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HomeMy WebLinkAboutFin City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: January 19, 2021 Disposition: Accepted report Agenda Item No: 5.b Meeting Date: January 19, 2021 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Atieh Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2020 RECOMMENDATION: Accept investment report for the quarter ending December 31, 2020, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601, and the City’s investment policy, last approved by the City Council on June 15, 2020, staff provides the City Council a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. In addition to operational funds the City manages, the City also directed the investment of funds held by a Trustee for the Essential Public Safety Facilities Project. As of December 31, 2020, the balances have been drawn in full. ANALYSIS: As of December 31, 2020, the primary LAIF account had a balance of $34,362,709. The other LAIF account, holding housing funds for future administrative expenses contained $154,528. Portfolio returns on LAIF deposits were 0.54% for the quarter ending December 31, 2020. The remaining investment assets included the $1,239,200 balance of Pt. San Pedro Assessment District bonds, and $20,531,370 in government agency securities and corporate bonds (including Wells Fargo, Walt Disney, JP Morgan Chase, American Express, US Bancorp, Citibank, Pfizer Inc., Caterpillar Inc., Walmart Inc., Apple Inc., Bank of America Corp, and PNC Bank). The overall total portfolio returns for the quarter ended December 31, 2020 were 1.06%. The City’s Westamerica general operating bank account had a balance of $15,635,658 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending December 2020. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending December 31, 2020, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, October through December 2020 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending December 31, 2020 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR %Return LAIF 34,362,709$ 97.4% 0.54% LAIF - RDA 154,528$ 0.4% 0.54% LAIF - RDA 02 TARB 766,772$ 2.2% 0.54% Total Internally Managed 35,284,010$ 61.5% Weighted Average Yield 0.54% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 278,791$ 1.3% 0.01% Treasury Securities 1,464,113$ 6.6% 1.54% Instrumentality Securities 12,320,155$ 55.9% 1.58% Corporate Notes 6,747,102$ 30.6% 2.02% Municipal 1,239,200$ 5.6% 5.25% Total Externally Managed 22,049,361$ 38.5% Weighted Average Yield 1.90% Years Effective Average Duration - External 1.91 Weighted Average Maturity - External 2.22 Total Portfolio Assets %Return LAIF 35,284,010$ 61.5% 0.54% Cash 278,791$ 0.5% 0.01% Treasury Securities 1,464,113$ 2.6% 1.54% Instrumentality Securities 12,320,155$ 21.5% 1.58% Corporate Notes 6,747,102$ 11.8% 2.02% Municipal 1,239,200$ 2.2% 5.25% Total Portfolio Assets 57,333,371$ Weighted Average Yield 1.06% Years Effective Average Duration - Total 0.74 Weighted Average Maturity - Total 0.86 Based on Market Values December 31, 2020 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 97.4% LAIF - RDA, 0.4% LAIF - RDA 02 TARB, 2.2% Cash , 1.3%Treasury Securities, 6.6% Instrumentality Securities, 55.9% Corporate Notes, 30.6% Municipal, 5.6% LAIF 62% Cash 0% Treasury Securities 3% Instrumentality Securities 21% Corporate Notes 12%Municipal 2% Exhibit AInternally Managed Assets% Return % Return % Return % Return % Return % ReturnLAIF 35,129,481$ 99.6% 0.54% 23,075,641$ 99.3% 0.68% 32,962,961$ 99.5% 1.22% 22,847,933$ 99.3% 1.78% 22,767,096$ 99.3% 2.04% 12,680,946$ 98.8% 2.28%LAIF - Housing 154,528$ 0.4% 0.54%154,201$ 0.7% 0.68% 153,640$ 0.5% 1.22% 152,871$ 0.7% 1.78% 151,998$ 0.7% 2.04% 151,067$ 1.2% 2.28%Total Internally Managed 35,284,009$ 61.5%23,229,842$ 51.3%33,116,601$ 57.4%23,000,804$ 48.6%22,919,094$ 49.0%12,832,013$ 34.9%Weighted Average Yield 0.54% 0.68% 1.22% 1.78% 2.04% 2.28%Externally Managed Assets% Return % Return % Return % Return % Return % ReturnCash 278,791$ 22.5% 0.01%387,991$ 31.3% 0.00% 1,784,838$ 135.7% 0.00% 57,810$ 4.4% 0.00% 39,382$ 3.0% 0.00% -$ 0.0% 0.00%Treasury Securities 1,464,113$ 6.6% 1.54% 1,470,457$ 6.7% 1.54% 2,476,872$ 10.1% 1.49% 3,083,104$ 12.7% 1.54% 3,010,993$ 12.6% 1.55% 4,569,064$ 19.1% 1.47%Instrumentality Securities 12,320,155$ 55.9% 1.58% 12,173,214$ 55.3% 1.70% 12,218,650$ 49.8% 1.80% 13,227,918$ 54.4% 1.81% 13,379,064$ 56.0% 1.80% 15,010,194$ 62.8% 1.83%Corporate Notes 6,747,102$ 30.6% 2.02% 6,751,751$ 30.7% 2.06% 6,749,718$ 27.5% 2.23% 6,636,962$ 27.3% 2.23% 6,157,409$ 25.8% 2.25% 2,994,607$ 12.5% 2.51%Municipal/Assessment District 1,239,200$ 5.6% 5.25% 1,239,200$ 5.6% 5.25% 1,315,100$ 5.4% 5.25% 1,315,100$ 5.4% 5.25% 1,315,100$ 5.5% 5.25% 1,315,100$ 5.5% 5.25%Total Externally Managed 22,049,361$ 38.5%22,022,613$ 48.7%24,545,178$ 42.6%24,320,894$ 51.4%23,901,948$ 51.0%23,888,965$ 65.1%Weighted Average Yield 1.90% 1.97% 1.94% 2.07% 2.07% 2.03%Years Years Years Years Years YearsEffective Average Duration - External 1.91 1.91 1.83 2.07 2.10 1.86Weighted Average Maturity - External 2.22 2.22 2.07 2.32 2.39 2.13Total Portfolio Assets% Return % Return % Return % Return % Return % ReturnLAIF 35,284,009$ 61.5% 0.54% 23,229,842$ 51.3% 0.68% 33,116,601$ 57.4% 1.22% 23,000,804$ 48.6% 1.78% 22,919,094$ 49.0% 2.04% 12,832,013$ 34.9% 2.28%Cash 278,791$ 0.5% 0.01%387,991$ 0.9% 0.00% 1,784,838$ 3.1% 0.00% 57,810$ 0.1% 0.00% 39,382$ 0.1% 0.00% -$ 0.0% 0.00%Treasury Securities 1,464,113$ 2.6% 1.54% 1,470,457$ 3.2% 1.54% 2,476,872$ 4.3% 1.49% 3,083,104$ 6.5% 1.54% 3,010,993$ 6.4% 1.55% 4,569,064$ 12.4% 1.47%Instrumentality Securities 12,320,155$ 21.5% 1.58% 12,173,214$ 26.9% 1.70% 12,218,650$ 21.2% 1.80% 13,227,918$ 28.0% 1.81% 13,379,064$ 28.6% 1.80% 15,010,194$ 40.9% 1.83%Corporate Notes 6,747,102$ 11.8% 2.02% 6,751,751$ 14.9% 2.06% 6,749,718$ 11.7% 2.23% 6,636,962$ 14.0% 2.23% 6,157,409$ 13.2% 2.25% 2,994,607$ 8.2% 2.51%Municipal/Assessment District 1,239,200$ 2.2% 5.25% 1,239,200$ 2.7% 5.25% 1,315,100$ 2.3% 5.25% 1,315,100$ 2.8% 5.25% 1,315,100$ 2.8% 5.25% 1,315,100$ 3.6% 5.25%57,333,369$ 45,252,454$ 57,661,778$ 47,321,697$ 46,821,041$ 36,720,977$ Total Portfolio AssetsWeighted Average Yield 1.06% 1.31% 1.53% 1.93% 2.06% 2.12%Years Years Years Years Years YearsEffective Average Duration - Total 0.74 0.93 0.78 1.07 1.07 1.21Weighted Average Maturity - Total 0.86 1.08 0.88 1.19 1.22 1.39Performance Recap-The weighted average quarterly portfolio yield decreased from 1.31% to 1.06% during the past quarter. The yield has decreased over the past year, from 2.06% in the quarter ended December 31, 2020 to 1.06% in the most recent quarter. This trend is reflective of the general decrease in interest rates that occurred througout the year. -The effective