HomeMy WebLinkAboutItem No. 06 CC Investment Report for July 20256) CC Investment Report for July 2025
Receive and file the Investment Report for July 2025.
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REPORT TO CITY COUNCIL
To: Honorable Mayor and Members of the City Council
From: Jason Simpson, City Manager
Prepared by: Shannon Buckley, Assistant City Manager
Date: August 26, 2025
Subject: CC Investment Report for July 2025
Recommendation
Receive and file the Investment Report for July 2025.
Discussion
The Investment Report lists all general funds invested for the City as the date shown on the report.
The Review of the Investment Performance for the quarter ending June 30, 2025, is included.
Fiscal Impact
No fiscal impact.
Attachments
Attachment 1 - Investment Report July 2025
Administrative Services
Investment Performance ReviewFor the Quarter Ended June 30, 2025NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUEFor Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general publicCITY OF LAKE ELSINORE
Market Update2
Current Market ThemesSource: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of June 30, 2025.▸U.S. economy is resilient but showing signs of cooling▹Headline employment data belies underlying weakening▹Inflation remained rangebound but does not yet reflect the full impact of tariffs▹Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment▸Fed remains on hold but may cut rates later this year▹The Fed’s June “dot plot” implies 50 bps of cuts in the back half of 2025 but members aresplit between 0 and 2 cuts this year▹Fed Chair Powell stated the effect, size, and duration of tariffs are all highly uncertainmaking staying on hold the appropriate thing to do as they wait to learn more▸Treasury yields whipsawed by tariff announcements in Q2▹Concerns over the budget bill, debt ceiling, and monetary policy added to volatility▹The yield curve continued to steepen between 2 years and 10 years▹Credit spreads widened sharply following tariff fears but tightened to levels near historictights by quarter endCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com3
China +10%3.7%China +10% Canada/Mexico+25%Canadian energy +10%11.5%USMCA exemption for Canada/Mexico5.6%Steel & aluminum +25%6.6%+10% reciprocaltariff13.4%China +50%27.5%China to 125%Pause on other reciprocal tariffs26.9%China to 30%12.6%Steel & aluminum +25%13.2%Add appliances to steel & aluminum13.4%New reciprocal tariffs announced and set for implementation Aug 1st0%5%10%15%20%25%30%3-Feb 17-Feb 3-Mar 17-Mar 31-Mar 14-Apr 28-Apr 12-May 26-May 9-Jun 23-Jun 7-JulEffective Tariff RateSelect Activity from February 3, 2025 to July 8, 2025Uncertainty Remains Exceptionally HighSource: Bloomberg Finance L.P. as of July 8, 2025. Yellow dots represent activity impacting effective tariff rate. Fiscal Policy Adds to UncertaintyDebt CeilingFunding FreezesTax ReformBudget/SpendingCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com4
Source: CBO: Estimated Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office. and Bloomberg Finance L.P., as of July 1, 2025. Impacts of Reconciliation Bill-16%-14%-12%-10%-8%-6%-4%-2%0%2010 2014 2018 2022 2026 2030 2034U.S. Deficit to GDPBloomberg Economics ForecastHomeland SecurityMedicare & MedicaidAgriculture, Nutrition, and ForestryCongressional Budget Office (CBO)Select Sectors FY 2025 - FY 2034Increase deficit by $4.6 trillionDecrease deficit by $120 billionIncrease deficit by $129 billionDecrease deficit by $1.1 trillionTotal Deficit Impact: $3.3 Trillion IncreaseOther Spending CutsDecrease deficit by $371 billionTCJA & Tax CutsArmed ServicesIncrease deficit by $149 billionCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com5
Moody’s Downgrades United States to Aa1Source: Moody’s Ratings, as of May 2025. ▸Rationale for downgrade▹Large fiscal deficits which have led to increases in government debt and interestpayment ratios to levels significantly above those of Aaa-rated peers▹High deficit-to-GDP and debt-to-GDP ratios that are expected to rise further due toincreased interest payments on debt, rising entitlement spending, and relatively lownew revenue generation▸Rationale for stable outlook▹Exceptional credit strengths such as the size, resilience and dynamism of itseconomy and the role of the US dollar as the global reserve currency▸The downgrade is generally expected to have a minimal impact on markets▹S&P and Fitch previously downgraded the United States in 2011 and 2023,respectively▹United States has been on credit watch negative by Moody’s since November of2023▹The dollar remains the world’s reserve currency and Treasuries remain highly liquid▹Moody’s also downgraded the U.S. government sponsored enterprises, andseveral banks and insurance companies whose rating was tied to the USgovernmentAaa Aa1United StatesCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com6
Economic Momentum Slows Amid UncertaintySource: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis. The shading represents the deciles of each data point using 30 years of historical data.*Median forecasts sourced from Bloomberg Finance L.P. as of July 9, 2025.Fed Chair Powell : “Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective.”202320242025CPI YoY6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.52.42.62.7 2.9 3.0 2.8 2.4 2.3 2.4Unemployment Rate3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2U.S. Real GDP QoQ2.82.44.43.21.63.03.12.4 -0.52.1%Est.*Consumption QoQ4.91.02.53.51.92.83.74.00.51.9%Est.*WorseNeutral BetterCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com7
The Fed’s Dual Mandate Gets More ComplicatedSource: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.Sep-253.2%Dec-253.3%Jun-263.0%May-252.7%1%2%3%4%5%6%Jun-23Jun-24Jun-25Jun-26Core PCE Inflation (YoY)Average ForecastActualJun-254.1%Sep-254.4%Dec-254.5%Jun-264.5%3%4%5%Jun-23Jun-24Jun-25Jun-26Unemployment RateMedian ForecastActualFed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If thatwere tooccur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com8
1.4%1.6%1.8%1.8%0%1%2%3%202520262027LongerRunChange in Real GDPMar ProjectionsJun Projections3.0%2.4%2.1%2.0%0%1%2%3%4%202520262027LongerRunPCE InflationMar ProjectionsJun ProjectionsFed’s Updated Summary of Economic ProjectionsSource: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.4.5%4.5%4.4%4.2%0%1%2%3%4%5%6%202520262027LongerRunUnemployment RateMar ProjectionsJun Projections3.9%3.6%3.4%3.0%0%1%2%3%4%5%202520262027LongerRunFederal Funds RateMar ProjectionsJun ProjectionsFed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com9
2025Longer Term20260%1%2%3%4%5%Fed Participants’ Assessments of ‘Appropriate’ Monetary PolicyJun-25 FOMC ProjectionsMar-25 MedianJun-25 Median20273.0%2 cuts1 cuts1 cutFed’s Latest “Dot Plot” Shows Divergent Views0 Cuts2 CutsFed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.”Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 2025. CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com10
Treasury Volatility Wanes3.25%3.50%3.75%4.00%4.25%Apr-25May-25Jun-25Jul-252-Year Treasury YieldApril 1, 2025 through July 1, 2025Close4/2 – 4/9:Reciprocal TariffsIntra-day Trading Range5/16:Moody’s downgrade 6/12:Iran-Israel5/2:Strong Payrolls Report Source: Bloomberg Finance L.P., as of July 1, 2025. CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com11
Source: Bloomberg Finance L.P., as of June 30, 2025. U.S. Treasury Yield Curve Steepens4.29%3.72%3.80%3.99%4.23%4.77%3.00%3.50%4.00%4.50%5.00%5.50%6.00%YieldMaturityU.S. Treasury Yield Curve1 Year RangeJune 30, 2025March 31, 20253mo 2yr 5yr 7yr 10yr 20yr 30yrCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com12
Source: ICE BofA Indices via Bloomberg Finance L.P., as of June 30, 2025. Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life.Spread Narrowing Has Helped Performance-0.2%-0.1%0.0%0.1%0.2%0.3%Mar-25 Apr-25 May-25 Jun-25ABS Excess Return vs. Treasuries Underperformance Outperformance0.4%0.6%0.8%1.0%Feb-25 Mar-25 Apr-25 May-25 Jun-251-5 Yr. AAA-A Corporate0.4%0.6%0.8%Feb-25 Mar-25 Apr-25 May-25 Jun-25Asset-Backed Securities AAA Yield Spreads-0.3%-0.2%-0.1%0.0%0.1%0.2%0.3%0.4%0.5%Mar-25 Apr-25 May-25 Jun-25Corporate Excess Return vs. TreasuriesCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com13
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.-0.2%-0.1%0.0%0.1%0.2%Jun-24 Sep-24 Dec-24 Mar-25 Jun-25Federal Agency Yield SpreadsBulletCallable0.2%0.4%0.6%0.8%1.0%Jun-24 Sep-24 Dec-24 Mar-25 Jun-25Corporate Notes A-AAA Yield Spreads0.2%0.4%0.6%0.8%1.0%Jun-24 Sep-24 Dec-24 Mar-25 Jun-25Mortgage-Backed Securities Yield SpreadsAgency MBSAgency CMBS Index0.2%0.4%0.6%0.8%1.0%Jun-24 Sep-24 Dec-24 Mar-25 Jun-25Asset-Backed Securities AAA Yield SpreadsSector Yield SpreadsCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com14
