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Home My WebLink AboutFIN City Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: 11/05/2018 Disposition: Accepted Report Agenda Item No: 4.c Meeting Date: November 5, 2018 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2018 RECOMMENDATION: Accept investment report for the quarter ending September 30, 2018, 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 18, 2018, 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 is also directing the investment of funds held by a Trustee for the Essential Public Safety Facilities. As of September 30, 2018, the balance was $50,182,304 and the portfolio had a yield of 2.14 percent. ANALYSIS: As of June 30, 2018, the primary LAIF account had a balance of $4,437,136. The other LAIF account holding housing funds for future administrative expenses contained $147,475. Portfolio returns on LAIF deposits were 2.05% for the quarter. The remaining investment assets included the $1,387,200 balance of Pt. San Pedro Assessment District bonds, and $23,255,920 in government agency securities and corporate bonds (including US Bancorp, Pepsico Inc., Berkshire Hathaway Inc., Toyota Motor Credit Corp., and Caterpillar Financial Services). The overall total portfolio returns for the quarter ended September 30, 2018 were 1.80%. The City’s Westamerica account had a balance of $13,643,362 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending September 2018. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending September 30, 2018, as presented. ATTACHMENTS: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, July through September 2018 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending September 30, 2018 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX -MONTH PERIOD. NADINE HADE FINANCE DIRECTOR Exhibit A %Return LAIF 4,437,136$ 96.8% 2.05% LAIF ‐ RDA 147,475$ 3.2% 2.05% Total Internally Managed 4,584,611$ 15.7% Weighted Average Yield 2.05% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 129,216$ 0.5% 0.00% Treasury Securities 4,432,186$ 18.0% 1.61% Instrumentality Securities 15,662,144$ 63.6% 1.48% Corporate Notes 3,032,374$ 12.3% 1.88% Municipal 1,387,200$ 5.6% 5.25% Total Externally Managed 24,643,120$ 84.3% Weighted Average Yield 1.76% Years Effective Average Duration ‐ External 1.51 Weighted Average Maturity ‐ External 1.74 Total Portfolio Assets %Return LAIF 4,584,611$ 15.7% 2.05% Cash 129,216$ 0.4% 0.00% Treasury Securities 4,432,186$ 15.2% 1.61% Instrumentality Securities 15,662,144$ 53.6% 1.48% Corporate Notes 3,032,374$ 10.4% 1.88% Municipal 1,387,200$ 4.7% 5.25% Total Portfolio Assets 29,227,731$ Weighted Average Yield 1.80% Years Effective Average Duration ‐ Total 1.27 Weighted Average Maturity ‐ Total 1.47 Based on Market Values September 30, 2018 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 96.8% LAIF ‐RDA, 3.2% Cash , 0.5%Treasury Securities, 18.0% Instrumentality Securities, 63.6% Corporate Notes, 12.3% Municipal, 5.6% LAIF 16% Cash 0% Treasury Securities 15% Instrumentality Securities 54% Corporate Notes 10%Municipal 5% Exhibit A Internally Managed Assets %Return %Return %Return %Return %Return LAIF 4,437,136$ 96.8%2.05%19,345,352$ 99.2%1.85%19,257,368$ 99.2%1.43%24,197,411$ 99.4%1.18%26,120,827$ 99.4%1.08% LAIF - Housing 147,475$ 3.2%2.05%146,778$ 0.8%1.85%146,234$ 0.8%1.43%145,792$ 0.6%1.18%145,398$ 0.6%1.08% Total Internally Managed 4,584,611$ 15.7%19,492,130$ 44.2%19,403,602$ 44.1%24,343,203$ 49.8%26,266,225$ 51.7% Weighted Average Yield 2.05%1.85%1.43%1.18%1.08% Externally Managed Assets %Return %Return %Return %Return %Return Cash 129,216$ 0.5%0.00%170,357$ 11.7%0.00%115,317$ 0.5%0.00%95,875$ 0.4%0.00%132,133$ 0.5%0.00% Commercial Paper -$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00% Treasury Securities 4,432,186$ 18.0%1.61%4,434,357$ 18.0%1.61%4,439,353$ 18.1%1.61%4,465,904$ 18.2%1.33%4,390,921$ 17.9%1.21% Instrumentality Securities 15,662,144$ 63.6%1.48%15,515,087$ 63.0%1.41%15,006,092$ 