Attachment 1 - Investment Report July 2025 — Lake Elsinore City Council, August 26, 2025

Investment Performance Review
For the Quarter Ended June 30, 2025
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

Market Update
2 Current Market Themes
Source: Details on market themes and economic indicators provided throughout the body of the presentation. Bloomberg Finance L.P., as of June 30, 2025. ▸ U.S. economy is resilient but showing signs of cooling ▹ Headline employment data belies underlying weakening
▹ Inflat
ion remained rangebound but does not yet reflect the full impact of tariffs ▹ Fiscal policy uncertainty and volatile tariff rollouts weigh on consumer sentiment ▸ Fed remains on hold but may cut rates later this year ▹ The Fed’s June “dot plot” implies 50 bps of cuts in the back half of 2025 but members are split
between 0 and 2 cuts this year
▹ Fed Chair Powell stated the effect, size, and duration of tariffs are all highly uncertain making staying on hold the appropriate thing to do as they wait to learn more ▸ Treasury yields whipsawed by tariff announcements in Q2 ▹ Concerns over the budget bill, debt ceiling, and monetary policy added to volatility ▹ The yi
eld curve continued to steepen between 2 years and 10 years ▹ Credit spreads widened sharply following tariff fears but tightened to levels near historic tights by quarter end

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
3 China +10%

3.7%
China +10%
Canada/Mexico +25%
Canadian energy +10%

11.5%
USMCA exemption for
Canada/Mexico

5.6%
Steel &
aluminum
+25%

6.6%
+10% reciprocal
tariff

13.4%
China
+50%

27.5%
China to 125%
Pause on other
reciprocal tariffs

26.9%
China to 30%

12.6%
Steel &
aluminum +25%

13.2%
Add appliances to steel
& aluminum

13.4%
New reciprocal tariffs
announced and set for
implementation Aug 1st
0%
5%
10%
15 %
20%
25%
30%
3-Feb 17-Feb 3-Mar 17-Mar 31-Mar 14-Apr 28-Apr 12-May 26-May 9-Jun 23-Jun 7-Jul Effective Tariff Rate
Select Activity from February 3, 2025 to July 8, 2025
Uncertainty Remains Exceptionally High
Source: Bloomberg Finance L.P. as of July 8, 2025. Yellow dots represent activity impacting effective tariff rate.

Fiscal Policy Adds
to Uncertainty
Debt Ceiling
Fund
ing Freezes
Tax Reform
Budget/Spending

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
4 Source: CBO: Estimated Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to CBO's January 2025 Baseline | Congressional Budget Office . and Bloomberg Finance L.P., as of July 1, 2025.

Impacts of Reconciliation Bill
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2010 2014 2018 2022 2026 2030 2034
U.S. Deficit to GDP
Bloomberg Economics Forecast
Homeland Security
Medicare & Medicaid
Agriculture, Nutrition, and Forestry
Congressional Budget Office (CBO)
Select Sectors FY 2025 - FY 2034
Increase
deficit by $4.6 trillion
Decrease deficit by $120 billion
Increase deficit by $129 billion
Decrease deficit by $1.1 trillion
Total Deficit Impact: $3.3 Trillion Increase
Other Spending Cuts
Decrease deficit by $371 billion
TCJA & Tax Cuts
Armed Services
Increase deficit by $149 billion

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
5 Moody’s Downgrades United States to Aa1
Source: Moody’s Ratings, as of May 2025.
▸ Rationale for downgrade
▹ Large fiscal deficits which have led to increases in government debt and interest payment ratios to levels significantly above those of Aaa-rated peers ▹ High deficit-to-GDP and debt-to-GDP ratios that are expected to rise further due to increased interest payments on debt, rising entitlement spending, and relatively low new revenue generation
▸ Rationale for stable outlook
▹ Exceptional credit strengths such as the size, resilience and dynamism of its economy and the role of the US dollar as the global reserve currency ▸ The downgrade is generally expected to have a minimal impact on markets ▹ S&P and Fitch previously downgraded the United States in 2011 and 2023, respectively
▹ United States has been on credit watch negative by Moody’s since November of 2023
▹ The dollar remains the world’s reserve currency and Treasuries remain highly liquid ▹ Moody’s also downgraded the U.S. government sponsored enterprises, and several banks and insurance companies whose rating was tied to the US government
Aaa Aa1
United States

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
6 Economic Momentum Slows Amid Uncertainty
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bloomberg Finance L.P., Bureau of Labor Statistics and Bureau of Economic Analysis. The shading represents the deciles of each data point using 30 years of historical data.
*Median forecasts sourced from Bloomberg Finance L.P. as of July 9, 2025.

Fed Chair Powell : “Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective.”
2023 2024 2025
CPI YoY 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 3.0 2.9 2.5 2.4 2.6 2.7 2.9 3.0 2.8 2.4 2.3 2.4 Unemployment
Rate 3.5 3.6 3.5 3.4 3.6 3.6 3.5 3.7 3.8 3.9 3.7 3.8 3.7 3.9 3.9 3.9 4.0 4.1 4.2 4.2 4.1 4.1 4.2 4.1 4.0 4.1 4.2 4.2 4.2 U.S. Real GDP QoQ 2.8 2.4 4.4 3.2 1.6 3.0 3.1 2.4 -0.5 2.1% Est.*
Consumption QoQ 4.9 1.0 2.5 3.5 1.9 2.8 3.7 4.0 0.5 1.9% Est.*
Worse Neutral Better

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
7 The Fed’s Dual Mandate Gets More Complicated
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.

Sep-25

3.2%
Dec-25

3.3%
Jun-26

3.0%
May-25

2.7%
1%
2 %
3%
4%
5%
6 %
Jun-23 Jun-24 Jun-25 Jun-26
Core PCE Inflation (YoY)
Average Forecast Actual
Jun-25

4.1%
Sep-25

4.4%
De
c-25

4.5%
Jun-26

4.5%
3%
4%
5%
Jun-23 Jun-24 Jun-25 Jun-26
Unemployment Rate
Median Forecast Actual
Fed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
8 1.4%

1.6%

1.8% 1.8%
0%
1%
2%
3%
2025 2026 2027 Longer
Run
Change in Real GDP
Mar Projections Jun Projections

3.0%

2.4%

2.1% 2.0%
0%
1%
2%
3%
4%
2025 2026 2027 Longer
Run
PCE Inflation
Mar Projections Jun Projections
Fed’s Updated Summary of Economic Projections
Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve, latest median economic projections as of June 2025.

4.5% 4.5% 4.4% 4.2%
0%
1%
2%
3%
4%
5%
6%
2025 2026 2027 Longer
Run
Unemployment Rate
Mar Projections Jun Projections

3.9% 3.6% 3.4%

3.0%
0%
1%
2%
3%
4%
5%
2025 2026 2027 Longer
Run
Federal Funds Rate
Mar Projections Jun Projections
Fed Chair Powell : “[T]hink of it as the least unlikely path in a situation like this where uncertainty is very high.”

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
9 2025 Longer Term2026
0%
1%
2%
3%
4%
5%
Fed Participants’ Assessments of ‘Appropriate’ Monetary Policy Jun-25 FOMC Projections
Mar-25 Median
Jun-25 Median
2027

3.0%2 cut s 1 cuts 1 cut
Fed’s Latest “Dot Plot” Shows Divergent Views
0 Cuts
2 Cuts
Fed Chair Powell : “[W]ith uncertainty as elevated as it is, no one holds these rate paths with a lot of conviction.” Source: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Federal Reserve; Bloomberg Finance L.P. Individual dots represent each Fed members’ judgement of the midpoint of the appropriate target range for the federal funds rate at each year-end. As of June 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
10 Treasury Volatility Wanes

3.25%

3.50%

3.75%

4.00%

4.25%
Apr-25 May-25 Jun-25 Jul-25
2-Year Treasury Yield
April 1, 2025 through July 1, 2025
Close
4/2 – 4/9:

Reciprocal
Tariffs
Intra-day Trading Range
5/16:

Moody’s
downgrade
6/12:

Iran-Israel
5/2:

Strong Payrolls
Report
Source: Bloomberg Finance L.P., as of July 1, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
11 Source: Bloomberg Finance L.P., as of June 30, 2025.