average duration decreased, from 0.93 to 0.74 years since last quarter due to an increase in LAIF assets. -The total portfolio assets increased by approximately $12 million during the quarter. This is due to the receipt of property tax funds in December and subsequent transfer to LAIF. City of San RafaelHistorical Activity-By QuarterMarch 31, 2020 December 31, 2019 September 30, 2019September 30, 2020December 31, 2020 June 30, 2020W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\20-21\06 - December 2020\Insight-Quarterly Report combined 12-31-20 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELOctober 2020 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costCash and Cash EquivalentsCash and Cash Equivalents192,006.44 192,006.440.88Total Cash and Cash Equivalents192,006.44192,006.440.88Corporate Bonds94974BFR6 WELLS FARGO AND CO3.000 01/22/2021 500,000.00 501,180.00 03/18/2020 2.71 2.31254687CK0 WALT DISNEY CO4.500 02/15/2021 500,000.00 515,190.00 12/17/2019 1.83 2.3746625HQJ2 JP MORGAN CHASE & CO2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.280258M0EB1 AMERICAN EXPRESS CREDIT CORP2.250 05/05/2021 550,000.00 552,667.50 12/17/2019 1.89 2.5591159HHA1 US BANCORP/MN4.125 05/24/2021 500,000.00 514,880.00 12/18/2019 1.98 2.3717325FAQ1 CITIBANK NA - CITIBANK3.400 07/23/2021 500,000.00 507,030.00 05/29/2019 2.72 2.34717081DZ3 PFIZER INC2.200 12/15/2021 500,000.00 503,615.00 12/17/2019 1.83 2.32149123BX8 CATERPILLAR INC2.600 06/26/2022 500,000.00 500,300.00 05/16/2019 2.58 2.30931142DH3 WAL-MART STORES INC2.550 04/11/2023 500,000.00 509,155.00 09/17/2019 2.01 2.35037833AK6 APPLE INC2.400 05/03/2023 500,000.00 506,880.00 09/17/2019 2.00 2.3306051GHC6 BANK OF AMERICA CORP - BOA3.004 12/20/2023 500,000.00 525,795.00 10/15/2020 0.61 2.42693475AV7 PNC FINANCIAL SERVICES GROUP I3.500 01/23/2024 500,000.00 523,455.00 07/26/2019 2.39 2.4106051GHF9 BANK OF AMERICA CORP - BOA3.550 03/05/2024 500,000.00 535,525.00 07/17/2020 0.81 2.47Total Corporate Bonds6,550,000.006,690,397.502.0230.82Government Agencies3133EJ4Q9 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.30313373ZY1 FEDERAL HOME LOAN BANKS3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.72313378JP7 FEDERAL HOME LOAN BANKS2.375 09/10/2021 600,000.00 602,430.00 05/15/2019 2.19 2.783135G0Q89 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.37510/07/2021 1,100,000.00 1,099,318.00 02/10/2020 1.41 5.063137EADB2 FEDERAL HOME LOAN MORTGAGE COR2.375 01/13/2022 1,650,000.00 1,676,634.30 09/30/2019 1.65 7.72313378WG2 FEDERAL HOME LOAN BANKS2.500 03/11/2022 1,000,000.00 1,016,330.00 06/13/2019 1.89 4.683135G0T78 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.00010/05/2022 600,000.00 601,716.00 07/09/2019 1.91 2.773130A3KM5 FEDERAL HOME LOAN BANKS2.500 12/09/2022 1,000,000.00 1,021,240.00 07/01/2019 1.86 4.703134GW2F2 FEDERAL HOME LOAN MORTGAGE COR0.300 05/25/2023 1,000,000.00 1,000,000.00 08/24/2020 0.30 4.613135G0U43 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.87509/12/2023 1,000,000.00 1,047,553.22 09/24/2019 1.63 4.833135G0V34 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.500 02/05/2024 600,000.00 621,262.80 10/21/2019 1.64 2.863136G46B4 FEDERAL NATIONAL MORTGAGE ASSOCIATION 0.35004/26/2024 1,200,000.00 1,199,700.00 10/30/2020 0.38 5.533135G0V75 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.750 07/02/2024 750,000.00 753,426.75 11/04/2019 1.65 3.47Total Government Agencies12,000,000.0012,162,751.071.5856.03Government Bonds912828M80 UNITED STATES TREASURY NOTE/BOND2.000 11/30/2022 750,000.00 762,072.83 01/27/2020 1.42 3.51SAN RAFAELAs of October 31, 2020 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costSAN RAFAELAs of October 31, 2020912828U57 UNITED STATES TREASURY NOTE/BOND2.125 11/30/2023 650,000.00 661,529.52 10/28/2019 1.67 3.05Total Government Bonds1,400,000.001,423,602.351.546.56Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT5.250 09/02/2032 1,239,200.00 1,239,200.00 03/01/2014 5.25 5.71Total Municipal/Provincial Bonds1,239,200.001,239,200.005.255.71Grand Total21,381,206.4421,707,957.361.91100.00 ADDITIONAL INFORMATIONAs of October 31, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years. ADDITIONAL INFORMATIONAs of October 31, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved. FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELNovember 2020 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 11Detail of return and interest received 15Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of November 30, 2020SAN RAFAELChart 1: ManufacturingISM increases more than expectedSource: BloombergFinanceLP, November 30, 2020.Chart 2: Retail sales growth slowsSource: Bloomberg Finance LP, November 30, 2020.Economic Indicators and Monetary PolicyFormer Vice President Joe Biden was elected the next President of the United States,winning the electoral college 306 to 232 and the popular vote by ~6 million.The Democratic Party won a narrower majority in the House of Representatives. TheSenate, however, stood at 50 to 48 in the Republican Party’s favor and will be decidedby two run-offs in Georgia. If the Republicans win at least one (which they are strongfavorites to) they will retain control of the Senate. If the Democrats win both run-offs,the Senate will be deadlocked at 50:50, but as Vice President-elect Kamala Harris willbe given any deciding vote in the event of a tie it would hand the Democrats aneffective Senate majority.COVID-19 cases continued to rise, and hospitalizations increased to their highestlevels since the start of the pandemic, resulting in concerns of stretched healthcaresystems in some regions and some additional restrictions on economic activity.Data-wise, the ISM manufacturing PMI rose sharply in October at 59.3, aboveexpectations of 56, as new orders jumped due to restocking demand. The ISMservices index (which was more impacted by the pandemic) receded 1.2pts to 56.6,remaining in expansionary territory (Chart 1).Payrolls rose 638,000 with private sector hiring particularly high at 906,000 as publicsector lost 268,000, driven by lay-offs at the state and local level and censusemployment rolling back after the spike during the summer. Elsewhere, retail salesmomentum slowed in October, more than expected 0.3% versus consensus at 0.5%(Chart 2).Interest Rate SummaryTreasury yields did not change materially over the month. At the end of November,the 3-month US Treasury bill yielded 0.08%, the 6-month US Treasury bill yielded0.09%, the 2-year US Treasury note yielded 0.15%, the 5-year US Treasury note yielded0.36% and the 10-year US Treasury note yielded 0.84%.365 60 ~ 55 7J C >. :c 50 c 0 ~ NoY-18 NoY-19 ---Manufacturing ---Non-manufacturing -----Neutral leYel --Retail sales(%) ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2020 - November 30, 2020SAN RAFAELAmortized Cost Basis Activity Summary21,593,039.78Opening balance36,908.19Income received36,908.19Total receipts(129.81)Expenses paid(129.81)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(10,754.97)Total amortization expense288.86Total OID/MKT accretion income0.00Return of capitalClosing balance21,619,352.05Ending fair value22,021,177.30401,825.25Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.49 0.04 0.01Overnight Repo0.51 0.05 0.01Merrill Lynch 3m US Treas Bill 0.45 0.05 0.01Merrill Lynch 6m US Treas Bill 0.45 0.05 0.01ML 1 Year US Treasury Note 0.50 0.07 0.01ML 2 Year US Treasury Note 0.52 0.08 0.01ML 5 Year US Treasury Note 0.65 0.16 0.03* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned43,283.11Accretion (amortization)(10,466.11)Realized gain (loss) on sales0.00Total income on portfolio32,817.00Average daily amortized cost21,601,593.42Period return (%)Weighted average final maturity in days847YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.94 0.00 1.940.00Corporate Bonds 16,052.31 (5,465.19) 10,587.120.00Government Agencies 19,626.39 (4,420.48) 15,205.910.00Government Bonds 2,361.68 (580.44) 1,781.240.00Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total 43,283.11 (10,466.11) 0.00 32,817.000.151.834 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2020 - November 30, 2020SAN RAFAELFair Value Basis Activity Summary22,008,655.53Opening balance36,908.19Income received36,908.19Total receipts(129.81)Expenses paid(129.81)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(24,256.61)Ending fair value22,021,177.30Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.49 0.04 0.01Overnight Repo0.51 0.05 0.01ICE Bofa 3 Months US T-BILL 0.80 0.07 0.01ICE Bofa 6m US Treas Bill 1.20 0.11 0.02ICE Bofa 1 Yr US Treasury Note 2.01 0.17 0.05ICE BofA US Treasury 1-3 3.27 0.13 0.05ICE BofA US Treasury 1-5 4.32 0.14 0.07* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.94 0.00 1.94Corporate Bonds 16,052.31 (8,800.47) 7,251.84Government Agencies 19,626.39 (13,795.98) 5,830.41Government Bonds 2,361.68 (1,660.16) 701.52Municipal/Provincial Bonds 5,240.79 0.00 5,240.79Total43,283.11 (24,256.61) 19,026.50Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned43,283.11Total income on portfolio19,026.50Average daily total value *22,153,982.98Period return (%)0.09Weighted average final maturity in days847Change in fair value(24,256.61)YTD return (%)3.15* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of November 30, 2020SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents228,784.82 228,784.82 228,784.820.001.050.001Corporate Bonds6,690,397.50 6,642,821.79 6,753,507.19 110,685.40538 30.771.20Government Agencies12,162,751.07 12,091,604.56 12,334,361.07 242,756.51676 55.931.58Government Bonds1,423,602.35 1,416,940.88 1,465,324.22 48,383.34900 6.552.41Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,294 5.708.69Total21,744,735.74 21,619,352.05 22,021,177.30 401,825.25847 100.001.91Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents1.05Corporate Bonds30.77Government Agencies55.93Government Bonds6.55Municipal/Provincial Bonds5.70Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of November 30, 2020SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,238,979.82 10.3090 to 179 days1,067,547.50 4.91180 days to 1 year3,232,818.00 14.871 to 2 years4,298,595.30 19.772 to 3 years5,908,221.05 27.173 to 4 years3,759,374.07 17.294 to 5 years0.00 0.00Over 5 years1,239,200.00 5.7021,744,735.74 100.00Maturity distribution0.002.004.006.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of November 30, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000228,784.82 228,784.82 0.00 0.00 1.05228,784.82228,784.82Cash and Cash EquivalentsTotal Cash and Cash Equivalents228,784.82 228,784.82 228,784.82 0.00 1.050.00228,784.82Corporate Bonds94974BFR63.000 01/22/2021 501,180.00 500,201.18 1,621.18 5,333.332.30501,822.36500,000.00WELLS FARGO & COMPANY 3% 22JAN2021254687CK04.500 02/15/2021 515,190.00 502,718.97 1,499.45 6,562.502.37504,218.42500,000.00WALT DISNEY COMPANY/THE 4.5% 15FEB202146625HQJ22.550 03/01/2021 494,725.00 499,365.89 2,503.13 3,152.0802/01/20212.28501,869.02500,000.00JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE01FEB21)0258M0EB12.250 05/05/2021 552,667.50 550,706.77 3,125.01 859.3804/04/20212.54553,831.78550,000.00AMERICAN EXPRESS CREDIT 2.25% 05MAY2021(CALLABLE 04APR21)91159HHA14.125 05/24/2021 514,880.00 504,378.27 3,419.76 343.7504/23/20212.37507,798.03500,000.00US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)17325FAQ13.400 07/23/2021 507,030.00 501,915.56 6,889.49 5,997.2206/23/20212.33508,805.05500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,885.43 8,148.88 5,041.672.32510,034.31500,000.00PFIZER INC 2.2% 15DEC2021149123BX82.600 06/26/2022 500,300.00 500,138.51 14,770.37 5,561.1103/26/20222.30514,908.88500,000.00CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE26MAR22)931142DH32.550 04/11/2023 509,155.00 505,830.09 17,844.99 1,735.4201/11/20232.34523,675.08500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 504,595.44 20,302.30 900.00 2.33524,897.74500,000.00APPLE INC 2.4% 03MAY20238 SECURITIES HELDAs of November 30, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds06051GHC63.004 12/20/2023 525,795.00 524,285.37 754.63 6,675.5612/20/20222.42525,040.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 523,455.00 516,291.48 27,756.99 6,173.6112/24/20232.41544,048.47500,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)06051GHF93.550 03/05/2024 535,525.00 530,508.83 2,049.22 4,190.9703/05/20232.46532,558.05500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)Total Corporate Bonds6,690,397.50 6,642,821.79 6,753,507.19 110,685.40 30.7752,526.606,550,000.00Government Agencies3133EJ4Q92.550 01/11/2021 499,100.00 499,947.81 1,412.60 4,922.922.30501,360.41500,000.00FEDERAL FARM CREDIT BANK 2.55% 11JAN2021313373ZY13.625 06/11/2021 1,024,040.00 1,005,633.91 12,803.46 17,017.36 4.711,018,437.371,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,813.88 9,679.26 3,166.672.77610,493.14600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,649.88 12,153.12 2,226.74 5.061,111,803.001,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,663,026.24 28,520.17 14,913.02 7.711,691,546.411,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,007,611.86 22,346.94 5,486.11 4.671,029,958.801,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,977.84 19,147.76 1,833.33 2.77620,125.60600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,012,497.14 34,093.73 11,875.00 4.701,046,590.871,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20229 SECURITIES HELDAs of November 30, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 (1,056.18) 