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Item No. 05 - Investment Report for January 2023
Page 1 of 1 REPORT TO CITY COUNCIL To:Honorable Mayor or Members of the City Council From:Jason Simpson, City Manager Prepared by:Shannon Buckley, Assistant City Manager Date:February 28, 2023 Subject:CC Investment Report for January 2023 Recommendation Receive and file the Investment Report for January 2023. Discussion The Investment Report is a listing of all funds invested for the City as the date shown on the report. Fiscal Impact No fiscal impact Attachments Attachment 1- Investment Report for January 2023 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 8,448,135$ 697,199$ (163,995)$ 8,981,340$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 2,000 Total Cash Accounts 8,448,135 697,199 (163,995) 8,983,640 INVESTMENTS Local Agency Investment Funds 70,511,627 - - 70,511,627 CAMP Investments: CAMP Pool Account 2,666,910 - - 2,666,910 U.S. Treasury Bond / Note 28,729,363 - - 28,729,363 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 262,383 - - 262,383 Federal Agency Bond / Note 5,161,605 - - 5,161,605 Corporate Note 9,598,515 - - 9,598,515 Certificate of Deposit 1,150,000 - - 1,150,000 Asset-Backed Security 2,470,390 - - 2,470,390 Sub-total Investments 123,264,764 - - 123,264,764 Market Value Adjustment: Unrealized Gain/(Loss) at 12/31/2022 (3,182,321) - - (3,182,321) Total Investments 120,082,443 - - 120,082,443 Total Pooled Cash and Investments 128,530,578$ 697,199$ (163,995)$ 129,066,083$ TOTAL POOLED CASH AND INVESTMENTS 129,066,083$ I certify that this report accurately reflects all pooled investments and it is in conformity with the investment policy as approved by the City Council on June 28, 2022. A copy of this policy is available in the office of the City Clerk. The pooled investments shown above provide sufficient cash flow liquidity to meet the next six months estimated expenditures. Jason P. Simpson February 8, 2023 City Manager Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF January 31, 2023 FUND NO FUND NAME AMOUNT 100 General 21,166,095$ 101 Supplemental Law Enforcement 8,333 102 Measure Z 14,281,546 106 Affordable Housing In Lieu 610,781 107 Developer Agreement Revenue 59,485 108 American Rescue Plan 9,665,915 109 Road Maintenance and Rehabilitation (SB1) 174,933 110 State Gas Tax 981,137 112 Measure A 1,219,062 114 SB1186 CASP Education Program 50,485 115 Traffic Safety 9,452 117 Community Center DIF 137,953 118 Lake Side Facility DIF 238,173 119 Animal Shelter DIF 14,685 135 Lighting & Landscape Maintenance - Dist. No. 1 921,538 140 Geothermal 11,580 160 PEG Grant 72,387 180 Launch Pointe 1,563,103 202 La Strada RBBD 23,618 203 E.L.S.P. - S.T.I.F. 3,330,507 205 Traffic Impact Fee 300,077 211 Storm Drain C.I.P. 3,038,060 221 Quimby Park C.I.P. 47,830 231 Library C.I.P. 1,303,681 232 City Fire Protection 539,203 300 Insurance Service 1,433,082 305 Information Systems Service 2,918,491 310 Support Service 35,258 315 Fleet Service 683,810 320 Facilities Service 2,326,308 331 CFD 2006-1CC Summerly Improvement Area CC 89,009 332 CFD 2006-1 Improvement Area B, Summerly 86,510 333 CFD 2015-3 Terracina 5,628 334 CFD 2015-5 Trieste - Far West Industries 84,407 335 CFD 2003-2E Canyon Hills Improvement Area E 64,543 336 CFD 2006-1FF Summerly Improvement Area FF 105,681 337 CFD 2016-2 Canyon Hills 616,871 338 CFD 2006-1 IA-JJ Summerly Improvement Area 165,520 339 CFD 2006-1 IA-KK Summerly Improvement Area 132,083 340 CFD 2006-1 IA-EE Summerly Improvement Area 140,574 345 CFD 2003-2 Improvement Area D, Canyon Hills 941,957 346 CFD 2014-1 Southshore 67,313 347 CFD 2006-1 Improvement Area A, Summerly 115,156 350 CFD 98-1 Summerhill 434,049 351 CFD 2006-1 IA-II Summerly Improvement 112,537 354 CFD 90-2 Tuscany Hills 659,254 355 RAD 2021-1 Canyon Hills Improvement 338,432 357 CFD 2003-2 Canyon Hills Improvement Area 206,005 359 CFD 2021-1 IA-2 Tuscany Valley & Crest Improvement 1,078 361 CFD 2022-2 Lakeshore Improvement 13,368 362 CFD 2006-8S Running Deer Estates Services 11,603 C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF January 31, 2023 FUND NO FUND NAME AMOUNT C I T Y O F L A K E E L S I N O R E POOLED CASH AND INVESTMENTS BY FUND AS OF January 31, 2023 363 CFD 2022-3 Lakeside 20,166 366 CFD 2005-6 City Center Townhomes 149,006 368 CFD 2006-2 Viscaya 263,778 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 826,505 370 CFD 2006-1 IA-HH Summerly Improvement 157,034 371 CFD 2005-1 Serenity 314,060 372 CFD 2005-2 Alberhill Ranch Improvement Area 766,990 374 CFD 2005-4 Lakeview Villas 3,452 375 CFD 2006-4 Clurman 128,687 376 CFD 2006-3 La Strada 1,711 377 CFD 2006-6 Tessara 109,104 378 CFD 2006-8 Running Deer Estates 36,798 384 CFD 2003-2 Area B Canyon Hills Improvement Area 999,866 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 968,772 386 CFD 2007-4 Mekenna Court 90,744 387 CFD 2007-5 Red Kite 62,645 388 CFD 2007-6 Holiday Inn Express 3,223 390 CFD 2003-2 Area C Canyon Hills Improvement Area 325,304 392 CFD 95-1 City Center 32,785 394 CFD 2005-5 (2012A) Wasson Canyon 141,949 395 CFD 2018-1 Wasson Canyon II Improvement Area 6,892 396 CFD 2018-2 Nichols Ranch Improvement Area 855 397 CFD 2018-3 Village at Lakeshore 117,426 500 Capital Improvement Plan 9,339,238 510 Successor To RDA Area I, II, & III 700,653 540 Successor To RDA Diamond Stadium 2,655,678 603 Endowment Trust - Carl Graves 57,564 604 Endowment Trust - Korn Memorial 33,276 605 Public Improvement Trust 1,655,484 606 Mobile Source Air Polution Reduction 231,694 608 Trust Deposit & Pre Paid Expense 1,524,309 617 Successor Agency Housing 25,924,034 620 Cost Recovery System 6,903,405 631 Lake Destratification Equipment Replacement 456,989 650 CFD 2003-1 Law & Fire Service 1,754,226 651 CFD 2006-5 Park & Open Space Service 58,598 652 CFD 2007-1 Law & Fire Service 58,739 653 CFD 2009-1 Parks & Lighting Service 372,420 655 CFD 2015-1s Law, Fire, Paramedic Services 253,880 Total Pooled Cash & Investments 129,066,083$ MAXIMUM DIVERSIFICATION CURRENT TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE CAMP - Pooled Sweep Account Unlimited 2.16% 2,666,910$ U.S. Treasury Bond / Note Unlimited 23.31% 28,729,363$ Supra-National Agency Bond / Note 30% 1.12% 1,377,948$ Municipal Bond / Note Unlimited 1.08% 1,336,023$ Federal Agency Collaterized Mortgage Obligation 40% 0.21% 262,383$ Federal Agency Bond / Note Unlimited 4.19% (1)5,161,605$ Corporate Note 30% 7.79% 9,598,515$ Negotiable Certificates of Deposit 30% 0.93% 1,150,000$ Asset-Backed Security / Collaterized Mortgage 20% 2.00% 2,470,390$ LAIF (Local Agency Investment Funds) $150 Million 57.20% (2)70,511,627$ TOTAL 100.00% 123,264,764$ Note: (1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency. C I T Y O F L A K E E L S I N O R E SUMMARY OF POLICY LIMITATIONS FOR THE MONTH ENDING January 31, 2023 Local Agency Investment Fund January 2.425 December 2.173 November 2.007 0.00005680946709337 0.981389258 LAIF Earnings Ratio(2): LAIF Fair Value Factor(1): PMIA Daily(1):2.29 2.07LAIF Apportionment Rate(2): PMIA Quarter to Date(1):1.98 287PMIA Average Life(1): Treasuries 66.67% Agencies 20.08% Certificates of Deposit/Bank Notes 6.26% Time Deposits 2.58% Commercial Paper 3.95% Corporate Bonds 0.27% Loans 0.19% Notes: The apportionment rate includes interest earned on the CalPERS Supplemental Pension Payment pursuant to Government Code 20825 (c)(1) and interest earned on the Wildfire Fund loan pursuant to Public Utility Code 3288 (a). Source: (1) State of California, Office of the Treasurer (2) State of Calfiornia, Office of the Controller PMIA Average Monthly Effective Yields(1) PMIA/LAIF Performance Report as of 02/08/23 Daily rates are now available here. View PMIA Daily Rates Quarterly Performance Quarter Ended 12/31/22 Chart does not include $3,466,000.00 in mortgages, which equates to 0.002%.Percentages may not total 100% due to rounding. Pooled Money Investment Account Monthly Portfolio Composition (1) 12/31/22 $199.6 billion Yield Purchase Date Maturity Rate 2.425% Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:69,692,247$ 819,380$ 70,511,627$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING January 31, 2023 CAMP Investment Portfolio For the Month Ending January 31, 2023Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 46,870.41 21,014,508.61 (18,394,469.32) 0.00 $2,666,909.70 CAMP Pool Unsettled Trades 0.00 17,524.49 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 30,236,871.15 18,314,386.53 (1,399,195.69) 295,014.92 $48,602,498.79 CAMP Managed Account Unsettled Trades 1,155,421.88 (105,614.85)Cash Dividends and Income January 31, 2023 December 31, 2022 Asset Summary CAMP Pool 2,666,909.70 46,870.41 CAMP Managed Account 48,602,498.79 30,236,871.15 $51,269,408.49 $30,283,741.56 Total Asset Allocation 5.20% CAMP Pool 94.80% CAMP Managed Account Page 1 For the Month Ending January 31, 2023Managed 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 $46,870.41 21,014,508.61 (18,394,469.32) $2,666,909.70 17,524.49 $30,236,871.15 (20,362.85) (1,378,832.84) 18,314,386.53 1,155,421.88 295,014.92 $48,602,498.79 $30,283,741.56 $51,269,408.49 78,241.54 (77,303.35) (106,553.04) ($105,614.85) 0.00 1,380,368.67 76,705.71 20,362.85 (18,391,689.88) 16,914,252.64 0.00 Managed Account Total 50,077,466.70 52,744,376.40 153,343.21 1,380,368.67 20,362.85 76,705.71 (19,555,771.98) (32,062,111.53) (94,648.66) 0.00 153,343.21 19,774,837.99 20,362.85 76,705.71 (40,570,280.59) (32,108,981.94) (94,648.66) 17,524.49 Total Accrual Basis Earnings ($4,285.03)$13,239.46 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending January 31, 2023Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 30,275,000.00 28,318,917.86 55.23 Supra-National Agency Bond / Note 1,380,000.00 1,320,601.03 2.58 Municipal Bond / Note 1,335,000.00 1,238,681.35 2.42 Federal Agency Commercial Mortgage-Backed Security 250,000.00 242,778.97 0.47 Federal Agency Bond / Note 5,175,000.00 4,849,529.94 9.46 Corporate Note 9,515,000.00 9,072,243.07 17.70 Certificate of Deposit 1,150,000.00 1,145,091.65 2.23 Asset-Backed Security 2,470,673.21 2,414,654.92 4.71 Managed Account Sub-Total 51,550,673.21 48,602,498.79 94.80% Accrued Interest 153,343.21 Total Portfolio 51,550,673.21 48,755,842.00 CAMP Pool 2,666,909.70 2,666,909.70 5.20 Total Investments 54,217,582.91 51,422,751.70 100.00% Unsettled Trades 1,200,000.00 1,155,750.00 Sector Allocation 4.71%ABS 2.23% Cert of Deposit 17.70% Corporate Note 9.46% Fed Agy Bond / Note 0.47% Federal Agency Commercial Mortgage-Backed Security 5.20% Joint Powers Authority 2.42% Muni Bond / Note 2.58% Supra-National Agency Bond / Note55.23% 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 6.15% 19.00% 6.81% 23.68% 36.13% 8.23% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Weighted Average Days to Maturity 995 2.75% 4.16% Page 3 For the Month Ending January 31, 2023Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 3.45% A 1.17% A+ 5.12% A- 0.48% A-2 3.63% AA 67.44% AA+ 3.18% AA- 7.12% AAA 5.20% AAAm 2.63% BBB+ 0.58% NR Issuer Summary Percentof HoldingsIssuer Market Value 222,481.35 0.43 ABBOTT LABORATORIES 437,244.63 0.85 AMAZON.COM INC 354,272.30 0.69 AMERICAN EXPRESS CO 386,994.80 0.75 AMERICAN HONDA FINANCE 735,403.70 1.43 APPLE INC 431,261.10 0.84 BANK OF AMERICA CO 446,222.60 0.87 BERKSHIRE HATHAWAY INC 221,449.52 0.43 BMW FINANCIAL SERVICES NA LLC 77,622.00 0.15 CALIFORNIA STATE UNIVERSITY 2,666,909.70 5.20 CAMP Pool 247,716.05 0.48 CAPITAL ONE FINANCIAL CORP 303,373.19 0.59 CARMAX AUTO OWNER TRUST 206,945.10 0.40 CATERPILLAR INC 96,624.00 0.19 CHAFFEY JOINT UNION HIGH SCHOOL DISTRICT 100,142.18 0.20 CHARLES SCHWAB 63,356.02 0.12 CINTAS CORPORATION NO. 2 218,058.75 0.43 CITIGROUP INC 248,631.75 0.48 CREDIT SUISSE GROUP RK 94,060.60 0.18 DEERE & COMPANY 182,783.41 0.36 DISCOVER FINANCIAL SERVICES 1,547,755.23 3.02 FANNIE MAE 459,817.80 0.90 FEDERAL HOME LOAN BANKS 286,526.80 0.56 FLORIDA STATE BOARD OF ADMIN FIN CORP 3,084,735.88 6.03 FREDDIE MAC 