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HomeMy WebLinkAboutFIN Quarterly Investment Report____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: 01/21/2020 Disposition: Accepted report Agenda Item No: 4.g Meeting Date: January 21, 2020 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, 2019 RECOMMENDATION: Accept investment report for the quarter ending December 31, 2019, 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 17, 2019, 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 December 31, 2019, the balance was $22,854,755 and the portfolio had a yield of 1.80 percent. ANALYSIS: As of December 31, 2019, the primary LAIF account had a balance of $22,767,096. The other LAIF account holding housing funds for future administrative expenses contained $151,998. Portfolio returns on LAIF deposits were 2.04% for the quarter ending December 31, 2019. The remaining investment assets included the $1,315,100 balance of Pt. San Pedro Assessment District bonds, and $22,586,865 in government agency securities and corporate bonds (including Toyota Motor Credit Corp., American Honda Finance, Walt Disney, JP Morgan Chase, American Express, US Bancorp, Citibank, Pfizer Inc., Caterpillar Inc., Walmart Inc., Apple Inc., and PNC Bank NA). The overall total portfolio returns for the quarter ended December 31, 2019 were 2.06%. The City’s Westamerica general operating bank account had a balance of $6,477,033 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending December 2019. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending December 31, 2019, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, October through December 2019 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending December 31, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR Exhibit A %Return LAIF 22,012,881$ 96.0%2.04% LAIF - RDA 151,998$ 0.7%2.04% LAIF - RDA 02 TARB 754,215$ 3.3%2.04% Total Internally Managed 22,919,094$ 49.0% Weighted Average Yield 2.04% Days Effective Average Duration - Internal 1 Weighted Average Maturity - Internal 1 %Return Cash 39,382$ 0.2%0.00% Treasury Securities 3,010,993$ 12.6%1.55% Instrumentality Securities 13,379,064$ 56.0%1.80% Corporate Notes 6,157,409$ 25.8%2.25% Municipal 1,315,100$ 5.5%5.25% Total Externally Managed 23,901,948$ 51.0% Weighted Average Yield 2.07% Years Effective Average Duration - External 2.10 Weighted Average Maturity - External 2.39 Total Portfolio Assets %Return LAIF 22,919,094$ 49.0%2.04% Cash 39,382$ 0.1%0.00% Treasury Securities 3,010,993$ 6.4%1.55% Instrumentality Securities 13,379,064$ 28.6%1.80% Corporate Notes 6,157,409$ 13.2%2.25% Municipal 1,315,100$ 2.8%5.25% Total Portfolio Assets 46,821,042$ Weighted Average Yield 2.06% Years Effective Average Duration - Total 1.07 Weighted Average Maturity - Total 1.22 Based on Market Values December 31, 2019 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 96.0% LAIF -RDA, 0.7% LAIF -RDA 02 TARB, 3.3% Cash , 0.2%Treasury Securities, 12.6% Instrumentality Securities, 56.0% Corporate Notes, 25.8% Municipal, 5.5% LAIF 49% Cash 0% Treasury Securities 6% Instrumentality Securities 29% Corporate Notes 13%Municipal 3% Exhibit A Internally Managed Assets %Return %Return %Return %Return %Return LAIF 22,767,096$ 99.3%2.04%12,680,946$ 98.8%2.28%17,597,984$ 99.2%2.43%12,519,411$ 98.8%2.44%12,486,014$ 98.8%2.29% LAIF - Housing 151,998$ 0.7%2.04%151,067$ 1.2%2.28%150,108$ 0.8%2.43%149,172$ 1.2%2.44%148,276$ 1.2%2.29% Total Internally Managed 22,919,094$ 49.0%12,832,013$ 34.9%17,748,092$ 42.8%12,668,583$ 35.0%12,634,290$ 35.1% Weighted Average Yield 2.04%2.28%2.43%2.44%2.29% Externally Managed Assets %Return %Return %Return %Return %Return Cash 39,382$ 3.0%0.00%-$ 0.0%0.00%52,950$ 3.8%0.00%137,947$ 0.6%0.00%26,052$ 0.1%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 3,010,993$ 12.6%1.55%4,569,064$ 19.1%1.47%4,064,551$ 17.1%1.64%4,469,213$ 19.0%1.61%4,452,549$ 19.1%1.61% Instrumentality Securities 13,379,064$ 56.0%1.80%15,010,194$ 62.8%1.83%14,234,066$ 60.0%1.68%14,048,805$ 59.6%1.70%14,469,316$ 61.9%1.50% Corporate Notes 6,157,409$ 25.8%2.25%2,994,607$ 12.5%2.51%3,988,410$ 16.8%2.68%3,534,412$ 15.0%2.52%3,029,558$ 13.0%2.21% Municipal/Assessment District 1,315,100$ 5.5%5.25%1,315,100$ 5.5%5.25%1,387,200$ 5.8%5.25%1,387,200$ 5.9%5.25%1,387,200$ 5.9%5.25% Total Externally Managed 23,901,948$ 51.0%23,888,965$ 65.1%23,727,176$ 57.2%23,577,577$ 65.0%23,364,674$ 64.9% Weighted Average Yield 2.07%2.03%2.05%2.00%1.83% Years Years Years Years Years Effective Average Duration - External 2.10 1.86 1.34 1.34 1.34 Weighted Average Maturity - External 2.39 2.13 1.60 1.60 1.60 Total Portfolio Assets %Return %Return %Return %Return %Return LAIF 22,919,094$ 49.0%2.04%12,832,013$ 34.9%2.28%17,748,092$ 42.8%2.43%12,668,583$ 35.0%2.44%12,634,290$ 35.1%2.29% Cash 39,382$ 0.1%0.00%-$ 0.0%0.00%52,950$ 0.1%0.00%137,947$ 0.4%0.00%26,052$ 0.1%0.00% Treasury Securities 3,010,993$ 6.4%1.55%4,569,064$ 12.4%1.47%4,064,551$ 9.8%1.64%4,469,213$ 12.3%1.61%4,452,549$ 12.4%1.61% Instrumentality Securities 13,379,064$ 28.6%1.80%15,010,194$ 40.9%1.83%14,234,066$ 34.3%1.68%14,048,805$ 38.8%1.70%14,469,316$ 40.2%1.50% Corporate Notes 6,157,409$ 13.2%2.25%2,994,607$ 8.2%2.51%3,988,410$ 9.6%2.68%3,534,412$ 9.8%2.52%3,029,558$ 8.4%2.21% Municipal/Assessment District 1,315,100$ 2.8%5.25%1,315,100$ 3.6%5.25%1,387,200$ 3.3%5.25%1,387,200$ 3.8%5.25%1,387,200$ 3.9%5.25% 46,821,041$ 36,720,977$ 41,475,267$ 36,246,160$ 35,998,964$ Total Portfolio Assets Weighted Average Yield 2.06%2.12%2.21%2.16%1.99% Years Years Years Years Years Effective Average Duration - Total 1.07 1.21 0.77 0.87 0.87 Weighted Average Maturity - Total 1.22 1.39 0.92 1.04 1.04 Performance