Attachment 1 - Investment Report February 2025 — Lake Elsinore City Council, March 25, 2025

CITY OF LAKE ELSINORE

INVESTMENT REPORT

BANK DEPOSITS OUTSTANDING BOOK

CASH ACCOUNTS BALANCE IN TRANSIT PAYMENTS BALANCE
Bank Accounts:

General Checking Account 3,278,546$ 82,131$ (21,467)$ 3,339,210$ Cash On Hand:

Cashier Drawers #1 & #2 - - - 300
City of Lake Elsinore Petty Cash Fund - - - 2,000
Total Cash Accounts 3,278,546 82,131 (21,467) 3,341,510

INVESTMENTS
Local Agency Investment Funds 77,351,313 - - 77,351,313 CAMP Investments:

CAMP Pool Account 442,286 - - 442,286
U.S. Treasury Bond / Note 23,841,969 - - 23,841,969
Municipal Bond / Note 1,236,023 - - 1,236,023
Federal Agency Commercial Mortgage-Backed Security 8,448,892 - - 8,448,892 Federal Agency Bond / Note 2,266,362 - - 2,266,362
Corporate Note 11,624,109 - - 11,624,109
Certificate of Deposit 900,000 - - 900,000
Bank Note 525,525 - - 525,525
Asset-Backed Security 4,866,080 - - 4,866,080
Sub-total Investments 131,502,558 - - 131,502,558
Market Value Adjustment:

Unrealized Gain/(Loss) at 02/28/2025 (45,163) - - (45,163) Total Investments 131,457,395 - - 131,457,395
Total Pooled Cash and Investments 134,735,941$ 82,131$ (21,467)$ 134,798,904$ TOTAL POOLED CASH AND INVESTMENTS 134,798,904$
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, 2024. 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 March 7, 2025
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 FEBRUARY 28, 2025

FUND NO FUND NAME AMOUNT
100 General 12,958,557$
101 Supplemental Law Enforcement 8,333
102 Measure Z 16,370,686
104 Traffic Offender 250
106 Affordable Housing In Lieu 1,774,452
107 Developer Agreement Revenue 486,049
108 American Rescue Plan 2,396,161
109 Road Maintenance and Rehabilitation (SB1) 3,168,598 110 State Gas Tax 1,226,377
111 TUMF C.I.P. 17,017
112 Measure A 1,594,970
114 SB1186 CASP Education Program 77,132
116 City Hall-Public Works DIF 583,020
117 Community Center DIF 579,485
118 Lake Side Facility DIF 816,086
119 Animal Shelter DIF 94,002
121 T.R.I.P.-2014A 534
135 Lighting & Landscape Maintenance - Dist. No. 1 1,874,486 140 Geothermal 12,617
160 PEG Grant 8,811
202 La Strada RBBD 25,732
203 E.L.S.P. - S.T.I.F. 3,628,650
205 Traffic Impact Fee 799,862
211 Storm Drain C.I.P. 1,981,637
231 Library C.I.P. 1,118,420
232 City Fire Protection 1,220,775
300 Insurance Service 1,330,717
305 Information Systems Service 3,237,755
310 Support Service 54,882
315 Fleet Service 1,363,003
320 Facilities Service 2,912,658
331 CFD 2006-1CC Summerly Improvement Area CC 53,514
332 CFD 2006-1 Improvement Area B, Summerly 29,878
333 CFD 2015-3 Terracina 113,622
334 CFD 2015-5 Trieste - Far West Industries 33,119
335 CFD 2003-2E Canyon Hills Improvement Area E 39,772
336 CFD 2006-1FF Summerly Improvement Area FF 39,342
337 CFD 2016-2 Canyon Hills 230,674
338 CFD 2006-1 IA-JJ Summerly Improvement Area 66,735
339 CFD 2006-1 IA-KK Summerly Improvement Area 40,082

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 FEBRUARY 28, 2025

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 FEBRUARY 28, 2025
340 CFD 2006-1 IA-EE Summerly Improvement Area 54,853
345 CFD 2003-2 Improvement Area D, Canyon Hills 600,240 346 CFD 2014-1 Southshore 62,433
347 CFD 2006-1 Improvement Area A, Summerly 61,788
350 CFD 98-1 Summerhill 478,500
351 CFD 2006-1 IA-II Summerly Improvement 78,560
355 RAD 2021-1 Canyon Hills Improvement 389,301
357 CFD 2003-2 Canyon Hills Improvement Area 244,736
361 CFD 2022-2 Lakeshore Improvement 10,310
364 CFD 2023-2 Coastal Mission Trail Improvement 365
366 CFD 2005-6 City Center Townhomes 76,755
368 CFD 2006-2 Viscaya 148,763
369 CFD 2004-3 Area 1 Rosetta Canyon Improvement Area 520,800 370 CFD 2006-1 IA-HH Summerly Improvement 18,122
371 CFD 2005-1 Serenity 197,039
372 CFD 2005-2 Alberhill Ranch Improvement Area 500,849 374 CFD 2005-4 Lakeview Villas 1,702
375 CFD 2006-4 Clurman 27,570
377 CFD 2006-6 Tessara 33,703
378 CFD 2006-8 Running Deer Estates 19,075
379 CFD 2022-1 Alberhill 82,400
384 CFD 2003-2 Area B Canyon Hills Improvement Area 591,045 385 CFD 2004-3 Area 2 Rosetta Canyon Improvement Area 509,020 386 CFD 2007-4 Mekenna Court 37,025
387 CFD 2007-5 Red Kite 28,885
388 CFD 2007-6 Holiday Inn Express 2,295
390 CFD 2003-2 Area C Canyon Hills Improvement Area 186,121 392 CFD 95-1 City Center 68,351
394 CFD 2005-5 (2012A) Wasson Canyon 111,421
396 CFD 2018-2 Nichols Ranch Improvement Area 13,932
397 CFD 2018-3 Village at Lakeshore 67,844
500 Capital Improvement Plan 11,698,785
510 Successor To RDA Area I, II, & III 717,720
603 Endowment Trust - Carl Graves 67,057
604 Endowment Trust - Korn Memorial 36,255
605 Public Improvement Trust 2,714,866
606 Mobile Source Air Polution Reduction 169,366
608 Trust Deposit & Pre Paid Expense 1,570,877
617 Successor Agency Housing 42,607,880
620 Cost Recovery System 6,770,746

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 FEBRUARY 28, 2025
631 Lake Destratification Equipment Replacement 400,536 651 CFD 2006-5 Park & Open Space Service 55,329
653 CFD 2009-1 Parks & Lighting Service 385,010
655 CFD 2015-1s Law, Fire, Paramedic Services 12,222
Total Pooled Cash & Investments 134,798,904$

MAXIMUM DIVERSIFICATION CURRENT

TYPES OF SECURITIES PERCENTAGE PERCENTAGE BALANCE
CAMP - Pooled Sweep Account Unlimited 0.34% 442,286$
U.S. Treasury Bond / Note Unlimited 18.13% 23,841,969$
Supra-National Agency Bond / Note 30% 0.00% -$
Municipal Bond / Note Unlimited 0.94% 1,236,023$
Federal Agency Collaterized Mortgage Obligation 40% 6.42% 8,448,892$ Federal Agency Bond / Note Unlimited 1.72% (1) 2,266,362$ Banker's Acceptance 40.00% 0.00% -$
Corporate Note (Includes Bank Note) 30% 9.24% 12,149,634$ Commercial Paper 25% 0.00% -$
Negotiable Certificates of Deposit 30% 0.68% 900,000$
Asset-Backed Security / Collaterized Mortgage 20% 3.70% 4,866,080$ Repurchase Agreements Unlimited 0 -$
Reverse Repurchase Agreements 10.00% 0.00% -$
LAIF (Local Agency Investment Funds) $150 Million 58.82% (2) 77,351,313$ TOTAL 100.00% 131,502,558$
Note:
(1) No more than 40% in any one federal agency. See CAMP Portfolio Statement for listing of agencies. (2) Investment in LAIF may not exceed $75 million in each agency.

C I T Y O F L A K E E L S I N O R E

SUMMARY OF POLICY LIMITATIONS
FOR THE MONTH ENDING FEBRUARY 28, 2025

Local Agency Investment Fund

February 4.333
January 4.366
December 4.434
November 4.477
October 4.518
September 4.575
LAIF Apportionment Rate(2): 4.62
LAIF Earnings Ratio(2): 0.00012664187216722
LAIF Administrative Cost(1)*: 0.28
PMIA Average Life(1): 252
LAIF Fair Value Factor(1): 0.999621985
PMIA Daily(1): 4.40
PMIA Quarter to Date(1): 4.48
Treasuries

55.64%
Agencies

25.57%
Certificates of
Deposit/Bank Notes

8.84%
Time
Deposits

3.11%
Commercial
Paper

6.17%
Corporate
Bonds

0.55%
Loans

0.12%
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). *The percentage of administrative cost equals the total administrative cost divided by the quarterly interest earnings. The law provides that administrative costs are not to exceed 5% of quarterly EARNINGS of the fund. However, if the 13-week Daily Treasury Bill Rate on the last day of the fiscal year is below 1%, then administrative costs shall not exceed 8% of quarterly EARNINGS of the fund for the subsequent fiscal year.

Source:
(1) State of California, Office of the Treasurer
(2) State of California, Office of the Controller
PMIA Average Monthly
Effective Yields(1)
PMIA/LAIF Performance Report
as of 03/05/25
Daily rates are now available here. View PMIA Daily Rates Quarterly Performance
Quarter Ended 12/31/24
Chart does not include $1,213,000.00 in mortgages, which equates to 0.001%. Percentages may not total 100% due to rounding.

Pooled Money Investment Account
Monthly Portfolio Composition (1)
1/31/25
$162.9 billion

Yield Purchase Date Maturity Rate

4.333% Daily 24-Hour
Investment Beginning Balance Net Increase/(Decrease) Ending Balance Total Investments Held with
Local Agency Investment Fund: 64,851,313$ 12,500,000$ 77,351,313$ Note:

Per California State Treasurer, LAIF Statute 16429.1: Separate accounts for each governmental unit shall be maintained.

C I T Y O F L A K E E L S I N O R E

LOCAL AGENCY INVESTMENT FUND

TRANSACTION SUMMARY
FOR THE MONTH ENDING FEBRUARY 28, 2025
CAMP
Investment Portfolio

CITY OF LAKE ELSINORE

ACCOUNT STATEMENT
For the Month Ending
February 28, 2025
Customer Service
PO Box 11813
Harrisburg, PA 17108-1813
Contents
Cover/Disclosures
Summary Statement
Individual Accounts

CITY OF LAKE ELSINORE

JASON SIMPSON
130 S. MAIN STREET
LAKE ELSINORE, CA 92530
Accounts included in Statement

LAKE ELSINORE - CITY FUNDS
www.camponline.comOnline Access 1-800-729-7665Customer Service For the Month Ending February 28, 2025
Account Statement
Important Disclosures
Important Disclosures
365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed.

Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called.

Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month.

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.

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.

Managed Account A portfolio of investments managed discretely by PFMAM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian.

Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place.

Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFMAM within 60 days of receipt. If you have other concerns or questions regarding your account, or to request an updated copy of PFMAM's current disclosure statement, please contact a member of your client management team at PFMAM Service Operations at the address below.

PFM Asset Management
Attn: Service Operations
213 Market Street
Harrisburg, PA 17101

NOT FDIC INSURED
NO BANK GUARANTEE MAY LOSE VALUE
This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management ("PFMAM") is a division of U.S. Bancorp Asset Management, Inc. ("USBAM"), a SEC-registered investment adviser. USBAM is direct subsidiary of U.S. Bank National Association ("U.S. Bank") and an indirect subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM. PFMAM maintains a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below.

Proxy Voting PFMAM does not normally receive proxies to vote on behalf of its clients.

However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFMAM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below.

Questions About an Account PFMAM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFMAM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFMAM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFMAM statement should be reconciled and differences resolved.

Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference.

Account Control PFMAM does not have the authority to withdraw funds from or deposit funds to the custodian outside the scope of services provided by PFMAM. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions.

Market Value 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.

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 straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis.

Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFMAM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities.

Financial Situation In order to better serve you, PFMAM should be promptly notified of any material change in your investment objective or financial situation.

Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented.

Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFMAM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values.

Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed.

Shares of some local government investment programs and TERM funds are distributed by representatives of USBAM's affiliate, U.S. Bancorp Investments, Inc. which is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Hotline at 1-800-289-9999 or at the FINRA website address
https://www.finra.org/investors/investor-contacts. A brochure describing the FINRA Regulation Public Disclosure Program is also available from FINRA upon request.

Key Terms and Definitions
Dividends on local government investment program funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date.

Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by
For the Month Ending February 28, 2025Account Statement - Transaction Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
209,186.56
1,689,612.46
(1,456,513.13)

0.00 $442,285.89
CAMP Pool
Unsettled Trades 0.00
505.52 Cash Dividends and Income
Opening Market Value
Purchases
Redemptions
Change in Value
Closing Market Value
53,784,412.77
1,444,693.36
(1,475,858.48)
410,232.36
$54,163,480.01
CAMP Managed Account
Unsettled Trades 0.00
203,517.14 Cash Dividends and Income
February 28, 2025 January 31, 2025
Asset Summary
CAMP Pool 442,285.89 209,186.56
CAMP Managed Account 54,163,480.01 53,784,412.77
$54,605,765.90 $53,993,599.33 Total
Asset Allocation

0.81%
CAMP Pool

99.19%
CAMP Managed
Account

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed 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
$209,186.56
1,689,612.46
(1,456,513.13)
$442,285.89
505.52
$53,784,412.77
(507,460.04)
(968,398.44)
1,444,693.36

0.00 410,232.36
$54,163,480.01
$53,993,599.33
$54,605,765.90
211,386.60
(5,653.49)
(2,215.97)
$203,517.14
430,745.00
975,843.19
203,196.85
77,460.04
(1,450,346.85)
(236,898.23)

0.00 Managed Account Total
53,974,679.60 54,416,965.49
277,239.54
975,843.19
508,205.04
203,196.85
(1,450,346.85)
(53,991,732.49)
(333,587.10)

0.00 277,239.54
2,432,356.32
508,205.04
203,196.85
(3,139,959.31)
(54,200,919.05)
(333,587.10)
505.52
Total Accrual Basis Earnings $163,497.78 $164,003.30
Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance
$0.00 Closing Cash Balance

Page 2 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025
Portfolio Summary and Statistics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Account Summary
Percent Par Value Market ValueDescription
U.S. Treasury Bond / Note 25,000,000.00 24,150,532.32 44.22 Municipal Bond / Note 1,235,000.00 1,227,802.21 2.25 Federal Agency Commercial
Mortgage-Backed Security
8,583,560.45 8,599,051.49 15.75
Federal Agency Bond / Note 2,275,000.00 2,227,972.08 4.08 Corporate Note 11,695,000.00 11,617,741.75 21.28
Certificate of Deposit 900,000.00 907,222.50 1.66
Bank Note 525,000.00 529,179.53 0.97
Asset-Backed Security 4,866,789.59 4,903,978.13 8.98 Managed Account Sub-Total 55,080,350.04 54,163,480.01 99.19% Accrued Interest 277,239.54
Total Portfolio 55,080,350.04 54,440,719.55
CAMP Pool 442,285.89 442,285.89 0.81
Total Investments 55,522,635.93 54,883,005.44 100.00%
Unsettled Trades 0.00 0.00
Sector Allocation

8.98%
ABS

0.97%
Bank Note

1.66%
Cert of Deposit

19.81%
Corporate Note

4.08%
Fed Agy Bond /
Note

15.75%
Federal Agency
Commercial
Mortgage-Backed
Security

0.81%
Joint Powers
Authority

2.25%
Muni Bond / Note

1.47%
Priv Placement
Bond

44.22%
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

8.00%

5.39% 6.14%

19.86%

53.39%

7.22%

0.00%
Maturity Distribution Characteristics
Yield to Maturity at Cost
Yield to Maturity at Market
Weighted Average Days to Maturity 1028

4.06%

4.27%

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025
Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Credit Quality (S&P Ratings)

4.76%
A

4.34%
A+

4.39%
A-

0.83%
A-1+

3.58%
AA

65.43%
AA+

4.52%
AA-

9.16%
AAA

0.81%
AAAm

2.18%
NR
Issuer Summary
Percentof HoldingsIssuer
Market Value
224,391.60 0.41 Abbott Laboratories
380,677.88 0.70 Adobe Inc
342,573.46 0.63 Air Products and Chemicals Inc
470,609.58 0.86 Amazon.com Inc
1,401,044.17 2.57 American Express Co
751,143.18 1.38 Apple Inc
353,022.16 0.65 BA Credit Card Trust
224,373.60 0.41 Bank of America Corp
456,464.55 0.84 Bank of New York Mellon Corp
167,289.50 0.31 Bayerische Motoren Werke AG
458,320.38 0.84 Berkshire Hathaway Inc
785,026.95 1.44 BlackRock Inc
371,004.38 0.68 Bristol-Myers Squibb Co
83,100.42 0.15 California State University
442,285.89 0.81 CAMP Pool
736,464.36 1.35 Capital One Financial Corp
107,712.80 0.20 CarMax Inc
214,672.95 0.39 Caterpillar Inc
293,409.60 0.54 Charles Schwab Corp
64,855.83 0.12 Cintas Corp
425,682.18 0.78 Cisco Systems Inc
780,760.50 1.43 Citigroup Inc
382,244.63 0.70 Deere & Co
672,352.59 1.23 Discover Card Execution Note Trust
147,091.80 0.27 Federal Home Loan Banks
9,181,626.53 16.81 Federal Home Loan Mortgage Corp
1,498,305.24 2.74 Federal National Mortgage Association 353,497.20 0.65 Fifth Third Auto Trust
118,458.52 0.22 Ford Credit Auto Owner Trust
224,533.58 0.41 General Dynamics Corp
184,692.08 0.34 GM Financial Consumer Automobile Receiv 140,134.65 0.26 Harley-Davidson Inc