220,502.93 0.43 GENERAL DYNAMICS CORP 356,979.65 0.70 GM FINANCIAL CONSUMER AUTOMOBILE TRUST 117,742.77 0.23 GM FINANCIAL LEASINGTRUST 394,314.80 0.77 GOLDMAN SACHS GROUP INC 24,115.15 0.05 HOME DEPOT INC 95,211.21 0.19 HONDA AUTO RECEIVABLES 139,439.86 0.27 HYUNDAI AUTO RECEIVABLES 222,031.80 0.43 IBM CORP Page 4 For the Month Ending January 31, 2023Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 595,761.45 1.16 INTER-AMERICAN DEVELOPMENT BANK 724,839.58 1.41 INTL BANK OF RECONSTRUCTION AND DEV 462,771.13 0.90 JP MORGAN CHASE & CO 128,790.20 0.25 LOS ANGELES COMMUNITY COLLEGE DISTRICT 395,554.40 0.77 MORGAN STANLEY 729,756.25 1.42 NATIONAL AUSTRALIA BANK LTD 48,550.25 0.09 NATIONAL RURAL UTILITIES CO FINANCE CORP 301,674.75 0.59 NEW YORK ST URBAN DEVELOPMENT CORP 423,139.51 0.83 NISSAN AUTO RECEIVABLES 446,720.40 0.87 NORDEA BANK ABP 165,144.18 0.32 PACCAR FINANCIAL CORP 394,372.00 0.77 PNC FINANCIAL SERVICES GROUP 392,006.74 0.76 Roche Holding AG 119,713.10 0.23 SAN JUAN UNIFIED SCHOOL DISTRICT 57,925.20 0.11 STATE OF CONNECTICUT 91,658.00 0.18 STATE OF MINNESOTA 36,895.56 0.07 TARGET CORP 634,963.51 1.24 THE BANK OF NEW YORK MELLON CORPORATION 382,249.20 0.75 THE WALT DISNEY CORPORATION 449,739.50 0.88 TORONTO-DOMINION BANK 777,028.09 1.52 TOYOTA MOTOR CORP 28,318,917.86 55.25 UNITED STATES TREASURY 203,690.25 0.40 UNITEDHEALTH GROUP INC 78,147.30 0.15 UNIVERSITY OF CALIFORNIA 218,673.45 0.43 USAA CAPITAL CORP $51,269,408.49 Total 100.00% Page 5 For the Month Ending January 31, 2023Managed 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 N/B NOTES DTD 01/31/2022 0.875% 01/31/2024 6,735,312.50 6,743,687.34 169.20 6,733,125.00 01/17/2301/13/23AaaAA+ 7,000,000.00 91282CDV0 4.68 US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 477,421.90 514,969.15 773.48 534,414.06 08/07/2008/05/20AaaAA+ 500,000.00 912828YY0 0.18 US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 228,828.12 247,244.67 55.25 245,156.25 04/05/2104/01/21AaaAA+ 250,000.00 912828ZW3 0.72 US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 411,890.63 446,463.45 99.45 443,654.30 03/04/2103/01/21AaaAA+ 450,000.00 912828ZW3 0.58 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 135,867.18 148,085.53 49.72 147,052.73 07/07/2107/01/21AaaAA+ 150,000.00 91282CBC4 0.82 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 317,023.42 346,720.85 116.02 344,859.38 06/07/2106/02/21AaaAA+ 350,000.00 91282CBC4 0.70 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 362,312.48 391,385.43 132.60 387,968.75 12/06/2112/02/21AaaAA+ 400,000.00 91282CBC4 1.13 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 407,601.54 447,465.95 149.17 446,167.97 08/05/2108/03/21AaaAA+ 450,000.00 91282CBC4 0.57 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 588,757.78 637,560.00 215.47 632,251.95 11/04/2111/02/21AaaAA+ 650,000.00 91282CBC4 1.05 US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 747,269.49 817,733.16 273.48 814,236.33 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 68,015.63 72,269.72 144.51 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 861,531.25 932,592.38 1,830.46 926,843.75 01/06/2201/04/22AaaAA+ 950,000.00 91282CBW0 1.33 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 179,500.00 181,189.58 3.45 179,007.81 09/06/2209/01/22AaaAA+ 200,000.00 91282CCP4 3.53 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 224,375.00 230,423.13 4.32 226,250.00 05/05/2205/03/22AaaAA+ 250,000.00 91282CCP4 3.03 Page 6 For the Month Ending January 31, 2023Managed 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 N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 673,125.00 697,864.19 12.95 690,468.75 08/04/2208/01/22AaaAA+ 750,000.00 91282CCP4 2.74 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 718,000.00 741,826.57 13.81 732,343.75 07/08/2207/05/22AaaAA+ 800,000.00 91282CCP4 2.84 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 807,750.00 831,852.81 15.54 819,035.16 06/06/2206/02/22AaaAA+ 900,000.00 91282CCP4 2.94 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 807,750.00 829,019.19 15.54 819,562.50 08/15/2208/08/22AaaAA+ 900,000.00 91282CCP4 3.04 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 281,531.25 275,359.15 1,292.82 273,773.44 11/04/2211/01/22AaaAA+ 300,000.00 912828U24 4.39 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 328,453.13 324,645.82 1,508.29 322,574.22 10/11/2210/05/22AaaAA+ 350,000.00 912828U24 4.10 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 914,976.56 908,345.85 4,201.66 907,092.77 01/06/2301/04/23AaaAA+ 975,000.00 912828U24 3.96 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 1,970,718.75 1,959,745.55 9,049.72 1,954,066.41 12/07/2212/05/22AaaAA+ 2,100,000.00 912828U24 3.92 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 8,915,156.25 8,928,773.64 40,939.22 8,922,578.13 01/17/2301/13/23AaaAA+ 9,500,000.00 912828U24 3.72 US TREASURY N/B NOTES DTD 04/30/2022 2.750% 04/30/2027 1,155,750.00 1,155,421.88 8,660.22 1,155,421.88 02/03/2301/31/23AaaAA+ 1,200,000.00 91282CEN7 3.70 69,726.35 28,318,917.86 28,810,644.99 3.42 28,729,363.30 30,275,000.00 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 242,632.08 244,945.81 85.92 244,492.85 04/20/2104/13/21AaaAAA 245,000.00 459058JV6 0.23 INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 482,207.50 499,709.41 232.64 498,925.00 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 595,761.45 634,742.76 1,128.89 634,530.10 09/23/2109/15/21AaaAAA 635,000.00 4581X0DZ8 0.52 Page 7 For the Month Ending January 31, 2023Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Supra-National Agency Bond / Note 1,447.45 1,320,601.03 1,379,397.98 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 57,925.20 60,000.00 99.90 60,000.00 06/11/2005/29/20Aa3AA- 60,000.00 20772KJW0 2.00 CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 96,624.00 100,000.00 1,050.50 100,000.00 12/05/1911/06/19Aa1AA- 100,000.00 157411TK5 2.10 NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 301,674.75 325,000.00 1,068.17 325,000.00 12/23/2012/16/20NRAA+ 325,000.00 650036DT0 0.87 UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 78,147.30 85,000.00 158.45 85,000.00 07/16/2007/10/20Aa2AA 85,000.00 91412HGE7 0.88 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 60,078.20 65,231.48 68.14 65,459.55 09/16/2009/03/20Aa3AA 65,000.00 341271AD6 1.11 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 78,563.80 85,283.87 89.11 85,563.55 09/16/2009/03/20Aa3AA 85,000.00 341271AD6 1.12 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 147,884.80 160,000.00 167.73 160,000.00 09/16/2009/03/20Aa3AA 160,000.00 341271AD6 1.26 MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 91,658.00 100,000.00 315.00 100,000.00 08/25/2008/11/20AaaAAA 100,000.00 60412AVJ9 0.63 SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 119,713.10 130,000.00 553.80 130,000.00 10/29/2010/16/20Aa2NR 130,000.00 798306WP7 0.85 LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 128,790.20 140,000.00 541.10 140,000.00 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 77,622.00 85,000.00 183.18 85,000.00 07/29/2107/09/21Aa2AA- 85,000.00 13077DQD7 0.86 4,295.08 1,238,681.35 1,335,515.35 1.06 1,336,023.10 1,335,000.00 Security Type Sub-Total Federal Agency Commercial Mortgage-Backed Security Page 8 For the Month Ending January 31, 2023Managed 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 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 242,778.97 254,838.84 637.92 262,382.81 03/25/2003/19/20AaaAA+ 250,000.00 3137BGK24 1.95 637.92 242,778.97 254,838.84 1.95 262,382.81 250,000.00 Security Type Sub-Total Federal Agency Bond / Note FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 364,813.13 375,013.65 372.40 375,068.48 09/04/2009/02/20AaaAA+ 375,000.00 3137EAEW5 0.24 FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 510,738.37 524,965.48 521.35 524,826.75 09/04/2009/02/20AaaAA+ 525,000.00 3137EAEW5 0.26 FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 314,415.73 324,715.48 118.49 323,787.75 10/16/2010/14/20AaaAA+ 325,000.00 3137EAEY1 0.25 FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 338,072.70 349,920.10 206.60 349,685.00 11/05/2011/03/20AaaAA+ 350,000.00 3137EAEZ8 0.28 FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 313,095.58 324,899.02 144.44 324,629.50 11/25/2011/23/20AaaAA+ 325,000.00 3135G06H1 0.29 FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 288,882.90 299,917.00 118.75 299,703.00 12/04/2012/02/20AaaAA+ 300,000.00 3137EAFA2 0.28 FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 323,129.10 349,235.74 520.14 348,264.00 04/16/2004/15/20AaaAA+ 350,000.00 3130AJHU6 0.60 FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 323,930.60 349,679.42 601.56 349,279.00 04/24/2004/22/20AaaAA+ 350,000.00 3135G03U5 0.67 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 388,189.48 423,954.51 44.27 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48 FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 319,065.25 349,159.45 568.75 348,362.00 08/27/2008/25/20AaaAA+ 350,000.00 3135G05X7 0.47 FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 136,688.70 149,765.97 229.69 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44 FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 636,844.60 698,885.28 933.33 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44 Page 9 For the Month Ending January 31, 2023Managed 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 FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 591,663.80 648,709.35 758.33 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 5,138.10 4,849,529.94 5,168,820.45 0.41 5,161,604.98 5,175,000.00 Security Type Sub-Total Corporate Note PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 394,372.00 400,522.35 311.11 402,848.00 02/15/1902/12/19A3A- 400,000.00 693475AV7 3.34 CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 100,142.18 104,980.31 290.94 104,947.50 03/18/2103/16/21A2A 105,000.00 808513BN4 0.77 BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 199,435.53 209,907.74 277.08 209,775.30 04/26/2104/19/21A1A 210,000.00 06406RAS6 0.54 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 395,554.40 405,959.21 3,961.11 422,916.00 07/23/1907/19/19A1A- 400,000.00 61746BDQ6 2.59 AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 386,994.80 399,438.47 906.67 398,016.00 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 394,314.80 404,644.56 983.89 418,632.00 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 65,900.94 69,996.79 246.46 69,993.70 08/12/2108/09/21A2A 70,000.00 05565EBU8 0.75 WALT DISNEY COMPANY/THE (CALLABLE) DTD 09/06/2019 1.750% 08/30/2024 382,249.20 399,483.50 2,936.11 398,368.00 09/06/1909/03/19A2BBB+ 400,000.00 254687FK7 1.84 JOHN DEERE CAPITAL CORP CORPORATE NOTES DTD 09/10/2021 0.625% 09/10/2024 94,060.60 99,965.19 244.79 99,935.00 09/10/2109/07/21A2A 100,000.00 24422EVU0 0.65 Page 10 For the Month Ending January 31, 2023Managed 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 PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 165,144.18 178,722.08 1,531.25 182,894.25 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 76,118.00 79,943.82 735.00 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 392,006.74 410,000.00 3,423.64 410,000.00 03/10/2203/03/22Aa2AA 410,000.00 771196BT8 2.13 HOME DEPOT INC (CALLABLE) CORPORATE NOTE DTD 03/28/2022 2.700% 04/15/2025 24,115.15 24,968.42 198.75 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 218,058.75 236,881.59 1,938.75 249,738.75 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 63,356.02 64,989.28 560.63 64,985.70 05/03/2204/26/22A3A- 65,000.00 17252MAP5 3.46 USAA CAPITAL CORP CORPORATE NOTES DTD 05/26/2022 3.375% 05/01/2025 218,673.45 224,436.68 1,898.44 224,264.25 05/26/2205/23/22Aa1AA 225,000.00 90327QD89 3.49 GENERAL DYNAMICS CORP (CALLABLE) CORP NO DTD 05/11/2018 3.500% 05/15/2025 220,502.93 238,106.61 1,662.50 252,247.50 10/20/2010/16/20A3A- 225,000.00 369550BG2 0.80 JPMORGAN CHASE & CO (CALLABLE) CORP NOTE