Sector Yield SpreadsSource: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries. CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index.-0.2%-0.1%0.0%0.1%0.2%Mar-25Apr-25May-25Jun-25Federal Agency Yield SpreadsBulletCallable1 Year Average0.2%0.4%0.6%0.8%1.0%Mar-25Apr-25May-25Jun-25Corporate Notes A-AAA Yield Spreads1-5 Yr. AAA-A Corp1 Year Average0.2%0.4%0.6%0.8%1.0%Mar-25Apr-25May-25Jun-25Mortgage-Backed Securities Yield SpreadsAgency MBSAgency CMBS Index1 Year Average0.2%0.4%0.6%0.8%1.0%Mar-25Apr-25May-25Jun-25Asset-Backed Securities AAA Yield SpreadsAAA ABS1 Year Average2 bps53 bps43 bps56 bpsCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com15
-0.25%0.00%0.25%0.50%0.75%1.00%2Q25YTD1-YearExcess Returns1-5 Year Indices Federal AgencyAgency CMBSABSCorp A-AAAFixed-Income Index Excess ReturnsSource: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of June 30, 2025.CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com16
1-5 Year IndicesFixed-Income Index Total Returns in 2Q 20251.36%1.27%1.32%1.68%1.89%0.0%0.5%1.0%1.5%2.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBBSecond Quarter 2025 Returns6.07%5.72%6.03%7.06%7.53%0.0%2.0%4.0%6.0%8.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBB1-Year Return3.39%3.01%2.73%3.73%3.88%0.0%1.0%2.0%3.0%4.0%5.0%U.S. TreasuryAgencyABSCorp A-AAACorp BBBYTD 2025 ReturnsSource: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of June 30, 2025.CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com17
Monetary Policy (Global):• The Fed held rates steady in Q2 amid healthylabor markets and tariff-driven inflation concerns.• The “dot plot” still signals 50 bps in cuts for 2025but views have diverged as seven members arecalling for no cuts in 2025.• Other major central banks (except Japan)continued cutting rates as global inflation cools,though tariffs pose inflation risks and cloud theoutlook.Economic Growth (Global):• U.S. growth turned negative in early 2025, drivenby a historically high trade deficit and weakerconsumer spending. Strong inventory build andfixed investment helped offset this weakness.• The drag to GDP from net exports is expected toreverse, but declining consumer confidence maydampen spending and investment.• Escalating trade and geopolitical tensions createthe potential for slower global growth.Inflation (U.S.): • Inflation has moved closer to the Fed’s 2% target,but tariff-driven price pressures may emerge asbusinesses deplete pre-tariff inventories.• Fed Chair Powell said that he does expect tariffsto impact inflation but that the size, duration, andtime of tariff effects are highly uncertain.Financial Conditions (U.S.):• Financial conditions swung sharply during thequarter as the tariff rollout caused equities to selloff, credit spreads to widen, and heightenedTreasury volatility.• The announcement of tariff pauses sparked a risk-on trade resulting in equities near record highsand credit spreads tightening beyond long-runaverages.• The evolving fiscal landscape and persistentuncertainty may lead to tightening financialconditions over the next 6-12 months.Consumer Spending (U.S.): • Consumer sentiment remains subdued due toexpectations of higher prices, weaker labormarkets, and tepid growth. Sentiment hasimproved slightly since April amid tariff negotiationprogress but remains low.• A sharp labor market downturn remains thebiggest threat to consumer spending.• Tariff-driven inflation increases present additionalrisks such as slower real wage growth andreduced spending.Labor Markets (U.S.):• The labor market remains healthy, though earlysigns of cooling are emerging, particularly in risingjobless claims.• Monthly job gains have slowed but still matchlabor force growth. Slower population growth maylower the job creation rate needed to maintainstable unemployment.• With hiring and quits rates low, any acceleration inlayoffs may result in job seekers remainingunemployed for longer.Factors to Considerfor 6-12 Months Stance Unfavorable to Risk Assets Stance Favorable to Risk Assets Current outlook Outlook one quarter agoNegativeSlightly NegativeNeutralSlightly PositivePositiveStatements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.CITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com18
PFM Asset Management | pfmam.comPortfolio Review:CAMP-LAKE ELSINORE CITY FUNDS19
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio SnapshotTotal market value includes accrued interest and balances invested in CAMP, as of June 30, 2025.Yield and duration calculations exclude balances invested in CAMP.The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.1.Portfolio Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹Credit Quality - S&P14%16%38%31%2%5%34%27%23%10%0%10%20%30%40%0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 YrsPortfolioBenchmarkDuration DistributionU.S. Treasury | 42%Corporate | 23%Agency CMBS | 16%ABS | 13%Federal Agency | 3%Negotiable CD | 2%Municipal | 2%Joint Powers Authority | 1%Sector AllocationAAA | 11%AAAm | 1%AA+ | 62%AA | 1%AA- | 4%A-1+ | 1%A+ | 5%A | 5%A- | 6%BBB+ | 1%Not Rated | 4%Portfolio StatisticsPortfolio Effective Duration2.47 yearsBenchmark Effective Duration2.48 yearsPortfolio Credit QualityAAYield At Market4.03%Yield At Cost4.19%Total Market Value$55,993,407.19$55,438,074.67Managed Account Sub-Total$293,111.44Pool$262,221.08Accrued Interest20
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Account Summary0.5%12.9%22.8%1.7%1.5%15.8%3.3%41.5%0.0%20.0%40.0%60.0%80.0%100.0%CAMP - $293,111ABS - $7,229,222Corporate - $12,785,420Negotiable CD - $924,627Municipal - $831,776Agency CMBS - $8,847,152Federal Agency - $1,833,602U.S. Treasury - $23,248,498Portfolio AllocationSector Limit for Analysis*Sector Allocation AnalyticsFor informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest.*Sector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.21
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025ComplianceNote: Pre- and post-trade compliance for the account(s) managed by PFM Asset Management is provided via Bloomberg Financial LP Asset and Investment Management ("AIM").Certificate of ComplianceDuring the reporting period for the quarter ended June 30, 2025, the account(s) managed by PFM Asset Management ("PFMAM")were in compliance with the applicable investment policy and guidelines as furnished to PFMAM.Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc.22
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityPortfolio Activity - CAMP-LAKE ELSINORE CITY FUNDSNet Activity by Sector($ millions)U.S. TreasuryFederal AgencyMunicipalAgency CMBSCorporateABSU.S. TreasuryFederal AgencyMunicipalAgency CMBSCorporateABS($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.SectorNet ActivityABS$1,957,119Corporate$684,116Agency CMBS$172,018Municipal($85,000)Federal Agency($423,375)U.S. Treasury($1,687,447)$617,431Total Net ActivitySales/Maturities Purchases23
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio CharacteristicsHistorical Sector Allocation - CAMP-LAKE ELSINORE CITY FUNDSOnly includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM.45%4%16%2%2%22%10%1%Mar-2542%3%16%2%2%23%13%1%Jun-2524
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio PerformanceThe lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.4.0.0%2.0%4.0%6.0%8.0%ReturnPortfolioBenchmarkPortfolio PerformanceMarket Value Basis Earnings3 Months1 Year3 Years5 Years10 Years¹Interest Earned²$482,368 $1,825,881$3,922,467 $4,874,517 $8,000,272Change in Market Value$384,559 $1,583,109$1,950,371($467,851)$957,741$866,927Total Dollar Return$3,408,990$5,872,838 $4,406,666 $8,958,013Total Return³Portfolio1.57%6.48%3.72%1.27%1.94%Benchmark⁴1.36%6.07%3.23%0.92%1.61%3 Months1 Year3 Years5 Years10 YearsDifference0.21%0.41%0.49%0.35%0.34%25
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio PerformanceThe lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.1.Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.Realized gains / (losses) are shown on an amortized cost basis.3.Accrual Basis Earnings - CAMP-LAKE ELSINORE CITY FUNDSAccrual Basis EarningsInterest Earned²Realized Gains / (Losses)³Change in Amortized CostTotal Earnings3 Months$482,368$32,535$82,497$597,4001 Year$1,825,881($36,432)$343,431$2,132,8803 Years$3,922,467($1,119,401)$1,007,440$3,810,5075 Year$4,874,517($695,512)$857,538$5,036,54310 Year¹$8,000,272($503,739)$845,409$8,341,94126
Fixed – Income Sector Outlook – 3Q 2025SectorOur Investment PreferencesCO MMERC I AL PAPER/ CDTREASURIE ST-BillT-NoteF EDERAL AG ENCIE SBulletsCallablesSUPRAN AT I O N AL SCO RPO RAT ESFinancialsIndustrialsSECURIT IZ EDAsset-BackedAgency Mortgage-BackedAgency CMBSMUNICI PAL SNegativeSlightly NegativeNeutralSlightlyPositivePositiveCurrent outlook Outlook one quarter agoCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.com27
Issuer DistributionPFM Asset Management | pfmam.com28