Recap -The weighted average quarterly portfolio yield decreased slightly from 2.12% to 2.06% during the past quarter. The yield has increased over the past year, from 1.99% in the quarter ended December 31, 2019 to 2.06% 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 decreased, from 1.21 to 1.07 years since last quarter due to an increase in LAIF assets. -The total portfolio assets increased by approximately $10 million during the quarter. This is due to the investment of a portion of property tax receipts received in December. City of San Rafael Historical Activity-By Quarter December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 T:\CITY COUNCIL AGENDA ITEMS\Agenda Item Approval Process\2020-01-21 (Tuesday)\FIN - City Quarterly Investment Report\Attachment 2 - Historical Activity by Quarter Rep 12-31-19 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELOctober 2019 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costCash and Cash EquivalentsCash and Cash Equivalents1,568,054.30 1,568,054.306.59Total Cash and Cash Equivalents1,568,054.301,568,054.306.59Corporate Bonds90331HNB5 US BANK NA/CINCINNATI OH2.000 01/24/2020 500,000.00 493,330.00 10/17/2018 3.08 2.0789236TCF0 TOYOTA MOTOR CREDIT CORP2.150 03/12/2020 500,000.00 504,545.00 09/12/2017 1.78 2.1202665WBT7 AMERICAN HONDA FINANCE CORP1.950 07/20/2020 500,000.00 492,340.00 01/02/2019 2.98 2.0746625HQJ2 JP MORGAN CHASE & CO2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.0817325FAQ1 CITIBANK NA - CITIBANK3.400 07/23/2021 500,000.00 507,030.00 05/29/2019 2.72 2.13149123BX8 CATERPILLAR INC2.600 06/26/2022 500,000.00 500,300.00 05/16/2019 2.58 2.10931142DH3 WAL-MART STORES INC2.550 04/11/2023 500,000.00 509,155.00 09/17/2019 2.01 2.14037833AK6 APPLE INC2.400 05/03/2023 500,000.00 506,880.00 09/17/2019 2.00 2.13693475AV7 PNC FINANCIAL SERVICES GROUP I3.500 01/23/2024 500,000.00 523,455.00 07/26/2019 2.39 2.20Total Corporate Bonds4,500,000.004,531,760.002.5119.05Government Agencies3130ABCH7 FEDERAL HOME LOAN BANKS1.500 11/04/2019 750,000.00 750,030.00 06/21/2017 1.50 3.153133ECEY6 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.450 02/11/2020 1,000,000.00 1,003,130.00 11/14/2016 1.35 4.223134G3K58 FEDERAL HOME LOAN MORTGAGE COR1.500 03/19/2020 500,000.00 498,289.00 05/11/2017 1.62 2.09313383HU8 FEDERAL HOME LOAN BANKS1.750 06/12/2020 1,000,000.00 996,870.00 11/27/2017 1.884.193133EHVX8 FEDERAL FARM CREDIT BANKS FUNDING CORP 1.500 08/24/2020 1,000,000.00 999,190.00 09/12/2017 1.53 4.203135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.63010/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.223133EJ4Q9 FEDERAL FARM CREDIT BANKS FUNDING CORP 2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.10313373ZY1 FEDERAL HOME LOAN BANKS3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.31313378JP7 FEDERAL HOME LOAN BANKS2.375 09/10/2021 600,000.00 602,430.00 05/15/2019 2.19 2.533137EADB2 FEDERAL HOME LOAN MORTGAGE COR2.375 01/13/2022 1,650,000.00 1,676,634.30 09/30/2019 1.65 7.05313378WG2 FEDERAL HOME LOAN BANKS2.500 03/11/2022 1,000,000.00 1,016,330.00 06/13/2019 1.89 4.273135G0T78 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.00010/05/2022 600,000.00 601,716.00 07/09/2019 1.91 2.533130A3KM5 FEDERAL HOME LOAN BANKS2.500 12/09/2022 1,000,000.00 1,021,240.00 07/01/2019 1.86 4.293135G0U43 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.87509/12/2023 1,000,000.00 1,047,553.22 09/24/2019 1.63 4.403135G0V34 FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.50002/05/2024 600,000.00 621,262.80 10/21/2019 1.64 2.61Total Government Agencies13,200,000.0013,361,225.321.7956.17SAN RAFAELAs of October 31, 2019 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costSAN RAFAELAs of October 31, 2019Government Bonds912828H52 UNITED STATES TREASURY NOTE/BOND1.250 01/31/2020 750,000.00 745,869.14 06/21/2017 1.47 3.14912828X96 UNITED STATES TREASURY NOTE/BOND1.500 05/15/2020 600,000.00 596,554.69 11/10/2017 1.74 2.51912828XM7 UNITED STATES TREASURY NOTE/BOND1.625 07/31/2020 1,000,000.00 1,005,742.19 08/31/2017 1.42 4.23912828U57 UNITED STATES TREASURY NOTE/BOND2.125 11/30/2023 650,000.00 661,529.52 10/28/2019 1.67 2.78Total Government Bonds3,000,000.003,009,695.541.5512.65Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT5.250 09/02/2032 1,315,100.00 1,315,100.00 03/01/2014 5.25 5.53Total Municipal/Provincial Bonds1,315,100.001,315,100.005.255.53Grand Total23,583,154.3023,785,835.161.97100.00 ADDITIONAL INFORMATIONAs of October 31, 2019SAN 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. 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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. 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. ADDITIONAL INFORMATIONAs of October 31, 2019SAN 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.© 2019 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 2019 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Securities purchased15Securities sold and matured 16Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of November 30, 2019SAN RAFAELChart 1: ISM Manufacturing & Non-Manufacturing IndicesSource: BloombergFinance LP, November 30, 2019.Chart 2: Treasury yield curve (%)Source: Bloomberg Finance LP, November 30, 2019.Economic Indicators and Monetary PolicyUS GDP in Q3 was revised up from 1.9% to 2.1%, largely due to upticks in inventories,business sentiment and personal consumption. Markets tookcomfort as globalpurchasing manufacturing indices (PMI) showed signs of stabilization. In the US, theInstitute for Supply Management (ISM) non-manufacturing index improved by 2.1points to 54.7 (versus 53.5 expected). The manufacturing index edged up by 