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Issuer Summary

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Percentof HoldingsIssuer
Market Value
403,593.53 0.74 Home Depot Inc
417,812.21 0.77 Honda Auto Receivables Owner Trust
394,864.80 0.72 Honda Motor Co Ltd
1,667.40 0.00 Hyundai Auto Receivables Trust
224,646.07 0.41 International Business Machines Corp
410,408.78 0.75 JPMorgan Chase & Co
60,234.72 0.11 Lockheed Martin Corp
738,726.00 1.35 Microsoft Corp
529,179.53 0.97 Morgan Stanley
745,331.50 1.36 National Australia Bank Ltd
389,671.60 0.71 National Rural Utilities Cooperative Fi 324,594.08 0.59 New York State Urban Development Corp
90,050.42 0.16 Nissan Auto Receivables Owner Trust
453,568.05 0.83 Nordea Bank Abp
409,792.54 0.75 Roche Holding AG
128,045.58 0.23 San Juan Unified School District
306,845.76 0.56 State Board of Administration Finance C 202,253.40 0.37 State of California
98,533.40 0.18 State of Minnesota
38,406.24 0.07 Target Corp
85,859.35 0.16 Texas Instruments Inc
453,654.45 0.83 Toronto-Dominion Bank
205,992.79 0.38 Toyota Auto Receivables Owner Trust
378,203.62 0.69 Toyota Motor Corp
224,468.10 0.41 United Services Automobile Association 24,150,532.32 44.23 United States Treasury
216,577.35 0.40 UnitedHealth Group Inc
84,429.57 0.15 University of California Board of Regen $54,605,765.90 Total 100.00%

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

US TREASURY N/B
DTD 06/30/2020 0.250% 06/30/2025
49,351.95 49,924.23 20.72 49,031.25 04/05/2104/01/21AaaAA+ 50,000.00 912828ZW3 0.71

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
604,248.13 608,043.86 3,660.22 587,011.72 01/17/2301/13/23AaaAA+ 625,000.00 912828U24 3.72

US TREASURY N/B
DTD 05/02/2022 2.750% 04/30/2027
194,875.00 196,205.91 1,838.40 192,570.31 02/03/2301/31/23AaaAA+ 200,000.00 91282CEN7 3.70

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
364,350.75 367,780.53 826.14 362,329.10 05/05/2305/01/23AaaAA+ 375,000.00 91282CFB2 3.62

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
388,640.80 385,335.99 881.22 373,265.62 03/06/2303/02/23AaaAA+ 400,000.00 91282CFB2 4.44

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
582,961.20 579,592.62 1,321.82 565,640.63 07/07/2307/03/23AaaAA+ 600,000.00 91282CFB2 4.30

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
801,571.65 802,763.42 1,817.51 786,779.30 06/06/2306/02/23AaaAA+ 825,000.00 91282CFB2 3.97

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2027
1,171,328.13 1,171,830.85 11,382.81 1,170,501.95 01/05/2401/02/24AaaAA+ 1,175,000.00 91282CFZ9 3.98

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2027
1,196,250.00 1,189,042.46 11,625.00 1,184,109.38 12/05/2312/01/23AaaAA+ 1,200,000.00 91282CFZ9 4.24

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
400,046.80 395,113.33 43.48 393,640.63 04/05/2404/03/24AaaAA+ 400,000.00 91282CGP0 4.45

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
600,070.20 601,850.44 65.22 602,507.81 02/06/2402/02/24AaaAA+ 600,000.00 91282CGP0 3.89

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
1,350,157.95 1,338,927.41 146.74 1,335,287.11 03/06/2403/01/24AaaAA+ 1,350,000.00 91282CGP0 4.30

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
2,450,286.65 2,396,699.93 266.30 2,383,390.63 05/06/2405/01/24AaaAA+ 2,450,000.00 91282CGP0 4.79

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
205,848.68 202,676.22 466.16 198,641.60 07/03/2407/01/24AaaAA+ 225,000.00 91282CCH2 4.49

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
1,166,475.83 1,181,906.56 2,641.57 1,169,364.26 09/06/2409/04/24AaaAA+ 1,275,000.00 91282CCH2 3.59

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
1,189,347.90 1,191,143.74 2,693.37 1,173,960.94 08/05/2408/01/24AaaAA+ 1,300,000.00 91282CCH2 3.96

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
2,195,719.20 2,230,372.35 4,972.38 2,211,468.75 10/07/2410/01/24AaaAA+ 2,400,000.00 91282CCH2 3.51

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
2,653,160.70 2,620,415.75 6,008.29 2,565,253.91 06/11/2406/06/24AaaAA+ 2,900,000.00 91282CCH2 4.39

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
1,188,422.40 1,183,363.64 7,458.56 1,182,093.75 11/05/2410/31/24AaaAA+ 1,200,000.00 91282CJR3 4.14

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
1,361,734.00 1,345,690.35 8,546.27 1,344,653.32 01/07/2501/02/25AaaAA+ 1,375,000.00 91282CJR3 4.36

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
1,460,769.20 1,445,152.91 9,167.82 1,444,693.36 02/06/2502/03/25AaaAA+ 1,475,000.00 91282CJR3 4.33

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
2,574,915.20 2,567,596.81 16,160.22 2,565,773.44 12/06/2412/03/24AaaAA+ 2,600,000.00 91282CJR3 4.10 92,010.22 24,150,532.32 24,051,429.31 4.14 23,841,968.77 25,000,000.00 Security Type Sub-Total Municipal Bond / Note
NY ST URBAN DEV-F-1
DTD 12/23/2020 0.870% 03/15/2025
324,594.08 325,000.00 1,303.79 325,000.00 12/23/2012/16/20NRNR 325,000.00 650036DT0 0.87

UNIV OF CALIFORNIA-BG (CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
84,429.57 85,000.00 221.00 85,000.00 07/16/2007/10/20Aa2AA 85,000.00 91412HGE7 0.88

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
64,338.63 65,031.97 136.28 65,459.55 09/16/2009/03/20Aa2AA 65,000.00 341271AD6 1.11

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
84,135.13 85,039.20 178.22 85,563.55 09/16/2009/03/20Aa2AA 85,000.00 341271AD6 1.12

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
158,372.00 160,000.00 335.47 160,000.00 09/16/2009/03/20Aa2AA 160,000.00 341271AD6 1.26

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

MINNESOTA ST-F-UNREF
DTD 08/25/2020 0.630% 08/01/2025
98,533.40 100,000.00 52.50 100,000.00 05/07/2405/07/24AaaAAA 100,000.00 60412AK85 0.63

SAN JUAN CA UNIF SCH
DTD 10/29/2020 0.852% 08/01/2025
128,045.58 130,000.00 92.30 130,000.00 10/29/2010/16/20Aa2NR 130,000.00 798306WP7 0.85

CALIFORNIA ST UNIV-B
DTD 07/29/2021 0.862% 11/01/2025
83,100.42 85,000.00 244.23 85,000.00 07/29/2107/09/21Aa2AA- 85,000.00 13077DQD7 0.86 CA ST
DTD 03/15/2023 4.846% 03/01/2027
202,253.40 200,000.00 4,846.00 200,000.00 03/15/2303/09/23Aa2AA- 200,000.00 13063D3N6 4.85 7,409.79 1,227,802.21 1,235,071.17 1.58 1,236,023.10 1,235,000.00 Security Type Sub-Total Federal Agency Commercial Mortgage-Backed Security
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
255,691.89 256,009.97 593.58 248,743.27 04/14/2304/11/23AaaAA+ 259,487.68 3137BNGT5 4.32 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
536,704.85 539,804.18 1,215.96 526,839.84 04/12/2304/06/23AaaAA+ 550,000.00 3137BSP72 3.98 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
363,025.66 363,419.07 1,029.31 357,680.76 05/24/2305/19/23AaaAA+ 369,040.27 3137BTUM1 4.29 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
538,758.00 532,105.39 1,477.67 518,804.69 08/18/2308/16/23AaaAA+ 550,000.00 3137BXQY1 4.94 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
538,655.15 537,229.67 1,486.38 527,033.20 06/13/2306/08/23AaaAA+ 550,000.00 3137F1G44 4.42 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
394,572.12 389,837.14 1,578.20 389,835.19 12/14/2312/06/23AaaAA+ 389,838.31 3137HBC69 4.86 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
437,218.17 434,820.17 1,730.98 434,816.65 07/27/2307/19/23AaaAA+ 434,827.49 3137HAD45 4.78 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
557,129.65 553,695.28 2,208.71 555,493.40 07/20/2307/13/23AaaAA+ 550,000.00 3137HACX2 4.59

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par
Federal Agency Commercial Mortgage-Backed Security
FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
520,913.69 519,289.94 1,830.70 516,460.09 07/31/2307/18/23AaaAA+ 525,366.69 3136BQDE6 4.58 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
505,481.00 491,836.31 1,975.00 489,032.00 10/19/2310/11/23AaaAA+ 500,000.00 3137HAQ74 5.25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
806,725.60 791,358.03 3,100.00 788,165.60 09/14/2309/07/23AaaAA+ 800,000.00 3137HAMH6 4.99 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
380,410.13 365,833.91 1,515.63 363,043.88 10/31/2310/25/23AaaAA+ 375,000.00 3137HAST4 5.60 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
506,799.50 495,506.87 2,000.00 494,023.50 09/28/2309/20/23AaaAA+ 500,000.00 3137HAMS2 5.07 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
184,009.32 179,601.92 760.35 179,479.62 11/21/2311/14/23AaaAA+ 180,000.00 3137HB3D4 5.14 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
279,589.20 274,391.36 1,113.75 274,209.93 12/07/2311/28/23AaaAA+ 275,000.00 3137HB3G7 4.93 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
291,790.17 292,321.70 1,104.90 292,899.71 02/08/2402/01/24AaaAA+ 290,000.00 3137HBLV4 4.34 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
445,477.56 442,437.81 1,730.67 442,702.04 07/25/2407/16/24AaaAA+ 440,000.00 3137HDV56 4.58 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
558,147.15 550,000.00 2,201.38 549,998.35 06/13/2406/05/24AaaAA+ 550,000.00 3137HDJJ0 4.80 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
497,952.68 499,169.72 1,873.99 499,630.23 08/15/2408/07/24AaaAA+ 495,000.00 3137HDXL9 4.33 30,527.16 8,599,051.49 8,508,668.44 4.73 8,448,891.95 8,583,560.45 Security Type Sub-Total Federal Agency Bond / Note

FREDDIE MAC
DTD 07/23/2020 0.375% 07/21/2025
418,562.53 424,835.20 177.08 422,883.50 07/23/2007/21/20AaaAA+ 425,000.00 3137EAEU9 0.48

FANNIE MAE
DTD 08/27/2020 0.375% 08/25/2025
343,455.00 349,841.48 21.88 348,362.00 08/27/2008/25/20AaaAA+ 350,000.00 3135G05X7 0.47

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

FEDERAL HOME LOAN BANK
DTD 09/11/2020 0.375% 09/04/2025
147,091.80 149,954.07 276.56 149,550.00 09/11/2009/10/20AaaAA+ 150,000.00 3130AK5E2 0.44

FREDDIE MAC
DTD 09/25/2020 0.375% 09/23/2025
684,926.20 699,763.28 1,152.08 697,893.00 09/25/2009/23/20AaaAA+ 700,000.00 3137EAEX3 0.44

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
633,936.55 649,681.09 1,029.17 647,673.00 11/12/2011/09/20AaaAA+ 650,000.00 3135G06G3 0.57 2,656.77 2,227,972.08 2,274,075.12 0.49 2,266,361.50 2,275,000.00 Security Type Sub-Total Corporate Note

ROCHE HOLDINGS INC (CALLABLE)
DTD 03/10/2022 2.132% 03/10/2025
409,792.54 410,000.00 4,152.07 410,000.00 03/10/2203/03/22Aa2AA 410,000.00 771196BT8 2.13

HOME DEPOT INC (CALLABLE)
DTD 03/28/2022 2.700% 04/15/2025
24,941.78 24,998.25 255.00 24,956.25 03/28/2203/24/22A2A 25,000.00 437076CM2 2.76 CINTAS CORPORATION NO. 2 (CALLABLE)
DTD 05/03/2022 3.450% 05/01/2025
64,855.83 64,999.20 747.50 64,985.70 05/03/2204/26/22A3A- 65,000.00 17252MAP5 3.46

USAA CAPITAL CORP
DTD 05/26/2022 3.375% 05/01/2025
224,468.10 224,958.16 2,531.25 224,264.25 05/26/2205/23/22Aa1AA 225,000.00 90327QD89 3.49

GENERAL DYNAMICS CORP (CALLABLE)
DTD 05/11/2018 3.500% 05/15/2025
224,533.58 225,240.67 2,318.75 252,247.50 10/20/2010/16/20A2A 225,000.00 369550BG2 0.80 AMAZON.COM INC (CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025
470,609.58 474,988.09 928.89 474,767.25 06/05/2006/03/20A1AA 475,000.00 023135BQ8 0.81

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.500% 06/09/2025
249,412.00 250,000.00 1,993.06 250,000.00 06/09/2205/31/22Aa2AA- 250,000.00 63254ABD9 3.50

NATIONAL RURAL UTIL COOP
DTD 05/04/2022 3.450% 06/15/2025
49,811.80 49,998.75 364.17 49,986.50 05/04/2204/27/22A2A- 50,000.00 63743HFE7 3.92

IBM CORP
DTD 07/27/2022 4.000% 07/27/2025
224,646.07 225,000.00 850.00 225,000.00 07/27/2207/20/22A3A- 225,000.00 459200KS9 4.00

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

BANK OF AMERICA CORP
DTD 07/30/2015 3.875% 08/01/2025
224,373.60 227,688.25 726.56 256,918.50 08/20/2008/18/20A1A- 225,000.00 06051GFS3 0.93

ABBOTT LABORATORIES (CALLABLE)
DTD 03/22/2017 3.875% 09/15/2025
224,391.60 227,012.92 4,020.31 257,845.50 09/28/2009/24/20Aa3AA- 225,000.00 002824BM1 0.86

UNITEDHEALTH GROUP INC (CALLABLE)
DTD 05/19/2021 1.150% 05/15/2026
216,577.35 224,905.39 761.88 224,608.50 05/19/2105/17/21A2A+ 225,000.00 91324PEC2 1.19

BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
167,289.50 174,984.77 115.45 174,947.50 08/16/2108/12/21A2A 175,000.00 05565EBW4 1.26

CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
214,672.95 224,577.78 563.13 223,863.75 01/13/2201/11/22A2A 225,000.00 14913R2U0 1.81

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
38,406.24 39,974.41 99.67 39,932.00 01/24/2201/19/22A2A 40,000.00 87612EBM7 1.99

BANK OF NY MELLON CORP (CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
456,464.55 474,598.26 946.70 473,945.50 01/28/2201/26/22Aa3A 475,000.00 06406RBA4 2.10

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
738,726.00 736,061.50 1,718.75 721,942.50 03/17/2303/14/23AaaAAA 750,000.00 594918BY9 4.36

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
289,332.00 288,908.32 3,761.25 277,203.00 01/18/2301/13/23A2A- 300,000.00 025816CS6 4.59

BERKSHIRE HATHAWAY FIN (CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
458,320.38 471,362.25 5,037.64 466,089.00 03/17/2203/15/22Aa2AA 475,000.00 084664CZ2 2.70

CHARLES SCHWAB CORP (CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
293,409.60 292,355.48 4,125.00 284,925.00 02/22/2302/17/23A2A- 300,000.00 808513BW4 4.66

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.905% 06/09/2027
495,919.50 493,959.42 4,447.36 488,325.00 01/18/2301/13/23Aa2AA- 500,000.00 63254ABE7 4.50

APPLE INC (CALLABLE)
DTD 09/12/2017 2.900% 09/12/2027
751,143.18 756,475.83 10,550.76 741,062.75 01/23/2301/19/23AaaAA+ 775,000.00 037833DB3 3.94

TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
378,203.62 375,746.19 2,360.68 376,282.50 02/10/2302/08/23A1A+ 375,000.00 89236TKQ7 4.55

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U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

NATIONAL RURAL UTIL COOP (CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
339,859.80 337,688.28 793.33 329,189.00 02/22/2302/17/23A1A- 350,000.00 637432NP6 4.76

TEXAS INSTRUMENTS INC (CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
85,859.35 86,259.91 173.78 87,043.40 05/18/2305/11/23Aa3A+ 85,000.00 882508BV5 4.04

BRISTOL-MYERS SQUIBB CO (CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
371,004.38 364,931.88 446.88 358,263.75 03/13/2303/09/23A2A 375,000.00 110122DE5 4.93

LOCKHEED MARTIN CORP (CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028
60,234.72 59,930.37 786.17 59,892.00 05/25/2305/23/23A2A- 60,000.00 539830BZ1 4.49

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
382,244.63 376,942.56 2,423.44 377,865.00 07/25/2307/21/23A1A 375,000.00 24422EXB0 4.78

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
780,760.50 747,224.96 18,376.17 746,280.00 10/04/2310/02/23Aa3A+ 750,000.00 17325FBB3 5.92

AIR PRODUCTS & CHEMICALS (CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
342,573.46 339,635.64 999.22 339,547.80 02/08/2402/06/24A2A 340,000.00 009158BH8 4.63

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
425,682.18 419,881.07 282.92 419,853.00 02/26/2402/21/24A1AA- 420,000.00 17275RBR2 4.86

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
50,646.90 49,925.50 1,090.14 49,909.50 03/14/2403/05/24Aa3AA- 50,000.00 09290DAA9 4.74

BLACKROCK FUNDING INC (CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
734,380.05 725,295.43 15,807.01 725,355.25 03/14/2403/06/24Aa3AA- 725,000.00 09290DAA9 4.69