DTD 06/01/2021 0.824% 06/01/2025 296,009.60 315,000.00 432.60 315,000.00 06/01/2105/24/21A1A- 315,000.00 46647PCH7 0.82 AMAZON INC CORP NOTES (CALLABLE) DTD 06/03/2020 0.800% 06/03/2025 437,244.63 474,891.15 612.22 474,767.25 06/05/2006/03/20A1AA 475,000.00 023135BQ8 0.81 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES DTD 06/09/2022 3.500% 06/09/2025 243,085.75 250,000.00 1,263.89 250,000.00 06/09/2205/31/22Aa3AA- 250,000.00 63254ABD9 3.50 Page 11 For the Month Ending January 31, 2023Managed 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 48,550.25 49,989.74 220.42 49,986.50 05/04/2204/27/22A2A- 50,000.00 63743HFE7 3.46 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 06/30/2022 3.950% 06/30/2025 98,653.80 99,923.72 340.14 99,905.00 06/30/2206/27/22A1A+ 100,000.00 89236TKC8 3.98 IBM CORP CORPORATE NOTES DTD 07/27/2022 4.000% 07/27/2025 222,031.80 225,000.00 100.00 225,000.00 07/27/2207/20/22A3A- 225,000.00 459200KS9 4.00 BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 221,361.75 241,109.39 4,359.38 256,918.50 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 222,481.35 241,508.63 3,293.75 257,845.50 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 209,899.35 225,000.00 525.94 225,000.00 12/06/2112/01/21A2A- 225,000.00 06051GKE8 1.53 JPMORGAN CHASE & CO CORP NOTES (CALLABLE DTD 02/24/2022 2.595% 02/24/2026 166,761.53 175,000.00 1,980.49 175,000.00 02/24/2202/16/22A1A- 175,000.00 46647PCV6 2.60 UNITEDHEALTH GROUP INC (CALLABLE) CORPOR DTD 05/19/2021 1.150% 05/15/2026 203,690.25 224,742.37 546.25 224,608.50 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 130,105.02 144,771.76 194.84 144,678.10 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 155,548.58 174,962.89 1,026.91 174,947.50 08/16/2108/12/21A2A 175,000.00 05565EBW4 1.26 Page 12 For the Month Ending January 31, 2023Managed 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 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 01/10/2022 1.700% 01/08/2027 206,945.10 224,103.35 244.38 223,863.75 01/13/2201/11/22A2A 225,000.00 14913R2U0 1.81 TARGET CORP CORP NOTES (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027 36,895.56 39,945.96 34.67 39,932.00 01/24/2201/19/22A2A 40,000.00 87612EBM7 1.99 BANK OF NY MELLON CORP (CALLABLE) CORPOR DTD 01/26/2022 2.050% 01/26/2027 435,527.98 474,158.83 135.24 473,945.50 01/28/2201/26/22A1A 475,000.00 06406RBA4 2.10 AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.550% 03/04/2027 278,154.30 277,414.92 3,123.75 277,203.00 01/18/2301/13/23A2BBB+ 300,000.00 025816CS6 4.59 BERKSHIRE HATHAWAY CORP NOTES (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027 446,222.60 467,657.22 4,127.22 466,089.00 03/17/2203/15/22Aa2AA 475,000.00 084664CZ2 2.70 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES DTD 06/09/2022 3.905% 06/09/2027 486,670.50 488,426.97 2,820.28 488,325.00 01/18/2301/13/23Aa3AA- 500,000.00 63254ABE7 4.50 APPLE INC (CALLABLE) BONDS DTD 09/12/2017 2.900% 09/12/2027 735,403.70 741,243.16 8,677.85 741,062.75 01/23/2301/19/23AaaAA+ 775,000.00 037833DB3 3.94 56,167.34 9,072,243.07 9,507,796.66 2.38 9,598,515.25 9,515,000.00 Security Type Sub-Total Certificate of Deposit CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 248,631.75 250,000.00 1,315.21 250,000.00 03/23/2103/19/21P-2A-2 250,000.00 22552G3C2 0.59 TORONTO DOMINION BANK NY CERT DEPOS DTD 10/31/2022 5.600% 10/27/2025 449,739.50 450,000.00 6,510.00 450,000.00 10/31/2210/27/22A1A 450,000.00 89115B6K1 5.58 NORDEA BANK ABP NEW YORK CERT DEPOS DTD 11/03/2022 5.530% 11/03/2025 446,720.40 450,000.00 6,083.00 450,000.00 11/03/2211/02/22Aa3AA- 450,000.00 65558UYF3 5.53 Page 13 For the Month Ending January 31, 2023Managed 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 13,908.21 1,145,091.65 1,150,000.00 4.48 1,150,000.00 1,150,000.00 Security Type Sub-Total Asset-Backed Security GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 83,782.98 84,993.40 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 33,959.79 34,998.30 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 63,553.36 65,726.21 11.10 65,723.43 04/28/2104/20/21NRAAA 65,730.34 44933LAC7 0.38 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 283,587.93 294,996.87 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 303,316.38 314,913.92 36.39 314,901.40 06/14/2106/08/21NRAAA 314,935.32 89190GAC1 0.26 HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 95,211.21 99,984.94 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 96,490.72 99,993.96 23.11 99,986.00 04/21/2104/13/21NRAAA 100,007.55 14314QAC8 0.52 HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 75,886.50 79,986.94 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 182,783.41 194,969.57 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 80,423.15 84,998.40 24.08 84,997.83 10/21/2110/13/21AaaAAA 85,000.00 362554AC1 0.68 CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027 206,882.47 209,995.60 370.53 209,995.04 07/20/2207/12/22NRAAA 210,000.00 14318MAD1 3.97 NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027 139,551.58 139,973.19 277.51 139,971.03 09/28/2209/20/22AaaAAA 140,000.00 65480JAC4 4.46 GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027 276,556.50 274,957.78 552.29 274,954.93 10/12/2210/04/22NRAAA 275,000.00 36265QAD8 4.82 TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027 244,952.89 244,999.88 31.51 244,999.88 01/30/2301/24/23NRAAA 245,000.00 891940AC2 4.63 Page 14 For the Month Ending January 31, 2023Managed 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 COMET 2022-A3 A DTD 11/03/2022 4.950% 10/15/2027 247,716.05 244,963.47 539.00 244,961.56 11/03/2210/27/22NRAAA 245,000.00 14041NGB1 4.95 2,022.76 2,414,654.92 2,470,452.43 2.37 2,470,389.64 2,470,673.21 Security Type Sub-Total 51,550,673.21 50,086,227.03 2.75 153,343.21 50,077,466.70 48,602,498.79 Managed Account Sub-Total Joint Powers Authority CAMP Pool 2,666,909.70 2,666,909.70 0.00 2,666,909.70 NRAAAm 2,666,909.70 2,666,909.70 2,666,909.70 0.00 2,666,909.70 2,666,909.70 Liquid Sub-Total $54,217,582.91 $52,753,136.73 $153,343.21 $52,744,376.40 $51,269,408.49 2.75% $51,422,751.70 $153,343.21 Total Investments Accrued Interest Securities Sub-Total Bolded items are forward settling trades. Page 15 For the Month Ending January 31, 2023Managed 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 (8,374.84) 2,187.50 6,735,312.50 96.22 CITIGRP 7,000,000.00 91282CDV0US TREASURY N/B NOTES DTD 01/31/2022 0.875% 01/31/2024 4.79 1.00 (37,547.25)(56,992.16) 477,421.90 95.48 WELLS_F 500,000.00 912828YY0US TREASURY NOTES DTD 12/31/2019 1.750% 12/31/2024 4.23 1.89 (18,416.55)(16,328.13) 228,828.12 91.53 GOLDMAN 250,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 3.96 2.41 (34,572.82)(31,763.67) 411,890.63 91.53 MERRILL 450,000.00 912828ZW3US TREASURY NOTES DTD 06/30/2020 0.250% 06/30/2025 3.96 2.41 (12,218.35)(11,185.55) 135,867.18 90.58 CITIGRP 150,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (29,697.43)(27,835.96) 317,023.42 90.58 JPM_CHA 350,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (29,072.95)(25,656.27) 362,312.48 90.58 CITIGRP 400,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (39,864.41)(38,566.43) 407,601.54 90.58 JPM_CHA 450,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (48,802.22)(43,494.17) 588,757.78 90.58 BNP_PAR 650,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (70,463.67)(66,966.84) 747,269.49 90.58 CITIGRP 825,000.00 91282CBC4US TREASURY NOTES DTD 12/31/2020 0.375% 12/31/2025 3.82 2.90 (4,254.09)(3,442.38) 68,015.63 90.69 BMO 75,000.00 91282CBW0US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 3.83 3.20 (71,061.13)(65,312.50) 861,531.25 90.69 CITIGRP 950,000.00 91282CBW0US TREASURY N/B NOTES DTD 04/30/2021 0.750% 04/30/2026 3.83 3.20 (1,689.58) 492.19 179,500.00 89.75 BMO 200,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 (6,048.13)(1,875.00) 224,375.00 89.75 HSBC 250,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 (24,739.19)(17,343.75) 673,125.00 89.75 BMO 750,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 (23,826.57)(14,343.75) 718,000.00 89.75 HSBC 800,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 (24,102.81)(11,285.16) 807,750.00 89.75 MERRILL 900,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 Page 16 For the Month Ending January 31, 2023Managed 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 (21,269.19)(11,812.50) 807,750.00 89.75 BMO 900,000.00 91282CCP4US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 3.78 3.47 6,172.10 7,757.81 281,531.25 93.84 BMO 300,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 3.76 3.65 3,807.31 5,878.91 328,453.13 93.84 BMO 350,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 3.76 3.65 6,630.71 7,883.79 914,976.56 93.84 BMO 975,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 3.76 3.65 10,973.20 16,652.34 1,970,718.75 93.84 HSBC 2,100,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 3.76 3.65 (13,617.39)(7,421.88) 8,915,156.25 93.84 JPM_CHA 9,500,000.00 912828U24US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 3.76 3.65 328.12 328.12 1,155,750.00 96.31 BNP_PAR 1,200,000.00 91282CEN7US TREASURY N/B NOTES DTD 04/30/2022 2.750% 04/30/2027 3.70 4.00 (410,445.44) 4.03 (491,727.13) 28,318,917.86 30,275,000.00 Security Type Sub-Total 2.87 Supra-National Agency Bond / Note (2,313.73)(1,860.77) 242,632.08 99.03 TD 245,000.00 459058JV6INTL BK OF RECON AND DEV NOTE DTD 04/20/2021 0.125% 04/20/2023 4.52 0.22 (17,501.91)(16,717.50) 482,207.50 96.44 TD 500,000.00 459058JM6INTL BK RECON & DEVELOP NOTES DTD 11/24/2020 0.250% 11/24/2023 4.74 0.82 (38,981.31)(38,768.65) 595,761.45 93.82 JPM_CHA 635,000.00 4581X0DZ8INTER-AMERICAN DEVEL BK NOTES DTD 09/23/2021 0.500% 09/23/2024 4.43 1.64 (57,346.92) 4.56 (58,796.95) 1,320,601.03 1,380,000.00 Security Type Sub-Total 1.08 Municipal Bond / Note (2,074.80)(2,074.80) 57,925.20 96.54 SIEBERT 60,000.00 20772KJW0CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 4.54 1.40 (3,376.00)(3,376.00) 96,624.00 96.62 RBC 100,000.00 157411TK5CHAFFEY UHSD, CA TXBL GO BONDS DTD 12/05/2019 2.101% 08/01/2024 4.45 1.47 Page 17 For the Month Ending January 31, 2023Managed 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 (23,325.25)(23,325.25) 301,674.75 92.82 WELLS_F 325,000.00 650036DT0NY ST URBAN DEV CORP TXBL REV BONDS DTD 12/23/2020 0.870% 03/15/2025 4.45 2.10 (6,852.70)(6,852.70) 78,147.30 91.94 04/15/25JPM_CHA 85,000.00 91412HGE7UNIV OF CAL TXBL REV BONDS DTD 07/16/2020 0.883% 05/15/2025 4.63 2.19 (5,153.28)(5,381.35) 60,078.20 92.43 MERRILL 65,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 4.60 2.39 (6,720.07)(6,999.75) 78,563.80 92.43 MERRILL 85,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 4.60 2.39 (12,115.20)(12,115.20) 147,884.80 92.43 MERRILL 160,000.00 341271AD6FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 4.60 2.39 (8,342.00)(8,342.00) 91,658.00 91.66 MORGAN_ 100,000.00 60412AVJ9MN ST TXBL GO BONDS DTD 08/25/2020 0.630% 08/01/2025 4.17 2.48 (10,286.90)(10,286.90) 119,713.10 92.09 KEYBANC 130,000.00 798306WP7SAN JUAN USD, CA TXBL GO BONDS DTD 10/29/2020 0.852% 08/01/2025 4.22 2.47 (11,209.80)(11,209.80) 128,790.20 91.99 MERRILL 140,000.00 54438CYK2LOS ANGELES CCD, CA TXBL GO BONDS DTD 11/10/2020 0.773% 08/01/2025 4.18 2.47 (7,378.00)(7,378.00) 77,622.00 91.32 JPM_CHA 85,000.00 13077DQD7CA ST UNIV TXBL REV BONDS DTD 07/29/2021 0.862% 11/01/2025 4.24 2.72 (97,341.75) 4.42 (96,834.00) 1,238,681.35 1,335,000.00 Security Type Sub-Total 2.23 Federal Agency Commercial Mortgage-Backed Security (12,059.87)(19,603.84) 242,778.97 97.11 CITIGRP 250,000.00 3137BGK24FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 4.71 1.74 (19,603.84) 4.71 (12,059.87) 242,778.97 250,000.00 Security Type Sub-Total 1.74 Federal Agency Bond / Note (10,200.52)(10,255.35) 364,813.13 97.28 NOMURA 375,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 4.86 0.60 (14,227.11)(14,088.38) 510,738.37 97.28 WELLS_F 525,000.00 3137EAEW5FREDDIE MAC NOTES DTD 09/04/2020 0.250% 09/08/2023 