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Item 14 - SA Investment Report - SR
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 22-206 Agenda Date: 5/25/2022 Status: Approval FinalVersion: 1 File Type: Successor Consent Calendar In Control: Successor Agency Agenda Number: 14) SA Investment Report for April 2022 Receive and file the Investment Report for April 2022. Page 1 City of Lake Elsinore Printed on 5/19/2022 REPORT TO SUCCESSOR AGENCY BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE To: Honorable Agency Chairman and Members of the Successor Agency From: Jason Simpson, Executive Director Prepared by: Domenico Piazza, Senior Accountant Date: May 25, 2022 Subject: SA Investment Report for April 2022 Recommendation Receive and file the Investment Report for April 2022. Background and Discussion The Investment Report is a listing of all funds invested for the City of Lake Elsinore and includes funds held for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Additionally, the Review of the Investment Performance for the quarter ended March 31, 2022, is included. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for April 2022 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 4,370,792$ 564,960$ (1,646,871)$ 3,288,882$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 2,000 Total Cash Accounts 4,370,792 564,960 (1,646,871) 3,291,182 INVESTMENTS Local Agency Investment Fund 61,935,368 - - 61,935,368 CAMP Investments: CAMP Pool Account 144,725 - - 144,725 U.S. Treasury Bond / Note 12,329,106 - - 12,329,106 Supra-National Agency Bond / Note 1,377,948 - - 1,377,948 Municipal Bond / Note 1,336,023 - - 1,336,023 Federal Agency Commercial Mortgage-Backed Security 401,021 - - 401,021 Federal Agency Bond / Note 6,060,687 - - 6,060,687 Corporate Note 7,918,803 - - 7,918,803 Certificate of Deposit 650,000 - - 650,000 Asset-Backed Security 2,220,356 - - 2,220,356 Sub-total Investments 94,374,038 - - 94,374,038 Market Value Adjustment: Unrealized Gain/(Loss) at 03/31/2022 (2,086,039) - - (2,086,039) Total Investments 92,287,999 - - 92,287,999 Total Pooled Cash and Investments 96,658,792$ 564,960$ (1,646,871)$ 95,579,181$ TOTAL POOLED CASH AND INVESTMENTS 95,579,181$ 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 May 9, 2022 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 APRIL 30, 2022 FUND NO FUND NAME AMOUNT 100 General 21,252,583$ 101 Supplemental Law Enforcement 8,333 102 Measure Z 7,442,324 106 Affordable Housing In Lieu 531,465 107 Developer Agreement Revenue 59,663 108 American Rescue Plan 2,703,460 109 Road Maintenance and Rehabilitation (SB1) 438,533 110 State Gas Tax 804,446 112 Measure A 1,790,127 113 SB821 Pedestrian Sidewalk 94 114 SB1186 CASP Education Program 43,228 115 Traffic Safety 8,003 116 City Hall-Public Works DIF 177,784 117 Community Center DIF 114,444 118 Lake Side Facility DIF 205,370 119 Animal Shelter DIF 85,050 130 Lighting & Landscape Maintenance Fund - City-wide 355,748 135 Lighting & Landscape Maintenance - Dist. No. 1 515,103 140 Geothermal 11,620 160 PEG Grant 59,620 180 Launch Pointe 82,796 202 La Strada RBBD 23,700 203 E.L.S.P. - S.T.I.F. 3,342,074 205 Traffic Impact Fee 359,746 211 Storm Drain C.I.P. 2,047,858 221 Quimby Park C.I.P. 221,543 231 Library C.I.P. 1,296,882 232 City Fire Protection 479,933 300 Insurance Service 1,407,890 305 Information Systems Service 1,025,269 315 Fleet Service 341,053 320 Facilities Service 554,688 331 CFD 2006-1CC Summerly Improvement Area CC 38,466 332 CFD 2006-1 Improvement Area B, Summerly 17,319 333 CFD 2015-3 Terracina 18,437 334 CFD 2015-5 Trieste - Far West Industries 30,160 336 CFD 2006-1FF Summerly Improvement Area FF 55,988 337 CFD 2016-2 Canyon Hills 133,802 338 CFD 2006-1 IA-JJ Summerly Improvement Area 101,764 339 CFD 2006-1 IA-KK Summerly Improvement Area 9,466 340 CFD 2006-1 IA-EE Summerly Improvement Area 86,376 345 CFD 2003-2 Improvement Area D, Canyon Hills 663,787 346 CFD 2014-1 Southshore 67,547 347 CFD 2006-1 Improvement Area A, Summerly 40,648 350 CFD 98-1 Summerhill 302,238 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 APRIL 30, 2022 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 APRIL 30, 2022 352 AD 86-1 Northwest Sewer 836,440 354 CFD 90-2 Tuscany Hills 214,807 361 CFD 2022-2 LAKESHORE IMPROVEMENT 44,556 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 145,692 370 CFD 2006-1 IA-HH Summerly Improvement 288,147 371 CFD 2005-1 Serenity 70,031 372 CFD 2005-2 Alberhill Ranch Improvement Area 86,582 375 CFD 2006-4 Clurman 7,801 378 CFD 2006-8 Running Deer Estates 1,904 379 CFD 2022-1 ALBERHILL 4,745 384 CFD 2003-2 Area B Canyon Hills Improvement Area 24,244 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 931,887 386 CFD 2007-4 Mekenna Court 497,582 387 CFD 2007-5 Red Kite 60,412 388 CFD 2007-6 Holiday Inn Express 23,400 389 CFD 88-3 (2008A) West Lake Elsinore Series A 6,739 390 CFD 2003-2 Area C Canyon Hills Improvement Area 27,351 392 CFD 95-1 City Center 5,206 395 CFD 2018-1 Wasson Canyon II Improvement Area 54,959 396 CFD 2018-2 Nichols Ranch Improvement Area 168 397 CFD 2018-3 Village at Lakeshore 1,180 400 LE Facilities Financing Authority 2016 A 21,119 510 Successor To RDA Area I, II, & III 15,109,965 540 Successor To RDA Diamond Stadium 2,002,417 603 Endowment Trust - Carl Graves 56,254 604 Endowment Trust - Korn Memorial 33,392 605 Public Improvement Trust 1,596,214 606 Mobile Source Air Polution Reduction 191,803 608 Trust Deposit & Pre Paid Expense 1,694,596 617 Successor Agency Housing 17,325,652 620 Cost Recovery System 4,363,957 631 Lake Destratification Equipment Replacement 463,111 655 CFD 2015-1s Law, Fire, Paramedic Services 30,433 Total Pooled Cash & Investments 95,579,181$ MAXIMUM DIVERSIFICATION CURRENT TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE CAMP - Pooled Sweep Account Unlimited 0.15% 144,725$ U.S. Treasury Bond / Note Unlimited 13.06% 12,329,106$ Supra-National Agency Bond / Note 30% 1.46% 1,377,948$ Municipal Bond / Note Unlimited 1.42% 1,336,023$ Federal Agency Collaterized Mortgage Obligation 40% 0.42% 401,021$ Federal Agency Bond / Note Unlimited 6.42% (1)6,060,687$ Corporate Note 30% 8.39% 7,918,803$ Negotiable Certificates of Deposit 30% 0.69% 650,000$ Asset-Backed Security / Collaterized Mortgage 20% 2.35% 2,220,356$ LAIF (Local Agency Investment Fund) $75 Million 65.63% (2)61,935,368$ TOTAL 100.00% 94,374,038$ 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 APRIL 30, 2022 Local Agency Investment Fund Apr 0.523 Mar 0.365 Feb 0.278 PMIA Quarter to Date(1):0.29% 310PMIA Average Life(1): 0.32LAIF Apportionment Rate(2): 0.00000875657176851 0.988753538 LAIF Earnings Ratio(2): LAIF Fair Value Factor(1): PMIA Daily(1):0.42% Treasuries 68.45% Agencies 17.93% Certificates of Deposit/Bank Notes 5.91% Time Deposits 1.88% Commercial Paper 5.30% Corporate Bonds 0.19% Loans 0.34% 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 05/11/22 Daily rates are now available here. View PMIA Daily Rates Quarterly Performance Quarter Ended 03/31/22 Chart does not include $5,303,000.00 in mortgages, which equates to 0.002%.Percentages may not total 100% due to rounding. Pooled Money Investment Account Monthly Portfolio Composition (1) 04/30/22 $225.5 billion Yield Purchase Date Maturity Rate 0.523% Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:63,389,438$ (1,454,070)$ 61,935,368$ 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 APRIL 30, 2022 CAMP Investment Portfolio For the Month Ending April 30, 2022Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 44,994.12 102,477.63 (2,747.12) 0.00 $144,724.63 CAMP Pool Unsettled Trades 0.00 29.35 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 30,891,535.35 0.00 (85,173.49) (295,452.32) $30,625,881.74 CAMP Managed Account Unsettled Trades 114,972.20 32,175.87 Cash Dividends and Income April 30, 2022 March 31, 2022 Asset Summary CAMP Pool 144,724.63 44,994.12 CAMP Managed Account 30,625,881.74 30,891,535.35 $30,770,606.37 $30,936,529.47 Total Asset Allocation 0.47% CAMP Pool 99.53% CAMP Managed Account Page 1 For the Month Ending April 30, 2022Managed 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 $44,994.12 102,477.63 (2,747.12) $144,724.63 29.35 $30,891,535.35 (85,173.49) 0.00 0.00 114,972.20 (295,452.32) $30,625,881.74 $30,936,529.47 $30,770,606.37 32,696.67 0.00 (520.80) $32,175.87 0.00 0.00 32,696.67 85,173.49 0.00 (117,870.16) 0.00 Managed Account Total 32,131,182.23 32,275,906.86 94,845.11 0.00 85,173.49 32,696.67 (114,972.20) (32,106,818.72) (93,701.84) 0.00 94,845.11 2,747.12 85,173.49 32,696.67 (217,449.83) (32,151,812.84) (93,701.84) 29.35 Total Accrual Basis Earnings $28,404.74 $28,434.09 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending April 30, 2022Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 12,175,000.00 11,633,679.85 37.80 Supra-National Agency Bond / Note 1,380,000.00 1,322,423.44 4.30 Municipal Bond / Note 1,335,000.00 1,248,264.10 4.06 Federal Agency Commercial Mortgage-Backed Security 387,729.41 386,474.79 1.26 Federal Agency Bond / Note 6,075,000.00 5,744,734.23 18.67 Corporate Note 7,765,000.00 7,478,252.36 24.30 Certificate of Deposit 650,000.00 646,438.15 2.10 Asset-Backed Security 2,220,729.37 2,165,614.82 7.04 Managed Account Sub-Total 31,988,458.78 30,625,881.74 99.53% Accrued Interest 94,845.11 Total Portfolio 31,988,458.78 30,720,726.85 CAMP Pool 144,724.63 144,724.63 0.47 Total Investments 32,133,183.41 30,865,451.48 100.00% Unsettled Trades 115,000.00 114,439.06 Sector Allocation 7.04% ABS 2.10% Cert of Deposit 24.30% Corporate Note 18.67% Fed Agy Bond / Note 1.26% Federal Agency Commercial Mortgage-Backed Security 0.47% Joint Powers Authority 4.06% Muni Bond / Note 4.30% Supra-National Agency Bond / Note 37.80% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 2.11%1.58% 19.86% 36.32% 30.65% 9.48% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Weighted Average Days to Maturity 980 1.09% 2.84% Page 3 For the Month Ending April 30, 2022Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 4.33% A 2.07% A+ 6.46% A- 2.10% A-1 5.40% AA 60.82% AA+ 1.31% AA- 11.03% AAA 0.47% AAAm 4.85% BBB+ 1.16% NR Issuer Summary Percentof HoldingsIssuer Market Value 228,282.30 0.74 ABBOTT LABORATORIES 442,018.85 1.44 AMAZON.COM INC 77,151.76 0.25 AMERICAN EXPRESS CO 395,073.20 1.28 AMERICAN HONDA FINANCE 518,278.20 1.68 APPLE INC 436,715.10 1.42 BANK OF AMERICA CO 453,390.83 1.47 BERKSHIRE HATHAWAY INC 224,743.86 0.73 BMW FINANCIAL SERVICES NA LLC 77,913.55 0.25 CALIFORNIA STATE UNIVERSITY 144,724.63 0.47 CAMP Pool 800,720.00 2.60 CAPITAL ONE FINANCIAL CORP 132,636.00 0.43 CARMAX AUTO OWNER TRUST 207,212.63 0.67 CATERPILLAR INC 97,899.00 0.32 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 100,454.76 0.33 CHARLES SCHWAB 64,798.11 0.21 CINTAS CORPORATION NO. 2 222,221.03 0.72 CITIGROUP INC 245,863.75 0.80 CREDIT SUISSE GROUP RK 94,573.10 0.31 DEERE & COMPANY 183,350.29 0.60 DISCOVER FINANCIAL SERVICES 1,558,738.40 5.07 FANNIE MAE 463,718.55 1.51 FEDERAL HOME LOAN BANKS 289,908.90 0.94 FLORIDA STATE BOARD OF ADMIN FIN CORP 4,108,752.07 13.35 FREDDIE MAC 225,418.95 0.73 GENERAL DYNAMICS CORP 90,024.10 0.29 GM FINANCIAL CONSUMER AUTOMOBILE TRUST 116,599.32 0.38 GM FINANCIAL LEASINGTRUST 401,771.20 1.31 GOLDMAN SACHS GROUP INC 24,746.10 0.08 HOME DEPOT INC 96,211.67 0.31 HONDA AUTO RECEIVABLES 149,415.52 0.49 HYUNDAI AUTO RECEIVABLES 600,344.88 1.95 INTER-AMERICAN DEVELOPMENT BANK Page 4 For the Month Ending April 30, 2022Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 722,078.56 2.35 INTL BANK OF RECONSTRUCTION AND DEV 464,268.50 1.51 JP MORGAN CHASE & CO 128,219.00 0.42 LOS ANGELES COMMUNITY COLLEGE DISTRICT 403,583.20 1.31 MORGAN STANLEY 49,640.95 0.16 NATIONAL RURAL UTILITIES CO FINANCE CORP 303,741.75 0.99 NEW YORK ST URBAN DEVELOPMENT CORP 284,579.69 0.92 NISSAN AUTO RECEIVABLES 168,141.40 0.55 PACCAR FINANCIAL CORP 402,054.00 1.31 PNC FINANCIAL SERVICES GROUP 396,704.93 1.29 Roche Holding AG 120,381.30 0.39 SAN JUAN UNIFIED SCHOOL DISTRICT 400,574.40 1.30 SKANDINAVISKA ENSKILDA BANKEN AB 58,690.80 0.19 STATE OF CONNECTICUT 92,487.00 0.30 STATE OF MINNESOTA 37,464.40 0.12 TARGET CORP 642,735.61 2.09 THE BANK OF NEW YORK MELLON CORPORATION 387,146.40 1.26 THE WALT DISNEY CORPORATION 516,669.24 1.68 TOYOTA MOTOR CORP 11,633,679.85 37.80 UNITED STATES TREASURY 205,071.98 0.67 UNITEDHEALTH GROUP INC 79,022.80 0.26 UNIVERSITY OF CALIFORNIA $30,770,606.37 Total 100.00% Page 5 For the Month Ending April 30, 2022Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 419,355.49 424,027.51 18.77 422,194.34 07/03/1907/01/19AaaAA+ 425,000.00 912828T91 1.78 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 986,718.80 1,002,114.73 44.15 1,005,742.19 10/04/1910/02/19AaaAA+ 1,000,000.00 912828T91 1.48 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 172,210.94 176,649.55 1,169.89 178,541.01 11/06/1911/01/19AaaAA+ 175,000.00 912828XX3 1.55 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 319,820.31 329,348.40 2,172.65 333,823.24 02/07/2002/03/20AaaAA+ 325,000.00 912828XX3 1.36 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 492,031.25 512,216.35 3,342.54 524,355.47 03/06/2003/02/20AaaAA+ 500,000.00 912828XX3 0.85 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2,656,968.75 2,719,224.65 18,049.73 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 485,625.00 520,879.72 2,924.72 534,414.06 08/07/2008/05/20AaaAA+ 500,000.00 912828YY0 0.18 US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 1,942,500.00 2,077,705.54 11,698.90 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 229,960.95 246,380.49 208.91 245,156.25 04/05/2104/01/21AaaAA+ 250,000.00 912828ZW3 0.72 US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 413,929.71 445,354.26 376.03 443,654.30 03/04/2103/01/21AaaAA+ 450,000.00 912828ZW3 0.58 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 136,687.50 147,588.92 188.02 147,052.73 07/07/2107/01/21AaaAA+ 150,000.00 91282CBC4 0.82 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 318,937.50 345,870.25 438.71 344,859.38 06/07/2106/02/21AaaAA+ 350,000.00 91282CBC4 0.70 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 364,500.00 389,150.82 501.38 387,968.75 12/06/2112/02/21AaaAA+ 400,000.00 91282CBC4 1.13 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 410,062.50 446,808.63 564.05 446,167.97 08/05/2108/03/21AaaAA+ 450,000.00 91282CBC4 0.57 Page 6 For the Month Ending April 30, 2022Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 592,312.50 634,333.08 814.74 632,251.95 11/04/2111/02/21AaaAA+ 650,000.00 91282CBC4 1.05 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 751,781.25 815,848.15 1,034.10 814,236.33 09/07/2109/01/21AaaAA+ 825,000.00 91282CBC4 0.68 US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 68,800.79 71,633.26 1.53 71,458.01 02/14/2202/10/22AaaAA+ 75,000.00 91282CBW0 1.92 US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 871,476.61 928,534.52 19.36 926,843.75 01/06/2201/04/22AaaAA+ 950,000.00 91282CBW0 1.33 43,568.18 11,633,679.85 12,233,668.83 1.05 12,329,106.45 12,175,000.00 Security Type Sub-Total Supra-National Agency Bond / Note INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 239,974.56 244,754.07 9.36 244,492.85 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 482,104.00 499,438.45 545.14 498,925.00 11/24/2011/17/20AaaAAA 500,000.00 459058JM6 0.32 INTER-AMERICAN DEVEL BK NOTES DTD 09/23/2021 0.500% 09/23/2024 600,344.88 634,624.42 335.14 634,530.10 09/23/2109/15/21AaaAAA 635,000.00 4581X0DZ8 0.52 889.64 1,322,423.44 1,378,816.94 0.40 1,377,947.95 1,380,000.00 Security Type Sub-Total Municipal Bond / Note CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 58,690.80 60,000.00 399.60 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 97,899.00 100,000.00 525.25 100,000.00 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 303,741.75 325,000.00 361.29 325,000.00 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 79,022.80 85,000.00 346.09 85,000.00 07/16/2007/10/20Aa2AA 85,000.00 91412HGE7 0.88 Page 7 For the Month Ending April 30, 2022Managed 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 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 60,787.35 65,304.00 272.57 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 79,491.15 85,372.80 356.43 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 149,630.40 160,000.00 670.93 160,000.00 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 92,487.00 100,000.00 157.50 100,000.00 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 120,381.30 130,000.00 276.90 130,000.00 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 128,219.00 140,000.00 270.55 140,000.00 11/10/2010/30/20AaaAA+ 140,000.00 54438CYK2 0.77 CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 77,913.55 85,000.00 366.35 85,000.00 07/29/2107/09/21Aa2AA- 85,000.00 13077DQD7 0.86 4,003.46 1,248,264.10 1,335,676.80 1.06 1,336,023.10 1,335,000.00 Security Type Sub-Total Federal Agency Commercial Mortgage-Backed Security FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 16,254.34 16,264.76 41.86 16,395.11 04/09/1804/04/18AaaAA+ 16,256.67 3137BM6P6 3.09 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 16,254.34 16,264.76 41.86 16,395.11 04/09/1804/04/18AaaAA+ 16,256.67 3137BM6P6 3.08 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 74,305.58 74,353.16 191.37 74,949.03 04/09/1804/04/18AaaAA+ 74,316.19 3137BM6P6 2.88 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 5,665.80 5,662.03 15.11 5,662.02 12/17/1812/07/18AaaAA+ 5,662.04 3137FKK39 3.20 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 25,062.32 25,237.56 44.00 25,237.24 11/26/1911/20/19AaaAA+ 25,237.85 3137FQ3V3 2.09 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 248,932.41 256,835.14 637.92 262,382.81 03/25/2003/19/20AaaAA+ 250,000.00 3137BGK24 1.95 Page 8 For the Month Ending April 30, 2022Managed 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 Commercial Mortgage-Backed Security 972.12 386,474.79 394,617.41 2.25 401,021.32 387,729.41 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 874,392.30 899,598.69 418.75 899,082.00 08/21/2008/19/20AaaAA+ 900,000.00 3137EAEV7 0.28 FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 363,873.38 375,030.84 138.02 375,068.48 09/04/2009/02/20AaaAA+ 375,000.00 3137EAEW5 0.24 FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 509,422.72 524,921.97 193.23 524,826.75 09/04/2009/02/20AaaAA+ 525,000.00 3137EAEW5 0.26 FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 313,859.33 324,409.93 16.93 323,787.75 10/16/2010/14/20AaaAA+ 325,000.00 3137EAEY1 0.25 FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 338,046.80 349,840.78 425.35 349,685.00 11/05/2011/03/20AaaAA+ 350,000.00 3137EAEZ8 0.28 FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 313,383.20 324,805.80 347.57 324,629.50 11/25/2011/23/20AaaAA+ 325,000.00 3135G06H1 0.29 FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 289,011.00 299,842.14 306.25 299,703.00 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 326,033.40 348,973.06 82.64 348,264.00 04/16/2004/15/20AaaAA+ 350,000.00 3130AJHU6 0.60 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 327,001.85 349,570.33 54.69 349,279.00 04/24/2004/22/20AaaAA+ 350,000.00 3135G03U5 0.67 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 391,791.35 423,634.25 442.71 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48 FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 321,678.70 348,911.59 240.63 348,362.00 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 137,685.15 149,697.69 89.06 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44 Page 9 For the Month Ending April 30, 2022Managed 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 09/25/2020 0.375% 09/23/2025 641,880.40 698,566.45 277.08 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44 FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 596,674.65 648,356.66 1,570.83 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 4,603.74 5,744,734.23 6,066,160.18 0.39 6,060,686.98 6,075,000.00 Security Type Sub-Total Corporate Note TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 72,914.33 74,975.21 80.21 74,942.25 08/14/2008/11/20A1A+ 75,000.00 89236THF5 0.53 PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 402,054.00 400,965.94 3,811.11 402,848.00 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 100,454.76 104,967.09 94.06 104,947.50 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 199,686.48 209,851.16 14.58 209,775.30 04/26/2104/19/21A1A 210,000.00 06406RAS6 0.54 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 403,583.20 409,589.99 86.11 422,916.00 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 395,073.20 399,135.77 3,306.67 398,016.00 07/15/1907/11/19A3A- 400,000.00 02665WCZ2 2.51 GOLDMAN SACHS GROUP INC (CALLABLE) BONDS DTD 07/08/2014 3.850% 07/08/2024 401,771.20 407,611.92 4,833.89 418,632.00 07/11/1907/08/19A2BBB+ 400,000.00 38141EC23 2.84 BMW US CAPITAL LLC CORPORATE NOTES DTD 08/12/2021 0.750% 08/12/2024 66,404.03 69,995.21 115.21 69,993.70 08/12/2108/09/21A2A 70,000.00 05565EBU8 0.75 WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 387,146.40 399,236.01 1,186.11 398,368.00 09/06/1909/03/19A2BBB+ 400,000.00 254687FK7 1.84 Page 10 For the Month Ending April 30, 2022Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note JOHN DEERE CAPITAL CORP CORPORATE NOTES DTD 09/10/2021 0.625% 09/10/2024 94,573.10 99,948.82 88.54 99,935.00 09/10/2109/07/21A2A 100,000.00 24422EVU0 0.65 PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 168,141.40 180,117.86 743.75 182,894.25 10/29/2010/22/20A1A+ 175,000.00 69371RQ66 0.73 AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.250% 03/04/2025 77,151.76 79,923.48 285.00 79,919.20 03/04/2203/01/22A2BBB+ 80,000.00 025816CQ0 2.29 ROCHE HOLDINGS INC (CALLABLE) CORPORATE DTD 03/10/2022 2.132% 03/10/2025 396,704.93 410,000.00 1,238.34 410,000.00 03/10/2203/03/22Aa3AA 410,000.00 771196BT8 2.13 HOME DEPOT INC (CALLABLE) CORPORATE NOTE DTD 03/28/2022 2.700% 04/15/2025 24,746.10 24,957.59 61.88 24,956.25 03/28/2203/24/22A2A 25,000.00 437076CM2 2.76 CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 222,221.03 240,900.36 82.50 249,738.75 09/01/2008/28/20A3BBB+ 225,000.00 172967JP7 0.88 CINTAS CORPORATION NO. 2 CORP NOTE (CALL DTD 05/03/2022 3.450% 05/01/2025 64,798.11 64,985.70 0.00 64,985.70 05/03/2204/26/22A3A- 65,000.00 17252MAP5 3.46 APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 518,278.20 550,663.05 2,921.88 551,105.50 05/13/2005/11/20AaaAA+ 550,000.00 037833DT4 1.08 GENERAL DYNAMICS CORP (CALLABLE) CORP NO DTD 05/11/2018 3.500% 05/15/2025 225,418.95 242,786.33 3,631.25 252,247.50 10/20/2010/16/20A3A- 225,000.00 369550BG2 0.80 JPMORGAN CHASE & CO CORPORATE NOTES DTD 06/01/2021 0.824% 06/01/2025 296,330.27 315,000.00 1,081.50 315,000.00 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 442,018.85 474,855.93 1,562.22 474,767.25 06/05/2006/03/20A1AA 475,000.00 023135BQ8 0.81 Page 11 For the Month Ending April 30, 2022Managed 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 NATIONAL RURAL UTIL COOP CORPORATE NOTES DTD 05/04/2022 3.450% 06/15/2025 49,640.95 49,986.50 0.00 49,986.50 05/04/2204/27/22NRNR 50,000.00 63743HFE7 3.46 BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 225,921.60 245,984.60 2,179.69 256,918.50 08/20/2008/18/20A2A- 225,000.00 06051GFS3 0.93 ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 228,282.30 246,776.13 1,114.06 257,845.50 09/28/2009/24/20A1AA- 225,000.00 002824BM1 0.86 BANK OF AMERICA CORP NOTES (CALLABLE) DTD 12/06/2021 1.530% 12/06/2025 210,793.50 225,000.00 1,386.56 225,000.00 12/06/2112/01/21A2A- 225,000.00 06051GKE8 1.53 JPMORGAN CHASE & CO CORPORATE NOTES DTD 02/24/2022 2.595% 02/24/2026 167,938.23 175,000.00 845.18 175,000.00 02/24/2202/16/22A2A- 175,000.00 46647PCV6 2.60 UNITEDHEALTH GROUP INC (CALLABLE) CORPOR DTD 05/19/2021 1.150% 05/15/2026 205,071.98 224,683.06 1,193.13 224,608.50 05/19/2105/17/21A3A+ 225,000.00 91324PEC2 1.19 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 06/18/2021 1.125% 06/18/2026 131,676.68 144,720.67 602.66 144,678.10 09/13/2109/08/21A1A+ 145,000.00 89236TJK2 1.17 BMW US CAPITAL LLC (CALLABLE) CORPORATE DTD 08/12/2021 1.250% 08/12/2026 158,339.83 174,954.93 480.03 174,947.50 08/16/2108/12/21A2A 175,000.00 05565EBW4 1.26 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 01/10/2022 1.700% 01/08/2027 207,212.63 223,931.14 1,179.38 223,863.75 01/13/2201/11/22A2A 225,000.00 14913R2U0 1.81 TARGET CORP CORPORATE NOTES DTD 01/24/2022 1.950% 01/15/2027 37,464.40 39,935.63 210.17 39,932.00 01/24/2201/19/22A2A 40,000.00 87612EBM7 1.99 Page 12 For the Month Ending April 30, 2022Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note BANK OF NY MELLON CORP (CALLABLE) CORPOR DTD 01/26/2022 2.050% 01/26/2027 443,049.13 473,999.27 2,569.62 