61.1%1.38%14,476,033$ 59.0%1.28%14,554,167$ 59.2%1.17% Corporate Notes 3,032,374$ 12.3%1.88%3,034,526$ 12.3%1.35%3,529,912$ 14.4%1.32%4,040,998$ 16.5%1.34%4,053,171$ 16.5%1.34% Municipal/Assessment District 1,387,200$ 5.6%5.25%1,455,700$ 5.9%5.25%1,455,700$ 5.9%5.25%1,455,700$ 5.9%5.25%1,455,700$ 5.9%5.25% Total Externally Managed 24,643,120$ 84.3%24,610,027$ 55.8%24,546,375$ 55.9%24,534,510$ 50.2%24,586,091$ 48.3% Weighted Average Yield 1.76%1.66%1.64%1.53%1.44% Years Years Years Years Years Effective Average Duration - External 1.51 1.68 1.91 2.00 1.98 Weighted Average Maturity - External 1.74 1.96 2.20 2.31 2.37 Total Portfolio Assets %Return %Return %Return %Return %Return LAIF 4,584,611$ 15.7%2.05%19,492,130$ 44.2%1.85%19,403,602$ 44.1%1.43%24,343,203$ 49.8%1.18%26,266,225$ 51.7%1.08% Cash 129,216$ 0.4%0.00%170,357$ 0.4%0.00%115,317$ 0.3%0.00%95,875$ 0.2%0.00%132,133$ 0.3%0.00% Treasury Securities 4,432,186$ 15.2%1.61%4,434,357$ 10.1%0.00%4,439,353$ 10.1%1.61%4,465,904$ 9.1%1.33%4,390,921$ 8.6%1.21% Instrumentality Securities 15,662,144$ 53.6%1.48%15,515,087$ 35.2%1.61%15,006,092$ 34.1%1.38%14,476,033$ 29.6%1.28%14,554,167$ 28.6%1.17% Corporate Notes 3,032,374$ 10.4%1.88%3,034,526$ 6.9%1.41%3,529,912$ 8.0%1.32%4,040,998$ 8.3%1.34%4,053,171$ 8.0%1.34% Municipal/Assessment District 1,387,200$ 4.7%5.25%1,455,700$ 3.3%1.35%1,455,700$ 3.3%5.25%1,455,700$ 3.0%5.25%1,455,700$ 2.9%5.25% 29,227,731$ 44,102,157$ 43,949,978$ 48,877,713$ 50,852,316$ Total Portfolio Assets Weighted Average Yield 1.80%1.74%1.55%1.36%1.25% Years Years Years Years Years Effective Average Duration - Total 1.27 0.94 1.07 1.01 0.96 Weighted Average Maturity - Total 1.47 1.09 1.23 1.16 1.15 Performance Recap -The weighted average quarterly portfolio yield increased from 1.74% to 1.80% during the past quarter. The yield has increased over the past year, from 1.25% in the quarter ended June 30, 2017 to 1.80% in the most recent quarter. This trend is reflective of the general increase in interest rates that occurred througout the year. -The effective average duration has increased, from .94 to 1.27 years since last quarter due to a reduction in cash. However, the City is still shortening it's investments in preparation of higher interest rates. -The total portfolio assets decreased by approximately $15 million during the quarter. This is due to the spending down of funds while we await a drawdown of bond proceeds related to the Essential Facilities Project scheduled for October and property tax receipts expected in late December. June 30, 2018 City of San Rafael Historical Activity-By Quarter March 31, 2018 December 31, 2017 September 30, 2017September 30, 2018 W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\18-19\September 2018\Quarterly Report combined 9-30-18 SAN RAFAELSeptember 2018FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVAL SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost Cash and Cash Equivalents Cash and Cash Equivalents 129,216.22 129,216.22 0.52 Total Cash and Cash Equivalents 129,216.22 129,216.22 0.52 Corporate Bonds 91159HHE3 US BANCORP/MN 1.950 11/15/2018 500,000.00 509,425.00 08/08/2016 1.10 2.04 713448CK2 PEPSICO INC 2.250 01/07/2019 500,000.00 505,530.00 03/13/2017 1.62 2.03 14912L6R7 CATERPILLAR FINANCIAL SERVICES 1.350 05/18/2019 500,000.00 498,245.00 10/14/2016 1.49 2.00 69353REX2 PNC BANK NA 1.450 07/29/2019 500,000.00 494,490.00 08/13/2018 2.63 1.98 084670BL1 BERKSHIRE HATHAWAY INC 2.100 08/14/2019 550,000.00 547,453.50 09/13/2018 2.62 2.20 89236TCF0 TOYOTA MOTOR CREDIT CORP 2.150 03/12/2020 500,000.00 504,545.00 09/12/2017 1.78 2.02 Total Corporate Bonds 3,050,000.00 3,059,688.50 1.88 12.27 Government Agencies 3133EGM69 FEDERAL FARM CREDIT BANKS 1.100 12/05/2018 1,250,000.00 1,247,248.75 12/05/2016 1.21 5.00 3135G0H63 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.375 01/28/2019 1,000,000.00 1,012,490.00 08/08/2016 0.86 4.06 3133782M2 FEDERAL HOME LOAN BANKS 1.500 03/08/2019 1,000,000.00 1,014,124.28 08/08/2016 0.94 4.07 3133X72S2 