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio SummaryRatings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerU.S. Treasury41.7%United States Treasury41.7%AA / Aa / AAFederal Agency3.3%Federal Home Loan Banks0.3% AA / Aa / NRFederal Home Loan Mortgage Corp1.2% AA / Aa / AAFederal National Mortgage Association1.8% AA / Aa / AAAgency CMBS15.9%Federal Home Loan Mortgage Corp14.9%AA / Aa / AAFederal National Mortgage Association0.9%AA / Aa / AAMunicipal1.5%California State University0.2% AA / Aa / NRSan Juan Unified School District0.2% NR / Aa / NRState Board of Administration Finance C0.6% AA / Aa / AAState of California0.4% AA / Aa / AAState of Minnesota0.2% AAA / Aaa / AAANegotiable CD1.7%Nordea Bank Abp0.8% AA / Aa / AAToronto-Dominion Bank0.8%A / A / NRCorporate23.0%Abbott Laboratories0.4% AA / Aa / NRAdobe Inc0.7% A / A / NRAir Products and Chemicals Inc0.6%A / A / NRAmerican Express Co0.5%A / A / AAnalog Devices Inc0.7%A / A / AApple Inc1.4%AA / Aaa / NRBank of America Corp1.5%A / A / AAMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerCorporate23.0%Bank of New York Mellon Corp0.8%A / Aa / AABayerische Motoren Werke AG0.3%A / A / NRBerkshire Hathaway Inc0.8%AA / Aa / ABlackRock Inc1.4%AA / Aa / NRBristol-Myers Squibb Co0.7%A / A / NRCaterpillar Inc0.4%A / A / ACharles Schwab Corp0.5%A / A / ACisco Systems Inc0.8%AA / A / NRCitigroup Inc1.4%A / Aa / ADeere & Co0.7%A / A / AHome Depot Inc0.7%A / A / AHonda Motor Co Ltd0.7%A / A / NRInternational Business Machines Corp0.4%A / A / ALockheed Martin Corp0.1%A / A / AMars Inc0.2%A / A / NRMicrosoft Corp1.4%AAA / Aaa / NRMorgan Stanley1.0%A / Aa / AANational Australia Bank Ltd0.9%AA / Aa / NRNational Rural Utilities Cooperative Fi0.6%A / A / APACCAR Inc0.7%A / A / NRState Street Corp0.4%A / Aa / AATarget Corp0.1%A / A / ATexas Instruments Inc0.2%A / Aa / NRToyota Motor Corp0.7%A / A / AUnitedHealth Group Inc0.4%A / A / AWells Fargo & Co0.7%BBB / A / A29
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio SummaryRatings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings,excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balancesinvested in overnight funds.Issuer DiversificationMarket Value (%)S&P / Moody's / FitchSecurity Type / IssuerABS13.0%American Express Co2.0% AAA / NR / AAABA Credit Card Trust1.1% AAA / Aaa / AAABank of America Corp0.1%NR / Aaa / AAACapital One Financial Corp1.3% AAA / NR / AAACarMax Inc0.1% AAA / NR / AAACitigroup Inc1.0%AAA / Aaa / NRDiscover Card Execution Note Trust1.2% AAA / Aaa / AAAFifth Third Auto Trust0.6%AAA / Aaa / NRFord Credit Auto Owner Trust0.2% AAA / NR / AAAGM Financial Consumer Automobile Receiv0.4% AAA / Aaa / AAAHarley-Davidson Inc0.2%NR / Aaa / AAAHonda Auto Receivables Owner Trust0.9% AAA / Aaa / AAAJPMorgan Chase & Co0.7% AAA / NR / AAAMercedes-Benz Auto Receivables Trust1.0%NR / Aaa / AAANissan Auto Receivables Owner Trust0.1%AAA / Aaa / NRPorsche Innovative Lease Owner0.2% AAA / NR / AAAToyota Auto Receivables Owner Trust0.3% AAA / NR / AAAVerizon Master Trust0.7%NR / Aaa / AAAWF Card Issuance Trust0.9% AAA / NR / AAA100.0%Total30
Portfolio TransactionsPFM Asset Management | pfmam.com31
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY4/1/2025 4/4/2025 900,000.00 91282CEV9 US TREASURY N/B3.25% 6/30/2029 886,009.36 3.87%4/8/2025 4/9/2025 550,000.00 58773DAD6 MBART 2025-1 A34.78% 12/17/2029 555,426.50 4.62%4/15/2025 4/23/2025 290,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE)4.97% 4/23/2029 290,000.00 4.97%4/15/2025 4/24/2025 190,000.00 3137HKXJ8 FHMS K539 A24.41% 1/1/2030 190,528.68 4.41%4/16/2025 4/23/2025 110,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE)4.97% 4/23/2029 110,088.00 4.95%4/22/2025 4/24/2025 200,000.00 857477DB6 STATE STREET CORP (CALLABLE)4.83% 4/24/2030 200,000.00 4.83%4/29/2025 5/8/2025 115,000.00 437921AD1 HAROT 2025-2 A34.15% 10/15/2029 114,987.15 4.15%5/1/2025 5/6/2025 1,500,000.00 91282CEV9 US TREASURY N/B3.25% 6/30/2029 1,493,765.11 3.65%5/5/2025 5/8/2025 400,000.00 69371RT71 PACCAR FINANCIAL CORP4.55% 5/8/2030 399,380.00 4.59%5/6/2025 5/12/2025 80,000.00 05594BAD8 BAAT 2025-1A A34.35% 11/20/2029 79,994.48 4.35%5/6/2025 5/14/2025 90,000.00 362549AD9 GMCAR 2025-2 A34.28% 4/16/2030 89,986.75 4.28%5/6/2025 5/9/2025 600,000.00 06051GMT3 BANK OF AMERICA CORP (CALLABLE)4.62% 5/9/2029 600,000.00 4.62%5/14/2025 5/21/2025 100,000.00 73329KAD8 PILOT 2025-1A A34.61% 10/20/2028 99,989.29 4.61%6/2/2025 6/5/2025 900,000.00 91282CEV9 US TREASURY N/B3.25% 6/30/2029 888,171.38 3.98%6/3/2025 6/10/2025 485,000.00 92970QAJ4 WFCIT 2025-A1 A4.34% 5/15/2030 484,991.95 4.34%6/5/2025 6/12/2025 250,000.00 05522RDK1 BACCT 2025-A1 A4.31% 5/15/2030 249,999.05 4.31%6/12/2025 6/16/2025 400,000.00 032654BE4 ANALOG DEVICES INC (CALLABLE)4.50% 6/15/2030 399,648.00 4.52%32
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionBUY6/18/2025 6/26/2025 550,000.00 17305EHA6 CCCIT 2025-A1 A4.30% 6/21/2030 549,850.79 4.31%Total BUY7,710,000.007,682,816.490.00INTEREST4/1/2025 4/1/2025808513BW4 CHARLES SCHWAB CORP (CALLABLE)3.30% 4/1/20274,950.004/1/2025 4/25/20253137HDJJ0 FHMS K522 A24.80% 5/1/20292,201.384/1/2025 4/25/20253137BNGT5 FHMS K054 A22.74% 1/1/2026592.244/1/2025 4/25/20253137HBC69 FHMS KJ48 A14.85% 5/1/20281,571.124/1/2025 4/25/20253137HACX2 FHMS K505 A24.81% 6/1/20282,208.714/1/2025 4/25/20253137HDXL9 FHMS K526 A24.54% 7/1/20291,873.994/1/2025 4/25/20253137HAST4 FHMS K509 A24.85% 9/1/20281,515.634/1/2025 4/25/20253137HAMH6 FHMS K506 A24.65% 8/1/20283,100.004/1/2025 4/25/20253137HAMS2 FHMS K507 A24.80% 9/1/20282,000.004/1/2025 4/25/20253137BTUM1 FHMS K061 A23.34% 11/1/2026 1,026.884/1/2025 4/25/20253137HAQ74 FHMS K508 A24.74% 8/1/20281,975.004/1/2025 4/25/20253137HB3G7 FHMS K511 A24.86% 10/1/2028 1,113.754/1/2025 4/25/20253137BSP72 FHMS K058 A22.65% 8/1/20261,215.964/1/2025 4/25/20253137HBLV4 FHMS K514 A24.57% 12/1/2028 1,104.9033
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST4/1/2025 4/25/20253137HB3D4 FHMS K510 A25.06% 10/1/2028760.354/1/2025 4/25/20253137BXQY1 FHMS K064 A23.22% 3/1/20271,477.674/1/2025 4/25/20253137HDV56 FHMS K524 A24.72% 5/1/20291,730.674/1/2025 4/25/20253137F1G44 FHMS K065 A23.24% 4/1/20271,486.384/1/2025 4/25/20253137HAD45 FHMS KJ46 A14.77% 6/1/20281,728.814/1/2025 4/25/20253136BQDE6 FNA 2023-M6 A24.18% 7/1/20281,834.394/4/2025 4/4/202500724PAF6 ADOBE INC (CALLABLE)4.80% 4/4/20299,000.004/15/2025 4/15/202531680EAD3 FITAT 2023-1 A35.53% 8/15/2028 1,612.924/15/2025 4/15/2025254683CZ6 DCENT 2023-A2 A4.93% 6/15/2028 1,437.924/15/2025 4/15/2025344928AD8 FORDO 2023-A A34.65% 2/15/2028430.284/15/2025 4/15/202502582JJZ4 AMXCA 2023-1 A4.87% 5/15/2028771.084/15/2025 4/15/202514318MAD1 CARMX 2022-3 A33.97% 4/15/2027324.884/15/2025 4/15/202514041NGB1 COMET 2022-A3 A4.95% 10/15/2027 1,010.634/15/2025 4/15/202505522RDG0 BACCT 2023-A1 A14.79% 5/15/2028678.584/15/2025 4/15/2025437076CM2 HOME DEPOT INC (CALLABLE)2.70% 4/15/2025337.504/15/2025 4/15/202541285JAD0 HDMOT 2023-A A35.05% 12/15/2027547.524/15/2025 4/15/202514041NGD7 COMET 2023-A1 A4.42% 5/15/2028 1,804.8334
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST4/15/2025 4/15/2025161571HT4 CHAIT 2023-A1 A5.16% 9/15/2028 1,741.504/15/2025 4/15/202505522RDH8 BACCT 2023-A2 A24.98% 11/15/2028747.004/15/2025 4/15/2025254683CY9 DCENT 2023-A1 A4.31% 3/15/2028 1,149.334/15/2025 4/15/202502582JKD1 AMXCA 2023-3 A5.23% 9/15/2028 1,786.924/15/2025 4/15/202565480JAC4 NAROT 2022-B A34.46% 5/17/2027310.734/15/2025 4/15/202502582JKH2 AMXCA 2024-1 A5.23% 4/16/2029 2,157.374/15/2025 4/15/2025891940AC2 TAOT 2023-A A34.63% 9/15/2027745.264/15/2025 4/15/202558773DAD6 MBART 2025-1 A34.78% 12/17/2029 2,190.834/16/2025 4/16/2025362554AC1 GMCAR 2021-4 A30.68% 9/16/20264.974/16/2025 4/16/202536265QAD8 GMCAR 2022-4 A34.82% 8/16/2027634.554/18/2025 4/18/202543815QAC1 HAROT 2023-3 A35.41% 2/18/2028 1,442.674/20/2025 4/20/202592348KDY6 VZMT 2025-3 A1A4.51% 3/20/2030 1,039.814/21/2025 4/21/202543815GAC3 HAROT 2021-4 A30.88% 1/21/20263.754/21/2025 4/21/2025438123AC5 HAROT 2023-4 A35.67% 6/21/2028401.634/30/2025 4/30/202591282CEN7 US TREASURY N/B2.75% 4/30/2027 2,750.005/1/2025 5/1/202517252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE)3.45% 5/1/20251,121.255/1/2025 5/1/202513077DQD7 CALIFORNIA ST UNIV-B0.86% 11/1/2025366.3535
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST5/1/2025 5/1/202590327QD89 USAA CAPITAL CORP3.37% 5/1/20253,796.885/1/2025 5/25/20253137HAQ74 FHMS K508 A24.74% 8/1/20281,975.005/1/2025 5/25/20253137HAST4 FHMS K509 A24.85% 9/1/20281,515.635/1/2025 5/25/20253137HKXJ8 FHMS K539 A24.41% 1/1/2030698.255/1/2025 5/25/20253136BQDE6 FNA 2023-M6 A24.18% 7/1/20281,830.675/1/2025 5/25/20253137HDV56 FHMS K524 A24.72% 5/1/20291,730.675/1/2025 5/25/20253137HDJJ0 FHMS K522 A24.80% 5/1/20292,201.385/1/2025 5/25/20253137HBC69 FHMS KJ48 A14.85% 5/1/20281,567.445/1/2025 5/25/20253137BSP72 FHMS K058 A22.65% 8/1/20261,215.965/1/2025 5/25/20253137BXQY1 FHMS K064 A23.22% 3/1/20271,477.675/1/2025 5/25/20253137HAMH6 FHMS K506 A24.65% 8/1/20283,100.005/1/2025 5/25/20253137HAMS2 FHMS K507 A24.80% 9/1/20282,000.005/1/2025 5/25/20253137HAD45 FHMS KJ46 A14.77% 6/1/20281,727.455/1/2025 5/25/20253137HB3G7 FHMS K511 A24.86% 10/1/2028 1,113.755/1/2025 5/25/20253137HDXL9 FHMS K526 A24.54% 7/1/20291,873.995/1/2025 5/25/20253137HB3D4 FHMS K510 A25.06% 10/1/2028760.355/1/2025 5/25/20253137BTUM1 FHMS K061 A23.34% 11/1/2026 1,024.8136