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
172,573.97 169,812.73 3,332.00 169,775.60 04/04/2404/02/24A1A+ 170,000.00 00724PAF6 4.83

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
208,103.91 204,744.83 4,018.00 204,694.55 04/04/2404/01/24A1A+ 205,000.00 00724PAF6 4.83

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
126,217.25 124,292.99 1,088.54 124,193.75 06/25/2406/17/24A2A 125,000.00 437076DC3 4.90

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
252,434.50 248,797.00 2,177.08 248,627.50 06/25/2406/18/24A2A 250,000.00 437076DC3 4.88

Page 12 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

AMERICAN HONDA FINANCE
DTD 09/05/2024 4.400% 09/05/2029
394,864.80 399,562.73 8,604.44 399,520.00 09/05/2409/03/24A3A- 400,000.00 02665WFQ9 4.43 113,774.95 11,617,741.75 11,613,719.77 3.80 11,624,108.55 11,695,000.00 Security Type Sub-Total Certificate of Deposit

TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
453,654.45 450,000.00 8,890.00 450,000.00 10/31/2210/27/22A2A- 450,000.00 89115B6K1 5.60

NORDEA BANK ABP NEW YORK
DTD 11/03/2022 5.530% 11/03/2025
453,568.05 450,000.00 8,156.75 450,000.00 11/03/2211/02/22P-1A-1+ 450,000.00 65558UYF3 5.53 17,046.75 907,222.50 900,000.00 5.57 900,000.00 900,000.00 Security Type Sub-Total Bank Note

MORGAN STANLEY BANK NA (CALLABLE)
DTD 07/19/2024 4.968% 07/14/2028
529,179.53 525,423.42 3,405.15 525,525.00 07/19/2407/18/24Aa3A+ 525,000.00 61690U8E3 4.94 3,405.15 529,179.53 525,423.42 4.94 525,525.00 525,000.00 Security Type Sub-Total Asset-Backed Security
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
8,442.11 8,482.35 2.07 8,480.94 11/24/2111/16/21AaaNR 8,482.73 43815GAC3 0.89 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
1,667.40 1,669.67 0.55 1,669.40 11/17/2111/09/21NRAAA 1,669.77 44935FAD6 0.75 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
11,659.90 11,733.81 3.32 11,733.61 10/21/2110/13/21AaaAAA 11,733.91 362554AC1 0.68 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
107,712.80 108,066.01 190.68 108,064.60 07/20/2207/12/22NRAAA 108,067.16 14318MAD1 3.97 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
90,050.42 90,067.65 178.55 90,057.90 09/28/2209/20/22AaaAAA 90,076.54 65480JAC4 4.46 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
173,032.18 172,843.57 347.16 172,829.61 10/12/2210/04/22NRAAA 172,857.94 36265QAD8 4.82

Page 13 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par
Asset-Backed Security
TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
205,992.79 205,862.42 423.62 205,862.38 01/30/2301/24/23NRAAA 205,862.48 891940AC2 4.63 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
245,845.98 244,979.64 539.00 244,961.56 11/03/2210/27/22NRAAA 245,000.00 14041NGB1 4.95 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
140,134.65 139,668.63 313.50 139,662.72 02/23/2302/13/23AaaNR 139,676.79 41285JAD0 5.05 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
118,458.52 118,354.80 244.62 118,349.94 03/31/2303/28/23NRAAA 118,362.29 344928AD8 4.65 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
323,164.80 319,956.43 625.16 319,934.02 08/22/2308/15/23NRAAA 320,000.00 43815QAC1 5.42 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
320,109.44 319,988.55 612.98 319,981.44 04/11/2304/04/23AaaNR 320,000.00 254683CY9 4.31 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
170,967.64 169,974.89 361.91 169,961.51 06/16/2306/08/23NRAAA 170,000.00 05522RDG0 4.79 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
191,238.99 189,989.02 411.24 189,983.15 06/14/2306/07/23NRAAA 190,000.00 02582JJZ4 4.87 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
490,618.38 489,927.60 962.58 489,887.64 05/24/2305/17/23NRAAA 490,000.00 14041NGD7 4.42 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
352,243.15 349,968.67 766.89 349,952.72 06/28/2306/21/23AaaAAA 350,000.00 254683CZ6 4.93 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
86,205.30 84,989.01 133.88 84,985.03 11/08/2311/01/23AaaNR 85,000.00 438123AC5 5.67 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
353,497.20 349,984.94 860.22 349,978.30 08/23/2308/15/23AaaAAA 350,000.00 31680EAD3 5.53 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
410,408.78 404,917.64 928.80 404,887.73 09/15/2309/07/23NRAAA 405,000.00 161571HT4 5.17 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
416,012.24 409,986.78 953.02 409,981.67 09/19/2309/12/23NRAAA 410,000.00 02582JKD1 5.23

Page 14 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Detail of Securities Held

Page 15 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
U.S. Treasury Bond / Note
(572.28) 320.70 49,351.95 98.70 GoldmanS 50,000.00 912828ZW3US TREASURY N/B DTD 06/30/2020 0.250% 06/30/2025

5.10 0.33
(3,795.73) 17,236.41 604,248.13 96.68 JPMorgan 625,000.00 912828U24US TREASURY N/B DTD 11/15/2016 2.000% 11/15/2026

4.12 1.66
(1,330.91) 2,304.69 194,875.00 97.44 BNPPSA 200,000.00 91282CEN7US TREASURY N/B DTD 05/02/2022 2.750% 04/30/2027

4.08 2.06
(3,429.78) 2,021.65 364,350.75 97.16 MorganSt 375,000.00 91282CFB2US TREASURY N/B DTD 08/01/2022 2.750% 07/31/2027

4.08 2.30
3,304.81 15,375.18 388,640.80 97.16 BMO 400,000.00 91282CFB2US TREASURY N/B DTD 08/01/2022 2.750% 07/31/2027

4.08 2.30
3,368.58 17,320.57 582,961.20 97.16 Citigrou 600,000.00 91282CFB2US TREASURY N/B DTD 08/01/2022 2.750% 07/31/2027

4.08 2.30
(1,191.77) 14,792.35 801,571.65 97.16 HSBC 825,000.00 91282CFB2US TREASURY N/B DTD 08/01/2022 2.750% 07/31/2027

4.08 2.30
(502.72) 826.18 1,171,328.13 99.69 Citigrou 1,175,000.00 91282CFZ9US TREASURY N/B DTD 11/30/2022 3.875% 11/30/2027

4.08 2.56
7,207.54 12,140.62 1,196,250.00 99.69 HSBC 1,200,000.00 91282CFZ9US TREASURY N/B DTD 11/30/2022 3.875% 11/30/2027

4.08 2.56
4,933.47 6,406.17 400,046.80 100.01 JPMorgan 400,000.00 91282CGP0US TREASURY N/B DTD 02/28/2023 4.000% 02/29/2028

4.07 2.80
(1,780.24)(2,437.61) 600,070.20 100.01 Citigrou 600,000.00 91282CGP0US TREASURY N/B DTD 02/28/2023 4.000% 02/29/2028

4.07 2.80
11,230.54 14,870.84 1,350,157.95 100.01 Citigrou 1,350,000.00 91282CGP0US TREASURY N/B DTD 02/28/2023 4.000% 02/29/2028

4.07 2.80
53,586.72 66,896.02 2,450,286.65 100.01 HSBC 2,450,000.00 91282CGP0US TREASURY N/B DTD 02/28/2023 4.000% 02/29/2028

4.07 2.80
3,172.46 7,207.08 205,848.68 91.49 BMO 225,000.00 91282CCH2US TREASURY N/B DTD 06/30/2021 1.250% 06/30/2028

4.07 3.20
(15,430.73)(2,888.43) 1,166,475.83 91.49 MorganSt 1,275,000.00 91282CCH2US TREASURY N/B DTD 06/30/2021 1.250% 06/30/2028

4.07 3.20
(1,795.84) 15,386.96 1,189,347.90 91.49 BMO 1,300,000.00 91282CCH2US TREASURY N/B DTD 06/30/2021 1.250% 06/30/2028

4.07 3.20
(34,653.15)(15,749.55) 2,195,719.20 91.49 BMO 2,400,000.00 91282CCH2US TREASURY N/B DTD 06/30/2021 1.250% 06/30/2028

4.07 3.20

Page 16 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
U.S. Treasury Bond / Note
32,744.95 87,906.79 2,653,160.70 91.49 BMO 2,900,000.00 91282CCH2US TREASURY N/B DTD 06/30/2021 1.250% 06/30/2028

4.07 3.20
5,058.76 6,328.65 1,188,422.40 99.04 Citigrou 1,200,000.00 91282CJR3US TREASURY N/B DTD 01/02/2024 3.750% 12/31/2028

4.10 3.52
16,043.65 17,080.68 1,361,734.00 99.04 MorganSt 1,375,000.00 91282CJR3US TREASURY N/B DTD 01/02/2024 3.750% 12/31/2028

4.10 3.52
15,616.29 16,075.84 1,460,769.20 99.04 JPMorgan 1,475,000.00 91282CJR3US TREASURY N/B DTD 01/02/2024 3.750% 12/31/2028

4.10 3.52
7,318.39 9,141.76 2,574,915.20 99.04 MorganSt 2,600,000.00 91282CJR3US TREASURY N/B DTD 01/02/2024 3.750% 12/31/2028

4.10 3.52
308,563.55 4.08 99,103.01 24,150,532.32 25,000,000.00 Security Type Sub-Total 3.01 Municipal Bond / Note
(405.92)(405.92) 324,594.08 99.88 WellsFar 325,000.00 650036DT0NY ST URBAN DEV-F-1 DTD 12/23/2020 0.870% 03/15/2025

4.61 0.04
(570.43)(570.43) 84,429.57 99.33 04/15/25JPMorgan 85,000.00 91412HGE7UNIV OF CALIFORNIA-BG (CALLABLE) DTD 07/16/2020 0.883% 05/15/2025

4.31 0.21
(693.34)(1,120.92) 64,338.63 98.98 BOFAML 65,000.00 341271AD6FLORIDA ST BRD OF ADM DTD 09/16/2020 1.258% 07/01/2025

4.52 0.33
(904.07)(1,428.42) 84,135.13 98.98 BOFAML 85,000.00 341271AD6FLORIDA ST BRD OF ADM DTD 09/16/2020 1.258% 07/01/2025

4.52 0.33
(1,628.00)(1,628.00) 158,372.00 98.98 BOFAML 160,000.00 341271AD6FLORIDA ST BRD OF ADM DTD 09/16/2020 1.258% 07/01/2025

4.52 0.33
(1,466.60)(1,466.60) 98,533.40 98.53 XCHANGE 100,000.00 60412AK85MINNESOTA ST-F-UNREF DTD 08/25/2020 0.630% 08/01/2025

4.32 0.41
(1,954.42)(1,954.42) 128,045.58 98.50 KEYB 130,000.00 798306WP7SAN JUAN CA UNIF SCH DTD 10/29/2020 0.852% 08/01/2025

4.60 0.41
(1,899.58)(1,899.58) 83,100.42 97.77 JPMorgan 85,000.00 13077DQD7CALIFORNIA ST UNIV-B DTD 07/29/2021 0.862% 11/01/2025

4.38 0.65
2,253.40 2,253.40 202,253.40 101.13 WellsFar 200,000.00 13063D3N6CA ST DTD 03/15/2023 4.846% 03/01/2027

4.34 1.89
(8,220.89) 4.48 (7,268.96) 1,227,802.21 1,235,000.00 Security Type Sub-Total 0.54

Page 17 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Federal Agency Commercial Mortgage-Backed Security
(318.08) 6,948.62 255,691.89 98.54 RobertBa 259,487.68 3137BNGT5FHMS K054 A2 DTD 04/01/2016 2.745% 01/01/2026

4.42 0.80
(3,099.33) 9,865.01 536,704.85 97.58 BREAN 550,000.00 3137BSP72FHMS K058 A2 DTD 11/01/2016 2.653% 08/01/2026

4.35 1.39
(393.41) 5,344.90 363,025.66 98.37 Citigrou 369,040.27 3137BTUM1FHMS K061 A2 DTD 01/01/2017 3.347% 11/01/2026

4.37 1.57
6,652.61 19,953.31 538,758.00 97.96 MorganSt 550,000.00 3137BXQY1FHMS K064 A2 DTD 05/01/2017 3.224% 03/01/2027

4.35 1.81
1,425.48 11,621.95 538,655.15 97.94 Citigrou 550,000.00 3137F1G44FHMS K065 A2 DTD 07/01/2017 3.243% 04/01/2027

4.30 1.96
4,734.98 4,736.93 394,572.12 101.21 JPMorgan 389,838.31 3137HBC69FHMS KJ48 A1 DTD 12/01/2023 4.858% 05/01/2028

4.40 2.64
2,398.00 2,401.52 437,218.17 100.55 JPMorgan 434,827.49 3137HAD45FHMS KJ46 A1 DTD 07/01/2023 4.777% 06/01/2028

4.50 2.14
3,434.37 1,636.25 557,129.65 101.30 JPMorgan 550,000.00 3137HACX2FHMS K505 A2 DTD 07/01/2023 4.819% 06/01/2028

4.39 2.93
1,623.75 4,453.60 520,913.69 99.15 JPMorgan 525,366.69 3136BQDE6FNA 2023-M6 A2 DTD 07/01/2023 4.182% 07/01/2028

4.48 3.06
13,644.69 16,449.00 505,481.00 101.10 BMO 500,000.00 3137HAQ74FHMS K508 A2 DTD 10/01/2023 4.740% 08/01/2028

4.39 3.09
15,367.57 18,560.00 806,725.60 100.84 WellsFar 800,000.00 3137HAMH6FHMS K506 A2 DTD 09/01/2023 4.650% 08/01/2028

4.42 3.07
14,576.22 17,366.25 380,410.13 101.44 MorganSt 375,000.00 3137HAST4FHMS K509 A2 DTD 10/01/2023 4.850% 09/01/2028

4.41 3.17
11,292.63 12,776.00 506,799.50 101.36 BOFAML 500,000.00 3137HAMS2FHMS K507 A2 DTD 09/01/2023 4.800% 09/01/2028

4.38 3.13
4,407.40 4,529.70 184,009.32 102.23 JPMorgan 180,000.00 3137HB3D4FHMS K510 A2 DTD 11/01/2023 5.069% 10/01/2028

4.39 3.19
5,197.84 5,379.27 279,589.20 101.67 BOFAML 275,000.00 3137HB3G7FHMS K511 A2 DTD 12/01/2023 4.860% 10/01/2028

4.36 3.23
(531.53)(1,109.54) 291,790.17 100.62 JPMorgan 290,000.00 3137HBLV4FHMS K514 A2 DTD 02/01/2024 4.572% 12/01/2028

4.40 3.32
3,039.75 2,775.52 445,477.56 101.24 PIER 440,000.00 3137HDV56FHMS K524 A2 DTD 07/01/2024 4.720% 05/01/2029

4.41 3.74

Page 18 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Federal Agency Commercial Mortgage-Backed Security
8,147.15 8,148.80 558,147.15 101.48 MorganSt 550,000.00 3137HDJJ0FHMS K522 A2 DTD 06/01/2024 4.803% 05/01/2029

4.42 3.64
(1,217.04)(1,677.55) 497,952.68 100.60 BMO 495,000.00 3137HDXL9FHMS K526 A2 DTD 08/01/2024 4.543% 07/01/2029

4.42 3.89
150,159.54 4.40 90,383.05 8,599,051.49 8,583,560.45 Security Type Sub-Total 2.75 Federal Agency Bond / Note
(6,272.67)(4,320.97) 418,562.53 98.49 WellsFar 425,000.00 3137EAEU9FREDDIE MAC DTD 07/23/2020 0.375% 07/21/2025

4.45 0.38
(6,386.48)(4,907.00) 343,455.00 98.13 Barclays 350,000.00 3135G05X7FANNIE MAE DTD 08/27/2020 0.375% 08/25/2025

4.33 0.48
(2,862.27)(2,458.20) 147,091.80 98.06 WellsFar 150,000.00 3130AK5E2FEDERAL HOME LOAN BANK DTD 09/11/2020 0.375% 09/04/2025

4.28 0.50
(14,837.08)(12,966.80) 684,926.20 97.85 Citigrou 700,000.00 3137EAEX3FREDDIE MAC DTD 09/25/2020 0.375% 09/23/2025

4.36 0.55
(15,744.54)(13,736.45) 633,936.55 97.53 Barclays 650,000.00 3135G06G3FANNIE MAE DTD 11/12/2020 0.500% 11/07/2025

4.38 0.67
(38,389.42) 4.37 (46,103.04) 2,227,972.08 2,275,000.00 Security Type Sub-Total 0.54 Corporate Note
(207.46)(207.46) 409,792.54 99.95 Deutsche 410,000.00 771196BT8ROCHE HOLDINGS INC (CALLABLE) DTD 03/10/2022 2.132% 03/10/2025

3.83 0.03
(56.47)(14.47) 24,941.78 99.77 03/15/25MorganSt 25,000.00 437076CM2HOME DEPOT INC (CALLABLE) DTD 03/28/2022 2.700% 04/15/2025

4.43 0.12
(143.37)(129.87) 64,855.83 99.78 04/01/25KEYB 65,000.00 17252MAP5CINTAS CORPORATION NO. 2 (CALLABLE) DTD 05/03/2022 3.450% 05/01/2025

4.70 0.17
(490.06) 203.85 224,468.10 99.76 BOFAML 225,000.00 90327QD89USAA CAPITAL CORP DTD 05/26/2022 3.375% 05/01/2025

4.59 0.17
(707.09)(27,713.92) 224,533.58 99.79 03/15/25JPMorgan 225,000.00 369550BG2GENERAL DYNAMICS CORP (CALLABLE) DTD 05/11/2018 3.500% 05/15/2025

