talking about” asset purchase tapering. Agency-backed commercial MBS (CMBS) sector continued to provide solid absolute and relative returns. PFM’s overweight to CMBS significantly buoyed portfolio performance over the past several quarters, relative to other MBS alternatives. •Short-term credit (negotiable CDs and commercial paper) yields continued to decline over the quarter with some of the shortest tenors continuing to offer low absolute yields while still offering a spread to comparable-maturity Treasuries, which have been trading at near zero levels. Towards the end of the quarter, the yield on short-term government securities drifted higher in response to the Fed’s adjustment of the interest rate on excess reserves (IOER) and the reverse repo rate (RRP). 7 PFM Asset Management LLC For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE Portfolio Compliance The portfolio is in compliance with the City Investment Policy and the California Government Code. Sector Allocation & Compliance Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of June 2020. Security Type Market Value % of Portfolio % Change vs. 3/31/21 Permitted by Policy In Compliance U.S. Treasury $11,515,148 35.7%+1.6%100%✓ Federal Agency $6,038,846 18.7%-100%✓ Federal Agency CMOs $609,496 1.9%-0.2%100%✓ Municipal Obligations $1,337,181 4.1%-100%✓ Supranationals $742,968 2.3%+0.8%30%✓ Negotiable CDs $658,103 2.0%-2.1%30%✓ Corporate Notes $6,066,727 18.8%-1.7%30%✓ Commercial Paper $1,899,043 5.9%+2.9%25%✓ Asset-Backed Securities $2,477,581 7.7%+1.6%20%✓ Securities Sub-Total $31,345,092 97.2% Accrued Interest $61,193 Securities Total $31,406,286 CAMP Cash Reserve Portfolio $913,601 2.8%-2.8%100%✓ Total Investments $32,319,886 100.0% 8 For the Quarter Ended June 30, 2021 Portfolio Snapshot Portfolio Statistics As of June 30, 2021 $31,614,830 $32,319,886 $31,345,092 $61,193 - Accrued Interest: Cash: Par Value: Total Market Value: Security Market Value: CAMP $913,601 $31,907,344 0.61% 1.10% AAAverage Credit: * Yield at Cost: Amortized Cost: Yield at Market: Effective Duration:2.68 Years Average Maturity:2.91 Years 2.3% A 5.7% A- 5.3% A+ 5.9% A-1 2.7% AA 0.3% AA- 59.5% AA+ 9.7% AAA 2.8% AAAm 4.7% BBB+ 1.0% Not Rated 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 - 1 Year 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years > 5 Years 8.7%9.4% 26.8% 37.8% 17.2% 0.0% Maturity Distribution 7.7% ABS 1.9% Agency CMBS 5.9% Commercial Paper 18.8% Corporate 18.7% Federal Agency 2.8% Money Market Fund 4.2% Municipal 2.0% Negotiable CD 2.3% Supranational 35.7% U.S. Treasury PFM Asset Management LLC Credit Quality (S&P Ratings)**Sector Allocation * An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. **Securities in the portfolio are in compliance with California Government Code and the City's Investment Policy dated June 2020. 9 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Composition Sector Allocation June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 11.5 35.7% 11.0 34.0% 10.6 32.8% 12.4 38.4% Corporate 6.1 18.8% 6.6 20.4% 8.5 26.3% 8.3 25.7% Federal Agency 6.0 18.7% 6.0 18.7% 6.1 18.8% 4.1 12.8% ABS 2.5 7.7% 2.0 6.1% 2.5 7.7% 3.1 9.7% Commercial Paper 1.9 5.9% 0.9 3.0% 0.0 0.0% 0.0 0.0% Municipal 1.3 4.2% 1.3 4.2% 1.3 4.2% 0.7 2.3% Money Market Fund 0.9 2.8% 1.8 5.7% 0.3 0.9% 0.2 0.6% Supranational 0.7 2.3% 0.5 1.6% 0.9 2.8% 0.4 1.3% Negotiable CD 0.7 2.0% 1.3 4.2% 1.3 4.2% 2.2 6.7% Agency CMBS 0.6 1.9% 0.7 2.1% 0.7 2.3% 0.8 2.5% $32.3 100.0%$32.1 100.0%$32.4 100.0%$32.2 100.0%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% June 2021 March 2021 December 2020 September 2020 Agency CMBS Negotiable CD Supranational Money Market Fund Municipal Commercial Paper ABS Federal Agency Corporate U.S. Treasury PFM Asset Management LLC Detail may not add to total due to rounding. CITY OF LAKE ELSINORE 10 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Composition Maturity Distribution As of June 30, 2021 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity 0.61% 8.7% 9.4% 26.8% 37.8% 17.2% 0.0%2.91 yrsCITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 0.41% 1.6% 34.4% 27.2% 17.5% 19.3% 0.0%2.73 yrs 0% 5% 10% 15% 20% 25% 30% 35% 40% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 8.7%9.4% 26.8% 37.8% 17.2% 0.0%1.6% 34.4% 27.2% 17.5% 19.3% 0.0% CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC 11 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 2.68 0.22%1.84%0.19%3.57%2.13%1.89%CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 2.60 0.11%1.59%-0.27%3.26%1.76%1.56% Difference 0.46% 0.11%0.31%0.37%0.25%0.33% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 0.22%0.19% 3.57% 2.13% 1.84%1.89% 0.11% -0.27% 3.26% 1.76%1.59%1.56%Total ReturnCITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. 12 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Performance Portfolio Earnings Quarter-Ended June 30, 2021 Market Value Basis Accrual (Amortized Cost) Basis Net Purchases/Sales Change in Value Interest Earned $32,134,676.44 $166,098.45 ($42,081.78) $112,225.26 $70,143.48 $32,258,693.11 $31,749,507.58 $166,098.45 ($8,261.92) $112,225.26 $103,963.34 $31,907,344.11 Portfolio Earnings Beginning Value (03/31/2021) Ending Value (06/30/2021) PFM Asset Management LLC 13 For the Quarter Ended June 30, 2021 CITY OF LAKE ELSINORE PFM Asset Management LLC Sector Our Investment Preferences Comments C O M M E R C I AL P AP E R / C D •Commercial paper and CD rates began to rise off historical lows after the Fed increased the IOER and RRP rates.However,issuance remained light around the end of Q2.Pockets of opportunity may present themselves over the next several months. T R E A S U R I E S •T-Bill yields saw some upward pressure towards the end of June,as the Federal Reserve increased two key ultra short-term rates;it is expected that these levels will maintain into the third quarter. •While the Treasury yield curve continued to flatten during June—particularly between the 2-year and 10-year—it is possible the move was overdone and will at least partially unwind moving into the third quarter.The market expects both yields to rise and the yield curve to steepen throughout the rest of 2021. T-Bill T-Note F E D E R AL AG E N C I E S •Agency bullet spreads tightened slightly as Treasury yields rose in the 1-5 year area of the curve in June.With agencies trading in line with,or even through,Treasury yields and supply expected to remain subdued,the sector is unlikely to provide material added value over the coming months. Bullets Callables S U P R A N A