FEDERAL HOME LOAN BANKS 5.375 05/15/2019 500,000.00 515,625.00 05/02/2018 2.30 2.07 313379EE5 FEDERAL HOME LOAN BANKS 1.625 06/14/2019 1,000,000.00 993,180.00 03/08/2018 2.17 3.98 3135G0L76 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.075 07/11/2019 600,000.00 599,100.00 09/23/2016 1.13 2.40 3133EGSC0 FEDERAL FARM CREDIT BANKS 1.000 08/26/2019 1,000,000.00 1,000,610.00 08/23/2016 0.98 4.01 313380FB8 FEDERAL HOME LOAN BANKS 1.375 09/13/2019 1,000,000.00 1,011,510.00 09/28/2016 0.98 4.06 3134G3M49 FEDERAL HOME LOAN MORTGAGE CORP 1.500 09/26/2019 1,000,000.00 1,001,001.00 07/13/2017 1.45 4.01 3137EADM8 FEDERAL HOME LOAN MORTGAGE CORP 1.250 10/02/2019 1,000,000.00 993,010.00 10/23/2017 1.62 3.98 3137EADM8 FEDERAL HOME LOAN MORTGAGE CORP 1.250 10/02/2019 650,000.00 641,030.00 09/13/2018 2.59 2.57 3135G0R39 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.000 10/24/2019 600,000.00 589,095.11 01/19/2018 2.06 2.36 3130ABCH7 FEDERAL HOME LOAN BANKS 1.500 11/04/2019 750,000.00 750,030.00 06/21/2017 1.50 3.01 3133ECEY6 FEDERAL FARM CREDIT BANKS 1.450 02/11/2020 1,000,000.00 1,003,130.00 11/14/2016 1.35 4.02 3134G3K58 FEDERAL HOME LOAN MORTGAGE CORP 1.500 03/19/2020 500,000.00 498,289.00 05/11/2017 1.62 2.00 313383HU8 FEDERAL HOME LOAN BANKS 1.750 06/12/2020 1,000,000.00 996,870.00 11/27/2017 1.88 4.00 3133EHVX8 FEDERAL FARM CREDIT BANKS 1.500 08/24/2020 1,000,000.00 999,190.00 09/12/2017 1.53 4.01 3135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.630 10/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.02 Total Government Agencies 15,850,000.00 15,868,943.14 1.48 63.64 Government Bonds 912828WL0 UNITED STATES TREASURY NOTE/BOND 1.500 05/31/2019 500,000.00 501,230.47 03/06/2017 1.39 2.01 912828WS5 UNITED STATES TREASURY NOTE/BOND 1.625 06/30/2019 1,000,000.00 993,281.25 02/26/2018 2.14 3.98 912828TV2 UNITED STATES TREASURY NOTE/BOND 1.250 10/31/2019 650,000.00 649,009.77 04/20/2017 1.31 2.60 SAN RAFAEL As of September 30, 2018 SECURITIES HELD Par value or Trade Purchase % Portfolio Cusip Description Coupon Maturity shares Historical cost date yield hist cost SAN RAFAEL As of September 30, 2018 912828H52 UNITED STATES TREASURY NOTE/BOND 1.250 01/31/2020 750,000.00 745,869.14 06/21/2017 1.47 2.99 912828X96 UNITED STATES TREASURY NOTE/BOND 1.500 05/15/2020 600,000.00 596,554.69 11/10/2017 1.74 2.39 912828XM7 UNITED STATES TREASURY NOTE/BOND 1.625 07/31/2020 1,000,000.00 1,005,742.19 08/31/2017 1.42 4.03 Total Government Bonds 4,500,000.00 4,491,687.51 1.61 18.01 Municipal/Provincial Bonds 888599LS4 PT. SAN ASSESS DISTRICT 5.250 09/02/2032 1,387,200.00 1,387,200.00 03/01/2014 5.25 5.56 Total Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 5.25 5.56 Grand Total 24,916,416.22 24,936,735.37 1.75 100.00 ADDITIONAL INFORMATIONAs of September 30, 2018SAN 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 Insights 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.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. WhenMoodys, 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 ofMoodys 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 strategys 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.Insight 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. ADDITIONAL INFORMATIONAs of September 30, 2018SAN RAFAELInsight 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.© 2018 Insight Investment. All rights reserved. For the Month Ending September 30, 2018Account 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 14,687,391.52 39,645.78 (30,183.09) 0.00 $14,696,854.21 CAMP Pool Unsettled Trades 0.00 25,831.98 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 30,779,664.60 0.00 0.00 (27,054.81) $30,752,609.79 CAMP Managed Account Unsettled Trades 0.00 33,970.05 Cash Dividends and Income September 30, 2018 August 31, 2018 Asset Summary CAMP Pool 14,696,854.21 14,687,391.52 CAMP Managed Account 30,752,609.79 30,779,664.60 $45,449,464.00 $45,467,056.12 Total Asset Allocation 32.34% CAMP Pool 67.66% CAMP Managed