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST5/1/2025 5/25/20253137F1G44 FHMS K065 A23.24% 4/1/20271,486.385/1/2025 5/25/20253137HACX2 FHMS K505 A24.81% 6/1/20282,208.715/1/2025 5/25/20253137BNGT5 FHMS K054 A22.74% 1/1/2026591.125/1/2025 5/25/20253137HBLV4 FHMS K514 A24.57% 12/1/2028 1,104.905/3/2025 5/3/202565558UYF3 NORDEA BANK ABP NEW YORK5.53% 11/3/2025 12,442.505/7/2025 5/7/20253135G06G3 FANNIE MAE0.50% 11/7/2025 1,625.005/15/2025 5/15/202502582JKH2 AMXCA 2024-1 A5.23% 4/16/2029 2,157.375/15/2025 5/15/202502582JKD1 AMXCA 2023-3 A5.23% 9/15/2028 1,786.925/15/2025 5/15/2025161571HT4 CHAIT 2023-A1 A5.16% 9/15/2028 1,741.505/15/2025 5/15/202502582JJZ4 AMXCA 2023-1 A4.87% 5/15/2028771.085/15/2025 5/15/202505522RDH8 BACCT 2023-A2 A24.98% 11/15/2028747.005/15/2025 5/15/202514041NGB1 COMET 2022-A3 A4.95% 10/15/2027 1,010.635/15/2025 5/15/202505522RDG0 BACCT 2023-A1 A14.79% 5/15/2028678.585/15/2025 5/15/2025891940AC2 TAOT 2023-A A34.63% 9/15/2027692.335/15/2025 5/15/2025912828U24 US TREASURY N/B2.00% 11/15/2026750.005/15/2025 5/15/202514318MAD1 CARMX 2022-3 A33.97% 4/15/2027291.215/15/2025 5/15/202591412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE)0.88% 5/15/2025375.2837
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST5/15/2025 5/15/202531680EAD3 FITAT 2023-1 A35.53% 8/15/2028 1,612.925/15/2025 5/15/202591324PEC2 UNITEDHEALTH GROUP INC (CALLABLE)1.15% 5/15/2026 1,293.755/15/2025 5/15/202565480JAC4 NAROT 2022-B A34.46% 5/17/2027284.955/15/2025 5/15/202558773DAD6 MBART 2025-1 A34.78% 12/17/2029 2,190.835/15/2025 5/15/2025254683CZ6 DCENT 2023-A2 A4.93% 6/15/2028 1,437.925/15/2025 5/15/2025539830BZ1 LOCKHEED MARTIN CORP (CALLABLE)4.45% 5/15/2028 1,335.005/15/2025 5/15/2025254683CY9 DCENT 2023-A1 A4.31% 3/15/2028 1,149.335/15/2025 5/15/2025369550BG2 GENERAL DYNAMICS CORP (CALLABLE)3.50% 5/15/2025 3,937.505/15/2025 5/15/202541285JAD0 HDMOT 2023-A A35.05% 12/15/2027505.455/15/2025 5/15/2025344928AD8 FORDO 2023-A A34.65% 2/15/2028400.815/15/2025 5/15/202514041NGD7 COMET 2023-A1 A4.42% 5/15/2028 1,804.835/16/2025 5/16/202536265QAD8 GMCAR 2022-4 A34.82% 8/16/2027570.305/16/2025 5/16/2025362554AC1 GMCAR 2021-4 A30.68% 9/16/20263.245/18/2025 5/18/202543815QAC1 HAROT 2023-3 A35.41% 2/18/2028 1,442.675/20/2025 5/20/202592348KDY6 VZMT 2025-3 A1A4.51% 3/20/2030 1,559.715/20/2025 5/20/202505594BAD8 BAAT 2025-1A A34.35% 11/20/202977.335/21/2025 5/21/2025438123AC5 HAROT 2023-4 A35.67% 6/21/2028401.6338
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST5/21/2025 5/21/202543815GAC3 HAROT 2021-4 A30.88% 1/21/20261.286/1/2025 6/25/20253137HDXL9 FHMS K526 A24.54% 7/1/20291,873.996/1/2025 6/25/20253137F1G44 FHMS K065 A23.24% 4/1/20271,486.386/1/2025 6/25/20253137BXQY1 FHMS K064 A23.22% 3/1/20271,477.676/1/2025 6/25/20253137HBLV4 FHMS K514 A24.57% 12/1/2028 1,104.906/1/2025 6/25/20253137HAST4 FHMS K509 A24.85% 9/1/20281,515.636/1/2025 6/25/20253137HACX2 FHMS K505 A24.81% 6/1/20282,208.716/1/2025 6/25/20253136BQDE6 FNA 2023-M6 A24.18% 7/1/20281,834.376/1/2025 6/25/20253137HB3D4 FHMS K510 A25.06% 10/1/2028760.356/1/2025 6/25/20253137HAQ74 FHMS K508 A24.74% 8/1/20281,975.006/1/2025 6/25/20253137HDV56 FHMS K524 A24.72% 5/1/20291,730.676/1/2025 6/25/20253137HKXJ8 FHMS K539 A24.41% 1/1/2030698.256/1/2025 6/25/20253137BTUM1 FHMS K061 A23.34% 11/1/2026 1,022.626/1/2025 6/25/20253137HAMH6 FHMS K506 A24.65% 8/1/20283,100.006/1/2025 6/25/20253137BSP72 FHMS K058 A22.65% 8/1/20261,215.966/1/2025 6/25/20253137HAMS2 FHMS K507 A24.80% 9/1/20282,000.006/1/2025 6/25/20253137HB3G7 FHMS K511 A24.86% 10/1/2028 1,113.7539
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST6/1/2025 6/25/20253137HDJJ0 FHMS K522 A24.80% 5/1/20292,201.386/1/2025 6/25/20253137HBC69 FHMS KJ48 A14.85% 5/1/20281,562.596/1/2025 6/25/20253137BNGT5 FHMS K054 A22.74% 1/1/2026576.586/1/2025 6/25/20253137HAD45 FHMS KJ46 A14.77% 6/1/20281,725.716/3/2025 6/3/2025023135BQ8 AMAZON.COM INC (CALLABLE)0.80% 6/3/20251,900.006/9/2025 6/9/202563254ABE7 NATIONAL AUSTRALIA BK/NY3.90% 6/9/20279,762.506/10/2025 6/10/202563254ABD9 NATIONAL AUSTRALIA BK/NY3.50% 6/10/2025 4,375.006/15/2025 6/15/202565480JAC4 NAROT 2022-B A34.46% 5/17/2027260.426/15/2025 6/15/202505522RDH8 BACCT 2023-A2 A24.98% 11/15/2028747.006/15/2025 6/15/202502582JJZ4 AMXCA 2023-1 A4.87% 5/15/2028771.086/15/2025 6/15/202514041NGB1 COMET 2022-A3 A4.95% 10/15/2027 1,010.636/15/2025 6/15/202558773DAD6 MBART 2025-1 A34.78% 12/17/2029 2,190.836/15/2025 6/15/202502582JKD1 AMXCA 2023-3 A5.23% 9/15/2028 1,786.926/15/2025 6/15/202541285JAD0 HDMOT 2023-A A35.05% 12/15/2027463.746/15/2025 6/15/2025344928AD8 FORDO 2023-A A34.65% 2/15/2028372.256/15/2025 6/15/2025437921AD1 HAROT 2025-2 A34.15% 10/15/2029490.516/15/2025 6/15/202505522RDG0 BACCT 2023-A1 A14.79% 5/15/2028678.5840
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST6/15/2025 6/15/202514041NGD7 COMET 2023-A1 A4.42% 5/15/2028 1,804.836/15/2025 6/15/202531680EAD3 FITAT 2023-1 A35.53% 8/15/2028 1,582.646/15/2025 6/15/2025161571HT4 CHAIT 2023-A1 A5.16% 9/15/2028 1,741.506/15/2025 6/15/202563743HFE7 NATIONAL RURAL UTIL COOP3.45% 6/15/2025862.506/15/2025 6/15/2025254683CZ6 DCENT 2023-A2 A4.93% 6/15/2028 1,437.926/15/2025 6/15/202514318MAD1 CARMX 2022-3 A33.97% 4/15/2027259.056/15/2025 6/15/202502582JKH2 AMXCA 2024-1 A5.23% 4/16/2029 2,157.376/15/2025 6/15/2025254683CY9 DCENT 2023-A1 A4.31% 3/15/2028 1,149.336/15/2025 6/15/2025891940AC2 TAOT 2023-A A34.63% 9/15/2027642.476/16/2025 6/16/202536265QAD8 GMCAR 2022-4 A34.82% 8/16/2027512.356/16/2025 6/16/2025362554AC1 GMCAR 2021-4 A30.68% 9/16/20261.666/16/2025 6/16/2025362549AD9 GMCAR 2025-2 A34.28% 4/16/2030342.406/18/2025 6/18/202543815QAC1 HAROT 2023-3 A35.41% 2/18/2028 1,345.386/20/2025 6/20/202573329KAD8 PILOT 2025-1A A34.61% 10/20/2028371.366/20/2025 6/20/202505594BAD8 BAAT 2025-1A A34.35% 11/20/2029290.006/20/2025 6/20/202592348KDY6 VZMT 2025-3 A1A4.51% 3/20/2030 1,559.716/21/2025 6/21/2025438123AC5 HAROT 2023-4 A35.67% 6/21/2028401.6341
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionINTEREST6/25/2025 6/25/2025437076DC3 HOME DEPOT INC (CALLABLE)4.75% 6/25/2029 8,906.256/30/2025 6/30/202591282CJR3 US TREASURY N/B3.75% 12/31/2028 124,687.506/30/2025 6/30/202591282CCH2 US TREASURY N/B1.25% 6/30/2028 50,625.006/30/2025 6/30/202591282CEV9 US TREASURY N/B3.25% 6/30/2029 96,687.50Total INTEREST0.00505,460.070.00MATURITY4/15/2025 4/15/2025 25,000.00 437076CM2 HOME DEPOT INC (CALLABLE)2.70% 4/15/2025 25,000.005/1/2025 5/1/2025 225,000.00 90327QD89 USAA CAPITAL CORP3.37% 5/1/2025 225,000.005/1/2025 5/1/202565,000.00 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE)3.45% 5/1/2025 65,000.005/15/2025 5/15/2025 85,000.00 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE)0.88% 5/15/2025 85,000.005/15/2025 5/15/2025 225,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE)3.50% 5/15/2025 225,000.006/3/2025 6/3/2025 475,000.00 023135BQ8 AMAZON.COM INC (CALLABLE)0.80% 6/3/2025 475,000.006/10/2025 6/10/2025 250,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY3.50% 6/10/2025 250,000.006/15/2025 6/15/2025 50,000.00 63743HFE7 NATIONAL RURAL UTIL COOP3.45% 6/15/2025 50,000.00Total MATURITY1,400,000.001,400,000.000.00PAYDOWNS4/1/2025 4/25/2025489.37 3137BNGT5 FHMS K054 A22.74% 1/1/2026489.375.9542
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS4/1/2025 4/25/2025910.70 3137HBC69 FHMS KJ48 A14.85% 5/1/2028910.740.044/1/2025 4/25/2025339.44 3137HAD45 FHMS KJ46 A14.77% 6/1/2028339.440.014/1/2025 4/25/20252.78 3136BQDE6 FNA 2023-M6 A24.18% 7/1/20282.780.034/1/2025 4/25/2025741.91 3137BTUM1 FHMS K061 A23.34% 11/1/2026741.9010.754/15/2025 4/15/20256,936.85 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 6,936.850.654/15/2025 4/15/20259,995.94 41285JAD0 HDMOT 2023-A A35.05% 12/15/2027 9,995.940.564/15/2025 4/15/2025 13,717.81 891940AC2 TAOT 2023-A A34.63% 9/15/2027 13,717.814/15/2025 4/15/2025 10,177.80 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027 10,177.800.104/15/2025 4/15/20257,606.38 344928AD8 FORDO 2023-A A34.65% 2/15/2028 7,606.380.464/16/2025 4/16/2025 15,997.22 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 15,997.221.274/16/2025 4/16/20253,045.44 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 3,045.440.024/21/2025 4/21/20253,375.72 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 3,375.720.135/1/2025 5/25/2025788.44 3137BTUM1 FHMS K061 A23.34% 11/1/2026788.4410.865/1/2025 5/25/20253.14 3136BQDE6 FNA 2023-M6 A24.18% 7/1/20283.140.035/1/2025 5/25/20251,198.11 3137HBC69 FHMS KJ48 A14.85% 5/1/20281,198.115/1/2025 5/25/2025438.70 3137HAD45 FHMS KJ46 A14.77% 6/1/2028438.700.015/1/2025 5/25/20256,357.02 3137BNGT5 FHMS K054 A22.74% 1/1/20266,357.0269.4243
