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Item No. 04 Investment Report October 2019
City Council Agenda Report City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92530 www.lake-elsinore.org File Number: ID# 19-409 Agenda Date: 12/10/2019 Status: Approval FinalVersion: 1 File Type: Council Consent Calendar In Control: City Council / Successor Agency Agenda Number: 4) CC Investment Report for October 2019 Receive and file. Page 1 City of Lake Elsinore Printed on 8/2/2023 REPORT TO CITY COUNCIL To:Honorable Mayor and Members of the City Council From:Grant Yates, City Manager Prepared by:Andrew Zavala, Accountant I Approved by:Jason Simpson, Assistant City Manager Date:December 10, 2019 Subject:Investment Report for October 2019 Recommendation Receive and file the Investment Report for October 2019. Background and Discussion The Investment Report is a listing of all funds invested for the City as of the date shown on the report.Additionally, the Review of the Investment Performance for the quarter ended September 30, 2019 is included. Fiscal Impact No fiscal impact. Exhibits A: Investment Report for October 2019 CITY OF LAKE ELSINORE INVESTMENT REPORT BANK DEPOSITS OUTSTANDING BOOK CASH ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank Accounts: General Checking Account 4,263,573$ 139,438$ (1,480,553)$ 2,922,458$ Cash On Hand: Cashier Drawers #1 & #2 - - - 300 City of Lake Elsinore Petty Cash Fund - - - 1,000 Total Cash Accounts 4,263,573 139,438 (1,480,553) 2,923,758 INVESTMENTS Local Agency Investment Fund 3,403,655 - - 3,403,655 CAMP Investments: CAMP Pool Account 142,871 - - 142,871 U.S. Treasury Bond / Note 17,667,962 - - 17,667,962 Supra-National Agency Bond / Note 723,920 - - 723,920 Federal Agency Collateralized Mortgage Obligation 557,126 - - 557,126 Federal Agency Bond / Note - - - - Corporate Notes 8,032,281 - - 8,032,281 Negotiable Certificate of Deposit 4,739,856 - - 4,739,856 Asset-Backed Security / Collaterized Mortgage 3,344,540 - - 3,344,540 Sub-total Investments 38,612,210 - - 38,612,210 Market Value Adjustment: Unrealized Gain/(Loss) at 09/30/2019 687,826 - - 687,826 Total Investments 39,300,036 - - 39,300,036 Total Pooled Cash and Investments 43,563,609$ 139,438$ (1,480,553)$ 42,223,794$ TOTAL POOLED CASH AND INVESTMENTS 42,223,794$ 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 11, 2019. 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 November 19, 2019 Assistant City Manager Date C I T Y O F L A K E E L S I N O R E INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF OCTOBER 31, 2019 FUND NO FUND NAME AMOUNT 100 General 2,653,256$ 106 Affordable Housing In Lieu 1,499,496 107 Developer Agreement Revenue 188 109 Road Maintenance and Rehabilitation (SB1)992,702 110 State Gas Tax 302,978 112 Measure A 1,890,183 114 SB1186 CASP Education Program 19,591 115 Traffic Safety 45,994 118 Lake Side Facility DIF 68,401 119 Animal Shelter DIF 2,836 121 T.R.I.P.-2014A 145 135 Lighting & Landscape Maintenance - Dist. No. 1 660,175 140 Geothermal 19,339 160 PEG Grant 20,259 203 E.L.S.P. - S.T.I.F.2,231,822 205 Traffic Impact Fee 4,966,399 211 Storm Drain C.I.P. 426,806 220 Street Lighting C.I.P.214 221 Quimby Park C.I.P.238,963 231 Library C.I.P. 1,212,754 232 City Fire Protection 16,408 300 Insurance Service 1,266,196 305 Information Systems Service 463,869 310 Support Service 26,614 320 Facilities Service 705,609 331 CFD 2006-1CC Summerly Improvement Area CC 13,856 332 CFD 2006-1 Improvement Area B, Summerly 43,568 334 CFD 2015-5 Trieste - Far West Industries 2,388 335 CFD 2003-2E Canyon Hills Improvement Area E 5,438 336 CFD 2006-1FF Summerly Improvement Area FF 6,481 338 CFD 2006-1 IA-JJ Summerly Improvement Area 18,284 340 CFD 2006-1 IA-EE Summerly Improvement Area 13,566 345 CFD 2003-2 Improvement Area D, Canyon Hills 972 346 CFD 2014-1 Southshore 66,777 347 CFD 2006-1 Improvement Area A, Summerly 15,726 350 CFD 98-1 Summerhill 14,804 351 CFD 2006-1 IA-II Summerly Improvement 7,737 357 CFD 2003-2 Canyon Hills Improvement Area 25,412 366 CFD 2005-6 City Center Townhomes 13,909 368 CFD 2006-2 Viscaya 15,431 369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 34,725 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 OCTOBER 31, 2019 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 OCTOBER 31, 2019 371 CFD 2005-1 Serenity 21,154 372 CFD 2005-2 Alberhill Ranch Improvement Area 60,559 374 CFD 2005-4 Lakeview Villas 7,536 375 CFD 2006-4 Clurman 12,048 376 CFD 2006-3 La Strada 4,731 377 CFD 2006-6 Tessara 7,479 378 CFD 2006-8 Running Deer Estates 8,633 384 CFD 2003-2 Area B Canyon Hills Improvement Area 526,690 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 30,376 386 CFD 2007-4 Mekenna Court 15,883 387 CFD 2007-5 Red Kite 5,170 388 CFD 2007-6 Holiday Inn Express 991 389 CFD 88-3 (2008A) West Lake Elsinore Series A 62,311 390 CFD 2003-2 Area C Canyon Hills Improvement Area 8,425 392 CFD 95-1 City Center 15,446 393 AD 93-1 Cottonwood Hills 63,812 394 CFD 2005-5 (2012A) Wasson Canyon 8,109 396 CFD 2018-2 Nichols Ranch Improvement Area 32,465 500 Capital Improvement Plan 7,141,307 510 Successor To RDA Area I, II, & III 3,905,090 540 Successor To RDA Diamond Stadium 2,288,122 603 Endowment Trust - Carl Graves 54,541 604 Endowment Trust - Korn Memorial 33,011 605 Public Improvement Trust 111,193 606 Mobile Source Air Polution Reduction 331,634 608 Trust Deposit & Pre Paid Expense 2,603,014 617 Successor Agency Housing 3,383,336 620 Cost Recovery System 1,055,867 631 Lake Destratification Equipment Replacement 394,594 Total Pooled Cash & Investments 42,223,794$ DIVERSIFICATION MAXIMUM TYPES OF SECURITIES PERCENTAGE PERCENTAGE U.S. Treasury Bills 0.00%Unlimited U.S. Treasury Bond / Note 45.76%Unlimited Current Balance 17,667,962$ Supra-National Agency Bond / Note 1.87%30% Current Balance 723,920$ Municipal Bond / Note 0.00%Unlimited Current Balance -$ Federal Agency Collaterized Mortgage Obligation 1.44%40.00% Current Balance 557,126$ Federal Agency Bond / Note 0.00%*Unlimited Current Balance -$ Negotiable Certificates of Deposit 12.28%30.00% Current Balance 4,739,856$ Corporate Note 20.80%30.00% Current Balance 8,032,281$ Asset-Backed Security / Collaterized Mortgage 20% Current Balance 9%3,344,540$ Repurchase Agreements 0.00%Unlimited Reverse Repurchase Agreements 0.00%10.00% LAIF (Local Agency Investment Fund)8.81%*$65 Million Current Balance 3,403,655$ CAMP - Pooled Sweep Account 0.37%Unlimited Current Balance 142,871$ TOTAL 100.00%38,612,210$ Note: *No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. *Investment in LAIF may not exceed $65 million in each agency. FOR THE MONTH ENDING OCTOBER 31, 2019 SUMMARY OF POLICY LIMITATIONS C I T Y O F L A K E E L S I N O R E Local Agency Investment Fund Yield Purchase Date Maturity Rate 2.190%Daily 24-Hour Investment Beginning Balance Net Increase/(Decrease)Ending Balance Total Investments Held with Local Agency Investment Fund:3,289,426$ 114,229$ 3,403,655$ Note: Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained. LAIF accounts are subject to a $65 million cap per agency. C I T Y O F L A K E E L S I N O R E LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING OCTOBER 31, 2019 CALIFORNIA STATE TREASURER FIONA MA, CPA 10/16/19 2.19 2.21 197 10/17/19 2.19 2.21 198 10/18/19 2.18 2.20 198 10/19/19 2.18 2.20 198 10/20/19 2.18 2.20 198 10/21/19 2.18 2.20 196 10/22/19 2.18 2.22 195 10/23/19 2.18 2.20 194 10/24/19 2.17 2.20 196 10/25/19 2.17 2.20 198 10/26/19 2.17 2.20 198 10/27/19 2.17 2.20 198 10/28/19 2.17 2.19 196 Oct 2019 2.190 10/29/19 2.16 2.19 198 Sep 2019 2.280 10/30/19 2.16 2.19 199 Aug 2019 2.341 10/31/19 2.14 2.19 203 11/01/19 2.14 2.19 209 11/02/19 2.14 2.19 209 11/03/19 2.14 2.19 209 11/04/19 2.14 2.18 208 11/05/19 2.14 2.18 208 11/06/19 2.14 2.18 208 11/07/19 2.12 2.18 213 11/08/19 2.12 2.18 214 11/09/19 2.12 2.18 214 11/10/19 2.12 2.18 214 11/11/19 2.12 2.18 214 11/12/19 2.12 2.17 212 11/13/19 2.11 2.17 212 11/14/19 2.10 2.17 213 11/15/19 2.10 2.17 216 .00006701807521016 1.001642817 Earnings Ratio: Fair Value Factor: Daily:2.25% PMIA Performance Report LAIF Performance Report Date Daily Yield* Quarter to Date Yield Average Maturity (in days)Apportionment Rate:2.45 Quarter Ending 09/30/19 Quarter to Date: Average Life: View Prior Month Daily Rates PMIA Average Monthly Effective Yields 2.34% *Daily yield does not reflect capital gains or losses 185 Treasuries 52.02% Agencies 16.88% Certificates of Deposit/Bank Notes 17.65% Time Deposits 5.29% Commercial Paper 7.27% Loans 0.86% Pooled Money Investment Account Portfolio Composition 10/31/19 $91.4 billion Percentages may not total 100% due to rounding 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). Based on data available as of 11/18/2019 CAMP Investment Portfolio For the Month Ending October 31, 2019Account Statement - Transaction Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Opening Market Value Purchases Redemptions Change in Value Closing Market Value 77,602.54 6,081,150.69 (6,015,882.72) 0.00 $142,870.51 CAMP Pool Unsettled Trades 0.00 402.10 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 40,581,927.51 1,005,742.19 (5,984,233.65) 58,582.72 $35,662,018.77 CAMP Managed Account Unsettled Trades 0.00 234,253.27 Cash Dividends and Income October 31, 2019September 30, 2019 Asset Summary CAMP Pool 142,870.51 77,602.54 CAMP Managed Account 35,662,018.77 40,581,927.51 $35,804,889.28 $40,659,530.05 Total Asset Allocation 0.40% CAMP Pool 99.60% CAMP Managed Account Page 1 For the Month Ending October 31, 2019Managed 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 $77,602.54 6,081,150.69 (6,015,882.72) $142,870.51 402.10 $40,581,927.51 (45,804.01) (5,938,429.64) 1,005,742.19 0.00 58,582.72 $35,662,018.77 $40,659,530.05 $35,804,889.28 96,514.94 (6,932.74) 144,671.07 $234,253.27 0.00 5,972,337.21 62,607.37 45,804.01 (1,012,674.93) (5,068,073.66) 0.00 Managed Account Total 35,060,740.90 35,203,611.41 204,277.94 5,972,337.21 45,804.01 62,607.37 (1,012,674.93) (39,908,244.98) (223,861.93) 0.00 204,277.94 11,988,219.93 45,804.01 62,607.37 (7,093,825.62) (39,985,847.52) (223,861.93) 402.10 Total Accrual Basis Earnings $200,985.59 $201,387.69 Transaction Summary - Managed AccountTransaction Summary - Money Market ___________________________________________________________________________________________________________________________________________________ Cash Balance $0.00 Closing Cash Balance Page 2 For the Month Ending October 31, 2019Portfolio Summary and Statistics CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Account Summary Percent Par ValueMarket ValueDescription U.S. Treasury Bond / Note 17,950,000.00 18,129,385.52 50.64 Supra-National Agency Bond / Note 725,000.00 728,423.50 2.03 Federal Agency Collateralized Mortgage Obligation 551,369.74 563,135.64 1.57 Corporate Note 7,945,000.00 8,080,335.23 22.57 Certificate of Deposit 4,740,000.00 4,773,953.16 13.33 Asset-Backed Security 3,345,000.00 3,386,785.72 9.46 Managed Account Sub-Total 35,256,369.7435,662,018.77 99.60% Accrued Interest 204,277.94 Total Portfolio 35,256,369.7435,866,296.71 CAMP Pool 142,870.51 142,870.51 0.40 Total Investments 35,399,240.2536,009,167.22 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 9.46% ABS 13.33% Cert of Deposit 22.57% Corporate Note 1.57% Fed Agency CMO 0.40% Mny Mkt Fund 2.03% Supra-National Agency Bond / Note 50.64% 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 7.15%6.01% 15.71% 4.63% 50.27% 16.23% 0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 2.51 1031 2.44% 1.73% Page 3 For the Month Ending October 31, 2019Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Credit Quality (S&P Ratings) 7.86% A 3.71% A+ 7.78% A- 3.80% A-1 4.25% A-1+ 52.20% AA+ 4.31% AA- 10.72% AAA 0.40% AAAm 4.20% BBB+ 0.77% NR Issuer Summary Percentof HoldingsIssuer Market Value 441,226.56 1.23 AMERICAN EXPRESS CO 405,959.60 1.13 AMERICAN HONDA FINANCE 403,113.21 1.13 BANK OF AMERICA CO 676,131.17 1.89 BANK OF MONTREAL 383,325.76 1.07 BANK OF NOVA SCOTIA 325,804.75 0.91 BB&T CORPORATION 305,354.37 0.85 BMW FINANCIAL SERVICES NA LLC 142,870.51 0.40 CAMP Pool 798,066.72 2.23 CAPITAL ONE FINANCIAL CORP 713,054.34 1.99 CARMAX AUTO OWNER TRUST 240,036.99 0.67 CHARLES SCHWAB 400,204.00 1.12 CITIGROUP INC 355,899.93 0.99 DEERE & COMPANY 194,488.38 0.54 FANNIE MAE 368,647.26 1.03 FREDDIE MAC 251,515.00 0.70 GENERAL ELECTRIC CO 278,788.76 0.78 GM FINANCIAL AUTO LEASING TRUST 578,717.61 1.62 GM FINANCIAL SECURITIZED TERM 424,224.40 1.18 GOLDMAN SACHS GROUP INC 178,202.69 0.50 HERSHEY COMPANY 382,223.21 1.07 HONDA AUTO RECEIVABLES 302,701.80 0.85 IBM CORP 403,476.80 1.13 INTERNATIONAL FINANCE CORPORATION 324,946.70 0.91 INTL BANK OF RECONSTRUCTION AND DEV 691,224.98 1.93 JP MORGAN CHASE & CO 426,378.80 1.19 MORGAN STANLEY 405,411.20 1.13 NATIONAL RURAL UTILITIES CO FINANCE CORP 777,757.45 2.17 NORDEA BANK AB 343,399.22 0.96 PACCAR FINANCIAL CORP 281,110.20 0.79 PEPSICO INC 423,123.60 1.18 PNC FINANCIAL SERVICES GROUP 690,959.70 1.93 ROYAL BANK OF CANADA Page 4 For the Month Ending October 31, 2019Managed Account Issuer Summary CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Percentof HoldingsIssuer Market Value 399,815.20 1.12 SKANDINAVISKA ENSKILDA BANKEN AB 125,192.39 0.35 STATE STREET CORPORATION 802,192.80 2.24 SWEDBANK AB 403,656.80 1.13 THE BANK OF NEW YORK MELLON CORPORATION 396,791.60 1.11 THE WALT DISNEY CORPORATION 50,784.10 0.14 TOYOTA MOTOR CORP 301,279.50 0.84 UBS AG 303,715.50 0.85 UNILEVER PLC 18,129,385.52 50.63 UNITED STATES TREASURY 330,580.71 0.92 VOLKSWAGEN OF AMERICA 500,657.91 1.40 WELLS FARGO & COMPANY 742,491.58 2.07 WESTPAC BANKING CORP $35,804,889.28 Total 100.00% Page 5 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 10,085.94 10,125.82 80.03 10,502.34 03/31/1603/30/16AaaAA+ 10,000.00 912828A83 1.28 US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 15,021.68 15,069.83 88.45 15,268.94 05/31/1605/27/16AaaAA+ 15,000.00 912828N48 1.35 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 50,933.60 49,021.44 358.02 48,761.72 12/13/1812/12/18AaaAA+ 50,000.00 912828N30 2.78 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 3,234,283.60 3,133,960.97 22,734.04 3,124,646.48 01/31/1901/30/19AaaAA+ 3,175,000.00 912828N30 2.55 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 4,431,223.20 4,299,597.51 31,147.42 4,287,298.83 01/10/1901/07/19AaaAA+ 4,350,000.00 912828N30 2.51 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1,103,867.60 1,074,037.16 7,521.17 1,070,050.78 04/05/1904/01/19AaaAA+ 1,100,000.00 912828R69 2.32 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1,530,361.90 1,492,618.47 10,427.08 1,488,304.69 05/03/1905/01/19AaaAA+ 1,525,000.00 912828R69 2.25 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 2,007,032.00 1,938,206.20 13,674.86 1,927,421.87 03/06/1903/04/19AaaAA+ 2,000,000.00 912828R69 2.53 US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 3,085,811.70 3,053,218.48 21,025.10 3,050,856.45 06/07/1906/03/19AaaAA+ 3,075,000.00 912828R69 1.83 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,004,062.00 1,005,641.69 44.64 1,005,742.19 10/04/1910/02/19AaaAA+ 1,000,000.00 912828T91 1.48 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1,656,702.30 1,639,918.85 73.66 1,639,107.42 07/03/1907/01/19AaaAA+ 1,650,000.00 912828T91 1.78 107,174.47 18,129,385.52 17,711,416.42 2.25 17,667,961.71 17,950,000.00 Security Type Sub-Total Supra-National Agency Bond / Note INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 49,991.80 49,964.61 106.23 49,880.00 09/19/1709/12/17AaaAAA 50,000.00 45905UP32 1.64 Page 6 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Supra-National