4.40 0.20
(4,378.51)(4,157.67) 470,609.58 99.08 05/03/25GoldmanS 475,000.00 023135BQ8AMAZON.COM INC (CALLABLE) DTD 06/03/2020 0.800% 06/03/2025

4.42 0.26

Page 19 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
(588.00)(588.00) 249,412.00 99.76 Citigrou 250,000.00 63254ABD9NATIONAL AUSTRALIA BK/NY DTD 06/09/2022 3.500% 06/09/2025

4.47 0.27
(186.95)(174.70) 49,811.80 99.62 RBC Capi 50,000.00 63743HFE7NATIONAL RURAL UTIL COOP DTD 05/04/2022 3.450% 06/15/2025

4.59 0.29
(353.93)(353.93) 224,646.07 99.84 JPMorgan 225,000.00 459200KS9IBM CORP DTD 07/27/2022 4.000% 07/27/2025

4.49 0.40
(3,314.65)(32,544.90) 224,373.60 99.72 BOFAML 225,000.00 06051GFS3BANK OF AMERICA CORP DTD 07/30/2015 3.875% 08/01/2025

4.46 0.41
(2,621.32)(33,453.90) 224,391.60 99.73 06/15/25US_BANC 225,000.00 002824BM1ABBOTT LABORATORIES (CALLABLE) DTD 03/22/2017 3.875% 09/15/2025

4.43 0.48
(8,328.04)(8,031.15) 216,577.35 96.26 04/15/26Citigrou 225,000.00 91324PEC2UNITEDHEALTH GROUP INC (CALLABLE) DTD 05/19/2021 1.150% 05/15/2026

4.42 1.17
(7,695.27)(7,658.00) 167,289.50 95.59 07/12/26SUMITR 175,000.00 05565EBW4BMW US CAPITAL LLC (CALLABLE) DTD 08/12/2021 1.250% 08/12/2026

4.51 1.41
(9,904.83)(9,190.80) 214,672.95 95.41 JPMorgan 225,000.00 14913R2U0CATERPILLAR FINL SERVICE DTD 01/10/2022 1.700% 01/08/2027

4.35 1.79
(1,568.17)(1,525.76) 38,406.24 96.02 12/15/26Citigrou 40,000.00 87612EBM7TARGET CORP (CALLABLE) DTD 01/24/2022 1.950% 01/15/2027

4.25 1.81
(18,133.71)(17,480.95) 456,464.55 96.10 12/24/26Deutsche 475,000.00 06406RBA4BANK OF NY MELLON CORP (CALLABLE) DTD 01/26/2022 2.050% 01/26/2027

4.28 1.83
2,664.50 16,783.50 738,726.00 98.50 11/06/26GoldmanS 750,000.00 594918BY9MICROSOFT CORP (CALLABLE) DTD 02/06/2017 3.300% 02/06/2027

4.17 1.77
423.68 12,129.00 289,332.00 96.44 02/01/27RBS 300,000.00 025816CS6AMERICAN EXPRESS CO (CALLABLE) DTD 03/04/2022 2.550% 03/04/2027

4.46 1.89
(13,041.87)(7,768.62) 458,320.38 96.49 02/15/27SEEL 475,000.00 084664CZ2BERKSHIRE HATHAWAY FIN (CALLABLE) DTD 03/15/2022 2.300% 03/15/2027

4.17 1.93
1,054.12 8,484.60 293,409.60 97.80 01/01/27Barclays 300,000.00 808513BW4CHARLES SCHWAB CORP (CALLABLE) DTD 09/24/2021 3.300% 04/01/2027

4.48 1.91
1,960.08 7,594.50 495,919.50 99.18 CAS 500,000.00 63254ABE7NATIONAL AUSTRALIA BK/NY DTD 06/09/2022 3.905% 06/09/2027

4.37 2.13
(5,332.65) 10,080.43 751,143.18 96.92 06/12/27TD Secur 775,000.00 037833DB3APPLE INC (CALLABLE) DTD 09/12/2017 2.900% 09/12/2027

4.24 2.32
2,457.43 1,921.12 378,203.62 100.85 WellsFar 375,000.00 89236TKQ7TOYOTA MOTOR CREDIT CORP DTD 01/12/2023 4.625% 01/12/2028

4.37 2.65

Page 20 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Corporate Note
2,171.52 10,670.80 339,859.80 97.10 11/07/27MorganSt 350,000.00 637432NP6NATIONAL RURAL UTIL COOP (CALLABLE) DTD 02/07/2018 3.400% 02/07/2028

4.48 2.69
(400.56)(1,184.05) 85,859.35 101.01 01/15/28JPMorgan 85,000.00 882508BV5TEXAS INSTRUMENTS INC (CALLABLE) DTD 11/18/2022 4.600% 02/15/2028

4.30 2.70
6,072.50 12,740.63 371,004.38 98.93 11/20/27MAXE 375,000.00 110122DE5BRISTOL-MYERS SQUIBB CO (CALLABLE) DTD 07/15/2020 3.900% 02/20/2028

4.31 2.67
304.35 342.72 60,234.72 100.39 04/15/28Barclays 60,000.00 539830BZ1LOCKHEED MARTIN CORP (CALLABLE) DTD 05/25/2023 4.450% 05/15/2028

4.31 2.89
5,302.07 4,379.63 382,244.63 101.93 Citigrou 375,000.00 24422EXB0JOHN DEERE CAPITAL CORP DTD 07/14/2023 4.950% 07/14/2028

4.37 3.06
33,535.54 34,480.50 780,760.50 104.10 08/29/28Barclays 750,000.00 17325FBB3CITIBANK NA (CALLABLE) DTD 09/29/2023 5.803% 09/29/2028

4.56 3.10
2,937.82 3,025.66 342,573.46 100.76 01/08/29Barclays 340,000.00 009158BH8AIR PRODUCTS & CHEMICALS (CALLABLE) DTD 02/08/2024 4.600% 02/08/2029

4.43 3.53
5,801.11 5,829.18 425,682.18 101.35 01/26/29Citigrou 420,000.00 17275RBR2CISCO SYSTEMS INC (CALLABLE) DTD 02/26/2024 4.850% 02/26/2029

4.51 3.56
721.40 737.40 50,646.90 101.29 02/14/29Citigrou 50,000.00 09290DAA9BLACKROCK FUNDING INC (CALLABLE) DTD 03/14/2024 4.700% 03/14/2029

4.37 3.54
9,084.62 9,024.80 734,380.05 101.29 02/14/29BOFAML 725,000.00 09290DAA9BLACKROCK FUNDING INC (CALLABLE) DTD 03/14/2024 4.700% 03/14/2029

4.37 3.54
2,761.24 2,798.37 172,573.97 101.51 03/04/29SEEL 170,000.00 00724PAF6ADOBE INC (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

4.43 3.58
3,359.08 3,409.36 208,103.91 101.51 03/04/29BOFAML 205,000.00 00724PAF6ADOBE INC (CALLABLE) DTD 04/04/2024 4.800% 04/04/2029

4.43 3.58
1,924.26 2,023.50 126,217.25 100.97 05/25/29MorganSt 125,000.00 437076DC3HOME DEPOT INC (CALLABLE) DTD 06/25/2024 4.750% 06/25/2029

4.51 3.80
3,637.50 3,807.00 252,434.50 100.97 05/25/29PNCBank 250,000.00 437076DC3HOME DEPOT INC (CALLABLE) DTD 06/25/2024 4.750% 06/25/2029

4.51 3.80
(4,697.93)(4,655.20) 394,864.80 98.72 Deutsche 400,000.00 02665WFQ9AMERICAN HONDA FINANCE DTD 09/05/2024 4.400% 09/05/2029

4.72 3.96
(6,366.80) 4.38 4,021.98 11,617,741.75 11,695,000.00 Security Type Sub-Total 2.17 Certificate of Deposit

Page 21 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Certificate of Deposit
3,654.45 3,654.45 453,654.45 100.81 TD Secur 450,000.00 89115B6K1TORONTO DOMINION BANK NY DTD 10/31/2022 5.600% 10/27/2025

4.22 0.66
3,568.05 3,568.05 453,568.05 100.79 WellsFar 450,000.00 65558UYF3NORDEA BANK ABP NEW YORK DTD 11/03/2022 5.530% 11/03/2025

4.32 0.65
7,222.50 4.27 7,222.50 907,222.50 900,000.00 Security Type Sub-Total 0.65 Bank Note
3,756.11 3,654.53 529,179.53 100.80 07/14/27Citigrou 525,000.00 61690U8E3MORGAN STANLEY BANK NA (CALLABLE) DTD 07/19/2024 4.968% 07/14/2028

4.84 2.21
3,654.53 4.84 3,756.11 529,179.53 525,000.00 Security Type Sub-Total 2.21 Asset-Backed Security
(40.24)(38.83) 8,442.11 99.52 BOFAML 8,482.73 43815GAC3HAROT 2021-4 A3 DTD 11/24/2021 0.880% 01/21/2026

11.39 0.13
(2.27)(2.00) 1,667.40 99.86 SMBC 1,669.77 44935FAD6HART 2021-C A3 DTD 11/17/2021 0.740% 05/15/2026

5.09 0.04
(73.91)(73.71) 11,659.90 99.37 JPMorgan 11,733.91 362554AC1GMCAR 2021-4 A3 DTD 10/21/2021 0.680% 09/16/2026

4.51 0.17
(353.21)(351.80) 107,712.80 99.67 RBC Capi 108,067.16 14318MAD1CARMX 2022-3 A3 DTD 07/20/2022 3.970% 04/15/2027

4.77 0.51
(17.23)(7.48) 90,050.42 99.97 WellsFar 90,076.54 65480JAC4NAROT 2022-B A3 DTD 09/28/2022 4.460% 05/17/2027

4.66 0.56
188.61 202.57 173,032.18 100.10 RBC Capi 172,857.94 36265QAD8GMCAR 2022-4 A3 DTD 10/12/2022 4.820% 08/16/2027

4.79 0.50
130.37 130.41 205,992.79 100.06 BOFAML 205,862.48 891940AC2TAOT 2023-A A3 DTD 01/30/2023 4.630% 09/15/2027

4.68 0.71
866.34 884.42 245,845.98 100.35 RBC Capi 245,000.00 14041NGB1COMET 2022-A3 A DTD 11/03/2022 4.950% 10/15/2027

4.54 0.60
466.02 471.93 140,134.65 100.33 JPMorgan 139,676.79 41285JAD0HDMOT 2023-A A3 DTD 02/23/2023 5.050% 12/15/2027

4.73 0.70
103.72 108.58 118,458.52 100.08 BNPPSA 118,362.29 344928AD8FORDO 2023-A A3 DTD 03/31/2023 4.650% 02/15/2028

4.65 0.78

Page 22 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Value On Cost Amort CostCUSIP Broker Date PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/LNext Call MarketSecurity Type/Description YTMEffective Duration
Asset-Backed Security
3,208.37 3,230.78 323,164.80 100.99 BOFAML 320,000.00 43815QAC1HAROT 2023-3 A3 DTD 08/22/2023 5.410% 02/18/2028

4.51 0.95
120.89 128.00 320,109.44 100.03 RBC Capi 320,000.00 254683CY9DCENT 2023-A1 A DTD 04/11/2023 4.310% 03/15/2028

4.41 0.99
992.75 1,006.13 170,967.64 100.57 BOFAML 170,000.00 05522RDG0BACCT 2023-A1 A1 DTD 06/16/2023 4.790% 05/15/2028

4.44 1.15
1,249.97 1,255.84 191,238.99 100.65 RBC Capi 190,000.00 02582JJZ4AMXCA 2023-1 A DTD 06/14/2023 4.870% 05/15/2028

4.45 1.15
690.78 730.74 490,618.38 100.13 RBC Capi 490,000.00 14041NGD7COMET 2023-A1 A DTD 05/24/2023 4.420% 05/15/2028

4.47 1.15
2,274.48 2,290.43 352,243.15 100.64 BOFAML 350,000.00 254683CZ6DCENT 2023-A2 A DTD 06/28/2023 4.930% 06/15/2028

4.56 1.23
1,216.29 1,220.27 86,205.30 101.42 JPMorgan 85,000.00 438123AC5HAROT 2023-4 A3 DTD 11/08/2023 5.670% 06/21/2028

4.52 1.14
3,512.26 3,518.90 353,497.20 101.00 JPMorgan 350,000.00 31680EAD3FITAT 2023-1 A3 DTD 08/23/2023 5.530% 08/15/2028

4.67 0.98
5,491.14 5,521.05 410,408.78 101.34 JPMorgan 405,000.00 161571HT4CHAIT 2023-A1 A DTD 09/15/2023 5.160% 09/15/2028

4.40 1.45
6,025.46 6,030.57 416,012.24 101.47 Citigrou 410,000.00 02582JKD1AMXCA 2023-3 A DTD 09/19/2023 5.230% 09/15/2028

4.36 1.45
2,072.76 2,078.69 182,054.52 101.14 BOFAML 180,000.00 05522RDH8BACCT 2023-A2 A2 DTD 12/14/2023 4.980% 11/15/2028

4.43 1.61
9,562.41 9,562.41 504,460.94 101.91 Barclays 495,000.00 02582JKH2AMXCA 2024-1 A DTD 04/23/2024 5.230% 04/16/2029

4.39 1.97
37,897.90 4.52 37,685.76 4,903,978.13 4,866,789.59 Security Type Sub-Total 1.15 55,080,350.04 54,163,480.01 454,520.91 188,800.41 4.27 Managed Account Sub-Total 2.42 Joint Powers Authority

0.00 0.00 442,285.89 1.00 442,285.89 CAMP Pool 0.00 442,285.89 442,285.89 0.00 0.00 Liquid Sub-Total 0.00

Page 23 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025
Managed Account Fair Market Value & Analytics

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Investments $54,883,005.44
$277,239.54
$54,605,765.90
Accrued Interest
Securities Sub-Total $55,522,635.93 $454,520.91 $188,800.41 4.27% 2.42

Page 24 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
BUY
02/06/25 US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 (1,444,693.36) (5,653.49) (1,450,346.85) 1,475,000.00 02/03/25 (5,653.49) (1,450,346.85)(1,444,693.36) 1,475,000.00 Transaction Type Sub-Total CALL
02/03/25 AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.250% 03/04/2025
025816CQ0 80,000.00 745.00 80,745.00 80.80 0.00 80,000.00 02/03/25 02/24/25 JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.595% 02/24/2026
46647PCV6 175,000.00 0.00 175,000.00 0.00 0.00 175,000.00 02/24/25 745.00 0.00 80.80 255,745.00 255,000.00 255,000.00 Transaction Type Sub-Total

INTEREST
02/01/25 BANK OF AMERICA CORP
DTD 07/30/2015 3.875% 08/01/2025
06051GFS3 0.00 4,359.38 4,359.38 02/01/25
02/01/25 SAN JUAN CA UNIF SCH
DTD 10/29/2020 0.852% 08/01/2025
798306WP7 0.00 553.80 553.80 02/01/25
02/01/25 MINNESOTA ST-F-UNREF
DTD 08/25/2020 0.630% 08/01/2025
60412AK85 0.00 315.00 315.00 02/01/25
02/25/25 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 0.00 3,100.00 3,100.00 02/01/25
02/25/25 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 0.00 1,477.67 1,477.67 02/01/25
02/25/25 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 0.00 760.35 760.35 02/01/25
02/25/25 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 0.00 1,104.90 1,104.90 02/01/25
02/25/25 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 0.00 1,215.96 1,215.96 02/01/25
02/25/25 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 0.00 1,581.82 1,581.82 02/01/25
02/25/25 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 0.00 1,730.67 1,730.67 02/01/25

Page 25 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

INTEREST
02/25/25 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 0.00 1,486.38 1,486.38 02/01/25
02/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 0.00 1,732.31 1,732.31 02/01/25
02/25/25 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 0.00 2,208.71 2,208.71 02/01/25
02/25/25 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 0.00 1,873.99 1,873.99 02/01/25
02/25/25 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 0.00 1,975.00 1,975.00 02/01/25
02/25/25 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 0.00 1,113.75 1,113.75 02/01/25
02/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 0.00 594.69 594.69 02/01/25
02/25/25 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 0.00 1,515.63 1,515.63 02/01/25
02/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 0.00 1,830.71 1,830.71 02/01/25
02/25/25 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 0.00 2,000.00 2,000.00 02/01/25
02/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 0.00 1,031.37 1,031.37 02/01/25
02/25/25 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 0.00 2,201.38 2,201.38 02/01/25
02/06/25 PACCAR FINANCIAL CORP
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66 0.00 1,575.00 1,575.00 02/06/25
02/06/25 MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 0.00 12,375.00 12,375.00 02/06/25
02/07/25 NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
637432NP6 0.00 5,950.00 5,950.00 02/07/25
02/08/25 AIR PRODUCTS & CHEMICALS
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
009158BH8 0.00 7,820.00 7,820.00 02/08/25

Page 26 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

INTEREST
02/12/25 BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
05565EBW4 0.00 1,093.75 1,093.75 02/12/25
02/15/25 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 0.00 391.44 391.44 02/15/25
02/15/25 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 0.00 2,157.37 2,157.37 02/15/25
02/15/25 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 0.00 488.93 488.93 02/15/25
02/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 0.00 3.10 3.10 02/15/25
02/15/25 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 0.00 1,741.50 1,741.50 02/15/25
02/15/25 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 0.00 361.85 361.85 02/15/25
02/15/25 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 0.00 1,804.83 1,804.83 02/15/25
02/15/25 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 0.00 628.84 628.84 02/15/25
02/15/25 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 0.00 1,437.92 1,437.92 02/15/25
02/15/25 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 0.00 1,786.92 1,786.92 02/15/25
02/15/25 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 0.00 847.21 847.21 02/15/25
02/15/25 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 0.00 771.08 771.08 02/15/25
02/15/25 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 0.00 1,612.92 1,612.92 02/15/25
02/15/25 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 0.00 1,010.63 1,010.63 02/15/25
02/15/25 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 0.00 678.58 678.58 02/15/25
02/15/25 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 0.00 747.00 747.00 02/15/25