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS5/15/2025 5/15/20259,720.47 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027 9,720.470.095/15/2025 5/15/2025 12,921.17 891940AC2 TAOT 2023-A A34.63% 9/15/2027 12,921.175/15/2025 5/15/20259,912.32 41285JAD0 HDMOT 2023-A A35.05% 12/15/2027 9,912.320.545/15/2025 5/15/20257,368.51 344928AD8 FORDO 2023-A A34.65% 2/15/2028 7,368.510.435/15/2025 5/15/20256,569.13 31680EAD3 FITAT 2023-1 A35.53% 8/15/2028 6,569.130.265/15/2025 5/15/20256,600.59 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 6,600.590.595/16/2025 5/16/2025 14,427.71 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 14,427.711.095/16/2025 5/16/20252,797.72 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 2,797.720.025/18/2025 5/18/2025 21,579.27 43815QAC1 HAROT 2023-3 A35.41% 2/18/2028 21,579.272.725/21/2025 5/21/20251,741.81 43815GAC3 HAROT 2021-4 A30.88% 1/21/2026 1,741.810.066/1/2025 6/25/2025372.13 3137HAD45 FHMS KJ46 A14.77% 6/1/2028372.130.016/1/2025 6/25/2025747.04 3137BTUM1 FHMS K061 A23.34% 11/1/2026747.049.746/1/2025 6/25/2025923.81 3137HBC69 FHMS KJ48 A14.85% 5/1/2028923.816/1/2025 6/25/202532.27 3136BQDE6 FNA 2023-M6 A24.18% 7/1/202832.270.346/1/2025 6/25/20255,166.27 3137BNGT5 FHMS K054 A22.74% 1/1/20265,166.2750.016/15/2025 6/15/20256,321.83 65480JAC4 NAROT 2022-B A34.46% 5/17/2027 6,321.830.546/15/2025 6/15/2025 20,981.32 31680EAD3 FITAT 2023-1 A35.53% 8/15/2028 20,981.320.8244
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionPAYDOWNS6/15/2025 6/15/2025 12,807.23 891940AC2 TAOT 2023-A A34.63% 9/15/2027 12,807.230.016/15/2025 6/15/20259,924.71 41285JAD0 HDMOT 2023-A A35.05% 12/15/2027 9,924.710.526/15/2025 6/15/20257,297.19 344928AD8 FORDO 2023-A A34.65% 2/15/2028 7,297.190.426/15/2025 6/15/20259,121.66 14318MAD1 CARMX 2022-3 A33.97% 4/15/2027 9,121.660.096/16/2025 6/16/2025 13,858.71 36265QAD8 GMCAR 2022-4 A34.82% 8/16/2027 13,858.711.026/16/2025 6/16/20252,707.81 362554AC1 GMCAR 2021-4 A30.68% 9/16/2026 2,707.810.026/18/2025 6/18/2025 20,594.68 43815QAC1 HAROT 2023-3 A35.41% 2/18/2028 20,594.682.53Total PAYDOWNS286,618.13286,618.16172.16SELL4/1/2025 4/4/2025 475,000.00 912828U24 US TREASURY N/B2.00% 11/15/2026 464,665.24-1,824.284/8/2025 4/9/2025 550,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 558,492.47 5,707.984/15/2025 4/23/2025 100,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 101,638.44 970.404/16/2025 4/23/2025 400,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 406,663.12 3,990.954/22/2025 4/24/2025 25,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 25,419.1097.004/22/2025 4/24/2025 150,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 152,514.64 1,495.245/1/2025 5/6/2025 1,150,000.00 91282CFZ9 US TREASURY N/B3.87% 11/30/2027 1,177,531.19 11,208.385/1/2025 5/6/202575,000.00 912828U24 US TREASURY N/B2.00% 11/15/2026 73,852.36-40.8345
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio ActivityQuarterly Portfolio TransactionsTradeDateSettleDate Par ($)CUSIPMaturityDateTransactAmount ($)CouponYieldat MarketRealizedG/L (BV)Security DescriptionSELL5/5/2025 5/8/2025 400,000.00 91282CGP0 US TREASURY N/B4.00% 2/29/2028 404,859.38702.365/6/2025 5/9/2025 200,000.00 91282CGP0 US TREASURY N/B4.00% 2/29/2028 202,779.55679.865/6/2025 5/9/2025 400,000.00 91282CGP0 US TREASURY N/B4.00% 2/29/2028 405,559.115,589.665/12/2025 5/12/2025 200,000.00 91282CEN7 US TREASURY N/B2.75% 4/30/2027 195,538.73-1,192.326/2/2025 6/4/2025 425,000.00 3137EAEU9 FREDDIE MAC0.37% 7/21/2025 423,374.55-2,158.926/5/2025 6/12/2025 50,000.00 912828ZW3 US TREASURY N/B0.25% 6/30/2025 49,958.62-86.396/12/2025 6/16/2025 250,000.00 91282CGP0 US TREASURY N/B4.00% 2/29/2028 253,696.502,611.836/18/2025 6/26/2025 475,000.00 91282CGP0 US TREASURY N/B4.00% 2/29/2028 482,224.234,611.48Total SELL5,325,000.005,378,767.2332,362.4046
Portfolio HoldingsPFM Asset Management | pfmam.com47
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsManaged Account Detail of Securities HeldSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY N/BDTD 11/15/2016 2.000% 11/15/2026912828U2475,000.00 AA+ Aa1 1/13/2023 1/17/2023 70,441.41 3.72 191.5873,127.9373,363.08US TREASURY N/BDTD 02/28/2023 4.000% 02/29/202891282CGP0 2,450,000.00 AA+ Aa1 5/1/2024 5/6/2024 2,383,390.63 4.79 32,755.432,468,279.452,402,251.93US TREASURY N/BDTD 02/28/2023 4.000% 02/29/202891282CGP0 225,000.00 AA+ Aa1 3/1/2024 3/6/2024 222,547.85 4.30 3,008.15226,678.73223,360.18US TREASURY N/BDTD 02/28/2023 4.000% 02/29/202891282CGP0 400,000.00 AA+ Aa1 4/3/2024 4/5/2024 393,640.63 4.45 5,347.83402,984.40395,657.78US TREASURY N/BDTD 06/30/2021 1.250% 06/30/202891282CCH2 1,300,000.00 AA+ Aa1 8/1/2024 8/5/2024 1,173,960.94 3.9644.161,210,116.701,201,481.29US TREASURY N/BDTD 06/30/2021 1.250% 06/30/202891282CCH2 225,000.00 AA+ Aa1 7/1/2024 7/3/2024 198,641.60 4.497.64209,443.28204,778.50US TREASURY N/BDTD 06/30/2021 1.250% 06/30/202891282CCH2 1,275,000.00 AA+ Aa1 9/4/2024 9/6/2024 1,169,364.26 3.5943.311,186,845.231,190,797.79US TREASURY N/BDTD 06/30/2021 1.250% 06/30/202891282CCH2 2,900,000.00 AA+ Aa1 6/6/2024 6/11/2024 2,565,253.91 4.3998.512,699,491.102,646,785.21US TREASURY N/BDTD 06/30/2021 1.250% 06/30/202891282CCH2 2,400,000.00 AA+ Aa1 10/1/2024 10/7/2024 2,211,468.75 3.5181.522,234,061.602,246,593.26US TREASURY N/BDTD 01/02/2024 3.750% 12/31/202891282CJR3 1,200,000.00 AA+ Aa1 10/31/2024 11/5/2024 1,182,093.75 4.14 122.281,200,750.001,184,719.04US TREASURY N/BDTD 01/02/2024 3.750% 12/31/202891282CJR3 2,600,000.00 AA+ Aa1 12/3/2024 12/6/2024 2,565,773.44 4.10 264.952,601,625.002,570,238.70US TREASURY N/BDTD 01/02/2024 3.750% 12/31/202891282CJR3 1,475,000.00 AA+ Aa1 2/3/2025 2/6/2025 1,444,693.36 4.33 150.311,475,921.881,447,576.43US TREASURY N/BDTD 01/02/2024 3.750% 12/31/202891282CJR3 1,375,000.00 AA+ Aa1 1/2/2025 1/7/2025 1,344,653.32 4.36 140.121,375,859.381,348,068.87US TREASURY N/BDTD 06/30/2022 3.250% 06/30/202991282CEV9 1,500,000.00 AA+ Aa1 5/1/2025 5/6/2025 1,476,796.88 3.65 132.471,472,403.001,477,596.78US TREASURY N/BDTD 06/30/2022 3.250% 06/30/202991282CEV9 900,000.00 AA+ Aa1 6/2/2025 6/5/2025 875,566.41 3.9879.48883,441.80875,963.3848
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostU.S. TreasuryUS TREASURY N/BDTD 06/30/2022 3.250% 06/30/202991282CEV9 900,000.00 AA+ Aa1 4/1/2025 4/4/2025 878,414.06 3.8779.48883,441.80879,556.65US TREASURY N/BDTD 06/30/2022 3.250% 06/30/202991282CEV9 2,650,000.00 AA+ Aa1 3/3/2025 3/6/2025 2,565,117.19 4.06 234.042,601,245.302,570,949.9323,850,000.0022,721,818.3942,781.2623,205,716.58Security Type Sub-Total4.1122,939,738.80Negotiable CDTORONTO DOMINION BANK NYDTD 10/31/2022 5.600% 10/27/202589115B6K1 450,000.00 A- A2 10/27/2022 10/31/2022 450,000.00 5.60 17,430.00451,670.40450,000.00NORDEA BANK ABP NEW YORKDTD 11/03/2022 5.530% 11/03/202565558UYF3 450,000.00 A-1+ P-1 11/2/2022 11/3/2022 450,000.00 5.53 4,009.25451,516.95450,000.00900,000.00900,000.0021,439.25903,187.35Security Type Sub-Total5.57900,000.00MunicipalFLORIDA ST BRD OF ADMDTD 09/16/2020 1.258% 07/01/2025341271AD6 160,000.00 AA Aa2 9/3/2020 9/16/2020 160,000.00 1.26 1,006.40160,000.00160,000.00FLORIDA ST BRD OF ADMDTD 09/16/2020 1.258% 07/01/2025341271AD665,000.00 AA Aa2 9/3/2020 9/16/2020 65,459.55 1.11 408.8565,000.0065,000.00FLORIDA ST BRD OF ADMDTD 09/16/2020 1.258% 07/01/2025341271AD685,000.00 AA Aa2 9/3/2020 9/16/2020 85,563.55 1.12 534.6585,000.0085,000.00MINNESOTA ST-F-UNREFDTD 08/25/2020 0.630% 08/01/202560412AK85 100,000.00 AAA Aaa 5/7/2024 5/7/2024 100,000.00 0.63 262.5099,695.90100,000.00SAN JUAN CA UNIF SCHDTD 10/29/2020 0.852% 08/01/2025798306WP7 130,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 0.85 461.50129,595.83130,000.00CALIFORNIA ST UNIV-BDTD 07/29/2021 0.862% 11/01/202513077DQD7 85,000.00 AA- Aa2 7/9/2021 7/29/2021 85,000.00 0.86 122.1284,012.3085,000.00CA STDTD 03/15/2023 4.846% 03/01/202713063D3N6 200,000.00 AA- Aa2 3/9/2023 3/15/2023 200,000.00 4.85 3,230.67202,444.80200,000.00825,000.00826,023.106,026.69825,748.83Security Type Sub-Total1.93825,000.0049
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostJoint Powers AuthorityCAMP Pool293,111.44 AAAm NR293,111.440.00293,111.44293,111.44293,111.44293,111.440.00293,111.44Security Type Sub-Total293,111.44Federal AgencyFANNIE MAEDTD 08/27/2020 0.375% 08/25/20253135G05X7 350,000.00 AA+ Aa1 8/25/2020 8/27/2020 348,362.00 0.47 459.38347,854.50349,950.81FEDERAL HOME LOAN BANKDTD 09/11/2020 0.375% 09/04/20253130AK5E2 150,000.00 AA+ Aa1 9/10/2020 9/11/2020 149,550.00 0.44 182.81148,933.35149,984.19FREDDIE MACDTD 09/25/2020 0.375% 09/23/20253137EAEX3 700,000.00 AA+ Aa1 9/23/2020 9/25/2020 697,893.00 0.44 714.58693,622.30699,903.91FANNIE MAEDTD 11/12/2020 0.500% 11/07/20253135G06G3 650,000.00 AA+ Aa1 11/9/2020 11/12/2020 647,673.00 0.57 487.50641,347.85649,836.661,850,000.001,843,478.001,844.271,831,758.00Security Type Sub-Total0.491,849,675.57CorporateIBM CORPDTD 07/27/2022 4.000% 07/27/2025459200KS9 225,000.00 A- A3 7/20/2022 7/27/2022 225,000.00 4.00 3,850.00224,900.55225,000.00BANK OF AMERICA CORPDTD 07/30/2015 3.875% 08/01/202506051GFS3 225,000.00 A- A1 8/18/2020 8/20/2020 256,918.50 0.93 3,632.81224,878.95225,537.65ABBOTT LABORATORIES(CALLABLE)DTD 03/22/2017 3.875% 09/15/2025002824BM1 225,000.00 AA- Aa3 9/24/2020 9/28/2020 257,845.50 0.86 2,567.19224,650.58225,000.00UNITEDHEALTH GROUP INC(CALLABLE)DTD 05/19/2021 1.150% 05/15/202691324PEC2 225,000.00 A+ A2 5/17/2021 5/19/2021 224,608.50 1.19 330.63218,697.30224,931.55BMW US CAPITAL LLC (CALLABLE)DTD 08/12/2021 1.250% 08/12/202605565EBW4 175,000.00 A A2 8/12/2021 8/16/2021 174,947.50 1.26 844.62169,190.35174,988.28CATERPILLAR FINL SERVICEDTD 01/10/2022 1.700% 01/08/202714913R2U0 225,000.00 A A2 1/11/2022 1/13/2022 223,863.75 1.81 1,838.13217,151.33224,653.74TARGET CORP (CALLABLE)DTD 01/24/2022 1.950% 01/15/202787612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 359.6738,742.4439,978.9750