791.6708/25/20214.60998,943.821,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)3135G0U432.875 09/12/2023 1,047,553.22 1,033,343.83 40,319.37 6,229.17 4.821,073,663.201,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 615,757.87 27,097.62 4,791.67 2.86642,855.49600,000.00FANNIE MAE 2.5% 05FEB20243136G46B40.350 04/26/2024 1,199,700.00 1,199,707.40 (442.53) 396.6710/26/20215.521,199,264.871,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,636.90 36,681.19 5,395.83 3.46789,318.09750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,162,751.07 12,091,604.56 12,334,361.07 242,756.51 55.9379,046.1612,000,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 758,490.53 19,077.83 0.00 3.50777,568.36750,000.00USA TREASURY 2% 30NOV2022912828U572.125 11/30/2023 661,529.52 658,450.35 29,305.51 0.00 3.04687,755.86650,000.00USA TREASURY 2.125% 30NOV2023Total Government Bonds1,423,602.35 1,416,940.88 1,465,324.22 48,383.34 6.550.001,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 15,903.07 5.701,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 5.7015,903.071,239,200.00Grand total21,744,735.74 21,619,352.05 401,825.2521,417,984.82100.00147,475.8322,021,177.3010 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 5.06 1,111,803.00 5.05 0.853135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.77 620,125.60 2.82 1.813135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.82 1,073,663.20 4.88 2.683135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.86 642,855.49 2.92 3.063136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 5.52 1,199,264.87 5.45 1.863135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.46 789,318.09 3.58 3.47Issuer total5,250,000.00 5,322,976.77 24.48 5,437,030.25 24.69 2.18Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.71 1,018,437.37 4.62 0.52313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.77 610,493.14 2.77 0.77313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.67 1,029,958.80 4.68 1.253130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.70 1,046,590.87 4.75 1.96Issuer total3,600,000.00 3,664,040.00 16.85 3,705,480.18 16.83 1.16Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.71 1,691,546.41 7.68 1.103134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 4.60 998,943.82 4.54 1.44Issuer total2,650,000.00 2,676,634.30 12.31 2,690,490.23 12.22 1.23United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.50 777,568.36 3.53 1.97912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 3.04 687,755.86 3.12 2.92Issuer total1,400,000.00 1,423,602.35 6.55 1,465,324.22 6.65 2.4111 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 5.70 1,239,200.00 5.63 8.69Issuer total1,239,200.00 1,239,200.00 5.70 1,239,200.00 5.63 8.69Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 2.42 525,040.00 2.38 1.9806051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 2.46 532,558.05 2.42 2.17Issuer total1,000,000.00 1,061,320.00 4.88 1,057,598.05 4.80 2.08American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.54 553,831.78 2.51 0.34Issuer total550,000.00 552,667.50 2.54 553,831.78 2.51 0.34PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.41 544,048.47 2.47 2.90Issuer total500,000.00 523,455.00 2.41 544,048.47 2.47 2.90Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.33 524,897.74 2.38 2.36Issuer total500,000.00 506,880.00 2.33 524,897.74 2.38 2.36Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.34 523,675.08 2.38 2.07Issuer total500,000.00 509,155.00 2.34 523,675.08 2.38 2.07Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.30 514,908.88 2.34 1.29Issuer total500,000.00 500,300.00 2.30 514,908.88 2.34 1.2912 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 2.32 510,034.31 2.32 1.02Issuer total500,000.00 503,615.00 2.32 510,034.31 2.32 1.02Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.33 508,805.05 2.31 0.55Issuer total500,000.00 507,030.00 2.33 508,805.05 2.31 0.55US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.37 507,798.03 2.31 0.39Issuer total500,000.00 514,880.00 2.37 507,798.03 2.31 0.39Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 BBB+ A2 500,000.00 515,190.00 2.37 504,218.42 2.29 0.21Issuer total500,000.00 515,190.00 2.37 504,218.42 2.29 0.21JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.28 501,869.02 2.28 0.17Issuer total500,000.00 494,725.00 2.28 501,869.02 2.28 0.17Wells Fargo & Co94974BFR6WELLS FARGO & 3.000 01/22/2021 BBB+ A2 500,000.00 501,180.00 2.30 501,822.36 2.28 0.14Issuer total500,000.00 501,180.00 2.30 501,822.36 2.28 0.14Federal Farm Credit Banks Funding Corp3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.30 501,360.41 2.28 0.11Issuer total500,000.00 499,100.00 2.30 501,360.41 2.28 0.1113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCash and Cash EquivalentsINVESTED CASH 0.000228,784.82 228,784.82 0.00 228,784.82 1.04 0.00Issuer total228,784.82 228,784.82 0.00 228,784.82 1.04 0.00Grand total21,417,984.82 21,744,735.74 100.00 22,021,177.30 100.001.9114 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2020 - November 30, 2020SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.940.000.001.940.00Total Cash1.940.000.001.940.00Corporate BondsAMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 04APR21)996.88(171.00)(747.76)6,187.500.000258M0EB1APPLE INC 2.4% 03MAY2023966.67(157.92)(132.26)6,000.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,209.95(984.54)875.510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,429.86(1,123.02)(208.03)0.000.0006051GHF9CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 26MAR22)1,047.22(8.73)(830.72)0.000.00149123BX8CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,369.44(283.08)(1,234.95)0.000.0017325FAQ1JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE 01FEB21)1,027.08209.05(924.96)0.000.0046625HQJ2PFIZER INC 2.2% 15DEC2021886.11(150.84)(807.98)0.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)1,409.72(443.10)(122.97)0.000.00693475AV7US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,661.46(918.52)(1,448.92)10,312.500.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,027.09(229.83)(526.14)0.000.00931142DH3WALT DISNEY COMPANY/THE 4.5% 15FEB20211,812.50(1,087.59)(1,736.58)0.000.00254687CK0WELLS FARGO & COMPANY 3% 22JAN20211,208.33(116.07)(954.71)0.000.0094974BFR6Total Corporate Bonds16,052.31(5,465.19)(8,800.47) 22,500.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)338.347.40394.510.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,218.4134.22(808.85)0.000.003135G0Q8915 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period November 1, 2020 - November 30, 2020SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 1.75% 02JUL20241,057.29(61.23)(1,082.68)0.000.003135G0V75FANNIE MAE 2% 05OCT2022966.66(44.11)(947.26)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,208.34(412.87)(661.27)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,315.98(998.31)(1,519.50)0.000.003135G0U43FEDERAL FARM CREDIT BANK 2.55% 11JAN20211,027.0938.19(1,068.59)0.000.003133EJ4Q9FEDERAL HOME LOAN BANK 2.375% 10SEP20211,147.92(87.20)(973.02)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,013.89(514.29)(912.36)0.