U.S. Treasury Yield Curve Steepens

4.29%

3.72%

3.80%

3.99%

4.23%

4.77%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00% Yield
Maturity
U.S. Treasury Yield Curve
1 Year Range
June 30, 2025
March 31, 2025
3mo 2yr 5yr 7yr 10yr 20yr 30yr

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
12 Source: ICE BofA Indices via Bloomberg Finance L.P., as of June 30, 2025. Spreads on ABS are option-adjusted spreads of 0-5 year indices based on weighted average life.

Spread Narrowing Has Helped Performance
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%
Mar-25 Apr-25 May-25 Jun-25
ABS Excess Return vs. Treasuries
Underperformance Outperformance

0.4%

0.6%

0.8%

1.0%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
1-5 Yr. AAA-A Corporate

0.4%

0.6%

0.8%
Feb-25 Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
-0.3%
-0.2%
-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%
Mar-25 Apr-25 May-25 Jun-25
Corporate Excess Return vs. Treasuries

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
13 Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%
-0.1%

0.0%

0.1%

0.2%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Corporate Notes A-AAA Yield Spreads

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index

0.2%

0.4%

0.6%

0.8%

1.0%
Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
Sector Yield Spreads

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
14 Sector Yield Spreads
Source: ICE BofA 1-5 year Indices via Bloomberg Finance L.P. and PFMAM as of June 30, 2025. Spreads on ABS and MBS are option-adjusted spreads of 0-5 year indices based on weighted average life; spreads on agencies are relative to comparable maturity Treasuries.

CMBS is Commercial Mortgage-Backed Securities and represented by the ICE BofA Agency CMBS Index. -0.2%
-0.1%

0.0%

0.1%

0.2%
Mar-25 Apr-25 May-25 Jun-25
Federal Agency Yield Spreads
Bullet Callable 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Corporate Notes A-AAA Yield Spreads
1-5 Yr. AAA-A Corp 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Mortgage-Backed Securities Yield Spreads
Agency MBS Agency CMBS Index 1 Year Average

0.2%

0.4%

0.6%

0.8%

1.0%
Mar-25 Apr-25 May-25 Jun-25
Asset-Backed Securities AAA Yield Spreads
AAA ABS 1 Year Average
2 bps
53 bps
43 bps 56 bps

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
15 -0.25%

0.00%

0.25%

0.50%

0.75%

1.00%
2Q25 YTD 1-Year
Excess Returns
1-5 Year Indices
Federal Agency Agency CMBS ABS Corp A-AAA
Fixed-Income Index Excess Returns
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. Agency CMBS represented by ICE BofA CMBY Index. As of June 30, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
16 1-5 Year Indices
Fixed-Income Index Total Returns in 2Q 2025

1.36%

1.27% 1.32%

1.68%

1.89%

0.0%

0.5%

1.0%

1.5%

2.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
Second Quarter 2025 Returns

6.07%

5.72%

6.03%

7.06%

7.53%

0.0%

2.0%

4.0%

6.0%

8.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
1-Year Return

3.39%

3.01%

2.73%

3.73%

3.88%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
U.S. Treasury
Agency
ABS
Corp A-AAA
Corp BBB
YTD 2025 Returns
Source: ICE BofA Indices. ABS indices are 0-5 year, based on weighted average life. As of June 30, 2025.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
17 Monetary Policy (Global):
• The Fed held rates steady in Q2 amid healthy
labor markets and tariff-driven inflation concerns.
• The “dot plot” still signals 50 bps in cuts for 2025
but views have diverged as seven members are
calling for no cuts in 2025.
• Other major central banks (except Japan)
continued cutting rates as global inflation cools,
though tariffs pose inflation risks and cloud the
outlook.

Economic Growth (Global):
• U.S. growth turned negative in early 2025, driven
by a historically high trade deficit and weaker
consumer spending. Strong inventory build and
fixed investment helped offset this weakness.
• The drag to GDP from net exports is expected to
reverse, but declining consumer confidence may
dampen spending and investment.
• Escalating trade and geopolitical tensions create
the potential for slower global growth.

Inflation (U.S.):
• Inflation has moved closer to the Fed’s 2% target,
but tariff-driven price pressures may emerge as
businesses deplete pre-tariff inventories.
• Fed Chair Powell said that he does expect tariffs
to impact inflation but that the size, duration, and
time of tariff effects are highly uncertain.

Financial Conditions (U.S.):
• Financial conditions swung sharply during the
quarter as the tariff rollout caused equities to sell
off, credit spreads to widen, and heightened
Treasury volatility.
• The announcement of tariff pauses sparked a risk-
on trade resulting in equities near record highs
and credit spreads tightening beyond long-run
averages.
• The evolving fiscal landscape and persistent
uncertainty may lead to tightening financial
conditions over the next 6-12 months.

Consumer Spending (U.S.):
• Consumer sentiment remains subdued due to
expectations of higher prices, weaker labor
markets, and tepid growth. Sentiment has
improved slightly since April amid tariff negotiation
progress but remains low.
• A sharp labor market downturn remains the
biggest threat to consumer spending.
• Tariff-driven inflation increases present additional
risks such as slower real wage growth and
reduced spending.

Labor Markets (U.S.):
• The labor market remains healthy, though early
signs of cooling are emerging, particularly in rising
jobless claims.
• Monthly job gains have slowed but still match
labor force growth. Slower population growth may
lower the job creation rate needed to maintain
stable unemployment.
• With hiring and quits rates low, any acceleration in
layoffs may result in job seekers remaining
unemployed for longer.

Factors to Consider for 6-12 Months
Stance Unfavorable to
Risk Assets
Stance Favorable to
Risk Assets 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 Finance L.P. and FactSet. The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (6/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
18 PFM Asset Management | pfmam.com
Portfolio Review:

CAMP-LAKE ELSINORE CITY FUNDS
19 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Snapshot
Total market value includes accrued interest and balances invested in CAMP, as of June 30, 2025.

Yield and duration calculations exclude balances invested in CAMP.

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

An average of each security’s credit rating was assigned a numeric value and adjusted for its relative weighting in the portfolio.

1. Portfolio Snapshot - CAMP-LAKE ELSINORE CITY FUNDS¹
Credit Quality - S&P
14% 16%
38%
31%
2%5%
34%
27%
23%
10%
0%
10%
20%
30%
40%
0-1 Yr 1-2 Yrs 2-3 Yrs 3-4 Yrs 4-5 Yrs
Portfolio Benchmark
Duration Distribution
U.S. Treasury | 42%
Corporate | 23%
Agency CMBS | 16%
ABS | 13%
Federal Agency | 3%
Negotiable CD | 2%
Municipal | 2%
Joint Powers Authority | 1%
Sector Allocation
AAA | 11%
AAAm | 1%
AA+ | 62%
AA | 1%
AA- | 4%
A-1+ | 1%
A+ | 5%
A | 5%
A- | 6%
BBB+ | 1%
Not Rated | 4%
Portfolio Statistics
Portfolio Effective Duration 2. 47 years
Benchmark Effective Duration 2.48 years
Portfolio Credit Quality AA
Yield At Market 4.03%
Yield At Cost 4.19%
Total Market Value $55,993,407.19
$55,438,074.67Managed Account Sub-Total
$293,111.44Pool
$262,221.08Accrued Interest
20 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Account Summary

0.5%

12.9%

22.8%

1.7%

1.5%

15.8%

3.3%

41.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
CAMP - $293,111
ABS - $7,229,222
Corporate - $12,785,420
Negotiable CD - $924,627
Municipal - $831,776
Agency CMBS - $8,847,152
Federal Agency - $1,833,602
U.S. Treasury - $23,248,498
Portfolio Allocation Sector Limit for Analysis*
Sector Allocation Analytics
For informational/analytical purposes only and is not provided for compliance assurance. Includes accrued interest. *S
ector Limit for Analysis is as derived from our interpretation of your most recent Investment Policy as provided. 21 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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 June 30, 2025, the account(s) managed by PFM Asset Management ("PFMAM") we
re in compliance with the applicable investment policy and guidelines as furnished to PFMAM.