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateBANK OF NY MELLON CORP(CALLABLE)DTD 01/26/2022 2.050% 01/26/202706406RBA4 475,000.00 A Aa3 1/26/2022 1/28/2022 473,945.50 2.10 4,192.53460,500.15474,668.64MICROSOFT CORP (CALLABLE)DTD 02/06/2017 3.300% 02/06/2027594918BY9 750,000.00 AAA Aaa 3/14/2023 3/17/2023 721,942.50 4.36 9,968.75742,295.25738,468.15AMERICAN EXPRESS CO (CALLABLE)DTD 03/04/2022 2.550% 03/04/2027025816CS6 300,000.00 A- A2 1/13/2023 1/18/2023 277,203.00 4.59 2,486.25292,071.90290,749.27BERKSHIRE HATHAWAY FIN(CALLABLE)DTD 03/15/2022 2.300% 03/15/2027084664CZ2 475,000.00 AA Aa2 3/15/2022 3/17/2022 466,089.00 2.70 3,216.81462,982.50471,956.98CHARLES SCHWAB CORP(CALLABLE)DTD 09/24/2021 3.300% 04/01/2027808513BW4 300,000.00 A- A2 2/17/2023 2/22/2023 284,925.00 4.66 2,475.00295,790.40293,578.60NATIONAL AUSTRALIA BK/NYDTD 06/09/2022 3.905% 06/09/202763254ABE7 500,000.00 AA- Aa2 1/13/2023 1/18/2023 488,325.00 4.50 1,193.19498,748.00494,845.57APPLE INC (CALLABLE)DTD 09/12/2017 2.900% 09/12/2027037833DB3 775,000.00 AA+ Aaa 1/19/2023 1/23/2023 741,062.75 3.94 6,804.93758,264.65758,915.90TOYOTA MOTOR CREDIT CORPDTD 01/12/2023 4.625% 01/12/202889236TKQ7 375,000.00 A+ A1 2/8/2023 2/10/2023 376,282.50 4.55 8,141.93379,498.13375,659.34NATIONAL RURAL UTIL COOP(CALLABLE)DTD 02/07/2018 3.400% 02/07/2028637432NP6 350,000.00 A- A1 2/17/2023 2/22/2023 329,189.00 4.76 4,760.00343,069.65339,087.34TEXAS INSTRUMENTS INC(CALLABLE)DTD 11/18/2022 4.600% 02/15/2028882508BV585,000.00 A+ Aa3 5/11/2023 5/18/2023 87,043.40 4.04 1,477.1186,360.8586,113.70BRISTOL-MYERS SQUIBB CO(CALLABLE)DTD 07/15/2020 3.900% 02/20/2028110122DE5 375,000.00 A A2 3/9/2023 3/13/2023 358,263.75 4.93 5,321.88373,267.88366,062.07LOCKHEED MARTIN CORP(CALLABLE)DTD 05/25/2023 4.450% 05/15/2028539830BZ160,000.00 A- A2 5/23/2023 5/25/2023 59,892.00 4.49 341.1760,673.7459,937.61MORGAN STANLEY BANK NA(CALLABLE)DTD 07/19/2024 4.968% 07/14/202861690U8E3 525,000.00 A+ Aa3 7/18/2024 7/19/2024 525,525.00 4.94 12,099.15531,269.55525,366.8751
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateJOHN DEERE CAPITAL CORPDTD 07/14/2023 4.950% 07/14/202824422EXB0 375,000.00 A A1 7/21/2023 7/25/2023 377,865.00 4.78 8,610.94384,120.00376,750.39CITIBANK NA (CALLABLE)DTD 09/29/2023 5.803% 09/29/202817325FBB3 750,000.00 A+ Aa3 10/2/2023 10/4/2023 746,280.00 5.92 11,122.42784,097.25747,460.42AIR PRODUCTS & CHEMICALS(CALLABLE)DTD 02/08/2024 4.600% 02/08/2029009158BH8 340,000.00 A A2 2/6/2024 2/8/2024 339,547.80 4.63 6,212.56344,871.52339,664.04CISCO SYSTEMS INC (CALLABLE)DTD 02/26/2024 4.850% 02/26/202917275RBR2 420,000.00 AA- A1 2/21/2024 2/26/2024 419,853.00 4.86 7,072.92430,312.68419,890.19BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/202909290DAA950,000.00 AA- Aa3 3/5/2024 3/14/2024 49,909.50 4.74 698.4751,053.4549,931.15BLACKROCK FUNDING INC(CALLABLE)DTD 03/14/2024 4.700% 03/14/202909290DAA9 725,000.00 AA- Aa3 3/6/2024 3/14/2024 725,355.25 4.69 10,127.85740,275.03725,273.00ADOBE INC (CALLABLE)DTD 04/04/2024 4.800% 04/04/202900724PAF6 205,000.00 A+ A1 4/1/2024 4/4/2024 204,694.55 4.83 2,378.00210,187.94204,763.84ADOBE INC (CALLABLE)DTD 04/04/2024 4.800% 04/04/202900724PAF6 170,000.00 A+ A1 4/2/2024 4/4/2024 169,775.60 4.83 1,972.00174,302.19169,826.68WELLS FARGO & COMPANY(CALLABLE)DTD 04/23/2025 4.970% 04/23/202995000U3T8 290,000.00 BBB+ A1 4/15/2025 4/23/2025 290,000.00 4.97 2,722.46294,057.97290,000.00WELLS FARGO & COMPANY(CALLABLE)DTD 04/23/2025 4.970% 04/23/202995000U3T8 110,000.00 BBB+ A1 4/16/2025 4/23/2025 110,088.00 4.95 1,032.66111,539.23110,083.02BANK OF AMERICA CORP(CALLABLE)DTD 05/09/2025 4.623% 05/09/202906051GMT3 600,000.00 A- A1 5/6/2025 5/9/2025 600,000.00 4.62 4,006.60603,803.40600,000.00HOME DEPOT INC (CALLABLE)DTD 06/25/2024 4.750% 06/25/2029437076DC3 250,000.00 A A2 6/18/2024 6/25/2024 248,627.50 4.88 197.92255,202.50248,880.97HOME DEPOT INC (CALLABLE)DTD 06/25/2024 4.750% 06/25/2029437076DC3 125,000.00 A A2 6/17/2024 6/25/2024 124,193.75 4.9098.96127,601.25124,342.32AMERICAN HONDA FINANCEDTD 09/05/2024 4.400% 09/05/202902665WFQ9 400,000.00 A- A3 9/3/2024 9/5/2024 399,520.00 4.43 5,671.11398,060.40399,592.2752
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostCorporateMARS INC (CALLABLE)DTD 03/12/2025 4.800% 03/01/2030571676AY1 115,000.00 A A2 3/5/2025 3/12/2025 114,875.80 4.83 1,671.33116,476.83114,882.59STATE STREET CORP (CALLABLE)DTD 04/24/2025 4.834% 04/24/2030857477DB6 200,000.00 A Aa3 4/22/2025 4/24/2025 200,000.00 4.83 1,799.32203,675.40200,000.00PACCAR FINANCIAL CORPDTD 05/08/2025 4.550% 05/08/203069371RT71 400,000.00 A+ A1 5/5/2025 5/8/2025 399,380.00 4.59 2,679.44404,908.40399,397.16ANALOG DEVICES INC (CALLABLE)DTD 06/16/2025 4.500% 06/15/2030032654BE4 400,000.00 A- A2 6/12/2025 6/16/2025 399,648.00 4.52 750.00403,143.60399,651.8912,610,000.0012,512,417.90144,726.7112,640,693.19Security Type Sub-Total4.2312,535,890.16Agency CMBSFHMS K054 A2DTD 04/01/2016 2.745% 01/01/20263137BNGT5 246,890.66 AA+ Aa1 4/11/2023 4/14/2023 236,667.84 4.32 564.76244,243.25244,807.29FHMS K058 A2DTD 11/01/2016 2.653% 08/01/20263137BSP72 550,000.00 AA+ Aa1 4/6/2023 4/12/2023 526,839.84 3.98 1,215.96539,818.40542,095.38FHMS K061 A2DTD 01/01/2017 3.347% 11/01/20263137BTUM1 365,891.26 AA+ Aa1 5/19/2023 5/24/2023 354,628.68 4.29 1,020.53361,567.16361,389.80FHMS K064 A2DTD 05/01/2017 3.224% 03/01/20273137BXQY1 550,000.00 AA+ Aa1 8/16/2023 8/18/2023 518,804.69 4.94 1,477.67541,626.25534,991.62FHMS K065 A2DTD 07/01/2017 3.243% 04/01/20273137F1G44 550,000.00 AA+ Aa1 6/8/2023 6/13/2023 527,033.20 4.42 1,486.38541,261.05539,209.56FHMS KJ48 A1DTD 12/01/2023 4.858% 05/01/20283137HBC69 385,059.03 AA+ Aa1 12/6/2023 12/14/2023 385,055.95 4.86 1,558.85390,428.29385,057.99FHMS K505 A2DTD 07/01/2023 4.819% 06/01/20283137HACX2 550,000.00 AA+ Aa1 7/13/2023 7/20/2023 555,493.40 4.59 2,208.71559,847.20553,323.89FHMS KJ46 A1DTD 07/01/2023 4.777% 06/01/20283137HAD45 433,132.10 AA+ Aa1 7/19/2023 7/27/2023 433,121.31 4.78 1,724.23436,614.49433,125.54FNA 2023-M6 A2DTD 07/01/2023 4.182% 07/01/20283136BQDE6 525,324.72 AA+ Aa1 7/18/2023 7/31/2023 516,418.82 4.58 1,830.55525,337.33519,844.17FHMS K508 A2DTD 10/01/2023 4.740% 08/01/20283137HAQ74 500,000.00 AA+ Aa1 10/11/2023 10/19/2023 489,032.00 5.25 1,975.00508,525.50492,550.90FHMS K506 A2DTD 09/01/2023 4.650% 08/01/20283137HAMH6 800,000.00 AA+ Aa1 9/7/2023 9/14/2023 788,165.60 4.99 3,100.00811,510.40792,117.7653
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostAgency CMBSFHMS K509 A2DTD 10/01/2023 4.850% 09/01/20283137HAST4 375,000.00 AA+ Aa1 10/25/2023 10/31/2023 363,043.88 5.60 1,515.63382,643.25366,611.22FHMS K507 A2DTD 09/01/2023 4.800% 09/01/20283137HAMS2 500,000.00 AA+ Aa1 9/20/2023 9/28/2023 494,023.50 5.07 2,000.00509,475.00495,891.30FHMS K511 A2DTD 12/01/2023 4.860% 10/01/20283137HB3G7 275,000.00 AA+ Aa1 11/28/2023 12/7/2023 274,209.93 4.93 1,113.75280,966.95274,442.27FHMS K510 A2DTD 11/01/2023 5.069% 10/01/20283137HB3D4 180,000.00 AA+ Aa1 11/14/2023 11/21/2023 179,479.62 5.14 760.35184,810.68179,635.10FHMS K514 A2DTD 02/01/2024 4.572% 12/01/20283137HBLV4 290,000.00 AA+ Aa1 2/1/2024 2/8/2024 292,899.71 4.34 1,104.90293,719.54292,134.78FHMS K522 A2DTD 06/01/2024 4.803% 05/01/20293137HDJJ0 550,000.00 AA+ Aa1 6/5/2024 6/13/2024 549,998.35 4.80 2,201.38561,927.85550,000.00FHMS K524 A2DTD 07/01/2024 4.720% 05/01/20293137HDV56 440,000.00 AA+ Aa1 7/16/2024 7/25/2024 442,702.04 4.58 1,730.67448,495.08442,263.24FHMS K526 A2DTD 08/01/2024 4.543% 07/01/20293137HDXL9 495,000.00 AA+ Aa1 8/7/2024 8/15/2024 499,630.23 4.33 1,873.99501,485.00498,882.06FHMS K539 A2DTD 04/01/2025 4.410% 01/01/20303137HKXJ8 190,000.00 AA+ Aa1 4/15/2025 4/24/2025 189,993.35 4.41 698.25191,687.39189,993.708,751,297.788,617,241.9431,161.568,815,990.06Security Type Sub-Total4.728,688,367.57ABSGMCAR 2021-4 A3DTD 10/21/2021 0.680% 09/16/2026362554AC1214.23 AAA Aaa 10/13/2021 10/21/2021214.23 0.680.06213.89214.23CARMX 2022-3 A3DTD 07/20/2022 3.970% 04/15/202714318MAD1 69,180.07 AAA NR 7/12/2022 7/20/2022 69,178.44 3.97 122.0669,027.4669,179.46NAROT 2022-B A3DTD 09/28/2022 4.460% 05/17/202765480JAC463,745.55 AAA Aaa 9/20/2022 9/28/2022 63,732.35 4.46 126.3663,719.9263,740.20GMCAR 2022-4 A3DTD 10/12/2022 4.820% 08/16/202736265QAD8 113,696.78 AAA NR 10/4/2022 10/12/2022 113,678.15 4.82 228.34113,817.53113,688.61TAOT 2023-A A3DTD 01/30/2023 4.630% 09/15/2027891940AC2 153,708.74 AAA NR 1/24/2023 1/30/2023 153,708.66 4.63 316.30153,773.60153,708.70COMET 2022-A3 ADTD 11/03/2022 4.950% 10/15/202714041NGB1 245,000.00 AAA NR 10/27/2022 11/3/2022 244,961.56 4.95 539.00245,283.71244,982.2354