0.5points to 48.3 (see Chart 1). The employment report showed that the US economyadded 128,000 jobs in October (versus 85,000 expected), plus another 95,000 ofpositive revisionstoprevious months.Uncertainty around US negotiations striking a narrow “phase one” trade agreementwith China was a key driver of markets. The US reportedly pushed back againstrequests for existing Chinese tariffs to be rolled back (instead of merely leftunchanged) as part of the deal. US Senate unanimously passedlegislation aimed atprotecting human rights in Hong Kong, to which the Chinese Foreign Ministry pledgedtoconsider “strongcountermeasures”.There was no US Federal Open Markets Committee (FOMC) policymeeting during themonth. Messaging from key personnel remained consistent with the theme thatpolicy is “in the right place now”. Markets moved to price in no change at theDecember meeting. US front-end Treasury yields rose by up to0.12% in November.InterestRateSummaryAt the end of November, the 3-month US Treasury bill yielded 1.58%, the 6-month USTreasury bill yielded 1.61%, the 2-year US Treasury note yielded 1.63%, the 5-year USTreasury note yielded 1.61% and the 10-year US Treasury noteyielded 1.78% (seeChart2).404550556065Oct14 Oct15 Oct16 Oct17 Oct18 Oct19Monthly IndexManufacturingNonmanufacturingNeutral level0.00.51.01.52.02.53.03.53M 6M 1Y 2Y 3Y 5Y 7Y 10Y11/30/201911/29/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2019 - November 30, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,777,461.06Opening balance13,838.36Income received13,838.36Total receipts(141.00)Expenses paid(141.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(6,334.71)Total amortization expense1,513.11Total OID/MKT accretion income0.00Return of capitalClosing balance23,786,336.82Ending fair value23,852,005.2865,668.46Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.22 1.03 0.13Overnight Repo2.30 1.05 0.13Merrill Lynch 3m US Treas Bill 2.11 0.92 0.12Merrill Lynch 6m US Treas Bill 2.11 0.89 0.12ML 1 Year US Treasury Note 2.15 0.89 0.13ML 2 Year US Treasury Note 2.06 0.83 0.13ML 5 Year US Treasury Note 2.04 0.82 0.13* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned44,328.34Accretion (amortization)(4,821.60)Realized gain (loss) on sales0.00Total income on portfolio39,506.74Average daily amortized cost23,785,993.50Period return (%)Weighted average final maturity in days857YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1,978.99 0.00 1,978.990.00Corporate Bonds 9,304.17 (216.97) 9,087.200.00Government Agencies 23,524.50 (4,453.98) 19,070.520.00Government Bonds 3,958.90 (150.65) 3,808.250.00Municipal/Provincial Bonds 5,561.78 0.00 5,561.78Total 44,328.34 (4,821.60) 0.00 39,506.740.171.844 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2019 - November 30, 2019SAN RAFAELFair Value Basis Activity Summary23,874,928.24Opening balance13,838.36Income received13,838.36Total receipts(141.00)Expenses paid(141.00)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period(36,620.32)Ending fair value23,852,005.28Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.22 1.03 0.13Overnight Repo2.30 1.05 0.13ICE BofAML 3 Months US T-BILL 2.32 1.10 0.12ICE ML 6m US Treas Bill 2.63 1.28 0.12ICE ML 1 Year US Treasury Note 3.11 1.37 0.06ICE ML US Treasury 1-3 4.15 1.40 (0.03)ICE ML US Treasury 1-5 5.21 1.62 (0.11)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1,978.99 0.00 1,978.99Corporate Bonds 9,304.17 (9,580.90) (276.73)Government Agencies 23,524.50 (24,143.65) (619.15)Government Bonds 3,958.90 (2,895.77) 1,063.13Municipal/Provincial Bonds 5,561.78 0.00 5,561.78Total44,328.34 (36,620.32) 7,708.02Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned44,328.34Total income on portfolio7,708.02Average daily total value *23,990,440.22Period return (%)0.03Weighted average final maturity in days857Change in fair value(36,620.32)YTD return (%)2.90* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of November 30, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents1,578,324.91 1,578,324.91 1,578,324.910.006.630.001Corporate Bonds4,531,760.00 4,535,676.85 4,566,540.78 30,863.93717 19.041.80Government Agencies13,364,622.07 13,345,540.53 13,380,595.52 35,054.99723 56.161.89Government Bonds3,009,695.54 3,011,694.53 3,011,444.07 (250.46)452 12.651.19Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,661 5.539.13Total23,799,502.52 23,786,336.82 23,852,005.28 65,668.46857 100.002.06Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents6.63Corporate Bonds19.04Government Agencies56.16Government Bonds12.65Municipal/Provincial Bonds5.53Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of November 30, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days3,820,654.05 16.0590 to 179 days1,599,388.69 6.72180 days to 1 year4,497,552.19 18.901 to 2 years3,127,325.00 13.142 to 3 years3,794,980.30 15.953 to 4 years3,084,828.22 12.964 to 5 years2,559,674.07 10.76Over 5 years1,315,100.00 5.5323,799,502.52 100.00Maturity distribution0.001.002.003.004.005.00Historical 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, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.0001,578,324.91 1,578,324.910.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents6.631,578,324.911,578,324.91Total Cash and Cash Equivalents1,578,324.91 1,578,324.91 1,578,324.91 0.00 0.00 0.000.00 0.006.630.000.001,578,324.91Corporate Bonds90331HNB5 2.000 01/24/2020 493,330.00 499,213.58(32.59)838.83 0.00 805.56 3,500.0012/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.07500,052.41500,000.0089236TCF0 2.150 03/12/2020 504,545.00 500,514.53(132.49)(150.34) 0.00 865.98 2,329.170.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.12500,364.19500,000.0002665WBT7 1.950 07/20/2020 492,340.00 496,848.30(246.26)3,167.88 0.00 785.41 3,520.830.