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,013.89(495.35)(1,792.50)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20212,920.14(884.91)(2,830.74)0.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)241.670.00544.070.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,156.77(1,002.02)(2,137.79)0.000.003137EADB2Total Government Agencies19,626.39(4,420.48) (13,795.98)0.000.00Government BondsUSA TREASURY 2% 30NOV20221,229.51(348.92)(1,025.39)7,500.000.00912828M80USA TREASURY 2.125% 30NOV20231,132.17(231.52)(634.77)6,906.250.00912828U57Total Government Bonds2,361.68(580.44)(1,660.16) 14,406.250.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,240.790.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,240.790.000.000.000.00Grand total43,283.11(10,466.11) (24,256.61) 36,908.190.0016 TRANSACTION REPORTFor the period November 1, 2020 - November 30, 2020SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,000.0011/03/202011/03/2020Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.006,187.5011/05/202011/05/2020Income0258M0EB1 Corporate Bonds AMERICAN EXPRESS CREDIT 05/05/2021 550,000.00 0.00 6,187.500.0010,312.5011/24/202011/24/2020Income91159HHA1 Corporate Bonds US BANCORP 4.125% 05/24/2021500,000.00 0.00 10,312.500.007,500.0011/30/202011/30/2020Income912828M80 Government Bonds USA TREASURY 2% 30NOV2022 11/30/2022 750,000.00 0.00 7,500.000.006,906.2511/30/202011/30/2020Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.001.94Income Cash and Cash Equivalents Cash1.940.00 0.000.0011/30/202017 ADDITIONAL INFORMATIONAs of November 30, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.18 ADDITIONAL INFORMATIONAs of November 30, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved.19 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELDecember 2020 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 11Detail of return and interest received 15Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of December 31, 2020SAN RAFAELChart 1: ISM indices remainin expansionary territory but softenSource:BloombergFinanceLP, December31, 2020.Chart 2: Retail sales move into contractionary territorySource: Bloomberg Finance LP, December 31, 2020.Economic Indicators and Monetary PolicyCongress passed a $2.3trn omnibus spending package including a $900bn COVID-relief package providing $325bn for small businesses and $286bn for individualswhich is split between enhanced unemployment benefits (of $300 per week) and $600stimulus checks. President Trump signed the package into law with formalrescissions, but reportedly the House did not plan to bring them to a vote, outside ofincreasing stimulus checks to $2,000 (although a Republican-controlled Senate isunlikely to pass it).Pfizer and Moderna’s COVID-19 vaccines showed high efficacy levels in Phase 3 trialsand both were granted ‘emergency use authorizations’ by the FDA. COVID-19hospitalizations continued to rise and the consumer confidence index fell 4.3pts, to88.6.The Federal Reserve confirmed asset purchases will continue at a rate of at least$120bn per month, until there is “substantial further progress” on employment andinflation. The Fed’s quarterly economic forecasts were marginally improved, withunemployment expected to fall to 5% next year (compared to the previous estimate of5.5%) and GDP forecast at 4.2% next year, indicating the economy will recover beyondpre-pandemic levels in 2021.Data-wise, job growthwas weaker than expectedin November at 245,000 as seasonalretail hiring was less positive than expected. The unemployment rate fell to 6.7% from6.9% as the participation rate fell 0.2 percentage points to 61.5%. Retail salesdecreased 1.1%, with declines broad-based across categories. The ISM Manufacturingindex eased somewhat in November to 57.5 from 59.1, reflecting supply challenges,but remained in expansionary territory. The ISM Services index fell to 55.9 inNovember, closely in line with consensus expectations. The housing market remaineda bright-spot with housing starts rising more than expected (1.2% - essentially to pre-pandemic levels) in November and the October data was revisedhigher.Interest Rate SummaryTreasury yields did not change materially over the month. At the end of December,the 3-month US Treasury bill yielded 0.09%, the 6-month US Treasury bill yielded0.09%, the 2-year US Treasury note yielded 0.12%, the 5-year US Treasury note yielded0.36% and the 10-year US Treasury note yielded 0.92%.3X " 7J .!:; >. :c c 0 ~ 65 60 55 50 1,5 10 Dec-a 20 15 10 5 0 -5 -10 -15 -20 Dec-a Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 ---Manufacturing ---Non-manufacturing -----Neutral level Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 --Retail sales(%) ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2020 - December 31, 2020SAN RAFAELAmortized Cost Basis Activity Summary21,619,352.05Opening balance50,136.02Income received50,136.02Total receipts(129.89)Expenses paid(129.89)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)0.00Change in accruals from security movement(10,709.67)Total amortization expense288.36Total OID/MKT accretion income0.00Return of capitalClosing balance21,658,936.87Ending fair value22,049,360.95390,424.08Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.37 0.05 0.01Overnight Repo0.39 0.05 0.01Merrill Lynch 3m US Treas Bill 0.33 0.04 0.01Merrill Lynch 6m US Treas Bill 0.33 0.05 0.01ML 1 Year US Treasury Note 0.38 0.06 0.01ML 2 Year US Treasury Note 0.39 0.07 0.01ML 5 Year US Treasury Note 0.54 0.16 0.03* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned46,196.27Accretion (amortization)(10,421.31)Realized gain (loss) on sales0.00Total income on portfolio35,774.96Average daily amortized cost21,641,974.10Period return (%)Weighted average final maturity in days815YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1.02 0.00 1.020.00Corporate Bonds 17,159.35 (5,465.21) 11,694.140.00Government Agencies 20,979.88 (4,356.31) 16,623.570.00Government Bonds 2,453.81 (599.79) 1,854.020.00Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total 46,196.27 (10,421.31) 0.00 35,774.960.162.004 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2020 - December 31, 2020SAN RAFAELFair Value Basis Activity Summary22,021,177.30Opening balance50,136.02Income received50,136.02Total receipts(129.89)Expenses paid(129.89)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Change in accruals from security movement0.00Return of capitalChange in fair