T I O N A L S •Supra spreads narrowed by the end of Q2.The seasonal slowdown in issuance this summer will limit opportunities in the sector over the near-term,as the new issue market has been the best entry point into the sector over the last several months.As a result,spreads will likely remain tight until issuance picks back up. C O R P O R AT E S •Corporate spreads remain at record tights despite a more hawkish tone from the June Fed meeting.Demand for credit is likely to remain strong,though valuations are rich. Accommodative monetary policy,along with a positive turn in rating trends,should continue to ensure favorable financing conditions.New issues are expected to provide the bulk of any opportunities,as valuations across the secondary market remain rich. Financials Industrials S E C U R I T I Z E D •ABS spreads tightened in June,reaching record tights for both autos and credit cards issues.Issuance in June was the heaviest month so far in 2021.Delinquency rates and net losses remain below expectations.Fiscal stimulus and improving employment figures may push back any increases to later in 2021 or beyond. •MBS spreads are tight but recently found some reprieve.While prepayments are elevated,they are on a considerable slowing path,and this trend is expected to continue.Lower coupon passthroughs,most susceptible to duration extension,are likely to trail Treasuries as rates move higher.With valuations slightly more reasonable,the sector may present better opportunities than in recent quarters. •CMBS returns have held up well throughout the quarter.As spreads have tightened, the relative value proposition has waned,suggesting a gradual reduction in exposure. Asset-Backed Agency Mortgage-Backed Agency CMBS M U N I C I P AL S •While the pace of taxable issuances has slowed,overall supply remains robust,but valuations are expensive for both new issuances and secondary markets.Both selective additions and opportunistic selling may be warranted. Market Update Negative Slightly Negative Neutral Slightly Positive PositiveCurrentoutlookOutlook one month ago Fixed Income Sector Outlook –July 2021 14 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Outlook PFM Asset Management LLC Investment Strategy Outlook The strong U.S. economic expansion is expected to persist, aided by a vaccine-driven reopening, pent-up consumer demand, and continued fiscal and monetary support. GDP expectations for 2021 have been revised upward, with current forecasts pointing to an annualized 6% growth this year. However, growing inflationary pressures may force the Fed’s hand when considering tapering its bond purchases and, ultimately, future rate increases. Given these risks, we plan to maintain the portfolio duration in line with the benchmark as we continue to monitor the economic recovery. Our outlook for major investment-grade sectors includes the following: •Treasuries: Current allocations provide “dry powder” to add to other sectors should spreads become more attractive. Portfolio rebalancing and duration extension trades are focused in the steepest portions of the curve. Along with income, yield curve roll-down should serve as a significant contributor to portfolio returns as the upside for pure price appreciation is quite limited. •Agencies: There is limited room for further spread tightening from current levels as spreads are in the single-digit range across most of the curve. With spreads likely to remain near zero over the coming quarter, the sector offers very little incremental yield compared to Treasuries. We will continue to reduce allocations, realize gains where appropriate, and favor other sectors. •Supranationals: Spreads compared to similar-maturity Treasuries and agencies have value on an issue-specific basis, and the sector presents good opportunities as a government alternative. While new issue opportunities remain the best entry point, issuance is limited and is likely to dwindle through the summer. •Corporates: Continued economic recovery, supportive monetary policy, lower expected supply, and strong investor demand for high quality yield should serve as catalysts for good performance in the corporate sector. While historically tight spreads have encouraged us to position allocations defensively, the sector still represents a core allocation to portfolios. •Asset-Backed Securities (ABS): New issue activity was elevated to start 2021; however, investor appetite remains robust, and spreads have remained near their recent floor. Collateral performance in consumer sectors has been stronger than expected, and there is little expectation for any material change in the near term. With this outlook, we will look to modestly reduce holdings by attrition as holdings pay down. 15 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Outlook PFM Asset Management LLC Investment Strategy Outlook •Agency MBS: The Fed continues “to support the smooth functioning” of the MBS market through its ongoing purchase program. After a surge in prepayments over the past year, a meaningful slowdown has occurred. Further, anticipation of Fed taper talk has started to pressure spreads wider. We view the combination of slower prepayments and wider spreads as positive developments and may begin to selectively add back allocations to the sector. •Taxable Municipals: Taxable municipals have been a great alternative to corporates over the past year. While we still see opportunities in the sector, we have turned more cautious due to very tight spreads. Similar to other sectors, we may begin to opportunistically sell rich holdings while continuing to evaluate new issues that come to market. 