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.07500,016.18500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 496,857.30(888.54)6,484.83 0.00 1,027.08 3,152.0802/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.08503,342.13500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 505,312.60(2,122.07)5,137.94 0.00 1,369.44 5,997.2206/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.13510,450.54500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,243.26(279.31)7,900.06 0.00 1,047.22 5,561.1103/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.10508,143.32500,000.00931142DH3 2.550 04/11/2023 509,155.00 508,588.08(2,135.75)1,495.41 0.00 1,027.09 1,735.4201/11/2023 0.00 (229.83)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.14510,083.49500,000.008 SECURITIES HELDAs of November 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds037833AK6 2.400 05/03/2023 506,880.00 506,490.47(1,302.67)1,134.84 6,000.00 966.67 900.000.00 (157.92)APPLE INC 2.4% 03MAY20232.13507,625.31500,000.00693475AV7 3.500 01/23/2024 523,455.00 521,608.73(2,441.22)4,854.48 0.00 1,409.72 6,173.6112/24/2023 0.00 (443.11)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.20526,463.21500,000.00Total Corporate Bonds4,531,760.00 4,535,676.85 4,566,540.78 30,863.93 6,000.00 9,304.170.00 (216.97)19.0432,869.44(9,580.90)4,500,000.00Government Agencies3133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,190.27180.94(609.14) 0.00 1,168.06 4,390.280.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.21999,581.131,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,818.7643.7932.10 0.00 604.17 1,479.170.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE2.09499,850.86500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,343.93(421.52)1,383.79 0.00 1,409.73 8,166.670.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.191,000,727.721,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,798.83(344.23)(871.06) 0.00 1,208.33 4,000.000.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.20998,927.771,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,000,984.11(130.20)(1,922.95) 0.00 1,358.33 1,358.330.00 (92.73)FANNIE MAE 1.63%30OCT2020 CALLABLE4.22999,061.161,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,489.53542.035,738.69 0.00 1,027.09 4,922.920.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.10505,228.22500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,016,252.81(2,938.31)13,200.05 0.00 2,920.14 17,017.360.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.301,029,452.861,000,000.009 SECURITIES HELDAs of November 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies313378JP7 2.375 09/10/2021 602,430.00 601,860.29(1,318.31)5,361.03 0.00 1,147.92 3,166.670.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.53607,221.32600,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,674,662.59(4,079.01)(173.65) 0.00 3,156.77 14,913.020.00 (1,002.01)FREDDIE MAC 2.375%13JAN20227.041,674,488.941,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,013,556.05(2,706.27)5,043.24 0.00 2,013.89 5,486.110.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.271,018,599.291,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,507.20(840.42)5,598.16 0.00 966.66 1,833.330.00 (44.11)FANNIE MAE 2% 05OCT20222.53607,105.36600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,018,668.57(3,792.75)5,443.68 0.00 2,013.89 11,875.000.00 (514.29)FEDERAL HOME LOAN BANK2.5% 09DEC20224.291,024,112.251,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,045,323.64(4,489.91)(975.98) 0.00 2,315.98 6,229.170.00 (998.32)FANNIE MAE 2.875%12SEP20234.401,044,347.661,000,000.003135G0V34 2.500 02/05/2024 621,262.80 620,712.31(2,741.56)(1,132.20) 0.00 1,208.34 4,791.670.00 (412.87)FANNIE MAE 2.5% 05FEB20242.61619,580.11600,000.003135G0V75 1.750 07/02/2024 753,426.75 753,371.64(1,115.88)(1,060.77) 0.00 911.45 5,177.08(4,265.63) (55.11)FANNIE MAE 1.75% 02JUL20243.17752,310.87750,000.00Total Government Agencies13,364,622.07 13,345,540.53 13,380,595.52 35,054.99 0.00 23,430.75(4,265.63) (4,453.84)56.1694,806.78(24,151.61)13,200,000.00Government Bonds912828H52 1.250 01/31/2020 745,869.14 749,731.54123.76(252.31) 0.00 764.27 3,108.020.00 129.90USA TREASURY 1.25%31JAN20203.13749,479.23750,000.0010 SECURITIES HELDAs of November 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828X96 1.500 05/15/2020 596,554.69 599,372.56(117.18)182.13 4,500.00 737.73 370.880.00 112.72USA TREASURY 1.5%15MAY20202.51599,554.69600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,001,315.58(312.50)(1,549.96) 0.00 1,324.73 5,387.230.00 (161.75)USA TREASURY 1.625%31JUL20204.23999,765.621,000,000.00912828U57 2.125 11/30/2023 661,529.52 661,274.85(2,589.85)1,369.68 0.00 1,132.17 6,906.250.00 (231.52)USA TREASURY 2.125%30NOV20232.78662,644.53650,000.00Total Government Bonds3,009,695.54 3,011,694.53 3,011,444.07 (250.46) 4,500.00 3,958.900.00 (150.65)12.6515,772.38(2,895.77)3,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 0.00 5,561.78 16,877.120.