473,945.50 01/28/2201/26/22A1A 475,000.00 06406RBA4 2.10 BERKSHIRE HATHAWAY CORP NOTES (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027 453,390.83 466,308.84 1,395.97 466,089.00 03/17/2203/15/22Aa2AA 475,000.00 084664CZ2 2.70 38,381.26 7,478,252.36 7,851,748.19 1.75 7,918,803.00 7,765,000.00 Security Type Sub-Total Certificate of Deposit SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 400,574.40 400,000.00 1,322.67 400,000.00 09/03/1908/29/19P-1A-1 400,000.00 83050PDR7 1.85 CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 245,863.75 250,000.00 184.38 250,000.00 03/23/2103/19/21P-1A-1 250,000.00 22552G3C2 0.59 1,507.05 646,438.15 650,000.00 1.37 650,000.00 650,000.00 Security Type Sub-Total Asset-Backed Security CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 27,025.49 27,003.35 40.33 27,003.17 10/24/1810/17/18NRAAA 27,003.42 14315EAC4 3.36 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 8,730.57 8,725.64 10.80 8,724.98 01/16/1901/08/19AaaNR 8,725.95 36256XAD4 2.97 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 800,720.00 799,906.64 611.56 799,798.56 09/05/1908/28/19NRAAA 800,000.00 14041NFU0 1.73 GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 82,969.78 84,990.97 8.57 84,987.17 02/24/2102/17/21AaaNR 85,000.00 36261RAD0 0.33 GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 33,629.54 34,997.74 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 72,893.68 74,993.92 12.67 74,992.11 04/28/2104/20/21NRAAA 75,000.00 44933LAC7 0.38 Page 13 For the Month Ending April 30, 2022Managed 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 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 284,579.69 294,996.00 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 312,078.23 324,971.95 37.56 324,965.00 06/14/2106/08/21NRAAA 325,000.00 89190GAC1 0.26 HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 96,211.67 99,981.11 24.44 99,978.92 11/24/2111/16/21AaaNR 100,000.00 43815GAC3 0.89 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 105,610.51 109,981.34 25.42 109,976.30 04/21/2104/13/21NRAAA 110,000.00 14314QAC8 0.52 HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 76,521.84 79,983.94 26.31 79,982.14 11/17/2111/09/21NRAAA 80,000.00 44935FAD6 0.75 DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026 183,350.29 194,963.22 50.27 194,958.25 09/27/2109/20/21AaaAAA 195,000.00 254683CP8 0.58 GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026 81,293.53 84,998.06 24.08 84,997.83 10/21/2110/13/21AaaAAA 85,000.00 362554AC1 0.68 919.66 2,165,614.82 2,220,493.88 0.97 2,220,356.49 2,220,729.37 Security Type Sub-Total 31,988,458.78 32,293,945.29 1.08 94,845.11 32,131,182.23 30,625,881.74 Managed Account Sub-Total Joint Powers Authority CAMP Pool 144,724.63 144,724.63 0.00 144,724.63 NRAAAm 144,724.63 144,724.63 144,724.63 0.00 144,724.63 144,724.63 Liquid Sub-Total $32,133,183.41 $32,438,669.92 $94,845.11 $32,275,906.86 $30,770,606.37 1.09% $30,865,451.48 $94,845.11 Total Investments Accrued Interest Securities Sub-Total Bolded items are forward settling trades. Page 14 For the Month Ending April 30, 2022Managed 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 (4,672.02)(2,838.85) 419,355.49 98.67 MERRILL 425,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 2.53 1.48 (15,395.93)(19,023.39) 986,718.80 98.67 BNP_PARI 1,000,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 2.53 1.48 (4,438.61)(6,330.07) 172,210.94 98.41 MORGAN_S 175,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2.76 2.12 (9,528.09)(14,002.93) 319,820.31 98.41 HSBC 325,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2.76 2.12 (20,185.10)(32,324.22) 492,031.25 98.41 HSBC 500,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2.76 2.12 (62,255.90)(82,792.97) 2,656,968.75 98.41 HSBC 2,700,000.00 912828XX3US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 2.76 2.12 (35,254.72)(48,789.06) 485,625.00 97.13 WELLS_F 500,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 2.88 2.61 (135,205.54)(188,125.00) 1,942,500.00 97.13 WELLS_F 2,000,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 2.88 2.61 (16,419.54)(15,195.30) 229,960.95 91.98 GOLDMAN 250,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 2.92 3.16 (31,424.55)(29,724.59) 413,929.71 91.98 MERRILL 450,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 2.92 3.16 (10,901.42)(10,365.23) 136,687.50 91.13 CITIGRP 150,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (26,932.75)(25,921.88) 318,937.50 91.13 JPM_CHA 350,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (24,650.82)(23,468.75) 364,500.00 91.13 CITIGRP 400,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (36,746.13)(36,105.47) 410,062.50 91.13 JPM_CHA 450,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (42,020.58)(39,939.45) 592,312.50 91.13 BNP_PAR 650,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (64,066.90)(62,455.08) 751,781.25 91.13 CITIGRP 825,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 2.94 3.64 (2,832.47)(2,657.22) 68,800.79 91.73 BMO 75,000.00 91282CBW0US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 2.96 3.93 Page 15 For the Month Ending April 30, 2022Managed 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 (57,057.91)(55,367.14) 871,476.61 91.73 CITIGRP 950,000.00 91282CBW0US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 2.96 3.93 (695,426.60) 2.82 (599,988.98) 11,633,679.85 12,175,000.00 Security Type Sub-Total 2.69 Supra-National Agency Bond / Note (4,779.51)(4,518.29) 239,974.56 97.95 TD 245,000.00 459058JV6INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 2.27 0.97 (17,334.45)(16,821.00) 482,104.00 96.42 TD 500,000.00 459058JM6INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 2.60 1.57 (34,279.54)(34,185.22) 600,344.88 94.54 JPM_CHA 635,000.00 4581X0DZ8INTER-AMERICAN DEVEL BK NOTES DTD 09/23/2021 0.500% 09/23/2024 2.87 2.39 (55,524.51) 2.66 (56,393.50) 1,322,423.44 1,380,000.00 Security Type Sub-Total 1.83 Municipal Bond / Note (1,309.20)(1,309.20) 58,690.80 97.82 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 3.04 2.12 (2,101.00)(2,101.00) 97,899.00 97.90 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 3.07 2.20 (21,258.25)(21,258.25) 303,741.75 93.46 WELLS_F 325,000.00 650036DT0NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 3.27 2.84 (5,977.20)(5,977.20) 79,022.80 92.97 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 3.33 2.91 (4,516.65)(4,672.20) 60,787.35 93.52 MERRILL 65,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 3.43 3.10 (5,881.65)(6,072.40) 79,491.15 93.52 MERRILL 85,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 3.43 3.10 (10,369.60)(10,369.60) 149,630.40 93.52 MERRILL 160,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 3.43 3.10 (7,513.00)(7,513.00) 92,487.00 92.49 MORGAN_ 100,000.00 60412AVJ9MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 3.07 3.22 (9,618.70)(9,618.70) 120,381.30 92.60 KEYBANC 130,000.00 798306WP7SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 3.27 3.21 Page 16 For the Month Ending April 30, 2022Managed 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 Municipal Bond / Note (11,781.00)(11,781.00) 128,219.00 91.59 MERRILL 140,000.00 54438CYK2LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 3.53 3.21 (7,086.45)(7,086.45) 77,913.55 91.66 JPM_CHA 85,000.00 13077DQD7CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 3.41 3.44 (87,759.00) 3.31 (87,412.70) 1,248,264.10 1,335,000.00 Security Type Sub-Total 2.96 Federal Agency Commercial Mortgage-Backed Security (10.42)(140.77) 16,254.34 99.99 CITIGRP 16,256.67 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3.15 0.25 (10.42)(140.77) 16,254.34 99.99 CITIGRP 16,256.67 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3.15 0.25 (47.58)(643.45) 74,305.58 99.99 CITIGRP 74,316.19 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3.15 0.25 3.77 3.78 5,665.80 100.07 CSFB 5,662.04 3137FKK39FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3.14 1.18 (175.24)(174.92) 25,062.32 99.30 JPM_CHAS 25,237.85 3137FQ3V3FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 2.42 0.73 (7,902.73)(13,450.40) 248,932.41 99.57 CITIGRP 250,000.00 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3.23 2.44 (14,546.53) 3.15 (8,142.62) 386,474.79 387,729.41 Security Type Sub-Total 1.71 Federal Agency Bond / Note (25,206.39)(24,689.70) 874,392.30 97.15 CITIGRP 900,000.00 3137EAEV7FREDDIE MAC NOTES DTD 08/21/2020 0.250% 08/24/2023 2.46 1.32 (11,157.46)(11,195.10) 363,873.38 97.03 NOMURA 375,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 2.49 1.36 (15,499.25)(15,404.03) 509,422.72 97.03 WELLS_F 525,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 2.49 1.36 (10,550.60)(9,928.42) 313,859.33 96.57 WELLS_F 325,000.00 3137EAEY1FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 2.53 1.46 (11,793.98)(11,638.20) 338,046.80 96.58 CITIGRP 350,000.00 3137EAEZ8FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 2.56 1.52 Page 17 For the Month Ending April 30, 2022Managed 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 (11,422.60)(11,246.30) 313,383.20 96.43 NOMURA 325,000.00 3135G06H1FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 2.58 1.57 (10,831.14)(10,692.00) 289,011.00 96.34 CITIGRP 300,000.00 3137EAFA2FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 2.61 1.59 (22,939.66)(22,230.60) 326,033.40 93.15 CITIGRP 350,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 2.94 2.94 (22,568.48)(22,277.15) 327,001.85 93.43 CITIGRP 350,000.00 3135G03U5FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 2.95 2.96 (31,842.90)(31,092.15) 391,791.35 92.19 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 2.93 3.21 (27,232.89)(26,683.30) 321,678.70 91.91 BARCLAY 350,000.00 3135G05X7FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 2.95 3.30 (12,012.54)(11,864.85) 137,685.15 91.79 WELLS_F 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 2.97 3.33 (56,686.05)(56,012.60) 641,880.40 91.70 CITIGRP 700,000.00 3137EAEX3FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 2.96 3.38 (51,682.01)(50,998.35) 596,674.65 91.80 BARCLAY 650,000.00 3135G06G3FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 2.97 3.49 (315,952.75) 2.72 (321,425.95) 5,744,734.23 6,075,000.00 Security Type Sub-Total 2.30 Corporate Note (2,060.88)(2,027.92) 72,914.33 97.22 JPM_CHA 75,000.00 89236THF5TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 08/14/2020 0.500% 08/14/2023 2.71 1.29 1,088.06 (794.00) 402,054.00 100.51 12/23/23CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 3.19 1.60 (4,512.33)(4,492.74) 100,454.76 95.67 02/18/24CSFB 105,000.00 808513BN4CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 3.13 1.79 (10,164.68)(10,088.82) 199,686.48 95.09 03/26/24JPM_CHA 210,000.00 06406RAS6BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 3.06 1.90 Page 18 For the Month Ending April 30, 2022Managed 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 (6,006.79)(19,332.80) 403,583.20 100.90 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 3.41 1.94 (4,062.57)(2,942.80) 395,073.20 98.77 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 2.99 2.10 (5,840.72)(16,860.80) 401,771.20 100.44 04/08/24SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC (CALLABLE) BONDS DTD 07/08/2014 3.850% 07/08/2024 3.64 1.87 (3,591.18)(3,589.67) 66,404.03 94.86 GOLDMAN 70,000.00 05565EBU8BMW US CAPITAL LLC CORPORATE NOTES DTD 08/12/2021 0.750% 08/12/2024 3.10 2.27 (12,089.61)(11,221.60) 387,146.40 96.79 JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 3.19 2.29 (5,375.72)(5,361.90) 94,573.10 94.57 HSBC 100,000.00 24422EVU0JOHN DEERE CAPITAL CORP CORPORATE NOTES DTD 09/10/2021 0.625% 09/10/2024 3.02 2.35 (11,976.46)(14,752.85) 168,141.40 96.08 MERRILL 175,000.00 69371RQ66PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 3.29 2.70 (2,771.72)(2,767.44) 77,151.76 96.44 02/01/25BARCLAY 80,000.00 025816CQ0AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.250% 03/04/2025 3.58 2.68 (13,295.07)(13,295.07) 396,704.93 96.76 02/10/25DEUTSCH 410,000.00 771196BT8ROCHE HOLDINGS INC (CALLABLE) CORPORATE DTD 03/10/2022 2.132% 03/10/2025 3.33 2.70 (211.49)(210.15) 24,746.10 98.98 03/15/25MORGAN_ 25,000.00 437076CM2HOME DEPOT INC (CALLABLE) CORPORATE NOTE DTD 03/28/2022 2.700% 04/15/2025 3.06 2.86 (18,679.33)(27,517.72) 222,221.03 98.76 MKTX 225,000.00 172967JP7CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 3.74 2.87 (187.59)(187.59) 