16 Issuer Distribution CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Composition Issuer Distribution As of June 30, 2021 Market Value ($)% of PortfolioIssuer UNITED STATES TREASURY 11,515,148 35.7% FREDDIE MAC 4,485,209 13.9% FANNIE MAE 1,667,591 5.2% NATIXIS NY BRANCH 949,753 3.0% CAMP POOL 913,601 2.8% CREDIT SUISSE GROUP RK 849,809 2.6% CAPITAL ONE FINANCIAL CORP 813,685 2.5% INTL BANK OF RECONSTRUCTION AND DEV 742,968 2.3% APPLE INC 556,307 1.7% TOYOTA MOTOR CORP 523,994 1.6% FEDERAL HOME LOAN BANKS 495,541 1.5% JP MORGAN CHASE & CO 493,189 1.5% AMAZON.COM INC 475,501 1.5% MORGAN STANLEY 434,446 1.4% GOLDMAN SACHS GROUP INC 432,423 1.3% PNC FINANCIAL SERVICES GROUP 428,970 1.3% AMERICAN HONDA FINANCE 420,232 1.3% THE BANK OF NEW YORK MELLON CORPORATION 419,291 1.3%Top 5 = 60.6%Top 10 = 71.4% PFM Asset Management LLC 17 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Composition Market Value ($)% of PortfolioIssuer CARMAX AUTO OWNER TRUST 417,359 1.3% THE WALT DISNEY CORPORATION 412,680 1.3% SKANDINAVISKA ENSKILDA BANKEN AB 407,704 1.3% SUMITOMO MITSUI TRUST HOLDINGS INC 349,880 1.1% NEW YORK ST URBAN DEVELOPMENT CORP 323,619 1.0% FLORIDA STATE BOARD OF ADMIN FIN CORP 313,091 1.0% NISSAN AUTO RECEIVABLES 294,003 0.9% ABBOTT LABORATORIES 250,965 0.8% BANK OF AMERICA CO 249,948 0.8% GENERAL DYNAMICS CORP 246,564 0.8% CITIGROUP INC 244,704 0.8% CATERPILLAR INC 225,911 0.7% UNITEDHEALTH GROUP INC 224,314 0.7% GM FINANCIAL CONSUMER AUTOMOBILE TRUST 195,129 0.6% PACCAR FINANCIAL CORP 179,677 0.6% STATE OF CONNECTICUT 142,035 0.4% LOS ANGELES COMMUNITY COLLEGE DISTRICT 140,039 0.4% HONDA AUTO RECEIVABLES 132,033 0.4% SAN JUAN UNIFIED SCHOOL DISTRICT 129,818 0.4% GM FINANCIAL LEASINGTRUST 119,852 0.4% VOLKSWAGEN OF AMERICA 106,925 0.3% PFM Asset Management LLC 18 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Composition Market Value ($)% of PortfolioIssuer CHARLES SCHWAB 105,553 0.3% CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 103,709 0.3% STATE OF MINNESOTA 99,611 0.3% UNIVERSITY OF CALIFORNIA 85,259 0.3% HYUNDAI AUTO RECEIVABLES 74,980 0.2% BRISTOL-MYERS SQUIBB CO 65,673 0.2% 32,258,693 100.0%Grand Total: PFM Asset Management LLC 19 Portfolio Transactions CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Quarterly Portfolio Transactions Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/1/21 4/1/21 675,000.00 46647PBB1 JPMORGAN CHASE & CO BONDSINTEREST 4/1/23 10,823.63 3.20% 4/1/21 4/5/21 250,000.00 912828ZW3 US TREASURY NOTESBUY 6/30/25 (245,320.27) 0.71%0.25% 4/1/21 4/25/21 27,282.50 3137FKK39 FHMS KP05 AINTEREST 7/1/23 72.82 3.20% 4/1/21 4/25/21 96,127.45 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 208.54 2.09% 4/1/21 4/25/21 37,121.41 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 110.12 3.56% 4/1/21 4/25/21 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 4/1/21 4/25/21 228,674.52 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 588.85 3.09% 4/1/21 4/25/21 37.57 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 37.57 0.00 3.20% 4/1/21 4/25/21 55.50 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 55.50 0.00 3.09% 4/1/21 4/25/21 55.50 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 55.50 0.00 3.09% 4/1/21 4/25/21 12,469.91 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 12,469.91 0.00 3.56% 4/1/21 4/25/21 2,493.98 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 2,493.98 0.00 3.56% 4/1/21 4/25/21 1,924.64 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 1,924.64 0.00 2.09% 4/1/21 4/25/21 253.71 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 253.71 0.00 3.09% 4/1/21 4/25/21 2,493.98 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 2,493.98 0.00 3.56% 4/5/21 4/5/21 200,000.00 0258M0EB1 AMERICAN EXPRESS CREDIT (CALLED, OMD 05/MATURITY 4/5/21 201,862.50 0.00 2.25% 4/9/21 4/9/21 150,000.00 05531FAV5 BRANCH BANKING & TRUST (CALLED, OMD 05/1MATURITY 4/9/21 151,272.71 0.00 2.05% 4/9/21 4/9/21 25,000.00 05531FAV5 BRANCH BANKING & TRUST (CALLED, OMD 05/1MATURITY 4/9/21 25,212.12 0.00 2.05% 4/9/21 4/9/21 25,000.00 05531FAV5 BRANCH BANKING & TRUST (CALLED, OMD 05/1MATURITY 4/9/21 25,212.12 0.00 2.05% 4/13/21 4/13/21 50,000.00 89236TEU5 TOYOTA MOTOR CREDIT CORP NOTESMATURITY 4/13/21 50,737.50 0.00 2.95% PFM Asset Management LLC 20 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/13/21 4/20/21 245,000.00 459058JV6 INTL BK OF RECON AND DEV NOTEBUY 4/20/23 (244,492.85) 0.23%0.12% 4/13/21 4/21/21 110,000.00 14314QAC8 CARMX 2021-2 A3BUY 2/17/26 (109,976.30) 0.52%0.52% 4/14/21 4/14/21 350,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTESINTEREST 4/14/25 875.00 0.50% 4/15/21 4/15/21 177,387.31 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 462.69 3.13% 4/15/21 4/15/21 241,935.20 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 677.42 3.36% 4/15/21 4/15/21 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 4/15/21 4/15/21 193,665.31 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 509.99 3.16% 4/15/21 4/15/21 23,450.97 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 23,450.97 0.00 3.16% 4/15/21 4/15/21 20,670.89 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 20,670.89 0.00 3.13% 4/15/21 4/15/21 22,096.06 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 22,096.06 0.00 3.36% 4/16/21 4/16/21 148,724.31 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 368.09 2.97% 4/16/21 4/16/21 124,411.66 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 313.10 3.02% 4/16/21 4/16/21 325,000.00 3137EAEY1 FREDDIE MAC NOTESINTEREST 10/16/23 203.13 0.12% 4/16/21 4/16/21 14,298.26 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 14,298.26 0.00 3.02% 4/16/21 4/16/21 14,246.23 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 14,246.23 0.00 2.97% 4/19/21 4/26/21 210,000.00 06406RAS6 BANK OF NY MELLON CORP NOTES (CALLABLE)BUY 4/26/24 (209,775.30) 0.54%0.50% 4/20/21 4/20/21 160,067.66 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 433.52 3.25% 4/20/21 4/20/21 85,000.00 36261RAD0 GMALT 2021-1 A4INTEREST 2/20/25 23.38 0.33% 4/20/21 4/20/21 21,032.36 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 21,032.36 0.00 3.25% 4/20/21 4/28/21 75,000.00 44933LAC7 HART 2021-A A3BUY 9/15/25 (74,992.11) 0.38%0.38% 4/22/21 4/22/21 350,000.00 3135G03U5 FANNIE MAE NOTESINTEREST 4/22/25 1,093.75 0.62% 4/24/21 4/24/21 200,000.00 06406RAL1 BANK OF NY MELLON CORPINTEREST 10/24/24 2,100.00 2.10% PFM Asset Management LLC 21 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 4/27/21 4/27/21 225,000.00 172967JP7 CITIGROUP INC CORP NOTESINTEREST 4/27/25 3,712.50 3.30% 4/29/21 4/29/21 400,000.00 61746BDQ6 MORGAN STANLEY CORP NOTESINTEREST 4/29/24 7,750.00 3.87% 4/29/21 4/30/21 600,000.00 2254EBAQ4 CREDIT SUISSE NEW YORK COMM PAPERBUY 1/24/22 (598,789.50) 0.27%0.00% 4/30/21 4/30/21 2,650,000.00 912828T91 US TREASURY NOTESINTEREST 10/31/23 21,531.25 1.62% 5/1/21 5/25/21 27,244.93 3137FKK39 FHMS KP05 AINTEREST 7/1/23 72.72 3.20% 5/1/21 5/25/21 94,202.81 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 271.73 2.09% 5/1/21 5/25/21 19,663.54 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 58.33 3.56% 5/1/21 5/25/21 228,309.81 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 587.90 3.09% 5/1/21 5/25/21 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 5/1/21 5/25/21 58.75 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 58.75 0.00 3.09% 5/1/21 5/25/21 268.56 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 