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.531,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 0.00 5,561.780.00 0.005.5316,877.120.001,315,100.00Grand total23,799,502.52 23,786,336.82(36,628.28)65,668.46 10,500.00 42,255.6023,593,424.91(4,265.63) (4,821.46)100.00160,325.7223,852,005.2811 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.19 1,000,727.72 4.20 0.53313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.30 1,029,452.86 4.32 1.47313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.53 607,221.32 2.55 1.73313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.27 1,018,599.29 4.27 2.193130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.29 1,024,112.25 4.29 2.87Issuer total4,600,000.00 4,660,910.00 19.58 4,680,113.44 19.62 1.77Federal National Mortgage Association3135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.22 999,061.16 4.19 0.913135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.53 607,105.36 2.55 2.753135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.40 1,044,347.66 4.38 3.563135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.61 619,580.11 2.60 3.943135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.17 752,310.87 3.15 4.36Issuer total3,950,000.00 4,027,368.77 16.92 4,022,405.16 16.86 2.99United States Treasury Note/Bond912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.13 749,479.23 3.14 0.17912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.51 599,554.69 2.51 0.46912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.23 999,765.62 4.19 0.66912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 2.78 662,644.53 2.78 3.82Issuer total3,000,000.00 3,009,695.54 12.65 3,011,444.07 12.63 1.19Federal Farm Credit Banks Funding Corp3133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.21 999,581.13 4.19 0.203133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.20 998,927.77 4.19 0.7312 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.10 505,228.22 2.12 1.08Issuer total2,500,000.00 2,501,420.00 10.51 2,503,737.12 10.50 0.59Federal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.09 499,850.86 2.10 0.303137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.04 1,674,488.94 7.02 2.04Issuer total2,150,000.00 2,174,923.30 9.14 2,174,339.80 9.12 1.64Cash and Cash EquivalentsINVESTED CASH 0.0001,578,324.91 1,578,324.91 0.00 1,578,324.91 6.62 0.00Issuer total1,578,324.91 1,578,324.91 0.00 1,578,324.91 6.62 0.00PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.53 1,315,100.00 5.51 9.13Issuer total1,315,100.00 1,315,100.00 5.53 1,315,100.00 5.51 9.13PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.20 526,463.21 2.21 3.76Issuer total500,000.00 523,455.00 2.20 526,463.21 2.21 3.76Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.13 510,450.54 2.14 1.51Issuer total500,000.00 507,030.00 2.13 510,450.54 2.14 1.51Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.14 510,083.49 2.14 3.04Issuer total500,000.00 509,155.00 2.14 510,083.49 2.14 3.0413 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCaterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.10 508,143.32 2.13 2.27Issuer total500,000.00 500,300.00 2.10 508,143.32 2.13 2.27Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.13 507,625.31 2.13 3.27Issuer total500,000.00 506,880.00 2.13 507,625.31 2.13 3.27JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.08 503,342.13 2.11 1.16Issuer total500,000.00 494,725.00 2.08 503,342.13 2.11 1.16Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.12 500,364.19 2.10 0.28Issuer total500,000.00 504,545.00 2.12 500,364.19 2.10 0.28US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.07 500,052.41 2.10 0.10Issuer total500,000.00 493,330.00 2.07 500,052.41 2.10 0.10American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.07 500,016.18 2.10 0.63Issuer total500,000.00 492,340.00 2.07 500,016.18 2.10 0.63Grand total23,593,424.91 23,799,502.52 100.00 23,852,005.28 100.002.0614 SECURITIES PURCHASEDFor the period November 1, 2019 - November 30, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Agencies3135G0V751.75011/04/2019 07/02/2024 750,000.00 100.46 (753,426.75) (4,265.63)FANNIE MAE 1.75% 02JUL202411/05/2019TORONTO DOMINION BANK, THE750,000.00 (753,426.75) (4,265.63)Total Government AgenciesGrand totalGrand total750,000.00 (753,426.75) (4,265.63)15 SECURITIES SOLD AND MATUREDFor the period November 1, 2019 - November 30, 2019SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Agencies3130ABCH7FEDERAL HOME LN BKS 1.5%DUE 11-04-2019 REG1.50011/04/2019 (750,000.00) 750,030.00 750,000.00(0.14)0.007.96750,000.00 0.00 0.00 5,625.00 93.7511/04/2019(750,000.00)0.00750,030.00(0.14)750,000.007.96750,000.00 0.00 5,625.00 93.75Total (Government Agencies)Grand totalGrand total(750,000.00)0.00750,030.00(0.14)750,000.00 750,000.00 0.00 5,625.00 93.757.9616 TRANSACTION REPORTFor the period November 1, 2019 - November 30, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,000.0011/03/201911/03/2019Income037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 0.00 6,000.000.005,625.0011/04/201911/04/2019Income3130ABCH7 Government Agencies FEDERAL HOME LN BKS 1.5% 11/04/2019 750,000.00 0.00 5,625.000.000.0011/04/201911/04/2019Capital Change3130ABCH7 Government Agencies FEDERAL HOME LN BKS 1.5% 11/04/2019 (750,000.00) 750,000.00 750,000.000.00(4,265.63)11/04/201911/05/2019Bought3135G0V75 Government Agencies FANNIE MAE 1.75% 02JUL2024 07/02/2024 750,000.00 (753,426.75) (757,692.38)0.004,500.0011/15/201911/15/2019Income912828X96 Government Bonds USA TREASURY 1.5% 05/15/2020 600,000.00 0.00 4,500.000.001,978.99Income Cash and Cash Equivalents Cash1,978.990.00 0.000.0011/30/201917 ADDITIONAL INFORMATIONAs of November 30, 2019SAN 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.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. 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.18 ADDITIONAL INFORMATIONAs of November 30, 2019SAN 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.