Acknowledged :PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. 22 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Portfolio Activity - CAMP-LAKE ELSINORE CITY FUNDS
Net Activity by Sector
($
millions)
U.S. Treasury
Federal Agency
Municipal
Agency CMBS
Corporate
ABS
U.S. Treasury
Fe
deral Agency
Municipal
Agency CMBS
Corporate
ABS
($6.0) ($4.0) ($2.0) $0.0 $2.0 $4.0
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
ABS $1,957,119
Corporate $684,116
Agency CMBS $172,018
Municipal ($85,000)
Federal Agency ($423,375)
U.S. Treasury ($1,687,447)
$617,431Total Net Activity
Sales/Maturities Purchases
23 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Characteristics
Historical Sector Allocation - CAMP-LAKE ELSINORE CITY FUNDS Only includes fixed-income securities held within the separately managed account(s) and LGIPs managed by PFMAM. 45%
4%
16%
2%
2%
22%
10%
1%
Mar-25
42%
3%
16%
2%
2%
23%
13%
1%
Jun-25
24 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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.

0.0%

2.0%

4.0%

6.0%

8.0%
Return
Portfolio Benchmark
Portfolio Performance
Market Value Basis Earnings 3 Months 1 Year 3 Years 5 Years 10 Years¹ Interest Earned² $48 2,368 $1,825,881 $3,922,467 $4,874,517 $8,000,272 Change in Market Value $384,559 $1,583,109 $1,950,371 ($467,851) $957,741 $866,927Total Dollar Return $3,408,990 $5,872,838 $4,406,666 $8,958,013 Total Return³
Portfolio 1.57% 6.48% 3.72% 1.27% 1.94%
Benchmark⁴ 1.36% 6.07% 3.23% 0.92% 1.61%
3 Months 1 Year 3 Years 5 Years 10 Years
Difference 0.21% 0.41% 0.49% 0.35% 0.34%
25 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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 - CAMP-LAKE ELSINORE CITY FUNDS
Accrual Basis Earnings
Interest Earned²
Rea
lized Gains / (Losses)³
Change in Amortized Cost
Total Earnings
3 Months
$482,368
$32
,535
$82,497
$597,400
1 Year
$1,825,881
($3
6,432)
$343,431
$2,132,880
3 Years
$3,922,467
($1
,119,401)
$1,007,440
$3,810,507
5 Year
$4,874,517
($6
95,512)
$857,538
$5,036,543
10 Year¹
$8,000,272
($5
03,739)
$845,409
$8,341,941
26 Fixed – Income Sector Outlook – 3Q 2025
Sector Our Investment Preferences

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

R E A S U R I E S
T-Bill
T-No
te

F E D E R A L A G E N C I E S
Bullets
Call
ables

S U P R A N AT I O N A L S
C O RP

O R AT E S
Financials
Indu
strials

S E C U R I T I Z E D
Asset-Backed
Agen
cy Mortgage-Backed
Agency CMBS

M U N I C I P A L S
Negative Slightly
Negative Neutral Slightly
Positive PositiveCurrent outlook Outlook one quarter ago

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Market Update
PFM Asset Management | pfmam.com
27 Issuer Distribution
PFM Asset Management | pfmam.com
28 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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 41.7%
United States Treasury 41.7% AA / Aa / AA
Federal Agency 3.3%
Federal Home Loan Banks 0.3% AA / Aa / NR
Federal Home Loan Mortgage Corp 1.2% AA / Aa / AA
Federal National Mortgage Association 1.8% AA / Aa / AA Agency CMBS 15.9%
Federal Home Loan Mortgage Corp 14.9% AA / Aa / AA
Federal National Mortgage Association 0.9% AA / Aa / AA Municipal 1.5%
California State University 0.2% AA / Aa / NR
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
Negotiable CD 1.7%
Nordea Bank Abp 0.8% AA / Aa / AA
Toronto-Dominion Bank 0.8% A / A / NR
Corporate 23.0%
Abbott Laboratories 0.4% AA / Aa / NR
Adobe Inc 0.7% A / A / NR
Air Products and Chemicals Inc 0.6% A / A / NR
American Express Co 0.5% A / A / A
Analog Devices Inc 0.7% A / A / A
Apple Inc 1.4% AA / Aaa / NR
Bank of America Corp 1.5% A / A / AA
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer Corporate 23.0%
Bank of New York Mellon Corp 0.8% A / Aa / AA
Bayerische Motoren Werke AG 0.3% A / A / NR
Berkshire Hathaway Inc 0.8% AA / Aa / A
BlackRock Inc 1.4% 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
Cisco Systems Inc 0.8% AA / A / NR
Citigroup Inc 1.4% A / Aa / A
Deere & Co 0.7% A / A / A
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
Lockheed Martin Corp 0.1% A / A / A
Mars Inc 0.2% A / A / NR
Microsoft Corp 1.4% AAA / Aaa / NR
Morgan Stanley 1.0% A / Aa / AA
National Australia Bank Ltd 0.9% AA / Aa / NR
National Rural Utilities Cooperative Fi 0.6% A / A / A
PACCAR Inc 0.7% A / A / NR
State Street Corp 0.4% A / Aa / AA
Target Corp 0.1% A / A / A
Texas Instruments Inc 0.2% A / Aa / NR
Toyota Motor Corp 0.7% A / A / A
UnitedHealth Group Inc 0.4% A / A / A
Wells Fargo & Co 0.7% BBB / A / A
29 PFM Asset Management | pfmam.com

Issuer Diversification
Market Value (%) S&P / Moody's / FitchSecurity Type / Issuer ABS 13.0%
American Express Co 2.0% AAA / NR / AAA
BA Credit Card Trust 1.1% AAA / Aaa / AAA
Bank of America Corp 0.1% NR / Aaa / AAA
Capital One Financial Corp 1.3% AAA / NR / AAA
CarMax Inc 0.1% AAA / NR / AAA
Citigroup Inc 1.0% AAA / Aaa / NR
Discover Card Execution Note Trust 1.2% AAA / Aaa / AAA Fifth Third Auto Trust 0.6% 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 0.2% NR / Aaa / AAA
Honda Auto Receivables Owner Trust 0.9% AAA / Aaa / AAA JPMorgan Chase & Co 0.7% AAA / NR / AAA
Mercedes-Benz Auto Receivables Trust 1.0% NR / Aaa / AAA Nissan Auto Receivables Owner Trust 0.1% AAA / Aaa / NR Porsche Innovative Lease Owner 0.2% AAA / NR / AAA
Toyota Auto Receivables Owner Trust 0.3% AAA / NR / AAA Verizon Master Trust 0.7% NR / Aaa / AAA
WF Card Issuance Trust 0.9% AAA / NR / AAA
100.0%Total
30 Portfolio Transactions
PFM Asset Management | pfmam.com
31 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Activity
Quarterly Portfolio Transactions
Trade
Da
te
Settle
Date Par ($) CUSIP
Maturity
Date
Transact
Amount ($)Coupon
Yield
at Market
Realized
G/L (BV)Security Description
BUY
4/1/2025 4/4/2025 900,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 886,009.36 3.87% 4/8/2025 4/9/2025 550,000.00 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 555,426.50 4.62% 4/15/2025 4/23/2025 290,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE) 4.97% 4/23/2029 290,000.00 4.97% 4/15/2025 4/24/2025 190,000.00 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 190,528.68 4.41% 4/16/2025 4/23/2025 110,000.00 95000U3T8 WELLS FARGO & COMPANY (CALLABLE) 4.97% 4/23/2029 110,088.00 4.95% 4/22/2025 4/24/2025 200,000.00 857477DB6 STATE STREET CORP (CALLABLE) 4.83% 4/24/2030 200,000.00 4.83% 4/29/2025 5/8/2025 115,000.00 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 114,987.15 4.15% 5/1/2025 5/6/2025 1,500,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 1,493,765.11 3.65% 5/5/2025 5/8/2025 400,000.00 69371RT71 PACCAR FINANCIAL CORP 4.55% 5/8/2030 399,380.00 4.59% 5/6/2025 5/12/2025 80,000.00 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 79,994.48 4.35% 5/6/2025 5/14/2025 90,000.00 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 89,986.75 4.28% 5/6/2025 5/9/2025 600,000.00 06051GMT3 BANK OF AMERICA CORP (CALLABLE) 4.62% 5/9/2029 600,000.00 4.62% 5/14/2025 5/21/2025 100,000.00 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 99,989.29 4.61% 6/2/2025 6/5/2025 900,000.00 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 888,171.38 3.98% 6/3/2025 6/10/2025 485,000.00 92970QAJ4 WFCIT 2025-A1 A 4.34% 5/15/2030 484,991.95 4.34% 6/5/2025 6/12/2025 250,000.00 05522RDK1 BACCT 2025-A1 A 4.31% 5/15/2030 249,999.05 4.31% 6/12/2025 6/16/2025 400,000.00 032654BE4 ANALOG DEVICES INC (CALLABLE) 4.50% 6/15/2030 399,648.00 4.52% 32 PFM Asset Management | pfmam.com