268.56 0.00 3.09% 5/1/21 5/25/21 58.75 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 58.75 0.00 3.09% 5/1/21 5/25/21 391.19 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 391.19 0.00 3.56% 5/1/21 5/25/21 1,955.96 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,955.96 0.00 3.56% 5/1/21 5/25/21 5,263.84 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 5,263.84 0.00 2.09% 5/1/21 5/25/21 391.19 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 391.19 0.00 3.56% 5/1/21 5/25/21 11,081.57 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 11,081.57 0.00 3.20% 5/5/21 5/5/21 350,000.00 86563GY14 SUMITOMO MITSUI TRUST NY COMM PAPERBUY 11/1/21 (349,702.50) 0.17%0.00% 5/6/21 5/6/21 350,000.00 3137EAEZ8 FREDDIE MAC NOTESINTEREST 11/6/23 439.93 0.25% 5/7/21 5/7/21 650,000.00 3135G06G3 FANNIE MAE NOTESINTEREST 11/7/25 1,579.86 0.50% 5/11/21 5/11/21 550,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTESINTEREST 5/11/25 3,093.75 1.12% 5/15/21 5/15/21 225,000.00 369550BG2 GENERAL DYNAMICS CORPINTEREST 5/15/25 3,937.50 3.50% PFM Asset Management LLC 22 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 5/15/21 5/15/21 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 5/15/21 5/15/21 156,716.42 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 408.77 3.13% 5/15/21 5/15/21 85,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDSINTEREST 5/15/25 375.28 0.88% 5/15/21 5/15/21 170,214.34 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 448.23 3.16% 5/15/21 5/15/21 110,000.00 14314QAC8 CARMX 2021-2 A3INTEREST 2/17/26 38.13 0.52% 5/15/21 5/15/21 219,839.14 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 615.55 3.36% 5/15/21 5/15/21 75,000.00 44933LAC7 HART 2021-A A3INTEREST 9/15/25 13.46 0.38% 5/15/21 5/15/21 125,000.00 427866BA5 HERSHEY COMPANY CORP NOTESMATURITY 5/15/21 126,937.50 0.00 3.10% 5/15/21 5/15/21 25,000.00 427866BA5 HERSHEY COMPANY CORP NOTESMATURITY 5/15/21 25,387.50 0.00 3.10% 5/15/21 5/15/21 25,000.00 427866BA5 HERSHEY COMPANY CORP NOTESMATURITY 5/15/21 25,387.50 0.00 3.10% 5/15/21 5/15/21 18,515.99 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 18,515.99 0.00 3.13% 5/15/21 5/15/21 20,165.79 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 20,165.79 0.00 3.36% 5/15/21 5/15/21 20,850.24 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 20,850.24 0.00 3.16% 5/16/21 5/16/21 110,113.40 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 277.12 3.02% 5/16/21 5/16/21 134,478.08 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 332.83 2.97% 5/16/21 5/16/21 13,558.36 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 13,558.36 0.00 2.97% 5/16/21 5/16/21 13,192.64 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 13,192.64 0.00 3.02% 5/17/21 5/19/21 225,000.00 91324PEC2 UNITEDHEALTH GROUP INC CORPORATE NOTESBUY 5/15/26 (224,608.50) 1.19%1.15% 5/18/21 5/26/21 35,000.00 380144AD7 GMALT 2021-2 A4BUY 5/20/25 (34,997.05) 0.41%0.41% 5/19/21 5/19/21 25,000.00 857477AV5 STATE STREET CORP NOTESMATURITY 5/19/21 25,243.75 0.00 1.95% 5/19/21 5/19/21 25,000.00 857477AV5 STATE STREET CORP NOTESMATURITY 5/19/21 25,243.75 0.00 1.95% 5/19/21 5/19/21 75,000.00 857477AV5 STATE STREET CORP NOTESMATURITY 5/19/21 75,731.25 0.00 1.95% PFM Asset Management LLC 23 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 5/20/21 5/20/21 139,035.30 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 376.55 3.25% 5/20/21 5/20/21 85,000.00 36261RAD0 GMALT 2021-1 A4INTEREST 2/20/25 23.38 0.33% 5/20/21 5/20/21 17,620.68 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 17,620.68 0.00 3.25% 5/24/21 5/24/21 500,000.00 459058JM6 INTL BK RECON & DEVELOP NOTESINTEREST 11/24/23 625.00 0.25% 5/24/21 6/1/21 315,000.00 46647PCH7 JPMORGAN CHASE & CO CORPORATE NOTESBUY 6/1/25 (315,000.00) 0.82%0.82% 5/25/21 6/1/21 500,000.00 46647PBB1 JPMORGAN CHASE & CO BONDSSELL 4/1/23 514,802.50 12,130.00 3.20% 5/27/21 5/27/21 325,000.00 3135G06H1 FANNIE MAE NOTESINTEREST 11/27/23 410.76 0.25% 5/31/21 5/31/21 1,250,000.00 912828R69 US TREASURY NOTESINTEREST 5/31/23 10,156.25 1.62% 6/1/21 6/1/21 75,000.00 20772KKK4 CT ST T/E GO BONDSINTEREST 6/1/25 750.00 2.00% 6/1/21 6/25/21 16,925.20 3136B1XP4 FNA 2018-M5 A2INTEREST 9/1/21 50.21 3.56% 6/1/21 6/25/21 250,000.00 3137BGK24 FHMS K043 A2INTEREST 12/1/24 637.92 3.06% 6/1/21 6/25/21 88,938.97 3137FQ3V3 FHMS KJ27 A1INTEREST 7/1/24 215.85 2.09% 6/1/21 6/25/21 227,923.75 3137BM6P6 FHLMC SERIES K721 A2INTEREST 8/1/22 586.90 3.09% 6/1/21 6/25/21 16,163.36 3137FKK39 FHMS KP05 AINTEREST 7/1/23 43.14 3.20% 6/1/21 6/25/21 255.40 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 255.40 0.00 3.09% 6/1/21 6/25/21 8,236.64 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 8,236.63 0.01 3.56% 6/1/21 6/25/21 55.87 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 55.87 0.00 3.09% 6/1/21 6/25/21 4,187.64 3137FQ3V3 FHMS KJ27 A1PAYDOWNS 7/1/24 4,187.64 0.00 2.09% 6/1/21 6/25/21 1,647.33 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,647.33 0.00 3.56% 6/1/21 6/25/21 37.99 3137FKK39 FHMS KP05 APAYDOWNS 7/1/23 37.99 0.00 3.20% 6/1/21 6/25/21 1,647.33 3136B1XP4 FNA 2018-M5 A2PAYDOWNS 9/1/21 1,647.33 0.00 3.56% 6/1/21 6/25/21 55.87 3137BM6P6 FHLMC SERIES K721 A2PAYDOWNS 8/1/22 55.87 0.00 3.09% PFM Asset Management LLC 24 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 6/2/21 6/7/21 350,000.00 91282CBC4 US TREASURY NOTESBUY 12/31/25 (345,432.24) 0.70%0.37% 6/3/21 6/3/21 475,000.00 023135BQ8 AMAZON.COM INC CORPORATE NOTESINTEREST 6/3/25 1,900.00 0.80% 6/4/21 6/4/21 300,000.00 3137EAFA2 FREDDIE MAC NOTESINTEREST 12/4/23 375.00 0.25% 6/7/21 6/7/21 100,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDMATURITY 6/7/21 101,620.00 0.00 3.24% 6/7/21 6/7/21 50,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDMATURITY 6/7/21 50,810.00 0.00 3.24% 6/7/21 6/7/21 525,000.00 78012UEE1 ROYAL BANK OF CANADA NY CDMATURITY 6/7/21 533,505.00 0.00 3.24% 6/8/21 6/14/21 325,000.00 89190GAC1 TAOT 2021-B A3BUY 11/17/25 (324,965.00) 0.26%0.26% 6/15/21 6/15/21 138,200.43 14313FAD1 CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 360.47 3.13% 6/15/21 6/15/21 800,000.00 14041NFU0 COMET 2019-A2 A2INTEREST 8/15/24 1,146.67 1.72% 6/15/21 6/15/21 149,364.10 43815AAC6 HAROT 2018-4 A3INTEREST 1/15/23 393.33 3.16% 6/15/21 6/15/21 199,673.35 14315EAC4 CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 559.09 3.36% 6/15/21 6/15/21 110,000.00 14314QAC8 CARMX 2021-2 A3INTEREST 2/17/26 47.67 0.52% 6/15/21 6/15/21 75,000.00 44933LAC7 HART 2021-A A3INTEREST 9/15/25 23.75 0.38% 6/15/21 6/15/21 