Agency Bond / Note INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 124,979.50 124,911.53 265.59 124,700.00 09/19/1709/12/17AaaAAA 125,000.00 45905UP32 1.64 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 149,975.40 149,893.84 318.70 149,640.00 09/19/1709/12/17AaaAAA 150,000.00 45905UP32 1.64 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 50,434.60 49,982.51 190.31 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.66 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 50,434.60 49,982.51 190.31 49,962.50 03/16/1803/09/18AaaAAA 50,000.00 45950VLQ7 2.66 INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 302,607.60 299,895.07 1,141.83 299,775.00 03/16/1803/09/18AaaAAA 300,000.00 45950VLQ7 2.66 2,212.97 728,423.50 724,630.07 2.21 723,920.00 725,000.00 Security Type Sub-Total Federal Agency Collateralized Mortgage Obligation FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 27,784.06 27,571.24 80.92 27,819.40 04/30/1804/11/18AaaAA+ 27,276.84 3136B1XP4 2.27 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 27,784.06 27,571.24 80.92 27,819.40 04/30/1804/11/18AaaAA+ 27,276.84 3136B1XP4 2.27 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 138,920.26 137,856.18 404.61 139,096.97 04/30/1804/11/18AaaAA+ 136,384.17 3136B1XP4 2.27 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 35,759.15 35,173.03 90.13 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 2.61 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 35,759.15 35,173.03 90.13 35,298.05 04/09/1804/04/18AaaAA+ 35,000.00 3137BM6P6 2.61 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 163,470.42 160,791.00 412.00 161,362.50 04/09/1804/04/18AaaAA+ 160,000.00 3137BM6P6 2.61 Page 7 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Federal Agency Collateralized Mortgage Obligation FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 133,658.54 130,431.50 348.14 130,431.49 12/17/1812/07/18AaaAA+ 130,431.89 3137FKK39 3.11 1,506.85 563,135.64 554,567.22 2.61 557,125.86 551,369.74 Security Type Sub-Total Corporate Note GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 251,515.00 251,587.48 4,315.97 289,082.50 03/25/1503/20/15Baa1BBB+ 250,000.00 36962G4J0 2.05 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 50,025.50 49,998.68 377.71 49,980.00 01/10/1701/04/17A3BBB+ 50,000.00 172967LF6 2.46 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 50,025.50 49,998.68 377.71 49,980.00 01/10/1701/04/17A3BBB+ 50,000.00 172967LF6 2.46 CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 300,153.00 299,992.10 2,266.25 299,880.00 01/10/1701/04/17A3BBB+ 300,000.00 172967LF6 2.46 WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 75,047.18 75,015.41 407.60 75,288.00 03/27/1503/24/15A2A- 75,000.00 94974BGF1 2.07 WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 375,235.88 375,135.86 2,038.02 377,621.25 02/05/1502/02/15A2A- 375,000.00 94974BGF1 2.00 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 30,016.62 29,996.38 106.33 29,968.80 03/03/1702/28/17A2A- 30,000.00 0258M0EE5 2.24 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 30,016.62 29,996.38 106.33 29,968.80 03/03/1702/28/17A2A- 30,000.00 0258M0EE5 2.24 AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 180,099.72 179,978.26 638.00 179,812.80 03/03/1702/28/17A2A- 180,000.00 0258M0EE5 2.24 JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 24,997.60 24,996.67 174.69 24,984.75 06/22/1706/19/17A2A 25,000.00 24422ETS8 1.97 Page 8 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Corporate Note PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 25,069.25 24,999.21 239.17 24,997.75 11/13/1711/06/17A1A+ 25,000.00 69371RN85 2.05 PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 25,069.25 24,999.21 239.17 24,997.75 11/13/1711/06/17A1A+ 25,000.00 69371RN85 2.05 PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 150,415.50 149,995.26 1,435.00 149,986.50 11/13/1711/06/17A1A+ 150,000.00 69371RN85 2.05 WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 50,374.85 50,275.88 510.00 51,108.00 05/10/1605/06/16A2A- 50,000.00 94974BGR5 2.04 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 25,085.63 24,995.36 134.38 24,988.50 10/26/1710/23/17A2A- 25,000.00 05531FAZ6 2.17 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 25,085.63 24,995.36 134.38 24,988.50 10/26/1710/23/17A2A- 25,000.00 05531FAZ6 2.17 BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 75,256.88 74,986.09 403.13 74,965.50 10/26/1710/23/17A2A- 75,000.00 05531FAZ6 2.17 IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 302,701.80 299,936.70 1,899.17 299,853.00 02/06/1802/01/18A2A 300,000.00 44932HAG8 2.67 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,338.20 24,987.11 92.64 24,972.25 02/26/1802/21/18A2A 25,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,338.20 24,987.11 92.64 24,972.25 02/26/1802/21/18A2A 25,000.00 63743HER9 2.94 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,338.20 24,949.13 92.64 24,894.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.05 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 25,338.20 24,949.13 92.64 24,894.25 04/19/1804/12/18A2A 25,000.00 63743HER9 3.05 NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 126,691.00 124,935.56 463.19 124,861.25 02/26/1802/21/18A2A 125,000.00 63743HER9 2.94 Page 9 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Corporate Note NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 177,367.40 174,643.88 648.47 174,259.75 04/19/1804/12/18A2A 175,000.00 63743HER9 3.05 UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 303,715.50 299,272.53 893.75 298,467.00 03/22/1803/19/18A1A+ 300,000.00 904764AZ0 2.93 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 50,784.10 49,990.12 73.75 49,980.00 04/13/1804/10/18Aa3AA- 50,000.00 89236TEU5 2.96 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 40,158.60 39,996.60 35.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.01 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 40,158.60 39,996.60 35.56 39,992.00 10/10/1710/05/17A1A+ 40,000.00 713448DX3 2.01 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 50,457.10 50,338.64 55.56 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 50,457.10 50,338.64 55.56 51,149.00 05/19/1605/16/16A1A 50,000.00 06406FAA1 2.00 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 200,793.00 199,982.98 177.78 199,960.00 10/10/1710/05/17A1A+ 200,000.00 713448DX3 2.01 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 302,742.60 302,056.38 333.33 306,978.00 05/19/1605/16/16A1A 300,000.00 06406FAA1 2.00 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 25,267.40 25,084.21 21.88 25,194.00 11/03/1711/01/17A2A- 25,000.00 06051GFW4 2.39 AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 201,093.60 199,852.63 2,200.00 199,536.00 05/31/1605/25/16A2A- 200,000.00 0258M0EB1 2.30 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 20,406.46 19,997.30 294.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.11 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 20,406.46 19,997.30 294.50 19,994.80 05/10/1805/07/18A1A+ 20,000.00 69371RP26 3.11 Page 10 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Corporate Note BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,047.08 24,994.78 243.44 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 25,047.08 24,994.78 243.44 24,983.50 05/16/1605/10/16A2A- 25,000.00 05531FAV5 2.06 PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 102,032.30 99,986.48 1,472.50 99,974.00 05/10/1805/07/18A1A+ 100,000.00 69371RP26 3.11 BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 150,282.45 149,968.70 1,460.63 149,901.00 05/16/1605/10/16A2A- 150,000.00 05531FAV5 2.06 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 25,457.53 24,990.95 357.36 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.12 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 25,457.53 24,990.95 357.36 24,982.75 05/10/1805/03/18A1A 25,000.00 427866BA5 3.12 HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 127,287.63 124,954.75 1,786.81 124,913.75 05/10/1805/03/18A1A 125,000.00 427866BA5 3.12 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,038.48 24,969.61 219.38 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 25,038.48 24,969.61 219.38 24,905.50 05/24/1605/19/16A1A 25,000.00 857477AV5 2.03 STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 75,115.43 74,908.84 658.13 74,716.50 05/24/1605/19/16A1A 75,000.00 857477AV5 2.03 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 35,750.19 34,999.43 505.56 34,998.95 05/22/1805/17/18A2A 35,000.00 808513AW5 3.25 CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 204,286.80 199,996.74 2,888.89 199,994.00 05/22/1805/17/18A2A 200,000.00 808513AW5 3.25 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 35,082.43 35,000.00 67.90 35,000.00 09/18/1709/13/17A2A- 35,000.00 06051GGS2 2.33 Page 11 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Corporate Note BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 35,082.43 35,000.00 67.90 35,000.00 09/18/1709/13/17A2A- 35,000.00 06051GGS2 2.33 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 200,471.00 200,000.00 388.00 200,000.00 09/18/1709/13/17A2A- 200,000.00 06051GGS2 2.33 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 50,908.05 49,896.95 423.26 49,779.50 03/15/1703/10/17A2A 50,000.00 24422ETL3 2.75 JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 279,994.28 274,433.23 2,327.95 273,787.25 03/15/1703/10/17A2A 275,000.00 24422ETL3 2.75 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 15,315.71 15,000.00 239.10 15,000.00 05/17/1805/14/18A2A- 15,000.00 06051GHH5 3.50 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 15,315.71 15,000.00 239.10 15,000.00 05/17/1805/14/18A2A- 15,000.00 06051GHH5 3.50 BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 76,578.53 75,000.00 1,195.49 75,000.00 05/17/1805/14/18A2A- 75,000.00 06051GHH5 3.50 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 691,224.98 675,000.00 1,803.94 675,000.00 03/22/1903/15/19A2A- 675,000.00 46647PBB1 3.21 PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 423,123.60 402,470.92 3,811.11 402,848.00 02/15/1902/12/19A3A- 400,000.00 693475AV7 3.34 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 426,378.80 421,693.13 86.11 422,916.00 07/23/1907/19/19A3BBB+ 400,000.00 61746BDQ6 2.59 AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 405,959.60 398,129.12 3,306.67 398,016.00 07/15/1907/11/19A2A 400,000.00 02665WCZ2 2.51 GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 424,224.40 417,563.03 4,833.89 418,632.00 07/11/1907/08/19A3BBB+ 400,000.00 38141EC23 2.84 WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 396,791.60 398,415.86 1,069.44 398,368.00 09/06/1909/03/19A2A 400,000.00 254687FK7 1.84 52,029.70 8,080,335.23 7,985,562.68 2.57 8,032,281.45 7,945,000.00 Security Type Sub-Total Page 12 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Certificate of Deposit NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 100,355.80 100,000.00 536.44 100,000.00 02/22/1802/20/18P-1A-1+ 100,000.00 65590ASN7 2.72 NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 100,355.80 100,000.00 536.44 100,000.00 02/22/1802/20/18P-1A-1+ 100,000.00 65590ASN7 2.72 NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 577,045.85 575,000.00 3,084.56 575,000.00 02/22/1802/20/18P-1A-1+ 575,000.00 65590ASN7 2.72 UBS AG STAMFORD CT LT CD DTD 03/06/2018 2.900% 03/02/2020 301,279.50 300,000.00 1,425.83 300,000.00 03/06/1803/02/18P-1A-1 300,000.00 90275DHG8 2.93 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 30,262.56 29,996.52 374.73 29,988.60 06/07/1806/05/18P-1A-1 30,000.00 06417GU22 3.10 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 50,437.60 49,994.20 624.56 49,981.00 06/07/1806/05/18P-1A-1 50,000.00 06417GU22 3.10 BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 302,625.60 299,965.20 3,747.33 299,886.00 06/07/1806/05/18P-1A-1 300,000.00 06417GU22 3.10 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 100,336.70 100,000.00 478.33 100,000.00 08/07/1708/03/17P-1A-1+ 100,000.00 96121T4A3 2.05 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 100,336.70 100,000.00 478.33 100,000.00 08/07/1708/03/17P-1A-1+ 100,000.00 96121T4A3 2.05 WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 541,818.18 540,000.00 2,583.00 540,000.00 08/07/1708/03/17P-1A-1+ 540,000.00 96121T4A3 2.05 BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 676,131.17 670,000.00 5,224.51 670,000.00 08/03/1808/01/18P-1A-1 670,000.00 06370REU9 3.23 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 100,274.10 100,000.00 1,065.64 100,000.00 11/17/1711/16/17Aa2AA- 100,000.00 87019U6D6 2.30 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 100,274.10 100,000.00 1,065.64 100,000.00 11/17/1711/16/17Aa2AA- 100,000.00 87019U6D6 2.30 SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 601,644.60 600,000.00 6,393.83 600,000.00 11/17/1711/16/17Aa2AA- 600,000.00 87019U6D6 2.30 Page 13 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Certificate of Deposit ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 51,182.20 50,000.00 648.00 50,000.00 06/08/1806/07/18Aa2AA- 50,000.00 78012UEE1 3.24 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 102,364.40 100,000.00 1,296.00 100,000.00 06/08/1806/07/18Aa2AA- 100,000.00 78012UEE1 3.24 ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 537,413.10 525,000.00 6,804.00 525,000.00 06/08/1806/07/18Aa2AA- 525,000.00 78012UEE1 3.24 SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 399,815.20 400,000.00 1,219.33 400,000.00 09/03/1908/29/19Aa2A+ 400,000.00 83050PDR7 1.88 37,586.50 4,773,953.16 4,739,955.92 2.67 4,739,855.60 4,740,000.00 Security Type Sub-Total Asset-Backed Security BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 305,354.37 299,998.19 308.00 299,997.33 10/17/1810/10/18AaaAAA 300,000.00 05586CAD6 3.36 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 278,788.76 274,974.69 277.29 274,964.97 09/26/1809/18/18AaaAAA 275,000.00 36256GAE9 3.31 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 382,223.21 374,955.92 526.67 374,943.94 11/28/1811/20/18AaaAAA 375,000.00 43815AAC6 3.17 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 330,580.71 324,989.18 322.74 324,986.35 11/21/1811/15/18AaaAAA 325,000.00 92869BAD4 3.25 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 304,550.13 299,948.01 377.50 299,930.04 07/18/1807/11/18NRAAA 300,000.00 36255JAD6 3.03 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 355,042.59 349,964.22 486.89 349,952.30 07/25/1807/18/18NRAAA 350,000.00 14313FAD1 3.36 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 358,011.75 349,997.64 522.67 349,996.78 10/24/1810/17/18NRAAA 350,000.00 14315EAC4 3.36 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 274,167.48 269,974.83 334.13 269,970.11 01/16/1901/08/19AaaNR 270,000.00 36256XAD4 2.97 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 798,066.72 799,805.91 611.56 799,798.56 09/05/1908/28/19NRAAA 800,000.00 14041NFU0 1.73 Page 14 For the Month Ending October 31, 2019Managed Account Detail of Securities Held CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Dated Date/Coupon/MaturityCUSIP RatingRatingDateDate Costat CostInterest Cost Value Security Type/Description S&PMoody's OriginalYTMAccruedAmortized MarketTradeSettle Par Asset-Backed Security 3,767.45 3,386,785.72 3,344,608.59 2.88 3,344,540.38 3,345,000.00 Security Type Sub-Total 35,256,369.74 35,065,685.00 2.44 204,277.94 35,060,740.90 35,662,018.77 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 142,870.51 142,870.51 0.00 142,870.51 NRAAAm 142,870.51 142,870.51 142,870.51 0.00 142,870.51 142,870.51 