© 2019 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 2019 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 13Securities purchased17Securities sold and matured 18Transaction report19Additional information20 FIXED INCOME MARKET REVIEWAs of December 31, 2019SAN RAFAELChart 1: US unemployment hits a new 50-year lowSource: Bloomberg FinanceLP, December 31, 2019.Chart 2: Return of ‘normal’ yield curve leaves Fed satisfied with policy ratesSource: Bloomberg FinanceLP, December 31, 2019.Economic Indicators and Monetary PolicyEconomic indicators were promising overall. The economy added 266,000 jobs inNovember (above the expected 180,000) with an upward revision of 41,000 to theprevious two months, supported by the return of GM workers following a strike. Theunemployment rate fell to a new 50-year low of 3.5% (Chart 1). The ISM manufacturingindex weakened to 48.1 (compared to the expected 49.2), but remained higher thanthe September low-point of 47.8. The non-manufacturing index fell from to 53.9(versus an expected 54.5).The US and China agreed to a narrow ‘phase one’ trade deal, with the expectationthat it will be signed in January. New US tariffs previously scheduled to come intoeffect during the month were suspended. Existing tariff rates on $120bn of Chineseimports will be halved from 15% to 7.5%, although 25% on a remaining $250bn of tariffswill remain. China committed to import various US goods and services over the nexttwo years in a total amount that exceeds China’s annual level of imports for thosegoods and services in 2017 by no less than $200bn. President Trump also stated thatdiscussions on a ‘phase two’ deal would begin immediately rather than after thisyear’spresidentialelection.The final Federal Reserve (Fed) meeting of 2019 brought a run of three consecutiverate cuts to an end (Chart 2). The Fed’s messaging tilted towards the optimistic side,removing any mention of “uncertainties” to the outlook, partly as the trade conflictwith China appears closer to stabilizing. The committee’s revised ‘dot plot’ showed amajority of members expect no change in rates by the end of 2020, with no memberpredicting a cut. The yield curve continued to steepen, indicating improving investoroptimismaroundtheeconomy.InterestRateSummaryTreasury yields declined mostly across the curve during the month. At the end ofDecember, the 3-month US Treasury bill yielded 1.55%, the 6-month US Treasury billyielded 1.59%, the 2-year US Treasury note yielded 1.57%, the 5-year US Treasury noteyielded 1.69% and the 10-year US Treasury note yielded 1.69%.340 35 30 25 20 15 10 t 5 0 -5 t -10 Jan-19 ---US unemployment rare (%) Normal yieldcmve Inverted yieldcmve -----Current level --10-year Treasury yield minus 2-year Treasury yield (bp) ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2019 - December 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,786,336.82Opening balance47,550.52Income received47,550.52Total receipts(140.86)Expenses paid(140.86)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers436.90Realized gain (loss)(7,338.90)Total amortization expense1,433.80Total OID/MKT accretion income0.00Return of capitalClosing balance23,828,278.28Ending fair value23,901,948.4273,670.14Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.16 0.96 0.13Overnight Repo2.22 0.98 0.13Merrill Lynch 3m US Treas Bill 2.04 0.87 0.13Merrill Lynch 6m US Treas Bill 2.02 0.86 0.13ML 1 Year US Treasury Note 2.06 0.86 0.13ML 2 Year US Treasury Note 1.97 0.82 0.14ML 5 Year US Treasury Note 1.96 0.81 0.14* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned48,536.89Accretion (amortization)(5,905.10)Realized gain (loss) on sales436.90Total income on portfolio43,068.69Average daily amortized cost23,816,198.45Period return (%)Weighted average final maturity in days872YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 1,706.07 0.00 1,706.07436.90Corporate Bonds 11,681.61 (1,360.08) 10,758.430.00Government Agencies 25,108.85 (4,389.35) 20,719.500.00Government Bonds 4,095.01 (155.67) 3,939.340.00Municipal/Provincial Bonds 5,945.35 0.00 5,945.35Total 48,536.89 (5,905.10) 436.90 43,068.690.182.034 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2019 - December 31, 2019SAN RAFAELFair Value Basis Activity Summary23,852,005.28Opening balance47,550.52Income received47,550.52Total receipts(140.86)Expenses paid(140.86)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period2,533.48Ending fair value23,901,948.42Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.16 0.96 0.13Overnight Repo2.22 0.98 0.13ICE BofAML 3 Months US T-BILL 2.28 1.03 0.14ICE ML 6m US Treas Bill 2.57 1.17 0.16ICE ML 1 Year US Treasury Note 2.93 1.15 0.18ICE ML US Treasury 1-3 3.55 1.09 0.21ICE ML US Treasury 1-5 4.20 1.10 0.14* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 1,706.07 0.00 1,706.07Corporate Bonds 11,681.61 4,516.14 16,197.75Government Agencies 25,108.85 (1,531.73) 23,577.12Government Bonds 4,095.01 (450.93) 3,644.08Municipal/Provincial Bonds 5,945.35 0.00 5,945.35Total48,536.89 2,533.48 51,070.37Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned48,536.89Total income on portfolio51,070.37Average daily total value *24,030,324.40Period return (%)0.21Weighted average final maturity in days872Change in fair value2,533.48YTD return (%)3.12* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of December 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents39,382.07 39,382.07 39,382.070.000.170.001Corporate Bonds6,124,782.50 6,121,106.17 6,157,409.42 36,303.25686 25.681.74Government Agencies13,364,622.07 13,341,151.18 13,379,063.79 37,912.61691 56.031.81Government Bonds3,009,695.54 3,011,538.86 3,010,993.14 (545.72)420 12.621.11Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,629 5.519.07Total23,853,582.18 23,828,278.28 23,901,948.42 73,670.14 872 100.002.10Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.17Corporate Bonds25.68Government Agencies56.03Government Bonds12.62Municipal/Provincial Bonds5.51Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of December 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,791,215.21 11.7090 to 179 days1,593,424.69 6.68180 days to 1 year3,500,682.19 14.681 to 2 years5,213,677.50 21.862 to 3 years4,816,220.30 20.193 to 4 years3,248,572.74 13.624 to 5 years1,374,689.55 5.76Over 5 years1,315,100.00 5.5123,853,582.18 100.00Maturity 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 December 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00039,382.07 39,382.070.