value for the period(21,822.48)Ending fair value22,049,360.95Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds0.37 0.05 0.01Overnight Repo0.39 0.05 0.01ICE Bofa 3 Months US T-BILL 0.67 0.07 0.01ICE Bofa 6m US Treas Bill 1.05 0.11 0.02ICE Bofa 1 Yr US Treasury Note 1.82 0.13 0.00ICE BofA US Treasury 1-3 3.10 0.15 0.05ICE BofA US Treasury 1-5 4.25 0.14 0.07* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1.02 0.00 1.02Corporate Bonds 17,159.35 (6,405.21) 10,754.14Government Agencies 20,979.88 (14,206.33) 6,773.55Government Bonds 2,453.81 (1,210.94) 1,242.87Municipal/Provincial Bonds 5,602.21 0.00 5,602.21Total46,196.27 (21,822.48) 24,373.79Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned46,196.27Total income on portfolio24,373.79Average daily total value *22,176,254.42Period return (%)0.11Weighted average final maturity in days815Change in fair value(21,822.48)YTD return (%)3.26* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of December 31, 2020SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents278,790.95 278,790.95 278,790.950.001.280.001Corporate Bonds6,690,397.50 6,637,356.58 6,747,101.98 109,745.40507 30.701.13Government Agencies12,162,751.07 12,087,248.25 12,320,154.74 232,906.49645 55.811.48Government Bonds1,423,602.35 1,416,341.09 1,464,113.28 47,772.19869 6.532.33Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.000.004,263 5.698.62Total21,794,741.87 21,658,936.87 22,049,360.95 390,424.08815 100.001.81Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents1.28Corporate Bonds30.70Government Agencies55.81Government Bonds6.53Municipal/Provincial Bonds5.69Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of December 31, 2020SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,288,985.95 10.5090 to 179 days2,598,617.50 11.92180 days to 1 year2,205,363.00 10.121 to 2 years6,104,088.13 28.012 to 3 years4,784,097.74 21.953 to 4 years2,574,389.55 11.814 to 5 years0.00 0.00Over 5 years1,239,200.00 5.6921,794,741.87 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of December 31, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCash and Cash Equivalents0.000278,790.95 278,790.95 0.00 0.00 1.28278,790.95278,790.95Cash and Cash EquivalentsTotal Cash and Cash Equivalents278,790.95 278,790.95 278,790.95 0.00 1.280.00278,790.95Corporate Bonds94974BFR63.000 01/22/2021 501,180.00 500,085.11 564.64 6,625.00 2.30500,649.75500,000.00WELLS FARGO & COMPANY 3% 22JAN2021254687CK04.500 02/15/2021 515,190.00 501,631.38 701.96 8,500.00 2.36502,333.34500,000.00WALT DISNEY COMPANY/THE 4.5% 15FEB202146625HQJ22.550 03/01/2021 494,725.00 499,574.93 1,221.55 4,250.0002/01/20212.27500,796.48500,000.00JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE08FEB21)0258M0EB12.250 05/05/2021 552,667.50 550,535.78 2,270.84 1,925.0004/04/20212.54552,806.62550,000.00AMERICAN EXPRESS CREDIT 2.25% 05MAY2021(CALLABLE 04APR21)91159HHA14.125 05/24/2021 514,880.00 503,459.75 2,340.06 2,119.7904/23/20212.36505,799.81500,000.00US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)17325FAQ13.400 07/23/2021 507,030.00 501,632.47 5,732.12 7,461.1106/23/20212.33507,364.59500,000.00CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)717081DZ32.200 12/15/2021 503,615.00 501,734.60 7,977.88 488.89 2.31509,712.48500,000.00PFIZER INC 2.2% 15DEC2021149123BX82.600 06/26/2022 500,300.00 500,129.78 13,882.42 180.5603/26/20222.30514,012.20500,000.00CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE26MAR22)931142DH32.550 04/11/2023 509,155.00 505,600.26 18,211.67 2,833.3301/11/20232.34523,811.93500,000.00WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)037833AK62.400 05/03/2023 506,880.00 504,437.52 20,044.45 1,933.33 2.33524,481.97500,000.00APPLE INC 2.4% 03MAY20238 SECURITIES HELDAs of December 31, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionCorporate Bonds06051GHC63.004 12/20/2023 525,795.00 523,300.83 2,954.17 458.9412/20/20222.41526,255.00500,000.00BANK OF AMERICA CORP 3.004% 20DEC2023(CALLABLE 20DEC22)693475AV73.500 01/23/2024 523,455.00 515,848.37 29,084.61 7,680.5612/24/20232.40544,932.98500,000.00PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE23DEC23)06051GHF93.550 03/05/2024 535,525.00 529,385.80 4,759.03 5,719.4403/05/20232.46534,144.83500,000.00BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE05MAR23)Total Corporate Bonds6,690,397.50 6,637,356.58 6,747,101.98 109,745.40 30.7050,175.956,550,000.00Government Agencies3133EJ4Q92.550 01/11/2021 499,100.00 499,986.00 272.77 6,020.83 2.29500,258.77500,000.00FEDERAL FARM CREDIT BANK 2.55% 11JAN2021313373ZY13.625 06/11/2021 1,024,040.00 1,004,749.01 10,752.38 2,013.89 4.701,015,501.391,000,000.00FEDERAL HOME LOAN BANK 3.625% 11JUN2021313378JP72.375 09/10/2021 602,430.00 600,726.67 8,396.44 4,393.752.76609,123.11600,000.00FEDERAL HOME LOAN BANK 2.375% 10SEP20213135G0Q891.375 10/07/2021 1,099,318.00 1,099,684.09 10,811.23 3,529.17 5.041,110,495.321,100,000.00FANNIE MAE 1.375% 07OCT20213137EADB22.375 01/13/2022 1,676,634.30 1,662,088.87 26,059.13 18,287.50 7.691,688,148.001,650,000.00FREDDIE MAC 2.375% 13JAN2022313378WG22.500 03/11/2022 1,016,330.00 1,007,116.51 21,185.02 7,638.89 4.661,028,301.531,000,000.00FEDERAL HOME LOAN BANK 2.5% 11MAR20223135G0T782.000 10/05/2022 601,716.00 600,933.73 18,644.27 2,866.67 2.76619,578.00600,000.00FANNIE MAE 2% 05OCT20223130A3KM52.500 12/09/2022 1,021,240.00 1,011,982.86 33,436.62 1,527.78 4.691,045,419.481,000,000.00FEDERAL HOME LOAN BANK 2.5% 09DEC20229 SECURITIES HELDAs of December 31, 2020SAN RAFAELAmortized cost Fair value Unrealizedgain(loss)Coupon Maturity/Call dateHistorical costCusipTotalaccruedinterest%PortcostPar value orsharesDescriptionGovernment Agencies3134GW2F20.300 05/25/2023 1,000,000.00 1,000,000.00 (348.38) 1,050.0008/25/20214.59999,651.621,000,000.00FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)3135G0U432.875 09/12/2023 1,047,553.22 1,032,345.51 39,158.61 8,704.86 4.811,071,504.121,000,000.00FANNIE MAE 2.875% 12SEP20233135G0V342.500 02/05/2024 621,262.80 615,345.00 27,293.28 6,083.33 2.85642,638.28600,000.00FANNIE MAE 2.5% 05FEB20243136G46B40.350 04/26/2024 1,199,700.00 1,199,714.32 137.00 758.3310/26/20215.501,199,851.321,200,000.00FANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)3135G0V751.750 07/02/2024 753,426.75 752,575.68 37,108.12 6,526.04 3.46789,683.80750,000.00FANNIE MAE 1.75% 02JUL2024Total Government Agencies12,162,751.07 12,087,248.25 12,320,154.74 232,906.49 55.8169,401.0412,000,000.00Government Bonds912828M802.000 11/30/2022 762,072.83 758,129.97 18,735.26 1,277.47 3.50776,865.23750,000.00USA TREASURY 2% 30NOV2022912828U572.125 11/30/2023 661,529.52 658,211.12 29,036.93 1,176.34 3.04687,248.05650,000.00USA TREASURY 2.125% 30NOV2023Total Government Bonds1,423,602.35 1,416,341.09 1,464,113.28 47,772.19 