64,798.11 99.69 04/01/25KEYBANC 65,000.00 17252MAP5CINTAS CORPORATION NO. 2 CORP NOTE (CALL DTD 05/03/2022 3.450% 05/01/2025 3.56 2.88 (32,384.85)(32,827.30) 518,278.20 94.23 04/11/25GOLDMAN 550,000.00 037833DT4APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 3.13 2.89 Page 19 For the Month Ending April 30, 2022Managed 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 (17,367.38)(26,828.55) 225,418.95 100.19 03/15/25JPM_CHA 225,000.00 369550BG2GENERAL DYNAMICS CORP (CALLABLE) CORP NO DTD 05/11/2018 3.500% 05/15/2025 3.43 2.72 (18,669.73)(18,669.73) 296,330.27 94.07 JPM_CHA 315,000.00 46647PCH7JPMORGAN CHASE & CO CORPORATE NOTES DTD 06/01/2021 0.824% 06/01/2025 2.84 3.04 (32,837.08)(32,748.40) 442,018.85 93.06 GOLDMAN 475,000.00 023135BQ8AMAZON.COM INC CORPORATE NOTES DTD 06/03/2020 0.800% 06/03/2025 3.18 3.05 (345.55)(345.55) 49,640.95 99.28 RBC 50,000.00 63743HFE7NATIONAL RURAL UTIL COOP CORPORATE NOTES DTD 05/04/2022 3.450% 06/15/2025 3.69 2.99 (20,063.00)(30,996.90) 225,921.60 100.41 MERRILL 225,000.00 06051GFS3BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 3.74 3.06 (18,493.83)(29,563.20) 228,282.30 101.46 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 3.41 2.96 (14,206.50)(14,206.50) 210,793.50 93.69 12/06/24MERRILL 225,000.00 06051GKE8BANK OF AMERICA CORP NOTES (CALLABLE) DTD 12/06/2021 1.530% 12/06/2025 3.41 2.54 (7,061.77)(7,061.77) 167,938.23 95.96 JPM_CHA 175,000.00 46647PCV6JPMORGAN CHASE & CO CORPORATE NOTES DTD 02/24/2022 2.595% 02/24/2026 3.74 3.64 (19,611.08)(19,536.52) 205,071.98 91.14 04/15/26CITIGRP 225,000.00 91324PEC2UNITEDHEALTH GROUP INC (CALLABLE) CORPOR DTD 05/19/2021 1.150% 05/15/2026 3.52 3.86 (13,043.99)(13,001.42) 131,676.68 90.81 JPM_CHA 145,000.00 89236TJK2TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 06/18/2021 1.125% 06/18/2026 3.53 4.03 (16,615.10)(16,607.67) 158,339.83 90.48 07/12/26MITSU 175,000.00 05565EBW4BMW US CAPITAL LLC (CALLABLE) CORPORATE DTD 08/12/2021 1.250% 08/12/2026 3.67 4.09 Page 20 For the Month Ending April 30, 2022Managed 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 (16,718.51)(16,651.12) 207,212.63 92.09 JPM_CHA 225,000.00 14913R2U0CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 01/10/2022 1.700% 01/08/2027 3.54 4.50 (2,471.23)(2,467.60) 37,464.40 93.66 CITIGRP 40,000.00 87612EBM7TARGET CORP CORPORATE NOTES DTD 01/24/2022 1.950% 01/15/2027 3.42 4.49 (30,950.14)(30,896.37) 443,049.13 93.27 12/26/26DEUTSCH 475,000.00 06406RBA4BANK OF NY MELLON CORP (CALLABLE) CORPOR DTD 01/26/2022 2.050% 01/26/2027 3.61 4.43 (12,918.01)(12,698.17) 453,390.83 95.45 02/15/27SEEL 475,000.00 084664CZ2BERKSHIRE HATHAWAY CORP NOTES (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027 3.32 4.55 (440,550.64) 3.34 (373,495.83) 7,478,252.36 7,765,000.00 Security Type Sub-Total 2.90 Certificate of Deposit 574.40 574.40 400,574.40 100.14 BARCLAYS 400,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 1.40 0.33 (4,136.25)(4,136.25) 245,863.75 98.35 CSFB 250,000.00 22552G3C2CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 2.48 0.90 (3,561.85) 1.81 (3,561.85) 646,438.15 650,000.00 Security Type Sub-Total 0.55 Asset-Backed Security 22.14 22.32 27,025.49 100.08 MERRILL 27,003.42 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 3.30 0.09 4.93 5.59 8,730.57 100.05 RBC 8,725.95 36256XAD4GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 2.93 0.05 813.36 921.44 800,720.00 100.09 RBC 800,000.00 14041NFU0COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 1.68 0.29 (2,021.19)(2,017.39) 82,969.78 97.61 RBC 85,000.00 36261RAD0GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 1.20 1.07 (1,368.20)(1,367.51) 33,629.54 96.08 SOCGEN 35,000.00 380144AD7GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 1.73 1.44 Page 21 For the Month Ending April 30, 2022Managed 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 (2,100.24)(2,098.43) 72,893.68 97.19 BARCLAY 75,000.00 44933LAC7HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 1.23 1.19 (10,416.31)(10,415.32) 284,579.69 96.47 MITSU 295,000.00 65480BAC1NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 1.38 1.41 (12,893.72)(12,886.77) 312,078.23 96.02 CITIGRP 325,000.00 89190GAC1TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 1.41 1.31 (3,769.44)(3,767.25) 96,211.67 96.21 MERRILL 100,000.00 43815GAC3HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 1.93 1.84 (4,370.83)(4,365.79) 105,610.51 96.01 MERRILL 110,000.00 14314QAC8CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 1.60 1.02 (3,462.10)(3,460.30) 76,521.84 95.65 SMBC 80,000.00 44935FAD6HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 1.86 1.84 (11,612.93)(11,607.96) 183,350.29 94.03 CITIGRP 195,000.00 254683CP8DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026 2.01 2.33 (3,704.53)(3,704.30) 81,293.53 95.64 JPM_CHA 85,000.00 362554AC1GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026 1.71 1.88 (54,741.67) 1.64 (54,879.06) 2,165,614.82 2,220,729.37 Security Type Sub-Total 1.05 31,988,458.78 30,625,881.74 (1,668,063.55) (1,505,300.49) 2.84 Managed Account Sub-Total 2.47 Joint Powers Authority 0.00 0.00 144,724.63 1.00 144,724.63 CAMP Pool 0.00 144,724.63 144,724.63 0.00 0.00 Liquid Sub-Total 0.00 Total Investments $30,865,451.48 $94,845.11 $30,770,606.37 Accrued Interest Securities Sub-Total $32,133,183.41 ($1,668,063.55) ($1,505,300.49) 2.84% 2.47 Bolded items are forward settling trades. Page 22 For the Month Ending April 30, 2022Managed 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 05/03/22 CINTAS CORPORATION NO. 2 CORP NOTE (CALL DTD 05/03/2022 3.450% 05/01/2025 17252MAP5 (64,985.70) 0.00 (64,985.70) 65,000.00 04/26/22 05/04/22 NATIONAL RURAL UTIL COOP CORPORATE NOTES DTD 05/04/2022 3.450% 06/15/2025 63743HFE7 (49,986.50) 0.00 (49,986.50) 50,000.00 04/27/22 0.00 (114,972.20)(114,972.20) 115,000.00 Transaction Type Sub-Total INTEREST 04/25/22 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 0.00 15.15 15.15 5,676.82 04/01/22 04/25/22 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 0.00 637.92 637.92 250,000.00 04/01/22 04/25/22 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 0.00 44.17 44.17 25,337.36 04/01/22 04/25/22 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 0.00 432.91 432.91 168,118.47 04/01/22 04/14/22 FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 3130AJHU6 0.00 875.00 875.00 350,000.00 04/14/22 04/15/22 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 14314QAC8 0.00 47.67 47.67 110,000.00 04/15/22 04/15/22 DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026 254683CP8 0.00 94.25 94.25 195,000.00 04/15/22 04/15/22 HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 44935FAD6 0.00 49.33 49.33 80,000.00 04/15/22 04/15/22 TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 89190GAC1 0.00 70.42 70.42 325,000.00 04/15/22 04/15/22 HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 44933LAC7 0.00 23.75 23.75 75,000.00 04/15/22 04/15/22 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 65480BAC1 0.00 81.13 81.13 295,000.00 04/15/22 Page 23 For the Month Ending April 30, 2022Managed 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 04/15/22 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 04/15/22 04/15/22 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 0.00 117.04 117.04 41,799.23 04/15/22 04/16/22 FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 3137EAEY1 0.00 203.13 203.13 325,000.00 04/16/22 04/16/22 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 0.00 43.81 43.81 17,700.39 04/16/22 04/16/22 GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026 362554AC1 0.00 48.17 48.17 85,000.00 04/16/22 04/20/22 GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 36261RAD0 0.00 23.38 23.38 85,000.00 04/20/22 04/20/22 INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 459058JV6 0.00 154.35 154.35 0.00 04/20/22 04/20/22 GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 380144AD7 0.00 11.96 11.96 35,000.00 04/20/22 04/21/22 HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 43815GAC3 0.00 73.33 73.33 100,000.00 04/21/22 04/22/22 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 3135G03U5 0.00 1,093.75 1,093.75 350,000.00 04/22/22 04/26/22 BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 06406RAS6 0.00 525.00 525.00 210,000.00 04/26/22 04/27/22 CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 172967JP7 0.00 3,712.50 3,712.50 225,000.00 04/27/22 04/29/22 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 0.00 7,750.00 7,750.00 400,000.00 04/29/22 04/30/22 US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 91282CBW0 0.00 3,843.75 3,843.75 1,025,000.00 04/30/22 04/30/22 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 0.00 11,578.13 11,578.13 1,425,000.00 04/30/22 32,696.67 32,696.67 0.00 7,003,632.27 Transaction Type Sub-Total PAYDOWNS Page 24 For the Month Ending April 30, 2022Managed 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 04/25/22 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 9,326.58 0.00 9,326.58 (79.43) 0.00 9,326.58 04/01/22 04/25/22 FHMS KJ27 A1 DTD 11/01/2019 2.092% 07/01/2024 3137FQ3V3 99.51 0.00 99.51 0.00 0.00 99.51 04/01/22 04/25/22 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 42,635.79 0.00 42,635.79 (363.07) 0.00 42,635.79 04/01/22 04/25/22 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/01/2022 3137BM6P6 9,326.58 0.00 9,326.58 (79.43) 0.00 9,326.58 04/01/22 04/25/22 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 14.78 0.00 14.78 0.00 0.00 14.78 04/01/22 04/15/22 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 14,795.81 0.00 14,795.81 0.14 0.00 14,795.81 04/15/22 04/16/22 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 8,974.44 0.00 8,974.44 0.99 0.00 8,974.44 04/16/22 0.00 0.00 (520.80) 85,173.49 85,173.49 85,173.49 Transaction Type Sub-Total (29,798.71) 32,696.67 2,897.96 (520.80) 0.00 Managed Account Sub-Total Total Security Transactions ($520.80)$2,897.96 $32,696.67 ($29,798.71)$0.00 Bolded items are forward settling trades. Page 25 For the Month Ending April 30, 2022Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 44,994.12 Opening Balance 04/14/22 04/14/22 Purchase - Interest 3130AJHU6 1.00 875.00 45,869.12 04/18/22 04/18/22 Purchase - Interest 44933LAC7 1.00 23.75 45,892.87 04/18/22 04/18/22 Purchase - Interest 44935FAD6 1.00 49.33 45,942.20 04/18/22 04/18/22 Purchase - Interest 65480BAC1 1.00 81.13 46,023.33 04/18/22 04/18/22 Purchase - Interest 3137EAEY1 1.00 203.13 46,226.46 04/18/22 04/18/22 Purchase - Interest 14041NFU0 1.00 1,146.67 47,373.13 04/18/22 04/18/22 Purchase - Interest 14314QAC8 1.00 47.67 47,420.80 04/18/22 04/18/22 Purchase - Interest 14315EAC4 1.00 117.04 47,537.84 04/18/22 04/18/22 Purchase - Interest 254683CP8 1.00 94.25 47,632.09 04/18/22 04/18/22 Purchase - Interest 89190GAC1 1.00 70.42 47,702.51 04/18/22 04/18/22 Purchase - Interest 362554AC1 1.00 48.17 47,750.68 04/18/22 04/18/22 Purchase - Interest 36256XAD4 1.00 43.81 47,794.49 04/18/22 04/18/22 Purchase - Principal 36256XAD4 1.00 8,974.44 56,768.93 04/18/22 04/18/22 Purchase - Principal 14315EAC4 1.00 14,795.81 71,564.74 04/20/22 04/20/22 Purchase - Interest 459058JV6 1.00 154.35 71,719.09 04/20/22 04/20/22 Purchase - Interest 36261RAD0 1.00 23.38 71,742.47 04/20/22 04/20/22 Purchase - Interest 380144AD7 1.00 11.96 71,754.43 04/21/22 04/21/22 Purchase - Interest 43815GAC3 1.00 73.33 71,827.76 04/22/22 04/22/22 Purchase - Interest 3135G03U5 1.00 1,093.75 72,921.51 04/25/22 04/25/22 Purchase - Interest 3137BGK24 1.00 637.92 73,559.43 04/25/22 04/25/22 Purchase - Interest 3137BM6P6 1.00 432.91 73,992.34 Page 26 For the Month Ending April 30, 2022Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 04/25/22 04/25/22 Purchase - Interest 3137FQ3V3 1.00 44.17 74,036.51 04/25/22 04/25/22 Purchase - Interest 3137FKK39 1.00 15.15 74,051.66 04/25/22 04/25/22 Purchase - Principal 3137FKK39 1.00 14.78 74,066.44 04/25/22 04/25/22 Purchase - Principal 3137FQ3V3 1.00 99.51 74,165.95 04/25/22 04/25/22 Purchase - Principal 3137BM6P6 1.00 9,326.58 83,492.53 04/25/22 04/25/22 Purchase - Principal 3137BM6P6 1.00 9,326.58 92,819.11 04/25/22 04/25/22 Purchase - Principal 3137BM6P6 1.00 42,635.79 135,454.90 04/26/22 04/26/22 Purchase - Interest 06406RAS6 1.00 525.00 135,979.90 04/26/22 04/26/22 IP Fees March 2022 1.00 (2,600.46) 133,379.44 04/26/22 04/26/22 U.S. Bank Fees February 2022 1.00 (146.66) 133,232.78 04/27/22 04/27/22 