Money Market Sub-Total $35,399,240.25 $35,208,555.51 $204,277.94 $35,203,611.41 $35,804,889.28 2.44% $36,009,167.22 $204,277.94 Total Investments Accrued Interest Securities Sub-Total Page 15 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration U.S. Treasury Bond / Note 1.14 (39.88)(416.40) 10,085.94 100.86 MERRILL 10,000.00 912828A83US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 1.63 1.14 1.14 (48.15)(247.26) 15,021.68 100.14 MORGANST 15,000.00 912828N48US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 1.62 1.14 3.04 1,912.16 2,171.88 50,933.60 101.87 MERRILL 50,000.00 912828N30US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 1.52 3.04 3.04 100,322.63 109,637.12 3,234,283.60 101.87 MORGAN_S 3,175,000.00 912828N30US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 1.52 3.04 3.04 131,625.69 143,924.37 4,431,223.20 101.87 MERRILL 4,350,000.00 912828N30US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 1.52 3.04 3.45 29,830.44 33,816.82 1,103,867.60 100.35 SOCGEN 1,100,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1.52 3.45 3.45 37,743.43 42,057.21 1,530,361.90 100.35 MORGAN_S 1,525,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1.52 3.45 3.45 68,825.80 79,610.13 2,007,032.00 100.35 MORGAN_S 2,000,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1.52 3.45 3.45 32,593.22 34,955.25 3,085,811.70 100.35 MORGAN_S 3,075,000.00 912828R69US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 1.52 3.45 3.86 (1,579.69)(1,680.19) 1,004,062.00 100.41 BNP_PARI 1,000,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1.52 3.86 3.86 16,783.45 17,594.88 1,656,702.30 100.41 MERRILL 1,650,000.00 912828T91US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 1.52 3.86 461,423.81 1.52 3.33 417,969.10 18,129,385.52 17,950,000.00 Security Type Sub-Total 3.33 Supra-National Agency Bond / Note 0.85 27.19 111.80 49,991.80 99.98 HSBC 50,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 1.58 0.85 0.85 67.97 279.50 124,979.50 99.98 HSBC 125,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 1.58 0.85 Page 16 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Supra-National Agency Bond / Note 0.85 81.56 335.40 149,975.40 99.98 HSBC 150,000.00 45905UP32INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 1.58 0.85 1.32 452.09 472.10 50,434.60 100.87 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 1.98 1.32 1.32 452.09 472.10 50,434.60 100.87 HSBC 50,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 1.98 1.32 1.32 2,712.53 2,832.60 302,607.60 100.87 HSBC 300,000.00 45950VLQ7INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 1.98 1.32 4,503.50 1.80 1.11 3,793.43 728,423.50 725,000.00 Security Type Sub-Total 1.11 Federal Agency Collateralized Mortgage Obligation 0.98 212.82 (35.34) 27,784.06 101.86 JPM_CHAS 27,276.84 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 1.43 1.35 0.98 212.82 (35.34) 27,784.06 101.86 JPM_CHAS 27,276.84 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 1.43 1.35 0.98 1,064.08 (176.71) 138,920.26 101.86 JPM_CHAS 136,384.17 3136B1XP4FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 1.43 1.35 1.43 586.12 461.10 35,759.15 102.17 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 1.44 2.50 1.43 586.12 461.10 35,759.15 102.17 CITIGRP 35,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 1.44 2.50 1.43 2,679.42 2,107.92 163,470.42 102.17 CITIGRP 160,000.00 3137BM6P6FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 1.44 2.50 1.88 3,227.04 3,227.05 133,658.54 102.47 CSFB 130,431.89 3137FKK39FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 1.78 1.83 6,009.78 1.52 1.38 8,568.42 563,135.64 551,369.74 Security Type Sub-Total 1.94 Corporate Note Page 17 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 0.19 (72.48)(37,567.50) 251,515.00 100.61 GOLDMAN 250,000.00 36962G4J0GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 2.16 0.19 0.11 26.82 45.50 50,025.50 100.05 12/10/19CITIGRP 50,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 2.14 0.11 0.11 26.82 45.50 50,025.50 100.05 12/10/19CITIGRP 50,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 2.14 0.11 0.11 160.90 273.00 300,153.00 100.05 12/10/19CITIGRP 300,000.00 172967LF6CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 2.14 0.11 0.25 31.77 (240.82) 75,047.18 100.06 1ST TENN 75,000.00 94974BGF1WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 1.89 0.25 0.25 100.02 (2,385.37) 375,235.88 100.06 JEFFERIE 375,000.00 94974BGF1WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 1.89 0.25 0.25 20.24 47.82 30,016.62 100.06 02/01/20MERRILL 30,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 2.01 0.26 0.25 20.24 47.82 30,016.62 100.06 02/01/20MERRILL 30,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 2.01 0.26 0.25 121.46 286.92 180,099.72 100.06 02/01/20MERRILL 180,000.00 0258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 2.01 0.26 0.63 0.93 12.85 24,997.60 99.99 DEUTSCHE 25,000.00 24422ETS8JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 1.96 0.63 1.01 70.04 71.50 25,069.25 100.28 CITIGRP 25,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 1.78 1.01 1.01 70.04 71.50 25,069.25 100.28 CITIGRP 25,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 1.78 1.01 1.01 420.24 429.00 150,415.50 100.28 CITIGRP 150,000.00 69371RN85PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 1.78 1.01 1.07 98.97 (733.15) 50,374.85 100.75 UBS AG 50,000.00 94974BGR5WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 1.86 1.07 1.14 90.27 97.13 25,085.63 100.34 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 1.87 1.18 Page 18 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 1.14 90.27 97.13 25,085.63 100.34 01/01/21MORGAN_S 25,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 1.87 1.18 1.14 270.79 291.38 75,256.88 100.34 01/01/21MORGAN_S 75,000.00 05531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 1.87 1.18 1.23 2,765.10 2,848.80 302,701.80 100.90 BNP_PARI 300,000.00 44932HAG8IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 1.92 1.23 1.34 351.09 365.95 25,338.20 101.35 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.34 351.09 365.95 25,338.20 101.35 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.34 389.07 443.95 25,338.20 101.35 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.34 389.07 443.95 25,338.20 101.35 RBC 25,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.34 1,755.44 1,829.75 126,691.00 101.35 RBC 125,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.34 2,723.52 3,107.65 177,367.40 101.35 RBC 175,000.00 63743HER9NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 1.90 1.34 1.36 4,442.97 5,248.50 303,715.50 101.24 CITIGRP 300,000.00 904764AZ0UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 1.84 1.36 1.42 793.98 804.10 50,784.10 101.57 JPM_CHAS 50,000.00 89236TEU5TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 1.85 1.42 1.35 162.00 166.60 40,158.60 100.40 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 1.72 1.38 1.35 162.00 166.60 40,158.60 100.40 03/15/21MERRILL 40,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 1.72 1.38 1.34 118.46 (691.90) 50,457.10 100.91 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.86 1.36 1.34 118.46 (691.90) 50,457.10 100.91 03/15/21KEYBAN 50,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.86 1.36 Page 19 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 1.35 810.02 833.00 200,793.00 100.40 03/15/21MERRILL 200,000.00 713448DX3PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 1.72 1.38 1.34 686.22 (4,235.40) 302,742.60 100.91 03/15/21KEYBAN 300,000.00 06406FAA1BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 1.86 1.36 1.43 183.19 73.40 25,267.40 101.07 MERRILL 25,000.00 06051GFW4BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 1.88 1.43 1.38 1,240.97 1,557.60 201,093.60 100.55 04/04/21KEYBAN 200,000.00 0258M0EB1AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 1.88 1.41 1.47 409.16 411.66 20,406.46 102.03 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 1.74 1.47 1.47 409.16 411.66 20,406.46 102.03 MERRILL 20,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 1.74 1.47 1.40 52.30 63.58 25,047.08 100.19 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.92 1.43 1.40 52.30 63.58 25,047.08 100.19 04/09/21SCOTIA 25,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.92 1.43 1.47 2,045.82 2,058.30 102,032.30 102.03 MERRILL 100,000.00 69371RP26PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 1.74 1.47 1.40 313.75 381.45 150,282.45 100.19 04/09/21SCOTIA 150,000.00 05531FAV5BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 1.92 1.43 1.48 466.58 474.78 25,457.53 101.83 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 1.89 1.48 1.48 466.58 474.78 25,457.53 101.83 MERRILL 25,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 1.89 1.48 1.48 2,332.88 2,373.88 127,287.63 101.83 MERRILL 125,000.00 427866BA5HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 1.89 1.48 1.51 68.87 132.98 25,038.48 100.15 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.85 1.51 Page 20 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 1.51 68.87 132.98 25,038.48 100.15 GOLDMAN 25,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.85 1.51 1.51 206.59 398.93 75,115.43 100.15 GOLDMAN 75,000.00 857477AV5STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 1.85 1.51 1.50 750.76 751.24 35,750.19 102.14 CSFB 35,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 1.85 1.50 1.50 4,290.06 4,292.80 204,286.80 102.14 CSFB 200,000.00 808513AW5CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 1.85 1.50 0.90 82.43 82.43 35,082.43 100.24 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.20 0.91 0.90 82.43 82.43 35,082.43 100.24 10/01/20MERRILL 35,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.20 0.91 0.90 471.00 471.00 200,471.00 100.24 10/01/20MERRILL 200,000.00 06051GGS2BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 2.20 0.91 2.10 1,011.10 1,128.55 50,908.05 101.82 MITSU 50,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 1.80 2.10 2.10 5,561.05 6,207.03 279,994.28 101.82 MITSU 275,000.00 24422ETL3JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 1.80 2.10 2.39 315.71 315.71 15,315.71 102.10 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.64 2.39 2.39 315.71 315.71 15,315.71 102.10 MERRILL 15,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.64 2.39 2.39 1,578.53 1,578.53 76,578.53 102.10 MERRILL 75,000.00 06051GHH5BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 2.64 2.39 3.22 16,224.98 16,224.98 691,224.98 102.40 JPM_CHAS 675,000.00 46647PBB1JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 2.47 3.22 3.90 20,652.68 20,275.60 423,123.60 105.78 CITIGRP 400,000.00 693475AV7PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 2.06 3.90 4.13 4,685.67 3,462.80 426,378.80 106.59 WELLS_FA 400,000.00 61746BDQ6MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 2.32 4.13 4.35 7,830.48 7,943.60 405,959.60 101.49 WELLS_FA 400,000.00 02665WCZ2AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 2.06 4.35 4.24 6,661.37 5,592.40 424,224.40 106.06 SUSQ 400,000.00 38141EC23GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 2.47 4.24 Page 21 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Corporate Note 4.59 (1,624.26)(1,576.40) 396,791.60 99.20 JPM_CHAS 400,000.00 254687FK7WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 1.92 4.59 48,053.78 2.04 2.08 94,772.55 8,080,335.23 7,945,000.00 Security Type Sub-Total 2.09 Certificate of Deposit 0.30 355.80 355.80 100,355.80 100.36 GOLDMAN 100,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 1.52 0.30 0.30 355.80 355.80 100,355.80 100.36 GOLDMAN 100,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 1.52 0.30 0.30 2,045.85 2,045.85 577,045.85 100.36 GOLDMAN 575,000.00 65590ASN7NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 1.52 0.30 0.34 1,279.50 1,279.50 301,279.50 100.43 UBS 300,000.00 90275DHG8UBS AG STAMFORD CT LT CD DTD 03/06/2018 2.900% 03/02/2020 1.61 0.34 0.58 266.04 273.96 30,262.56 100.88 GOLDMAN 30,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 1.59 0.58 0.58 443.40 456.60 50,437.60 100.88 GOLDMAN 50,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 1.59 0.58 0.58 2,660.40 2,739.60 302,625.60 100.88 GOLDMAN 300,000.00 06417GU22BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 1.59 0.58 0.75 336.70 336.70 100,336.70 100.34 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 1.53 0.75 0.75 336.70 336.70 100,336.70 100.34 JPM_CHAS 100,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 1.53 0.75 0.75 1,818.18 1,818.18 541,818.18 100.34 JPM_CHAS 540,000.00 96121T4A3WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 1.53 0.75 0.76 6,131.17 6,131.17 676,131.17 100.92 BMO 670,000.00 06370REU9BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 1.97 0.76 1.02 274.10 274.10 100,274.10 100.27 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.04 1.02 1.02 274.10 274.10 100,274.10 100.27 MERRILL 100,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.04 1.02 Page 22 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration Certificate of Deposit 1.02 1,644.60 1,644.60 601,644.60 100.27 MERRILL 600,000.00 87019U6D6SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 2.04 1.02 1.54 1,182.20 1,182.20 51,182.20 102.36 RBC 50,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 1.73 1.54 1.54 2,364.40 2,364.40 102,364.40 102.36 RBC 100,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 1.73 1.54 1.54 12,413.10 12,413.10 537,413.10 102.36 RBC 525,000.00 78012UEE1ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 1.73 1.54 2.73 (184.80)(184.80) 399,815.20 99.95 BARCLAYS 400,000.00 83050PDR7SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 1.90 2.73 34,097.56 1.75 0.96 33,997.24 4,773,953.16 4,740,000.00 Security Type Sub-Total 0.96 Asset-Backed Security 1.21 5,356.18 5,357.04 305,354.37 101.78 SOCGEN 300,000.00 05586CAD6BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 1.89 1.28 1.37 3,814.07 3,823.79 278,788.76 101.38 RBC 275,000.00 36256GAE9GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 2.30 1.15 1.60 7,267.29 7,279.27 382,223.21 101.93 JPM_CHAS 375,000.00 43815AAC6HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 1.97 1.47 1.73 5,591.53 5,594.36 330,580.71 101.72 CITIGRP 325,000.00 92869BAD4VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 2.27 1.42 1.77 4,602.12 4,620.09 304,550.13 101.52 JPM_CHAS 300,000.00 36255JAD6GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 2.17 1.25 1.80 5,078.37 5,090.29 355,042.59 101.44 BARCLAYS 350,000.00 14313FAD1CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 2.33 1.33 1.92 8,014.11 8,014.97 358,011.75 102.29 MERRILL 350,000.00 14315EAC4CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 2.18 1.59 2.01 4,192.65 4,197.37 274,167.48 101.54 RBC 270,000.00 36256XAD4GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 2.21 1.42 2.37 (1,739.19)(1,731.84) 798,066.72 99.76 RBC 800,000.00 14041NFU0COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 1.82 2.71 42,245.34 2.08 1.84 42,177.13 3,386,785.72 3,345,000.00 Security Type Sub-Total 1.69 Page 23 For the Month Ending October 31, 2019Managed Account Fair Market Value & Analytics ValueOn CostAmort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt MarketUnreal G/LUnreal G/L Duration CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Security Type/Description Next Call Market YTMEffective Duration 35,256,369.74 35,662,018.77 596,333.77 601,277.87 2.51 1.73 Managed Account Sub-Total 2.51 Money Market Mutual Fund 0.00 0.00 0.00 142,870.51 1.00 142,870.51 CAMP Pool 0.00 142,870.51 142,870.51 