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSHDMOT 2023-A A3DTD 02/23/2023 5.050% 12/15/202741285JAD0 100,270.17 NR Aaa 2/13/2023 2/23/2023 100,260.08 5.05 225.05100,472.02100,265.02FORDO 2023-A A3DTD 03/31/2023 4.650% 02/15/2028344928AD888,768.60 AAA NR 3/28/2023 3/31/2023 88,759.34 4.65 183.4688,864.2988,763.62HAROT 2023-3 A3DTD 08/22/2023 5.410% 02/18/202843815QAC1 277,826.05 AAA NR 8/15/2023 8/22/2023 277,768.77 5.42 542.76279,603.58277,792.48DCENT 2023-A1 ADTD 04/11/2023 4.310% 03/15/2028254683CY9 320,000.00 NR Aaa 4/4/2023 4/11/2023 319,981.44 4.31 612.98319,696.64319,989.81BACCT 2023-A1 A1DTD 06/16/2023 4.790% 05/15/202805522RDG0 170,000.00 AAA NR 6/8/2023 6/16/2023 169,961.51 4.79 361.91170,718.76169,977.50AMXCA 2023-1 ADTD 06/14/2023 4.870% 05/15/202802582JJZ4 190,000.00 AAA NR 6/7/2023 6/14/2023 189,983.15 4.87 411.24190,971.28189,990.16COMET 2023-A1 ADTD 05/24/2023 4.420% 05/15/202814041NGD7 490,000.00 AAA NR 5/17/2023 5/24/2023 489,887.64 4.42 962.58490,452.27489,935.13DCENT 2023-A2 ADTD 06/28/2023 4.930% 06/15/2028254683CZ6 350,000.00 AAA Aaa 6/21/2023 6/28/2023 349,952.72 4.93 766.89352,117.50349,971.85HAROT 2023-4 A3DTD 11/08/2023 5.670% 06/21/2028438123AC585,000.00 NR Aaa 11/1/2023 11/8/2023 84,985.03 5.67 133.8885,902.6184,990.02FITAT 2023-1 A3DTD 08/23/2023 5.530% 08/15/202831680EAD3 322,449.54 AAA Aaa 8/15/2023 8/23/2023 322,429.55 5.53 792.51324,958.20322,437.00CHAIT 2023-A1 ADTD 09/15/2023 5.160% 09/15/2028161571HT4 405,000.00 AAA NR 9/7/2023 9/15/2023 404,887.73 5.17 928.80409,651.43404,924.77AMXCA 2023-3 ADTD 09/19/2023 5.230% 09/15/202802582JKD1 410,000.00 AAA NR 9/12/2023 9/19/2023 409,981.67 5.23 953.02414,615.37409,987.92PILOT 2025-1A A3DTD 05/21/2025 4.610% 10/20/202873329KAD8 100,000.00 AAA NR 5/14/2025 5/21/2025 99,989.29 4.61 140.86100,875.9099,989.91BACCT 2023-A2 A2DTD 12/14/2023 4.980% 11/15/202805522RDH8 180,000.00 NR Aaa 12/7/2023 12/14/2023 179,975.83 4.98 398.40181,889.46179,983.27AMXCA 2024-1 ADTD 04/23/2024 5.230% 04/16/202902582JKH2 495,000.00 AAA NR 4/16/2024 4/23/2024 494,898.53 5.23 1,150.60504,831.69494,898.53HAROT 2025-2 A3DTD 05/08/2025 4.150% 10/15/2029437921AD1 115,000.00 NR Aaa 4/29/2025 5/8/2025 114,987.15 4.15 212.11115,213.67114,987.82BAAT 2025-1A A3DTD 05/12/2025 4.350% 11/20/202905594BAD8 80,000.00 NR Aaa 5/6/2025 5/12/2025 79,994.48 4.35 106.3380,357.4479,994.9055
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025Portfolio HoldingsSecurity Type/DescriptionDated Date/Coupon/MaturityCUSIPParS&PRatingMoody'sRatingSettleDateOriginalCostTradeDateYTMat CostAccruedInterestMarketValueAmortizedCostABSMBART 2025-1 A3DTD 01/23/2025 4.780% 12/17/202958773DAD6 550,000.00 NR Aaa 4/8/2025 4/9/2025 553,673.83 4.62 1,168.44557,200.05553,514.81VZMT 2025-3 A1ADTD 03/31/2025 4.510% 03/20/203092348KDY6 415,000.00 NR Aaa 3/25/2025 3/31/2025 414,982.16 4.51 571.89416,779.94414,984.15GMCAR 2025-2 A3DTD 05/14/2025 4.280% 04/16/2030362549AD990,000.00 AAA Aaa 5/6/2025 5/14/2025 89,986.75 4.28 160.5090,472.8689,987.15BACCT 2025-A1 ADTD 06/12/2025 4.310% 05/15/203005522RDK1 250,000.00 AAA NR 6/5/2025 6/12/2025 249,999.05 4.31 568.68251,655.25250,000.00WFCIT 2025-A1 ADTD 06/10/2025 4.340% 05/15/203092970QAJ4 485,000.00 AAA NR 6/3/2025 6/10/2025 484,991.95 4.34 1,227.86488,725.29484,993.62CCCIT 2025-A1 ADTD 06/26/2025 4.300% 06/21/203017305EHA6 550,000.00 AAA Aaa 6/18/2025 6/26/2025 549,850.79 4.31 328.47553,119.05549,851.267,164,859.747,167,641.8314,241.347,214,980.66Security Type Sub-Total4.767,167,724.1355,951,157.5254,588,621.16262,221.0855,438,074.67Managed Account Sub TotalSecurities Sub TotalAccrued Interest$56,244,268.96$54,881,732.60$262,221.08$55,731,186.11$262,221.0854,906,396.23$55,199,507.674.194.19%Total Investments$55,993,407.1956
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025AppendixImportant DisclosuresThis material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regardto any specific objectives or financial circumstances.PFMAM professionals have exercised reasonable professional care in the preparation of this performance report. Information in this report is obtained from sourcesexternal to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. Werely on the client's custodian for security holdings and market values. Transaction dates reported by the custodian may differ from money manager statements.While efforts are made to ensure the data contained herein is accurate and complete, we disclaim all responsibility for any errors that may occur. References toparticular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and indexcharacteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credittiers on the portion of the strategy rated by a NRSRO.It is not possible to invest directly in an index. The index returns shown throughout this material do not represent the results of actual trading of investor assets.Third-party providers maintain the indices shown and calculate the index levels and performance shown or discussed. Index returns do not reflect payment of anysales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investmentperformance to be lower than the performance shown.The views expressed within this material constitute the perspective and judgment of PFMAM at the time of distribution and are subject to change. Any forecast,projection, or prediction of the market, the economy, economic trends, and equity or fixed-income markets are based upon certain assumptions and current opinionas of the date of issue and are also subject to change. Some, but not all assumptions are noted in the report. Assumptions may or may not be proven correct asactual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Opinions anddata presented are not necessarily indicative of future events or expected performance.PFM Asset Management serves clients in the public sector and is a division of U.S. Bancorp Asset Management, Inc., which is the legal entity providing investmentadvisory services. U.S. Bancorp Asset Management, Inc. is a registered investment adviser, a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S.Bancorp. U.S. Bank N.A. is not responsible for and does not guarantee the products, services, or performance of U.S. Bancorp Asset Management, Inc. Theinformation contained is not an offer to purchase or sell any securities. Additional applicable regulatory information is available upon request.For more information regarding PFMAM's services or entities, please visit www.pfmam.com.Further distribution is not permitted without prior written consent.57
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025AppendixImportant DisclosuresThis information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Trust’s investment objectives, risks, charges and expenses before investing in the Trust. This and other information about the Trust is available in the Trust’s current Information Statement, which should be read carefully before investing. A copy of the Trust’s Information Statement may be obtained by calling 1-800-729-7665 or is available on the Trust’s website at www.camponline.com. While the Cash Reserve Portfolio seeks to maintain a stable net asset value of $1.00 per share and the CAMP Term Portfolio seeks to achieve a net asset value of $1.00 per share at the stated maturity, it is possible to lose money investing in the Trust. An investment in the Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Trust are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Trust. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.Generally, PFMAM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services. There may be differences in the values shown for investments due to accrued but uncollected income and the use of differing valuation sources and methods. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFMAM believes the prices to be reliable, the values of the securities may not represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company or local government investment program is contained in the appropriate fund offering documentation or information statement.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.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.ICE Bank of America Indices provided by Bloomberg Financial Markets.Money market fund/cash balances are included in performance and duration computations.Standard & Poor's is the source of the credit ratings. Distribution of credit rating is exclusive of money market fund/LGIP holdings.Callable securities in the portfolio are included in the maturity distribution analysis to their stated maturity date, although, they may be called prior to maturity.MBS maturities are represented by expected average life.58