Page 27 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

INTEREST
02/15/25 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 0.00 1,149.33 1,149.33 02/15/25
02/15/25 TEXAS INSTRUMENTS INC (CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
882508BV5 0.00 1,955.00 1,955.00 02/15/25
02/16/25 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 0.00 759.26 759.26 02/16/25
02/16/25 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 0.00 8.39 8.39 02/16/25
02/18/25 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 0.00 1,442.67 1,442.67 02/18/25
02/20/25 BRISTOL-MYERS SQUIBB CO
(CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
110122DE5 0.00 7,312.50 7,312.50 02/20/25
02/21/25 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 0.00 401.63 401.63 02/21/25
02/21/25 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 0.00 8.85 8.85 02/21/25
02/24/25 JPMORGAN CHASE & CO (CALLABLE)
DTD 02/24/2022 2.595% 02/24/2026
46647PCV6 0.00 2,270.63 2,270.63 02/24/25
02/25/25 FANNIE MAE
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 0.00 656.25 656.25 02/25/25
02/26/25 CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 0.00 10,185.00 10,185.00 02/26/25
02/28/25 US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 0.00 96,000.00 96,000.00 02/28/25
203,196.85 203,196.85 0.00 Transaction Type Sub-Total

MATURITY
02/06/25 PACCAR FINANCIAL CORP
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66 175,000.00 0.00 175,000.00 (7,894.25) 0.00 175,000.00 02/06/25

0.00 0.00 (7,894.25) 175,000.00 175,000.00 175,000.00 Transaction Type Sub-Total

PAYDOWNS

Page 28 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

PAYDOWNS
02/25/25 FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 485.36 0.00 485.36 20.10 7.11 485.36 02/01/25 02/25/25 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 334.68 0.00 334.68 0.01 0.01 334.68 02/01/25 02/25/25 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 894.35 0.00 894.35 0.01 0.00 894.35 02/01/25 02/25/25 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 736.50 0.00 736.50 22.67 11.75 736.50 02/01/25 02/25/25 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 2.74 0.00 2.74 0.04 0.03 2.74 02/01/25
02/15/25 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 10,251.77 0.00 10,251.77 0.24 0.11 10,251.77 02/15/25 02/15/25 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 7,814.42 0.00 7,814.42 0.82 0.50 7,814.42 02/15/25 02/15/25 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 7,280.97 0.00 7,280.97 1.51 0.74 7,280.97 02/15/25 02/15/25 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 9,750.30 0.00 9,750.30 0.98 0.58 9,750.30 02/15/25 02/15/25 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 3,356.93 0.00 3,356.93 0.75 0.21 3,356.93 02/15/25 02/15/25 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 13,717.93 0.00 13,717.93 0.00 0.00 13,717.93 02/15/25 02/16/25 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 3,074.97 0.00 3,074.97 0.07 0.02 3,074.97 02/16/25 02/16/25 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 16,168.24 0.00 16,168.24 2.65 1.37 16,168.24 02/16/25 02/21/25 HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 3,590.88 0.00 3,590.88 0.76 0.17 3,590.88 02/21/25

0.00 22.60 50.61 77,460.04 77,460.04 77,460.04 Transaction Type Sub-Total SELL
02/06/25 US TREASURY N/B
DTD 05/02/2022 2.750% 04/30/2027
91282CEN7 968,398.44 7,444.75 975,843.19 5,546.87 (12,078.82) FIFO 1,000,000.00 02/03/25

Page 29 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Managed Account Security Transactions & Interest

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Transaction Type
Trade CUSIPSecurity DescriptionSettle Par Proceeds
Principal Accrued
Interest Total Cost
Realized G/L Realized G/L Sale
Amort Cost Method
7,444.75 (12,078.82) 5,546.87 975,843.19 968,398.44 1,000,000.00 Transaction Type Sub-Total 31,165.12 205,733.11 236,898.23 (2,215.97) (12,056.22)Managed Account Sub-Total Total Security Transactions ($2,215.97)$236,898.23 $205,733.11 $31,165.12 ($12,056.22)

Page 30 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
209,186.56 Opening Balance
02/03/25 02/03/25 Purchase - Interest 06051GFS3 1.00 4,359.38 213,545.94 02/03/25 02/03/25 Purchase - Interest 60412AK85 1.00 315.00 213,860.94 02/03/25 02/03/25 Purchase - Interest 798306WP7 1.00 553.80 214,414.74 02/03/25 02/03/25 Purchase - Principal 025816CQ0 1.00 80,745.00 295,159.74 02/05/25 02/05/25 Interest adjustment owed on 12/31/2024 for cusip 91282CCH2 1.00 12.85 295,172.59 02/05/25 02/05/25 Interest adjustment owed on 12/31/2024 for cusip 912828ZW3 1.00 0.02 295,172.61 02/05/25 02/05/25 Interest adjustment owed on 12/31/2024 for cusip 91282CJR3 1.00 18.08 295,190.69 02/06/25 02/06/25 Purchase - Interest 594918BY9 1.00 12,375.00 307,565.69 02/06/25 02/06/25 Purchase - Interest 69371RQ66 1.00 1,575.00 309,140.69 02/06/25 02/06/25 Purchase - Principal 91282CEN7 1.00 968,398.44 1,277,539.13 02/06/25 02/06/25 Purchase - Interest 91282CEN7 1.00 7,444.75 1,284,983.88 02/06/25 02/06/25 Purchase - Principal 69371RQ66 1.00 175,000.00 1,459,983.88 02/06/25 02/06/25 Redemption - Principal 91282CJR3 1.00 (1,444,693.36) 15,290.52 02/06/25 02/06/25 Redemption - Interest 91282CJR3 1.00 (5,653.49) 9,637.03 02/07/25 02/07/25 Purchase - Interest 637432NP6 1.00 5,950.00 15,587.03 02/10/25 02/10/25 Purchase - Interest 009158BH8 1.00 7,820.00 23,407.03 02/12/25 02/12/25 Purchase - Interest 05565EBW4 1.00 1,093.75 24,500.78 02/18/25 02/18/25 Purchase - Interest 882508BV5 1.00 1,955.00 26,455.78 02/18/25 02/18/25 Purchase - Interest 02582JJZ4 1.00 771.08 27,226.86 02/18/25 02/18/25 Purchase - Interest 02582JKD1 1.00 1,786.92 29,013.78 02/18/25 02/18/25 Purchase - Interest 02582JKH2 1.00 2,157.37 31,171.15

Page 31 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
02/18/25 02/18/25 Purchase - Interest 05522RDG0 1.00 678.58 31,849.73 02/18/25 02/18/25 Purchase - Interest 05522RDH8 1.00 747.00 32,596.73 02/18/25 02/18/25 Purchase - Interest 14041NGB1 1.00 1,010.63 33,607.36 02/18/25 02/18/25 Purchase - Interest 14041NGD7 1.00 1,804.83 35,412.19 02/18/25 02/18/25 Purchase - Interest 14318MAD1 1.00 391.44 35,803.63 02/18/25 02/18/25 Purchase - Interest 161571HT4 1.00 1,741.50 37,545.13 02/18/25 02/18/25 Purchase - Interest 254683CY9 1.00 1,149.33 38,694.46 02/18/25 02/18/25 Purchase - Interest 254683CZ6 1.00 1,437.92 40,132.38 02/18/25 02/18/25 Purchase - Interest 31680EAD3 1.00 1,612.92 41,745.30 02/18/25 02/18/25 Purchase - Interest 344928AD8 1.00 488.93 42,234.23 02/18/25 02/18/25 Purchase - Interest 362554AC1 1.00 8.39 42,242.62 02/18/25 02/18/25 Purchase - Interest 36265QAD8 1.00 759.26 43,001.88 02/18/25 02/18/25 Purchase - Interest 41285JAD0 1.00 628.84 43,630.72 02/18/25 02/18/25 Purchase - Interest 43815QAC1 1.00 1,442.67 45,073.39 02/18/25 02/18/25 Purchase - Interest 44935FAD6 1.00 3.10 45,076.49 02/18/25 02/18/25 Purchase - Interest 65480JAC4 1.00 361.85 45,438.34 02/18/25 02/18/25 Purchase - Interest 891940AC2 1.00 847.21 46,285.55 02/18/25 02/18/25 Purchase - Principal 14318MAD1 1.00 10,251.77 56,537.32 02/18/25 02/18/25 Purchase - Principal 891940AC2 1.00 13,717.93 70,255.25 02/18/25 02/18/25 Purchase - Principal 44935FAD6 1.00 3,356.93 73,612.18 02/18/25 02/18/25 Purchase - Principal 41285JAD0 1.00 9,750.30 83,362.48 02/18/25 02/18/25 Purchase - Principal 344928AD8 1.00 7,814.42 91,176.90

Page 32 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
02/18/25 02/18/25 Purchase - Principal 36265QAD8 1.00 16,168.24 107,345.14 02/18/25 02/18/25 Purchase - Principal 362554AC1 1.00 3,074.97 110,420.11 02/18/25 02/18/25 Purchase - Principal 65480JAC4 1.00 7,280.97 117,701.08 02/20/25 02/20/25 Purchase - Interest 110122DE5 1.00 7,312.50 125,013.58 02/21/25 02/21/25 Purchase - Interest 438123AC5 1.00 401.63 125,415.21 02/21/25 02/21/25 Purchase - Interest 43815GAC3 1.00 8.85 125,424.06 02/21/25 02/21/25 Purchase - Principal 43815GAC3 1.00 3,590.88 129,014.94 02/24/25 02/24/25 Purchase - Interest 46647PCV6 1.00 2,270.63 131,285.57 02/24/25 02/24/25 Purchase - Principal 46647PCV6 1.00 175,000.00 306,285.57 02/25/25 02/25/25 Purchase - Interest 3135G05X7 1.00 656.25 306,941.82 02/25/25 02/25/25 Purchase - Interest 3137BXQY1 1.00 1,477.67 308,419.49 02/25/25 02/25/25 Purchase - Interest 3137F1G44 1.00 1,486.38 309,905.87 02/25/25 02/25/25 Purchase - Interest 3137HACX2 1.00 2,208.71 312,114.58 02/25/25 02/25/25 Purchase - Interest 3137HAD45 1.00 1,732.31 313,846.89 02/25/25 02/25/25 Purchase - Interest 3137HAMH6 1.00 3,100.00 316,946.89 02/25/25 02/25/25 Purchase - Interest 3137HAMS2 1.00 2,000.00 318,946.89 02/25/25 02/25/25 Purchase - Interest 3137HAQ74 1.00 1,975.00 320,921.89 02/25/25 02/25/25 Purchase - Interest 3137HAST4 1.00 1,515.63 322,437.52 02/25/25 02/25/25 Purchase - Interest 3137HB3D4 1.00 760.35 323,197.87 02/25/25 02/25/25 Purchase - Interest 3137HB3G7 1.00 1,113.75 324,311.62 02/25/25 02/25/25 Purchase - Interest 3137HBC69 1.00 1,581.82 325,893.44 02/25/25 02/25/25 Purchase - Correction to Interest 3136BQDE6 from 02/25/2025 1.00 1,830.71 327,724.15

Page 33 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool
02/25/25 02/25/25 Purchase - Interest 3136BQDE6 1.00 1,830.91 329,555.06 02/25/25 02/25/25 Purchase - Interest 3137BNGT5 1.00 594.69 330,149.75 02/25/25 02/25/25 Purchase - Interest 3137BSP72 1.00 1,215.96 331,365.71 02/25/25 02/25/25 Purchase - Interest 3137BTUM1 1.00 1,031.37 332,397.08 02/25/25 02/25/25 Purchase - Interest 3137HBLV4 1.00 1,104.90 333,501.98 02/25/25 02/25/25 Purchase - Interest 3137HDJJ0 1.00 2,201.38 335,703.36 02/25/25 02/25/25 Purchase - Interest 3137HDV56 1.00 1,730.67 337,434.03 02/25/25 02/25/25 Purchase - Interest 3137HDXL9 1.00 1,873.99 339,308.02 02/25/25 02/25/25 Purchase - Principal 3137HAD45 1.00 334.68 339,642.70 02/25/25 02/25/25 Purchase - Principal 3137BTUM1 1.00 736.50 340,379.20 02/25/25 02/25/25 Purchase - Principal 3137BNGT5 1.00 485.36 340,864.56 02/25/25 02/25/25 Purchase - Principal 3137HBC69 1.00 894.35 341,758.91 02/25/25 02/25/25 Purchase - Principal 3136BQDE6 1.00 2.74 341,761.65 02/25/25 02/25/25 Redemption - Reversal of Interest 3136BQDE6 from 02/25/2025 1.00 (1,830.91) 339,930.74 02/26/25 02/26/25 Purchase - Interest 17275RBR2 1.00 10,185.00 350,115.74 02/28/25 02/28/25 Purchase - Interest 91282CGP0 1.00 96,000.00 446,115.74 02/28/25 02/28/25 IP Fees January 2025 1.00 (4,113.51) 442,002.23 02/28/25 02/28/25 U.S. Bank Fees December 2024 1.00 (221.86) 441,780.37 02/28/25 03/03/25 Accrual Income Div Reinvestment - Distributions 1.00 505.52 442,285.89

Page 34 ends

U.S. Bancorp Asset Management, Inc.

For the Month Ending February 28, 2025Account Statement

CITY OF LAKE ELSINORE - LAKE ELSINORE - CITY FUNDS
Total Settlement Dollar AmountShare or Trade
Shares OwnedDate Transaction Description of TransactionUnit PriceDate 442,285.89
442,285.89
442,285.89
146,081.94
1,104.78

0.00 (2,810,602.23)
2,982,968.20
269,919.92
505.52
442,285.89

0.00 (1,456,513.13)
1,689,612.46
209,186.56
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
February January-February

4.51%

Page 35 ends

U.S. Bancorp Asset Management, Inc.

Investment Performance Review
For the Quarter Ended December 31, 2024
PFM Asset Management
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public City of Lake Elsinore
PFM Asset Management | pfmam.com
Market Update
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Current Market Themes
▸ U.S. economic soft landing remains on track
▹ Inflation and labor markets are in line with Fed expectations despite slower recent p
rogress
▹ Strong economic growth prospects remain intact, aided by a resilient consumer ▹ Changes to fiscal policy may impact growth and inflation trajectory ▸ Fed easing cycle moves forward as expected, but looks to slow in 2025 ▹ The Fed cut the federal funds target rate by an additional 50 basis points (bps) during the f
ourth quarter to 4.25% - 4.50%
▹ The Fed’s December “dot plot” implies another 50 bps of cuts in 2025, less than the 100 bps of cuts previously projected in September
▹ Fed Chair Powell noted the slower pace of cuts reflect “stickier” inflation heading into 2025 ▸ Treasury yields responded to expected monetary and fiscal policy ▹ Yields on maturities between 2 years and 10 years rose 60-83 bps during the 4th quarter ▹ The yield curve disinversion continued and was flatter at the front end and positively sloped beyond 1-year
▹ Yield spreads remained near historically tight levels across most sectors aided by robust demand and strength in the economy
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of December 31, 2024.

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
1 For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Source: FOMC Chair Jerome Powell Press Conference, December 18, 2024. Bureau of Labor Statistics, Bureau of Economic Analysis, and Bloomberg Finance L.P., as of November 2024. Data is seasonally ad
justed. Historical average unemployment rate calculated from January 1990-November 2024.

Fed Chair Powell: “Downside risks to the labor market do appear to have diminished … Inflation, we see that story as still broadly on track.”
The Fed’s Dual Mandate
Nov-24

2.7%
Nov-24

2.8 %
0%
2%
4%
6 %
8%
10%
2021 2022 2023 2024
Inflation
Year-over-Year Changes
CPI Core PCE Fed Target
Nov-24

4.2%
3%
4%
5%
6%
2021 2022 2023 2024
Unemployment Rate
Unemployment rate of 4.2% remains well
bel
ow the 25-year average of 5.7%

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
2 Sources: U.S. Bank: Stock Market Under The Trump Administration | U.S. Ban k (usbank.com); Bloomberg Finance L.P. and Bureau of Economic Analys is as of November 2024 (top right). Bloomberg Finance L.P. as of December 2024 (bottom right).

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Election & Potential Policy Implications on the Fed
Tariffs
Regulation
Taxes
Immigration
Lower taxes viewed as positive for growth
but negative for the deficit
Uncertainty surrounding the scope and scale of
tariff policy and viewed as inflationary
Tighter border policy may have adverse
impacts on the labor market
Easing regulation is generally viewed as
positive for growth
-0.5%0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%
Other Durable Goods
Telephones & Eq
IT Eq
Photographic Eq
Autos & Parts
Sports Eq
Video and Audio Eq
Durable Goods
Goods
MoM % Change In Real Consumption
Average August to October Nov-24
An increase in
durable goods
spending may
be partially
attributed to a
pull forward of
spending prior
to tariffs
0 50
100
150
200
250
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Word Count of S&P500 Companies
Mentioning Tariffs

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
3 Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2024 (left). Bureau of Economic Analysis and Bloomberg Finance L.P., as of December 2024 (right).

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Fed Chair Powell: “I think it’s pretty clear we’ve avoided a recession. I think growth this year has been solid, it really has…Again the U.S. economy has just been remarkable.”
Inflation and Growth Forecasted To Remain Stable

2.4%

2.6%2.7%
0%
1%
2%
3%
4%
5%
Jun-24 Dec-24 Jun-25 Dec-25
CPI Inflation (YoY)
Average Forecast Actual

3.0% 3.1%

2.3%

1.9%

2.0% 2.0% 2.0%
0%
1%
2%
3%
4%
Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4' 25
U.S. GDP Forecasts
An
nualized Rate
Actual Range Median of Forecasts

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
4 Fed’s Updated Summary of Economic Projections
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Federal Reserve Chair Jerome Powell Press Conference as of December 18, 2024; Federal Reserve. As of December 2024.