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $36,009,167.22 $204,277.94 $35,804,889.28 Accrued Interest Securities Sub-Total $35,399,240.25 $596,333.77 $601,277.87 2.51 1.73% 2.51 Page 24 For the Month Ending October 31, 2019Managed 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/LRealized G/L Sale Amort Cost Method BUY 10/04/19 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 (1,005,742.19)(6,932.74)(1,012,674.93) 1,000,000.00 10/02/19 (6,932.74)(1,012,674.93)(1,005,742.19) 1,000,000.00 Transaction Type Sub-Total INTEREST 10/01/19 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 407.40 407.40 35,000.00 10/01/19 10/01/19 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 2,328.00 2,328.00 200,000.00 10/01/19 10/01/19 BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 0.00 407.40 407.40 35,000.00 10/01/19 10/01/19 JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 46647PBB1 0.00 11,364.81 11,364.81 675,000.00 10/01/19 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 427.85 427.85 141,146.51 10/01/19 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 85.57 85.57 28,229.31 10/01/19 10/25/19 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 0.00 452.61 452.61 169,568.62 10/01/19 10/25/19 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 90.13 90.13 35,000.00 10/01/19 10/25/19 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 90.13 90.13 35,000.00 10/01/19 10/25/19 FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 0.00 412.00 412.00 160,000.00 10/01/19 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 0.00 85.57 85.57 28,229.31 10/01/19 10/13/19 TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 89236TEU5 0.00 737.50 737.50 50,000.00 10/13/19 10/15/19 CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 0.00 980.00 980.00 350,000.00 10/15/19 10/15/19 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 3,750.00 3,750.00 300,000.00 10/15/19 Page 25 For the Month Ending October 31, 2019Managed 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/LRealized G/L Sale Amort Cost Method INTEREST 10/15/19 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 625.00 625.00 50,000.00 10/15/19 10/15/19 BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 0.00 625.00 625.00 50,000.00 10/15/19 10/15/19 COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 0.00 1,528.89 1,528.89 800,000.00 10/15/19 10/15/19 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 400.00 400.00 40,000.00 10/15/19 10/15/19 CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 0.00 912.92 912.92 350,000.00 10/15/19 10/15/19 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 2,000.00 2,000.00 200,000.00 10/15/19 10/15/19 HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 0.00 987.50 987.50 375,000.00 10/15/19 10/15/19 PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 0.00 400.00 400.00 40,000.00 10/15/19 10/16/19 GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 0.00 755.00 755.00 300,000.00 10/16/19 10/16/19 GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 0.00 668.25 668.25 270,000.00 10/16/19 10/19/19 BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 06051GFW4 0.00 328.13 328.13 25,000.00 10/19/19 10/20/19 VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 0.00 880.21 880.21 325,000.00 10/20/19 10/20/19 BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 0.00 840.00 840.00 300,000.00 10/20/19 10/20/19 GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 36256GAE9 0.00 756.25 756.25 275,000.00 10/20/19 10/29/19 MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 0.00 7,750.00 7,750.00 400,000.00 10/29/19 10/31/19 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 0.00 8,125.00 8,125.00 1,000,000.00 10/31/19 Page 26 For the Month Ending October 31, 2019Managed 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/LRealized G/L Sale Amort Cost Method INTEREST 10/31/19 US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 0.00 13,406.25 13,406.25 1,650,000.00 10/31/19 62,607.37 62,607.37 0.00 8,692,173.75 Transaction Type Sub-Total PAYDOWNS 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 952.47 0.00 952.47 (18.95) 0.00 952.47 10/01/19 10/25/19 FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 39,136.73 0.00 39,136.73 0.12 0.00 39,136.73 10/01/19 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 952.47 0.00 952.47 (18.95) 0.00 952.47 10/01/19 10/25/19 FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 4,762.34 0.00 4,762.34 (94.73) 0.00 4,762.34 10/01/19 0.00 0.00 (132.51) 45,804.01 45,804.01 45,804.01 Transaction Type Sub-Total SELL 10/04/19 INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 07/25/2018 2.750% 07/23/2021 459058GH0 408,144.00 2,169.44 410,313.44 9,080.00 8,716.92 FIFO 400,000.00 10/02/19 10/04/19 FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 3130A8QS5 396,840.00 1,000.00 397,840.00 (727.60)(2,277.45)FIFO 400,000.00 10/02/19 10/04/19 FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 3130A8QS5 124,012.50 312.50 124,325.00 (227.38)(711.70)FIFO 125,000.00 10/02/19 10/09/19 APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 50,158.50 405.56 50,564.06 200.50 174.11 FIFO 50,000.00 10/07/19 10/09/19 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 39,960.80 71.95 40,032.75 (5.60)(28.86)FIFO 40,000.00 10/07/19 10/09/19 APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 100,317.00 811.11 101,128.11 401.00 348.22 FIFO 100,000.00 10/07/19 10/09/19 APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 50,158.50 405.55 50,564.05 200.50 174.11 FIFO 50,000.00 10/07/19 10/09/19 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 24,985.50 155.00 25,140.50 0.00 (11.27)FIFO 25,000.00 10/07/19 Page 27 For the Month Ending October 31, 2019Managed 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/LRealized G/L Sale Amort Cost Method SELL 10/09/19 TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 89236TCF0 200,160.00 322.50 200,482.50 (1,616.00) 0.99 FIFO 200,000.00 10/07/19 10/09/19 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 60,925.20 743.75 61,668.95 1,057.20 993.74 FIFO 60,000.00 10/07/19 10/09/19 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 49,981.50 161.87 50,143.37 15.00 (14.79)FIFO 50,000.00 10/07/19 10/09/19 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 24,985.50 155.00 25,140.50 0.00 (11.27)FIFO 25,000.00 10/07/19 10/09/19 WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 931142EA7 300,930.00 1,805.00 302,735.00 1,365.00 1,097.43 FIFO 300,000.00 10/07/19 10/09/19 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 39,960.80 71.94 40,032.74 (5.60)(28.86)FIFO 40,000.00 10/07/19 10/09/19 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 355,397.00 4,338.54 359,735.54 6,167.00 5,796.83 FIFO 350,000.00 10/07/19 10/09/19 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 460,511.72 2,624.49 463,136.21 24,046.88 20,574.87 FIFO 450,000.00 10/07/19 10/09/19 INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 60,925.20 743.75 61,668.95 1,057.20 993.74 FIFO 60,000.00 10/07/19 10/09/19 HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 149,913.00 930.00 150,843.00 0.00 (67.60)FIFO 150,000.00 10/07/19 10/09/19 US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 94,606.64 522.76 95,129.40 1,807.23 744.10 FIFO 95,000.00 10/07/19 10/09/19 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 49,981.50 161.88 50,143.38 15.00 (14.79)FIFO 50,000.00 10/07/19 10/09/19 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 225,092.25 2,096.25 227,188.50 195.75 110.70 FIFO 225,000.00 10/07/19 10/09/19 CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 224,779.50 404.69 225,184.19 (31.50)(162.32)FIFO 225,000.00 10/07/19 10/09/19 TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 75,030.75 698.75 75,729.50 65.25 36.90 FIFO 75,000.00 10/07/19 Page 28 For the Month Ending October 31, 2019Managed 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/LRealized G/L Sale Amort Cost Method SELL 10/09/19 WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 931142EA7 75,232.50 451.25 75,683.75 341.25 274.36 FIFO 75,000.00 10/07/19 10/09/19 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 1,176,863.28 6,707.03 1,183,570.31 55,343.75 49,794.89 FIFO 1,150,000.00 10/07/19 10/09/19 US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 818,687.50 4,665.76 823,353.26 45,968.75 40,166.79 FIFO 800,000.00 10/07/19 10/09/19 MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 299,889.00 971.25 300,860.25 90.00 (88.71)FIFO 300,000.00 10/07/19 33,907.57 126,581.08 144,803.58 5,972,337.21 5,938,429.64 5,870,000.00 Transaction Type Sub-Total 4,978,491.46 89,582.20 5,068,073.66 144,671.07 126,581.08 Managed Account Sub-Total Total Security Transactions $144,671.07 $5,068,073.66 $89,582.20 $4,978,491.46 $126,581.08 Page 29 For the Month Ending October 31, 2019Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 77,602.54 Opening Balance 10/01/1910/01/19Purchase - Interest 06051GGS2 1.00 407.40 78,009.94 10/01/1910/01/19Purchase - Interest 06051GGS2 1.00 407.40 78,417.34 10/01/1910/01/19Purchase - Interest 06051GGS2 1.00 2,328.00 80,745.34 10/01/1910/01/19Purchase - Interest 46647PBB1 1.00 11,364.81 92,110.15 10/04/1910/04/19Purchase - Principal 459058GH0 1.00 408,144.00 500,254.15 10/04/1910/04/19Purchase - Principal 3130A8QS5 1.00 520,852.50 1,021,106.65 10/04/1910/04/19Purchase - Interest 3130A8QS5 1.00 1,312.50 1,022,419.15 10/04/1910/04/19Purchase - Interest 459058GH0 1.00 2,169.44 1,024,588.59 10/04/1910/04/19Redemption - Interest 912828T91 1.00 (6,932.74) 1,017,655.85 10/04/1910/04/19Redemption - Principal 912828T91 1.00 (1,005,742.19) 11,913.66 10/09/1910/09/19Purchase - Interest 037833DJ6 1.00 1,622.22 13,535.88 10/09/1910/09/19Purchase - Principal 037833DJ6 1.00 200,634.00 214,169.88 10/09/1910/09/19Purchase - Interest 14913Q2A6 1.00 548.58 214,718.46 10/09/1910/09/19Purchase - Principal 14913Q2A6 1.00 304,701.10 519,419.56 10/09/1910/09/19Purchase - Interest 437076BQ4 1.00 1,240.00 520,659.56 10/09/1910/09/19Purchase - Principal 437076BQ4 1.00 199,884.00 720,543.56 10/09/1910/09/19Purchase - Principal 4581X0DB1 1.00 477,247.40 1,197,790.96 10/09/1910/09/19Purchase - Interest 4581X0DB1 1.00 5,826.04 1,203,617.00 10/09/1910/09/19Purchase - Interest 594918BV5 1.00 1,295.00 1,204,912.00 10/09/1910/09/19Purchase - Principal 594918BV5 1.00 399,852.00 1,604,764.00 10/09/1910/09/19Purchase - Principal 89236TCF0 1.00 200,160.00 1,804,924.00 Page 30 For the Month Ending October 31, 2019Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 10/09/1910/09/19Purchase - Interest 89236TCF0 1.00 322.50 1,805,246.50 10/09/1910/09/19Purchase - Interest 89236TDU6 1.00 2,795.00 1,808,041.50 10/09/1910/09/19Purchase - Principal 89236TDU6 1.00 300,123.00 2,108,164.50 10/09/1910/09/19Purchase - Interest 912828N30 1.00 13,997.28 2,122,161.78 10/09/1910/09/19Purchase - Principal 912828N30 1.00 2,456,062.50 4,578,224.28 10/09/1910/09/19Purchase - Principal 912828T67 1.00 94,606.64 4,672,830.92 10/09/1910/09/19Purchase - Interest 912828T67 1.00 522.76 4,673,353.68 10/09/1910/09/19Purchase - Principal 931142EA7 1.00 376,162.50 5,049,516.18 10/09/1910/09/19Purchase - Interest 931142EA7 1.00 2,256.25 5,051,772.43 10/10/1910/10/19Redemption - Outgoing Wires 1.00 (5,000,000.00) 51,772.43 10/15/1910/15/19Purchase - Interest 06406FAA1 1.00 625.00 52,397.43 10/15/1910/15/19Purchase - Interest 06406FAA1 1.00 625.00 53,022.43 10/15/1910/15/19Purchase - Interest 06406FAA1 1.00 3,750.00 56,772.43 10/15/1910/15/19Purchase - Interest 713448DX3 1.00 400.00 57,172.43 10/15/1910/15/19Purchase - Interest 713448DX3 1.00 2,000.00 59,172.43 10/15/1910/15/19Purchase - Interest 713448DX3 1.00 400.00 59,572.43 10/15/1910/15/19Purchase - Interest 89236TEU5 1.00 737.50 60,309.93 10/15/1910/15/19Purchase - Interest 14041NFU0 1.00 1,528.89 61,838.82 10/15/1910/15/19Purchase - Interest 14313FAD1 1.00 912.92 62,751.74 10/15/1910/15/19Purchase - Interest 14315EAC4 1.00 980.00 63,731.74 10/15/1910/15/19Purchase - Interest 43815AAC6 1.00 987.50 64,719.24 10/16/1910/16/19Purchase - Interest 36255JAD6 1.00 755.00 65,474.24 Page 31 For the Month Ending October 31, 2019Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 10/16/1910/16/19Purchase - Interest 36256XAD4 1.00 668.25 66,142.49 10/21/1910/21/19Purchase - Interest 06051GFW4 1.00 328.13 66,470.62 10/21/1910/21/19Purchase - Interest 05586CAD6 1.00 840.00 67,310.62 10/21/1910/21/19Purchase - Interest 36256GAE9 1.00 756.25 68,066.87 10/21/1910/21/19Purchase - Interest 92869BAD4 1.00 880.21 68,947.08 10/25/1910/25/19Purchase - Interest 3137FKK39 1.00 452.61 69,399.69 10/25/1910/25/19Purchase - Interest 3137BM6P6 1.00 90.13 69,489.82 10/25/1910/25/19Purchase - Interest 3137BM6P6 1.00 90.13 69,579.95 10/25/1910/25/19Purchase - Interest 3137BM6P6 1.00 412.00 69,991.95 10/25/1910/25/19Purchase - Interest 3136B1XP4 1.00 85.57 70,077.52 10/25/1910/25/19Purchase - Interest 3136B1XP4 1.00 85.57 70,163.09 10/25/1910/25/19Purchase - Interest 3136B1XP4 1.00 427.85 70,590.94 10/25/1910/25/19Purchase - Principal 3137FKK39 1.00 39,136.73 109,727.67 10/25/1910/25/19Purchase - Principal 3136B1XP4 1.00 4,762.32 114,489.99 10/25/1910/25/19Purchase - Principal 3136B1XP4 1.00 952.48 115,442.47 10/25/1910/25/19Purchase - Principal 3136B1XP4 1.00 952.48 116,394.95 10/25/1910/25/19IP Fees September 2019 1.00 (3,048.20) 113,346.75 10/25/1910/25/19U.S. Bank Fees August 2019 1.00 (159.59) 113,187.16 10/29/1910/29/19Purchase - Interest 61746BDQ6 1.00 7,750.00 120,937.16 10/31/1910/31/19Purchase - Interest 912828T91 1.00 8,125.00 129,062.16 10/31/1910/31/19Purchase - Interest 912828T91 1.00 13,406.25 142,468.41 10/31/1911/01/19Accrual Income Div Reinvestment - Distributions 1.00 402.10 142,870.51 Page 32 For the Month Ending October 31, 2019Account Statement CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate 142,870.51 142,870.51 142,870.51 230,814.41 2,554.37 0.00 (27,263,854.91) 27,355,922.69 50,802.73 402.10 142,870.51 0.00 (6,015,882.72) 6,081,150.69 77,602.54 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 OctoberJanuary-October 2.05% Page 33 Review of Investment Performance CAMP Accounts Investment Performance Review Client Management Team Sarah Meacham, Managing Director Richard Babbe, CCM, Senior Managing Consultant 601 South Figueroa, Suite 4500 Los Angeles, CA 90017 213-489-4075 PFM Asset Management LLC 213 Market Street Harrisburg, PA 17101-2141 717-232-2723 For the Quarter Ended September 30, 2019 CITY OF LAKE ELSINORE Ma r k e t U p d a t e QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2019 Fixed Income Management SUMMARY • In the third quarter, U.S. economic conditions were characterized by: (1) slowing projected growth; (2) a low unemployment rate with moderating wage gains; (3) two Fed rate cuts; (4) growing risks to the economic outlook, including escalating trade conflicts, further weakening in manufacturing, and deteriorating business confidence and investment; (5) worsening conditions abroad, including a messy Brexit and geopolitical conflicts with Iran/Saudi Arabia, Syria/Turkey and Ukraine/Russia, and; (6) U.S. presidential impeachment proceedings that created a new political wildcard. • Bond yields fell modestly during the quarter, continuing the year-long trend. For the year, yields are down nearly 1% across the intermediate and longer-term portions of the yield curve, while shorter-term yields generally tracked the Fed’s two rate cuts. Somewhat counterintuitively, despite growing uncertainty on a number of fronts, U.S. equity markets continued to rally. The S&P 500 index returned 1.7% for Q3. • While a recession in the U.S. does