INTEREST
4/1/2025 4/1/2025 808513BW4 CHARLES SCHWAB CORP (CALLABLE) 3.30% 4/1/2027 4,950.00 4/1/2025 4/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 4/1/2025 4/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 592.24 4/1/2025 4/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,571.12 4/1/2025 4/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 4/1/2025 4/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 4/1/2025 4/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 4/1/2025 4/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 4/1/2025 4/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 4/1/2025 4/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,026.88 4/1/2025 4/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 4/1/2025 4/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 4/1/2025 4/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 4/1/2025 4/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 33 PFM Asset Management | pfmam.com

INTEREST
4/1/2025 4/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 4/1/2025 4/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 4/1/2025 4/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 4/1/2025 4/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 4/1/2025 4/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,728.81 4/1/2025 4/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,834.39 4/4/2025 4/4/2025 00724PAF6 ADOBE INC (CALLABLE) 4.80% 4/4/2029 9,000.00 4/15/2025 4/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 4/15/2025 4/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 4/15/2025 4/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 430.28 4/15/2025 4/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 4/15/2025 4/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 324.88 4/15/2025 4/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 4/15/2025 4/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 4/15/2025 4/15/2025 437076CM2 HOME DEPOT INC (CALLABLE) 2.70% 4/15/2025 337.50 4/15/2025 4/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 547.52 4/15/2025 4/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 34 PFM Asset Management | pfmam.com

INTEREST
4/15/2025 4/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 4/15/2025 4/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 4/15/2025 4/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 4/15/2025 4/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 4/15/2025 4/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 310.73 4/15/2025 4/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 4/15/2025 4/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 745.26 4/15/2025 4/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 4/16/2025 4/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 4.97 4/16/2025 4/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 634.55 4/18/2025 4/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 4/20/2025 4/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,039.81 4/21/2025 4/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3.75 4/21/2025 4/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 4/30/2025 4/30/2025 91282CEN7 US TREASURY N/B 2.75% 4/30/2027 2,750.00 5/1/2025 5/1/2025 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE) 3.45% 5/1/2025 1,121.25 5/1/2025 5/1/2025 13077DQD7 CALIFORNIA ST UNIV-B 0.86% 11/1/2025 366.35 35 PFM Asset Management | pfmam.com

INTEREST
5/1/2025 5/1/2025 90327QD89 USAA CAPITAL CORP 3.37% 5/1/2025 3,796.88 5/1/2025 5/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 5/1/2025 5/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 5/1/2025 5/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 5/1/2025 5/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,830.67 5/1/2025 5/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 5/1/2025 5/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 5/1/2025 5/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,567.44 5/1/2025 5/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 5/1/2025 5/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 5/1/2025 5/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 5/1/2025 5/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 5/1/2025 5/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,727.45 5/1/2025 5/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 5/1/2025 5/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 5/1/2025 5/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 5/1/2025 5/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,024.81 36 PFM Asset Management | pfmam.com

INTEREST
5/1/2025 5/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 5/1/2025 5/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 5/1/2025 5/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 591.12 5/1/2025 5/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 5/3/2025 5/3/2025 65558UYF3 NORDEA BANK ABP NEW YORK 5.53% 11/3/2025 12,442.50 5/7/2025 5/7/2025 3135G06G3 FANNIE MAE 0.50% 11/7/2025 1,625.00 5/15/2025 5/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 5/15/2025 5/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 5/15/2025 5/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 5/15/2025 5/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 5/15/2025 5/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 5/15/2025 5/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 5/15/2025 5/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 5/15/2025 5/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 692.33 5/15/2025 5/15/2025 912828U24 US TREASURY N/B 2.00% 11/15/2026 750.00 5/15/2025 5/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 291.21 5/15/2025 5/15/2025 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 375.28 37 PFM Asset Management | pfmam.com

INTEREST
5/15/2025 5/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,612.92 5/15/2025 5/15/2025 91324PEC2 UNITEDHEALTH GROUP INC (CALLABLE) 1.15% 5/15/2026 1,293.75 5/15/2025 5/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 284.95 5/15/2025 5/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 5/15/2025 5/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 5/15/2025 5/15/2025 539830BZ1 LOCKHEED MARTIN CORP (CALLABLE) 4.45% 5/15/2028 1,335.00 5/15/2025 5/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 5/15/2025 5/15/2025 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) 3.50% 5/15/2025 3,937.50 5/15/2025 5/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 505.45 5/15/2025 5/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 400.81 5/15/2025 5/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 5/16/2025 5/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 570.30 5/16/2025 5/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3.24 5/18/2025 5/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,442.67 5/20/2025 5/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 5/20/2025 5/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 77.33 5/21/2025 5/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 38 PFM Asset Management | pfmam.com

INTEREST
5/21/2025 5/21/2025 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 1.28 6/1/2025 6/25/2025 3137HDXL9 FHMS K526 A2 4.54% 7/1/2029 1,873.99 6/1/2025 6/25/2025 3137F1G44 FHMS K065 A2 3.24% 4/1/2027 1,486.38 6/1/2025 6/25/2025 3137BXQY1 FHMS K064 A2 3.22% 3/1/2027 1,477.67 6/1/2025 6/25/2025 3137HBLV4 FHMS K514 A2 4.57% 12/1/2028 1,104.90 6/1/2025 6/25/2025 3137HAST4 FHMS K509 A2 4.85% 9/1/2028 1,515.63 6/1/2025 6/25/2025 3137HACX2 FHMS K505 A2 4.81% 6/1/2028 2,208.71 6/1/2025 6/25/2025 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 1,834.37 6/1/2025 6/25/2025 3137HB3D4 FHMS K510 A2 5.06% 10/1/2028 760.35 6/1/2025 6/25/2025 3137HAQ74 FHMS K508 A2 4.74% 8/1/2028 1,975.00 6/1/2025 6/25/2025 3137HDV56 FHMS K524 A2 4.72% 5/1/2029 1,730.67 6/1/2025 6/25/2025 3137HKXJ8 FHMS K539 A2 4.41% 1/1/2030 698.25 6/1/2025 6/25/2025 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 1,022.62 6/1/2025 6/25/2025 3137HAMH6 FHMS K506 A2 4.65% 8/1/2028 3,100.00 6/1/2025 6/25/2025 3137BSP72 FHMS K058 A2 2.65% 8/1/2026 1,215.96 6/1/2025 6/25/2025 3137HAMS2 FHMS K507 A2 4.80% 9/1/2028 2,000.00 6/1/2025 6/25/2025 3137HB3G7 FHMS K511 A2 4.86% 10/1/2028 1,113.75 39 PFM Asset Management | pfmam.com