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025AppendixGlossaryAccrued Interest: Interest that is due on a bond or other fixed income security since the last interest payment was made.Agencies: Federal agency securities and/or Government-sponsored enterprises.Amortized Cost: The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchasedate until the date of the report. Discount or premium with respect to short-term securities (those with less than one year to maturity at time of issuance) is amortizedon a straight line basis. Such discount or premium with respect to longer-term securities is amortized using the constant yield basis.Asset-Backed Security: A financial instrument collateralized by an underlying pool of assets – usually ones that generate a cash flow from debt, such as loans,leases, credit card balances, and receivables.Bankers’ Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution guarantees payment of the bill as well as the insurer.Commercial Paper: An unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory.Contribution to Total Return: The weight of each individual security multiplied by its return, then summed for each sector to determine how much each sector addedor subtracted from the overall portfolio performance.Effective Duration: A measure of the sensitivity of a security’s price to a change in interest rates, stated in years.Effective Yield: The total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compoundingon investment returns, while nominal yield does not.FDIC: Federal Deposit Insurance Corporation. A federal agency that insures bank deposits to a specified amount.Interest Rate: Interest per year divided by principal amount and expressed as a percentage.Market Value: The value that would be received or paid for an investment in an orderly transaction between market participants at the measurement date.Maturity: The date upon which the principal or stated value of an investment becomes due and payable.Negotiable Certificates of Deposit: A CD with a very large denomination, usually $1 million or more, that can be traded in secondary markets.Par Value: The nominal dollar face amount of a security.Pass-through Security: A security representing pooled debt obligations that passes income from debtors to its shareholders. The most common type is themortgage-backed security.59
PFM Asset Management | pfmam.comCITY OF LAKE ELSINOREFor the Quarter Ended June 30, 2025AppendixGlossaryRepurchase Agreements: A holder of securities sells these securities to an investor with an agreement to repurchase them at a fixed price on a fixed date.Settle Date: The date on which the transaction is settled and monies/securities are exchanged. If the settle date of the transaction (i.e., coupon payments andmaturity proceeds) occurs on a non-business day, the funds are exchanged on the next business day.Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whosedecisions are binding on its members.Trade Date: The date on which the transaction occurred; however, the final consummation of the security transaction and payment has not yet taken place.Unsettled Trade: A trade which has been executed; however, the final consummation of the security transaction and payment has not yet taken place.U.S. Treasury: The department of the U.S. government that issues Treasury securities.Yield: The rate of return based on the current market value, the annual interest receipts, maturity value, and the time period remaining until maturity, stated as apercentage on an annualized basis.YTM at Cost: The yield to maturity at cost is the expected rate of return based on the original cost, the annual interest receipts, maturity value, and the time periodfrom purchase date to maturity, stated as a percentage on an annualized basis.YTM at Market: The yield to maturity at market is the rate of return based on the current market value, the annual interest receipts, maturity value, and the timeperiod remaining until maturity, stated as a percentage on an annualized basis.60
The Federal Open Market Committee (FOMC)maintained the target range for the federal funds rate at4.25-4.5% during both meetings in Q2, citing resiliencein the labor market and marginal improvements in anotherwise sticky inflation picture.U.S. Treasury yields in the intermediate-term (2-7years) moved lower over the quarter. The change inyields reflected ongoing market sensitivity to domesticpolicy uncertainty, with a continued focus on thepotential impacts of taxes, tariffs, immigration, andderegulation. However, progress on trade negotiationsand lower recession probabilities kept the declines incheck. As a result of the Treasury rally, total returnswere strong for the quarter.Federal Agency & supranational spreads remainedlow throughout Q2. Both sectors produced slightlypositive excess returns for the quarter. Issuanceremained light and the incremental income from thesectors is near zero.Investment-Grade (IG) corporate bond spreadsspiked early in the quarter on tariff announcements, butas external stressors eased much of the wideningretraced. Demand for new issuance remains strongwhile net issuance is predicted to decrease over thebalance of the year. Lower-quality issuers outperformedas did banks and other financials.Asset-Backed Securities spreads retraced overquarter, but to a lesser degree than most othersectors. ABS showed the impact of the slowerdecrease in spreads by posting more modest excessreturns over the quarter. We expect the sector tocontinue generating value from carry going forward.Mortgage-Backed Securities performance wasstrong across all structures and coupons as ratevolatility moderated over the quarter. Likewise,Agency-backed commercial MBS (CMBS) alsoposted strong performance for the quarter and sawpositive excess returns.Short-term credit (commercial paper and negotiablebank CDs) yields on the front end of the yield curverose slightly in response to the approaching Treasury“X-Date” (estimated date for Treasury to exhaustfunds under the debt ceiling) while yields fell modestlyon the long end as demand shifted into longer-termTreasury notes. Yield spreads tightened over thequarter in response to moderated issuance andstrong demand.For the Quarter Ended March 31, 2022Market UpdateFor the Quarter Ended June 30, 2025Market UpdateFixed-Income Sector Commentary – 2Q 2025The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.16
U.S. Treasury volatility is expected to continue givenboth fiscal and monetary policy uncertainty. Thepotential impact of further policy changes oneconomic growth, inflation, and labor markets areunknown. We expect to see an ongoing steepening ofthe yield curve given the expectation for future Fedrate cuts.Federal Agency & Supranational spreads are likelyto remain at tight levels. Government-heavy accountsmay find occasional value on an issue-by-issue basis.Taxable Municipals continue to see little activity dueto an ongoing lack of supply and strong demandwhich continues to suppress yields in both the newissue and secondary markets. We expect fewopportunities in the near term.Investment-Grade Corporate bond fundamentalsand valuations weakened while technicals havemoved to modestly favorable. Progress on tradenegotiations and lower recession odds should provideupward pressure on fundamentals moving forward.We will selectively evaluate opportunities with a focuson industry and credit quality while analyzing richholdings to tactically reduce allocations in the sectorfor accounts where it makes sense.Asset-Backed Securities fundamentals remain intactand credit metrics have normalized. Consumer credittrends will depend on the labor market and theconsumer’s response to monetary policy easing,which tends to work on a lag. We expect spreads tostabilize heading into Q3 as issuance quiets over thesummer, but overall heightened volatility presents anopportunity to add allocations at more attractivelevels.Mortgage-Backed Securities are expected tounderperform over the short term, while rich currentvaluations will keep returns over the year positive. Wemay use any meaningful spread widening to add atmore attractive levels.Short-term credit (commercial paper and negotiablebank CDs) spreads in Q3 will continue to be subjectto ongoing debt ceiling dynamics or the Fed’s decisionto slow the pace of quantitative tightening. Given thepositively sloped shape of the money market yieldcurve, we favor a mix of floating rate in the front endwith fixed rate in longer maturities.Fixed-Income Sector Outlook – 3Q 2025For the Quarter Ended June 30, 2025Market UpdateThe views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.17