not appear imminent, forecasts for economic growth continue to be pared. The global growth forecast for 2019 from the Organisation for Economic Co-operation and Development was revised down from 3.2% to 2.9%, which would mark the slowest pace in over 10 years. • The Federal Open Market Committee cut the overnight fed funds target rate twice during the quarter – in July and again in September – to the new range of 1.75% to 2.00%. The July rate cut marked the first rate reduction since December 2008. While both cuts were well-telegraphed and characterized as “mid-cycle policy adjustments,” the committee is divided on future policy action. With that said, the factors supporting the recent rate cuts remain in place, such as the weaker global growth outlook, Brexit, trade policy tensions, and lower business investment and exports. ECONOMIC SNAPSHOT • U.S. GDP grew 2.0% in Q2, a moderate figure expected by economist estimates, but well short of the 3.1% growth in Q1. Growth in Q2 was driven by consumer spending, accounting for 3% of the quarterly growth figure, the strongest consumption growth since 2017. Fixed investment, private inventories, and lower exports all detracted from the headline GDP. Forecasts for Q3 are generally in the 1.5% to 2.0% range. • The U.S. labor market remained positive, although it may be showing signs of losing momentum. For example, average monthly job growth for Q3 was 157,000, well short of the 223,000 average of monthly gains in 2018. Nevertheless, the unemployment rate ticked lower to 3.5%, marking the lowest jobless figure in over 50 years. • Inflation remains tame, but core measures have gradually drifted higher as of late. Year- over-year growth in the core Consumer Price Index (CPI) reached 2.4%, while the Fed’s preferred inflation gauge, the core Personal Consumption Expenditure price index, rose to 1.8%, just a bit below the Fed’s 2% target. • U.S. manufacturing activity continued to decelerate. The ISM Manufacturing PMI survey fell to 47.8, the lowest level since 2009, an indication that the manufacturing part of the economy may be slipping into recession. Uncertainty caused by the ongoing trade war with China contributed to this slowdown. INTEREST RATES • U.S. Treasury yields across the curve continued their descent, falling for the fourth consecutive quarter. The yields on the majority of U.S. Treasury maturities ended the quarter near two-year lows. At quarter-end, the yield on a 3-month Treasury bill was 1.81%, the 2-year note was 1.62%, the 10-year note was 1.67%, and the 30-year Treasury ended Q3 at 2.11% after briefly falling below 2% for the first time ever. • The yield curve neared the greatest level of inversion over the past 15 years in late August, as the spread between the 3-month and 10-year Treasuries reached -50 basis points (-0.50%), although it finished the quarter at -14 basis points. In response to back- to-back rate cuts at the July and September FOMC meetings, short-term yields fell, which decreased the severity of the inversion by the end of September. • As the long-end of the yield curve declined more significantly than any other key rates during the quarter, longer-duration portfolios benefited the most. For example, the 3-month Treasury bill index generated 0.56% of total return for the quarter, while 10- year and 30-year Treasuries returned 3.18% and 9.20%, respectively. As a result of the significant decline in rates, 12-month trailing Treasury benchmarks have posted their strongest total returns in nearly twenty years. SECTOR PERFORMANCE • Absolute fixed income returns were strong across the board. Diversification was a mixed bag for performance. Credit sectors boosted portfolio returns as credit markets shrugged off weaker growth prospects, resulting in tighter spreads. On the flip side, municipal debt generally underperformed as lower yields inspired a flurry of new issuance and refinancing activity that caused spreads to widen in the sector. • Federal agency and supranational allocations generated slightly positive excess returns for the quarter even though spreads remained near all-time tights across the curve. Continuing the trend over the past several quarters, callable securities underperformed as declining yields drove increased redemption activity. • The investment-grade corporate sector continued to be one of the best performing fixed income sectors for Q3 and YTD. Positive earnings, stable fundamentals, and easier monetary policy outweighed trade tensions and geopolitical risks during Q3. Despite one of the highest issuance months on record in September, investor demand remained strong, absorbing the new deals and resulting in spreads grinding back near YTD lows. • AAA-rated asset backed securities were slightly additive to performance, despite modestly wider spreads. The incremental income offset the adverse effect of wider spreads and buoyed excess returns. • Mortgage-Backed Securities (MBS) generated modest positive excess returns, although relative performance belied the volatility during Q3 and was dependent on collateral term and coupon structure. The decline in longer-term Treasury yields – which translates to increased refinancings and shorter MBS durations – weighed on the sector. Higher coupon 30-year MBS were great performers, but 15-year collateral pools posted negative excess returns. Agency-backed commercial mortgage-backed securities have been a top-of-class performer for much of 2019, as these structures are generally less sensitive to interest rate volatility and ultimately, prepayment risks. PFM Asset Management LLC 1 QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2019 Fixed Income Management Economic Snapshot Labor Market Jun '19Sep '18 Unemployment Rate Sep '19 3.5%3.7%3.7% Change In Non-Farm Payrolls Sep '19136,000178,000108,000 Average Hourly Earnings (YoY)Sep '19 2.9%3.2%3.0% Personal Income (YoY)Aug '19 4.6%4.9%5.4% Initial Jobless Claims (week)10/12/19214,000222,000218,000 Growth Real GDP (QoQ SAAR)2019Q2 2.0%3.1%3.5% GDP Personal Consumption (QoQ SAAR)2019Q2 4.6%1.1%4.0% Retail Sales (YoY)Sep '19 4.1%3.3%3.9% ISM Manufacturing Survey (month)Sep '19 47.8 51.7 59.5 Existing Home Sales SAAR (month)Aug '195.49 mil.5.29 mil.5.18 mil. Inflation / Prices Personal Consumption Expenditures (YoY)Aug '19 1.4%1.4%2.0% Consumer Price Index (YoY)Sep '19 1.7%1.6%2.3% Consumer Price Index Core (YoY)Sep '19 2.4%2.1%2.2% Crude Oil Futures (WTI, per barrel)Sep 30 $54.07$58.47$73.25 Gold Futures (oz.)Sep 30 $1,466 $1,414 $1,192 Latest 0 150K 300K 450K 3% 4% 5% 6% Sep '16 Mar '17 Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Unemployment Rate (left) vs. Change in NonFarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate 0% 2% 4% Jun '16 Dec '16 Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Real GDP (QoQ) 0% 1% 2% 3% 4% Sep '16 Mar '17 Sep '17 Mar '18 Sep '18 Mar '19 Sep '19 Consumer Price Index CPI (YoY)Core CPI (YoY) 2 2 1 1 1. Data as of First Quarter 2019. 2. Data as of Second Quarter 2018. Note: YoY = year-over-year, QoQ = quarter-over-quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil. Source: Bloomberg. PFM Asset Management LLC 2 QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2019 Fixed Income Management Source: Bloomberg. Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve U.S. Treasury Yields Yield Curves as of 9/30/19 0% 1% 2% 3% 4% 3- m o 1- y r 2- y r 3- y r 5- y r 7- y r 10 - y r 30 - y r Yi e l d Maturity September 30, 2019 June 30, 2019 September 30, 2018 0% 1% 2% 3% 4% 1- y r 2- y r 3- y r 5- y r 0 7- y r 10 - y r 25 - y r 30 - y r Yi e l d Maturity U.S. Treasury Federal Agency Corporates, A Rated 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 9/30/1812/31/183/31/196/30/199/30/19 Yi e l d 2-Year 5-Year 10-Year Maturity Sep '19 Jun '19 Change over Quarter Sep '18 Change over Year 3-Month 1.82% 2.09% (0.27%)2.20% (0.38%) 1-Year 1.76% 1.93% (0.17%)2.57% (0.81%) 2-Year 1.62% 1.76% (0.14%)2.82% (1.20%) 5-Year 1.55% 1.77% (0.22%)2.95% (1.40%) 10-Year 1.67% 2.01% (0.34%)3.06% (1.39%) 30-Year 2.11% 2.53% (0.42%)3.21% (1.10%) PFM Asset Management LLC 3 QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2019 Fixed Income Management Source: ICE BofAML Indices. September 30, 2019 Duration Yield 3 Month 1 Year3 Years 1-3 Year Indices U.S. Treasury 1.88 1.68%0.58%4.36%1.52% Federal Agency 1.52 1.71%0.62%4.19%1.66% U.S. Corporates, A-AAA rated 1.84 2.11%0.93%5.11%2.39% Agency MBS (0 to 3 years)3.20 2.45%1.41%7.58%2.48% Taxable Municipals 1.77 1.95%0.95%5.13%2.69% 1-5 Year Indices U.S. Treasury 2.62 1.64%0.75%5.62%1.62% Federal Agency 1.97 1.67%0.72%4.77%1.70% U.S. Corporates, A-AAA rated 2.61 2.16%1.11%6.53%2.62% Agency MBS (0 to 5 years)1.79 2.33%1.32%6.83%1.95% Taxable Municipals 2.22 2.22%1.14%5.71%2.66% Master Indices (Maturities 1 Year or Greater) U.S. Treasury 6.85 1.73%2.51%10.75%2.30% Federal Agency 4.18 1.78%1.74%8.07%2.43% U.S. Corporates, A-AAA rated 7.70 2.63%2.97%12.62%4.03% Agency MBS (0 to 30 years)3.08 2.51%1.44%7.98%2.38% Taxable Municipals 11.11 3.00%4.70%17.37%5.74% As of 9/30/19 Returns for Periods ended 9/30/19 Returns for periods greater than one year are annualized. PFM Asset Management LLC ICE BofAML Index Returns 4 QUARTERLY MARKET SUMMARY For the Quarter Ended September 30, 2019 Fixed Income Management DISCLOSURES PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. Investment advisory services are provided by PFM Asset Management LLC, which is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The information contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request. For more information regarding PFM’s services or entities, please visit www.pfm.com. The views expressed within this material constitute the perspective and judgment of PFM Asset Management LLC at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. © 2019 PFM Asset Management LLC. Further distribution is not permitted without prior written consent. PFM Asset Management LLC 5 In v e s t m e n t S t r a t e g y & P o r t f o l i o R e v i e w PFM Asset ManagementLLC CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Recap Our strategy throughout the quarter included the following elements: •We continued to maintain portfolio durations in line with benchmarks, as we have since the beginning of the year, because of growing certainty that the Fed would cut rates, perhaps multiple times. Maintaining durations—despite the inverted yield curve—was just as vital as in previous quarters as the continued drop in yields drove strong fixed income returns. In fact, longer-duration strategies outperformed shorter ones for the fourth quarter in a row. •Our sector allocation strategy continued to favor broad diversification, including the widest range of permitted investments. Our weighting to corporatesand asset-backed securities (ABS)generally offset the negative relative performance of agency MBS for the quarter. •We continued to rotate out of the federal agency as its yield spreads remained unattractive relative to comparable treasuries. Even new issue concessions were less attractive than in prior quarters. While limited supply is partly to blame, insatiable market demand has essentially capped any upside. •Corporate bonds rallied, pushing yield spreads back to near 12-month lows during the quarter as a more accommodative Fed and a temporary lull in the trade war offensive mitigated some of the imminent risk to the economy. As a result, investment-grade (IG) corporates generated attractive excess returns for the third quarter, with lower quality issuers outperforming higher quality ones. A bevy of new-issue corporates in September provided many opportunities, albeit at somewhat modest yield spreads. Our strategy in the third quarter was to maintain corporate allocations, make purchases a bit farther out on the yield curve within the sector, and selectively take advantage of new issues. Our focus remained on those issuers with lower leverage and less relative exposure to international trade risks. •The mortgage-related sector experienced some give-and-take during the third quarter. While MBS generally detracted from third quarter portfolio performance, wider yield spreads provided a good buying opportunity, positioning the portfolio to benefit from incremental income in future quarters. •After narrowing in the first half of 2019, yield spreads on negotiable bank CDs gradually increased from multi-year lows. Short-term credit sectors once again offered favorable incremental yield opportunities for ultra-short-term investors. Portfolio Review 6 PFM Asset ManagementLLC For the Quarter Ended September 30, 2019 CITY OF LAKE ELSINORE Portfolio Compliance The portfolio is in compliance with the City’s Investment Policy and California Government Code. Sector Allocation & Compliance Market values, excluding accrued interest. Detail may not add to total due to rounding. Current investment policy as of June 2018. Security Type Market Value % of Portfolio % Change vs. 6/30/19 Permitted by Policy In Compliance U.S. Treasury $19,633,144 48.3%100% Federal Agency $519,911 1.3%100% Federal Agency CMOs $608,981 1.5%100% Supranationals $1,610,737 4.0%30% Negotiable CDs $4,772,513 11.7%30% Corporate Notes $10,050,878 24.7%30% Asset-Backed Securities $3,385,762 8.3%20% Securities Sub-Total $40,581,928 99.8% Accrued Interest $223,849 Securities Total $40,805,777 CAMP Cash Reserve Portfolio $77,603 0.2%100% Total Investments $40,883,380 100.0% 7 -2.0% -1.7% -0.1% - +0.9% +1.0% +1.9% - CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Snapshot Portfolio Statistics As of September 30, 2019 $40,249,776 $40,883,379 $40,581,928 $223,849 - Accrued Interest: Cash: Par Value: Total Market Value: Security Market Value: CAMP $77,603 $39,985,848 1.81% 2.46% AAAverage Credit: * Yield at Cost: Amortized Cost: Yield at Market: Effective Duration:2.46 Years Duration to Worst:2.46 Years Average Maturity:2.75 Years Credit Quality (S&P Ratings)** 8.2% A 6.8% A- 3.3% A+ 3.4% A-1 3.7% A-1+ 0.9% AA 5.0% AA- 51.6% AA+ 12.6% AAA 0.2% AAAm 3.7% BBB+ 0.7% Not Rated 0% 10% 20% 30% 40% 50% 60% 0 - 1 Year1 - 2 Years2 - 3 Years3 - 4 Years4 - 5 Years> 5 Years 14.9% 18.0% 5.0% 50.3% 11.8% 0.0% Maturity Distribution Sector Allocation 8.3% Asset-Backed 11.7% Certificate of Deposit 24.7% Corporate 1.5% Federal Agency/CMO 1.3% Federal Agency/GSE 0.2% Mny Mkt Fund / Pool 4.0% Supra-Sov / Supra-Natl Agency 48.3% U.S. Treasury PFM Asset Management LLC * An average of each security’s credit rating assigned a numeric value and adjusted for its relative weighting in the portfolio. ** Securities held in the CIty's portfolio are in compliance with California Government Code and the City's Investment Policy dated June 2018. 8 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Composition Sector Allocation September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 % of TotalMV ($MM)Sector % of Total% of Total% of Total MV ($MM)MV ($MM)MV ($MM) U.S. Treasury 19.6 48.3% 20.2 50.2% 19.1 48.2% 18.6 47.5% Corporate 10.1 24.7% 9.6 23.8% 10.1 25.4% 9.6 24.4% Certificate of Deposit 4.8 11.7% 4.4 10.8% 4.3 11.0% 5.1 13.1% Asset-Backed 3.4 8.3% 2.6 6.4% 2.6 6.5% 2.3 5.9% Supra-Sov / Supra-Natl Agency 1.6 4.0% 1.6 4.0% 1.6 4.0% 1.6 4.1% Federal Agency/CMO 0.6 1.5% 0.6 1.6% 0.6 1.6% 0.7 1.8% Federal Agency/GSE 0.5 1.3% 1.2 3.0% 1.2 3.0% 1.2 3.1% Mny Mkt Fund / Pool 0.1 0.2% 0.1 0.2% 0.1 0.3% 0.1 0.1% $40.7 100.0%$40.3 100.0%$39.6 100.0%$39.1 100.0%Total 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% September 2019 June 2019 March 2019 December 2018 Mny Mkt Fund / Pool Federal Agency/GSE Federal Agency/CMO Supra-Sov / Supra-Natl Agency Asset-Backed Certificate of Deposit Corporate U.S. Treasury PFM Asset Management LLC Detail may not add to total due to rounding. 