For the Quarter Ended December 31, 2024
Marke
t Update

4.4%

3.9%

3.4% 3.1% 3.0%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Federal Funds Rate
Sept Projections Dec Projections

2.4% 2.5%

2.1% 2.0% 2.0%
0%
1%
2%
3%
2024 2025 2026 2027 Longer
Run
PCE Inflation
Sept Projections Dec Projections

4.2% 4.3% 4.3% 4.3% 4.2%
0%
1%
2%
3%
4%
5%
6%
2024 2025 2026 2027 Longer
Run
Unemployment Rate
Sept Projections Dec Projections

2.5%

2.1% 2.0% 1.9% 1.8%
0%
1%
2%
3%
4%
2024 2025 2026 2027 Longer
Run
Change in Real GDP
Sept Projections Dec Projections
Fed Chair Powell: “These median projections are somewhat higher than in September, consistent with the firmer inflation projection.”

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
5 The Fed’s Latest “Dot Plot
Source: Federal Reserve Chair Jerome Powell Press Con f erence as of December 18, 2024; 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 December 2024.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Dec-24 FOMC Projections
Dec-24 Median
Sep-24 Median
202720262024 2025 Longer Term
2 cuts 2 cuts 1 cuts 3.0%
Fed Chair Powell: “You see a slower path … meaningful progress to get inflation down to [2.5%] … we have the la
bor market forecast as being in good shape, we are also mindful that it is … very gradually cooling” The longer-term
neutral rate has
drifted up from

2.5% in Dec ’23
to 3% currently

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
6 Source: Bloomberg Finance L.P., as of December 31, 2024.

For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Despite 100 Bps of Rate Cuts, 2-Year Finishes Year Nearly Unchanged

4.25% 4.24%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%
Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
2-Year U.S. Treasury Yield
De
cember 31, 2023 – December 31, 2024
First Quarter ’24
Hotter than expected inflation
pushed expectations for rate
cuts back
Change: +37 bps
Third Quarter ’24
The Fed cut by an outsized 50
bps after labor markets showed
signs of unwelcomed cooling
Change: -111bps
Fourth Quarter ’24
Despite the Fed cutting 50 bps
in 4
th quarter, expectations for
stickier inflation in 2025 drove
rates higher
Change: +60bps
Second Quarter ’24
Inflation and labor markets
cooled at moderate pace
Change: +13 bps

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
7 U.S. Treasury Yield Curve Steepens
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: Bloomberg Finance L.P., as of December 31, 2024.

For the Quarter Ended December 31, 2024
Marke
t Update

4.31%

4.24%

4.38%

4.48% 4.57%

4.78%

3.00%

3.5 0%

4.00%

4.50%

5.00%

5.50% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
December 31, 2024
September 30, 2024
3mo 2yr 5yr 7yr 10yr 2 0yr 30yr

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
8 Sector Yield Spreads
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
Source: ICE BofA 1-5 year Indices via Bloomberg, MarketAxess and PFMAM as of December 31, 2024. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted av
erage 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.

For the Quarter Ended December 31, 2024
Marke
t Update
-0.1%

0.0%

0.1%

0.2%
Sep-24 Oct-24 Nov-24 Dec-24
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.3%

0.5%

0.7%

0.9%
Sep-24 Oct-24 Nov-24 Dec-24
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.3%

0.5%

0.7%
Sep-24 Oct-24 Nov-24 Dec-24
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.4%

0.6%

0.8%
Sep-24 Oct-24 Nov-24 Dec-24
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
1 bps 55 bps
45 bps 58 bps

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
9 Factors to Consider for 6-12 Months
For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Current outlook Outlook one quarter ago
Negative Slightly
Negative
Neutral Slightly
Positive
Positive
Statements and opinions expressed about the next 6-12 months were developed based on our independent research with information obtained from Bloomberg and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (12/31/2024) 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.

Monetary Policy (Global):
• The Fed continued its easing cycle with a total of
100 basis points (bps) of rate cuts in 2024. The
FOMC’s December median “dot plot” projection
suggests another 50 bps in cuts by the end of 2025,
which is significantly less than previously implied, in large part due to uncertainty surrounding
implications of potential fiscal policy changes.
• While the Fed and other major central banks
(excluding the Bank of Japan) continue to ease,
expectations are for policy rates to settle higher in
the longer term given the higher inflation outlook.

Economic Growth (Global):
• U.S. economic growth remains strong on consumer
spending which remains quite resilient.
• Fiscal policies discussed on the campaign trial are
expected to boost growth, however actual policy
implementation and timing are uncertain and
subject to change.
• Economic growth outside the U.S. remains modest.

Tariffs pose some risks with trading partners.
• Declines in foreign direct investment and weak
domestic demand continue to impact China.

Inflation (U.S.):
• While inflation has fallen since its peak in 2022,
progress has stalled in the past few months.
• The Fed has acknowledged higher inflation
expectations going into 2025. Further rate cuts will
depend on inflation moving closer to its 2% target.
• Proposed fiscal policies may put pressure on wages
and goods costs. Some policymakers have already
incorporated these impacts into their outlooks.

Financial Conditions (U.S.):
• Market metrics such as narrow corporate yield
spreads and strong equity returns continue to point
to the stability of financial conditions. The potential for decreased regulation under the incoming
administration has buoyed economic confidence.
• We remain attentive to further cooling in the labor
markets and fiscal policy considerations as these
will play a large role in the evolution of future
conditions. While our base case is not for a
dramatic shift in conditions, the potential impact of
future policies warrants attention.

Consumer Spending (U.S.):
• Broad consumer metrics show spending fueled by
the stability of the labor market continuing to
support economic strength. A growing divergence
among consumers exists as lower-income cohorts
continue to feel more strain due to the higher overall
level of prices.
• An unexpected material deterioration of labor
market conditions is the biggest risk factor to
consumer spending. Other headwinds may include
slower real wage growth, which could reduce
purchasing power, and higher interest rates
persisting.

Labor Markets:
• The labor market remains well-positioned and in
balance despite intra-quarter data volatility caused
by weather events and strikes which have now been
resolved.
• Layoffs remain near historically low levels; however, the pace of hiring has slowed considerably. The Fed
has acknowledged labor market conditions have
loosened, and a further cooling of labor conditions is
not necessary to achieve its dual mandate of
maximum employment and stable prices.

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
10 PFM Asset Management | pfmam.com
Portfolio Review
11 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Snapshot
Total market value includes accrued interest and balances invested in CAMP, as of December 31, 2024.

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.

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Account Summary
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *Secto
r Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided.

0.5%

9.4%

23.4%

1.7%

2.3%

15.8%

4.1%

42.8%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
ABS - $5,055,629
CAMP - $269,920
Corporate - $12,621,918
Municipal - $1,227,854
Negotiable CD - $919,102
Agency CMBS - $8,553,271
U.S. Treasury - $23,111,413
Federal Agency - $2,216,143
13 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Compliance
Note: 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 Compliance
During the reporting period for the quarter ended December 31, 2024, 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. 14 PFM Asset Management | pfmam.com
Portfolio Activity
Net Activity by Sector
($ millions)
Agency CMBS
Corporate
ABS
U.S. Treasury
Agency CMBS
Co
rporate
ABS
U.S. Treasury
($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0 $8.0
Based on total proceeds (principal and accrued interest) of buys, sells, maturities, and principal paydowns. Detail may not add to total due to rounding.

Sector Net Activity
U.S. Treasury $1,209,092
ABS ($208,519)
Corporate ($225,000)
Agency CMBS ($236,021)
$539,553Total Net Activity
Sales/Maturities Purchases

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Activity
15 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Characteristics
Historical Sector Allocation
Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 41%
4%
17%
2%
2%
24%
10%
1%
Sep-24
43%
4%
16%
2%
2%
23%
9%
1%
Dec-24
16 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Since inception returns for periods one year or less are not shown. Performance inception date is September 30, 2010.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Returns for periods one year or less are presented on a periodic basis. Returns for periods greater than one year are presented on an annualized basis.3.

The portfolio’s benchmark is the ICE BofA 1-5 Year U.S. Treasury Index. Source: Bloomberg Financial LP.4. -1.0%

0.0%

1.0%

2.0%

3.0%

4.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned² $4 43,999 $1,675,134 $3,180,254 $4,271,137 $7,245,532 Change in Market Value ($760,301) $330,300 ($534,312) ($522,709) $51,962 ($316,302)Total Dollar Return $2,005,434 $2,645,942 $3,748,428 $7,297,494 Total Return³
Portfolio -0.58% 3.85% 1.11% 1.37% 1.68%
Benchmark⁴ -0.77% 3.41% 0.73% 1.05% 1.36%
3 Months 1 Year 3 Years 5 Years 10 Years
Difference 0.19% 0.44% 0.38% 0.32% 0.32%
17 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Performance
The lesser of 10 years or since inception is shown. Performance inception date is September 30, 2010.1.

Interest earned calculated as the ending accrued interest less beginning accrued interest, plus net interest activity.2.

Realized gains / (losses) are shown on an amortized cost basis.3.

Accrual Basis Earnings
Accrual Basis Earnings
Interest Earned²
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$443,999
($2
5,972)
$90,684
$508,712
1 Year
$1,675,134
($3
76,114)
$371,027
$1,670,047
3 Years
$3,180,254
($1
,148,601)
$810,421
$2,842,074
5 Year
$4,271,137
($5
77,905)
$696,961
$4,390,193
10 Year¹
$7,245,532
($4
80,148)
$658,638
$7,424,022
18 Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago For the Quarter Ended March 31, 2022
California Affiliated Risk Management Authorities Market Update

CLIENT NAME
For the Quarter Ended December 31, 2024
Market Update
Fixed-Income Sector Outlook – 1Q 2025
Sector Our Investment Preferences

C O M M E R C I A L P A P E R
/ C
D

T R E A S U R I E S
T-Bill
T-N
ote

F E D E R A L A G E N C I E S
Bullets
Cal
lables

S U P R A N A T I O N A L S
C OR

P O R A T E S
Financials
Ind
ustrials

S E C U R I T I Z E D
Asset-Backed
Age
ncy Mortgage-Backed
Agency CMBS

M U N I C I P A L S

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Market Update
PFM Asset Management | pfmam.com
19 Issuer Distribution
PFM Asset Management | pfmam.com
20 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Summary
Ratings shown are calculated by assigning a numeral value to each security rating, then calculating a weighted average rating for each security type / issuer category using all available security ratings, excluding Not-Rated (NR) ratings. For security type / issuer categories where a rating from the applicable NRSRO is not available, a rating of NR is assigned. Includes accrued interest and excludes balances invested in overnight funds.

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer U.S. Treasury 43.0%
United States Treasury 43.0% AA / Aaa / AA
Federal Agency 4.1%
Federal Home Loan Banks 0.3% AA / Aaa / NR
Federal Home Loan Mortgage Corp 2.0% AA / Aaa / AA
Federal National Mortgage Association 1.8% AA / Aaa / AA Agency CMBS 15.9%
Federal Home Loan Mortgage Corp 15.0% AA / Aaa / AA
Federal National Mortgage Association 1.0% AA / Aaa / AA Municipal 2.3%
California State University 0.2% AA / Aa / NR
New York State Urban Development Corp 0.6% NR / NR / AA San Juan Unified School District 0.2% NR / Aa / NR
State Board of Administration Finance C 0.6% AA / Aa / AA State of California 0.4% AA / Aa / AA
State of Minnesota 0.2% AAA / Aaa / AAA
University of California Board of Regen 0.2% AA / Aa / AA Negotiable CD 1.7%
Nordea Bank Abp 0.9% AA / Aa / AA
Toronto-Dominion Bank 0.9% A / A / NR
Corporate 23.5%
Abbott Laboratories 0.4% AA / Aa / NR
Adobe Inc 0.7% A / A / NR
Air Products and Chemicals Inc 0.6% A / A / NR
Amazon.com Inc 0.9% AA / A / AA
American Express Co 0.7% A / A / A
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 23.5%
Apple Inc 1.4% AA / Aaa / NR
Bank of America Corp 0.4% A / A / AA
Bank of New York Mellon Corp 0.8% A / Aa / AA
Bayerische Motoren Werke AG 0.3% A / A / NR
Berkshire Hathaway Inc 0.9% AA / Aa / A
BlackRock Inc 1.5% AA / Aa / NR
Bristol-Myers Squibb Co 0.7% A / A / NR
Caterpillar Inc 0.4% A / A / A
Charles Schwab Corp 0.5% A / A / A
Cintas Corp 0.1% A / A / NR
Cisco Systems Inc 0.8% AA / A / NR
Citigroup Inc 1.5% A / Aa / A
Deere & Co 0.7% A / A / A
General Dynamics Corp 0.4% A / A / NR
Home Depot Inc 0.7% A / A / A
Honda Motor Co Ltd 0.7% A / A / NR
International Business Machines Corp 0.4% A / A / A
JPMorgan Chase & Co 0.3% A / A / AA
Lockheed Martin Corp 0.1% A / A / A
Microsoft Corp 1.4% AAA / Aaa / NR
Morgan Stanley 1.0% A / Aa / AA
National Australia Bank Ltd 1.4% AA / Aa / NR
National Rural Utilities Cooperative Fi 0.7% A / A / A
PACCAR Inc 0.3% A / A / NR
Roche Holding AG 0.8% AA / Aa / AA
Target Corp 0.1% A / A / A
21 PFM Asset Management | pfmam.com

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 23.5%
Texas Instruments Inc 0.2% A / Aa / NR
Toyota Motor Corp 0.7% A / A / A
United Services Automobile Association 0.4% AA / Aa / NR UnitedHealth Group Inc 0.4% A / A / A
ABS 9.4%
American Express Co 2.1% AAA / NR / AAA
BA Credit Card Trust 0.7% AAA / Aaa / AAA
Capital One Financial Corp 1.4% AAA / NR / AAA
CarMax Inc 0.2% AAA / NR / AAA
Discover Card Execution Note Trust 1.3% AAA / Aaa / AAA Fifth Third Auto Trust 0.7% AAA / Aaa / NR
Ford Credit Auto Owner Trust 0.2% AAA / NR / AAA
GM Financial Consumer Automobile Receiv 0.4% AAA / Aaa / AAA Harley-Davidson Inc 0.3% NR / Aaa / AAA
Honda Auto Receivables Owner Trust 0.8% AAA / Aaa / AAA Hyundai Auto Receivables Trust 0.0% AAA / NR / AAA
JPMorgan Chase & Co 0.8% AAA / NR / AAA
Nissan Auto Receivables Owner Trust 0.2% AAA / Aaa / NR Toyota Auto Receivables Owner Trust 0.4% AAA / NR / AAA 100.0%Total
22 Portfolio Transactions
PFM Asset Management | pfmam.com
23 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Activity
Quarterly Portfolio Transactions
Trade
D
ate
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
10/1/2024 10/7/2024 2,400,000.00 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 2,219,539.40 3.51% 10/31/2024 11/5/2024 1,200,000.00 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 1,197,745.92 4.14% 12/3/2024 12/6/2024 2,600,000.00 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 2,607,899.80 4.10% Total BUY 6,200,000.00 6,025,185.12 0.00
CALL
12/6/2024 12/6/2024 225,000.00 06051GKE8 BANK OF AMERICA CORP (CALLABLE) 1.53% 12/6/2025 225,000.00 1.53% Total CALL 225,000.00 225,000.00 0.00

INTEREST
10/1/2024 10/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 10/1/2024 10/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 10/1/2024 10/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 10/1/2024 10/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,737.43 10/1/2024 10/25/2024 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 10/1/2024 10/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 10/1/2024 10/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 10/1/2024 10/25/2024 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 10/1/2024 10/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,831.21 24 PFM Asset Management | pfmam.com

INTEREST
10/1/2024 10/1/2024 808513BW4 CHARLES SCHWAB CORP (CALLABLE) 3.30% 4/1/2027 4,950.00 10/1/2024 10/25/2024 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,597.53 10/1/2024 10/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 10/1/2024 10/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,039.76 10/1/2024 10/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 10/1/2024 10/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 10/1/2024 10/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 10/1/2024 10/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 10/1/2024 10/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 10/1/2024 10/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 10/1/2024 10/25/2024 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 569.12 10/1/2024 10/25/2024 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 629.06 10/4/2024 10/4/2024 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 9,000.00 10/15/2024 10/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 10/15/2024 10/15/2024 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 6.05 10/15/2024 10/15/2024 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 945.29 10/15/2024 10/15/2024 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 476.33 25 PFM Asset Management | pfmam.com

INTEREST
10/15/2024 10/15/2024 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 10/15/2024 10/15/2024 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 10/15/2024 10/15/2024 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.75 10/15/2024 10/15/2024 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 10/15/2024 10/15/2024 437076CM2 HOME DEPOT INC (CALLABLE) 2.70% 4/15/2025 337.50 10/15/2024 10/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 11.60 10/15/2024 10/15/2024 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 10/15/2024 10/15/2024 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 10/15/2024 10/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 10/15/2024 10/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 10/15/2024 10/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 10/15/2024 10/15/2024 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 10/15/2024 10/15/2024 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.42 10/15/2024 10/15/2024 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 10/15/2024 10/15/2024 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 526.61 10/15/2024 10/15/2024 89190GAC1 TAOT 2021-B A3 0.26% 11/17/2025 4.22 10/15/2024 10/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 3.04 26 PFM Asset Management | pfmam.com