16,278.87 14313FAD1 CARMAX AUTO OWNER TRUSTPAYDOWNS 6/15/23 16,278.87 0.00 3.13% 6/15/21 6/15/21 18,691.13 43815AAC6 HAROT 2018-4 A3PAYDOWNS 1/15/23 18,691.13 0.00 3.16% 6/15/21 6/15/21 17,995.84 14315EAC4 CARMAX AUTO OWNER TRUSTPAYDOWNS 9/15/23 17,995.84 0.00 3.36% 6/15/21 6/23/21 295,000.00 65480BAC1 NAROT 2021-A A3BUY 10/15/25 (294,995.01) 0.33%0.33% 6/16/21 6/16/21 120,919.72 36256XAD4 GMCAR 2019-1 A3INTEREST 11/16/23 299.28 2.97% 6/16/21 6/16/21 96,920.76 36255JAD6 GMCAR 2018-3 A3INTEREST 5/16/23 243.92 3.02% 6/16/21 6/16/21 12,162.93 36256XAD4 GMCAR 2019-1 A3PAYDOWNS 11/16/23 12,162.93 0.00 2.97% 6/16/21 6/16/21 12,370.78 36255JAD6 GMCAR 2018-3 A3PAYDOWNS 5/16/23 12,370.78 0.00 3.02% 6/20/21 6/20/21 85,000.00 36261RAD0 GMALT 2021-1 A4INTEREST 2/20/25 23.38 0.33% PFM Asset Management LLC 25 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 6/20/21 6/20/21 121,414.62 92869BAD4 VALET 2018-2 A3INTEREST 4/20/23 328.83 3.25% 6/20/21 6/20/21 35,000.00 380144AD7 GMALT 2021-2 A4INTEREST 5/20/25 9.97 0.41% 6/20/21 6/20/21 15,591.43 92869BAD4 VALET 2018-2 A3PAYDOWNS 4/20/23 15,591.43 0.00 3.25% 6/27/21 6/28/21 400,000.00 02665WCZ2 AMERICAN HONDA FINANCE CORP NOTEINTEREST 6/27/24 4,800.00 2.40% 6/30/21 6/30/21 350,000.00 91282CBC4 US TREASURY NOTESINTEREST 12/31/25 656.25 0.37% 6/30/21 6/30/21 700,000.00 912828ZW3 US TREASURY NOTESINTEREST 6/30/25 875.00 0.25% 6/30/21 6/30/21 2,500,000.00 912828YY0 US TREASURY NOTESINTEREST 12/31/24 21,875.00 1.75% 6/30/21 6/30/21 3,700,000.00 912828XX3 US TREASURY NOTESINTEREST 6/30/24 37,000.00 2.00% TOTALS (893,141.20) 12,130.01 PFM Asset Management LLC 26 Portfolio Holdings CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 1,720.46 1,245,281.78 1,283,007.751.83US TREASURY NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,250,000.00 AA+ Aaa 7/1/2019 7/3/2019 1,639,107.42 4,517.33 1,644,129.99 1,700,015.631.78US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,650,000.00 AA+ Aaa 10/2/2019 10/4/2019 1,005,742.19 2,737.77 1,003,287.87 1,030,312.501.48US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,000,000.00 AA+ Aaa 3/2/2020 3/6/2020 524,355.47 27.17 516,911.38 522,890.600.85US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 500,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 17.66 331,019.59 339,878.891.36US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 325,000.00 AA+ Aaa 1/2/2020 1/7/2020 2,739,761.72 146.74 2,726,613.13 2,823,609.241.66US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 2,700,000.00 AA+ Aaa 11/1/2019 11/6/2019 178,541.01 9.51 177,283.51 183,011.711.55US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 175,000.00 AA+ Aaa 7/1/2020 7/6/2020 2,130,625.00 95.11 2,101,933.72 2,081,250.000.28US TREASURY NOTES 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 23.78 527,389.91 520,312.500.18US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 912828YY0 500,000.00 AA+ Aaa 3/1/2021 3/4/2021 443,654.30 3.06 444,132.54 441,984.380.58US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 912828ZW3 450,000.00 AA+ Aaa 4/1/2021 4/5/2021 245,156.25 1.70 245,428.65 245,546.870.72US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 912828ZW3 250,000.00 AA+ Aaa 6/2/2021 6/7/2021 344,859.38 3.57 344,933.35 343,328.130.70US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 91282CBC4 350,000.00 1.23 11,515,148.20 11,308,345.42 9,303.86 11,150,000.00 11,360,225.60Security Type Sub-Total Supra-National Agency Bond / Note AAA Aaa 4/13/2021 4/20/2021 244,492.85 60.40 244,542.87 244,403.920.23INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 459058JV6 245,000.00 PFM Asset Management LLC 27 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 498,925.00 128.47 499,140.00 498,564.000.32INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 459058JM6 500,000.00 0.29 742,967.92 743,682.87 188.87 745,000.00 743,417.85Security Type Sub-Total Municipal Bond / Note A+ Aa3 5/29/2020 6/11/2020 60,000.00 599.40 60,000.00 62,520.602.00CT 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 100,000.00 875.42 100,000.00 103,709.002.10CHAFFEY 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 325,000.00 832.54 325,000.00 323,618.750.87NY 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 85,259.250.88UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 91412HGE7 85,000.00 A+ Aa3 6/12/2020 6/25/2020 78,822.75 125.00 78,035.71 79,514.250.94CT 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 65,459.55 408.85 65,383.88 65,648.051.11FL 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 85,563.55 534.65 85,470.75 85,847.451.12FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 85,000.00 AA Aa3 9/3/2020 9/16/2020 160,000.00 1,006.40 160,000.00 161,595.201.26FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 160,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 461.50 130,000.00 129,818.000.85SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 798306WP7 130,000.00 AA+ Aaa 10/30/2020 11/10/2020 140,000.00 450.92 140,000.00 140,039.200.77LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 54438CYK2 140,000.00 PFM Asset Management LLC 28 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 AAA Aa1 8/11/2020 8/25/2020 100,000.00 262.50 100,000.00 99,611.000.63MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 60412AVJ9 100,000.00 1.07 1,337,180.75 1,328,890.34 5,653.08 1,325,000.00 1,329,845.85Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation AA+ Aaa 4/11/2018 4/30/2018 3,929.43 11.43 3,856.56 3,852.792.93FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 3,852.79 AA+ Aaa 4/11/2018 4/30/2018 785.89 2.29 771.31 770.563.