6.532,453.811,400,000.00Municipal/Provincial Bonds888599LS45.250 09/02/2032 1,239,200.00 1,239,200.00 0.00 21,505.28 5.691,239,200.001,239,200.00PT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032SANRAF$01Total Municipal/Provincial Bonds1,239,200.00 1,239,200.00 1,239,200.00 0.00 5.6921,505.281,239,200.00Grand total21,794,741.87 21,658,936.87 390,424.0821,467,990.95100.00143,536.0822,049,360.9510 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal National Mortgage Association3135G0Q89FANNIE MAE 1.375% 1.375 10/07/2021 AA+ Aaa 1,100,000.00 1,099,318.00 5.04 1,110,495.32 5.04 0.763135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.76 619,578.00 2.81 1.733135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.81 1,071,504.12 4.86 2.593135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.85 642,638.28 2.91 2.973136G46B4FANNIE MAE 0.35% 0.350 04/26/2024 10/26/2021 AA+ Aaa 1,200,000.00 1,199,700.00 5.50 1,199,851.32 5.44 1.683135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.46 789,683.80 3.58 3.38Issuer total5,250,000.00 5,322,976.77 24.42 5,433,750.84 24.64 2.07Federal Home Loan Banks313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.70 1,015,501.39 4.61 0.44313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.76 609,123.11 2.76 0.69313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.66 1,028,301.53 4.66 1.173130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.69 1,045,419.48 4.74 1.90Issuer total3,600,000.00 3,664,040.00 16.81 3,698,345.51 16.77 1.09Federal Home Loan Mortgage Corp3137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.69 1,688,148.00 7.66 1.023134GW2F2FREDDIE MAC 0.3% 0.300 05/25/2023 08/25/2021 AA+ Aaa 1,000,000.00 1,000,000.00 4.59 999,651.62 4.53 1.27Issuer total2,650,000.00 2,676,634.30 12.28 2,687,799.62 12.19 1.11United States Treasury Note/Bond912828M80USA TREASURY 2% 2.000 11/30/2022 AA+ Aaa 750,000.00 762,072.83 3.50 776,865.23 3.52 1.88912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 3.04 687,248.05 3.12 2.84Issuer total1,400,000.00 1,423,602.35 6.53 1,464,113.28 6.64 2.3311 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,239,200.00 1,239,200.00 5.69 1,239,200.00 5.62 8.62Issuer total1,239,200.00 1,239,200.00 5.69 1,239,200.00 5.62 8.62Bank of America Corp06051GHC6BANK OF AMERICA CORP 3.004 12/20/2023 12/20/2022 A- A2 500,000.00 525,795.00 2.41 526,255.00 2.39 1.9206051GHF9BANK OF AMERICA CORP 3.550 03/05/2024 03/05/2023 A- A2 500,000.00 535,525.00 2.46 534,144.83 2.42 2.09Issuer total1,000,000.00 1,061,320.00 4.87 1,060,399.83 4.81 2.01American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.54 552,806.62 2.51 0.26Issuer total550,000.00 552,667.50 2.54 552,806.62 2.51 0.26PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.40 544,932.98 2.47 2.82Issuer total500,000.00 523,455.00 2.40 544,932.98 2.47 2.82Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.33 524,481.97 2.38 2.27Issuer total500,000.00 506,880.00 2.33 524,481.97 2.38 2.27Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.34 523,811.93 2.38 1.99Issuer total500,000.00 509,155.00 2.34 523,811.93 2.38 1.99Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.30 514,012.20 2.33 1.22Issuer total500,000.00 500,300.00 2.30 514,012.20 2.33 1.2212 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 A+ A2 500,000.00 503,615.00 2.31 509,712.48 2.31 0.95Issuer total500,000.00 503,615.00 2.31 509,712.48 2.31 0.95Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.33 507,364.59 2.30 0.47Issuer total500,000.00 507,030.00 2.33 507,364.59 2.30 0.47US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.36 505,799.81 2.29 0.31Issuer total500,000.00 514,880.00 2.36 505,799.81 2.29 0.31Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 BBB+ A2 500,000.00 515,190.00 2.36 502,333.34 2.28 0.13Issuer total500,000.00 515,190.00 2.36 502,333.34 2.28 0.13JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.27 500,796.48 2.27 0.09Issuer total500,000.00 494,725.00 2.27 500,796.48 2.27 0.09Wells Fargo & Co94974BFR6WELLS FARGO & 3.000 01/22/2021 BBB+ A2 500,000.00 501,180.00 2.30 500,649.75 2.27 0.06Issuer total500,000.00 501,180.00 2.30 500,649.75 2.27 0.06Federal Farm Credit Banks Funding Corp3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.29 500,258.77 2.27 0.03Issuer total500,000.00 499,100.00 2.29 500,258.77 2.27 0.0313 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2020SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCash and Cash EquivalentsINVESTED CASH 0.000278,790.95 278,790.95 0.00 278,790.95 1.26 0.00Issuer total278,790.95 278,790.95 0.00 278,790.95 1.26 0.00Grand total21,467,990.95 21,794,741.87 100.00 22,049,360.95 100.001.8114 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2020 - December 31, 2020SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipCashCash and Cash Equivalents1.020.000.001.020.00Total Cash1.020.000.001.020.00Corporate BondsAMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 04APR21)1,065.62(170.99)(1,025.16)0.000.000258M0EB1APPLE INC 2.4% 03MAY20231,033.33(157.92)(415.77)0.000.00037833AK6BANK OF AMERICA CORP 3.004% 20DEC2023 (CALLABLE 20DEC22)1,293.38(984.54)1,215.007,510.000.0006051GHC6BANK OF AMERICA CORP 3.55% 05MAR2024 (CALLABLE 05MAR23)1,528.47(1,123.03)1,586.780.000.0006051GHF9CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 26MAR22)1,119.45(8.73)(896.68)6,500.000.00149123BX8CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)1,463.89(283.09)(1,440.46)0.000.0017325FAQ1JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE 08FEB21)1,097.92209.04(1,072.54)0.000.0046625HQJ2PFIZER INC 2.2% 15DEC2021947.22(150.83)(321.83)5,500.000.00717081DZ3PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)1,506.95(443.11)884.510.000.00693475AV7US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)1,776.04(918.52)(1,998.22)0.000.0091159HHA1WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)1,097.91(229.83)136.850.000.00931142DH3WALT DISNEY COMPANY/THE 4.5% 15FEB20211,937.50(1,087.59)(1,885.08)0.000.00254687CK0WELLS FARGO & COMPANY 3% 22JAN20211,291.67(116.07)(1,172.61)0.000.0094974BFR6Total Corporate Bonds17,159.35(5,465.21)(6,405.21) 19,510.000.00Government AgenciesFANNIE MAE 0.35% 26APR2024 (CALLABLE 26OCT21)361.666.92586.450.000.003136G46B4FANNIE MAE 1.375% 07OCT20211,302.4334.21(1,307.68)0.000.003135G0Q8915 DETAIL OF RETURN AND INTEREST RECEIVEDFor the period December 1, 2020 - December 31, 2020SAN RAFAELDescriptionInterest earnedAccretion(amortization)Realized gain(loss)Change in fairvalueInterest receivedCusipGovernment AgenciesFANNIE MAE 1.75% 02JUL20241,130.21(61.22)365.710.000.003135G0V75FANNIE MAE 2% 05OCT20221,033.34(44.11)(547.60)0.000.003135G0T78FANNIE MAE 2.5% 05FEB20241,291.66(412.87)(217.21)0.000.003135G0V34FANNIE MAE 2.875% 12SEP20232,475.69(998.32)(2,159.08)0.000.003135G0U43FEDERAL