9 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Composition Maturity Distribution As of September 30, 2019 >5 Years 4-5 Years 3-4 Years 2-3 Years 1-2 Years 0-1 Years Yield at MarketPortfolio/Benchmark Average Maturity 1.81% 14.9% 18.0% 5.0% 50.3% 11.8% 0.0%2.75 yrsCITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 1.64% 1.7% 33.0% 27.3% 19.7% 18.3% 0.0%2.74 yrs 0% 10% 20% 30% 40% 50% 60% 0-1 Years 1-2 Years 2-3 Years 3-4 Years 4-5 Years > 5 Years 14.9% 18.0% 5.0% 50.3% 11.8% 0.0%1.7% 33.0% 27.3% 19.7%18.3% 0.0% CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC 10 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Performance Portfolio Performance (Total Return) Effective DurationPortfolio/Benchmark Annualized Return 10 Year1 Year 3 Year 5 Year Since Inception (09/30/10) Current Quarter 2.46 0.89%-5.71%2.00%1.98%1.73%CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index 2.56 0.75%-5.62%1.62%1.71%1.40% Difference 0.09% 0.14%0.38%0.27%-0.33% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Current Quarter 1 Year 3 Year 5 Year 10 Year Since Inception 0.89% 5.71% 2.00%1.98%1.73% 0.75% 5.62% 1.62%1.71% 1.40% To t a l R e t u r n CITY OF LAKE ELSINORE ICE BofAML 1-5 Year U.S. Treasury Index PFM Asset Management LLC Portfolio performance is gross of fees unless otherwise indicated. 11 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Performance Portfolio Earnings Quarter-Ended September 30, 2019 Market Value Basis Accrual (Amortized Cost) Basis Net Purchases/Sales Change in Value Interest Earned $40,276,700.63 $249,969.86 $132,859.56 $227,082.61 $359,942.17 $40,659,530.05 $39,655,120.40 $249,969.86 $80,757.26 $227,082.61 $307,839.87 $39,985,847.52 Portfolio Earnings Beginning Value (06/30/2019) Ending Value (09/30/2019) PFM Asset Management LLC 12 PFM Asset ManagementLLC CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Investment Strategy Outlook Our strategy as we enter the final quarter of 2019 is to maintain a well-diversified portfolio as we seek to balance portfolio earnings potential with profit-taking in sectors that appear overly expensive. Issue selection has become increasingly important, regardless of sector, as market cross-currents have created both risks and opportunities. Our outlook for the major investment-grade fixed income sectors is as follows: •Federal agency yield spreads remain very tight. In some cases, agencies offer yields less than those on Treasuries of similar maturity. The U.S. Treasury Department also released an updated housing reform plan that seeks to reduce the role of the Federal Government, but implementation faces many political and practical difficulties. We continue to favor further reductions in agency holdings because their upside is limited. •Supranational yield spreads remain at multi-year lows, and we plan to further reduce allocations. •In the investment-grade (IG) corporate sector, we remain cautiously optimistic. Stable fundamentals, positive earnings growth, and a resilient equity market support the underlying stability of the credit markets; however, in addition to the myriad of geopolitical issues that have yet to be resolved, increased balance sheet leverage translates into somewhat elevated financial risks, especially in light of the narrow spreads currently available. As a result, we plan to reduce “rich” corporate holdings while creating room for new corporate opportunities as they become available. •ABS spreads are near multi-year lows, but underlying fundamentals remain firm. We plan to maintain ABS positions near current levels while seeking to opportunistically reduce allocations to structures inside of one year. •Increasing new home supply and accelerating prepayments are expected to weigh on the MBS sector over the near term. While spreads snapped back modestly near quarter-end, relative value in the sector is now attractive. Our preference is for structures that are less sensitive to interest rate movements—in particular, commercial MBS (CMBS) and well-seasoned mortgage pools that have less prepayment variability. •On the heels of two Fed rate cuts in the third quarter, money market investors may see further rate adjustments in the coming months. Short-term credit spreads have widened recently, creating investment opportunities that offset some of the Fed’s lower overnight target rate. Outlook 13 Is s u e r D i s t r i b u t i o n CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Composition Issuer Distribution As of September 30, 2019 Market Value ($)% of PortfolioIssuer UNITED STATES TREASURY 19,633,144 48.3% SWEDBANK AB 801,502 2.0% CAPITAL ONE FINANCIAL CORP 796,776 2.0% NORDEA BANK AB 777,608 1.9% WESTPAC BANKING CORP 741,549 1.8% INTL BANK OF RECONSTRUCTION AND DEV 731,688 1.8% CARMAX AUTO OWNER TRUST 714,212 1.8% JP MORGAN CHASE & CO 691,448 1.7% ROYAL BANK OF CANADA 691,137 1.7% BANK OF MONTREAL 675,688 1.7% GM FINANCIAL SECURITIZED TERM 577,840 1.4% TOYOTA MOTOR CORP 551,038 1.4% FEDERAL HOME LOAN BANKS 519,911 1.3% WELLS FARGO & COMPANY 500,132 1.2% INTER-AMERICAN DEVELOPMENT BANK 476,082 1.2% AMERICAN EXPRESS CO 440,747 1.1% MORGAN STANLEY 425,532 1.1% GOLDMAN SACHS GROUP INC 423,433 1.0% To p 5 = 5 6 . 0 % To p 1 0 = 6 4 . 6 % PFM Asset Management LLC 14 For the Quarter Ended September 30, 2019 Portfolio Composition Market Value ($)% of Portfolio CITY OF LAKE ELSINORE Issuer PNC FINANCIAL SERVICES GROUP 422,312 1.0% FREDDIE MAC 407,716 1.0% NATIONAL RURAL UTILITIES CO FINANCE CORP 405,011 1.0% AMERICAN HONDA FINANCE 404,312 1.0% THE BANK OF NEW YORK MELLON CORPORATION 403,064 1.0% INTERNATIONAL FINANCE CORPORATION 402,967 1.0% BANK OF AMERICA CO 402,609 1.0% SKANDINAVISKA ENSKILDA BANKEN AB 400,555 1.0% CITIGROUP INC 400,271 1.0% MICROSOFT CORP 399,809 1.0% THE WALT DISNEY CORPORATION 396,058 1.0% BANK OF NOVA SCOTIA 383,254 0.9% HONDA AUTO RECEIVABLES 382,422 0.9% WAL-MART STORES INC 375,833 0.9% DEERE & COMPANY 355,106 0.9% PACCAR FINANCIAL CORP 342,640 0.8% VOLKSWAGEN OF AMERICA 330,562 0.8% BB&T CORPORATION 325,079 0.8% BMW FINANCIAL SERVICES NA LLC 305,256 0.8% CATERPILLAR INC 304,593 0.8% UNILEVER PLC 303,443 0.8% PFM Asset Management LLC 15 For the Quarter Ended September 30, 2019 Portfolio Composition Market Value ($)% of Portfolio CITY OF LAKE ELSINORE Issuer IBM CORP 302,663 0.7% UBS AG 301,221 0.7% PEPSICO INC 280,869 0.7% GM FINANCIAL AUTO LEASING TRUST 278,694 0.7% GENERAL ELECTRIC CO 251,941 0.6% CHARLES SCHWAB 239,847 0.6% FANNIE MAE 201,265 0.5% APPLE INC 200,420 0.5% HOME DEPOT INC 199,730 0.5% HERSHEY COMPANY 177,923 0.4% STATE STREET CORPORATION 125,014 0.3% CAMP POOL 77,603 0.2% 40,659,530 100.0%Grand Total: PFM Asset Management LLC 16 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Quarterly Portfolio Transactions Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 7/1/197/3/19 1,650,000.00 912828T91US TREASURY NOTESBUY 10/31/23 (1,643,770.46) 1.78%1.62% 7/1/197/3/19 275,000.00912828X47US TREASURY NOTESSELL 4/30/22 276,691.66 1.77% 8,496.09 1.87% 7/1/197/3/19 1,000,000.00912828TJ9US TREASURY NOTESSELL 8/15/22 1,002,054.13 1.76% 29,446.48 1.62% 7/1/197/3/19 225,000.00912828X47US TREASURY NOTESSELL 4/30/22 226,384.08 1.77% 5,629.75 1.87% 7/1/197/25/19 81.573136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2INTEREST 9/1/19 0.11 1.64% 7/1/197/25/19 480.363136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2INTEREST 9/1/19 0.66 1.64% 7/1/197/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 7/1/197/25/19 147,874.023136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 438.72 3.56% 7/1/197/25/19 176,979.033137FKK39FHMS KP05 AINTEREST 7/1/23 472.39 3.20% 7/1/197/25/19 81.573136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2INTEREST 9/1/19 0.11 1.64% 7/1/197/25/19 29,574.803136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 87.74 3.56% 7/1/197/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 7/1/197/25/19 29,574.803136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 87.75 3.56% 7/1/197/25/19 160,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 412.00 3.09% 7/1/197/25/19 480.373136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 480.37 0.00 1.64% 7/1/197/25/19 6,858.773137FKK39FHMS KP05 APAYDOWNS 7/1/23 6,858.77 0.00 3.20% 7/1/197/25/19 290.113136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 290.11 0.00 3.56% 7/1/197/25/19 58.023136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 58.02 0.00 3.56% 7/1/197/25/19 81.573136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 81.57 0.00 1.64% 7/1/197/25/19 58.023136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 58.02 0.00 3.56% PFM Asset Management LLC 17 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 7/1/197/25/19 81.573136AQDQ0FANNIE MAE SERIES 2015-M13 ASQ2PAYDOWNS 9/1/19 81.57 0.00 1.64% 7/6/197/6/19 50,000.0024422ETL3JOHN DEERE CAPITAL CORP NOTESINTEREST 1/6/22 662.50 2.65% 7/6/197/6/19 275,000.0024422ETL3JOHN DEERE CAPITAL CORP NOTESINTEREST 1/6/22 3,643.75 2.65% 7/8/197/8/19 250,000.0036962G4J0GENERAL ELECTRIC CAP CORP NOTESINTEREST 1/8/20 6,875.00 5.50% 7/8/197/11/19 400,000.0038141EC23GOLDMAN SACHS GROUP INC BONDSBUY 7/8/24 (418,760.33) 2.84%3.85% 7/8/197/11/19 400,000.00912828R69US TREASURY N/B NOTESSELL 5/31/23 397,462.52 1.84% 10,107.64 1.62% 7/10/197/10/19 50,000.00172967LF6CITIGROUP INC (CALLABLE) CORP NOTEINTEREST 1/10/20 612.50 2.45% 7/10/197/10/19 300,000.00172967LF6CITIGROUP INC (CALLABLE) CORP NOTEINTEREST 1/10/20 3,675.00 2.45% 7/10/197/10/19 50,000.00172967LF6CITIGROUP INC (CALLABLE) CORP NOTEINTEREST 1/10/20 612.50 2.45% 7/11/197/15/19 400,000.0002665WCZ2AMERICAN HONDA FINANCE CORP NOTEBUY 6/27/24 (398,496.00) 2.51%2.40% 7/11/197/15/19 375,000.0002665WCP4AMERICAN HONDA FINANCE CORP NOTESSELL 12/10/21 385,222.97 2.34% 9,139.81 3.37% 7/14/197/14/19 125,000.003130A8QS5FHLB GLOBAL NOTEINTEREST 7/14/21 703.13 1.12% 7/14/197/14/19 400,000.003130A8QS5FHLB GLOBAL NOTEINTEREST 7/14/21 2,250.00 1.12% 7/15/197/15/19 350,000.0014313FAD1CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 7/15/197/15/19 375,000.0043815AAC6HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 7/15/197/15/19 350,000.0014315EAC4CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 7/16/197/16/19 300,000.0036255JAD6GMCAR 2018-3 A3INTEREST 5/16/23 755.00 3.02% 7/16/197/16/19 270,000.0036256XAD4GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 7/19/197/23/19 400,000.0061746BDQ6MORGAN STANLEY CORP NOTESBUY 4/29/24 (426,532.67) 2.59%3.87% 7/19/197/23/19 50,000.0061746BEA0MORGAN STANLEY CORP NOTESSELL 4/21/21 50,421.95 2.38% 19.22 2.50% 7/19/197/23/19 50,000.0061746BEA0MORGAN STANLEY CORP NOTESSELL 4/21/21 50,421.94 2.38% 19.22 2.50% 7/19/197/23/19 300,000.0061746BEA0MORGAN STANLEY CORP NOTESSELL 4/21/21 302,531.67 2.38% 115.33 2.50% PFM Asset Management LLC 18 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 7/20/197/20/19 300,000.0005586CAD6BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 7/20/197/20/19 325,000.0092869BAD4VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 7/20/197/20/19 275,000.0036256GAE9GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 7/23/197/23/19 400,000.00693475AV7PNC BANK NA CORP NOTESINTEREST 1/23/24 7,000.00 3.50% 7/23/197/23/19 400,000.00459058GH0 INTL BANK OF RECONSTRUCTION AND DEV NOTE INTEREST 7/23/21 5,500.00 2.75% 7/30/197/30/19 75,000.0094974BGF1WELLS FARGO & CO CORP BONDSINTEREST 1/30/20 806.25 2.15% 7/30/197/30/19 375,000.0094974BGF1WELLS FARGO & CO CORP BONDSINTEREST 1/30/20 4,031.25 2.15% 8/1/198/1/19 25,000.0005531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTESINTEREST 2/1/21 268.75 2.15% 8/1/198/1/19 75,000.0005531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTESINTEREST 2/1/21 806.25 2.15% 8/1/198/1/19 25,000.0005531FAZ6BRANCH BANKING & TRUST (CALLABLE) NOTESINTEREST 2/1/21 268.75 2.15% 8/1/198/25/19 160,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 411.99 3.09% 8/1/198/25/19 147,583.913136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 441.54 3.56% 8/1/198/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 8/1/198/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 8/1/198/25/19 29,516.783136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 88.31 3.56% 8/1/198/25/19 29,516.783136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 88.31 3.56% 8/1/198/25/19 170,120.263137FKK39FHMS KP05 AINTEREST 7/1/23 454.08 3.20% 8/1/198/25/19 207.393136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 207.39 0.00 3.56% 8/1/198/25/19 275.133137FKK39FHMS KP05 APAYDOWNS 7/1/23 275.13 0.00 3.20% 8/1/198/25/19 207.393136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 207.39 0.00 3.56% 8/1/198/25/19 1,037.003136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 1,037.00 0.00 3.56% 8/5/198/5/19 670,000.0006370REU9BANK OF MONTREAL CHICAGO CERT DEPOSINTEREST 8/3/20 21,788.59 3.19% PFM Asset Management LLC 19 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 8/5/198/5/19 300,000.0044932HAG8IBM CORP CORP NOTESINTEREST 2/5/21 3,975.00 2.65% 8/6/198/6/19 50,000.00594918BV5MICROSOFT CORP NOTESINTEREST 2/6/20 462.50 1.85% 8/6/198/6/19 300,000.00594918BV5MICROSOFT CORP NOTESINTEREST 2/6/20 2,775.00 1.85% 8/6/198/6/19 50,000.00594918BV5MICROSOFT CORP NOTESINTEREST 2/6/20 462.50 1.85% 8/7/198/7/19 100,000.0096121T4A3WESTPAC BANKING CORP NY CDINTEREST 8/3/20 1,025.00 2.05% 8/7/198/7/19 100,000.0096121T4A3WESTPAC BANKING CORP NY CDINTEREST 8/3/20 1,025.00 2.05% 8/7/198/7/19 540,000.0096121T4A3WESTPAC BANKING CORP NY CDINTEREST 8/3/20 5,535.00 2.05% 8/15/198/15/19 350,000.0014313FAD1CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 8/15/198/15/19 375,000.0043815AAC6HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 8/15/198/15/19 350,000.0014315EAC4CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 8/16/198/16/19 300,000.0036255JAD6GMCAR 2018-3 A3INTEREST 5/16/23 755.00 3.02% 8/16/198/16/19 270,000.0036256XAD4GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 8/17/198/17/19 140,000.003135G0N82FNMA NOTESINTEREST 8/17/21 875.00 1.25% 8/17/198/17/19 80,000.003135G0N82FNMA NOTESINTEREST 8/17/21 500.00 1.25% 8/17/198/17/19 460,000.003135G0N82FNMA NOTESINTEREST 8/17/21 2,875.00 1.25% 8/17/198/17/19 25,000.003135G0N82FNMA NOTESINTEREST 8/17/21 156.25 1.25% 8/20/198/20/19 275,000.0036256GAE9GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 8/20/198/20/19 325,000.0092869BAD4VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 8/20/198/20/19 100,000.0065590ASN7NORDEA BANK AB NY CDINTEREST 2/20/20 1,360.00 2.72% 8/20/198/20/19 300,000.0005586CAD6BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 8/20/198/20/19 100,000.0065590ASN7NORDEA BANK AB NY CDINTEREST 2/20/20 1,360.00 2.72% 8/20/198/20/19 575,000.0065590ASN7NORDEA BANK AB NY CDINTEREST 2/20/20 7,820.00 2.72% PFM Asset Management LLC 20 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 8/28/199/5/19 800,000.0014041NFU0COMET 2019-A2 A2BUY 8/15/24 (799,798.56) 1.73%1.72% 8/28/199/5/19 25,000.003135G0N82FNMA NOTESSELL 8/17/21 24,875.13 1.54%(106.44)1.25% 8/28/199/5/19 50,000.00912828Q78US TREASURY NOTESSELL 4/30/21 50,077.02 1.57% 236.11 1.37% 8/28/199/5/19 140,000.003135G0N82FNMA NOTESSELL 8/17/21 139,300.70 1.54%(596.05)1.25% 8/28/199/5/19 80,000.003135G0N82FNMA NOTESSELL 8/17/21 79,600.40 1.54%(320.54)1.25% 8/28/199/5/19 460,000.003135G0N82FNMA NOTESSELL 8/17/21 457,702.30 1.54%(1,843.08)1.25% 8/29/199/3/19 400,000.0083050PDR7SKANDINAV ENSKILDA BANK LT CDBUY 8/26/22 (400,000.00) 1.88%1.86% 8/29/199/3/19 235,000.00912828T67US TREASURY NOTESSELL 10/31/21 234,757.34 1.50% 1,695.95 1.25% 8/29/199/3/19 