INTEREST
6/1/2025 6/25/2025 3137HDJJ0 FHMS K522 A2 4.80% 5/1/2029 2,201.38 6/1/2025 6/25/2025 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,562.59 6/1/2025 6/25/2025 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 576.58 6/1/2025 6/25/2025 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 1,725.71 6/3/2025 6/3/2025 023135BQ8 AMAZON.COM INC (CALLABLE) 0.80% 6/3/2025 1,900.00 6/9/2025 6/9/2025 63254ABE7 NATIONAL AUSTRALIA BK/NY 3.90% 6/9/2027 9,762.50 6/10/2025 6/10/2025 63254ABD9 NATIONAL AUSTRALIA BK/NY 3.50% 6/10/2025 4,375.00 6/15/2025 6/15/2025 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 260.42 6/15/2025 6/15/2025 05522RDH8 BACCT 2023-A2 A2 4.98% 11/15/2028 747.00 6/15/2025 6/15/2025 02582JJZ4 AMXCA 2023-1 A 4.87% 5/15/2028 771.08 6/15/2025 6/15/2025 14041NGB1 COMET 2022-A3 A 4.95% 10/15/2027 1,010.63 6/15/2025 6/15/2025 58773DAD6 MBART 2025-1 A3 4.78% 12/17/2029 2,190.83 6/15/2025 6/15/2025 02582JKD1 AMXCA 2023-3 A 5.23% 9/15/2028 1,786.92 6/15/2025 6/15/2025 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 463.74 6/15/2025 6/15/2025 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 372.25 6/15/2025 6/15/2025 437921AD1 HAROT 2025-2 A3 4.15% 10/15/2029 490.51 6/15/2025 6/15/2025 05522RDG0 BACCT 2023-A1 A1 4.79% 5/15/2028 678.58 40 PFM Asset Management | pfmam.com

INTEREST
6/15/2025 6/15/2025 14041NGD7 COMET 2023-A1 A 4.42% 5/15/2028 1,804.83 6/15/2025 6/15/2025 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 1,582.64 6/15/2025 6/15/2025 161571HT4 CHAIT 2023-A1 A 5.16% 9/15/2028 1,741.50 6/15/2025 6/15/2025 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 862.50 6/15/2025 6/15/2025 254683CZ6 DCENT 2023-A2 A 4.93% 6/15/2028 1,437.92 6/15/2025 6/15/2025 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 259.05 6/15/2025 6/15/2025 02582JKH2 AMXCA 2024-1 A 5.23% 4/16/2029 2,157.37 6/15/2025 6/15/2025 254683CY9 DCENT 2023-A1 A 4.31% 3/15/2028 1,149.33 6/15/2025 6/15/2025 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 642.47 6/16/2025 6/16/2025 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 512.35 6/16/2025 6/16/2025 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 1.66 6/16/2025 6/16/2025 362549AD9 GMCAR 2025-2 A3 4.28% 4/16/2030 342.40 6/18/2025 6/18/2025 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 1,345.38 6/20/2025 6/20/2025 73329KAD8 PILOT 2025-1A A3 4.61% 10/20/2028 371.36 6/20/2025 6/20/2025 05594BAD8 BAAT 2025-1A A3 4.35% 11/20/2029 290.00 6/20/2025 6/20/2025 92348KDY6 VZMT 2025-3 A1A 4.51% 3/20/2030 1,559.71 6/21/2025 6/21/2025 438123AC5 HAROT 2023-4 A3 5.67% 6/21/2028 401.63 41 PFM Asset Management | pfmam.com

INTEREST
6/25/2025 6/25/2025 437076DC3 HOME DEPOT INC (CALLABLE) 4.75% 6/25/2029 8,906.25 6/30/2025 6/30/2025 91282CJR3 US TREASURY N/B 3.75% 12/31/2028 124,687.50 6/30/2025 6/30/2025 91282CCH2 US TREASURY N/B 1.25% 6/30/2028 50,625.00 6/30/2025 6/30/2025 91282CEV9 US TREASURY N/B 3.25% 6/30/2029 96,687.50 Total INTEREST 0.00 505,460.07 0.00

MATURITY
4/15/2025 4/15/2025 25,000.00 437076CM2 HOME DEPOT INC (CALLABLE) 2.70% 4/15/2025 25,000.00 5/1/2025 5/1/2025 225,000.00 90327QD89 USAA CAPITAL CORP 3.37% 5/1/2025 225,000.00 5/1/2025 5/1/2025 65,000.00 17252MAP5 CINTAS CORPORATION NO. 2 (CALLABLE) 3.45% 5/1/2025 65,000.00 5/15/2025 5/15/2025 85,000.00 91412HGE7 UNIV OF CALIFORNIA-BG (CALLABLE) 0.88% 5/15/2025 85,000.00 5/15/2025 5/15/2025 225,000.00 369550BG2 GENERAL DYNAMICS CORP (CALLABLE) 3.50% 5/15/2025 225,000.00 6/3/2025 6/3/2025 475,000.00 023135BQ8 AMAZON.COM INC (CALLABLE) 0.80% 6/3/2025 475,000.00 6/10/2025 6/10/2025 250,000.00 63254ABD9 NATIONAL AUSTRALIA BK/NY 3.50% 6/10/2025 250,000.00 6/15/2025 6/15/2025 50,000.00 63743HFE7 NATIONAL RURAL UTIL COOP 3.45% 6/15/2025 50,000.00 Total MATURITY 1,400,000.00 1,400,000.00 0.00

PAYDOWNS
4/1/2025 4/25/2025 489.37 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 489.37 5.95 42 PFM Asset Management | pfmam.com

PAYDOWNS
4/1/2025 4/25/2025 910.70 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 910.74 0.04 4/1/2025 4/25/2025 339.44 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 339.44 0.01 4/1/2025 4/25/2025 2.78 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 2.78 0.03 4/1/2025 4/25/2025 741.91 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 741.90 10.75 4/15/2025 4/15/2025 6,936.85 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,936.85 0.65 4/15/2025 4/15/2025 9,995.94 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,995.94 0.56 4/15/2025 4/15/2025 13,717.81 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 13,717.81 4/15/2025 4/15/2025 10,177.80 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 10,177.80 0.10 4/15/2025 4/15/2025 7,606.38 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,606.38 0.46 4/16/2025 4/16/2025 15,997.22 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 15,997.22 1.27 4/16/2025 4/16/2025 3,045.44 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 3,045.44 0.02 4/21/2025 4/21/2025 3,375.72 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 3,375.72 0.13 5/1/2025 5/25/2025 788.44 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 788.44 10.86 5/1/2025 5/25/2025 3.14 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 3.14 0.03 5/1/2025 5/25/2025 1,198.11 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 1,198.11 5/1/2025 5/25/2025 438.70 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 438.70 0.01 5/1/2025 5/25/2025 6,357.02 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 6,357.02 69.42 43 PFM Asset Management | pfmam.com

PAYDOWNS
5/15/2025 5/15/2025 9,720.47 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 9,720.47 0.09 5/15/2025 5/15/2025 12,921.17 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,921.17 5/15/2025 5/15/2025 9,912.32 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,912.32 0.54 5/15/2025 5/15/2025 7,368.51 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,368.51 0.43 5/15/2025 5/15/2025 6,569.13 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 6,569.13 0.26 5/15/2025 5/15/2025 6,600.59 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,600.59 0.59 5/16/2025 5/16/2025 14,427.71 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 14,427.71 1.09 5/16/2025 5/16/2025 2,797.72 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 2,797.72 0.02 5/18/2025 5/18/2025 21,579.27 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 21,579.27 2.72 5/21/2025 5/21/2025 1,741.81 43815GAC3 HAROT 2021-4 A3 0.88% 1/21/2026 1,741.81 0.06 6/1/2025 6/25/2025 372.13 3137HAD45 FHMS KJ46 A1 4.77% 6/1/2028 372.13 0.01 6/1/2025 6/25/2025 747.04 3137BTUM1 FHMS K061 A2 3.34% 11/1/2026 747.04 9.74 6/1/2025 6/25/2025 923.81 3137HBC69 FHMS KJ48 A1 4.85% 5/1/2028 923.81 6/1/2025 6/25/2025 32.27 3136BQDE6 FNA 2023-M6 A2 4.18% 7/1/2028 32.27 0.34 6/1/2025 6/25/2025 5,166.27 3137BNGT5 FHMS K054 A2 2.74% 1/1/2026 5,166.27 50.01 6/15/2025 6/15/2025 6,321.83 65480JAC4 NAROT 2022-B A3 4.46% 5/17/2027 6,321.83 0.54 6/15/2025 6/15/2025 20,981.32 31680EAD3 FITAT 2023-1 A3 5.53% 8/15/2028 20,981.32 0.82 44 PFM Asset Management | pfmam.com