Account Account 7023-001 Page 1 For the Month Ending September 30, 2018Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $14,687,391.52 39,645.78 (30,183.09) $14,696,854.21 25,831.98 $30,779,664.60 0.00 0.00 0.00 0.00 (27,054.81) $30,752,609.79 $45,467,056.12 $45,449,464.00 33,970.05 0.00 0.00 $33,970.05 0.00 0.00 33,970.05 0.00 0.00 (33,970.05) 0.00 Managed Account Total 30,803,236.85 45,500,091.06 131,675.49 0.00 0.00 33,970.05 0.00 (30,788,627.45) (119,292.27) 0.00 131,675.49 30,183.09 0.00 33,970.05 (39,645.78) (45,476,018.97) (119,292.27) 25,831.98 Total Accrual Basis Earnings $60,962.67 $86,794.65 Transaction Summary - Managed AccountTransaction Summary - Money Market ___________________________________________________________________________________________________________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-001 Page 2 For the Month Ending September 30, 2018Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 9,495,000.00 9,404,596.98 20.69 Federal Agency Bond / Note 400,000.00 398,144.00 0.88 Corporate Note 4,535,000.00 4,505,176.15 9.91 Commercial Paper 3,620,000.00 3,574,165.20 7.86 Certificate of Deposit 12,900,000.00 12,870,527.46 28.32 Managed Account Sub-Total 30,950,000.00 30,752,609.79 67.66% Accrued Interest 131,675.49 Total Portfolio 30,950,000.00 30,884,285.28 CAMP Pool 14,696,854.21 14,696,854.21 32.34 Total Investments 45,646,854.21 45,581,139.49 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 28.32% Cert of Deposit 7.86% Commercial Paper 9.91% Corporate Note 0.88% Fed Agy Bond / Note 32.34% Mny Mkt Fund 20.69% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 51.25% 28.37% 20.38% 0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.75 282 2.52% 2.62% Account 7023-001 Page 3 For the Month Ending September 30, 2018Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 2.97% A 1.98% A+ 11.81% A-1 24.37% A-1+ 23.54% AA+ 3.00% AA- 32.33% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 448,834.75 0.99 AMERICAN HONDA FINANCE 1,998,808.34 4.40 ANZ BANKING GROUP LTD 897,280.93 1.97 APPLE INC 1,389,963.43 3.06 BNP PARIBAS 14,696,854.21 32.33 CAMP Pool 2,247,439.60 4.94 CANADIAN IMPERIAL BANK OF COMMERCE 450,083.27 0.99 CATERPILLAR INC 898,311.96 1.98 CHEVRON CORPORATION 464,111.83 1.02 CISCO SYSTEMS INC 1,349,607.33 2.97 CREDIT AGRICOLE SA 1,370,406.56 3.02 DEXIA GROUP 398,144.00 0.88 FREDDIE MAC 448,433.44 0.99 HONEYWELL INTERNATIONAL 449,098.65 0.99 NATIONAL RURAL UTILITIES CO FINANCE CORP 2,259,409.42 4.97 NORDEA BANK AB 449,021.32 0.99 PEPSICO INC 378,354.30 0.83 RABOBANK NEDERLAND 999,514.23 2.20 ROYAL BANK OF CANADA 2,247,430.81 4.94 TORONTO-DOMINION BANK 2,203,758.64 4.85 TOYOTA MOTOR CORP 9,404,596.98 20.69 UNITED STATES TREASURY $45,449,464.00 Total 100.00% Account 7023-001 Page 4 For the Month Ending September 30, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par U.S. Treasury Bond / Note US TREASURY N/B DTD 03/31/2017 1.250% 03/31/2019 3,206,104.73 3,208,450.17 110.75 3,202,828.13 07/31/1807/30/18AaaAA+ 3,225,000.00 912828W97 2.29 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 1,837,005.24 1,838,413.99 21,600.71 1,840,365.23 08/08/1808/07/18AaaAA+ 1,830,000.00 912828KQ2 2.37 US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 641,798.95 642,948.14 4,080.16 641,773.44 07/26/1807/25/18AaaAA+ 650,000.00 912828F62 2.52 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 745,245.36 746,634.61 2,160.73 744,710.94 07/26/1807/25/18AaaAA+ 760,000.00 912828UF5 2.57 US TREASURY N/B NOTES DTD 01/31/2018 2.000% 01/31/2020 812,184.58 813,848.28 2,763.04 813,017.19 07/26/1807/25/18AaaAA+ 820,000.00 9128283S7 2.58 US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,123,540.80 1,126,360.08 5,314.04 1,123,810.55 07/26/1807/25/18AaaAA+ 1,150,000.00 912828VF4 2.65 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1,038,717.32 1,041,703.02 4,353.06 1,039,835.16 07/26/1807/25/18AaaAA+ 1,060,000.00 912828XH8 2.64 40,382.49 9,404,596.98 9,418,358.29 2.45 9,406,340.64 