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 770.56 AA+ Aaa 4/11/2018 4/30/2018 785.89 2.29 771.31 770.563.11FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/01/2021 3136B1XP4 770.56 AA+ Aaa 4/4/2018 4/9/2018 159,648.27 407.62 158,639.18 161,738.402.88FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 158,300.25 AA+ Aaa 4/4/2018 4/9/2018 34,923.07 89.17 34,702.32 35,380.273.08FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 34,628.18 AA+ Aaa 4/4/2018 4/9/2018 34,923.07 89.17 34,702.32 35,380.273.09FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 34,628.18 AA+ Aaa 12/7/2018 12/17/2018 16,125.32 43.04 16,125.35 16,458.593.20FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 16,125.37 AA+ Aaa 11/20/2019 11/26/2019 84,749.29 147.75 84,750.00 86,510.912.09FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 84,751.33 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 637.92 259,033.95 268,633.291.95FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 250,000.00 2.39 609,495.64 593,352.30 1,430.68 583,827.22 598,253.04Security Type Sub-Total Federal Agency Bond / Note AA+ Aaa 8/19/2020 8/21/2020 899,082.00 793.75 899,344.52 899,658.000.28FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 3137EAEV7 900,000.00 PFM Asset Management LLC 29 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 9/2/2020 9/4/2020 524,826.75 411.98 524,874.04 524,682.370.26FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 3137EAEW5 525,000.00 AA+ Aaa 9/2/2020 9/4/2020 375,068.48 294.27 375,049.79 374,773.130.24FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 3137EAEW5 375,000.00 AA+ Aaa 10/14/2020 10/16/2020 323,787.75 84.64 324,073.38 323,792.630.25FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 3137EAEY1 325,000.00 AA+ Aaa 11/3/2020 11/5/2020 349,685.00 133.68 349,753.40 349,527.500.28FREDDIE 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 76.74 324,703.13 324,550.530.29FANNIE 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 56.25 299,759.69 299,436.900.28FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 3137EAFA2 300,000.00 AA+ Aaa 4/15/2020 4/16/2020 348,264.00 374.31 348,683.72 347,938.150.60FEDERAL 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 349,279.00 419.27 349,450.16 349,569.150.67FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 3135G03U5 350,000.00 AA+ Aaa 7/21/2020 7/23/2020 422,883.50 708.33 423,281.50 419,408.700.48FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 425,000.00 AA+ Aaa 8/25/2020 8/27/2020 348,362.00 459.38 348,638.59 345,147.950.47FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 3135G05X7 350,000.00 AA+ Aaa 9/10/2020 9/11/2020 149,550.00 182.81 149,622.48 147,603.000.44FEDERAL 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 697,893.00 714.58 698,215.29 689,827.600.44FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 3137EAEX3 700,000.00 AA+ Aaa 11/9/2020 11/12/2020 647,673.00 487.50 647,968.19 642,929.950.57FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 3135G06G3 650,000.00 0.39 6,038,845.56 6,063,417.88 5,197.49 6,075,000.00 6,060,686.98Security Type Sub-Total Corporate Note PFM Asset Management LLC 30 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A- A2 3/15/2019 3/22/2019 175,000.00 1,403.06 175,000.00 178,693.033.21JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 46647PBB1 175,000.00 A A2 7/6/2020 7/8/2020 224,874.00 706.88 224,915.23 225,911.250.67CATERPILLAR 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 199,846.00 380.56 199,891.15 200,378.000.53TOYOTA 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 6,144.44 401,478.50 428,970.403.34PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 693475AV7 400,000.00 A A2 3/16/2021 3/18/2021 104,947.50 225.31 104,952.53 105,553.140.77CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 808513BN4 105,000.00 A A1 4/19/2021 4/26/2021 209,775.30 189.58 209,788.83 209,726.790.54BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 06406RAS6 210,000.00 BBB+ A1 7/19/2019 7/23/2019 422,916.00 2,669.44 413,589.11 434,446.002.59MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 400,000.00 A- A3 7/11/2019 7/15/2019 398,016.00 106.67 398,802.36 420,231.602.51AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 02665WCZ2 400,000.00 BBB+ A2 7/8/2019 7/11/2019 418,632.00 7,400.56 411,267.05 432,422.802.84GOLDMAN 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 2,391.67 398,963.41 412,680.001.84WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 254687FK7 400,000.00 A A1 1/21/2020 1/28/2020 200,880.00 781.67 200,615.64 209,564.202.00BANK 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 1,268.75 181,655.24 179,677.050.73PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 69371RQ66 175,000.00 PFM Asset Management LLC 31 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 8/28/2020 9/1/2020 249,738.75 1,320.00 245,326.84 244,703.930.88CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 172967JP7 225,000.00 AA+ Aa1 5/11/2020 5/13/2020 551,105.50 859.38 550,850.38 556,307.401.08APPLE 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 1,006.25 248,098.30 246,564.450.80GENERAL DYNAMICS CORP DTD 05/11/2018 3.500% 05/15/2025 369550BG2 225,000.00 A- A2 5/24/2021 6/1/2021 315,000.00 216.30 315,000.00 314,495.690.82JPMORGAN CHASE & CO CORPORATE NOTES DTD 06/01/2021 0.824% 06/01/2025 46647PCH7 315,000.00 AA A1 6/3/2020 6/5/2020 474,767.25 295.56 474,817.14 475,501.130.81AMAZON.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 3,632.81 251,354.40 249,947.550.93BANK 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 67,418.12 863.69 66,051.67 65,673.250.88BRISTOL-MYERS SQUIBB CO CORPORATE NOTES DTD 07/15/2020 3.875% 08/15/2025 110122DC9 59,000.00 A+ A2 9/24/2020 9/28/2020 257,845.50 2,567.19 252,578.01 250,965.000.86ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 002824BM1 225,000.00 A+ A3 5/17/2021 5/19/2021 224,608.50 301.88 224,617.74 224,313.981.19UNITEDHEALTH GROUP INC CORPORATE NOTES DTD 05/19/2021 1.150% 05/15/2026 91324PEC2 225,000.00 1.58 6,066,726.64 5,949,613.53 34,731.65 5,814,000.00 5,988,646.67Security Type Sub-Total Commercial Paper A-1 P-1 5/5/2021 5/5/2021 349,702.50 0.00 349,796.71 349,879.950.17SUMITOMO MITSUI TRUST NY COMM PAPER DTD 05/05/2021 0.000% 11/01/2021 86563GY14 350,000.00 PFM Asset Management LLC 32 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 Commercial Paper A-1 P-1 3/5/2021 3/8/2021 948,869.50 0.00 949,415.75 949,753.000.18NATIXIS NY BRANCH COMM PAPER DTD 02/04/2021 0.000% 11/01/2021 63873JY12 950,000.00 A-1 P-1 4/29/2021 4/30/2021 598,789.50 0.00 599,068.50 599,410.200.27CREDIT SUISSE NEW YORK COMM PAPER DTD 04/29/2021 0.000% 01/24/2022 2254EBAQ4 600,000.00 0.21 1,899,043.15 1,898,280.96 0.00 1,900,000.00 1,897,361.50Security Type Sub-Total Certificate of Deposit A+ Aa2 8/29/2019 9/3/2019 400,000.00 2,583.33 400,000.00 407,704.401.85SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 83050PDR7 400,000.00 A+ Aa3 3/19/2021 3/23/2021 250,000.00 409.72 250,000.00 250,398.750.59CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 22552G3C2 250,000.00 1.37 658,103.15 650,000.00 2,993.05 650,000.00 650,000.00Security Type Sub-Total Asset-Backed Security AAA Aaa 11/20/2018 11/28/2018 130,653.43 183.52 130,665.68 132,032.673.16HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 130,672.97 AAA Aaa 11/15/2018 11/21/2018 105,818.74 105.09 105,821.37 106,925.153.25VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 