Purchase - Interest 172967JP7 1.00 3,712.50 136,945.28 04/29/22 04/29/22 Purchase - Interest 61746BDQ6 1.00 7,750.00 144,695.28 04/29/22 05/02/22 Accrual Income Div Reinvestment - Distributions 1.00 29.35 144,724.63 Page 27 For the Month Ending April 30, 2022Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate 144,724.63 144,724.63 144,724.63 70,196.79 90.41 0.00 (2,908,297.01) 2,797,844.96 255,176.68 29.35 144,724.63 0.00 (2,747.12) 102,477.63 44,994.12 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 April January-April 0.50% Page 28 Review of Investment Performance CAMP Accounts Investment Performance ReviewFor the Quarter Ended March 31, 2022PFM Asset Management LLCNOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUEFor Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general publicCity of Lake Elsinore © PFM Asset Management LLC pfmam.com|Market Update PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com ▸Invasion of Ukraine impacted the economic landscape▹Commodity prices soared, especially energy▹Created significant geopolitical uncertainty▹Triggered market volatility▸The U.S. economy is characterized by:▹A strong labor market▹Inflation at a 40-year high▹Depressed consumer confidence▸The Federal Reserve is tightening monetary policy▹Initiated the first of what will be many rate hikes in 2022▹Balance sheet reduction likely to start soon▸U.S. Treasury yield curve has partially inverted▹Yield on 2-year Treasury notes rose above the 10-year Treasury▹One early, but imperfect warning sign for a future recession Current Market Themes CITY OF LAKE ELSINORE 1 For the Quarter Ended December 31, 2021 MarketUpdate For the Quarter Ended March 31, 2022 Market Update Source: Bureau of Economic Analysis. © PFM Asset Management LLC |pfmam.com 6.7% 2.3% 6.9% -1.4% -40% -30% -20% -10% 0% 10% 20% 30% 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 U.S. Real GDP Contracts in the First Quarter Personal Consumption Fixed Investment Private Inventories Net Exports Gov't Expenditures 2020 2021 2022 The U.S.economy shrank for the first time since 2020,reflecting an import surge tied to solid consumer demand,a decline in government spending, coupled with a slower buildup of businesses’ stockpiles.The 1Q 2022 GDP report does not necessarily indicate weakness in the economy or a sign of recession. CITY OF LAKE ELSINORE 2 For the Quarter Ended December 31, 2021 MarketUpdate For the Quarter Ended March 31, 2022 Market Update U.S. Economy Added 431,000 Jobs in March; Unemployment Rate Falls to 3.6% Source: U.S. Bureau of Labor Statistics. Data as of March 2022. 2,6424,5051,3881,665919647333-115520710704263447557689517424677647588504750431-1,000 0 1,000 2,000 3,000 4,000 5,000 May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22ThousandsMonthly Change In Nonfarm Payrolls Record 6.7 million new jobs in 2021 1.7 million new jobs in Q1 0% 2% 4% 6% 8% 10% 12% 14% 16% 18%Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Unemployment Rate National California Peak U.S. 14.7% CA 16.1% Latest U.S. 3.6% CA 4.9% © PFM Asset Management LLC |pfmam.com CITY OF LAKE ELSINORE 3 For the Quarter Ended December 31, 2021 MarketUpdate For the Quarter Ended March 31, 2022 Market Update Inflation at a 40-year High Source: CPI (consumer Price Index) and PPI (Producer Price Index) BLS.gov, data as of March 2022. PCE (Person Consumption Expenditures) bea.gov as of February 2022. CA CCCI (CA Department of Governmental Services Construction Cost) dgs.ca.gov as of March 2022. -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Consumer Price Index % Change YoY 8.5% Other Inflation Measures Core CPI: 6.5% PCE: 6.4% Core PCE: 5.4% PPI: 11.2% CA CCCI: 22.5% 35.3% 32.0% 12.5% 8.8%8.5%6.8%6.5%5.0% 2.9% 0% 10% 20% 30% 40%Used Cars & TrucksEnergyNew VehiclesFoodAll Items - CPIApparelCore CPIShelterMedical CareKey Consumer Price Index Components % Change YoY © PFM Asset Management LLC |pfmam.com CITY OF LAKE ELSINORE 4 For the Quarter Ended March 31, 2022 Market Update Invasion Has Put Additional Pressure on Supply Chains and Commodity Prices For the Quarter Ended March 31, 2022 Market Update Energy Agriculture Industrial Metals © PFM Asset Management LLC |pfmam.com Source: Bloomberg, as of 3/31/2022. $4 $6 $8 $10 $12 $14 $16 $18 2018 2019 2020 2021 2022 Soybean (per bushel) $0 $20 $40 $60 $80 $100 $120 2018 2019 2020 2021 2022 WTI Crude Oil (per barrel) $2 $4 $6 $8 $10 $12 $14 $16 2018 2019 2020 2021 2022 Wheat (per bushel) $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 2018 2019 2020 2021 2022 Retail Gasoline (per gallon) $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 2018 2019 2020 2021 2022 Copper (per lb.) $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 2018 2019 2020 2021 2022 Aluminum (per metric ton) YTD: +33% YTD: +29% YTD: +31%YTD: +7% YTD: +22%YTD: +24% CITY OF LAKE ELSINORE 5 For the Quarter Ended December 31, 2021 MarketUpdate For the Quarter Ended March 31, 2022 Market Update Federal Reserve Pivots on Monetary Policy December 2020:With Inflation running persistently under its goal, the median assessment sees no rate hikes through 2023. 2-Year U.S. Treasury: 0.13% June 2021: Inflation up but largely due to transitory factors. Widening dispersion between Fed participant’s views on monetary policy as economy improves; more officials indicate rate-lift off is expected by end of 2023. 2-Year U.S. Treasury: 0.21% December 2021: Inflation has exceeded the target range for some time; therefore, the Fed expects to maintain the target range until maximum employment is reached. The Fed announces an accelerated tapering of asset purchases; the median assessment is for three rate hikes in 2022. 2-Year U.S. Treasury: 0.69% March 2022: Indicators of economic activity continued to strengthen; inflation remains elevated; the Fed executed its first rate hike; the median forecast is for a total of seven rate hikes during 2022. 2-Year U.S. Treasury: 1.95% Source: Federal Reserve and Bloomberg, as of 3/31/22. Lines represent the median assessment based on each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end for each meeting. © PFM Asset Management LLC |pfmam.com 0.0% 1.0% 2.0% 3.0% 2021 2022 2023 2024 Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy December-20 June-21 December-21 March-22 CITY OF LAKE ELSINORE 6 PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com Source: Bloomberg, as of 3/31/2022. Treasury Yield Curve Partially Inverted; Sharp Rise in Yields Has Negatively Impacted Returns 0.48% 2.33% 2.46% 2.34%2.45% 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 Y Maturity U.S. Treasury Yield Curve March 31, 2022 December 31, 2021 -0.80% -2.34% -3.16% -4.02% -5.00% -4.00% -3.00% -2.00% -1.00% 0.00% 1.00%1 Year1 - 3 Year1 - 5 Year1 - 10 YearU.S. Treasury Returns –Q1 2022 Rising yields in Q1 negatively affected bond returns CITY OF LAKE ELSINORE 7 PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com Source (graph): Bloomberg, data as of 3/31/2022. Source (table): ICE BofAML Indices, data as of 3/31/2022. Performance Has Historically Suffered as the Fed Raised Rates 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3-Year Treasury Yield Annual Returns of the ICE BofAML 1-5 Year Treasury Index 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 0.91%-0.19%1.24%0.98%1.09%0.65%1.52%4.20%4.25%-1.10%-3.16% CITY OF LAKE ELSINORE 8 PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com Sector Yield Spreads Have Widened in Q1 2022 Source: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFM as of 3/31/2022. 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. 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Corporate Notes A-AAA Yield Spreads -0.10% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Federal Agency Yield Spreads -0.50% 0.00% 0.50% 1.00% 1.50% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Mortgage-Backed Securities Yield Spreads Agency MBS AAA CMBS Index 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Asset-Backed Securities AAA Yield Spreads CITY OF LAKE ELSINORE 9 PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com Source: ICE BofAML Indices. ABS indices are 0-5 year, based on weighted average life. As of 3/31/2022. Rising Rates and Wider Spreads Hurt Fixed-Income Returns in Q1 1-5 Year Indices -3.16%-3.08% -1.81% -3.62% -4.80% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBBQ1 2022 1.04%1.01% 1.35% 2.10% 2.71% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBB10 Year Average CITY OF LAKE ELSINORE 10 © PFM Asset Management LLC pfmam.com|Portfolio Review © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Snapshot|Total market value includes accrued interest and balances invested in CAMP, as of March 31, 2022.Yield and duration calculations exclude balances invested in CAMP.The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Treasury Index. Source: Bloomberg.An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.1.Portfolio Snapshot¹Credit Quality - S&P6%26%34%27%8%5%34%28%19%14%0%5%10%15%20%25%30%35%0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 YrsPortfolioBenchmarkDuration DistributionU.S. Treasury | 38%Corporate | 24%Federal Agency | 19%ABS | 7%Supranational | 4%Municipal | 4%Negotiable CD | 2%Agency CMBS | 2%Joint Powers Authority | <1%Sector AllocationAAA | 11%AAAm | <1%AA+ | 61%AA | 5%AA- | 1%A+ | 2%A | 4%A- | 6%A-1 | 2%BBB+ | 5%Not Rated | 1%Portfolio StatisticsPortfolio Effective Duration2.54 yearsBenchmark Effective Duration2.54 yearsPortfolio Credit QualityAAYield At Market2.45%Yield At Cost1.08%Total Market Value$31,030,231.31$30,891,535.35Managed Account Sub-Total$44,994.12Pool$93,701.84Accrued Interest11 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Account Summary|0.1%7.1%24.2%2.1%4.1%4.3%1.5%18.7%38.0%0.0%20.0%40.0%60.0%80.0%100.0%Joint Powers Authority - $44,994ABS - $2,198,930Corporate - $7,512,379Negotiable CD - $648,246Municipal - $1,263,415Supranational - $1,329,346Agency CMBS - $452,539Federal Agency - $5,791,979U.S. Treasury - $11,788,404Portfolio AllocationSector Limit for Analysis*Sector Allocation AnalyticsFor informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.12 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Compliance|Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").Certificate of ComplianceDuring the reporting period for the quarter ended March 31, 2022, the account(s) managed by PFM Asset Management ("PFMAM")were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.Acknowledged :PFM Asset Management LLC13 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Portfolio ActivityNet Activity by Sector($ millions)Commercial PaperABSMunicipalU.S. TreasuryAgency CMBSCorporateCommercial PaperABSMunicipalU.S. TreasuryAgency CMBSCorporate($1.5) ($1.0) ($0.5) $0.0 $0.5 $1.0 $1.5 $2.0Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.SectorNet ActivityCorporate$1,225,016Agency CMBS($37,273)U.S. Treasury($65,205)Municipal($76,634)ABS($182,420)Commercial Paper($600,000)$263,483Total Net ActivitySales/Maturities Purchases14 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Characteristics|$0$7$13$20$26$33March 2022$0$7$13$20$26$33December 2021$0$7$13$20$26$33September 2021$0.0$6.6$13.2$19.8$26.4$33.0MillionsJune 2021Sector Allocation ReviewU.S. TreasuryFederal AgencyAgency CMBSSupranationalMunicipalNegotiable CDCommercial PaperCorporateABSJoint Powers AuthorityMarket values, excluding accrued interest. Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. Detail may not add to total due to rounding.Jun-21 % of TotalSecurity TypeSep-21 % of TotalDec-21 % of Total% of TotalMar-22U.S. Treasury$11.535.7%$11.435.5%$12.338.3%$11.737.9%Federal Agency$6.018.7%$6.018.7%$6.018.7%$5.818.7%Agency CMBS$0.61.9%$0.61.8%$0.51.6%$0.51.5%Supranational$0.72.3%$1.44.3%$1.44.3%$1.34.3%Municipal$1.34.2%$1.44.4%$1.44.4%$1.34.1%Negotiable CD$0.72.0%$0.72.0%$0.72.0%$0.62.1%Commercial Paper$1.95.9%$1.95.9%$0.61.9%$0.00.0%Corporate$6.118.8%$6.419.9%$6.520.4%$7.524.1%ABS$2.57.7%$2.47.4%$2.47.6%$2.27.1%Joint Powers Authority$0.92.8%$0.00.1%$0.30.8%$0.00.2%Total$32.3100.0%$32.2100.0%$32.0100.0%$30.9100.0%15 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Performance|The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.The portfolio’s benchmark is the ICE BofAML 1-5 Year U.S. Treasury Index. Source: Bloomberg.4.