9,495,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 398,144.00 398,902.96 4,500.00 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 4,500.00 398,144.00 398,902.96 2.68 398,772.40 400,000.00 Security Type Sub-Total Corporate Note HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 211,897.12 211,992.74 1,262.53 211,504.10 07/27/1807/25/18A2A 215,000.00 438516BJ4 2.72 HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 236,536.32 236,638.92 1,409.33 236,092.80 07/27/1807/25/18A2A 240,000.00 438516BJ4 2.72 CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 450,083.27 451,361.05 3,083.89 450,809.45 07/27/1807/25/18A3A 455,000.00 14913Q2F5 2.70 Account 7023-001 Page 5 For the Month Ending September 30, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Corporate Note PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 449,021.32 450,076.68 4,180.00 451,444.40 07/27/1807/25/18A1A+ 440,000.00 713448BN7 2.68 CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 464,111.83 464,506.06 4,274.47 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 449,098.65 449,956.93 1,617.78 449,289.75 07/27/1807/25/18A1A 455,000.00 637432NC5 2.86 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 898,311.96 899,251.85 1,387.95 897,924.30 07/27/1807/25/18Aa2AA- 910,000.00 166764AR1 2.81 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 448,834.75 449,870.90 489.13 449,248.80 07/27/1807/25/18A2A+ 455,000.00 02665WAU5 2.95 APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 897,280.93 899,388.10 6,976.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 24,681.75 4,505,176.15 4,513,043.23 2.78 4,510,267.10 4,535,000.00 Security Type Sub-Total Commercial Paper TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/25/2018 0.000% 12/24/2018 596,663.40 596,682.00 0.00 594,035.50 07/26/1807/25/18P-1A-1+ 600,000.00 89233HMQ4 2.39 DEXIA CREDIT LOCAL SA NY COMM PAPER DTD 07/25/2018 0.000% 04/15/2019 1,370,406.56 1,370,702.16 0.00 1,364,105.46 07/26/1807/25/18P-1A-1+ 1,390,000.00 25214PK44 2.60 TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/19/2018 0.000% 04/15/2019 1,607,095.24 1,607,281.42 0.00 1,599,515.38 07/26/1807/25/18P-1A-1+ 1,630,000.00 89233HRF3 2.61 0.00 3,574,165.20 3,574,665.58 2.57 3,557,656.34 3,620,000.00 Security Type Sub-Total Certificate of Deposit BNP PARIBAS NY BRANCH CERT DEPOS DTD 08/01/2018 2.330% 12/03/2018 1,389,963.43 1,390,000.00 5,487.80 1,390,000.00 08/01/1807/30/18P-1A-1 1,390,000.00 05582W6S8 2.33 Account 7023-001 Page 6 For the Month Ending September 30, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Certificate of Deposit CREDIT AGRICOLE CIB NY CERT DEPOS DTD 07/30/2018 2.360% 12/28/2018 1,349,607.33 1,350,000.00 5,575.50 1,350,000.00 07/30/1807/27/18P-1A-1 1,350,000.00 22534H6H9 2.36 AUST & NZ BANKING GRP NY CERT DEPOS DTD 07/06/2018 2.350% 01/10/2019 1,998,808.34 1,999,977.00 11,358.33 1,999,963.34 08/02/1808/01/18P-1A-1+ 2,000,000.00 05252WPJ6 2.34 NORDEA BK AB (PUBL)/NY CERT DEPOS DTD 07/27/2018 2.400% 01/28/2019 2,259,409.42 2,260,000.00 9,944.00 2,260,000.00 07/27/1807/27/18P-1A-1+ 2,260,000.00 65590AA30 2.40 ROYAL BANK OF CANADA CERT DEPOS DTD 07/30/2018 2.420% 01/30/2019 999,514.23 999,962.99 4,235.00 999,945.86 08/06/1808/03/18P-1A-1+ 1,000,000.00 78012UFP5 2.42 COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 378,354.30 378,326.80 3,344.42 377,763.00 07/31/1807/30/18P-1A-1 380,000.00 21684B3H5 2.63 CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2,247,439.60 2,260,000.00 11,104.13 2,260,000.00 07/26/1807/25/18P-1A-1 2,260,000.00 13606BZU3 2.64 TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 2,247,430.81 2,260,000.00 11,062.07 2,260,000.00 07/26/1807/25/18P-1A-1+ 2,260,000.00 89113X7H1 2.63 62,111.25 12,870,527.46 12,898,266.79 2.47 12,897,672.20 12,900,000.00 Security Type Sub-Total 30,950,000.00 30,770,708.68 2.52 131,675.49 30,803,236.85 30,752,609.79 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 14,696,854.21 14,696,854.21 0.00 14,696,854.21 NRAAAm 14,696,854.21 14,696,854.21 