35,000.00912828T67US TREASURY NOTESSELL 10/31/21 34,963.85 1.50% 252.59 1.25% 8/29/199/3/19 130,000.00912828T67US TREASURY NOTESSELL 10/31/21 129,865.77 1.50% 938.19 1.25% 9/1/199/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 9/1/199/25/19 169,845.133137FKK39FHMS KP05 AINTEREST 7/1/23 453.35 3.20% 9/1/199/25/19 29,309.393136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 90.12 3.56% 9/1/199/25/19 35,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 90.13 3.09% 9/1/199/25/19 160,000.003137BM6P6FHLMC SERIES K721 A2INTEREST 8/25/22 412.00 3.09% 9/1/199/25/19 146,546.913136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 450.63 3.56% 9/1/199/25/19 29,309.393136B1XP4FNA 2018-M5 A2INTEREST 9/25/21 90.13 3.56% 9/1/199/25/19 5,400.403136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 5,400.40 0.00 3.56% 9/1/199/25/19 276.513137FKK39FHMS KP05 APAYDOWNS 7/1/23 276.51 0.00 3.20% 9/1/199/25/19 1,080.083136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 1,080.08 0.00 3.56% 9/1/199/25/19 1,080.083136B1XP4FNA 2018-M5 A2PAYDOWNS 9/25/21 1,080.08 0.00 3.56% 9/3/199/3/19 300,000.0090275DHG8UBS AG STAMFORD CT LT CDINTEREST 3/2/20 4,422.50 2.90% PFM Asset Management LLC 21 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 9/3/199/3/19 30,000.000258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTEINTEREST 3/3/20 330.00 2.20% 9/3/199/3/19 180,000.000258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTEINTEREST 3/3/20 1,980.00 2.20% 9/3/199/3/19 30,000.000258M0EE5AMERICAN EXPRESS CREDIT (CALLABLE) NOTEINTEREST 3/3/20 330.00 2.20% 9/3/199/6/19 400,000.00254687FK7WALT DISNEY COMPANY/THEBUY 8/30/24 (398,368.00) 1.84%1.75% 9/3/199/6/19 50,000.0025468PDU7WALT DISNEY COMPANY CORP NOTESSELL 6/5/20 50,166.50 1.96%(46.25)1.80% 9/3/199/6/19 25,000.0025468PDU7WALT DISNEY COMPANY CORP NOTESSELL 6/5/20 25,083.25 1.96%(23.12)1.80% 9/3/199/6/19 25,000.0025468PDP8WALT DISNEY COMPANY CORP NOTESSELL 3/4/20 24,995.46 2.01%(6.15)1.95% 9/3/199/6/19 125,000.0025468PDP8WALT DISNEY COMPANY CORP NOTESSELL 3/4/20 124,977.29 2.01%(30.74)1.95% 9/3/199/6/19 175,000.0025468PDU7WALT DISNEY COMPANY CORP NOTESSELL 6/5/20 175,582.75 1.96%(161.87)1.80% 9/4/199/4/19 125,000.0025468PDP8WALT DISNEY COMPANY CORP NOTESINTEREST 3/4/20 1,218.75 1.95% 9/4/199/4/19 225,000.0014913Q2A6CATERPILLAR FINL SERVICE NOTEINTEREST 9/4/20 2,081.25 1.85% 9/4/199/4/19 40,000.0014913Q2A6CATERPILLAR FINL SERVICE NOTEINTEREST 9/4/20 370.00 1.85% 9/4/199/4/19 25,000.0025468PDP8WALT DISNEY COMPANY CORP NOTESINTEREST 3/4/20 243.75 1.95% 9/4/199/4/19 40,000.0014913Q2A6CATERPILLAR FINL SERVICE NOTEINTEREST 9/4/20 370.00 1.85% 9/9/199/9/19 300,000.0045950VLQ7INTERNATIONAL FINANCE CORPORATION NOTEINTEREST 3/9/21 3,954.00 2.63% 9/9/199/9/19 50,000.0045950VLQ7INTERNATIONAL FINANCE CORPORATION NOTEINTEREST 3/9/21 659.00 2.63% 9/9/199/9/19 50,000.0045950VLQ7INTERNATIONAL FINANCE CORPORATION NOTEINTEREST 3/9/21 659.00 2.63% 9/12/199/12/19 150,000.0045905UP32 INTL BANK OF RECONSTRUCTION AND DEV NOTE INTEREST 9/12/20 1,171.50 1.56% 9/12/199/12/19 125,000.0045905UP32 INTL BANK OF RECONSTRUCTION AND DEV NOTE INTEREST 9/12/20 976.25 1.56% 9/12/199/12/19 200,000.0089236TCF0TOYOTA MOTOR CORP NOTESINTEREST 3/12/20 2,150.00 2.15% 9/12/199/12/19 50,000.0045905UP32 INTL BANK OF RECONSTRUCTION AND DEV NOTE INTEREST 9/12/20 390.50 1.56% PFM Asset Management LLC 22 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Activity Security DescriptionCUSIPPar ($) Settle Date Trade Date Tran. Type Maturity Date Transact Amt ($)Yield Realized G/L (BV)Coupon 9/15/199/15/19 350,000.0014315EAC4CARMAX AUTO OWNER TRUSTINTEREST 9/15/23 980.00 3.36% 9/15/199/15/19 175,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 2,537.50 2.90% 9/15/199/15/19 125,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 1,812.50 2.90% 9/15/199/15/19 350,000.0014313FAD1CARMAX AUTO OWNER TRUSTINTEREST 6/15/23 912.92 3.13% 9/15/199/15/19 375,000.0043815AAC6HAROT 2018-4 A3INTEREST 1/15/23 987.50 3.16% 9/15/199/15/19 25,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 362.50 2.90% 9/15/199/15/19 25,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 362.50 2.90% 9/15/199/15/19 25,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 362.50 2.90% 9/15/199/15/19 25,000.0063743HER9NATIONAL RURAL UTIL COOP NOTEINTEREST 3/15/21 362.50 2.90% 9/16/199/16/19 270,000.0036256XAD4GMCAR 2019-1 A3INTEREST 11/16/23 668.25 2.97% 9/16/199/16/19 300,000.0036255JAD6GMCAR 2018-3 A3INTEREST 5/16/23 755.00 3.02% 9/20/199/20/19 275,000.0036256GAE9GMALT 2018-3 A4INTEREST 7/20/22 756.25 3.30% 9/20/199/20/19 325,000.0092869BAD4VALET 2018-2 A3INTEREST 4/20/23 880.21 3.25% 9/20/199/20/19 300,000.0005586CAD6BMWLT 2018-1 A4INTEREST 3/20/22 840.00 3.36% 9/22/199/22/19 300,000.00904764AZ0UNILEVER CAPITAL CORP NOTESINTEREST 3/22/21 4,125.00 2.75% TOTALS (78,811.85) 62,962.14 PFM Asset Management LLC 23 Po r t f o l i o H o l d i n g s CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity U.S. Treasury Bond / Note AA+Aaa 5/27/20165/31/2016 15,268.94 66.34 15,074.84 14,990.041.35US TREASURY NOTES DTD 12/31/2015 1.750% 12/31/2020 912828N48 15,000.00 AA+Aaa 3/30/20163/31/2016 10,502.34 60.02 10,134.86 10,070.701.28US TREASURY NOTES DTD 12/31/2013 2.375% 12/31/2020 912828A83 10,000.00 AA+Aaa 10/5/201710/10/2017 92,799.41 496.94 93,850.80 94,228.131.85US TREASURY NOTES DTD 10/31/2016 1.250% 10/31/2021 912828T67 95,000.00 AA+Aaa 1/30/20191/31/2019 3,124,646.48 17,050.53 3,132,913.37 3,229,197.252.55US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 3,175,000.00 AA+Aaa 1/7/20191/10/2019 4,287,298.83 23,360.56 4,298,309.91 4,424,254.502.51US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 4,350,000.00 AA+Aaa 12/12/201812/13/2018 1,170,281.25 6,444.29 1,175,917.22 1,220,484.002.78US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 1,200,000.00 AA+Aaa 11/2/201811/6/2018 772,718.75 4,296.20 778,382.86 813,656.003.00US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 800,000.00 AA+Aaa 8/1/20188/3/2018 436,464.84 2,416.61 439,872.11 457,681.502.86US TREASURY NOTES DTD 12/31/2015 2.125% 12/31/2022 912828N30 450,000.00 AA+Aaa 3/4/20193/6/2019 1,927,421.87 10,922.13 1,936,814.64 2,003,906.002.53US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 2,000,000.00 AA+Aaa 6/3/20196/7/2019 3,050,856.45 16,792.78 3,052,720.36 3,081,005.481.83US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 3,075,000.00 AA+Aaa 4/1/20194/5/2019 1,070,050.78 6,007.17 1,073,449.99 1,102,148.302.32US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,100,000.00 AA+Aaa 5/1/20195/3/2019 1,488,304.69 8,328.13 1,491,885.13 1,527,978.332.25US TREASURY N/B NOTES DTD 05/31/2016 1.625% 05/31/2023 912828R69 1,525,000.00 AA+Aaa 7/1/20197/3/2019 1,639,107.42 11,220.45 1,639,710.96 1,653,544.201.78US TREASURY NOTES DTD 10/31/2016 1.625% 10/31/2023 912828T91 1,650,000.00 2.36 19,633,144.43 19,139,037.05 107,462.15 19,445,000.00 19,085,722.05Security Type Sub-Total Supra-National Agency Bond / Note PFM Asset Management LLC 24 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Supra-National Agency Bond / Note AAA Aaa 9/12/20179/19/2017 149,640.00 123.58 149,883.65 149,669.701.64INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 150,000.00 AAAAaa 9/12/20179/19/2017 124,700.00 102.98 124,903.04 124,724.751.64INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 125,000.00 AAAAaa 9/12/20179/19/2017 49,880.00 41.19 49,961.22 49,889.901.64INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 09/19/2017 1.561% 09/12/2020 45905UP32 50,000.00 AAAAaa 3/9/20183/16/2018 299,775.00 483.08 299,888.72 302,225.402.66INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 300,000.00 AAAAaa 3/9/20183/16/2018 49,962.50 80.51 49,981.45 50,370.902.66INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 50,000.00 AAAAaa 3/9/20183/16/2018 49,962.50 80.51 49,981.45 50,370.902.66INTERNATIONAL FINANCE CORPORATION NOTE DTD 03/16/2018 2.635% 03/09/2021 45950VLQ7 50,000.00 AAAAaa 4/12/20184/19/2018 59,868.00 708.75 59,930.49 60,776.402.70INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 60,000.00 AAAAaa 4/12/20184/19/2018 59,868.00 708.75 59,930.49 60,776.402.70INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 60,000.00 AAAAaa 4/12/20184/19/2018 349,230.00 4,134.38 349,594.51 354,529.002.70INTER-AMERICAN DEVELOPMENT BANK NOTE DTD 04/19/2018 2.625% 04/19/2021 4581X0DB1 350,000.00 AAAAaa 7/18/20187/25/2018 399,064.00 2,077.78 399,424.49 407,404.002.83INTL BANK OF RECONSTRUCTION AND DEV NOTE DTD 07/25/2018 2.750% 07/23/2021 459058GH0 400,000.00 2.51 1,610,737.35 1,593,479.51 8,541.51 1,595,000.00 1,591,950.00Security Type Sub-Total PFM Asset Management LLC 25 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Federal Agency Collateralized Mortgage Obligation AA+Aaa 4/11/20184/30/2018 143,954.04 418.73 142,745.16 143,760.762.27FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 141,146.51 AA+Aaa 4/11/20184/30/2018 28,790.82 83.75 28,549.04 28,752.162.27FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 28,229.31 AA+Aaa 4/11/20184/30/2018 28,790.82 83.75 28,549.04 28,752.162.27FNA 2018-M5 A2 DTD 04/01/2018 3.560% 09/25/2021 3136B1XP4 28,229.31 AA+Aaa 4/4/20184/9/2018 161,362.50 412.00 160,822.11 163,633.652.61FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 160,000.00 AA+Aaa 4/4/20184/9/2018 35,298.05 90.13 35,179.84 35,794.862.61FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 35,000.00 AA+Aaa 4/4/20184/9/2018 35,298.05 90.13 35,179.84 35,794.862.61FHLMC SERIES K721 A2 DTD 12/01/2015 3.090% 08/25/2022 3137BM6P6 35,000.00 AA+Aaa 12/7/201812/17/2018 169,568.10 452.61 169,568.11 172,492.903.11FHMS KP05 A DTD 12/01/2018 3.203% 07/01/2023 3137FKK39 169,568.62 2.64 608,981.35 600,593.14 1,631.10 597,173.75 603,062.38Security Type Sub-Total Federal Agency Bond / Note AA+Aaa 7/14/20167/15/2016 124,239.88 300.78 124,722.93 123,788.381.25FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 3130A8QS5 125,000.00 AA+Aaa 7/14/20167/15/2016 397,567.60 962.50 399,113.36 396,122.801.25FHLB GLOBAL NOTE DTD 07/14/2016 1.125% 07/14/2021 3130A8QS5 400,000.00 1.25 519,911.18 523,836.29 1,263.28 525,000.00 521,807.48Security Type Sub-Total Corporate Note BBB+Baa1 3/20/20153/25/2015 289,082.50 3,170.14 252,298.29 251,940.752.05GENERAL ELECTRIC CAP CORP NOTES DTD 01/08/2010 5.500% 01/08/2020 36962G4J0 250,000.00 PFM Asset Management LLC 26 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note BBB+A3 1/4/20171/10/2017 49,980.00 275.63 49,998.11 50,033.852.46CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 172967LF6 50,000.00 BBB+A3 1/4/20171/10/2017 49,980.00 275.63 49,998.11 50,033.852.46CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 172967LF6 50,000.00 BBB+A3 1/4/20171/10/2017 299,880.00 1,653.75 299,988.66 300,203.102.46CITIGROUP INC (CALLABLE) CORP NOTE DTD 01/10/2017 2.450% 01/10/2020 172967LF6 300,000.00 A-A2 2/2/20152/5/2015 377,621.25 1,366.15 375,181.65 374,886.752.00WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 94974BGF1 375,000.00 A-A2 3/24/20153/27/2015 75,288.00 273.23 75,020.61 74,977.352.07WELLS FARGO & CO CORP BONDS DTD 02/02/2015 2.150% 01/30/2020 94974BGF1 75,000.00 AAAAaa 1/30/20172/6/2017 299,799.00 847.92 299,976.19 299,856.901.87MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 300,000.00 AAAAaa 1/30/20172/6/2017 49,966.50 141.32 49,996.03 49,976.151.87MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 50,000.00 AAAAaa 1/30/20172/6/2017 49,966.50 141.32 49,996.03 49,976.151.87MICROSOFT CORP NOTES DTD 02/06/2017 1.850% 02/06/2020 594918BV5 50,000.00 A-A2 2/28/20173/3/2017 29,968.80 51.33 29,995.49 30,004.682.24AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 0258M0EE5 30,000.00 A-A2 2/28/20173/3/2017 179,812.80 308.00 179,972.92 180,028.082.24AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 0258M0EE5 180,000.00 A-A2 2/28/20173/3/2017 29,968.80 51.33 29,995.49 30,004.682.24AMERICAN EXPRESS CREDIT (CALLABLE) NOTE DTD 03/03/2017 2.200% 03/03/2020 0258M0EE5 30,000.00 AA-Aa3 3/23/20153/27/2015 201,776.00 226.94 200,167.32 200,209.001.96TOYOTA MOTOR CORP NOTES DTD 03/12/2015 2.150% 03/12/2020 89236TCF0 200,000.00 AA-Aa3 4/11/20174/17/2017 74,965.50 666.25 74,993.59 75,005.701.97TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 75,000.00 PFM Asset Management LLC 27 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note AA-Aa3 4/11/20174/17/2017 224,896.50 1,998.75 224,980.77 225,017.101.97TOYOTA MOTOR CREDIT CORP DTD 04/17/2017 1.950% 04/17/2020 89236TDU6 225,000.00 AA2 5/24/20176/5/2017 24,985.50 145.00 24,996.66 24,966.301.82HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 25,000.00 AA2 5/24/20176/5/2017 149,913.00 870.00 149,979.94 149,797.801.82HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 150,000.00 AA2 5/24/20176/5/2017 24,985.50 145.00 24,996.66 24,966.301.82HOME DEPOT INC CORP NOTES DTD 06/05/2017 1.800% 06/05/2020 437076BQ4 25,000.00 AA2 6/19/20176/22/2017 24,984.75 134.06 24,996.24 24,998.781.97JOHN DEERE CAPITAL CORP NOTES DTD 06/22/2017 1.950% 06/22/2020 24422ETS8 25,000.00 AA3 9/5/20179/7/2017 39,966.40 55.50 39,989.40 39,946.561.88CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 40,000.00 AA3 9/5/20179/7/2017 224,811.00 312.19 224,940.40 224,699.401.88CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 225,000.00 AA3 9/5/20179/7/2017 39,966.40 55.50 39,989.40 39,946.561.88CATERPILLAR FINL SERVICE NOTE DTD 09/07/2017 1.850% 09/04/2020 14913Q2A6 40,000.00 A+A1 11/6/201711/13/2017 24,997.75 196.46 24,999.15 25,037.152.05PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 69371RN85 25,000.00 A+A1 11/6/201711/13/2017 149,986.50 1,178.75 149,994.88 150,222.902.05PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 69371RN85 150,000.00 AA+Aa1 11/6/201711/13/2017 49,958.00 383.33 49,984.08 50,104.902.03APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 50,000.00 A+A1 11/6/201711/13/2017 24,997.75 196.46 24,999.15 25,037.152.05PACCAR FINANCIAL CORP NOTES DTD 11/13/2017 2.050% 11/13/2020 69371RN85 25,000.00 AA+Aa1 11/6/201711/13/2017 99,916.00 766.67 99,968.15 100,209.802.03APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 100,000.00 AA+Aa1 11/6/201711/13/2017 49,958.00 383.33 49,984.08 50,104.902.03APPLE INC CORP NOTES DTD 11/13/2017 2.000% 11/13/2020 037833DJ6 50,000.00 A-A2 5/6/20165/10/2016 51,108.00 403.75 50,296.49 50,268.352.04WELLS FARGO & COMPANY NOTES DTD 12/07/2015 2.550% 12/07/2020 94974BGR5 50,000.00 PFM Asset Management LLC 28 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note AA Aa2 10/11/201710/20/2017 299,565.00 1,678.33 299,829.46 300,666.301.95WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 931142EA7 300,000.00 AAAa2 10/11/201710/20/2017 74,891.25 419.58 74,957.37 75,166.581.95WAL-MART STORES INC CORP NOTE DTD 10/20/2017 1.900% 12/15/2020 931142EA7 75,000.00 A-A2 10/23/201710/26/2017 74,965.50 268.75 74,985.17 75,123.382.17BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 75,000.00 A-A2 10/23/201710/26/2017 24,988.50 89.58 24,995.06 25,041.132.17BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 25,000.00 A-A2 10/23/201710/26/2017 24,988.50 89.58 24,995.06 25,041.132.17BRANCH BANKING & TRUST (CALLABLE) NOTES DTD 10/26/2017 2.150% 02/01/2021 05531FAZ6 25,000.00 AA2 2/1/20182/6/2018 299,853.00 1,236.67 299,932.58 302,663.102.67IBM CORP CORP NOTES DTD 02/06/2018 2.650% 02/05/2021 44932HAG8 300,000.00 AA2 4/12/20184/19/2018 24,894.25 32.22 24,946.09 25,313.203.05NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 AA2 2/21/20182/26/2018 24,972.25 32.22 24,986.34 25,313.202.94NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 AA2 4/12/20184/19/2018 24,894.25 32.22 24,946.09 