FARM CREDIT BANK 2.55% 11JAN20211,097.9138.19(1,101.64)0.000.003133EJ4Q9FEDERAL HOME LOAN BANK 2.375% 10SEP20211,227.08(87.21)(1,370.03)0.000.00313378JP7FEDERAL HOME LOAN BANK 2.5% 09DEC20222,152.78(514.28)(1,171.39)12,500.000.003130A3KM5FEDERAL HOME LOAN BANK 2.5% 11MAR20222,152.78(495.35)(1,657.27)0.000.00313378WG2FEDERAL HOME LOAN BANK 3.625% 11JUN20213,121.53(884.90)(2,935.98)18,125.000.00313373ZY1FREDDIE MAC 0.3% 25MAY2023 (CALLABLE 25AUG21)258.330.00707.800.000.003134GW2F2FREDDIE MAC 2.375% 13JAN20223,374.48(937.37)(3,398.41)0.000.003137EADB2Total Government Agencies20,979.88(4,356.31) (14,206.33) 30,625.000.00Government BondsUSA TREASURY 2% 30NOV20221,277.47(360.56)(703.13)0.000.00912828M80USA TREASURY 2.125% 30NOV20231,176.34(239.23)(507.81)0.000.00912828U57Total Government Bonds2,453.81(599.79)(1,210.94)0.000.00Municipal/Provincial BondsPT. SAN ASSESS DISTRICT 5.25% 144A 02SEP2032 SANRAF$015,602.210.000.000.000.00888599LS4Total Municipal/Provincial Bonds5,602.210.000.000.000.00Grand total46,196.27(10,421.31) (21,822.48) 50,136.020.0016 TRANSACTION REPORTFor the period December 1, 2020 - December 31, 2020SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)12,500.0012/09/202012/09/2020Income3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 0.00 12,500.000.0018,125.0012/11/202012/11/2020Income313373ZY1 Government Agencies FEDERAL HOME LOAN BANK 06/11/2021 1,000,000.00 0.00 18,125.000.005,500.0012/15/202012/15/2020Income717081DZ3 Corporate Bonds PFIZER INC 2.2% 15DEC2021 12/15/2021 500,000.00 0.00 5,500.000.007,510.0012/20/202012/20/2020Income06051GHC6 Corporate Bonds BANK OF AMERICA CORP 12/20/2023 500,000.00 0.00 7,510.000.006,500.0012/26/202012/26/2020Income149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 500,000.00 0.00 6,500.000.001.02Income Cash and Cash Equivalents Cash1.020.00 0.000.0012/31/202017 ADDITIONAL INFORMATIONAs of December 31, 2020SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insight’s own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoody’s, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoody’s and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategy’s holdings may differ substantially from the securities that comprise the indices shown.The ICE BofA 3 Month US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The ICE BofA 6 Month US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The ICE BofA 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year note must be auctionedon or before the third business day before the last business day of the month.The ICE BofA 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The ICE BofA 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.18 ADDITIONAL INFORMATIONAs of December 31, 2020SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2020 Insight Investment. All rights reserved.19 City of San Rafael ACCOUNT STATEMENT For the Month Ending December 31, 2020 Customer Service PO Box 11813 Harrisburg, PA 17108-1813 Contents Cover/Disclosures Summary Statement Individual Accounts CITY OF SAN RAFAEL NADINE HADE 1400 FIFTH AVENUE SAN RAFAEL, CA 94901 Client Management Team Accounts included in Statement 7023-001 Lease Revenue Bonds Series 2018 Project Fund www.camponline.comOnline Access 1-800-729-7665Customer Service Important Messages CAMP will be closed on 01/01/2021 for New Year's Day. CAMP will be closed on 01/18/2021 for Martin Luther King Jr Day. Monique Spyke Managing Director 50 California Street, Suite 2300 San Francisco, CA 94111 415-982-5544 spykem@pfm.com Jeremy King Key Account Manager 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 kingj@pfm.com Rachael Miller Client Consultant 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 millerr@pfm.com For the Month Ending December 31, 2020 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 PFM 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 PFM within 60 days of receipt. If you have other concerns or questions regarding your account you should contact a member of your client management team or PFM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations 213 Market Street Harrisburg, PA 17101 This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC (“PFM”) is an investment advisor registered with the Securities and Exchange Commission, and is required to maintain 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 PFM 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. PFM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFM’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 PFM. 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. PFM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFM 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 PFM does not have the authority to withdraw funds from or deposit funds to the custodian. 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, PFM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by Refinitiv or Bloomberg. Where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFM believes the prices to be reliable, the values of the securities do not always represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for a registered investment company, local government investment program,or TERM funds 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. PFM 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, PFM 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 PFM, 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 money market and TERM funds are marketed through representatives of PFM's wholly owned subsidiary, PFM Fund Distributors, Inc. PFM Fund Distributors, Inc. 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 Regulator Public Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet website address www.nasd.com. A brochure describing the FINRA Regulation Public Disclosure Program is also available from the FINRA upon request. Key Terms and Definitions Dividends on money market 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 December 31, 2020Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 0.00 5.00 (5.00) 0.00 $0.00 CAMP Pool Unsettled Trades 0.00 0.00 Cash Dividends and Income December 31, 2020 November 30, 2020 Asset Summary CAMP Pool 0.00 0.00 $0.00 $0.00 Total Asset Allocation Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending December 31, 2020Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 0.00 Opening Balance 12/29/20 12/29/20 September 2020 Bank fee Overpayment 1.00 5.00 5.00 12/29/20 12/29/20 Redemption - Outgoing Wires 1.00 (5.00) 0.00 0.00 0.00 0.00 0.00 8,512.56 0.00 (10,116,350.42) 8,517.56 10,107,832.86 0.00 0.00 0.00 (5.00) 5.00 0.00 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 December July-December 0.12% Account 7023-001 Page 2IPF M Asset Management ILJLC