INTEREST
10/16/2024 10/16/2024 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 15.70 10/16/2024 10/16/2024 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 1,031.47 10/18/2024 10/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 10/21/2024 10/21/2024 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 19.91 10/21/2024 10/21/2024 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 10/25/2024 10/25/2024 89115B6K1 TORONTO DOMINION BANK NY 5.60% 10/27/2025 25,620.00 10/31/2024 10/31/2024 91282CEN7 US TREASURY N/B 2.75% 4/30/2027 16,500.00 11/1/2024 11/25/2024 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 11/1/2024 11/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 11/1/2024 11/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,835.06 11/1/2024 11/25/2024 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 629.06 11/1/2024 11/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 11/1/2024 11/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 11/1/2024 11/25/2024 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 11/1/2024 11/25/2024 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 506.01 11/1/2024 11/25/2024 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,593.45 11/1/2024 11/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 27 PFM Asset Management | pfmam.com

INTEREST
11/1/2024 11/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 11/1/2024 11/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 11/1/2024 11/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 11/1/2024 11/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 11/1/2024 11/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 11/1/2024 11/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 11/1/2024 11/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,736.07 11/1/2024 11/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 11/1/2024 11/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,037.61 11/1/2024 11/1/2024 13077DQD7 CALIFORNIA ST UNIV-B 0.86% 11/1/2025 366.35 11/1/2024 11/1/2024 90327QD89 USAA CAPITAL CORP 3.37% 5/1/2025 3,796.88 11/1/2024 11/1/2024 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE) 3.45% 5/1/2025 1,121.25 11/1/2024 11/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 11/3/2024 11/3/2024 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 12,442.50 11/7/2024 11/7/2024 3135G06G3 FANNIE MAE 0.50% 11/7/2025 1,625.00 11/15/2024 11/15/2024 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 11/15/2024 11/15/2024 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.75 28 PFM Asset Management | pfmam.com

INTEREST
11/15/2024 11/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 9.45 11/15/2024 11/15/2024 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 492.70 11/15/2024 11/15/2024 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 715.42 11/15/2024 11/15/2024 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 11/15/2024 11/15/2024 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 11/15/2024 11/15/2024 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 11/15/2024 11/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 11/15/2024 11/15/2024 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 945.29 11/15/2024 11/15/2024 91324PEC2 UNITEDHEALTH GROUP INC (CALLABLE) 1.15% 5/15/2026 1,293.75 11/15/2024 11/15/2024 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 1.54 11/15/2024 11/15/2024 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 375.28 11/15/2024 11/15/2024 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 11/15/2024 11/15/2024 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) 3.50% 5/15/2025 3,937.50 11/15/2024 11/15/2024 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 3.16 11/15/2024 11/15/2024 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 11/15/2024 11/15/2024 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 446.93 11/15/2024 11/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 29 PFM Asset Management | pfmam.com

INTEREST
11/15/2024 11/15/2024 539830BZ1 LOCKHEED MARTIN CORP (CALLABLE) 4.45% 5/15/2028 1,335.00 11/15/2024 11/15/2024 89190GAC1 TAOT 2021-B A3 0.26% 11/17/2025 1.99 11/15/2024 11/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 11/15/2024 11/15/2024 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 11/15/2024 11/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 11/15/2024 11/15/2024 912828U24 US TREASURY N/B 2.00% 11/15/2026 37,750.00 11/16/2024 11/16/2024 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 962.13 11/16/2024 11/16/2024 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 13.74 11/18/2024 11/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 11/21/2024 11/21/2024 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 17.06 11/21/2024 11/21/2024 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 11/30/2024 11/30/2024 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 46,015.63 12/1/2024 12/25/2024 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 629.06 12/1/2024 12/25/2024 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 12/1/2024 12/25/2024 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 12/1/2024 12/25/2024 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,590.13 12/1/2024 12/25/2024 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 30 PFM Asset Management | pfmam.com

INTEREST
12/1/2024 12/25/2024 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 226.29 12/1/2024 12/25/2024 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 12/1/2024 12/25/2024 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 12/1/2024 12/25/2024 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 12/1/2024 12/25/2024 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,734.95 12/1/2024 12/25/2024 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,831.18 12/1/2024 12/25/2024 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 12/1/2024 12/25/2024 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 12/1/2024 12/25/2024 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,035.58 12/1/2024 12/25/2024 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 12/1/2024 12/25/2024 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 12/1/2024 12/25/2024 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 12/1/2024 12/25/2024 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 12/1/2024 12/25/2024 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 12/1/2024 12/25/2024 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 12/3/2024 12/3/2024 023135BQ8 AMAZON.COM INC (CALLABLE) 0.80% 6/3/2025 1,900.00 12/6/2024 12/6/2024 06051GKE8 BANK OF AMERICA CORP (CALLABLE) 1.53% 12/6/2025 1,721.25 31 PFM Asset Management | pfmam.com

INTEREST
12/9/2024 12/9/2024 63254ABD9 NATIONAL AUSTRALIA BK/NY 3.50% 6/9/2025 4,375.00 12/9/2024 12/9/2024 63254ABE7 NATIONAL AUSTRALIA BK/NY 3.90% 6/9/2027 9,762.50 12/15/2024 12/15/2024 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 862.50 12/15/2024 12/15/2024 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 12/15/2024 12/15/2024 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 12/15/2024 12/15/2024 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 12/15/2024 12/15/2024 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 7.25 12/15/2024 12/15/2024 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 12/15/2024 12/15/2024 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 945.29 12/15/2024 12/15/2024 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 12/15/2024 12/15/2024 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 12/15/2024 12/15/2024 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 707.12 12/15/2024 12/15/2024 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 12/15/2024 12/15/2024 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 417.36 12/15/2024 12/15/2024 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 456.88 12/15/2024 12/15/2024 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 12/15/2024 12/15/2024 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 32 PFM Asset Management | pfmam.com

INTEREST
12/15/2024 12/15/2024 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 503.75 12/15/2024 12/15/2024 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 12/15/2024 12/15/2024 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 0.32 12/15/2024 12/15/2024 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 12/16/2024 12/16/2024 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 11.86 12/16/2024 12/16/2024 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 893.02 12/18/2024 12/18/2024 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 12/21/2024 12/21/2024 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 12/21/2024 12/21/2024 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 14.20 12/25/2024 12/25/2024 437076DC3 HOME DEPOT INC (CALLABLE) 4.75% 6/25/2029 8,906.25 12/31/2024 12/31/2024 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 71,250.00 12/31/2024 12/31/2024 912828ZW3 US TREASURY N/B 0.25% 6/30/2025 62.50 12/31/2024 12/31/2024 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 50,625.00 Total INTEREST 0.00 471,570.11 0.00

PAYDOWNS
10/1/2024 10/25/2024 771.02 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 771.02 14.57 10/1/2024 10/25/2024 340.18 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 340.18 0.01 33 PFM Asset Management | pfmam.com

PAYDOWNS
10/1/2024 10/25/2024 3.30 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 3.32 0.06 10/1/2024 10/25/2024 24,731.14 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 24,731.14 -60.17 10/1/2024 10/25/2024 1,008.33 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,008.33 0.01 10/15/2024 10/15/2024 10,475.04 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 10,475.04 0.04 10/15/2024 10/15/2024 7,910.56 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 7,910.56 0.91 10/15/2024 10/15/2024 10,310.56 89190GAC1 TAOT 2021-B A3 0.26% 11/17/2025 10,310.56 0.28 10/15/2024 10/15/2024 3,492.34 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 3,492.34 0.28 10/15/2024 10/15/2024 3,464.83 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 3,464.82 0.20 10/15/2024 10/15/2024 10,251.11 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,251.11 0.13 10/16/2024 10/16/2024 3,458.65 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,458.65 0.04 10/16/2024 10/16/2024 17,265.03 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 17,265.03 1.66 10/21/2024 10/21/2024 3,893.83 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,893.83 0.24 11/1/2024 11/25/2024 728.99 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 728.99 13.24 11/1/2024 11/25/2024 819.52 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 819.52 11/1/2024 11/25/2024 109,623.12 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 109,623.12 -171.47 11/1/2024 11/25/2024 283.33 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 283.33 0.01 11/1/2024 11/25/2024 2.98 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 2.98 0.04 34 PFM Asset Management | pfmam.com

PAYDOWNS
11/15/2024 11/15/2024 9,174.08 89190GAC1 TAOT 2021-B A3 0.26% 11/17/2025 9,174.08 0.22 11/15/2024 11/15/2024 10,827.85 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,827.85 0.13 11/15/2024 11/15/2024 3,544.82 14314QAC8 CARMX 2021-2 A3 0.52% 2/17/2026 3,544.82 0.20 11/15/2024 11/15/2024 10,358.79 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 10,358.78 0.03 11/15/2024 11/15/2024 1,971.62 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 1,971.62 0.13 11/15/2024 11/15/2024 7,956.25 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 7,956.25 0.89 11/15/2024 11/15/2024 3,567.02 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 3,567.02 0.27 11/16/2024 11/16/2024 17,205.28 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 17,205.28 1.60 11/16/2024 11/16/2024 3,326.96 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,326.96 0.03 11/21/2024 11/21/2024 3,897.62 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,897.62 0.23 12/1/2024 12/25/2024 6,721.15 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 6,721.15 115.10 12/1/2024 12/25/2024 1,164.48 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,164.48 0.01 12/1/2024 12/25/2024 88,682.61 3137BGK24 FHMS K043 A2 3.06% 12/1/2024 88,682.61 -61.65 12/1/2024 12/25/2024 3.36 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 3.36 0.04 12/1/2024 12/25/2024 361.19 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 361.19 0.01 12/1/2024 12/25/2024 775.90 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 775.90 13.52 12/15/2024 12/15/2024 10,123.58 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,123.58 0.12 35 PFM Asset Management | pfmam.com

PAYDOWNS
12/15/2024 12/15/2024 3,394.35 44935FAD6 HART 2021-C A3 0.74% 5/15/2026 3,394.35 0.24 12/15/2024 12/15/2024 11,634.00 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 11,634.00 0.01 12/15/2024 12/15/2024 1,149.68 65480BAC1 NAROT 2021-A A3 0.33% 10/15/2025 1,149.67 12/15/2024 12/15/2024 9,478.88 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,478.88 0.60 12/15/2024 12/15/2024 7,309.53 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 7,309.53 0.79 12/16/2024 12/16/2024 3,092.14 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,092.14 0.03 12/16/2024 12/16/2024 16,306.41 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 16,306.41 1.47 12/21/2024 12/21/2024 3,678.11 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,678.11 0.21 Total PAYDOWNS 444,539.52 444,539.51 -125.69
SELL
10/1/2024 10/7/2024 1,800,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 1,756,950.41 2,946.89 10/31/2024 11/5/2024 1,025,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 992,731.99 -8,983.42 12/3/2024 12/6/2024 2,150,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 2,066,410.50 -19,809.37 Total SELL 4,975,000.00 4, 816,092.90 -25,845.90
36 Portfolio Holdings
PFM Asset Management | pfmam.com
37 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
D
ated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
U.S. Treasury

US TREASURY N/B
DTD 06/30/2020 0.250% 06/30/2025
912828ZW3 50,000.00 AA+ Aaa 4/1/2021 4/5/2021 49,031.25 0.71 0.35 49,043.4549,887.28

US TREASURY N/B
DTD 11/15/2016 2.000% 11/15/2026
912828U24 1,625,000.00 AA+ Aaa 1/13/2023 1/17/2023 1,526,230.47 3.72 4,219.61 1,559,493.001,576,745.64

US TREASURY N/B
DTD 05/02/2022 2.750% 04/30/2027
91282CEN7 1,200,000.00 AA+ Aaa 1/31/2023 2/3/2023 1,155,421.88 3.70 5,651.93 1,160,016.001,175,535.34

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 825,000.00 AA+ Aaa 6/2/2023 6/6/2023 786,779.30 3.97 9,494.23 794,449.42801,275.94

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 375,000.00 AA+ Aaa 5/1/2023 5/5/2023 362,329.10 3.62 4,315.56 361,113.37367,297.60

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 600,000.00 AA+ Aaa 7/3/2023 7/7/2023 565,640.63 4.30 6,904.89 577,781.40578,227.50

US TREASURY N/B
DTD 08/01/2022 2.750% 07/31/2027
91282CFB2 400,000.00 AA+ Aaa 3/2/2023 3/6/2023 373,265.62 4.44 4,603.26 385,187.60384,355.07

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2027
91282CFZ9 1,200,000.00 AA+ Aaa 12/1/2023 12/5/2023 1,184,109.38 4.24 4,087.91 1,186,312.801,188,398.54

US TREASURY N/B
DTD 11/30/2022 3.875% 11/30/2027
91282CFZ9 1,175,000.00 AA+ Aaa 1/2/2024 1/5/2024 1,170,501.95 3.98 4,002.75 1,161,597.951,171,644.61

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 1,350,000.00 AA+ Aaa 3/1/2024 3/6/2024 1,335,287.11 4.30 18,348.07 1,337,554.351,338,330.81

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 600,000.00 AA+ Aaa 2/2/2024 2/6/2024 602,507.81 3.89 8,154.70 594,468.60601,950.14

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 2,450,000.00 AA+ Aaa 5/1/2024 5/6/2024 2,383,390.63 4.79 33,298.34 2,427,413.452,394,033.93

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 400,000.00 AA+ Aaa 4/3/2024 4/5/2024 393,640.63 4.45 5,436.46 396,312.40394,850.03

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 225,000.00 AA+ Aaa 7/1/2024 7/3/2024 198,641.60 4.49 7.77 202,702.05201,659.59

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,300,000.00 AA+ Aaa 8/1/2024 8/5/2024 1,173,960.94 3.96 44.89 1,171,167.401,186,144.57 38 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,275,000.00 AA+ Aaa 9/4/2024 9/6/2024 1,169,364.26 3.59 44.03 1,148,644.951,177,606.75

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,900,000.00 AA+ Aaa 6/6/2024 6/11/2024 2,565,253.91 4.39 100.14 2,612,604.202,607,663.86

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,400,000.00 AA+ Aaa 10/1/2024 10/7/2024 2,211,468.75 3.51 82.87 2,162,155.202,222,527.87

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 2,600,000.00 AA+ Aaa 12/3/2024 12/6/2024 2,565,773.44 4.10 269.34 2,541,297.202,566,319.21

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,200,000.00 AA+ Aaa 10/31/2024 11/5/2024 1,182,093.75 4.14 124.31 1,172,906.401,182,708.18 24,150,000.00 22,954,692.41 109,191.41 23,002,221.19Security Type Sub-Total 4.08 23,167,162.46 Negotiable CD

TORONTO DOMINION BANK NY
DTD 10/31/2022 5.600% 10/27/2025
89115B6K1 450,000.00 A- A2 10/27/2022 10/31/2022 450,000.00 5.60 4,760.00 455,252.85450,000.00

NORDEA BANK ABP NEW YORK
DTD 11/03/2022 5.530% 11/03/2025
65558UYF3 450,000.00 A-1+ P-1 11/2/2022 11/3/2022 450,000.00 5.53 4,009.25 455,080.05450,000.00 900,000.00 900,000.00 8,769.25 910,332.90Security Type Sub-Total 5.57 900,000.00 Municipal
NY ST URBAN DEV-F-1
DTD 12/23/2020 0.870% 03/15/2025
650036DT0 325,000.00 NR NR 12/16/2020 12/23/2020 325,000.00 0.87 832.54 322,601.83325,000.00

UNIV OF CALIFORNIA-BG
(CALLABLE)
DTD 07/16/2020 0.883% 05/15/2025
91412HGE7 85,000.00 AA Aa2 7/10/2020 7/16/2020 85,000.00 0.88 95.90 83,899.2585,000.00

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 65,000.00 AA Aa2 9/3/2020 9/16/2020 65,459.55 1.11 408.85 63,915.8065,047.95

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 85,000.00 AA Aa2 9/3/2020 9/16/2020 85,563.55 1.12 534.65 83,582.2085,058.81

FLORIDA ST BRD OF ADM
DTD 09/16/2020 1.258% 07/01/2025
341271AD6 160,000.00 AA Aa2 9/3/2020 9/16/2020 160,000.00 1.26 1,006.40 157,331.20160,000.00 39 PFM Asset Management | pfmam.com

MINNESOTA ST-F-UNREF
DTD 08/25/2020 0.630% 08/01/2025
60412AK85 100,000.00 AAA Aaa 5/7/2024 5/7/2024 100,000.00 0.63 262.50 97,944.80100,000.00

SAN JUAN CA UNIF SCH
DTD 10/29/2020 0.852% 08/01/2025
798306WP7 130,000.00 NR Aa2 10/16/2020 10/29/2020 130,000.00 0.85 461.50 127,290.02130,000.00

CALIFORNIA ST UNIV-B
DTD 07/29/2021 0.862% 11/01/2025
13077DQD7 85,000.00 AA- Aa2 7/9/2021 7/29/2021 85,000.00 0.86 122.12 82,612.3585,000.00 CA ST
DTD 03/15/2023 4.846% 03/01/2027
13063D3N6 200,000.00 AA- Aa2 3/9/2023 3/15/2023 200,000.00 4.85 3,230.67 201,721.20200,000.00 1,235,000.00 1,236,023.10 6,955.13 1,220,898.65Security Type Sub-Total 1.59 1,235,106.76 Joint Powers Authority
CAMP Pool 269,919.92 AAAm NR 269,919.92 0.00 269,919.92269,919.92 269,919.92 269,919.92 0.00 269,919.92Security Type Sub-Total 269,919.92 Federal Agency

FREDDIE MAC
DTD 07/23/2020 0.375% 07/21/2025
3137EAEU9 425,000.00 AA+ Aaa 7/21/2020 7/23/2020 422,883.50 0.48 708.33 415,822.98424,764.57

FANNIE MAE
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 350,000.00 AA+ Aaa 8/25/2020 8/27/2020 348,362.00 0.47 459.38 341,236.00349,786.82