25,313.203.05NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 AA2 2/21/20182/26/2018 24,972.25 32.22 24,986.34 25,313.202.94NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 25,000.00 AA2 2/21/20182/26/2018 124,861.25 161.11 124,931.71 126,566.002.94NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 125,000.00 AA2 4/12/20184/19/2018 174,259.75 225.56 174,622.61 177,192.403.05NATIONAL RURAL UTIL COOP NOTE DTD 02/26/2018 2.900% 03/15/2021 63743HER9 175,000.00 A+A1 3/19/20183/22/2018 298,467.00 206.25 299,229.65 303,443.102.93UNILEVER CAPITAL CORP NOTES DTD 03/22/2018 2.750% 03/22/2021 904764AZ0 300,000.00 PFM Asset Management LLC 29 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note AA-Aa3 4/10/20184/13/2018 49,980.00 688.33 49,989.56 50,805.702.96TOYOTA MOTOR CREDIT CORP NOTES DTD 04/13/2018 2.950% 04/13/2021 89236TEU5 50,000.00 AA1 5/16/20165/19/2016 306,978.00 3,458.33 302,179.37 302,298.302.00BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 300,000.00 AA1 5/16/20165/19/2016 51,149.00 576.39 50,358.90 50,383.052.00BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 50,000.00 AA1 5/16/20165/19/2016 51,149.00 576.39 50,358.90 50,383.052.00BANK OF NEW YORK MELLON CORP (CALLABLE) DTD 02/19/2016 2.500% 04/15/2021 06406FAA1 50,000.00 A+A1 10/5/201710/10/2017 39,992.00 368.89 39,996.40 40,124.162.01PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 40,000.00 A+A1 10/5/201710/10/2017 199,960.00 1,844.44 199,982.02 200,620.802.01PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 200,000.00 A+A1 10/5/201710/10/2017 39,992.00 368.89 39,996.40 40,124.162.01PEPSICO INC CORP (CALLABLE) NOTE DTD 10/10/2017 2.000% 04/15/2021 713448DX3 40,000.00 A-A2 11/1/201711/3/2017 25,194.00 295.31 25,088.90 25,223.282.39BANK OF AMERICA CORP NOTE DTD 04/19/2016 2.625% 04/19/2021 06051GFW4 25,000.00 A-A2 5/25/20165/31/2016 199,536.00 1,825.00 199,844.68 200,709.402.30AMERICAN EXPRESS CREDIT (CALLABLE) NOTES DTD 05/05/2016 2.250% 05/05/2021 0258M0EB1 200,000.00 A-A2 5/10/20165/16/2016 24,983.50 200.73 24,994.50 24,984.202.06BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 25,000.00 A+A1 5/7/20185/10/2018 19,994.80 242.83 19,997.15 20,334.723.11PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 20,000.00 PFM Asset Management LLC 30 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A+A1 5/7/20185/10/2018 19,994.80 242.83 19,997.15 20,334.723.11PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 20,000.00 A+A1 5/7/20185/10/2018 99,974.00 1,214.17 99,985.77 101,673.603.11PACCAR FINANCIAL CORP DTD 05/10/2018 3.100% 05/10/2021 69371RP26 100,000.00 A-A2 5/10/20165/16/2016 24,983.50 200.73 24,994.50 24,984.202.06BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 25,000.00 A-A2 5/10/20165/16/2016 149,901.00 1,204.38 149,967.03 149,905.202.06BRANCH BANKING & TRUST (CALLABLE) NOTE DTD 05/10/2016 2.050% 05/10/2021 05531FAV5 150,000.00 AA1 5/3/20185/10/2018 24,982.75 292.78 24,990.47 25,417.633.12HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 AA1 5/3/20185/10/2018 124,913.75 1,463.89 124,952.37 127,088.133.12HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 125,000.00 AA1 5/3/20185/10/2018 24,982.75 292.78 24,990.47 25,417.633.12HERSHEY COMPANY CORP NOTES DTD 05/10/2018 3.100% 05/15/2021 427866BA5 25,000.00 AA1 5/19/20165/24/2016 74,716.50 536.25 74,904.03 75,008.332.03STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 75,000.00 AA1 5/19/20165/24/2016 24,905.50 178.75 24,968.01 25,002.782.03STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 AA1 5/19/20165/24/2016 24,905.50 178.75 24,968.01 25,002.782.03STATE STREET CORP NOTES DTD 05/19/2016 1.950% 05/19/2021 857477AV5 25,000.00 AA2 5/17/20185/22/2018 199,994.00 2,347.22 199,996.57 204,125.003.25CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 200,000.00 AA2 5/17/20185/22/2018 34,998.95 410.76 34,999.40 35,721.883.25CHARLES SCHWAB CORP NOTES DTD 05/22/2018 3.250% 05/21/2021 808513AW5 35,000.00 A-A2 9/13/20179/18/2017 35,000.00 407.40 35,000.00 35,039.242.33BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 35,000.00 A-A2 9/13/20179/18/2017 200,000.00 2,328.00 200,000.00 200,224.202.33BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 200,000.00 PFM Asset Management LLC 31 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Corporate Note A-A2 9/13/20179/18/2017 35,000.00 407.40 35,000.00 35,039.242.33BANK OF AMERICA CORP (CALLABLE) DTD 09/18/2017 2.328% 10/01/2021 06051GGS2 35,000.00 AA2 3/10/20173/15/2017 49,779.50 312.85 49,893.13 50,785.652.75JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 50,000.00 AA2 3/10/20173/15/2017 273,787.25 1,720.66 274,412.24 279,321.082.75JOHN DEERE CAPITAL CORP NOTES DTD 01/06/2017 2.650% 01/06/2022 24422ETL3 275,000.00 A-A2 5/14/20185/17/2018 15,000.00 195.36 15,000.00 15,297.593.50BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 15,000.00 A-A2 5/14/20185/17/2018 15,000.00 195.36 15,000.00 15,297.593.50BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 15,000.00 A-A2 5/14/20185/17/2018 75,000.00 976.80 75,000.00 76,487.933.50BANK OF AMERICA CORP NOTES DTD 05/17/2018 3.499% 05/17/2022 06051GHH5 75,000.00 A-A2 3/15/20193/22/2019 675,000.00 11,364.81 675,000.00 691,448.403.21JPMORGAN CHASE & CO BONDS DTD 03/22/2019 3.207% 04/01/2023 46647PBB1 675,000.00 A-A3 2/12/20192/15/2019 402,848.00 2,644.44 402,516.27 422,312.003.34PNC BANK NA CORP NOTES DTD 01/23/2019 3.500% 01/23/2024 693475AV7 400,000.00 BBB+A3 7/19/20197/23/2019 422,916.00 6,544.44 422,067.83 425,532.002.59MORGAN STANLEY CORP NOTES DTD 04/28/2014 3.875% 04/29/2024 61746BDQ6 400,000.00 AA2 7/11/20197/15/2019 398,016.00 2,506.67 398,097.10 404,312.402.51AMERICAN HONDA FINANCE CORP NOTE DTD 06/27/2019 2.400% 06/27/2024 02665WCZ2 400,000.00 BBB+A3 7/8/20197/11/2019 418,632.00 3,550.56 417,854.57 423,432.802.84GOLDMAN SACHS GROUP INC BONDS DTD 07/08/2014 3.850% 07/08/2024 38141EC23 400,000.00 AA2 9/3/20199/6/2019 398,368.00 486.11 398,389.75 396,058.401.84WALT DISNEY COMPANY/THE DTD 09/06/2019 1.750% 08/30/2024 254687FK7 400,000.00 2.44 10,050,878.08 9,966,748.92 73,827.66 9,925,000.00 10,012,567.50Security Type Sub-Total Certificate of Deposit PFM Asset Management LLC 32 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Certificate of Deposit A-1+P-1 2/20/20182/22/2018 100,000.00 309.78 100,000.00 100,336.502.72NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 65590ASN7 100,000.00 A-1+P-1 2/20/20182/22/2018 100,000.00 309.78 100,000.00 100,336.502.72NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 65590ASN7 100,000.00 A-1+P-1 2/20/20182/22/2018 575,000.00 1,781.22 575,000.00 576,934.882.72NORDEA BANK AB NY CD DTD 02/22/2018 2.720% 02/20/2020 65590ASN7 575,000.00 A-1P-1 3/2/20183/6/2018 300,000.00 676.67 300,000.00 301,221.302.93UBS AG STAMFORD CT LT CD DTD 03/06/2018 2.900% 03/02/2020 90275DHG8 300,000.00 A-1P-1 6/5/20186/7/2018 49,981.00 496.22 49,993.40 50,428.153.10BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 06417GU22 50,000.00 A-1P-1 6/5/20186/7/2018 29,988.60 297.73 29,996.04 30,256.893.10BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 06417GU22 30,000.00 A-1P-1 6/5/20186/7/2018 299,886.00 2,977.33 299,960.39 302,568.903.10BANK OF NOVA SCOTIA HOUSTON CD DTD 06/07/2018 3.080% 06/05/2020 06417GU22 300,000.00 A-1+P-1 8/3/20178/7/2017 100,000.00 307.50 100,000.00 100,209.302.05WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 100,000.00 A-1+P-1 8/3/20178/7/2017 540,000.00 1,660.50 540,000.00 541,130.222.05WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 540,000.00 A-1+P-1 8/3/20178/7/2017 100,000.00 307.50 100,000.00 100,209.302.05WESTPAC BANKING CORP NY CD DTD 08/07/2017 2.050% 08/03/2020 96121T4A3 100,000.00 A-1P-1 8/1/20188/3/2018 670,000.00 3,384.06 670,000.00 675,687.633.23BANK OF MONTREAL CHICAGO CERT DEPOS DTD 08/03/2018 3.190% 08/03/2020 06370REU9 670,000.00 AA-Aa2 11/16/201711/17/2017 100,000.00 870.17 100,000.00 100,187.702.30SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 100,000.00 AA-Aa2 11/16/201711/17/2017 100,000.00 870.17 100,000.00 100,187.702.30SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 100,000.00 PFM Asset Management LLC 33 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Certificate of Deposit AA-Aa2 11/16/201711/17/2017 600,000.00 5,221.00 600,000.00 601,126.202.30SWEDBANK (NEW YORK) CERT DEPOS DTD 11/17/2017 2.270% 11/16/2020 87019U6D6 600,000.00 AA-Aa2 6/7/20186/8/2018 50,000.00 513.00 50,000.00 51,195.353.24ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 50,000.00 AA-Aa2 6/7/20186/8/2018 525,000.00 5,386.50 525,000.00 537,551.183.24ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 525,000.00 AA-Aa2 6/7/20186/8/2018 100,000.00 1,026.00 100,000.00 102,390.703.24ROYAL BANK OF CANADA NY CD DTD 06/08/2018 3.240% 06/07/2021 78012UEE1 100,000.00 A+Aa2 8/29/20199/3/2019 400,000.00 578.67 400,000.00 400,554.801.88SKANDINAV ENSKILDA BANK LT CD DTD 09/03/2019 1.860% 08/26/2022 83050PDR7 400,000.00 2.67 4,772,513.20 4,739,949.83 26,973.80 4,740,000.00 4,739,855.60Security Type Sub-Total Asset-Backed Security AAAAaa 10/10/201810/17/2018 299,997.33 308.00 299,998.13 305,256.063.36BMWLT 2018-1 A4 DTD 10/17/2018 3.360% 03/20/2022 05586CAD6 300,000.00 AAAAaa 9/18/20189/26/2018 274,964.97 277.29 274,973.95 278,693.583.31GMALT 2018-3 A4 DTD 09/26/2018 3.300% 07/20/2022 36256GAE9 275,000.00 AAAAaa 11/20/201811/28/2018 374,943.94 526.67 374,954.83 382,422.493.17HAROT 2018-4 A3 DTD 11/28/2018 3.160% 01/15/2023 43815AAC6 375,000.00 AAAAaa 11/15/201811/21/2018 324,986.35 322.74 324,988.94 330,562.153.25VALET 2018-2 A3 DTD 11/21/2018 3.250% 04/20/2023 92869BAD4 325,000.00 AAANR 7/11/20187/18/2018 299,930.04 377.50 299,946.83 303,988.293.03GMCAR 2018-3 A3 DTD 07/18/2018 3.020% 05/16/2023 36255JAD6 300,000.00 AAANR 7/18/20187/25/2018 349,952.30 486.89 349,963.43 356,115.973.36CARMAX AUTO OWNER TRUST DTD 07/25/2018 3.130% 06/15/2023 14313FAD1 350,000.00 AAANR 10/17/201810/24/2018 349,996.78 522.67 349,997.60 358,096.203.36CARMAX AUTO OWNER TRUST DTD 10/24/2018 3.360% 09/15/2023 14315EAC4 350,000.00 NRAaa 1/8/20191/16/2019 269,970.11 334.13 269,974.33 273,851.422.97GMCAR 2019-1 A3 DTD 01/16/2019 2.970% 11/16/2023 36256XAD4 270,000.00 PFM Asset Management LLC 34 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Portfolio Holdings Managed Account Detail of Securities Held Original Cost Settle Date Trade Date Moody's Rating S&P Rating Accrued Interest Amortized Cost Market Value YTM at Cost Security Type/Description CUSIP ParDated Date/Coupon/Maturity Asset-Backed Security AAA NR 8/28/20199/5/2019 799,798.56 993.78 799,802.20 796,775.761.73COMET 2019-A2 A2 DTD 09/05/2019 1.720% 08/15/2024 14041NFU0 800,000.00 2.88 3,385,761.92 3,344,600.24 4,149.67 3,345,000.00 3,344,540.38Security Type Sub-Total 39,899,505.39 40,172,173.75 223,849.17 39,908,244.98 40,581,927.51 2.46 Managed Account Sub Total Money Market Mutual Fund AAAmNR 77,602.54 0.00 77,602.54 77,602.54CAMP Pool 77,602.54 77,602.54 77,602.54 0.00 77,602.54 77,602.54Money Market Sub Total $223,849.17 $39,985,847.52 $40,659,530.05 Securities Sub-Total Accrued Interest $223,849.17 Total Investments $40,883,379.22 2.46%$40,249,776.29 $39,977,107.93 Bolded items are forward settling trades. PFM Asset Management LLC 35 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Appendix IMPORTANT DISCLOSURES This material is based on information obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some, but not all of which, are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities. Dime à Market values that include accrued interest are derived from closing bid prices as of the last business day of the month as supplied by Interactive Data, Bloomberg, or Telerate. Where prices are not available from generally recognized sources, the securities are priced using a yield based matrix system to arrive at an estimated market value. à In accordance with generally accepted accounting principles, information is presented on a trade date basis; forward settling purchases are included in the monthly balances, and forward settling sales are excluded. à Performance is presented in accordance with the CFA Institute ’s Global Investment Performance Standards (GIPS). Unless otherwise noted, performance is shown gross of fees. Quarterly returns are presented on an unannualized basis. Returns for periods greater than one year are presented on an annualized basis. Past performance is not indicative of future returns. à Bank of America/Merrill Lynch Indices provided by Bloomberg Financial Markets. à Money market fund/cash balances are included in performance and duration computations. à Standard & Poorʼs is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings. à Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity. à MBS maturities are represented by expected average life. PFM Asset Management LLC 36 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Appendix GLOSSARY à ACCRUED INTEREST: Interest that is due on a bond or other fixed income security since the last interest payment was made. à AGENCIES: Federal agency securities and/or Government-sponsored enterprises. à AMORTIZED COST: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortized on a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis. à BANKERS’ ACCEPTANCE: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer. à COMMERCIAL PAPER: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. à CONTRIBUTION TO DURATION: Represents each sector or maturity range ’s relative contribution to the overall duration of the portfolio measured as a percentage weighting. Since duration is a key measure of interest rate sensitivity, the contribution to duration measures the relative amount or contribution of that sector or maturity range to the total rate sensitivity of the portfolio. à DURATION TO WORST: A measure of the sensitivity of a security ’s price to a change in interest rates, stated in years, computed from cash flows to the maturity date or to the put date, whichever results in the highest yield to the investor. à EFFECTIVE DURATION: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years. à EFFECTIVE YIELD: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. à FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount. à INTEREST RATE: Interest per year divided by principal amount and expressed as a percentage. à MARKET VALUE: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date. à MATURITY: The date upon which the principal or stated value of an investment becomes due and payable. à NEGOTIABLE CERTIFICATES OF DEPOSIT: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets. à PAR VALUE: The nominal dollar face amount of a security. PFM Asset Management LLC 37 CITY OF LAKE ELSINORE For the Quarter Ended September 30, 2019 Appendix GLOSSARY à PASS THROUGH SECURITY: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is the mortgage-backed security. à REPURCHASE AGREEMENTS: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date. à SETTLE DATE: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments and maturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day. à TRADE DATE: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place. à UNSETTLED TRADE: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place. à U.S. TREASURY: The department of the U.S. government that issues Treasury securities. à YIELD: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. à YTM AT COST: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time period from purchase date to maturity, stated as a percentage on an annualized basis. à YTM AT MARKET: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as a percentage on an annualized basis. PFM Asset Management LLC 38