4.86 0.60 (10,299.75)(9,372.02) 314,415.73 96.74 WELLS_F 325,000.00 3137EAEY1FREDDIE MAC NOTES DTD 10/16/2020 0.125% 10/16/2023 4.84 0.71 Page 18 For the Month Ending January 31, 2023Managed 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 (11,847.40)(11,612.30) 338,072.70 96.59 CITIGRP 350,000.00 3137EAEZ8FREDDIE MAC NOTES DTD 11/05/2020 0.250% 11/06/2023 4.83 0.77 (11,803.44)(11,533.92) 313,095.58 96.34 NOMURA 325,000.00 3135G06H1FANNIE MAE NOTES DTD 11/25/2020 0.250% 11/27/2023 4.83 0.82 (11,034.10)(10,820.10) 288,882.90 96.29 CITIGRP 300,000.00 3137EAFA2FREDDIE MAC NOTES DTD 12/04/2020 0.250% 12/04/2023 4.78 0.84 (26,106.64)(25,134.90) 323,129.10 92.32 CITIGRP 350,000.00 3130AJHU6FEDERAL HOME LOAN BANK NOTES DTD 04/16/2020 0.500% 04/14/2025 4.18 2.19 (25,748.82)(25,348.40) 323,930.60 92.55 CITIGRP 350,000.00 3135G03U5FANNIE MAE NOTES DTD 04/24/2020 0.625% 04/22/2025 4.16 2.21 (35,765.03)(34,694.02) 388,189.48 91.34 WELLS_F 425,000.00 3137EAEU9FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 4.09 2.47 (30,094.20)(29,296.75) 319,065.25 91.16 BARCLAY 350,000.00 3135G05X7FANNIE MAE NOTES DTD 08/27/2020 0.375% 08/25/2025 4.03 2.55 (13,077.27)(12,861.30) 136,688.70 91.13 WELLS_F 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK NOTES DTD 09/11/2020 0.375% 09/04/2025 4.01 2.58 (62,040.68)(61,048.40) 636,844.60 90.98 CITIGRP 700,000.00 3137EAEX3FREDDIE MAC NOTES DTD 09/25/2020 0.375% 09/23/2025 4.00 2.63 (57,045.55)(56,009.20) 591,663.80 91.03 BARCLAY 650,000.00 3135G06G3FANNIE MAE NOTES DTD 11/12/2020 0.500% 11/07/2025 3.95 2.75 (312,075.04) 4.39 (319,290.51) 4,849,529.94 5,175,000.00 Security Type Sub-Total 1.73 Corporate Note (6,150.35)(8,476.00) 394,372.00 98.59 12/23/23CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 4.99 0.89 (4,838.13)(4,805.32) 100,142.18 95.37 02/18/24CSFB 105,000.00 808513BN4CHARLES SCHWAB CORP NOTES (CALLABLE) DTD 03/18/2021 0.750% 03/18/2024 5.00 1.05 (10,472.21)(10,339.77) 199,435.53 94.97 03/26/24JPM_CHA 210,000.00 06406RAS6BANK OF NY MELLON CORP NOTES (CALLABLE) DTD 04/26/2021 0.500% 04/26/2024 4.73 1.15 (10,404.81)(27,361.60) 395,554.40 98.89 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 4.80 1.22 Page 19 For the Month Ending January 31, 2023Managed 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 (12,443.67)(11,021.20) 386,994.80 96.75 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 4.81 1.39 (10,329.76)(24,317.20) 394,314.80 98.58 04/08/24SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC (CALLABLE) BONDS DTD 07/08/2014 3.850% 07/08/2024 4.88 1.17 (4,095.85)(4,092.76) 65,900.94 94.14 GOLDMAN 70,000.00 05565EBU8BMW US CAPITAL LLC CORPORATE NOTES DTD 08/12/2021 0.750% 08/12/2024 4.75 1.52 (17,234.30)(16,118.80) 382,249.20 95.56 07/30/24JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE (CALLABLE) DTD 09/06/2019 1.750% 08/30/2024 4.69 1.47 (5,904.59)(5,874.40) 94,060.60 94.06 HSBC 100,000.00 24422EVU0JOHN DEERE CAPITAL CORP CORPORATE NOTES DTD 09/10/2021 0.625% 09/10/2024 4.49 1.60 (13,577.90)(17,750.07) 165,144.18 94.37 MERRILL 175,000.00 69371RQ66PACCAR FINANCIAL CORP CORPORATE NOTES DTD 02/06/2020 1.800% 02/06/2025 4.76 1.97 (3,825.82)(3,801.20) 76,118.00 95.15 02/01/25BARCLAY 80,000.00 025816CQ0AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.250% 03/04/2025 4.71 1.95 (17,993.26)(17,993.26) 392,006.74 95.61 02/10/25DEUTSCH 410,000.00 771196BT8ROCHE HOLDINGS INC (CALLABLE) CORPORATE DTD 03/10/2022 2.132% 03/10/2025 4.33 1.98 (853.27)(841.10) 24,115.15 96.46 03/15/25MORGAN_ 25,000.00 437076CM2HOME DEPOT INC (CALLABLE) CORPORATE NOTE DTD 03/28/2022 2.700% 04/15/2025 4.40 2.06 (18,822.84)(31,680.00) 218,058.75 96.92 MKTX 225,000.00 172967JP7CITIGROUP INC CORP NOTES DTD 04/27/2015 3.300% 04/27/2025 4.77 2.16 (1,633.26)(1,629.68) 63,356.02 97.47 04/01/25KEYBANC 65,000.00 17252MAP5CINTAS CORPORATION NO. 2 CORP NOTE (CALL DTD 05/03/2022 3.450% 05/01/2025 4.64 2.09 (5,763.23)(5,590.80) 218,673.45 97.19 MERRILL 225,000.00 90327QD89USAA CAPITAL CORP CORPORATE NOTES DTD 05/26/2022 3.375% 05/01/2025 4.70 2.17 (17,603.68)(31,744.57) 220,502.93 98.00 03/15/25JPM_CHA 225,000.00 369550BG2GENERAL DYNAMICS CORP (CALLABLE) CORP NO DTD 05/11/2018 3.500% 05/15/2025 4.42 2.05 Page 20 For the Month Ending January 31, 2023Managed 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 (18,990.40)(18,990.40) 296,009.60 93.97 06/01/24JPM_CHA 315,000.00 46647PCH7JPMORGAN CHASE & CO (CALLABLE) CORP NOTE DTD 06/01/2021 0.824% 06/01/2025 3.54 1.33 (37,646.52)(37,522.62) 437,244.63 92.05 05/03/25GOLDMAN 475,000.00 023135BQ8AMAZON INC CORP NOTES (CALLABLE) DTD 06/03/2020 0.800% 06/03/2025 4.41 2.24 (6,914.25)(6,914.25) 243,085.75 97.23 CITIGRP 250,000.00 63254ABD9NATIONAL AUSTRALIA BK/NY CORPORATE NOTES DTD 06/09/2022 3.500% 06/09/2025 4.75 2.27 (1,439.49)(1,436.25) 48,550.25 97.10 RBC 50,000.00 63743HFE7NATIONAL RURAL UTIL COOP CORPORATE NOTES DTD 05/04/2022 3.450% 06/15/2025 4.75 2.29 (1,269.92)(1,251.20) 98,653.80 98.65 MERRILL 100,000.00 89236TKC8TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 06/30/2022 3.950% 06/30/2025 4.54 2.32 (2,968.20)(2,968.20) 222,031.80 98.68 JPM_CHA 225,000.00 459200KS9IBM CORP CORPORATE NOTES DTD 07/27/2022 4.000% 07/27/2025 4.57 2.39 (19,747.64)(35,556.75) 221,361.75 98.38 MERRILL 225,000.00 06051GFS3BANK OF AMERICA CORP NOTES DTD 07/30/2015 3.875% 08/01/2025 4.57 2.36 (19,027.28)(35,364.15) 222,481.35 98.88 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES CORPORATE NOTES (CAL DTD 03/22/2017 3.875% 09/15/2025 4.33 2.26 (15,100.65)(15,100.65) 209,899.35 93.29 12/06/24MERRILL 225,000.00 06051GKE8BANK OF AMERICA CORP NOTES (CALLABLE) DTD 12/06/2021 1.530% 12/06/2025 4.05 1.83 (8,238.47)(8,238.47) 166,761.53 95.29 02/24/25JPM_CHA 175,000.00 46647PCV6JPMORGAN CHASE & CO CORP NOTES (CALLABLE DTD 02/24/2022 2.595% 02/24/2026 4.25 2.00 (21,052.12)(20,918.25) 203,690.25 90.53 04/15/26CITIGRP 225,000.00 91324PEC2UNITEDHEALTH GROUP INC (CALLABLE) CORPOR DTD 05/19/2021 1.150% 05/15/2026 4.26 3.15 (14,666.74)(14,573.08) 130,105.02 89.73 JPM_CHA 145,000.00 89236TJK2TOYOTA MOTOR CREDIT CORP CORPORATE NOTES DTD 06/18/2021 1.125% 06/18/2026 4.43 3.32 Page 21 For the Month Ending January 31, 2023Managed 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 (19,414.31)(19,398.92) 155,548.58 88.88 07/12/26MITSU 175,000.00 05565EBW4BMW US CAPITAL LLC (CALLABLE) CORPORATE DTD 08/12/2021 1.250% 08/12/2026 4.70 3.36 (17,158.25)(16,918.65) 206,945.10 91.98 JPM_CHA 225,000.00 14913R2U0CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 01/10/2022 1.700% 01/08/2027 3.92 3.82 (3,050.40)(3,036.44) 36,895.56 92.24 12/15/26CITIGRP 40,000.00 87612EBM7TARGET CORP CORP NOTES (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027 4.09 3.74 (38,630.85)(38,417.52) 435,527.98 91.69 12/26/26DEUTSCH 475,000.00 06406RBA4BANK OF NY MELLON CORP (CALLABLE) CORPOR DTD 01/26/2022 2.050% 01/26/2027 4.34 3.76 739.38 951.30 278,154.30 92.72 02/01/27RBS 300,000.00 025816CS6AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.550% 03/04/2027 4.52 3.78 (21,434.62)(19,866.40) 446,222.60 93.94 02/15/27SEEL 475,000.00 084664CZ2BERKSHIRE HATHAWAY CORP NOTES (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027 3.90 3.84 (1,756.47)(1,654.50) 486,670.50 97.33 CBAA 500,000.00 63254ABE7NATIONAL AUSTRALIA BK/NY CORPORATE NOTES DTD 06/09/2022 3.905% 06/09/2027 4.59 4.02 (5,839.46)(5,659.05) 735,403.70 94.89 06/12/27TD 775,000.00 037833DB3APPLE INC (CALLABLE) BONDS DTD 09/12/2017 2.900% 09/12/2027 4.13 4.08 (526,272.18) 4.47 (435,553.59) 9,072,243.07 9,515,000.00 Security Type Sub-Total 2.45 Certificate of Deposit (1,368.25)(1,368.25) 248,631.75 99.45 CSFB 250,000.00 22552G3C2CREDIT SUISSE NEW YORK CERT DEPOS DTD 03/23/2021 0.590% 03/17/2023 4.90 0.13 (260.50)(260.50) 449,739.50 99.94 TD 450,000.00 89115B6K1TORONTO DOMINION BANK NY CERT DEPOS DTD 10/31/2022 5.600% 10/27/2025 5.59 3.43 (3,279.60)(3,279.60) 446,720.40 99.27 WELLS_F 450,000.00 65558UYF3NORDEA BANK ABP NEW YORK CERT DEPOS DTD 11/03/2022 5.530% 11/03/2025 5.82 2.56 Page 22 For the Month Ending January 31, 2023Managed 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 (4,908.35) 5.53 (4,908.35) 1,145,091.65 1,150,000.00 Security Type Sub-Total 2.37 Asset-Backed Security (1,210.42)(1,204.19) 83,782.98 98.57 RBC 85,000.00 36261RAD0GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 1.03 0.38 (1,038.51)(1,037.26) 33,959.79 97.03 SOCGEN 35,000.00 380144AD7GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 1.73 0.71 (2,172.85)(2,170.07) 63,553.36 96.69 BARCLAY 65,730.34 44933LAC7HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 1.67 0.65 (11,408.94)(11,407.08) 283,587.93 96.13 MITSU 295,000.00 65480BAC1NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 1.79 0.81 (11,597.54)(11,585.02) 303,316.38 96.31 CITIGRP 314,935.32 89190GAC1TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 1.61 0.73 (4,773.73)(4,767.71) 95,211.21 95.21 MERRILL 100,000.00 43815GAC3HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 2.55 1.20 (3,503.24)(3,495.28) 96,490.72 96.48 MERRILL 100,007.55 14314QAC8CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 1.71 0.72 (4,100.44)(4,095.64) 75,886.50 94.86 SMBC 80,000.00 44935FAD6HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 2.37 1.16 (12,186.16)(12,174.84) 182,783.41 93.74 CITIGRP 195,000.00 254683CP8DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026 2.39 1.59 (4,575.25)(4,574.68) 80,423.15 94.62 JPM_CHA 85,000.00 362554AC1GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026 2.23 1.22 (3,113.13)(3,112.57) 206,882.47 98.52 RBC 210,000.00 14318MAD1CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027 4.36 1.62 (421.61)(419.45) 139,551.58 99.68 WELLS_F 140,000.00 65480JAC4NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027 4.54 2.00 1,598.72 1,601.57 276,556.50 100.57 RBC 275,000.00 36265QAD8GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027 4.68 2.05 (46.99)(46.99) 244,952.89 99.98 MERRILL 245,000.00 891940AC2TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027 4.63 2.17 2,752.58 2,754.49 247,716.05 101.11 RBC 245,000.00 14041NGB1COMET 2022-A3 A DTD 11/03/2022 4.950% 10/15/2027 4.69 2.49 (55,734.72) 3.14 (55,797.51) 2,414,654.92 2,470,673.21 Security Type Sub-Total 1.46 Page 23 For the Month Ending January 31, 2023Managed 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 51,550,673.21 48,602,498.79 (1,483,728.24) (1,474,967.91) 4.16 Managed Account Sub-Total 2.52 Joint Powers Authority 0.00 0.00 2,666,909.70 1.00 2,666,909.70 CAMP Pool 0.00 2,666,909.70 2,666,909.70 0.00 0.00 Liquid Sub-Total 0.00 Total Investments $51,422,751.70 $153,343.21 $51,269,408.49 Accrued Interest Securities Sub-Total $54,217,582.91 ($1,483,728.24) ($1,474,967.91) 4.16% 2.52 Bolded items are forward settling trades. Page 24 For the Month Ending January 31, 2023Managed 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 01/06/23 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 912828U24 (907,092.77)(2,801.10)(909,893.87) 975,000.00 01/04/23 01/17/23 US TREASURY NOTES DTD 11/15/2016 2.000% 11/15/2026 912828U24 (8,922,578.13)(33,066.30)(8,955,644.43) 9,500,000.00 01/13/23 01/17/23 US TREASURY N/B NOTES DTD 01/31/2022 0.875% 01/31/2024 91282CDV0 (6,733,125.00)(28,294.84)(6,761,419.84) 7,000,000.00 01/13/23 01/18/23 AMERICAN EXPRESS CO CORP NOTES (CALLABLE DTD 03/04/2022 2.550% 03/04/2027 025816CS6 (277,203.00)(2,847.50)(280,050.50) 300,000.00 01/13/23 01/18/23 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES DTD 06/09/2022 3.905% 06/09/2027 63254ABE7 (488,325.00)(2,115.21)(490,440.21) 500,000.00 01/13/23 01/23/23 APPLE INC (CALLABLE) BONDS DTD 09/12/2017 2.900% 09/12/2027 037833DB3 (741,062.75)(8,178.40)(749,241.15) 775,000.00 01/19/23 01/30/23 TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027 891940AC2 (244,999.88) 0.00 (244,999.88) 245,000.00 01/24/23 02/03/23 US TREASURY N/B NOTES DTD 04/30/2022 2.750% 04/30/2027 91282CEN7 (1,155,421.88)(8,660.22)(1,164,082.10) 1,200,000.00 01/31/23 (85,963.57) (19,555,771.98)(19,469,808.41) 