14,696,854.21 0.00 14,696,854.21 14,696,854.21 Money Market Sub-Total $45,646,854.21 $45,467,562.89 $131,675.49 $45,500,091.06 $45,449,464.00 2.52% $45,581,139.49 $131,675.49 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 7 For the Month Ending September 30, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.49 (2,345.44) 3,276.60 3,206,104.73 99.41 CITIGRP 3,225,000.00 912828W97US TREASURY N/B DTD 03/31/2017 1.250% 03/31/2019 2.44 0.49 0.61 (1,408.75)(3,359.99) 1,837,005.24 100.38 NOMURA 1,830,000.00 912828KQ2US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 2.50 0.61 1.06 (1,149.19) 25.51 641,798.95 98.74 NOMURA 650,000.00 912828F62US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 2.69 1.06 1.22 (1,389.25) 534.42 745,245.36 98.06 JEFFERIE 760,000.00 912828UF5US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 2.71 1.22 1.30 (1,663.70)(832.61) 812,184.58 99.05 GOLDMAN 820,000.00 9128283S7US TREASURY N/B NOTES DTD 01/31/2018 2.000% 01/31/2020 2.73 1.30 1.62 (2,819.28)(269.75) 1,123,540.80 97.70 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 2.80 1.62 1.70 (2,985.70)(1,117.84) 1,038,717.32 97.99 JPM_CHAS 1,060,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 2.81 1.70 (1,743.66) 2.60 0.95 (13,761.31) 9,404,596.98 9,495,000.00 Security Type Sub-Total 0.95 Federal Agency Bond / Note 1.51 (758.96)(628.40) 398,144.00 99.54 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 2.80 1.51 (628.40) 2.80 1.51 (758.96) 398,144.00 400,000.00 Security Type Sub-Total 1.51 Corporate Note 1.06 (95.62) 393.02 211,897.12 98.56 BNP_PARI 215,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.76 1.06 1.06 (102.60) 443.52 236,536.32 98.56 MKTX 240,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.76 1.06 1.13 (1,277.78)(726.18) 450,083.27 98.92 CSFB 455,000.00 14913Q2F5CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 2.95 1.13 Account 7023-001 Page 8 For the Month Ending September 30, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 1.24 (1,055.36)(2,423.08) 449,021.32 102.05 BONY 440,000.00 713448BN7PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 2.87 1.24 1.24 (394.23)(1,617.07) 464,111.83 102.00 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.86 1.24 1.29 (858.28)(191.10) 449,098.65 98.70 GOLDMAN 455,000.00 637432NC5NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 3.00 1.29 1.39 (939.89) 387.66 898,311.96 98.72 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 2.89 1.38 1.41 (1,036.15)(414.05) 448,834.75 98.65 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 3.11 1.41 1.55 (2,107.17)(943.67) 897,280.93 98.60 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 2.90 1.55 (5,090.95) 2.91 1.33 (7,867.08) 4,505,176.15 4,535,000.00 Security Type Sub-Total 1.32 Commercial Paper 0.23 (18.60) 2,627.90 596,663.40 99.44 TOYOTA 600,000.00 89233HMQ4TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/25/2018 0.000% 12/24/2018 2.37 0.23 0.53 (295.60) 6,301.10 1,370,406.56 98.59 DEXIA 1,390,000.00 25214PK44DEXIA CREDIT LOCAL SA NY COMM PAPER DTD 07/25/2018 0.000% 04/15/2019 2.61 0.53 0.53 (186.18) 7,579.86 1,607,095.24 98.59 TOYOTA 1,630,000.00 89233HRF3TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/19/2018 0.000% 04/15/2019 2.60 0.53 16,508.86 2.57 0.48 (500.38) 3,574,165.20 3,620,000.00 Security Type Sub-Total 0.48 Certificate of Deposit 0.17 (36.57)(36.57) 1,389,963.43 100.00 BNP_PARI 1,390,000.00 05582W6S8BNP PARIBAS NY BRANCH CERT DEPOS DTD 08/01/2018 2.330% 12/03/2018 2.34 0.17 0.24 (392.67)(392.67) 1,349,607.33 99.97 CREDAG 1,350,000.00 22534H6H9CREDIT AGRICOLE CIB NY CERT DEPOS DTD 07/30/2018 2.360% 12/28/2018 2.40 0.24 0.28 (1,168.66)(1,155.00) 1,998,808.34 99.94 JPM_CHAS 2,000,000.00 05252WPJ6AUST & NZ BANKING GRP NY CERT DEPOS DTD 07/06/2018 2.350% 01/10/2019 2.43 0.28 Account 7023-001 Page 9 For the Month Ending September 30, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Certificate of Deposit 0.32 (590.58)(590.58) 2,259,409.42 99.97 MERRILL 2,260,000.00 65590AA30NORDEA BK