-4.0%-2.0%0.0%2.0%ReturnPortfolioBenchmarkPortfolio PerformanceMarket Value Basis Earnings3 Months1 Year3 Years5 Years10 YearsInterest Earned²$99,865$416,342$1,840,030 $3,184,067 $5,260,953Change in Market Value($1,137,770) ($1,611,711)($524,147)($476,722)($851,309)($1,037,905)Total Dollar Return($1,195,369)$1,315,883 $2,707,345 $4,409,644Total Return³Portfolio-3.24%-3.71%1.12%1.41%1.29%Benchmark⁴-3.16%-3.72%0.92%1.16%1.04%Difference-0.08%0.01%0.20%0.25%0.25%3 Months1 Year3 Years5 Years10 Years16 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Performance|Performance on trade-date basis, gross (i.e., before fees), in accordance with the CFA Institute’s Global Investment Performance Standards (GIPS).1.Income returns calculated as interest earned on investments during the period.2.Price returns calculated as the change in market value of each security for the period.3.Returns are presented on a periodic basis.4.Quarterly Sector PerformanceTotal Return by SectorContribution to Total ReturnCashABSCorporateCommercial PaperNegotiable CDMunicipalSupranationalAgency CMBSFederal AgencyU.S. Treasury-3.50%-3.00%-2.50%-2.00%-1.50%-1.00%-0.50%0.00%0.50%U.S. Treasury | -1.40%Federal Agency | -0.58%Agency CMBS | -0.03%Supranational | -0.11%Municipal | -0.20%Negotiable CD | -0.01%Commercial Paper | <0.01%Corporate | -0.77%ABS | -0.11%Cash | <0.01%Price Returns Income ReturnsReturn0.04%0.26%0.53%0.00%0.34%0.28%0.09%0.75%0.09%0.33%0.00%-1.75%-4.17%0.01%-0.97%-5.02%-2.72%-2.65%-3.18%-3.92%-7.0% -5.0% -3.0% -1.0% 1.0% 3.0%Return17 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Performance|The lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Realized gains / (losses) are shown on an amortized cost basis.3.Accrual Basis EarningsAccrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings3 Months$99,865$12,306($17,354)$94,8171 Year$416,342$65,825($77,084)$405,0833 Years$1,840,030$982,283($77,841)$2,744,4725 Year$3,184,067$527,992($83,212)$3,628,84810 Year¹$5,260,953$972,733($439,457)$5,794,23018 PFM Asset Management LLC For the Quarter Ended March 31, 2022 Market Update For the Quarter Ended March 31, 2022 Market Update © PFM Asset Management LLC |pfmam.com Fixed-Income Sector Outlook –2Q 2022 Sector Our Investment Preferences COMMERCIAL PAPER / CD TREASURIES T-Bill T-Note FEDERAL AGENCIES Bullets Callables SUPRANATIONALS CORPORATES Financials Industrials SECURITIZED Asset-Backed Agency Mortgage-Backed Agency CMBS MUNICIPALS Negative Slightly Negative Neutral Slightly Positive PositiveCurrent outlook Outlook one quarter ago CITY OF LAKE ELSINORE 19 © PFM Asset Management LLC pfm.com|Issuer Distribution © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Summary|Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerU.S. Treasury38.0%UNITED STATES TREASURY38.0% AA / Aaa / AAAFederal Agency18.7%FANNIE MAE5.1% AA / Aaa / AAAFEDERAL HOME LOAN BANKS1.5% AA / Aaa / NRFREDDIE MAC12.1% AA / Aaa / AAAAgency CMBS1.5%FREDDIE MAC1.5% AA / Aaa / AAASupranational4.3%INTER-AMERICAN DEVELOPMENT BANK2.0% AAA / Aaa / AAAINTL BANK OF RECONSTRUCTION AND DEV2.3% AAA / Aaa / AAAMunicipal4.1%CALIFORNIA STATE UNIVERSITY0.3% AA / Aa / NRCHAFFEY JOINT UNION HIGH SCHOOLDISTRICT0.3% AA / Aa / NRFLORIDA STATE BOARD OF ADMIN FIN CORP1.0% AA / Aa / AALOS ANGELES COMMUNITY COLLEGEDISTRICT0.4% AA / Aaa / NRNEW YORK ST URBAN DEVELOPMENT CORP1.0% AA / NR / AASAN JUAN UNIFIED SCHOOL DISTRICT0.4% NR / Aa / NRSTATE OF CONNECTICUT0.2% A / Aa / AASTATE OF MINNESOTA0.3%AAA / Aa / AAAUNIVERSITY OF CALIFORNIA0.3%AA / Aa / AANegotiable CD2.1%CREDIT SUISSE GROUP RK0.8%A / Aa / ASKANDINAVISKA ENSKILDA BANKEN AB1.3%A / Aa / AAMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerCorporate24.2%ABBOTT LABORATORIES0.8%AA / A / NRAMAZON.COM INC1.4%AA / A / AAAMERICAN EXPRESS CO0.3%BBB / A / AAMERICAN HONDA FINANCE1.3%A / A / AAPPLE INC1.7%AA / Aaa / NRBANK OF AMERICA CO1.4%A / A / AABERKSHIRE HATHAWAY INC1.5%AA / Aa / ABMW FINANCIAL SERVICES NA LLC0.7%A / A / NRCATERPILLAR INC0.7%A / A / ACHARLES SCHWAB0.3%A / A / ACITIGROUP INC0.7%BBB / A / ADEERE & COMPANY0.3%A / A / AGENERAL DYNAMICS CORP0.7%A / A / NRGOLDMAN SACHS GROUP INC1.3%BBB / A / AHOME DEPOT INC0.1%A / A / AJP MORGAN CHASE & CO1.5%A / A / AAMORGAN STANLEY1.3%BBB / A / APACCAR FINANCIAL CORP0.5%A / A / NRPNC FINANCIAL SERVICES GROUP1.3%A / A / ARoche Holding AG1.3%AA / Aa / NRTARGET CORP0.1%A / A / ATHE BANK OF NEW YORK MELLONCORPORATION2.1%A / A / AATHE WALT DISNEY CORPORATION1.3%BBB / A / ATOYOTA MOTOR CORP0.7%A / A / AUNITEDHEALTH GROUP INC0.7%A / A / A20 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Summary|Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerABS7.1%CAPITAL ONE FINANCIAL CORP2.6% AAA / NR / AAACARMAX AUTO OWNER TRUST0.5% AAA / NR / AAADISCOVER FINANCIAL SERVICES0.6%AAA / Aaa / NRGM FINANCIAL CONSUMER AUTOMOBILETRUST0.3% AAA / Aaa / AAAGM FINANCIAL LEASINGTRUST0.4% AAA / Aaa / AAAHONDA AUTO RECEIVABLES0.3%NR / Aaa / AAAHYUNDAI AUTO RECEIVABLES0.5% AAA / NR / AAANISSAN AUTO RECEIVABLES0.9%AAA / Aaa / NRTOYOTA MOTOR CORP1.0% AAA / NR / AAA100.0%Total21 © PFM Asset Management LLC pfm.com|Portfolio Transactions © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY1/4/2022 1/6/2022 950,000.00 91282CBW0 US TREASURY N/B NOTES0.75% 4/30/2026 928,162.47 1.33%1/11/2022 1/13/2022 225,000.00 14913R2U0 CATERPILLAR FINL SERVICE CORPORATE NOTES 1.70% 1/8/2027 223,895.63 1.81%1/19/2022 1/24/2022 40,000.00 87612EBM7 TARGET CORP CORPORATE NOTES1.95% 1/15/2027 39,932.00 1.99%1/26/2022 1/28/2022 475,000.00 06406RBA4 BANK OF NY MELLON CORP (CALLABLE) CORPOR 2.05% 1/26/2027 473,999.60 2.10%2/10/2022 2/14/2022 75,000.00 91282CBW0 US TREASURY N/B NOTES0.75% 4/30/2026 71,622.72 1.92%2/16/2022 2/24/2022 175,000.00 46647PCV6 JPMORGAN CHASE & CO CORPORATE NOTES 2.59% 2/24/2026 175,000.00 2.60%3/1/2022 3/4/202280,000.00 025816CQ0 AMERICAN EXPRESS CO CORP NOTES (CALLABLE 2.25% 3/4/2025 79,919.20 2.29%3/3/2022 3/10/2022 410,000.00 771196BT8 ROCHE HOLDINGS INC (CALLABLE) CORPORATE 2.13% 3/10/2025 410,000.00 2.13%3/15/2022 3/17/2022 475,000.00 084664CZ2 BERKSHIRE HATHAWAY CORP NOTES (CALLABLE) 2.30% 3/15/2027 466,149.69 2.70%3/24/2022 3/28/2022 25,000.00 437076CM2 HOME DEPOT INC (CALLABLE) CORPORATE NOTE 2.70% 4/15/2025 24,956.25 2.76%Total BUY2,930,000.002,893,637.560.00INTEREST1/1/2022 1/1/2022 310,000.00 341271AD6 FL ST BOARD OF ADMIN TXBL REV BONDS1.25% 7/1/20251,949.901/1/2022 1/1/202260,000.00 20772KJW0 CT ST TXBL GO BONDS1.99% 7/1/2024599.401/1/2022 1/25/20225,723.58 3137FKK39 FHMS KP05 A3.20% 7/1/202315.281/1/2022 1/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.921/1/2022 1/25/2022 196,674.54 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/2022506.4422 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST1/1/2022 1/25/2022 34,007.57 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 143.651/7/2022 1/7/2022 225,000.00 14913R2D8 CATERPILLAR FINL SERVICE CORPORATE NOTES 0.65% 7/7/2023731.251/8/2022 1/8/2022 400,000.00 38141EC23 GOLDMAN SACHS GROUP INC (CALLABLE) BONDS 3.85% 7/8/20247,700.001/15/2022 1/15/2022 84,076.46 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023235.411/15/2022 1/15/2022 800,000.00 14041NFU0 COMET 2019-A2 A21.72% 8/15/2024 1,146.671/15/2022 1/15/2022 75,000.00 44933LAC7 HART 2021-A A30.38% 9/15/2025 23.751/15/2022 1/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.421/15/2022 1/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.251/15/2022 1/15/2022 35,363.87 43815AAC6 HAROT 2018-4 A33.16% 1/15/2023 93.121/15/2022 1/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.331/15/2022 1/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.671/15/2022 1/15/2022 33,211.46 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/202386.631/15/2022 1/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/202581.131/16/2022 1/16/2022 43,947.57 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 108.771/16/2022 1/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 48.171/16/2022 1/16/2022 20,344.48 36255JAD6 GMCAR 2018-3 A33.02% 5/16/2023 51.201/20/2022 1/20/2022 24,976.20 92869BAD4 VALET 2018-2 A33.25% 4/20/2023 67.6423 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST1/20/2022 1/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.961/20/2022 1/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.381/21/2022 1/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.331/21/2022 1/21/2022 425,000.00 3137EAEU9 FREDDIE MAC NOTES0.37% 7/21/2025 796.881/23/2022 1/23/2022 400,000.00 693475AV7 PNC BANK NA CORP NOTES (CALLABLE)3.50% 1/23/2024 7,000.002/1/2022 2/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.922/1/2022 2/25/20225,709.05 3137FKK39 FHMS KP05 A3.20% 7/1/202315.242/1/2022 2/25/2022 31,195.66 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 54.382/1/2022 2/25/2022 185,209.28 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/2022476.912/1/2022 2/1/2022 100,000.00 157411TK5 CHAFFEY UHSD, CA TXBL GO BONDS2.10% 8/1/20241,050.502/1/2022 2/1/2022 225,000.00 06051GFS3 BANK OF AMERICA CORP NOTES3.87% 8/1/20254,359.382/1/2022 2/1/2022 130,000.00 798306WP7 SAN JUAN USD, CA TXBL GO BONDS0.85% 8/1/2025553.802/1/2022 2/1/2022 100,000.00 60412AVJ9 MN ST TXBL GO BONDS0.63% 8/1/2025 315.002/1/2022 2/1/2022 140,000.00 54438CYK2 LOS ANGELES CCD, CA TXBL GO BONDS0.77% 8/1/2025541.102/6/2022 2/6/2022 175,000.00 69371RQ66 PACCAR FINANCIAL CORP CORPORATE NOTES 1.80% 2/6/20251,575.002/12/2022 2/12/2022 175,000.00 05565EBW4 BMW US CAPITAL LLC (CALLABLE) CORPORATE 1.25% 8/12/2026 1,093.752/12/2022 2/12/2022 70,000.00 05565EBU8 BMW US CAPITAL LLC CORPORATE NOTES0.75% 8/12/2024262.5024 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST2/14/2022 2/14/2022 75,000.00 89236THF5 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 0.50% 8/14/2023187.502/15/2022 2/15/2022 800,000.00 14041NFU0 COMET 2019-A2 A21.72% 8/15/2024 1,146.672/15/2022 2/15/2022 75,000.00 44933LAC7 HART 2021-A A30.38% 9/15/2025 23.752/15/2022 2/15/2022 59,000.00 110122DC9 BRISTOL-MYERS SQUIBB (CALLABLE) CORP NOT 3.87% 8/15/2025 1,143.132/15/2022 2/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.332/15/2022 2/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/202581.132/15/2022 2/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.252/15/2022 2/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.672/15/2022 2/15/2022 21,819.68 43815AAC6 HAROT 2018-4 A33.16% 1/15/2023 57.462/15/2022 2/15/2022 69,008.58 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023193.222/15/2022 2/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.422/15/2022 2/15/2022 20,027.55 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/202352.242/16/2022 2/16/2022 11,159.42 36255JAD6 GMCAR 2018-3 A33.02% 5/16/2023 28.092/16/2022 2/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 48.172/16/2022 2/16/2022 34,564.73 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 85.552/20/2022 2/20/2022 13,530.10 92869BAD4 VALET 2018-2 A33.25% 4/20/2023 36.642/20/2022 2/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.3825 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST2/20/2022 2/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.962/21/2022 2/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.332/24/2022 2/24/2022 900,000.00 3137EAEV7 FREDDIE MAC NOTES0.25% 8/24/2023 1,125.002/25/2022 2/25/2022 350,000.00 3135G05X7 FANNIE MAE NOTES0.37% 8/25/2025 656.252/26/2022 2/26/2022 400,000.00 83050PDR7 SKANDINAV ENSKILDA BANK LT CD1.86% 8/26/2022 3,802.672/28/2022 2/28/2022 400,000.00 254687FK7 WALT DISNEY COMPANY/THE1.75% 8/30/2024 3,500.003/1/2022 3/25/2022 31,089.67 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 79.483/1/2022 3/25/2022 173,213.81 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/2022446.023/1/2022 3/25/20225,694.44 3137FKK39 FHMS KP05 A3.20% 7/1/202315.203/1/2022 3/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.923/4/2022 3/4/2022 150,000.00 3130AK5E2 FEDERAL HOME LOAN BANK NOTES0.37% 9/4/2025281.253/8/2022 3/8/2022 900,000.00 3137EAEW5 FREDDIE MAC NOTES0.25% 9/8/20231,125.003/10/2022 3/10/2022 100,000.00 24422EVU0 JOHN DEERE CAPITAL CORP CORPORATE NOTES 0.62% 9/10/2024312.503/15/2022 3/15/2022 55,323.74 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023154.913/15/2022 3/15/2022 325,000.00 650036DT0 NY ST URBAN DEV CORP TXBL REV BONDS0.87% 3/15/2025 1,413.753/15/2022 3/15/20227,633.19 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/202319.913/15/2022 3/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.4226 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST3/15/2022 