20,495,000.00 Transaction Type Sub-Total INTEREST 01/01/23 CT ST TXBL GO BONDS DTD 06/11/2020 1.998% 07/01/2024 20772KJW0 0.00 599.40 599.40 60,000.00 01/01/23 01/01/23 FL ST BOARD OF ADMIN TXBL REV BONDS DTD 09/16/2020 1.258% 07/01/2025 341271AD6 0.00 1,949.90 1,949.90 310,000.00 01/01/23 01/25/23 FHMS K043 A2 DTD 03/01/2015 3.062% 12/01/2024 3137BGK24 0.00 637.92 637.92 250,000.00 01/01/23 01/08/23 GOLDMAN SACHS GROUP INC (CALLABLE) BONDS DTD 07/08/2014 3.850% 07/08/2024 38141EC23 0.00 7,700.00 7,700.00 400,000.00 01/08/23 Page 25 For the Month Ending January 31, 2023Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 01/08/23 CATERPILLAR FINL SERVICE CORPORATE NOTES DTD 01/10/2022 1.700% 01/08/2027 14913R2U0 0.00 1,912.50 1,912.50 225,000.00 01/08/23 01/15/23 COMET 2022-A3 A DTD 11/03/2022 4.950% 10/15/2027 14041NGB1 0.00 1,010.63 1,010.63 245,000.00 01/15/23 01/15/23 TARGET CORP CORP NOTES (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027 87612EBM7 0.00 390.00 390.00 40,000.00 01/15/23 01/15/23 CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027 14318MAD1 0.00 694.75 694.75 210,000.00 01/15/23 01/15/23 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 14314QAC8 0.00 45.91 45.91 105,956.15 01/15/23 01/15/23 TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 89190GAC1 0.00 70.42 70.42 325,000.00 01/15/23 01/15/23 HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 44933LAC7 0.00 22.19 22.19 70,079.91 01/15/23 01/15/23 NAROT 2021-A A3 DTD 06/23/2021 0.330% 10/15/2025 65480BAC1 0.00 81.13 81.13 295,000.00 01/15/23 01/15/23 HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026 44935FAD6 0.00 49.33 49.33 80,000.00 01/15/23 01/15/23 NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027 65480JAC4 0.00 520.33 520.33 140,000.00 01/15/23 01/15/23 DCENT 2021-A1 A1 DTD 09/27/2021 0.580% 09/15/2026 254683CP8 0.00 94.25 94.25 195,000.00 01/15/23 01/16/23 GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026 362554AC1 0.00 48.17 48.17 85,000.00 01/16/23 01/16/23 GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027 36265QAD8 0.00 1,104.58 1,104.58 275,000.00 01/16/23 01/20/23 GMALT 2021-2 A4 DTD 05/26/2021 0.410% 05/20/2025 380144AD7 0.00 11.96 11.96 35,000.00 01/20/23 01/20/23 GMALT 2021-1 A4 DTD 02/24/2021 0.330% 02/20/2025 36261RAD0 0.00 23.38 23.38 85,000.00 01/20/23 01/21/23 FREDDIE MAC NOTES DTD 07/23/2020 0.375% 07/21/2025 3137EAEU9 0.00 796.88 796.88 425,000.00 01/21/23 Page 26 For the Month Ending January 31, 2023Managed Account Security Transactions & Interest CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 01/21/23 HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026 43815GAC3 0.00 73.33 73.33 100,000.00 01/21/23 01/23/23 PNC BANK NA CORP NOTES (CALLABLE) DTD 01/23/2019 3.500% 01/23/2024 693475AV7 0.00 7,000.00 7,000.00 400,000.00 01/23/23 01/26/23 BANK OF NY MELLON CORP (CALLABLE) CORPOR DTD 01/26/2022 2.050% 01/26/2027 06406RBA4 0.00 4,868.75 4,868.75 475,000.00 01/26/23 01/27/23 IBM CORP CORPORATE NOTES DTD 07/27/2022 4.000% 07/27/2025 459200KS9 0.00 4,500.00 4,500.00 225,000.00 01/27/23 01/31/23 US TREASURY N/B NOTES DTD 01/31/2022 0.875% 01/31/2024 91282CDV0 0.00 30,625.00 30,625.00 7,000,000.00 01/31/23 01/31/23 US TREASURY N/B NOTES DTD 07/31/2021 0.625% 07/31/2026 91282CCP4 0.00 11,875.00 11,875.00 3,800,000.00 01/31/23 76,705.71 76,705.71 0.00 15,856,036.06 Transaction Type Sub-Total PAYDOWNS 01/15/23 HART 2021-A A3 DTD 04/28/2021 0.380% 09/15/2025 44933LAC7 4,349.57 0.00 4,349.57 0.46 0.00 4,349.57 01/15/23 01/15/23 TAOT 2021-B A3 DTD 06/14/2021 0.260% 11/17/2025 89190GAC1 10,064.68 0.00 10,064.68 1.08 0.00 10,064.68 01/15/23 01/15/23 CARMX 2021-2 A3 DTD 04/21/2021 0.520% 02/17/2026 14314QAC8 5,948.60 0.00 5,948.60 1.28 0.00 5,948.60 01/15/23 0.00 0.00 2.82 20,362.85 20,362.85 20,362.85 Transaction Type Sub-Total SELL 01/06/23 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 481,542.97 165.74 481,708.71 (42,812.50)(26,812.33)FIFO 500,000.00 01/04/23 01/06/23 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 72,231.44 24.86 72,256.30 (3,873.05)(3,133.80)FIFO 75,000.00 01/04/23 01/06/23 US TREASURY NOTES DTD 06/30/2017 2.000% 06/30/2024 912828XX3 313,002.93 107.73 313,110.66 (20,820.31)(14,971.13)FIFO 325,000.00 01/04/23 01/23/23 APPLE INC (CALLABLE) CORP NOTES DTD 05/11/2020 1.125% 05/11/2025 037833DT4 512,055.50 1,237.50 513,293.00 (39,050.00)(38,443.02)FIFO 550,000.00 01/19/23 Page 27 For the Month Ending January 31, 2023Managed 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 1,535.83 (83,360.28)(106,555.86) 1,380,368.67 1,378,832.84 1,450,000.00 Transaction Type Sub-Total (18,070,612.72) (7,722.03) (18,078,334.75) (106,553.04) (83,360.28)Managed Account Sub-Total Total Security Transactions ($106,553.04)($18,078,334.75)($7,722.03)($18,070,612.72)($83,360.28) Bolded items are forward settling trades. Page 28 For the Month Ending January 31, 2023Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 46,870.41 Opening Balance 01/03/23 01/03/23 Purchase - Interest 20772KJW0 1.00 599.40 47,469.81 01/03/23 01/03/23 Purchase - Interest 341271AD6 1.00 1,949.90 49,419.71 01/03/23 01/03/23 Purchase - Interest 912828XX3 1.00 9,000.00 58,419.71 01/03/23 01/03/23 Purchase - Interest 912828YY0 1.00 4,375.00 62,794.71 01/03/23 01/03/23 Purchase - Interest 912828ZW3 1.00 875.00 63,669.71 01/03/23 01/03/23 Purchase - Interest 91282CBC4 1.00 5,296.88 68,966.59 01/06/23 01/06/23 Purchase - Principal 912828XX3 1.00 866,777.34 935,743.93 01/06/23 01/06/23 Purchase - Interest 912828XX3 1.00 298.34 936,042.27 01/06/23 01/06/23 Redemption - Principal 912828U24 1.00 (907,092.77) 28,949.50 01/06/23 01/06/23 Redemption - Interest 912828U24 1.00 (2,801.10) 26,148.40 01/09/23 01/09/23 Purchase - Interest 14913R2U0 1.00 1,912.50 28,060.90 01/09/23 01/09/23 Purchase - Interest 38141EC23 1.00 7,700.00 35,760.90 01/12/23 01/12/23 Purchase - Incoming Wires 1.00 19,500,000.00 19,535,760.90 01/17/23 01/17/23 Purchase - Interest 87612EBM7 1.00 390.00 19,536,150.90 01/17/23 01/17/23 Purchase - Interest 89190GAC1 1.00 70.42 19,536,221.32 01/17/23 01/17/23 Purchase - Interest 65480JAC4 1.00 520.33 19,536,741.65 01/17/23 01/17/23 Purchase - Interest 65480BAC1 1.00 81.13 19,536,822.78 01/17/23 01/17/23 Purchase - Interest 44935FAD6 1.00 49.33 19,536,872.11 01/17/23 01/17/23 Purchase - Interest 254683CP8 1.00 94.25 19,536,966.36 01/17/23 01/17/23 Purchase - Interest 14318MAD1 1.00 694.75 19,537,661.11 01/17/23 01/17/23 Purchase - Interest 14314QAC8 1.00 45.91 19,537,707.02 Page 29 For the Month Ending January 31, 2023Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 01/17/23 01/17/23 Purchase - Interest 14041NGB1 1.00 1,010.63 19,538,717.65 01/17/23 01/17/23 Purchase - Interest 44933LAC7 1.00 22.19 19,538,739.84 01/17/23 01/17/23 Purchase - Interest 36265QAD8 1.00 1,104.58 19,539,844.42 01/17/23 01/17/23 Purchase - Interest 362554AC1 1.00 48.17 19,539,892.59 01/17/23 01/17/23 Purchase - Principal 14314QAC8 1.00 5,948.60 19,545,841.19 01/17/23 01/17/23 Purchase - Principal 44933LAC7 1.00 4,349.57 19,550,190.76 01/17/23 01/17/23 Redemption - Interest 91282CDV0 1.00 (28,294.84) 19,521,895.92 01/17/23 01/17/23 Redemption - Principal 912828U24 1.00 (8,922,578.13) 10,599,317.79 01/17/23 01/17/23 Redemption - Interest 912828U24 1.00 (33,066.30) 10,566,251.49 01/17/23 01/17/23 Redemption - Principal 91282CDV0 1.00 (6,733,125.00) 3,833,126.49 01/18/23 01/18/23 Purchase - Principal 89190GAC1 1.00 10,064.68 3,843,191.17 01/18/23 01/18/23 Redemption - Principal 025816CS6 1.00 (277,203.00) 3,565,988.17 01/18/23 01/18/23 Redemption - Interest 025816CS6 1.00 (2,847.50) 3,563,140.67 01/18/23 01/18/23 Redemption - Interest 63254ABE7 1.00 (2,115.21) 3,561,025.46 01/18/23 01/18/23 Redemption - Principal 63254ABE7 1.00 (488,325.00) 3,072,700.46 01/20/23 01/20/23 Purchase - Interest 380144AD7 1.00 11.96 3,072,712.42 01/20/23 01/20/23 Purchase - Interest 36261RAD0 1.00 23.38 3,072,735.80 01/23/23 01/23/23 Purchase - Interest 3137EAEU9 1.00 796.88 3,073,532.68 01/23/23 01/23/23 Purchase - Interest 693475AV7 1.00 7,000.00 3,080,532.68 01/23/23 01/23/23 Purchase - Interest 43815GAC3 1.00 73.33 3,080,606.01 01/23/23 01/23/23 Purchase - Interest 037833DT4 1.00 1,237.50 3,081,843.51 01/23/23 01/23/23 Purchase - Principal 037833DT4 1.00 512,055.50 3,593,899.01 Page 30 For the Month Ending January 31, 2023Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 01/23/23 01/23/23 Redemption - Interest 037833DB3 1.00 (8,178.40) 3,585,720.61 01/23/23 01/23/23 Redemption - Principal 037833DB3 1.00 (741,062.75) 2,844,657.86 01/25/23 01/25/23 Purchase - Interest 3137BGK24 1.00 637.92 2,845,295.78 01/25/23 01/25/23 IP Fees December 2022 1.00 (2,615.32) 2,842,680.46 01/25/23 01/25/23 U.S. Bank Fees November 2022 1.00 (164.12) 2,842,516.34 01/26/23 01/26/23 Purchase - Interest 06406RBA4 1.00 4,868.75 2,847,385.09 01/27/23 01/27/23 Purchase - Interest 459200KS9 1.00 4,500.00 2,851,885.09 01/30/23 01/30/23 Redemption - Principal 891940AC2 1.00 (244,999.88) 2,606,885.21 01/31/23 01/31/23 Purchase - Interest 91282CCP4 1.00 11,875.00 2,618,760.21 01/31/23 01/31/23 Purchase - Interest 91282CDV0 1.00 30,625.00 2,649,385.21 01/31/23 02/01/23 Accrual Income Div Reinvestment - Distributions 1.00 17,524.49 2,666,909.70 Page 31 For the Month Ending January 31, 2023Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate 2,666,909.70 2,666,909.70 2,666,909.70 4,599,050.81 17,524.49 0.00 (18,394,469.32) 21,014,508.61 46,870.41 17,524.49 2,666,909.70 0.00 (18,394,469.32) 21,014,508.61 46,870.41 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance January January-January 4.53% Page 32 Review of Investment Performance CAMP Accounts Investment Performance ReviewFor the Quarter Ended December 31, 2022Client Management TeamPFM Asset Management LLCCity of Lake Elsinore © PFM Asset Management LLC pfmam.com|Market Update PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comCurrent Market Themes▸The U.S. economy is characterized by:▹High inflation that shows signs of slowing▹Continued strong labor market▹Potentially declining health of U.S. household finances▹Expectations for a modest yet broad economic downturn▸The Federal Reserve is expected to wrap up their normalization process▹Slowing pace of rate hikes▹Fed projecting short-term fed funds rate to reach 5.00% to 5.25% by year-end, with markets expecting rate cuts in the second half of 2023▹Fed officials reaffirm that restoring price stability is the utmost priority, despite risks of overtightening▸Volatile markets potentially calming▹Treasury yields in the belly of the curve (3-7 years) ended the quarter slightly lower, while shorter and longer maturities ended higher▹Yield curve inversion has deepened further since last quarter▹While still elevated, volatility and liquidity challenges have begun subsidingCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|1 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comInflation Now Trending LowerSource: Bloomberg, as of December 2022.Lower energy and goods prices help to offset increases in wage-driven services costsDec-226.5%-2%0%2%4%6%8%10%Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22Consumer Prices (CPI)Top-Line Contributions and Year-over-Year ReadingServices (Ex Food & Energy)Goods (Ex Food & Energy)FoodEnergyHeadline YoY%Bloomberg ForecastsQ1‘23Q2‘23Q3‘23Dec-22CITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|2 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comRecession Gauge Flashing Yellow, But GDP Expected to Grow by End of YearLabor marketConsumerRetail salesManufacturingInvertedyield curveRecession RiskRate hike cycleInflation1.1%0.1%-0.6%0.0%0.9%1.5%1.8%-2.0%-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%2.5%Q4 '22 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24U.S. GDP ForecastsAnnualized RateRangeMedian of ForecastsSource: Bloomberg, Economist Forecasts. Recession risk based on most recent economic data as of 1/9/2023.HousingCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|3 For the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comSource: Bloomberg, as of 12/31/2022. Rates Remain Sensitive to Fed and InflationThe 2-year Treasury is commonly used to gauge market reactions and near-term policy expectations3.75%4.00%4.25%4.50%4.75%5.00%Oct-22 Nov-22Dec-22Jan-23Hundreds2-Year US Treasury YieldOctober 13thCPIConsumer prices rise more than expected, catalyzing uncertainty; +17 bpsNovember 10th CPIThe first tangible sign that inflation is slowing; -24 bpsNovember 3rdHawkish stance from the FOMC regarding higher rates; +10 bpsNovember 30th Powell confirms that upcoming rate hikes will be smaller; -16 bpsCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|4 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comSource: Federal Reserve and Bloomberg. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. Fed’s “Dot Plot” Suggests Expectations for a Drawn Out Normalization of Policy0%1%2%3%4%5%6%Fed Participants’ Assessments of ‘Appropriate’ Monetary PolicyDec-22 FOMC ProjectionsDec-22 MedianDec 2023Longer TermDec 2024Dec 2025CITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|5 For the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateWhat Could the Fed’s Pivot Look Like?CLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.com+25+50+75 +75 +75 +75+50+25 +25-25 -25 -250%1%2%3%4%5%6%-50-250255075100Jan-22 May-22 Jul-22 Nov-22 Feb-23 May-23 Jul-23 Nov-23 Jan-24Basis Point ChangeFOMC Meeting DatesChanges to the Target Fed Funds RateActualMarket ExpectationFF Mid-Point (right axis)Source: Bloomberg WIRP Interest Rate Probability as of 1/9/2023. CITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|6 PFM Asset Management LLCFor the Quarter Ended June 30, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comYield Curve Inversion Deepens4Q202212/31/223Q202209/30/22QoQChange3-month 4.34% 3.25%+1.10%1-year 4.69% 3.93%+0.75%2-year 4.43% 4.28%+0.15%3-year 4.22% 4.29%-0.06%5-year 4.00% 4.09%-0.09%10-year 3.87% 3.83%+0.05%30-year 3.96% 3.78%+0.19%0.0%1.0%2.0%3.0%4.0%5.0%3M1Y2Y3Y4Y5Y10Y30YMaturityU.S. Treasury Yield CurveDecember 31, 2022September 30, 2022December 31, 2021Source: Bloomberg, as of December 2022.Treasury yield in the belly of the curve ended the quarter slightly lower, while shorter and longer maturities ended higherCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|7 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comHigher Yields Can Offset Some of the Price Depreciation WoesSource: ICE BofAML Indices via Bloomberg, as of 12/31/2022. PFMAM Calculations. Income return represents the yield of the benchmark index, as of the end of the prior calendar year, respective to the year of performance shown. 4.34%4.75%4.22%4.00%3.97%3.87%2.5%3.0%3.5%4.0%4.5%5.0%5.5%YieldU.S. Treasury Yield CurveDecember 31, 2022September 30, 20223mo 2yr 5yr 7yr 10yr2023 Starting Yield:4.33%-8%-6%-4%-2%0%2%4%6%8%10%200020022004200620082010201220142016201820202022Annual Price & Income Returns 1-5 Year Treasury IndexIncome ReturnPrice ReturnTotal ReturnCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|8 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comSector Yield SpreadsSource: ICE BofAML 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of 12/31/2022. 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.-0.3%-0.2%-0.1%0.0%0.1%0.2%0.3%0.4%0.5%0.6%Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22Federal Agency Yield SpreadsBulletCallable0.0%0.2%0.4%0.6%0.8%1.0%1.2%Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22Corporate Notes A-AAA Yield Spreads0.0%0.5%1.0%1.5%2.0%Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22Mortgage-Backed Securities Yield SpreadsAgency MBSAAA CMBS Index0.0%0.4%0.8%1.2%1.6%Dec-21 Mar-22 Jun-22 Sep-22 Dec-22Asset-Backed Securities AAA Yield SpreadsCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|9 © PFM Asset Management LLC pfmam.com|Portfolio Review: © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Snapshot|Total market value includes accrued interest and balances invested in CAMP, as of December 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 Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹Credit Quality - S&P14%18%38%29%5%35%27%22%11%0%10%20%30%40%0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 YrsPortfolioBenchmarkDuration DistributionU.S. Treasury | 37%Corporate | 27%Federal Agency | 16%ABS | 7%Supranational | 4%Municipal | 4%Negotiable CD | 4%Agency CMBS | 1%Joint Powers Authority | <1%Sector AllocationAAA | 11%AAAm | <1%AA+ | 57%AA | 6%AA- | 4%A+ | 2%A | 6%A- | 9%BBB+ | 4%A-2 | 1%Not Rated | 1%Portfolio StatisticsPortfolio Effective Duration2.41 yearsBenchmark Effective Duration2.48 yearsPortfolio Credit QualityAAYield At Market4.44%Yield At Cost1.80%Total Market Value$30,378,390.22$30,236,871.15Managed Account Sub-Total$46,870.41Pool$94,648.66Accrued Interest10 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Account Summary|0.2%7.2%26.6%3.8%4.0%4.3%0.8%15.9%37.3%0.0%20.0%40.0%60.0%80.0%100.0%Joint Powers Authority - $46,870ABS - $2,179,650Corporate - $8,067,365Negotiable CD - $1,151,938Municipal - $1,229,400Supranational - $1,315,110Agency CMBS - $242,836Federal Agency - $4,815,880U.S. Treasury - $11,329,340Portfolio AllocationSector Limit for Analysis*Sector Allocation AnalyticsFor informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.11 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Compliance|Note: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Asset and Investment Management ("AIM").Certificate of ComplianceDuring the reporting period for the quarter ended December 31, 2022, the account(s) managed by PFM Asset Management("PFMAM") were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.Acknowledged :PFM Asset Management LLC12 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Portfolio ActivityNet Activity by Sector($ millions)U.S. TreasuryAgency CMBSABSNegotiable CDU.S. TreasuryAgency CMBSABSNegotiable CD($4.0) ($2.0) $0.0$2.0$4.0Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.SectorNet ActivityNegotiable CD$900,000ABS$510,953Agency CMBS($6,698)U.S. Treasury($1,240,867)$163,387Total Net ActivitySales/Maturities Purchases13 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Characteristics|$0.0$6.2$12.4$18.6$24.8$31.0MillionsDecember 2022$0.0$6.2$12.4$18.6$24.8$31.0MillionsSeptember 2022$0.0$6.2$12.4$18.6$24.8$31.0MillionsJune 2022$0.0$6.2$12.4$18.6$24.8$31.0MillionsMarch 2022Sector Allocation ReviewU.S. TreasuryFederal AgencyAgency CMBSSupranationalMunicipalNegotiable CDCorporateABSJoint 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.Mar-22 % of TotalSecurity TypeJun-22 % of TotalSep-22 % of Total% of TotalDec-22U.S. Treasury$11.737.9%$12.039.1%$12.541.4%$11.337.3%Federal Agency$5.818.7%$4.915.9%$4.815.9%$4.815.9%Agency CMBS$0.51.5%$0.31.0%$0.20.8%$0.20.8%Supranational$1.34.3%$1.34.3%$1.34.4%$1.34.3%Municipal$1.34.1%$1.34.1%$1.24.1%$1.24.0%Negotiable CD$0.62.1%$0.62.1%$0.20.8%$1.13.8%Corporate$7.524.1%$7.925.9%$8.026.5%$8.026.5%ABS$2.27.1%$2.16.9%$1.75.6%$2.27.2%Joint Powers Authority$0.00.2%$0.20.7%$0.10.5%$0.00.2%Total$30.9100.0%$30.7100.0%$30.0100.0%$30.3100.0%14 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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.-6.0%-4.0%-2.0%0.0%2.0%ReturnPortfolioBenchmarkPortfolio PerformanceMarket Value Basis Earnings3 Months1 Year3 Years5 Years10 YearsInterest Earned²$112,139$418,975$1,509,858 $3,101,435 $5,243,615Change in Market Value$160,754 ($2,064,635) ($2,053,032) ($1,195,705) ($1,820,508)$272,893Total Dollar Return($1,645,660)($543,174) $1,905,730 $3,423,107Total Return³Portfolio0.91%-5.13%-0.59%0.88%0.96%Benchmark⁴0.95%-5.25%-0.77%0.66%0.71%Difference-0.04%0.12%0.18%0.22%0.25%3 Months1 Year3 Years5 Years10 Years15 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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. Treasury0.00%0.20%0.40%0.60%0.80%1.00%U.S. Treasury | 0.35%Federal Agency | 0.13%Agency CMBS | 0.01%Supranational | 0.03%Municipal | 0.03%Negotiable CD | 0.01%Commercial Paper | <0.01%Corporate | 0.33%ABS | 0.03%Cash | <0.01%Price Returns Income ReturnsReturn1.15%0.48%0.62%0.00%0.81%0.29%0.09%0.79%0.10%0.28%0.00%-0.06%0.64%0.00%-0.24%0.46%0.55%-0.07%0.71%0.62%-2.0% -1.0% 0.0% 1.0% 2.0% 3.0%Return16 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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$112,139($249,318)$13,401($123,778)1 Year$418,975($303,513)($18,442)$97,0203 Years$1,509,858$267,183($131,902)$1,645,1395 Year$3,101,435$240,464($58,489)$3,283,41010 Year¹$5,243,615$569,536($357,000)$5,456,15017 PFM Asset Management LLCFor the Quarter Ended March 31, 2022California Affiliated Risk Management AuthoritiesMarketUpdateCLIENT NAMEFor the Quarter Ended December 31, 2022MarketUpdate© PFM Asset Management LLC |pfmam.comFixed-Income Sector Outlook – 1Q 2023NegativeSlightly NegativeNeutral SlightlyPositivePositiveCurrent outlook Outlook one quarter agoSectorOur Investment PreferencesC O MME R C I A L P AP E R/ C DT R E AS U R I E ST-BillT-NoteF E D E R AL AG E NC I E SBulletsCallablesS UP R AN A T I O N A L SCO R P O R AT E SFinancialsIndustrialsS E C UR I T I Z E DAsset-BackedAgency Mortgage-BackedAgency CMBSMUN I C I P A L SCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Market Update© PFM Asset Management LLC pfmam.com|18 © PFM Asset Management LLC | pfmam.comIssuer Distribution © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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. Treasury37.4%UNITED STATES TREASURY37.4% AA / Aaa / AAAFederal Agency15.9%FANNIE MAE5.1% AA / Aaa / AAAFEDERAL HOME LOAN BANKS1.5% AA / Aaa / NRFREDDIE MAC9.3% AA / Aaa / AAAAgency CMBS0.8%FREDDIE MAC0.8% AA / Aaa / AAASupranational4.3%INTER-AMERICAN DEVELOPMENT BANK2.0% AAA / Aaa / AAAINTL BANK OF RECONSTRUCTION AND DEV2.4% AAA / Aaa / AAAMunicipal4.1%CALIFORNIA STATE UNIVERSITY0.3% AA / Aa / NRCHAFFEY JOINT UNION HIGH SCHOOLDISTRICT0.3% AA / Aa / NRFLORIDA STATE BOARD OF ADMIN FIN CORP0.9% 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% AA / Aa / AASTATE OF MINNESOTA0.3% AAA / Aaa / AAAUNIVERSITY OF CALIFORNIA0.3%AA / Aa / AANegotiable CD3.8%CREDIT SUISSE GROUP RK0.8%BBB / A / BBBNORDEA BANK ABP1.5%AA / Aa / AATORONTO-DOMINION BANK1.5%A / A / NRMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerCorporate26.6%ABBOTT LABORATORIES0.7%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 / ACINTAS CORPORATION NO. 20.2%A / A / NRCITIGROUP 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 / AIBM CORP0.7%A / A / NRJP MORGAN CHASE & CO1.5%A / A / AAMORGAN STANLEY1.3%A / A / ANATIONAL AUSTRALIA BANK LTD0.8%AA / Aa / NRNATIONAL RURAL UTILITIES CO FINANCECORP0.2%A / A / APACCAR FINANCIAL CORP0.5%A / A / NRPNC FINANCIAL SERVICES GROUP1.3%A / A / ARoche Holding AG1.3%AA / Aa / AATARGET CORP0.1%A / A / ATHE BANK OF NEW YORK MELLONCORPORATION2.1%A / A / AA19 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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 / IssuerCorporate26.6%THE WALT DISNEY CORPORATION1.3% BBB / A / ATOYOTA MOTOR CORP0.7%A / A / AUNITEDHEALTH GROUP INC0.7%A / A / AUSAA CAPITAL CORP0.7%AA / Aa / NRABS7.2%CAPITAL ONE FINANCIAL CORP0.8% AAA / NR / AAACARMAX AUTO OWNER TRUST1.0% AAA / NR / AAADISCOVER FINANCIAL SERVICES0.6%AAA / Aaa / NRGM FINANCIAL CONSUMER AUTOMOBILETRUST1.2% AAA / Aaa / AAAGM FINANCIAL LEASINGTRUST0.4% AAA / Aaa / AAAHONDA AUTO RECEIVABLES0.3%NR / Aaa / AAAHYUNDAI AUTO RECEIVABLES0.5% AAA / NR / AAANISSAN AUTO RECEIVABLES1.4%AAA / Aaa / NRTOYOTA MOTOR CORP1.0% AAA / NR / AAA100.0%Total20 © PFM Asset Management LLC | pfmam.comPortfolio Transactions © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY10/4/2022 10/12/2022 275,000.00 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 274,954.93 4.82%10/5/2022 10/11/2022 350,000.00 912828U24 US TREASURY NOTES2.00% 11/15/2026 325,408.46 4.10%10/27/2022 10/31/2022 450,000.00 89115B6K1 TORONTO DOMINION BANK NY CERT DEPOS5.60% 10/27/2025 450,000.00 5.58%10/27/2022 11/3/2022 245,000.00 14041NGB1 COMET 