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.1739,382.0739,382.07Total Cash and Cash Equivalents39,382.07 39,382.07 39,382.07 0.00 0.00 0.000.00 0.000.170.000.0039,382.07Corporate Bonds89236TCF0 2.150 03/12/2020 504,545.00 500,363.20(233.64)(232.65) 0.00 925.69 3,254.860.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.12500,130.55500,000.0002665WBT7 1.950 07/20/2020 492,340.00 497,259.39245.573,002.36 0.00 839.59 4,360.420.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.06500,261.75500,000.00254687CK0 4.500 02/15/2021 515,190.00 514,682.4684.44591.98 0.00 750.00 8,500.00(7,750.00) (507.54)WALT DISNEY COMPANY/THE4.5% 15FEB20212.16515,274.44500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 497,066.35525.356,801.13 0.00 1,097.92 4,250.0002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.07503,867.48500,000.000258M0EB1 2.250 05/05/2021 552,667.50 552,587.70(16.98)62.82 0.00 412.50 1,925.0004/04/2021 (1,512.50) (79.80)AMERICAN EXPRESS CREDIT2.25% 05MAY2021 (CALLABLE04APR21)2.32552,650.52550,000.0091159HHA1 4.125 05/24/2021 514,880.00 514,481.98(158.23)239.79 0.00 401.04 2,119.7904/23/2021 (1,718.75) (398.02)US BANCORP 4.125%24MAY2021 (CALLABLE23APR21)2.16514,721.77500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 505,029.52286.905,707.92 0.00 1,463.89 7,461.1106/23/2021 0.00 (283.08)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.13510,737.44500,000.008 SECURITIES HELDAs of December 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds717081DZ3 2.200 12/15/2021 503,615.00 503,544.611,285.091,355.48 0.00 366.67 488.89(122.22) (70.39)PFIZER INC 2.2% 15DEC20212.11504,900.09500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,234.53723.038,631.82 6,500.00 1,119.45 180.5603/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.10508,866.35500,000.00931142DH3 2.550 04/11/2023 509,155.00 508,358.25783.942,509.18 0.00 1,097.91 2,833.3301/11/2023 0.00 (229.83)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.13510,867.43500,000.00037833AK6 2.400 05/03/2023 506,880.00 506,332.55906.442,199.20 0.00 1,033.33 1,933.330.00 (157.92)APPLE INC 2.4% 03MAY20232.12508,531.75500,000.00693475AV7 3.500 01/23/2024 523,455.00 521,165.63136.645,434.22 0.00 1,506.95 7,680.5612/24/2023 0.00 (443.10)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.19526,599.85500,000.00Total Corporate Bonds6,124,782.50 6,121,106.17 6,157,409.42 36,303.25 6,500.00 11,014.94(11,103.47) (1,709.60)25.6844,987.854,568.556,050,000.00Government Agencies3133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,109.87260.33(268.41) 0.00 1,248.61 5,638.890.00 (80.40)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.21999,841.461,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,868.64(39.35)(57.13) 0.00 645.83 2,125.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.09499,811.51500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,446.44(447.07)834.21 8,750.00 1,506.94 923.610.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.181,000,280.651,000,000.009 SECURITIES HELDAs of December 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133EHVX8 1.500 08/24/2020 999,190.00 999,821.69808.24(85.68) 0.00 1,291.67 5,291.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.19999,736.011,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,000,897.37218.22(1,617.99) 0.00 1,358.34 2,716.670.00 (86.74)FANNIE MAE 1.63%30OCT2020 CALLABLE4.21999,279.381,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,527.72(250.28)5,450.22 0.00 1,097.91 6,020.830.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.09504,977.94500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,015,367.90(844.71)13,240.25 18,125.00 3,121.53 2,013.890.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.291,028,608.151,000,000.00313378JP7 2.375 09/10/2021 602,430.00 601,773.09550.345,998.57 0.00 1,227.08 4,393.750.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.53607,771.66600,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,673,725.21945.251,708.98 0.00 3,374.48 18,287.500.00 (937.38)FREDDIE MAC 2.375%13JAN20227.031,675,434.191,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,013,060.70172.095,710.68 0.00 2,152.78 7,638.890.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.261,018,771.381,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,463.08(653.01)4,989.27 0.00 1,033.34 2,866.670.00 (44.12)FANNIE MAE 2% 05OCT20222.52606,452.35600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,018,154.29712.736,670.69 12,500.00 2,152.78 1,527.780.00 (514.28)FEDERAL HOME LOAN BANK2.5% 09DEC20224.281,024,824.981,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,044,325.32(490.55)(468.21) 0.00 2,475.69 8,704.860.00 (998.32)FANNIE MAE 2.875%12SEP20234.391,043,857.111,000,000.0010 SECURITIES HELDAs of December 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0V34 2.500 02/05/2024 621,262.80 620,299.44(1,018.13)(1,737.46) 0.00 1,291.66 6,083.330.00 (412.87)FANNIE MAE 2.5% 05FEB20242.60618,561.98600,000.003135G0V75 1.750 07/02/2024 753,426.75 753,310.42(1,455.83)(2,455.38) 0.00 1,130.21 6,307.290.00 (61.22)FANNIE MAE 1.75% 02JUL20243.16750,855.04750,000.00Total Government Agencies13,364,622.07 13,341,151.18 13,379,063.79 