PAYDOWNS
6/15/2025 6/15/2025 12,807.23 891940AC2 TAOT 2023-A A3 4.63% 9/15/2027 12,807.23 0.01 6/15/2025 6/15/2025 9,924.71 41285JAD0 HDMOT 2023-A A3 5.05% 12/15/2027 9,924.71 0.52 6/15/2025 6/15/2025 7,297.19 344928AD8 FORDO 2023-A A3 4.65% 2/15/2028 7,297.19 0.42 6/15/2025 6/15/2025 9,121.66 14318MAD1 CARMX 2022-3 A3 3.97% 4/15/2027 9,121.66 0.09 6/16/2025 6/16/2025 13,858.71 36265QAD8 GMCAR 2022-4 A3 4.82% 8/16/2027 13,858.71 1.02 6/16/2025 6/16/2025 2,707.81 362554AC1 GMCAR 2021-4 A3 0.68% 9/16/2026 2,707.81 0.02 6/18/2025 6/18/2025 20,594.68 43815QAC1 HAROT 2023-3 A3 5.41% 2/18/2028 20,594.68 2.53 Total PAYDOWNS 286,618.13 286,618.16 172.16
SELL
4/1/2025 4/4/2025 475,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 464,665.24 -1,824.28 4/8/2025 4/9/2025 550,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 558,492.47 5,707.98 4/15/2025 4/23/2025 100,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 101,638.44 970.40 4/16/2025 4/23/2025 400,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 406,663.12 3,990.95 4/22/2025 4/24/2025 25,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 25,419.10 97.00 4/22/2025 4/24/2025 150,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 152,514.64 1,495.24 5/1/2025 5/6/2025 1,150,000.00 91282CFZ9 US TREASURY N/B 3.87% 11/30/2027 1,177,531.19 11,208.38 5/1/2025 5/6/2025 75,000.00 912828U24 US TREASURY N/B 2.00% 11/15/2026 73,852.36 -40.83 45 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
Portfolio Holdings
Managed Account Detail of Securities Held
Security Type/Description
Da
ted 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 11/15/2016 2.000% 11/15/2026
912828U24 75,000.00 AA+ Aa1 1/13/2023 1/17/2023 70,441.41 3.72 191.58 73,127.9373,363.08

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 2,450,000.00 AA+ Aa1 5/1/2024 5/6/2024 2,383,390.63 4.79 32,755.43 2,468,279.452,402,251.93

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 225,000.00 AA+ Aa1 3/1/2024 3/6/2024 222,547.85 4.30 3,008.15 226,678.73223,360.18

US TREASURY N/B
DTD 02/28/2023 4.000% 02/29/2028
91282CGP0 400,000.00 AA+ Aa1 4/3/2024 4/5/2024 393,640.63 4.45 5,347.83 402,984.40395,657.78

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,300,000.00 AA+ Aa1 8/1/2024 8/5/2024 1,173,960.94 3.96 44.16 1,210,116.701,201,481.29

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 225,000.00 AA+ Aa1 7/1/2024 7/3/2024 198,641.60 4.49 7.64 209,443.28204,778.50

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 1,275,000.00 AA+ Aa1 9/4/2024 9/6/2024 1,169,364.26 3.59 43.31 1,186,845.231,190,797.79

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,900,000.00 AA+ Aa1 6/6/2024 6/11/2024 2,565,253.91 4.39 98.51 2,699,491.102,646,785.21

US TREASURY N/B
DTD 06/30/2021 1.250% 06/30/2028
91282CCH2 2,400,000.00 AA+ Aa1 10/1/2024 10/7/2024 2,211,468.75 3.51 81.52 2,234,061.602,246,593.26

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,200,000.00 AA+ Aa1 10/31/2024 11/5/2024 1,182,093.75 4.14 122.28 1,200,750.001,184,719.04

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 2,600,000.00 AA+ Aa1 12/3/2024 12/6/2024 2,565,773.44 4.10 264.95 2,601,625.002,570,238.70

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,475,000.00 AA+ Aa1 2/3/2025 2/6/2025 1,444,693.36 4.33 150.31 1,475,921.881,447,576.43

US TREASURY N/B
DTD 01/02/2024 3.750% 12/31/2028
91282CJR3 1,375,000.00 AA+ Aa1 1/2/2025 1/7/2025 1,344,653.32 4.36 140.12 1,375,859.381,348,068.87

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 1,500,000.00 AA+ Aa1 5/1/2025 5/6/2025 1,476,796.88 3.65 132.47 1,472,403.001,477,596.78

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 6/2/2025 6/5/2025 875,566.41 3.98 79.48 883,441.80875,963.38 48 PFM Asset Management | pfmam.com

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 900,000.00 AA+ Aa1 4/1/2025 4/4/2025 878,414.06 3.87 79.48 883,441.80879,556.65

US TREASURY N/B
DTD 06/30/2022 3.250% 06/30/2029
91282CEV9 2,650,000.00 AA+ Aa1 3/3/2025 3/6/2025 2,565,117.19 4.06 234.04 2,601,245.302,570,949.93 23,850,000.00 22,721,818.39 42,781.26 23,205,716.58Security Type Sub-Total 4.11 22,939,738.80 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 17,430.00 451,670.40450,000.00

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 4,009.25 451,516.95450,000.00 900,000.00 900,000.00 21,439.25 903,187.35Security Type Sub-Total 5.57 900,000.00 Municipal

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 1,006.40 160,000.00160,000.00

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 65,000.0065,000.00

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 85,000.0085,000.00

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 99,695.90100,000.00

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 0.85 461.50 129,595.83130,000.00

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 84,012.3085,000.00 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 3,230.67 202,444.80200,000.00 825,000.00 826,023.10 6,026.69 825,748.83Security Type Sub-Total 1.93 825,000.00 49 PFM Asset Management | pfmam.com

FANNIE MAE
DTD 08/27/2020 0.375% 08/25/2025
3135G05X7 350,000.00 AA+ Aa1 8/25/2020 8/27/2020 348,362.00 0.47 459.38 347,854.50349,950.81

FEDERAL HOME LOAN BANK
DTD 09/11/2020 0.375% 09/04/2025
3130AK5E2 150,000.00 AA+ Aa1 9/10/2020 9/11/2020 149,550.00 0.44 182.81 148,933.35149,984.19

FREDDIE MAC
DTD 09/25/2020 0.375% 09/23/2025
3137EAEX3 700,000.00 AA+ Aa1 9/23/2020 9/25/2020 697,893.00 0.44 714.58 693,622.30699,903.91

FANNIE MAE
DTD 11/12/2020 0.500% 11/07/2025
3135G06G3 650,000.00 AA+ Aa1 11/9/2020 11/12/2020 647,673.00 0.57 487.50 641,347.85649,836.66 1,850,000.00 1,843,478.00 1,844.27 1,831,758.00Security Type Sub-Total 0.49 1,849,675.57 Corporate

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 3,850.00 224,900.55225,000.00

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 3,632.81 224,878.95225,537.65

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 2,567.19 224,650.58225,000.00

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 1.19 330.63 218,697.30224,931.55

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 1.26 844.62 169,190.35174,988.28

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 1,838.13 217,151.33224,653.74

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 38,742.4439,978.97 50 PFM Asset Management | pfmam.com

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 4,192.53 460,500.15474,668.64

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 9,968.75 742,295.25738,468.15

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 2,486.25 292,071.90290,749.27

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 3,216.81 462,982.50471,956.98

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 2,475.00 295,790.40293,578.60

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 1,193.19 498,748.00494,845.57

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 6,804.93 758,264.65758,915.90

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 8,141.93 379,498.13375,659.34

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 4,760.00 343,069.65339,087.34

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 86,360.8586,113.70

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 5,321.88 373,267.88366,062.07

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 60,673.7459,937.61

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 12,099.15 531,269.55525,366.87 51 PFM Asset Management | pfmam.com

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 8,610.94 384,120.00376,750.39

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 11,122.42 784,097.25747,460.42

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 6,212.56 344,871.52339,664.04

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 7,072.92 430,312.68419,890.19