3/15/20229,174.53 43815AAC6 HAROT 2018-4 A33.16% 1/15/202324.163/15/2022 3/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/202581.133/15/2022 3/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.253/15/2022 3/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.333/15/2022 3/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.673/15/2022 3/15/2022 800,000.00 14041NFU0 COMET 2019-A2 A21.72% 8/15/2024 1,146.673/15/2022 3/15/2022 225,000.00 002824BM1 ABBOTT LABORATORIES CORPORATE NOTES (CAL 3.87% 9/15/2025 4,359.383/15/2022 3/15/2022 75,000.00 44933LAC7 HART 2021-A A30.38% 9/15/2025 23.753/16/2022 3/16/2022 25,672.60 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 63.543/16/2022 3/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 48.173/16/2022 3/16/20222,513.88 36255JAD6 GMCAR 2018-3 A33.02% 5/16/20236.333/17/2022 3/17/2022 250,000.00 22552G3C2 CREDIT SUISSE NEW YORK CERT DEPOS0.59% 3/17/2023 1,470.903/18/2022 3/18/2022 105,000.00 808513BN4 CHARLES SCHWAB CORP NOTES (CALLABLE) 0.75% 3/18/2024393.753/20/2022 3/20/20222,863.58 92869BAD4 VALET 2018-2 A33.25% 4/20/20237.763/20/2022 3/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.963/20/2022 3/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.383/21/2022 3/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.3327 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST3/23/2022 3/23/2022 635,000.00 4581X0DZ8 INTER-AMERICAN DEVEL BK NOTES0.50% 9/23/2024 1,587.503/23/2022 3/23/2022 700,000.00 3137EAEX3 FREDDIE MAC NOTES0.37% 9/23/2025 1,312.50Total INTEREST16,997,729.2261,248.660.00MATURITY1/24/2022 1/24/2022 600,000.00 2254EBAQ4 CREDIT SUISSE NEW YORK COMM PAPER0.00% 1/24/2022 600,000.00Total MATURITY600,000.00600,000.000.00PAYDOWNS1/1/2022 1/25/202214.53 3137FKK39 FHMS KP05 A3.20% 7/1/202314.531/1/2022 1/25/20222,811.91 3137FQ3V3 FHMS KJ27 A12.09% 7/1/20242,811.911/1/2022 1/25/20221,744.71 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20221,744.711/1/2022 1/25/20221,744.71 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20221,744.711/1/2022 1/25/20227,975.83 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20227,975.84-0.011/15/2022 1/15/2022 13,544.19 43815AAC6 HAROT 2018-4 A33.16% 1/15/2023 13,544.191/15/2022 1/15/2022 13,183.91 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/2023 13,183.911/15/2022 1/15/2022 15,067.88 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023 15,067.881/16/2022 1/16/20229,185.06 36255JAD6 GMCAR 2018-3 A33.02% 5/16/2023 9,185.061/16/2022 1/16/20229,382.84 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 9,382.8428 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS1/20/2022 1/20/2022 11,446.10 92869BAD4 VALET 2018-2 A33.25% 4/20/2023 11,446.102/1/2022 2/25/20221,825.40 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20221,825.402/1/2022 2/25/2022105.99 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024105.992/1/2022 2/25/20221,825.40 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20221,825.402/1/2022 2/25/20228,344.67 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20228,344.672/1/2022 2/25/202214.61 3137FKK39 FHMS KP05 A3.20% 7/1/202314.612/15/2022 2/15/2022 12,645.15 43815AAC6 HAROT 2018-4 A33.16% 1/15/2023 12,645.152/15/2022 2/15/2022 12,394.36 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/2023 12,394.362/15/2022 2/15/2022 13,684.84 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023 13,684.842/16/2022 2/16/20228,645.54 36255JAD6 GMCAR 2018-3 A33.02% 5/16/2023 8,645.542/16/2022 2/16/20228,892.13 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 8,892.132/20/2022 2/20/2022 10,666.52 92869BAD4 VALET 2018-2 A33.25% 4/20/2023 10,666.523/1/2022 3/25/20225,752.31 3137FQ3V3 FHMS KJ27 A12.09% 7/1/20245,752.313/1/2022 3/25/20223,544.58 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/20223,544.583/1/2022 3/25/2022775.38 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/2022775.383/1/2022 3/25/202217.62 3137FKK39 FHMS KP05 A3.20% 7/1/202317.623/1/2022 3/25/2022775.38 3137BM6P6 FHLMC SERIES K721 A23.09% 8/1/2022775.3829 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS3/15/2022 3/15/20227,633.18 14313FAD1 CARMAX AUTO OWNER TRUST3.13% 6/15/2023 7,633.183/15/2022 3/15/20229,174.53 43815AAC6 HAROT 2018-4 A33.16% 1/15/2023 9,174.533/15/2022 3/15/2022 13,524.51 14315EAC4 CARMAX AUTO OWNER TRUST3.36% 9/15/2023 13,524.513/16/2022 3/16/20227,972.21 36256XAD4 GMCAR 2019-1 A32.97% 11/16/2023 7,972.213/16/2022 3/16/20222,513.88 36255JAD6 GMCAR 2018-3 A33.02% 5/16/2023 2,513.883/20/2022 3/20/20222,863.58 92869BAD4 VALET 2018-2 A33.25% 4/20/2023 2,863.58Total PAYDOWNS219,693.44219,693.45-0.01SELL1/4/2022 1/6/2022 700,000.00 912828T91 US TREASURY NOTES1.62% 10/31/2023 713,234.2313,066.791/11/2022 1/13/2022 225,000.00 14913R2D8 CATERPILLAR FINL SERVICE CORPORATE NOTES 0.65% 7/7/2023 224,470.88-491.311/26/2022 1/28/2022 200,000.00 06406RAL1 BANK OF NY MELLON CORP2.10% 10/24/2024 203,968.672,363.622/10/2022 2/14/2022 75,000.00 20772KKK4 CT ST T/E GO BONDS2.00% 6/1/2025 76,633.92-1,222.292/16/2022 2/22/2022 175,000.00 46647PBB1 JPMORGAN CHASE & CO BONDS (CALLED, OMD 4 3.20% 4/1/2022 177,530.63332.503/4/2022 3/4/202259,000.00 110122DC9 BRISTOL-MYERS SQUIBB (CALLABLE) CORP NOT 3.87% 8/15/2025 62,866.57-2,212.983/15/2022 3/17/2022 350,000.00 912828T91 US TREASURY NOTES1.62% 10/31/2023 351,755.97470.16Total SELL1,784,000.001,810,460.8712,306.4930 © PFM Asset Management LLC pfm.com|Portfolio Holdings © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Managed Account Detail of Securities HeldSecurity Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY NOTESDTD 10/31/2016 1.625% 10/31/2023912828T91 1,000,000.00 AA+ Aaa 10/2/2019 10/4/2019 1,005,742.19 1.48 6,823.21991,562.501,002,230.50US TREASURY NOTESDTD 10/31/2016 1.625% 10/31/2023912828T91 425,000.00 AA+ Aaa 7/1/2019 7/3/2019 422,194.34 1.78 2,899.86421,414.06423,974.27US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 175,000.00 AA+ Aaa 11/1/2019 11/6/2019 178,541.01 1.55 879.83173,414.06176,712.11US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 500,000.00 AA+ Aaa 3/2/2020 3/6/2020 524,355.47 0.85 2,513.81495,468.75512,679.67US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 2,700,000.00 AA+ Aaa 1/2/2020 1/7/2020 2,739,761.72 1.66 13,574.592,675,531.252,719,953.77US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 325,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 1.36 1,633.98322,054.69329,513.32US TREASURY NOTESDTD 12/31/2019 1.750% 12/31/2024912828YY0 500,000.00 AA+ Aaa 8/5/2020 8/7/2020 534,414.06 0.18 2,199.59490,000.00521,522.17US TREASURY NOTESDTD 12/31/2019 1.750% 12/31/2024912828YY0 2,000,000.00 AA+ Aaa 7/1/2020 7/6/2020 2,130,625.00 0.28 8,798.341,960,000.002,080,096.48US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025912828ZW3 450,000.00 AA+ Aaa 3/1/2021 3/4/2021 443,654.30 0.58 282.81418,078.13445,233.69US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025912828ZW3 250,000.00 AA+ Aaa 4/1/2021 4/5/2021 245,156.25 0.72 157.11232,265.62246,286.56US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 450,000.00 AA+ Aaa 8/3/2021 8/5/2021 446,167.97 0.57 424.21415,476.54446,737.18US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 150,000.00 AA+ Aaa 7/1/2021 7/7/2021 147,052.73 0.82 141.40138,492.18147,534.95US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 825,000.00 AA+ Aaa 9/1/2021 9/7/2021 814,236.33 0.68 777.71761,706.99815,643.26US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 400,000.00 AA+ Aaa 12/2/2021 12/6/2021 387,968.75 1.13 377.07369,312.48388,907.93US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 350,000.00 AA+ Aaa 6/2/2021 6/7/2021 344,859.38 0.70 329.94323,148.42345,777.7931 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 650,000.00 AA+ Aaa 11/2/2021 11/4/2021 632,251.95 1.05 612.74600,132.78633,982.33US TREASURY N/B NOTESDTD 04/30/2021 0.750% 04/30/202691282CBW0 75,000.00 AA+ Aaa 2/10/2022 2/14/2022 71,458.01 1.92 236.1969,855.4771,564.09US TREASURY N/B NOTESDTD 04/30/2021 0.750% 04/30/202691282CBW0 950,000.00 AA+ Aaa 1/4/2022 1/6/2022 926,843.75 1.33 2,991.71884,835.89928,093.4512,175,000.0012,329,106.4545,654.1011,742,749.81Security Type Sub-Total1.0512,236,443.52SupranationalINTL BK OF RECON AND DEV NOTEDTD 04/20/2021 0.125% 04/20/2023459058JV6 245,000.00 AAA Aaa 4/13/2021 4/20/2021 244,492.85 0.23 138.06240,418.26244,733.23INTL BK RECON & DEVELOP NOTESDTD 11/24/2020 0.250% 11/24/2023459058JM6 500,000.00 AAA Aaa 11/17/2020 11/24/2020 498,925.00 0.32 440.97483,665.00499,409.00INTER-AMERICAN DEVEL BK NOTESDTD 09/23/2021 0.500% 09/23/20244581X0DZ8 635,000.00 AAA Aaa 9/15/2021 9/23/2021 634,530.10 0.5270.56604,612.71634,611.561,380,000.001,377,947.95649.591,328,695.97Security Type Sub-Total0.401,378,753.79Negotiable CDSKANDINAV ENSKILDA BANK LT CDDTD 09/03/2019 1.860% 08/26/202283050PDR7 400,000.00 A-1 P-1 8/29/2019 9/3/2019 400,000.00 1.85 702.67401,126.00400,000.00CREDIT SUISSE NEW YORK CERTDEPOSDTD 03/23/2021 0.590% 03/17/202322552G3C2 250,000.00 A-1 P-1 3/19/2021 3/23/2021 250,000.00 0.5961.46246,355.50250,000.00650,000.00650,000.00764.13647,481.50Security Type Sub-Total1.37650,000.00MunicipalCT ST TXBL GO BONDSDTD 06/11/2020 1.998% 07/01/202420772KJW0 60,000.00 A+ Aa3 5/29/2020 6/11/2020 60,000.00 2.00 299.7059,069.4060,000.00CHAFFEY UHSD, CA TXBL GO BONDSDTD 12/05/2019 2.101% 08/01/2024157411TK5 100,000.00 AA- Aa1 11/6/2019 12/5/2019 100,000.00 2.10 350.1798,788.00100,000.0032 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostMunicipalNY ST URBAN DEV CORP TXBL REVBONDSDTD 12/23/2020 0.870% 03/15/2025650036DT0 325,000.00 AA+ NR 12/16/202 12/23/202 325,000.00 0.87 125.67304,489.25325,000.00UNIV OF CAL TXBL REV BONDSDTD 07/16/2020 0.883% 05/15/202591412HGE7 85,000.00 AA Aa2 7/10/2020 7/16/2020 85,000.00 0.88 283.5480,102.3085,000.00FL ST BOARD OF ADMIN TXBL REVBONDSDTD 09/16/2020 1.258% 07/01/2025341271AD6 160,000.00 AA Aa3 9/3/2020 9/16/2020 160,000.00 1.26 503.20151,910.40160,000.00FL ST BOARD OF ADMIN TXBL REVBONDSDTD 09/16/2020 1.258% 07/01/2025341271AD665,000.00 AA Aa3 9/3/2020 9/16/2020 65,459.55 1.11 204.4261,713.6065,311.88FL ST BOARD OF ADMIN TXBL REVBONDSDTD 09/16/2020 1.258% 07/01/2025341271AD685,000.00 AA Aa3 9/3/2020 9/16/2020 85,563.55 1.12 267.3280,702.4085,382.47LOS ANGELES CCD, CA TXBL GOBONDSDTD 11/10/2020 0.773% 08/01/202554438CYK2 140,000.00 AA+ Aaa 10/30/202 11/10/2020 140,000.00 0.77 180.37129,621.80140,000.00SAN JUAN USD, CA TXBL GO BONDSDTD 10/29/2020 0.852% 08/01/2025798306WP7 130,000.00 NR Aa2 10/16/202 10/29/202 130,000.00 0.85 184.60121,850.30130,000.00MN ST TXBL GO BONDSDTD 08/25/2020 0.630% 08/01/202560412AVJ9 100,000.00 AAA Aa1 8/11/2020 8/25/2020 100,000.00 0.63 105.0093,556.00100,000.00CA ST UNIV TXBL REV BONDSDTD 07/29/2021 0.862% 11/01/202513077DQD7 85,000.00 AA- Aa2 7/9/2021 7/29/2021 85,000.00 0.86 305.2978,802.6585,000.001,335,000.001,336,023.102,809.281,260,606.10Security Type Sub-Total1.061,335,694.35Joint Powers AuthorityCAMP Pool44,994.12 AAAm NR44,994.12 0.00 44,994.1244,994.1244,994.1244,994.12 0.00 44,994.12Security Type Sub-Total44,994.12Federal AgencyFREDDIE MAC NOTESDTD 08/21/2020 0.250% 08/24/20233137EAEV7 900,000.00 AA+ Aaa 8/19/2020 8/21/2020 899,082.00 0.28 231.25877,040.10899,573.6133 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostFederal AgencyFREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/20233137EAEW5 525,000.00 AA+ Aaa 9/2/2020 9/4/2020 524,826.75 0.2683.85511,022.40524,917.24FREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/20233137EAEW5 375,000.00 AA+ Aaa 9/2/2020 9/4/2020 375,068.48 0.2459.90365,016.00375,032.71FREDDIE MAC NOTESDTD 10/16/2020 0.125% 10/16/20233137EAEY1 325,000.00 AA+ Aaa 10/14/202 10/16/202 323,787.75 0.25 186.20314,772.90324,376.72FREDDIE MAC NOTESDTD 11/05/2020 0.250% 11/06/20233137EAEZ8 350,000.00 AA+ Aaa 11/3/2020 11/5/2020 349,685.00 0.28 352.43339,171.70349,832.15FANNIE MAE NOTESDTD 11/25/2020 0.250% 11/27/20233135G06H1 325,000.00 AA+ Aaa 11/23/2020 11/25/2020 324,629.50 0.29 279.86314,533.05324,795.67FREDDIE MAC NOTESDTD 12/04/2020 0.250% 12/04/20233137EAFA2 300,000.00 AA+ Aaa 12/2/2020 12/4/2020 299,703.00 0.28 243.75290,178.90299,834.01FEDERAL HOME LOAN BANK NOTESDTD 04/16/2020 0.500% 04/14/20253130AJHU6 350,000.00 AA+ Aaa 4/15/2020 4/16/2020 348,264.00 0.60 811.81329,256.90348,944.50FANNIE MAE NOTESDTD 04/24/2020 0.625% 04/22/20253135G03U5 350,000.00 AA+ Aaa 4/22/2020 4/24/2020 349,279.00 0.67 