AB (PUBL)/NY CERT DEPOS DTD 07/27/2018 2.400% 01/28/2019 2.47 0.32 0.33 (448.76)(431.63) 999,514.23 99.95 RBC 1,000,000.00 78012UFP5ROYAL BANK OF CANADA CERT DEPOS DTD 07/30/2018 2.420% 01/30/2019 2.47 0.33 0.50 27.50 591.30 378,354.30 99.57 MERRILL 380,000.00 21684B3H5COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 2.62 0.50 0.80 (12,560.40)(12,560.40) 2,247,439.60 99.44 CIBC 2,260,000.00 13606BZU3CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2.74 0.80 0.81 (12,569.19)(12,569.19) 2,247,430.81 99.44 TD 2,260,000.00 89113X7H1TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 2.74 0.81 (27,144.74) 2.54 0.46 (27,739.33) 12,870,527.46 12,900,000.00 Security Type Sub-Total 0.46 30,950,000.00 30,752,609.79 (18,098.89)(50,627.06) 0.75 2.62 Managed Account Sub-Total 0.75 Money Market Mutual Fund 0.00 0.00 0.00 14,696,854.21 1.00 14,696,854.21 CAMP Pool 0.00 14,696,854.21 14,696,854.21 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $45,581,139.49 $131,675.49 $45,449,464.00 Accrued Interest Securities Sub-Total $45,646,854.21 ($18,098.89)($50,627.06) 0.75 2.62% 0.75 Account 7023-001 Page 10 For the Month Ending September 30, 2018Managed Account Security Transactions & Interest City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 09/03/18 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 166764AR1 0.00 8,922.55 8,922.55 910,000.00 09/03/18 09/13/18 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 02665WAU5 0.00 4,891.25 4,891.25 455,000.00 09/13/18 09/30/18 US TREASURY N/B DTD 03/31/2017 1.250% 03/31/2019 912828W97 0.00 20,156.25 20,156.25 3,225,000.00 09/30/18 33,970.05 33,970.05 0.00 4,590,000.00 Transaction Type Sub-Total 0.00 33,970.05 33,970.05 Managed Account Sub-Total Total Security Transactions $33,970.05 $33,970.05 $0.00 Account 7023-001 Page 11 For the Month Ending September 30, 2018Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 14,687,391.52 Opening Balance 09/04/18 09/04/18 Purchase - Interest 166764AR1 1.00 8,922.55 14,696,314.07 09/06/18 09/06/18 Transfer to 7023-002 1.00 (27,573.79) 14,668,740.28 09/13/18 09/13/18 Purchase - Interest 02665WAU5 1.00 4,891.25 14,673,631.53 09/26/18 09/26/18 IP Fees August 2018 1.00 (2,436.42) 14,671,195.11 09/26/18 09/26/18 U.S. Bank Fees July 2018 1.00 (172.88) 14,671,022.23 09/28/18 10/01/18 Accrual Income Div Reinvestment - Distributions 1.00 25,831.98 14,696,854.21 14,696,854.21 14,696,854.21 14,696,854.21 14,677,526.72 128,151.80 0.00 (30,980,161.52) 150,165.60 45,526,850.13 25,831.98 14,696,854.21 0.00 (30,183.09) 39,645.78 14,687,391.52 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 September July-September 2.14% Account 7023-001 Page 12 For the Month Ending September 30, 2018Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 1,377,720.13 30,039.45 (306.77) 0.00 $1,407,452.81 CAMP Pool Unsettled Trades 0.00 2,465.66 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 3,329,832.22 0.00 0.00 (4,445.12) $3,325,387.10 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income September 30, 2018 August 31, 2018 Asset Summary CAMP Pool 1,407,452.81 1,377,720.13 CAMP Managed Account 3,325,387.10 3,329,832.22 $4,732,839.91 $4,707,552.35 Total Asset Allocation 29.74% CAMP Pool 70.26% CAMP Managed Account Account 7023-002 Page 1 For the Month Ending September 30, 2018Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $1,377,720.13 30,039.45 (306.77) $1,407,452.81 2,465.66 $3,329,832.22 0.00 0.00 0.00 0.00 (4,445.12) $3,325,387.10 $4,707,552.35 $4,732,839.91 0.00 0.00 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Managed Account Total 3,332,421.79 4,739,874.60 21,813.69 0.00 0.00 0.00 0.00 (3,330,776.27) (16,631.46) 0.00 21,813.69 306.77 0.00 0.00 (30,039.45) (4,708,496.40) (16,631.46) 2,465.66 Total Accrual Basis Earnings $6,827.75 $9,293.41 Transaction Summary - Managed AccountTransaction Summary - Money Market ___________________________________________________________________________________________________________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-002 