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 51,053.4549,931.15

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 10,127.85 740,275.03725,273.00

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 2,378.00 210,187.94204,763.84

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 1,972.00 174,302.19169,826.68

WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 290,000.00 BBB+ A1 4/15/2025 4/23/2025 290,000.00 4.97 2,722.46 294,057.97290,000.00

WELLS FARGO & COMPANY
(CALLABLE)
DTD 04/23/2025 4.970% 04/23/2029
95000U3T8 110,000.00 BBB+ A1 4/16/2025 4/23/2025 110,088.00 4.95 1,032.66 111,539.23110,083.02

BANK OF AMERICA CORP
(CALLABLE)
DTD 05/09/2025 4.623% 05/09/2029
06051GMT3 600,000.00 A- A1 5/6/2025 5/9/2025 600,000.00 4.62 4,006.60 603,803.40600,000.00

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 4.88 197.92 255,202.50248,880.97

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 98.96 127,601.25124,342.32

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 5,671.11 398,060.40399,592.27 52 PFM Asset Management | pfmam.com

MARS INC (CALLABLE)
DTD 03/12/2025 4.800% 03/01/2030
571676AY1 115,000.00 A A2 3/5/2025 3/12/2025 114,875.80 4.83 1,671.33 116,476.83114,882.59

STATE STREET CORP (CALLABLE)
DTD 04/24/2025 4.834% 04/24/2030
857477DB6 200,000.00 A Aa3 4/22/2025 4/24/2025 200,000.00 4.83 1,799.32 203,675.40200,000.00

PACCAR FINANCIAL CORP
DTD 05/08/2025 4.550% 05/08/2030
69371RT71 400,000.00 A+ A1 5/5/2025 5/8/2025 399,380.00 4.59 2,679.44 404,908.40399,397.16

ANALOG DEVICES INC (CALLABLE)
DTD 06/16/2025 4.500% 06/15/2030
032654BE4 400,000.00 A- A2 6/12/2025 6/16/2025 399,648.00 4.52 750.00 403,143.60399,651.89 12,610,000.00 12,512,417.90 144,726.71 12,640,693.19Security Type Sub-Total 4.23 12,535,890.16 Agency CMBS
FHMS K054 A2
DTD 04/01/2016 2.745% 01/01/2026
3137BNGT5 246,890.66 AA+ Aa1 4/11/2023 4/14/2023 236,667.84 4.32 564.76 244,243.25244,807.29 FHMS K058 A2
DTD 11/01/2016 2.653% 08/01/2026
3137BSP72 550,000.00 AA+ Aa1 4/6/2023 4/12/2023 526,839.84 3.98 1,215.96 539,818.40542,095.38 FHMS K061 A2
DTD 01/01/2017 3.347% 11/01/2026
3137BTUM1 365,891.26 AA+ Aa1 5/19/2023 5/24/2023 354,628.68 4.29 1,020.53 361,567.16361,389.80 FHMS K064 A2
DTD 05/01/2017 3.224% 03/01/2027
3137BXQY1 550,000.00 AA+ Aa1 8/16/2023 8/18/2023 518,804.69 4.94 1,477.67 541,626.25534,991.62 FHMS K065 A2
DTD 07/01/2017 3.243% 04/01/2027
3137F1G44 550,000.00 AA+ Aa1 6/8/2023 6/13/2023 527,033.20 4.42 1,486.38 541,261.05539,209.56 FHMS KJ48 A1
DTD 12/01/2023 4.858% 05/01/2028
3137HBC69 385,059.03 AA+ Aa1 12/6/2023 12/14/2023 385,055.95 4.86 1,558.85 390,428.29385,057.99 FHMS K505 A2
DTD 07/01/2023 4.819% 06/01/2028
3137HACX2 550,000.00 AA+ Aa1 7/13/2023 7/20/2023 555,493.40 4.59 2,208.71 559,847.20553,323.89 FHMS KJ46 A1
DTD 07/01/2023 4.777% 06/01/2028
3137HAD45 433,132.10 AA+ Aa1 7/19/2023 7/27/2023 433,121.31 4.78 1,724.23 436,614.49433,125.54 FNA 2023-M6 A2
DTD 07/01/2023 4.182% 07/01/2028
3136BQDE6 525,324.72 AA+ Aa1 7/18/2023 7/31/2023 516,418.82 4.58 1,830.55 525,337.33519,844.17 FHMS K508 A2
DTD 10/01/2023 4.740% 08/01/2028
3137HAQ74 500,000.00 AA+ Aa1 10/11/2023 10/19/2023 489,032.00 5.25 1,975.00 508,525.50492,550.90 FHMS K506 A2
DTD 09/01/2023 4.650% 08/01/2028
3137HAMH6 800,000.00 AA+ Aa1 9/7/2023 9/14/2023 788,165.60 4.99 3,100.00 811,510.40792,117.76 53 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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 K509 A2
DTD 10/01/2023 4.850% 09/01/2028
3137HAST4 375,000.00 AA+ Aa1 10/25/2023 10/31/2023 363,043.88 5.60 1,515.63 382,643.25366,611.22 FHMS K507 A2
DTD 09/01/2023 4.800% 09/01/2028
3137HAMS2 500,000.00 AA+ Aa1 9/20/2023 9/28/2023 494,023.50 5.07 2,000.00 509,475.00495,891.30 FHMS K511 A2
DTD 12/01/2023 4.860% 10/01/2028
3137HB3G7 275,000.00 AA+ Aa1 11/28/2023 12/7/2023 274,209.93 4.93 1,113.75 280,966.95274,442.27 FHMS K510 A2
DTD 11/01/2023 5.069% 10/01/2028
3137HB3D4 180,000.00 AA+ Aa1 11/14/2023 11/21/2023 179,479.62 5.14 760.35 184,810.68179,635.10 FHMS K514 A2
DTD 02/01/2024 4.572% 12/01/2028
3137HBLV4 290,000.00 AA+ Aa1 2/1/2024 2/8/2024 292,899.71 4.34 1,104.90 293,719.54292,134.78 FHMS K522 A2
DTD 06/01/2024 4.803% 05/01/2029
3137HDJJ0 550,000.00 AA+ Aa1 6/5/2024 6/13/2024 549,998.35 4.80 2,201.38 561,927.85550,000.00 FHMS K524 A2
DTD 07/01/2024 4.720% 05/01/2029
3137HDV56 440,000.00 AA+ Aa1 7/16/2024 7/25/2024 442,702.04 4.58 1,730.67 448,495.08442,263.24 FHMS K526 A2
DTD 08/01/2024 4.543% 07/01/2029
3137HDXL9 495,000.00 AA+ Aa1 8/7/2024 8/15/2024 499,630.23 4.33 1,873.99 501,485.00498,882.06 FHMS K539 A2
DTD 04/01/2025 4.410% 01/01/2030
3137HKXJ8 190,000.00 AA+ Aa1 4/15/2025 4/24/2025 189,993.35 4.41 698.25 191,687.39189,993.70 8,751,297.78 8,617,241.94 31,161.56 8,815,990.06Security Type Sub-Total 4.72 8,688,367.57 ABS
GMCAR 2021-4 A3
DTD 10/21/2021 0.680% 09/16/2026
362554AC1 214.23 AAA Aaa 10/13/2021 10/21/2021 214.23 0.68 0.06 213.89214.23 CARMX 2022-3 A3
DTD 07/20/2022 3.970% 04/15/2027
14318MAD1 69,180.07 AAA NR 7/12/2022 7/20/2022 69,178.44 3.97 122.06 69,027.4669,179.46 NAROT 2022-B A3
DTD 09/28/2022 4.460% 05/17/2027
65480JAC4 63,745.55 AAA Aaa 9/20/2022 9/28/2022 63,732.35 4.46 126.36 63,719.9263,740.20 GMCAR 2022-4 A3
DTD 10/12/2022 4.820% 08/16/2027
36265QAD8 113,696.78 AAA NR 10/4/2022 10/12/2022 113,678.15 4.82 228.34 113,817.53113,688.61 TAOT 2023-A A3
DTD 01/30/2023 4.630% 09/15/2027
891940AC2 153,708.74 AAA NR 1/24/2023 1/30/2023 153,708.66 4.63 316.30 153,773.60153,708.70 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 4.95 539.00 245,283.71244,982.23 54 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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
ABS
HDMOT 2023-A A3
DTD 02/23/2023 5.050% 12/15/2027
41285JAD0 100,270.17 NR Aaa 2/13/2023 2/23/2023 100,260.08 5.05 225.05 100,472.02100,265.02 FORDO 2023-A A3
DTD 03/31/2023 4.650% 02/15/2028
344928AD8 88,768.60 AAA NR 3/28/2023 3/31/2023 88,759.34 4.65 183.46 88,864.2988,763.62 HAROT 2023-3 A3
DTD 08/22/2023 5.410% 02/18/2028
43815QAC1 277,826.05 AAA NR 8/15/2023 8/22/2023 277,768.77 5.42 542.76 279,603.58277,792.48 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 4.31 612.98 319,696.64319,989.81 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 4.79 361.91 170,718.76169,977.50 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 4.87 411.24 190,971.28189,990.16 COMET 2023-A1 A
DTD 05/24/2023 4.420% 05/15/2028
14041NGD7 490,000.00 AAA NR 5/17/2023 5/24/2023 489,887.64 4.42 962.58 490,452.27489,935.13 DCENT 2023-A2 A
DTD 06/28/2023 4.930% 06/15/2028
254683CZ6 350,000.00 AAA Aaa 6/21/2023 6/28/2023 349,952.72 4.93 766.89 352,117.50349,971.85 HAROT 2023-4 A3
DTD 11/08/2023 5.670% 06/21/2028
438123AC5 85,000.00 NR Aaa 11/1/2023 11/8/2023 84,985.03 5.67 133.88 85,902.6184,990.02 FITAT 2023-1 A3
DTD 08/23/2023 5.530% 08/15/2028
31680EAD3 322,449.54 AAA Aaa 8/15/2023 8/23/2023 322,429.55 5.53 792.51 324,958.20322,437.00 CHAIT 2023-A1 A
DTD 09/15/2023 5.160% 09/15/2028
161571HT4 405,000.00 AAA NR 9/7/2023 9/15/2023 404,887.73 5.17 928.80 409,651.43404,924.77 AMXCA 2023-3 A
DTD 09/19/2023 5.230% 09/15/2028
02582JKD1 410,000.00 AAA NR 9/12/2023 9/19/2023 409,981.67 5.23 953.02 414,615.37409,987.92 PILOT 2025-1A A3
DTD 05/21/2025 4.610% 10/20/2028
73329KAD8 100,000.00 AAA NR 5/14/2025 5/21/2025 99,989.29 4.61 140.86 100,875.9099,989.91 BACCT 2023-A2 A2
DTD 12/14/2023 4.980% 11/15/2028
05522RDH8 180,000.00 NR Aaa 12/7/2023 12/14/2023 179,975.83 4.98 398.40 181,889.46179,983.27 AMXCA 2024-1 A
DTD 04/23/2024 5.230% 04/16/2029
02582JKH2 495,000.00 AAA NR 4/16/2024 4/23/2024 494,898.53 5.23 1,150.60 504,831.69494,898.53 HAROT 2025-2 A3
DTD 05/08/2025 4.150% 10/15/2029
437921AD1 115,000.00 NR Aaa 4/29/2025 5/8/2025 114,987.15 4.15 212.11 115,213.67114,987.82 BAAT 2025-1A A3
DTD 05/12/2025 4.350% 11/20/2029
05594BAD8 80,000.00 NR Aaa 5/6/2025 5/12/2025 79,994.48 4.35 106.33 80,357.4479,994.90 55 PFM Asset Management | pfmam.com