966.15330,389.85349,558.47FREDDIE MAC NOTESDTD 07/23/2020 0.375% 07/21/20253137EAEU9 425,000.00 AA+ Aaa 7/21/2020 7/23/2020 422,883.50 0.48 309.90395,960.18423,599.44FANNIE MAE NOTESDTD 08/27/2020 0.375% 08/25/20253135G05X7 350,000.00 AA+ Aaa 8/25/2020 8/27/2020 348,362.00 0.47 131.25325,431.05348,884.65FEDERAL HOME LOAN BANK NOTESDTD 09/11/2020 0.375% 09/04/20253130AK5E2 150,000.00 AA+ Aaa 9/10/2020 9/11/2020 149,550.00 0.4442.19139,349.40149,690.27FREDDIE MAC NOTESDTD 09/25/2020 0.375% 09/23/20253137EAEX3 700,000.00 AA+ Aaa 9/23/2020 9/25/2020 697,893.00 0.4458.33649,787.60698,531.80FANNIE MAE NOTESDTD 11/12/2020 0.500% 11/07/20253135G06G3 650,000.00 AA+ Aaa 11/9/2020 11/12/2020 647,673.00 0.57 1,300.00605,012.20648,318.326,075,000.006,060,686.985,056.875,786,922.23Security Type Sub-Total0.396,065,889.56CorporateTOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 08/14/2020 0.500% 08/14/202389236THF575,000.00 A+ A1 8/11/2020 8/14/2020 74,942.25 0.5348.9673,206.0074,973.6334 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporatePNC BANK NA CORP NOTES(CALLABLE)DTD 01/23/2019 3.500% 01/23/2024693475AV7 400,000.00 A- A3 2/12/2019 2/15/2019 402,848.00 3.34 2,644.44405,608.00401,014.16CHARLES SCHWAB CORP NOTES(CALLABLE)DTD 03/18/2021 0.750% 03/18/2024808513BN4 105,000.00 A A2 3/16/2021 3/18/2021 104,947.50 0.7728.44101,518.41104,965.65BANK OF NY MELLON CORP NOTES(CALLABLE)DTD 04/26/2021 0.500% 04/26/202406406RAS6 210,000.00 A A1 4/19/2021 4/26/2021 209,775.30 0.54 452.08200,794.44209,845.01MORGAN STANLEY CORP NOTESDTD 04/28/2014 3.875% 04/29/202461746BDQ6 400,000.00 BBB+ A1 7/19/2019 7/23/2019 422,916.00 2.59 6,544.44407,971.20409,984.64AMERICAN HONDA FINANCE CORPNOTEDTD 06/27/2019 2.400% 06/27/202402665WCZ2 400,000.00 A- A3 7/11/2019 7/15/2019 398,016.00 2.51 2,506.67397,074.80399,102.87GOLDMAN SACHS GROUP INC(CALLABLE) BONDSDTD 07/08/2014 3.850% 07/08/202438141EC23 400,000.00 BBB+ A2 7/8/2019 7/11/2019 418,632.00 2.84 3,550.56405,884.00407,934.46BMW US CAPITAL LLC CORPORATENOTESDTD 08/12/2021 0.750% 08/12/202405565EBU870,000.00 A A2 8/9/2021 8/12/2021 69,993.70 0.7571.4666,768.1769,995.03WALT DISNEY COMPANY/THEDTD 09/06/2019 1.750% 08/30/2024254687FK7 400,000.00 BBB+ A2 9/3/2019 9/6/2019 398,368.00 1.84 602.78392,642.00399,209.11JOHN DEERE CAPITAL CORPCORPORATE NOTESDTD 09/10/2021 0.625% 09/10/202424422EVU0 100,000.00 A A2 9/7/2021 9/10/2021 99,935.00 0.6536.4695,128.8099,947.04PACCAR FINANCIAL CORPCORPORATE NOTESDTD 02/06/2020 1.800% 02/06/202569371RQ66 175,000.00 A+ A1 10/22/202 10/29/202 182,894.25 0.73 481.25169,684.20180,269.58AMERICAN EXPRESS CO CORPNOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025025816CQ080,000.00 BBB+ A2 3/1/2022 3/4/2022 79,919.20 2.29 135.0078,531.2879,921.26ROCHE HOLDINGS INC (CALLABLE)CORPORATEDTD 03/10/2022 2.132% 03/10/2025771196BT8 410,000.00 AA Aa3 3/3/2022 3/10/2022 410,000.00 2.13 509.90401,793.03410,000.0035 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateHOME DEPOT INC (CALLABLE)CORPORATE NOTEDTD 03/28/2022 2.700% 04/15/2025437076CM2 25,000.00 A A2 3/24/2022 3/28/2022 24,956.25 2.765.6324,929.0024,956.41CITIGROUP INC CORP NOTESDTD 04/27/2015 3.300% 04/27/2025172967JP7 225,000.00 BBB+ A3 8/28/2020 9/1/2020 249,738.75 0.88 3,176.25226,550.70241,337.19APPLE INC (CALLABLE) CORP NOTESDTD 05/11/2020 1.125% 05/11/2025037833DT4 550,000.00 AA+ Aaa 5/11/2020 5/13/2020 551,105.50 1.08 2,406.25525,515.65550,681.54GENERAL DYNAMICS CORP(CALLABLE) CORP NODTD 05/11/2018 3.500% 05/15/2025369550BG2 225,000.00 A- A3 10/16/202 10/20/202 252,247.50 0.80 2,975.00228,751.43243,294.99JPMORGAN CHASE & COCORPORATE NOTESDTD 06/01/2021 0.824% 06/01/202546647PCH7 315,000.00 A- A2 5/24/2021 6/1/2021 315,000.00 0.82 865.20300,218.94315,000.00AMAZON.COM INC CORPORATENOTESDTD 06/03/2020 0.800% 06/03/2025023135BQ8 475,000.00 AA A1 6/3/2020 6/5/2020 474,767.25 0.81 1,245.56447,930.23474,852.11BANK OF AMERICA CORP NOTESDTD 07/30/2015 3.875% 08/01/202506051GFS3 225,000.00 A- A2 8/18/2020 8/20/2020 256,918.50 0.93 1,453.13230,324.63246,514.52ABBOTT LABORATORIESCORPORATE NOTES (CALDTD 03/22/2017 3.875% 09/15/2025002824BM1 225,000.00 AA- A1 9/24/2020 9/28/2020 257,845.50 0.86 387.50232,606.13247,348.68BANK OF AMERICA CORP NOTES(CALLABLE)DTD 12/06/2021 1.530% 12/06/202506051GKE8 225,000.00 A- A2 12/1/2021 12/6/2021 225,000.00 1.53 1,099.69215,052.98225,000.00JPMORGAN CHASE & COCORPORATE NOTESDTD 02/24/2022 2.595% 02/24/202646647PCV6 175,000.00 A- A2 2/16/2022 2/24/2022 175,000.00 2.60 466.74169,966.13175,000.00UNITEDHEALTH GROUP INC(CALLABLE) CORPORDTD 05/19/2021 1.150% 05/15/202691324PEC2 225,000.00 A+ A3 5/17/2021 5/19/2021 224,608.50 1.19 977.50208,994.85224,676.61TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 06/18/2021 1.125% 06/18/202689236TJK2 145,000.00 A+ A1 9/8/2021 9/13/2021 144,678.10 1.17 466.72134,208.23144,715.12BMW US CAPITAL LLC (CALLABLE)CORPORATEDTD 08/12/2021 1.250% 08/12/202605565EBW4 175,000.00 A A2 8/12/2021 8/16/2021 174,947.50 1.26 297.74160,848.63174,954.0736 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateCATERPILLAR FINL SERVICECORPORATE NOTESDTD 01/10/2022 1.700% 01/08/202714913R2U0 225,000.00 A A2 1/11/2022 1/13/2022 223,863.75 1.81 860.63212,870.70223,912.42TARGET CORP CORPORATE NOTESDTD 01/24/2022 1.950% 01/15/202787612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 145.1738,646.2839,934.51BANK OF NY MELLON CORP(CALLABLE) CORPORDTD 01/26/2022 2.050% 01/26/202706406RBA4 475,000.00 A A1 1/26/2022 1/28/2022 473,945.50 2.10 1,758.16457,178.48473,981.92BERKSHIRE HATHAWAY CORP NOTES(CALLABLE)DTD 03/15/2022 2.300% 03/15/2027084664CZ2 475,000.00 AA Aa2 3/15/2022 3/17/2022 466,089.00 2.70 485.56464,496.33466,162.287,650,000.007,803,830.8036,684.877,475,693.65Security Type Sub-Total1.727,739,484.81Agency CMBSFHLMC SERIES K721 A2DTD 12/01/2015 3.090% 08/01/20223137BM6P6 25,583.25 AA+ Aaa 4/4/2018 4/9/2018 25,801.12 3.0965.8825,631.0225,600.13FHLMC SERIES K721 A2DTD 12/01/2015 3.090% 08/01/20223137BM6P6 116,951.98 AA+ Aaa 4/4/2018 4/9/2018 117,947.89 2.88 301.15117,170.35117,029.12FHLMC SERIES K721 A2DTD 12/01/2015 3.090% 08/01/20223137BM6P6 25,583.25 AA+ Aaa 4/4/2018 4/9/2018 25,801.12 3.0865.8825,631.0225,600.13FHMS KP05 ADTD 12/01/2018 3.203% 07/01/20233137FKK39 5,676.82 AA+ Aaa 12/7/2018 12/17/201 5,676.80 3.2015.155,702.995,676.81FHMS KJ27 A1DTD 11/01/2019 2.092% 07/01/20243137FQ3V325,337.36 AA+ Aaa 11/20/2019 11/26/2019 25,336.75 2.0944.1725,331.9625,337.06FHMS K043 A2DTD 03/01/2015 3.062% 12/01/20243137BGK24 250,000.00 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 1.95 637.92251,941.72257,052.13449,132.65462,946.491,130.15451,409.06Security Type Sub-Total2.35456,295.3837 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSCARMAX AUTO OWNER TRUSTDTD 10/24/2018 3.360% 09/15/202314315EAC4 41,799.23 AAA NR 10/17/201 10/24/201 41,798.84 3.3662.4241,886.2341,799.11GMCAR 2019-1 A3DTD 01/16/2019 2.970% 11/16/202336256XAD417,700.39 NR Aaa 1/8/2019 1/16/2019 17,698.43 2.9721.9017,722.0117,699.73COMET 2019-A2 A2DTD 09/05/2019 1.720% 08/15/202414041NFU0 800,000.00 AAA NR 8/28/2019 9/5/2019 799,798.56 1.73 611.56801,282.96799,903.30GMALT 2021-1 A4DTD 02/24/2021 0.330% 02/20/202536261RAD0 85,000.00 NR Aaa 2/17/2021 2/24/2021 84,987.17 0.338.5783,151.9684,990.70GMALT 2021-2 A4DTD 05/26/2021 0.410% 05/20/2025380144AD735,000.00 AAA NR 5/18/2021 5/26/2021 34,997.05 0.414.3833,928.3434,997.68HART 2021-A A3DTD 04/28/2021 0.380% 09/15/202544933LAC775,000.00 AAA NR 4/20/2021 4/28/2021 74,992.11 0.3812.6773,072.6974,993.78NAROT 2021-A A3DTD 06/23/2021 0.330% 10/15/202565480BAC1 295,000.00 AAA Aaa 6/15/2021 6/23/2021 294,995.01 0.3343.27285,350.90294,995.90TAOT 2021-B A3DTD 06/14/2021 0.260% 11/17/202589190GAC1 325,000.00 AAA NR 6/8/2021 6/14/2021 324,965.00 0.2637.56314,346.79324,971.30HAROT 2021-4 A3DTD 11/24/2021 0.880% 01/21/202643815GAC3 100,000.00 NR Aaa 11/16/2021 11/24/2021 99,978.92 0.8924.4496,834.7999,980.70CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/202614314QAC8 110,000.00 AAA NR 4/13/2021 4/21/2021 109,976.30 0.5225.42107,456.84109,980.94HART 2021-C A3DTD 11/17/2021 0.740% 05/15/202644935FAD6 80,000.00 AAA NR 11/9/2021 11/17/2021 79,982.14 0.7526.3176,827.3979,983.61DCENT 2021-A1 A1DTD 09/27/2021 0.580% 09/15/2026254683CP8 195,000.00 AAA Aaa 9/20/2021 9/27/2021 194,958.25 0.5850.27184,917.19194,962.53GMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026362554AC185,000.00 AAA Aaa 10/13/202 10/21/202 84,997.83 0.6824.0881,198.9484,998.032,244,499.622,244,125.61952.852,197,977.03Security Type Sub-Total0.992,244,257.3131,958,632.2732,264,667.38 93,701.84 30,891,535.35Managed Account Sub TotalSecurities Sub TotalAccrued Interest$32,003,626.39$32,309,661.50 $93,701.84$30,936,529.47$93,701.8432,106,818.72$32,151,812.841.081.08%Total Investments$31,030,231.3138 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Appendix|Important DisclosuresThis material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard toany specific objectives or financial circumstances.Investment advisory services are provided by PFM Asset Management LLC ("PFMAM"), an investment adviser registered with the U.S. Securities and ExchangeCommission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bankis a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. Theinformation contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We relyon the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements. While effortsare made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References to particular issuers arefor illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics aregathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion ofthe strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of any salescharges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance to belower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinion asof the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct as actualevents occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions and datapresented are not necessarily indicative of future events or expected performance.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.© 2022 PFM Asset Management LLC. Further distribution is not permitted without prior written consent.39 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Appendix|Important DisclosuresThis information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buyor sell any fund or other security. Investors should consider the Trust's investment objectives, risks, charges, and expenses before investing in the Trust. This and otherinformation about the Trust is available in the Trust's current Information Sheet, which should be read carefully before investing. A copy of the Trust's informationStatement may be available by calling 1-800-729-7665 or is available on the Trust's website at www.camponline.com. While the Trust seeks to maintain a stable netasset value of $1.00 per share, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. Shares of the Trust are distributed by PFM Fund Distributors, Inc., member Financial Industry RegulatoryAuthority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is an affiliate of PFM AssetManagement LLC.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, orTelerate. Where prices are not available from generally recognized sources, the securities are priced using a yield-based matrix system to arrive at an estimatedmarket value.In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthlybalances, and forward settling sales are excluded.Performance is presented in accordance with the CFA Institute's Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is showngross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Pastperformance is not indicative of future returns.Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life.40 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Appendix|GlossaryAccrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchasedate 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 amortizedon a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans,leases, credit card balances, and receivables.Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security.41 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended March 31, 2022Appendix|GlossaryRepurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as apercentage on an annualized basis.YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis.42