2022-A3 A4.95% 10/15/2027 244,961.56 4.95%11/1/2022 11/4/2022 300,000.00 912828U24 US TREASURY NOTES2.00% 11/15/2026 276,594.09 4.39%11/2/2022 11/3/2022 450,000.00 65558UYF3 NORDEA BANK ABP NEW YORK CERT DEPOS5.53% 11/3/2025 450,000.00 5.53%12/5/2022 12/7/2022 2,100,000.00 912828U24 US TREASURY NOTES2.00% 11/15/2026 1,956,618.90 3.92%Total BUY4,170,000.003,978,537.940.00INTEREST10/1/2022 10/25/2022 1,113.03 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 1.9410/1/2022 10/25/2022 5,584.98 3137FKK39 FHMS KP05 A3.20% 7/1/2023 14.9110/1/2022 10/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.9210/14/2022 10/14/2022 350,000.00 3130AJHU6 FEDERAL HOME LOAN BANK NOTES0.50% 4/14/2025875.0010/15/2022 10/15/2022 25,000.00 437076CM2 HOME DEPOT INC (CALLABLE) CORPORATE NOTE 2.70% 4/15/2025369.3810/15/2022 10/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.2510/15/2022 10/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.6710/15/2022 10/15/2022 140,000.00 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 294.8621 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST10/15/2022 10/15/2022 75,000.00 44933LAC7 HART 2021-A A30.38% 9/15/202523.7510/15/2022 10/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/2025 81.1310/15/2022 10/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.3310/15/2022 10/15/2022 210,000.00 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027694.7510/15/2022 10/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.4210/16/2022 10/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/202648.1710/16/2022 10/16/2022 325,000.00 3137EAEY1 FREDDIE MAC NOTES0.12% 10/16/2023203.1310/20/2022 10/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.3810/20/2022 10/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.9610/20/2022 10/20/2022459058JV6 INTL BK OF RECON AND DEV NOTE0.12% 4/20/2023154.3510/21/2022 10/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.3310/22/2022 10/22/2022 350,000.00 3135G03U5 FANNIE MAE NOTES0.62% 4/22/2025 1,093.7510/26/2022 10/26/2022 210,000.00 06406RAS6 BANK OF NY MELLON CORP NOTES (CALLABLE) 0.50% 4/26/2024525.0010/27/2022 10/27/2022 225,000.00 172967JP7 CITIGROUP INC CORP NOTES3.30% 4/27/2025 3,712.5010/29/2022 10/29/2022 400,000.00 61746BDQ6 MORGAN STANLEY CORP NOTES3.87% 4/29/2024 7,750.0010/31/2022 10/31/2022 1,025,000.00 91282CBW0 US TREASURY N/B NOTES0.75% 4/30/2026 3,843.7511/1/2022 11/1/2022 225,000.00 90327QD89 USAA CAPITAL CORP CORPORATE NOTES3.37% 5/1/20253,269.5322 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST11/1/2022 11/1/2022 85,000.00 13077DQD7 CA ST UNIV TXBL REV BONDS0.86% 11/1/2025366.3511/1/2022 11/1/2022 65,000.00 17252MAP5 CINTAS CORPORATION NO. 2 CORP NOTE (CALL 3.45% 5/1/20251,108.7911/1/2022 11/25/2022 1,026.51 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 1.7911/1/2022 11/25/2022 5,568.75 3137FKK39 FHMS KP05 A3.20% 7/1/2023 14.8611/1/2022 11/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.9211/6/2022 11/6/2022 350,000.00 3137EAEZ8 FREDDIE MAC NOTES0.25% 11/6/2023 437.5011/7/2022 11/7/2022 650,000.00 3135G06G3 FANNIE MAE NOTES0.50% 11/7/2025 1,625.0011/11/2022 11/11/2022 550,000.00 037833DT4 APPLE INC (CALLABLE) CORP NOTES1.12% 5/11/2025 3,093.7511/15/2022 11/15/2022 75,000.00 44933LAC7 HART 2021-A A30.38% 9/15/202523.7511/15/2022 11/15/2022 140,000.00 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 520.3311/15/2022 11/15/2022 650,000.00 912828U24 US TREASURY NOTES2.00% 11/15/2026 6,500.0011/15/2022 11/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/2025 81.1311/15/2022 11/15/2022 210,000.00 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027694.7511/15/2022 11/15/2022 85,000.00 91412HGE7 UNIV OF CAL TXBL REV BONDS0.88% 5/15/2025375.2811/15/2022 11/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.4211/15/2022 11/15/2022 225,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) CORP NO 3.50% 5/15/2025 3,937.5011/15/2022 11/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.6723 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST11/15/2022 11/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.2511/15/2022 11/15/2022 225,000.00 91324PEC2 UNITEDHEALTH GROUP INC (CALLABLE) CORPOR 1.15% 5/15/2026 1,293.7511/15/2022 11/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.3311/16/2022 11/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/202648.1711/16/2022 11/16/2022 275,000.00 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 1,251.8611/20/2022 11/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.9611/20/2022 11/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.3811/21/2022 11/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.3311/24/2022 11/24/2022 500,000.00 459058JM6 INTL BK RECON & DEVELOP NOTES0.25% 11/24/2023625.0011/27/2022 11/27/2022 325,000.00 3135G06H1 FANNIE MAE NOTES0.25% 11/27/2023 406.2512/1/2022 12/1/2022 315,000.00 46647PCH7 JPMORGAN CHASE & CO (CALLABLE) CORP NOTE 0.82% 6/1/20251,297.8012/1/2022 12/25/2022 5,553.39 3137FKK39 FHMS KP05 A3.20% 7/1/2023 14.8212/1/2022 12/25/2022 250,000.00 3137BGK24 FHMS K043 A23.06% 12/1/2024 637.9212/3/2022 12/3/2022 475,000.00 023135BQ8 AMAZON INC CORP NOTES (CALLABLE)0.80% 6/3/20251,900.0012/4/2022 12/4/2022 300,000.00 3137EAFA2 FREDDIE MAC NOTES0.25% 12/4/2023 375.0012/6/2022 12/6/2022 225,000.00 06051GKE8 BANK OF AMERICA CORP NOTES (CALLABLE)1.53% 12/6/2025 1,721.2512/9/2022 12/9/2022 250,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY CORPORATE NOTES 3.50% 6/9/20254,375.0024 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST12/15/2022 12/15/2022 110,000.00 14314QAC8 CARMX 2021-2 A30.52% 2/17/202647.6712/15/2022 12/15/2022 140,000.00 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 520.3312/15/2022 12/15/2022 210,000.00 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027694.7512/15/2022 12/15/2022 80,000.00 44935FAD6 HART 2021-C A30.74% 5/15/2026 49.3312/15/2022 12/15/2022 325,000.00 89190GAC1 TAOT 2021-B A30.26% 11/17/2025 70.4212/15/2022 12/15/2022 74,474.21 44933LAC7 HART 2021-A A30.38% 9/15/202523.5812/15/2022 12/15/2022 245,000.00 14041NGB1 COMET 2022-A3 A4.95% 10/15/2027 1,414.8812/15/2022 12/15/2022 295,000.00 65480BAC1 NAROT 2021-A A30.33% 10/15/2025 81.1312/15/2022 12/15/2022 50,000.00 63743HFE7 NATIONAL RURAL UTIL COOP CORPORATE NOTES 3.45% 6/15/2025 1,058.9612/15/2022 12/15/2022 195,000.00 254683CP8 DCENT 2021-A1 A10.58% 9/15/202694.2512/16/2022 12/16/2022 85,000.00 362554AC1 GMCAR 2021-4 A30.68% 9/16/202648.1712/16/2022 12/16/2022 275,000.00 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 1,104.5812/18/2022 12/18/2022 145,000.00 89236TJK2 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 1.12% 6/18/2026815.6312/20/2022 12/20/2022 35,000.00 380144AD7 GMALT 2021-2 A40.41% 5/20/2025 11.9612/20/2022 12/20/2022 85,000.00 36261RAD0 GMALT 2021-1 A40.33% 2/20/2025 23.3812/21/2022 12/21/2022 100,000.00 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 73.3312/27/2022 12/28/2022 400,000.00 02665WCZ2 AMERICAN HONDA FINANCE CORP NOTE2.40% 6/27/2024 4,800.0025 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST12/30/2022 12/30/2022 100,000.00 89236TKC8 TOYOTA MOTOR CREDIT CORP CORPORATE NOTES 3.95% 6/30/2025 1,975.0012/31/2022 12/31/2022 700,000.00 912828ZW3 US TREASURY NOTES0.25% 6/30/2025875.0012/31/2022 12/31/2022 900,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 9,000.0012/31/2022 12/31/2022 2,825,000.00 91282CBC4 US TREASURY NOTES0.37% 12/31/2025 5,296.8812/31/2022 12/31/2022 500,000.00 912828YY0 US TREASURY NOTES1.75% 12/31/2024 4,375.00Total INTEREST20,798,320.8790,154.250.00PAYDOWNS10/1/2022 10/25/202216.23 3137FKK39 FHMS KP05 A3.20% 7/1/202316.2310/1/2022 10/25/202286.52 3137FQ3V3 FHMS KJ27 A12.09% 7/1/202486.5211/1/2022 11/25/2022 1,026.51 3137FQ3V3 FHMS KJ27 A12.09% 7/1/2024 1,026.5111/1/2022 11/25/202215.36 3137FKK39 FHMS KP05 A3.20% 7/1/202315.3611/15/2022 11/15/2022525.79 44933LAC7 HART 2021-A A30.38% 9/15/2025525.7912/1/2022 12/25/2022 5,553.39 3137FKK39 FHMS KP05 A3.20% 7/1/2023 5,553.3912/15/2022 12/15/2022 4,394.30 44933LAC7 HART 2021-A A30.38% 9/15/2025 4,394.3012/15/2022 12/15/2022 4,043.85 14314QAC8 CARMX 2021-2 A30.52% 2/17/2026 4,043.85Total PAYDOWNS15,661.9515,661.950.0026 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Activity|Quarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionSELL10/4/2022 10/12/2022 300,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 290,820.65-12,568.2010/5/2022 10/11/2022 200,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 193,697.70-8,552.4710/27/2022 10/31/2022 450,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 434,779.63-20,691.3510/28/2022 11/3/2022 250,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 241,692.43-11,381.0211/1/2022 11/4/2022 300,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 289,367.53-14,334.2011/2/2022 11/3/2022 450,000.00 912828XX3 US TREASURY NOTES2.00% 6/30/2024 433,991.68-21,540.5212/5/2022 12/7/2022 2,000,000.00 912828YY0 US TREASURY NOTES1.75% 12/31/2024 1,915,139.27-160,250.10Total SELL3,950,000.003,799,488.89-249,317.8627 © PFM Asset Management LLC | pfmam.comPortfolio Holdings © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Managed Account Detail of Securities HeldSecurity Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 325,000.00 AA+ Aaa 2/3/2020 2/7/2020 333,823.24 1.3617.95312,406.25328,001.55US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 500,000.00 AA+ Aaa 3/2/2020 3/6/2020 524,355.47 0.8527.62480,625.00508,432.52US TREASURY NOTESDTD 06/30/2017 2.000% 06/30/2024912828XX3 75,000.00 AA+ Aaa 1/2/2020 1/7/2020 76,104.49 1.664.1472,093.7575,368.61US TREASURY NOTESDTD 12/31/2019 1.750% 12/31/2024912828YY0 500,000.00 AA+ Aaa 8/5/2020 8/7/2020 534,414.06 0.1824.17474,531.25515,633.02US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025912828ZW3 450,000.00 AA+ Aaa 3/1/2021 3/4/2021 443,654.30 0.583.11407,531.25446,338.86US TREASURY NOTESDTD 06/30/2020 0.250% 06/30/2025912828ZW3 250,000.00 AA+ Aaa 4/1/2021 4/5/2021 245,156.25 0.721.72226,406.25247,147.60US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 450,000.00 AA+ Aaa 8/3/2021 8/5/2021 446,167.97 0.574.66401,906.25447,392.12US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 825,000.00 AA+ Aaa 9/1/2021 9/7/2021 814,236.33 0.688.54736,828.13817,521.43US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 150,000.00 AA+ Aaa 7/1/2021 7/7/2021 147,052.73 0.821.55133,968.75148,029.76US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 350,000.00 AA+ Aaa 6/2/2021 6/7/2021 344,859.38 0.703.63312,593.75346,625.31US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 650,000.00 AA+ Aaa 11/2/2021 11/4/2021 632,251.95 1.056.73580,531.25637,197.55US TREASURY NOTESDTD 12/31/2020 0.375% 12/31/202591282CBC4 400,000.00 AA+ Aaa 12/2/2021 12/6/2021 387,968.75 1.134.14357,250.00391,134.44US 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 1,220.30849,062.50932,136.61US 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 1.9296.3467,031.2572,198.23US TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 200,000.00 AA+ Aaa 9/1/2022 9/6/2022 179,007.81 3.53 523.10176,656.24180,732.5928 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 750,000.00 AA+ Aaa 8/1/2022 8/4/2022 690,468.75 2.74 1,961.62662,460.90696,597.57US TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 900,000.00 AA+ Aaa 6/2/2022 6/6/2022 819,035.16 2.94 2,353.94794,953.08830,197.20US TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 900,000.00 AA+ Aaa 8/8/2022 8/15/2022 819,562.50 3.04 2,353.94794,953.08827,294.74US TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 800,000.00 AA+ Aaa 7/5/2022 7/8/2022 732,343.75 2.84 2,092.39706,624.96740,413.26US TREASURY N/B NOTESDTD 07/31/2021 0.625% 07/31/202691282CCP4 250,000.00 AA+ Aaa 5/3/2022 5/5/2022 226,250.00 3.03 653.87220,820.30229,947.51US TREASURY NOTESDTD 11/15/2016 2.000% 11/15/2026912828U24 300,000.00 AA+ Aaa 11/1/2022 11/4/2022 273,773.44 4.39 779.01277,265.64274,806.82US TREASURY NOTESDTD 11/15/2016 2.000% 11/15/2026912828U24 