105,823.19 AAA NR 7/11/2018 7/18/2018 84,530.26 106.39 84,542.33 85,228.503.03GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 84,549.98 AAA NR 7/18/2018 7/25/2018 121,904.95 169.61 121,914.92 123,080.303.13CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 121,921.56 AAA NR 10/17/2018 10/24/2018 181,675.84 271.31 181,676.76 184,132.863.36CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 181,677.51 NR Aaa 1/8/2019 1/16/2019 108,744.75 134.59 108,750.87 109,900.232.97GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 108,756.79 PFM Asset Management LLC 33 CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Asset-Backed Security AAA NR 8/28/2019 9/5/2019 799,798.56 611.56 799,872.73 813,684.721.73COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 800,000.00 NR Aaa 2/17/2021 2/24/2021 84,987.17 8.57 84,988.29 84,943.540.33GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 36261RAD0 85,000.00 AAA NR 5/18/2021 5/26/2021 34,997.05 4.38 34,997.12 34,908.580.41GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 380144AD7 35,000.00 AAA NR 4/20/2021 4/28/2021 74,992.11 12.67 74,992.43 74,980.010.38HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 44933LAC7 75,000.00 AAA Aaa 6/15/2021 6/23/2021 294,995.01 21.63 294,995.04 294,002.840.33NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 65480BAC1 295,000.00 AAA NR 6/8/2021 6/14/2021 324,965.00 39.91 324,965.37 323,616.480.26TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 89190GAC1 325,000.00 AAA NR 4/13/2021 4/21/2021 109,976.30 25.42 109,977.25 110,145.570.52CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 14314QAC8 110,000.00 1.64 2,477,581.45 2,458,160.16 1,694.65 2,458,402.00 2,458,039.17Security Type Sub-Total 31,086,476.66 30,701,229.22 61,193.33 30,993,743.46 31,345,092.46 1.10 Managed Account Sub Total Money Market Mutual Fund AAAm NR 913,600.65 0.00 913,600.65 913,600.65CAMP Pool 913,600.65 913,600.65 913,600.65 0.00 913,600.65 913,600.65Liquid Sub Total $61,193.33 $31,907,344.11 $32,258,693.11 Securities Sub-Total Accrued Interest $61,193.33 Total Investments $32,319,886.44 1.10%$31,614,829.87 $32,000,077.31 Bolded items are forward settling trades. PFM Asset Management LLC 34 Appendix CITY OF LAKE ELSINORE For the Quarter Ended June 30, 2021 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 June 30, 2021 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 June 30, 2021 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 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2021 Fixed Income Management SUMMARY •In Q2, U.S. economic conditions were impacted by: (1) dramatically lower COVID-19 caseloads as vaccine inoculations accelerated, balanced with waning vaccine demand and the emergence of more infectious variants; (2) strong consumer data supported by ongoing fiscal stimulus measures; (3) elevated inflation fueled by surging economic activity amid labor and supply chain shortages; (4) a late-quarter hawkish signal from the Federal Reserve (Fed), as anticipation of bond purchase tapering gained traction and the timeline for expected rate hikes was pulled forward; and (5) the largest increase in corporate earnings estimates in nearly 20 years, which propelled major U.S. stock indices to all-time highs. •With the public health situation drastically improving and pent-up consumer demand being released, the U.S. has seemingly turned the corner in its recovery. Due to the quicker-than- expected rebound, Federal Open Market Committee (FOMC) officials have suggested that they have started to contemplate the timing and communication around a potential tapering of asset purchases. The FOMC remains “attuned and attentive” to the inflation outlook amid supply shortages and other risk factors. In the updated June projections, 13 of 18 Fed officials indicated they expect to increase short-term rates by the end of 2023, up from seven who expected that outcome in March. •Despite significant progress toward a comprehensive economic recovery, headwinds persist and mixed signals remain. Demand is recovering faster than supply, triggering supply chain bottlenecks and wage-price pressures. Inflation is rising sooner than in previous cycles, with core consumer prices recently showing the sharpest monthly increase since 1982. Despite some scary inflation headlines, many market participants believe that the economy’s current wave of inflation is likely transitory in nature. •Looking past this year, economists and strategists have moderated long-term growth projections as uncertainty remains a key characteristic of our current environment. Perhaps the term “cautious optimism” best describes the current mood as we near what we hope to be the final innings of the pandemic. ECONOMIC SNAPSHOT •Following a 4.3% expansion in Q4 2020, U.S. GDP increased 6.4% in Q2. The consumer continues to be the driving force behind recent GDP growth as consumer spending rose by 11.4% in Q2, the second-fastest pace since the 1960s. Goods and services that benefit the most from the reopening of the economy, such as auto sales, food services and, travel accommodations, are the main contributors to the growth in spending. •The U.S. labor market recovery is accelerating after a spring lull. Following a disappointing April jobs report, employers added over 580,000 and 850,000 jobs in May and June, respectively. The service sector led the job recovery in the first half of 2021 as leisure and hospitality accounted for 1.6 million jobs created, or almost half of the year’s payroll gains. The robust demand for workers pushed wages up by a brisk pace of 3.6% year-over-year (YoY). •Surveys of manufacturing and services activity produced mixed signals this quarter. After reaching a record high in March 2021 of 64.7, the ISM Manufacturing PMI declined to 60.6 by the end of Q2. Similarly, the ISM Non-Manufacturing PMI told a similar story, retracting from a record-high reading. The recent survey noted, “challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions.” Despite these headwinds, both indices remain well above both the 50-point threshold that differentiates growth from contraction and long-term historical averages. •On the housing front, existing home sales declined roughly 21% YoY largely due to inventory shortages. Stressed supply and demand dynamics are evidenced by the drastic changes seen in housing prices, which increased by 15% YoY. Mortgage rates pulled back from the climb seen earlier this year, as the 30-year mortgage rate finished the quarter at 2.93%, compared