FEDERAL HOME LOAN BANK
DTD 09/11/2020 0.375% 09/04/2025
3130AK5E2 150,000.00 AA+ Aaa 9/10/2020 9/11/2020 149,550.00 0.44 182.81 146,082.00149,939.01

FREDDIE MAC
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 700,000.00 AA+ Aaa 9/23/2020 9/25/2020 697,893.00 0.44 714.58 680,755.60699,692.97

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 650,000.00 AA+ Aaa 11/9/2020 11/12/2020 647,673.00 0.57 487.50 629,693.35649,603.31 2,275,000.00 2,266,361.50 2,552.60 2,213,589.93Security Type Sub-Total 0.49 2,273,786.68 Corporate

PACCAR FINANCIAL CORP
DTD 02/06/2020 1.800% 02/06/2025
69371RQ66 175,000.00 A+ A1 10/22/2020 10/29/2020 182,894.25 0.72 1,268.75 174,512.98175,179.76 40 PFM Asset Management | pfmam.com

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.250% 03/04/2025
025816CQ0 80,000.00 A- A2 3/1/2022 3/4/2022 79,919.20 2.29 585.00 79,754.8079,995.29

ROCHE HOLDINGS INC (CALLABLE)
DTD 03/10/2022 2.132% 03/10/2025
771196BT8 410,000.00 AA Aa2 3/3/2022 3/10/2022 410,000.00 2.13 2,695.20 408,102.93410,000.00

HOME DEPOT INC (CALLABLE)
DTD 03/28/2022 2.700% 04/15/2025
437076CM2 25,000.00 A A2 3/24/2022 3/28/2022 24,956.25 2.76 142.50 24,874.0524,995.85

USAA CAPITAL CORP
DTD 05/26/2022 3.375% 05/01/2025
90327QD89 225,000.00 AA Aa1 5/23/2022 5/26/2022 224,264.25 3.49 1,265.63 224,160.75224,916.31 CINTAS CORPORATION NO. 2
(CALLABLE)
DTD 05/03/2022 3.450% 05/01/2025
17252MAP5 65,000.00 A- A3 4/26/2022 5/3/2022 64,985.70 3.46 373.75 64,694.7064,998.41

GENERAL DYNAMICS CORP
(CALLABLE)
DTD 05/11/2018 3.500% 05/15/2025
369550BG2 225,000.00 A A2 10/16/2020 10/20/2020 252,247.50 0.80 1,006.25 224,205.53226,272.12 AMAZON.COM INC (CALLABLE)
DTD 06/03/2020 0.800% 06/03/2025
023135BQ8 475,000.00 AA A1 6/3/2020 6/5/2020 474,767.25 0.81 295.56 468,071.65474,980.32

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.500% 06/09/2025
63254ABD9 250,000.00 AA- Aa2 5/31/2022 6/9/2022 250,000.00 3.50 534.72 248,899.00250,000.00

NATIONAL RURAL UTIL COOP
DTD 05/04/2022 3.450% 06/15/2025
63743HFE7 50,000.00 A- A2 4/27/2022 5/4/2022 49,986.50 3.92 76.67 49,714.7549,998.02

IBM CORP
DTD 07/27/2022 4.000% 07/27/2025
459200KS9 225,000.00 A- A3 7/20/2022 7/27/2022 225,000.00 4.00 3,850.00 224,093.93225,000.00

BANK OF AMERICA CORP
DTD 07/30/2015 3.875% 08/01/2025
06051GFS3 225,000.00 A- A1 8/18/2020 8/20/2020 256,918.50 0.93 3,632.81 223,898.18228,763.55

ABBOTT LABORATORIES
(CALLABLE)
DTD 03/22/2017 3.875% 09/15/2025
002824BM1 225,000.00 AA- Aa3 9/24/2020 9/28/2020 257,845.50 0.86 2,567.19 224,006.40228,174.23

JPMORGAN CHASE & CO
(CALLABLE)
DTD 02/24/2022 2.595% 02/24/2026
46647PCV6 175,000.00 A A1 2/16/2022 2/24/2022 175,000.00 2.60 1,602.05 174,402.38175,000.00

UNITEDHEALTH GROUP INC
(CALLABLE)
DTD 05/19/2021 1.150% 05/15/2026
91324PEC2 225,000.00 A+ A2 5/17/2021 5/19/2021 224,608.50 1.19 330.63 215,038.58224,892.32

BMW US CAPITAL LLC (CALLABLE)
DTD 08/12/2021 1.250% 08/12/2026
05565EBW4 175,000.00 A A2 8/12/2021 8/16/2021 174,947.50 1.26 844.62 165,942.35174,983.02 41 PFM Asset Management | pfmam.com

CATERPILLAR FINL SERVICE
DTD 01/10/2022 1.700% 01/08/2027
14913R2U0 225,000.00 A A2 1/11/2022 1/13/2022 223,863.75 1.81 1,838.13 212,957.10224,539.80

TARGET CORP (CALLABLE)
DTD 01/24/2022 1.950% 01/15/2027
87612EBM7 40,000.00 A A2 1/19/2022 1/24/2022 39,932.00 1.99 359.67 38,050.8039,972.13

BANK OF NY MELLON CORP
(CALLABLE)
DTD 01/26/2022 2.050% 01/26/2027
06406RBA4 475,000.00 A Aa3 1/26/2022 1/28/2022 473,945.50 2.10 4,192.53 452,281.70474,563.07

MICROSOFT CORP (CALLABLE)
DTD 02/06/2017 3.300% 02/06/2027
594918BY9 750,000.00 AAA Aaa 3/14/2023 3/17/2023 721,942.50 4.36 9,968.75 734,279.25734,858.18

AMERICAN EXPRESS CO (CALLABLE)
DTD 03/04/2022 2.550% 03/04/2027
025816CS6 300,000.00 A- A2 1/13/2023 1/18/2023 277,203.00 4.59 2,486.25 287,235.00287,987.85

BERKSHIRE HATHAWAY FIN
(CALLABLE)
DTD 03/15/2022 2.300% 03/15/2027
084664CZ2 475,000.00 AA Aa2 3/15/2022 3/17/2022 466,089.00 2.70 3,216.81 454,964.02471,064.89

CHARLES SCHWAB CORP
(CALLABLE)
DTD 09/24/2021 3.300% 04/01/2027
808513BW4 300,000.00 A- A2 2/17/2023 2/22/2023 284,925.00 4.66 2,475.00 291,423.60291,743.91

NATIONAL AUSTRALIA BK/NY
DTD 06/09/2022 3.905% 06/09/2027
63254ABE7 500,000.00 AA- Aa2 1/13/2023 1/18/2023 488,325.00 4.50 1,193.19 492,282.00493,516.35

APPLE INC (CALLABLE)
DTD 09/12/2017 2.900% 09/12/2027
037833DB3 775,000.00 AA+ Aaa 1/19/2023 1/23/2023 741,062.75 3.94 6,804.93 745,410.50755,255.80

TOYOTA MOTOR CREDIT CORP
DTD 01/12/2023 4.625% 01/12/2028
89236TKQ7 375,000.00 A+ A1 2/8/2023 2/10/2023 376,282.50 4.55 8,141.93 374,155.88375,789.62

NATIONAL RURAL UTIL COOP
(CALLABLE)
DTD 02/07/2018 3.400% 02/07/2028
637432NP6 350,000.00 A- A1 2/17/2023 2/22/2023 329,189.00 4.76 4,760.00 336,089.25336,988.75

TEXAS INSTRUMENTS INC
(CALLABLE)
DTD 11/18/2022 4.600% 02/15/2028
882508BV5 85,000.00 A+ Aa3 5/11/2023 5/18/2023 87,043.40 4.04 1,477.11 85,152.9286,333.02

BRISTOL-MYERS SQUIBB CO
(CALLABLE)
DTD 07/15/2020 3.900% 02/20/2028
110122DE5 375,000.00 A A2 3/9/2023 3/13/2023 358,263.75 4.93 5,321.88 367,075.88364,366.78

LOCKHEED MARTIN CORP
(CALLABLE)
DTD 05/25/2023 4.450% 05/15/2028
539830BZ1 60,000.00 A- A2 5/23/2023 5/25/2023 59,892.00 4.49 341.17 59,565.1859,926.75 42 PFM Asset Management | pfmam.com

MORGAN STANLEY BANK NA
(CALLABLE)
DTD 07/19/2024 4.968% 07/14/2028
61690U8E3 525,000.00 A+ Aa3 7/18/2024 7/19/2024 525,525.00 4.94 11,736.90 526,649.55525,451.55

JOHN DEERE CAPITAL CORP
DTD 07/14/2023 4.950% 07/14/2028
24422EXB0 375,000.00 A A1 7/21/2023 7/25/2023 377,865.00 4.78 8,610.94 378,622.50377,038.65

CITIBANK NA (CALLABLE)
DTD 09/29/2023 5.803% 09/29/2028
17325FBB3 750,000.00 A+ Aa3 10/2/2023 10/4/2023 746,280.00 5.92 11,122.42 773,343.75747,109.84

AIR PRODUCTS & CHEMICALS
(CALLABLE)
DTD 02/08/2024 4.600% 02/08/2029
009158BH8 340,000.00 A A2 2/6/2024 2/8/2024 339,547.80 4.63 6,212.56 338,434.30339,621.63

CISCO SYSTEMS INC (CALLABLE)
DTD 02/26/2024 4.850% 02/26/2029
17275RBR2 420,000.00 AA- A1 2/21/2024 2/26/2024 419,853.00 4.86 7,072.92 422,643.90419,876.60

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 50,000.00 AA- Aa3 3/5/2024 3/14/2024 49,909.50 4.74 698.47 50,044.3549,922.73

BLACKROCK FUNDING INC
(CALLABLE)
DTD 03/14/2024 4.700% 03/14/2029
09290DAA9 725,000.00 AA- Aa3 3/6/2024 3/14/2024 725,355.25 4.69 10,127.85 725,643.08725,306.41

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 170,000.00 A+ A1 4/2/2024 4/4/2024 169,775.60 4.83 1,972.00 170,903.21169,805.87

ADOBE INC (CALLABLE)
DTD 04/04/2024 4.800% 04/04/2029
00724PAF6 205,000.00 A+ A1 4/1/2024 4/4/2024 204,694.55 4.83 2,378.00 206,089.17204,735.49

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 250,000.00 A A2 6/18/2024 6/25/2024 248,627.50 4.88 197.92 250,529.00248,755.07

HOME DEPOT INC (CALLABLE)
DTD 06/25/2024 4.750% 06/25/2029
437076DC3 125,000.00 A A2 6/17/2024 6/25/2024 124,193.75 4.90 98.96 125,264.50124,268.36

AMERICAN HONDA FINANCE
DTD 09/05/2024 4.400% 09/05/2029
02665WFQ9 400,000.00 A- A3 9/3/2024 9/5/2024 399,520.00 4.43 5,671.11 388,906.40399,548.27 12,650,000.00 12,587,447.00 139,548.73 12,482,369.75Security Type Sub-Total 3.77 12,566,496.57 Agency CMBS
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 268,278.85 AA+ Aaa 4/11/2023 4/14/2023 257,170.43 4.32 613.69 263,695.84264,017.48 43 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 550,000.00 AA+ Aaa 4/6/2023 4/12/2023 526,839.84 3.98 1,215.96 533,805.80538,658.59 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 370,510.82 AA+ Aaa 5/19/2023 5/24/2023 359,106.04 4.29 1,033.42 361,623.75364,324.56 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 550,000.00 AA+ Aaa 8/16/2023 8/18/2023 518,804.69 4.94 1,477.67 534,926.15530,662.27 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 550,000.00 AA+ Aaa 6/8/2023 6/13/2023 527,033.20 4.42 1,486.38 533,940.00536,239.72 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 391,621.52 AA+ Aaa 12/6/2023 12/14/2023 391,618.38 4.86 1,585.41 393,233.43391,620.29 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 435,463.89 AA+ Aaa 7/19/2023 7/27/2023 435,453.04 4.78 1,733.51 434,206.27435,456.19 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 550,000.00 AA+ Aaa 7/13/2023 7/20/2023 555,493.40 4.59 2,208.71 551,252.35553,880.97 FNA 2023-M6 A2
DTD 07/01/2023 4.181% 07/01/2028
3136BQDE6 525,546.98 AA+ Aaa 7/18/2023 7/31/2023 516,637.31 4.58 1,831.17 515,147.98519,170.16 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 800,000.00 AA+ Aaa 9/7/2023 9/14/2023 788,165.60 4.99 3,100.00 798,265.60790,982.87 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 500,000.00 AA+ Aaa 10/11/2023 10/19/2023 489,032.00 5.25 1,975.00 499,854.50491,483.66 FHMS K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 375,000.00 AA+ Aaa 10/25/2023 10/31/2023 363,043.88 5.60 1,515.63 376,462.50365,450.66 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 500,000.00 AA+ Aaa 9/20/2023 9/28/2023 494,023.50 5.07 2,000.00 500,972.00495,317.08 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 275,000.00 AA+ Aaa 11/28/2023 12/7/2023 274,209.93 4.93 1,113.75 275,887.43274,366.21 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 180,000.00 AA+ Aaa 11/14/2023 11/21/2023 179,479.62 5.14 760.35 181,953.36179,585.54 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 290,000.00 AA+ Aaa 2/1/2024 2/8/2024 292,899.71 4.34 1,104.90 287,965.07292,414.15 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 440,000.00 AA+ Aaa 7/16/2024 7/25/2024 442,702.04 4.58 1,730.67 439,097.56442,524.10 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 550,000.00 AA+ Aaa 6/5/2024 6/13/2024 549,998.35 4.80 2,201.38 550,287.65550,000.00 44 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Portfolio Holdings
Security Type/Description
Dated Date/Coupon/Maturity CUSIP Par
S&P
Rating
Moody's
Rating
Settle
Date
Original
Cost
Trade
Date
YTM
at Cost
Accrued
Interest
Market
Value
Amortized
Cost
Agency CMBS
FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 495,000.00 AA+ Aaa 8/7/2024 8/15/2024 499,630.23 4.33 1,873.99 490,132.17499,312.00 8,596,422.06 8,461,341.19 30,561.59 8,522,709.41Security Type Sub-Total 4.72 8,515,466.50 ABS
HAROT 2021-4 A3
DTD 11/24/2021 0.880% 01/21/2026
43815GAC3 15,687.24 NR Aaa 11/16/2021 11/24/2021 15,683.94 0.89 3.83 15,565.2415,686.40 HART 2021-C A3
DTD 11/17/2021 0.740% 05/15/2026
44935FAD6 8,359.53 AAA NR 11/9/2021 11/17/2021 8,357.66 0.75 2.75 8,326.008,358.96 GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 17,836.45 AAA Aaa 10/13/2021 10/21/2021 17,835.99 0.68 5.05 17,670.4317,836.29 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 127,975.10 AAA NR 7/12/2022 7/20/2022 127,972.08 3.97 225.80 127,586.69127,973.64 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 104,983.78 AAA Aaa 9/20/2022 9/28/2022 104,962.06 4.46 208.10 104,958.90104,972.64 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 206,021.86 AAA NR 10/4/2022 10/12/2022 205,988.10 4.82 413.76 206,270.33206,003.57 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 233,366.00 AAA NR 1/24/2023 1/30/2023 233,365.89 4.63 480.22 233,515.59233,365.94 COMET 2022-A3 A
DTD 11/03/2022 4.950% 10/15/2027
14041NGB1 245,000.00 AAA NR 10/27/2022 11/3/2022 244,961.56 4.95 539.00 245,903.32244,978.34 HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 158,549.50 NR Aaa 2/13/2023 2/23/2023 158,533.54 5.05 355.86 159,069.07158,539.69 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 130,000.00 AAA NR 3/28/2023 3/31/2023 129,986.44 4.65 268.67 130,162.24129,991.31 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 320,000.00 AAA NR 8/15/2023 8/22/2023 319,934.02 5.42 625.16 323,188.48319,953.99 DCENT 2023-A1 A
DTD 04/11/2023 4.310% 03/15/2028
254683CY9 320,000.00 NR Aaa 4/4/2023 4/11/2023 319,981.44 4.31 612.98 319,271.68319,987.93 AMXCA 2023-1 A
DTD 06/14/2023 4.870% 05/15/2028
02582JJZ4 190,000.00 AAA NR 6/7/2023 6/14/2023 189,983.15 4.87 411.24 191,001.68189,988.45 BACCT 2023-A1 A1
DTD 06/16/2023 4.790% 05/15/2028
05522RDG0 170,000.00 AAA NR 6/8/2023 6/16/2023 169,961.51 4.79 361.91 170,743.58169,973.59 45 PFM Asset Management | pfmam.com

4.01 4.01%
Total Investments $53,975,249.86
46 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation, as it was prepared without regard to 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 sources external to PFMAM and is generally believed to be reliable and available to the public; however, we cannot guarantee its accuracy, completeness or suitability. We rely 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 to particular issuers are for illustrative purposes only and are not intended to be recommendations or advice regarding such issuers. Fixed income manager and index characteristics are gathered from external sources. When average credit quality is not available, it is estimated by taking the market value weights of individual credit tiers on the portion 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 any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause investment performance 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 opinion as 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 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. Opinions and data 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 investment advisory 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. 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 PFMAM's services or entities, please visit www.pfmam.com.

Further distribution is not permitted without prior written consent. 47 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Appendix
Important Disclosures
This 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. 48 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Appendix
Glossary
Accrued 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 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.

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 added or 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 compounding on 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 the mortgage-backed security.
49 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended December 31, 2024
Appendix
Glossary
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.

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.

Supranational: A multinational union or association in which member countries cede authority and sovereignty on at least some internal matters to the group, whose decisions 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 a percentage 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 period from 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 time period remaining until maturity, stated as a percentage on an annualized basis. 50

Lake Elsinore City CouncilMarch 25, 2025

Lake Elsinore City Council
March 25, 2025