Page 2 For the Month Ending September 30, 2018Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 2,240,000.00 2,218,519.52 46.87 Federal Agency Bond / Note 1,110,000.00 1,106,867.58 23.39 Managed Account Sub-Total 3,350,000.00 3,325,387.10 70.26% Accrued Interest 21,813.69 Total Portfolio 3,350,000.00 3,347,200.79 CAMP Pool 1,407,452.81 1,407,452.81 29.74 Total Investments 4,757,452.81 4,754,653.60 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 23.39% Fed Agy Bond / Note 29.74% Mny Mkt Fund 46.87% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 29.74% 23.47% 46.79% 0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 1.13 425 2.49% 2.67% Account 7023-002 Page 3 For the Month Ending September 30, 2018Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 70.26% AA+ 29.74% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 1,407,452.81 29.74 CAMP Pool 1,106,867.58 23.39 FEDERAL HOME LOAN BANKS 2,218,519.52 46.87 UNITED STATES TREASURY $4,732,839.91 Total 100.00% Account 7023-002 Page 4 For the Month Ending September 30, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par U.S. Treasury Bond / Note UNITED STATES TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 1,110,725.28 1,112,079.26 4,704.92 1,109,456.25 07/12/1807/11/18AaaAA+ 1,120,000.00 912828XS4 2.33 US TREASURY N/B DTD 11/30/2017 1.750% 11/30/2019 1,107,794.24 1,110,313.67 6,586.89 1,108,493.75 07/12/1807/11/18AaaAA+ 1,120,000.00 9128283H1 2.51 11,291.81 2,218,519.52 2,222,392.93 2.42 2,217,950.00 2,240,000.00 Security Type Sub-Total Federal Agency Bond / Note FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1,106,867.58 1,110,028.86 10,521.88 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 10,521.88 1,106,867.58 1,110,028.86 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 3,350,000.00 3,327,978.86 2.49 21,813.69 3,332,421.79 3,325,387.10 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 1,407,452.81 1,407,452.81 0.00 1,407,452.81 NRAAAm 1,407,452.81 1,407,452.81 1,407,452.81 0.00 1,407,452.81 1,407,452.81 Money Market Sub-Total $4,757,452.81 $4,735,431.67 $21,813.69 $4,739,874.60 $4,732,839.91 2.49% $4,754,653.60 $21,813.69 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5 For the Month Ending September 30, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.66 (1,353.98) 1,269.03 1,110,725.28 99.17 JPM_CHAS 1,120,000.00 912828XS4UNITED STATES TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 2.51 0.66 1.14 (2,519.43)(699.51) 1,107,794.24 98.91 JPM_CHAS 1,120,000.00 9128283H1US TREASURY N/B DTD 11/30/2017 1.750% 11/30/2019 2.70 1.14 569.52 2.61 0.90 (3,873.41) 2,218,519.52 2,240,000.00 Security Type Sub-Total 0.90 Federal Agency Bond / Note 1.60 (3,161.28)(3,161.28) 1,106,867.58 99.72 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 2.80 1.60 (3,161.28) 2.80 1.60 (3,161.28) 1,106,867.58 1,110,000.00 Security Type Sub-Total 1.60 3,350,000.00 3,325,387.10 (2,591.76)(7,034.69) 1.13 2.67 Managed Account Sub-Total 1.13 Money Market Mutual Fund 0.00 0.00 0.00 1,407,452.81 1.00 1,407,452.81 CAMP Pool 0.00 1,407,452.81 1,407,452.81 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $4,754,653.60 $21,813.69 $4,732,839.91 Accrued Interest Securities Sub-Total $4,757,452.81 ($2,591.76)($7,034.69) 1.13 2.67% 1.13 Account 7023-002 Page 6 For the Month Ending September 30, 2018Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 1,377,720.13 Opening Balance 09/06/18 09/06/18 Transfer from 7023-001 1.00 27,573.79 1,405,293.92 09/26/18 09/26/18 IP Fees August 2018 1.00 (269.57) 1,405,024.35 09/26/18 09/26/18 U.S. Bank Fees July 2018 1.00 (37.20) 1,404,987.15 09/28/18 10/01/18 Accrual Income Div Reinvestment - Distributions 1.00 2,465.66 1,407,452.81 1,407,452.81 1,407,452.81 1,407,452.81 1,400,893.73 9,350.33 0.00 (3,336,451.90) 146,720.28 4,597,184.43 2,465.66 1,407,452.81 0.00 (306.77) 30,039.45 1,377,720.13 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 September July-September 2.14% Account 7023-002 Page 7