350,000.00 AA+ Aaa 10/5/2022 10/11/2022 322,574.22 4.10 908.84323,476.58324,077.50US TREASURY NOTESDTD 11/15/2016 2.000% 11/15/2026912828U24 2,100,000.00 AA+ Aaa 12/5/2022 12/7/2022 1,954,066.41 3.92 5,453.041,940,859.481,956,601.7412,500,000.0011,945,428.7218,504.3511,310,835.89Security Type Sub-Total2.1911,973,826.54SupranationalINTL 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 0.2360.40241,842.93244,924.27INTL 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 0.32 128.47480,505.50499,678.97INTER-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 0.52 864.31591,708.88634,729.461,380,000.001,377,947.951,053.181,314,057.31Security Type Sub-Total0.401,379,332.70Negotiable CDCREDIT SUISSE NEW YORK CERTDEPOSDTD 03/23/2021 0.590% 03/17/202322552G3C2 250,000.00 A-2 P-2 3/19/2021 3/23/2021 250,000.00 0.59 1,188.19247,586.50250,000.0029 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostNegotiable CDTORONTO DOMINION BANK NY CERTDEPOSDTD 10/31/2022 5.600% 10/27/202589115B6K1 450,000.00 A A1 10/27/2022 10/31/2022 450,000.00 5.58 4,340.00449,801.01450,000.00NORDEA BANK ABP NEW YORK CERTDEPOSDTD 11/03/2022 5.530% 11/03/202565558UYF3 450,000.00 AA- Aa3 11/2/2022 11/3/2022 450,000.00 5.53 4,009.25445,012.65450,000.001,150,000.001,150,000.009,537.441,142,400.16Security Type Sub-Total4.481,150,000.00MunicipalCT ST TXBL GO BONDSDTD 06/11/2020 1.998% 07/01/202420772KJW0 60,000.00 AA- Aa3 5/29/2020 6/11/2020 60,000.00 2.00 599.4057,692.4060,000.00CHAFFEY 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 2.10 875.4296,103.00100,000.00NY ST URBAN DEV CORP TXBL REVBONDSDTD 12/23/2020 0.870% 03/15/2025650036DT0 325,000.00 AA+ NR 12/16/2020 12/23/2020 325,000.00 0.87 832.54298,424.75325,000.00UNIV 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 0.8895.9076,759.2585,000.00FL 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 1,006.40146,236.80160,000.00FL 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 1.12 534.6577,688.3085,293.86FL 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 1.11 408.8559,408.7065,239.63LOS ANGELES CCD, CA TXBL GOBONDSDTD 11/10/2020 0.773% 08/01/202554438CYK2 140,000.00 AA+ Aaa 10/30/2020 11/10/2020 140,000.00 0.77 450.92127,048.60140,000.00SAN JUAN USD, CA TXBL GO BONDSDTD 10/29/2020 0.852% 08/01/2025798306WP7 130,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 0.85 461.50118,095.90130,000.00MN ST TXBL GO BONDSDTD 08/25/2020 0.630% 08/01/202560412AVJ9 100,000.00 AAA Aaa 8/11/2020 8/25/2020 100,000.00 0.63 262.5090,408.00100,000.0030 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostMunicipalCA 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 0.86 122.1275,883.7585,000.001,335,000.001,336,023.105,650.201,223,749.45Security Type Sub-Total1.061,335,533.49Joint Powers AuthorityCAMP Pool46,870.41 AAAm NR46,870.41 0.00 46,870.4146,870.4146,870.4146,870.41 0.00 46,870.41Security Type Sub-Total46,870.41Federal 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 0.26 411.98508,878.30524,960.59FREDDIE MAC NOTESDTD 09/04/2020 0.250% 09/08/20233137EAEW5 375,000.00 AA+ Aaa 9/2/2020 9/4/2020 375,068.48 0.24 294.27363,484.50375,015.58FREDDIE MAC NOTESDTD 10/16/2020 0.125% 10/16/20233137EAEY1 325,000.00 AA+ Aaa 10/14/2020 10/16/2020 323,787.75 0.2584.64313,120.28324,681.16FREDDIE MAC NOTESDTD 11/05/2020 0.250% 11/06/20233137EAEZ8 350,000.00 AA+ Aaa 11/3/2020 11/5/2020 349,685.00 0.28 133.68336,648.90349,911.19FANNIE MAE NOTESDTD 11/25/2020 0.250% 11/27/20233135G06H1 325,000.00 AA+ Aaa 11/23/2020 11/25/2020 324,629.50 0.2976.74311,735.13324,888.55FREDDIE MAC NOTESDTD 12/04/2020 0.250% 12/04/20233137EAFA2 300,000.00 AA+ Aaa 12/2/2020 12/4/2020 299,703.00 0.2856.25287,497.20299,908.59FEDERAL 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 0.60 374.31320,420.80349,206.24FANNIE MAE NOTESDTD 04/24/2020 0.625% 04/22/20253135G03U5 350,000.00 AA+ Aaa 4/22/2020 4/24/2020 349,279.00 0.67 419.27321,094.20349,667.17FREDDIE MAC NOTESDTD 07/23/2020 0.375% 07/21/20253137EAEU9 425,000.00 AA+ Aaa 7/21/2020 7/23/2020 422,883.50 0.48 708.33384,569.75423,918.54FANNIE MAE NOTESDTD 08/27/2020 0.375% 08/25/20253135G05X7 350,000.00 AA+ Aaa 8/25/2020 8/27/2020 348,362.00 0.47 459.38315,620.90349,131.61FEDERAL 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 0.44 182.81135,204.90149,758.3031 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostFederal AgencyFREDDIE MAC NOTESDTD 09/25/2020 0.375% 09/23/20253137EAEX3 700,000.00 AA+ Aaa 9/23/2020 9/25/2020 697,893.00 0.44 714.58629,168.40698,849.47FANNIE MAE NOTESDTD 11/12/2020 0.500% 11/07/20253135G06G3 650,000.00 AA+ Aaa 11/9/2020 11/12/2020 647,673.00 0.57 487.50584,033.45648,669.745,175,000.005,161,604.984,403.744,811,476.71Security Type Sub-Total0.415,168,566.73CorporatePNC 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 6,144.44394,184.40400,572.17CHARLES 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 0.77 225.3199,939.63104,978.83BANK 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 0.54 189.58198,052.89209,901.39MORGAN STANLEY CORP NOTESDTD 04/28/2014 3.875% 04/29/202461746BDQ6 400,000.00 A- A1 7/19/2019 7/23/2019 422,916.00 2.59 2,669.44393,075.60406,367.02AMERICAN 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 2.51 106.67385,007.20399,404.47GOLDMAN 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 7,400.56393,045.20404,977.85BMW 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 0.75 202.7165,419.8369,996.61WALT DISNEY COMPANY/THE(CALLABLE)DTD 09/06/2019 1.750% 08/30/2024254687FK7 400,000.00 BBB+ A2 9/3/2019 9/6/2019 398,368.00 1.84 2,352.78381,259.20399,455.70JOHN 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 0.65 192.7193,246.7099,963.3532 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporatePACCAR FINANCIAL CORPCORPORATE NOTESDTD 02/06/2020 1.800% 02/06/202569371RQ66 175,000.00 A+ A1 10/22/2020 10/29/2020 182,894.25 0.73 1,268.75164,573.15178,878.85AMERICAN EXPRESS CO CORPNOTES (CALLABLEDTD 03/04/2022 2.250% 03/04/2025025816CQ080,000.00 BBB+ A2 3/1/2022 3/4/202279,919.20 2.29 585.0075,531.8479,941.54ROCHE HOLDINGS INC (CALLABLE)CORPORATEDTD 03/10/2022 2.132% 03/10/2025771196BT8 410,000.00 AA Aa2 3/3/2022 3/10/2022 410,000.00 2.13 2,695.20388,503.29410,000.00HOME 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 2.76 142.5023,919.1524,967.21CITIGROUP 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 1,320.00217,288.13237,332.97USAA CAPITAL CORP CORPORATENOTESDTD 05/26/2022 3.375% 05/01/202590327QD89 225,000.00 AA Aa1 5/23/2022 5/26/2022 224,264.25 3.49 1,265.63216,720.45224,415.38CINTAS CORPORATION NO. 2 CORPNOTE (CALLDTD 05/03/2022 3.450% 05/01/202517252MAP5 65,000.00 A- A3 4/26/2022 5/3/2022 64,985.70 3.46 373.7562,936.1964,988.88APPLE 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 1.08 859.38506,607.20550,512.08GENERAL DYNAMICS CORP(CALLABLE) CORP NODTD 05/11/2018 3.500% 05/15/2025369550BG2 225,000.00 A- A3 10/16/2020 10/20/2020 252,247.50 0.80 1,006.25218,907.45238,632.23JPMORGAN CHASE & CO (CALLABLE)CORP NOTEDTD 06/01/2021 0.824% 06/01/202546647PCH7 315,000.00 A- A1 5/24/2021 6/1/2021 315,000.00 0.82 216.30293,765.54315,000.00AMAZON INC CORP NOTES(CALLABLE)DTD 06/03/2020 0.800% 06/03/2025023135BQ8 475,000.00 AA A1 6/3/2020 6/5/2020 474,767.25 0.81 295.56433,778.55474,887.20NATIONAL AUSTRALIA BK/NYCORPORATE NOTESDTD 06/09/2022 3.500% 06/09/202563254ABD9 250,000.00 AA- Aa3 5/31/2022 6/9/2022 250,000.00 3.50 534.72242,137.00250,000.0033 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateNATIONAL RURAL UTIL COOPCORPORATE NOTESDTD 05/04/2022 3.450% 06/15/202563743HFE7 50,000.00 A- A2 4/27/2022 5/4/2022 49,986.50 3.4676.6748,119.1049,989.37TOYOTA MOTOR CREDIT CORPCORPORATE NOTESDTD 06/30/2022 3.950% 06/30/202589236TKC8 100,000.00 A+ A1 6/27/2022 6/30/2022 99,905.00 3.9810.9798,126.2099,921.04IBM CORP CORPORATE NOTESDTD 07/27/2022 4.000% 07/27/2025459200KS9 225,000.00 A- A3 7/20/2022 7/27/2022 225,000.00 4.00 3,850.00221,339.03225,000.00BANK 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 3,632.81219,069.68241,656.97ABBOTT 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 2,567.19220,834.35242,100.27BANK 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 1.53 239.06207,725.85225,000.00JPMORGAN CHASE & CO CORPNOTES (CALLABLEDTD 02/24/2022 2.595% 02/24/202646647PCV6 175,000.00 A- A1 2/16/2022 2/24/2022 175,000.00 2.60 1,602.05164,717.35175,000.00UNITEDHEALTH 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 1.19 330.63201,442.95224,735.71TOYOTA 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 1.1758.91128,340.52144,766.03BMW 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 1.26 844.62153,462.40174,961.99CATERPILLAR 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 1,838.13203,013.23224,084.01TARGET CORP CORP NOTES(CALLABLE)DTD 01/24/2022 1.950% 01/15/202787612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 359.6736,282.1239,944.8034 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateBANK 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 4,192.53426,439.33474,140.91BERKSHIRE 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 3,216.81437,687.33467,505.778,490,000.008,643,030.0052,867.298,014,498.03Security Type Sub-Total1.958,553,980.60Agency CMBSFHMS K043 A2DTD 03/01/2015 3.062% 12/01/20243137BGK24 250,000.00 AA+ Aaa 3/19/2020 3/25/2020 262,382.81 1.95 637.92242,197.79255,063.06250,000.00262,382.81637.92242,197.79Security Type Sub-Total1.95255,063.06ABSGMALT 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 0.338.5783,505.3984,993.12GMALT 2021-2 A4DTD 05/26/2021 0.410% 05/20/2025380144AD735,000.00 AAA NR 5/18/2021 5/26/2021 34,997.05 0.414.3833,706.0434,998.24HART 2021-A A3DTD 04/28/2021 0.380% 09/15/202544933LAC770,079.91 AAA NR 4/20/2021 4/28/2021 70,072.54 0.3811.8467,778.9370,075.36NAROT 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 0.3343.27282,533.15294,996.77TAOT 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 0.2637.56312,099.71324,977.25HAROT 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 0.8924.4494,904.4999,984.51CARMX 2021-2 A3DTD 04/21/2021 0.520% 02/17/202614314QAC8 105,956.15 AAA NR 4/13/2021 4/21/2021 105,933.32 0.5224.49101,985.03105,941.35HART 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 0.7526.3175,385.5079,986.61DCENT 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 0.5850.27181,501.07194,968.8635 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 31, 2022Portfolio Holdings|Security Type/DescriptionDated Date/Coupon/Maturity CUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSGMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026362554AC185,000.00 AAA Aaa 10/13/2021 10/21/2021 84,997.83 0.6824.0880,032.4684,998.36CARMX 2022-3 A3DTD 07/20/2022 3.970% 04/15/202714318MAD1 210,000.00 AAA NR 7/12/2022 7/20/2022 209,995.04 3.97 370.53203,961.03209,995.51NAROT 2022-B A3DTD 09/28/2022 4.460% 05/17/202765480JAC4 140,000.00 AAA Aaa 9/20/2022 9/28/2022 139,971.03 4.46 277.51138,294.94139,972.66GMCAR 2022-4 A3DTD 10/12/2022 4.820% 08/16/202736265QAD8 275,000.00 AAA NR 10/4/2022 10/12/2022 274,954.93 4.82 552.29275,364.79274,956.99COMET 2022-A3 ADTD 11/03/2022 4.950% 10/15/202714041NGB1 245,000.00 AAA NR 10/27/2022 11/3/2022 244,961.56 4.95 539.00246,603.28244,962.822,246,036.062,245,749.791,994.542,177,655.81Security Type Sub-Total2.102,245,808.4132,526,036.0632,122,167.35 94,648.66 30,236,871.15Managed Account Sub TotalSecurities Sub TotalAccrued Interest$32,572,906.47$32,169,037.76 $94,648.66$30,283,741.56$94,648.6632,062,111.53$32,108,981.941.801.80%Total Investments$30,378,390.2236 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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.37 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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.38 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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.39 © PFM Asset Management LLC pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended December 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.40