to last quarter’s reading of 3.18%. INTEREST RATES •The U.S. Treasury yield curve flattened modestly over the quarter as longer term yields retraced some of their significant first quarter higher moves, and shorter term maturities inched higher from rock-bottom lows. Near quarter-end, short-term Treasury yields rose in response as the Fed raised by five basis points the interest it pays banks on excess reserves and its offering rate for overnight reverse repurchase agreements. An earlier-than- expected discussion by the FOMC of increasing the overnight target rate also contributed to Treasuries softening on the short end of the curve. Long-term yields fell as investors worried less about inflation over the long term. This view was encouraged in part by a more hawkish tone from the FOMC. •As a result of a flattening curve, index returns were mixed for the quarter. Shorter-duration U.S. Treasury total return indices (three years and under) were generally flat, while longer- duration indices posted strong positive returns. For example, the 3-month Treasury index returned 0% for the quarter, the 2-year Treasury index returned -0.1%, and the 10-year Treasury index returned 3.2%. SECTOR PERFORMANCE •Diversification away from U.S. Treasuries was again additive to performance in Q2. Broad global demand for yield has continued to push spreads of most bonds tighter. As a result, most investment-grade (IG) spread sectors showed positive excess returns. The lone exception was mortgage-related sectors, where expectations that the FOMC may begin tapering asset purchases caused mortgage-backed security (MBS) spreads to come under pressure and lift off from multi-year tights. •The federal agency sector saw minimal spread widening of one to two basis points (0.01% to 0.02%), mostly concentrated in the longer duration part of the curve (past three years). Supply remains markedly light, limiting new buying opportunities within the sector. On the flipside, opportunistic selling opportunities are expected to persist for the foreseeable future. •The taxable municipal sector, once again, was one of the best performing IG sectors during Q2. Municipals boosted relative portfolio performance over the quarter as strong demand for new issues and the general market reach for yield-pressured spreads tighter. •IG corporates generated positive returns this quarter as spreads tightened due to the prospect of strong corporate earnings and supportive monetary policy. The continued demand for yield pushed spreads to retest multi-year lows despite an active new issue market. •Federal agency-backed mortgage-backed security (MBS) excess returns were negative as FOMC-related selling pressure arrived near quarter end. Generally, all collateral and coupon structures underperformed with the exception of agency-backed commercial MBS (CMBS), which have continued to provide solid absolute and relative returns on a consistent basis over the past 18 months. PFM Asset Management LLC QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2021 Fixed Income Management Economic Snapshot Labor Market Dec '20 Mar '20 Unemployment Rate Jun '21 5.9%6.0% 11.1% Change In Non-Farm Payrolls Jun '21 850,000 785,000 4,846,000 Average Hourly Earnings (YoY)Jun '21 3.6%4.3%5.0% Personal Income (YoY)May '21 2.8% 30.1%8.2% Initial Jobless Claims (week)7/3/21 373,000 729,000 1,436,000 Growth Real GDP (QoQ SAAR)2021Q1 6.4%4.3%-5.0% GDP Personal Consumption (QoQ SAAR)2021Q1 11.4%2.3%-6.9% Retail Sales (YoY)May '21 28.1% 29.7%2.1% ISM Manufacturing Survey (month)Jun '21 60.6 64.7 52.2 Existing Home Sales SAAR (month) May '21 5.80 mil. 6.01 mil. 4.77 mil. Inflation / Prices Personal Consumption Expenditures (YoY)May '21 3.9%2.4%0.9% Consumer Price Index (YoY)May '21 5.0%2.6%0.6% Consumer Price Index Core (YoY)May '21 3.8%1.6%1.2% Crude Oil Futures (WTI, per barrel)Jun 30 $73.47 $59.16 $39.27 Gold Futures (oz.)Jun 30 $1,772 $1,714 $1,801 Latest (Mar '21) 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% Jun '18 Dec '18 Jun '19 Dec '19 Jun '20 Dec '20 Jun '21 Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate -40% -30% -20% -10% 0% 10% 20% 30% 40% Mar '18 Sep '18 Mar '19 Sep '19 Mar '20 Sep '20 Mar '21 Real GDP (QoQ) 0% 1% 2% 3% 4% 5% 6% Jun '18 Dec '18 Jun '19 Dec '19 Jun '20 Dec '20 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 1. Data as of Fourth Quarter 2020. 2. Data as of First Quarter 2020. 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 QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2021 Fixed Income Management Source: Bloomberg. Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve U.S. Treasury Yields Yield Curves as of 06/30/2021 0% 1% 2% 3%3-mo1-yr2-yr3-yr5-yr7-yr10-yr20y30-yrYieldMaturity June 30, 2021 March 31, 2021 June 30, 2020 -1% 0% 1% 2% 3% 4%3-mo1-yr2-yr3-yr5-yr07-yr10-yr25-yr30-yrYieldMaturity U.S. Treasury Federal Agency Corporates, A Rated 0.0% 0.5% 1.0% 1.5% 2.0% 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21Yield 2-Year 5-Year 10-Year Maturity Jun '21 Mar '21 Change over Quarter Jun '20 Change over Year 3-Month 0.04% 0.02% 0.02% 0.14% (0.10%) 1-Year 0.07% 0.06% 0.01% 0.15% (0.08%) 2-Year 0.25% 0.16% 0.09% 0.15% 0.10% 5-Year 0.89% 0.94% (0.05%)0.29% 0.60% 10-Year 1.47% 1.74% (0.27%)0.66% 0.81% 30-Year 2.09% 2.41% (0.32%)1.41% 0.68% PFM Asset Management LLC QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2021 Fixed Income Management Source: ICE BofAML Indices. June 30, 2021 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury 1.90 0.25%(0.03%)0.07%2.68% Federal Agency 1.74 0.27%0.01%0.32%2.56% U.S. Corporates, A-AAA rated 1.90 0.53%0.24%1.11%3.57% Agency MBS (0 to 3 years)1.73 0.75%(0.82%)(1.31%)3.31% Taxable Municipals 1.74 0.39%1.54%4.25%4.30% 1-5 Year Indices U.S. Treasury 2.66 0.41%0.11%(0.27%)3.26% Federal Agency 2.36 0.43%0.18%0.17%2.85% U.S. Corporates, A-AAA rated 2.81 0.80%0.61%1.37%4.44% Agency MBS (0 to 5 years)2.44 1.35%(0.27%)(0.58%)3.32% Taxable Municipals 2.83 0.77%0.76%2.85%4.09% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 7.24 0.97%2.02%(3.39%)4.72% Federal Agency 3.99 0.75%1.00%(0.35%)4.22% U.S. Corporates, A-AAA rated 8.52 1.81%3.46%1.47%7.17% Agency MBS (0 to 30 years)3.49 1.55%0.32%(0.39%)3.86% Taxable Municipals 11.35 2.47%4.93%3.87%8.82% As of 06/30/2021 Returns for Periods ended 06/30/2021 Returns for periods greater than one year are annualized. PFM Asset Management LLC ICE BofAML Index Returns QUARTERLY MARKET SUMMARY For the Quarter Ended June 30, 2021 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