4.19 4.19%
Total Investments $55,993,407.19
56 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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. 57 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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. 58 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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.
59 PFM Asset Management | pfmam.com

CITY OF LAKE ELSINORE
For the Quarter Ended June 30, 2025
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. 60 The Federal Open Market Committee (FOMC)
maintained the target range for the federal funds rate at

4.25-4.5% during both meetings in Q2, citing resilience in the labor market and marginal improvements in an
otherwise sticky inflation picture.

U.S. Treasury yields in the intermediate-term (2-7
years) moved lower over the quarter. The change in
yields reflected ongoing market sensitivity to domestic policy uncertainty, with a continued focus on the
potential impacts of taxes, tariffs, immigration, and
deregulation. However, progress on trade negotiations
and lower recession probabilities kept the declines in
check. As a result of the Treasury rally, total returns were strong for the quarter.

Federal Agency & supranational spreads remained
low throughout Q2. Both sectors produced slightly
positive excess returns for the quarter. Issuance
remained light and the incremental income from the
sectors is near zero.

Investment-Grade (IG) corporate bond spreads
spiked early in the quarter on tariff announcements, but as external stressors eased much of the widening
retraced. Demand for new issuance remains strong
while net issuance is predicted to decrease over the
balance of the year. Lower-quality issuers outperformed as did banks and other financials.

Asset-Backed Securities spreads retraced over
quarter, but to a lesser degree than most other
sectors. ABS showed the impact of the slower
decrease in spreads by posting more modest excess
returns over the quarter. We expect the sector to
continue generating value from carry going forward.

Mortgage-Backed Securities performance was
strong across all structures and coupons as rate
volatility moderated over the quarter. Likewise,
Agency-backed commercial MBS (CMBS) also
posted strong performance for the quarter and saw
positive excess returns.

Short-term credit (commercial paper and negotiable
bank CDs) yields on the front end of the yield curve
rose slightly in response to the approaching Treasury
“X-Date” (estimated date for Treasury to exhaust
funds under the debt ceiling) while yields fell modestly on the long end as demand shifted into longer-term
Treasury notes. Yield spreads tightened over the
quarter in response to moderated issuance and
strong demand.

For the Quarter Ended March 31, 2022
Market Update
For the Quarter Ended June 30, 2025
Market Update
Fixed-Income Sector Commentary – 2Q 2025
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
16 U.S. Treasury volatility is expected to continue given both fiscal and monetary policy uncertainty. The
potential impact of further policy changes on
economic growth, inflation, and labor markets are
unknown. We expect to see an ongoing steepening of
the yield curve given the expectation for future Fed
rate cuts.

Federal Agency & Supranational spreads are likely
to remain at tight levels. Government-heavy accounts
may find occasional value on an issue-by-issue basis.

Taxable Municipals continue to see little activity due
to an ongoing lack of supply and strong demand
which continues to suppress yields in both the new
issue and secondary markets. We expect few
opportunities in the near term.

Investment-Grade Corporate bond fundamentals
and valuations weakened while technicals have
moved to modestly favorable. Progress on trade
negotiations and lower recession odds should provide
upward pressure on fundamentals moving forward.

We will selectively evaluate opportunities with a focus on industry and credit quality while analyzing rich
holdings to tactically reduce allocations in the sector for accounts where it makes sense.

Asset-Backed Securities fundamentals remain intact
and credit metrics have normalized. Consumer credit
trends will depend on the labor market and the
consumer’s response to monetary policy easing,
which tends to work on a lag. We expect spreads to
stabilize heading into Q3 as issuance quiets over the
summer, but overall heightened volatility presents an
opportunity to add allocations at more attractive
levels.

Mortgage-Backed Securities are expected to
underperform over the short term, while rich current
valuations will keep returns over the year positive. We may use any meaningful spread widening to add at
more attractive levels.

Short-term credit (commercial paper and negotiable
bank CDs) spreads in Q3 will continue to be subject
to ongoing debt ceiling dynamics or the Fed’s decision
to slow the pace of quantitative tightening. Given the
positively sloped shape of the money market yield
curve, we favor a mix of floating rate in the front end with fixed rate in longer maturities.

Fixed-Income Sector Outlook – 3Q 2025
For the Quarter Ended June 30, 2025
Market Update
The views expressed within this material constitute the perspective and judgment of PFM Asset Management at the time of distribution (06/30/2025) and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFM Asset Management cannot guarantee its accuracy, completeness, or suitability.
17

Lake Elsinore City CouncilAugust 26, 2025

Lake Elsinore City Council
August 26, 2025