37,912.61 39,375.00 25,108.850.00 (4,389.35)56.0380,540.63(1,531.73)13,200,000.00Government Bonds912828H52 1.250 01/31/2020 745,869.14 749,865.77279.53(107.01) 0.00 789.74 3,897.760.00 134.23USA TREASURY 1.25%31JAN20203.13749,758.76750,000.00912828X96 1.500 05/15/2020 596,554.69 599,489.03140.62206.28 0.00 766.48 1,137.360.00 116.47USA TREASURY 1.5%15MAY20202.50599,695.31600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,001,148.44195.32(1,187.50) 0.00 1,368.88 6,756.110.00 (167.14)USA TREASURY 1.625%31JUL20204.22999,960.941,000,000.00912828U57 2.125 11/30/2023 661,529.52 661,035.62(1,066.40)542.51 6,906.25 1,169.91 1,169.910.00 (239.23)USA TREASURY 2.125%30NOV20232.77661,578.13650,000.00Total Government Bonds3,009,695.54 3,011,538.86 3,010,993.14 (545.72) 6,906.25 4,095.010.00 (155.67)12.6212,961.14(450.93)3,000,000.0011 SECURITIES HELDAs of December 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesMunicipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 0.00 5,945.35 22,822.470.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.511,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 0.00 5,945.350.00 0.005.5122,822.470.001,315,100.00Grand total23,853,582.18 23,828,278.282,585.8973,670.14 52,781.25 46,164.1523,604,482.07(11,103.47) (6,254.62)100.00161,312.0923,901,948.4212 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.18 1,000,280.65 4.18 0.45313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.29 1,028,608.15 4.30 1.41313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.53 607,771.66 2.54 1.65313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.26 1,018,771.38 4.26 2.113130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.28 1,024,824.98 4.29 2.82Issuer total4,600,000.00 4,660,910.00 19.54 4,680,256.82 19.58 1.70Federal National Mortgage Association3135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.21 999,279.38 4.18 0.823135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.52 606,452.35 2.54 2.663135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.39 1,043,857.11 4.37 3.483135G0V34FANNIE MAE 2.5% 2.500 02/05/2024 AA+ Aaa 600,000.00 621,262.80 2.60 618,561.98 2.59 3.853135G0V75FANNIE MAE 1.75% 1.750 07/02/2024 AA+ Aaa 750,000.00 753,426.75 3.16 750,855.04 3.14 4.28Issuer total3,950,000.00 4,027,368.77 16.88 4,019,005.86 16.81 2.90United States Treasury Note/Bond912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.13 749,758.76 3.14 0.08912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.50 599,695.31 2.51 0.37912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.22 999,960.94 4.18 0.57912828U57USA TREASURY 2.125% 2.125 11/30/2023 AA+ Aaa 650,000.00 661,529.52 2.77 661,578.13 2.77 3.74Issuer total3,000,000.00 3,009,695.54 12.62 3,010,993.14 12.60 1.11Federal Farm Credit Banks Funding Corp3133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.21 999,841.46 4.18 0.113133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.19 999,736.01 4.18 0.6413 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks Funding Corp3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.09 504,977.94 2.11 1.00Issuer total2,500,000.00 2,501,420.00 10.49 2,504,555.41 10.48 0.50Federal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.09 499,811.51 2.09 0.223137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.03 1,675,434.19 7.01 1.96Issuer total2,150,000.00 2,174,923.30 9.12 2,175,245.70 9.10 1.56PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.51 1,315,100.00 5.50 9.07Issuer total1,315,100.00 1,315,100.00 5.51 1,315,100.00 5.50 9.07American Express Credit Corp0258M0EB1AMERICAN EXPRESS 2.250 05/05/2021 04/04/2021 A- A2 550,000.00 552,667.50 2.32 552,650.52 2.31 1.24Issuer total550,000.00 552,667.50 2.32 552,650.52 2.31 1.24PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.19 526,599.85 2.20 3.68Issuer total500,000.00 523,455.00 2.19 526,599.85 2.20 3.68Walt Disney Co/The254687CK0WALT DISNEY 4.500 02/15/2021 A A2 500,000.00 515,190.00 2.16 515,274.44 2.16 1.08Issuer total500,000.00 515,190.00 2.16 515,274.44 2.16 1.08US Bancorp91159HHA1US BANCORP 4.125% 4.125 05/24/2021 04/23/2021 A+ A1 500,000.00 514,880.00 2.16 514,721.77 2.15 1.27Issuer total500,000.00 514,880.00 2.16 514,721.77 2.15 1.2714 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesWalmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.13 510,867.43 2.14 2.97Issuer total500,000.00 509,155.00 2.13 510,867.43 2.14 2.97Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.13 510,737.44 2.14 1.42Issuer total500,000.00 507,030.00 2.13 510,737.44 2.14 1.42Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.10 508,866.35 2.13 2.22Issuer total500,000.00 500,300.00 2.10 508,866.35 2.13 2.22Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.12 508,531.75 2.13 3.18Issuer total500,000.00 506,880.00 2.12 508,531.75 2.13 3.18Pfizer Inc717081DZ3PFIZER INC 2.2% 2.200 12/15/2021 AA- A1 500,000.00 503,615.00 2.11 504,900.09 2.11 1.91Issuer total500,000.00 503,615.00 2.11 504,900.09 2.11 1.91JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.07 503,867.48 2.11 1.06Issuer total500,000.00 494,725.00 2.07 503,867.48 2.11 1.06American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.06 500,261.75 2.09 0.54Issuer total500,000.00 492,340.00 2.06 500,261.75 2.09 0.5415 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.12 500,130.55 2.09 0.20Issuer total500,000.00 504,545.00 2.12 500,130.55 2.09 0.20Cash and Cash EquivalentsINVESTED CASH 0.00039,382.07 39,382.07 0.00 39,382.07 0.16 0.00Issuer total39,382.07 39,382.07 0.00 39,382.07 0.16 0.00Grand total23,604,482.07 23,853,582.18 100.00 23,901,948.42 100.002.1016 SECURITIES PURCHASEDFor the period December 1, 2019 - December 31, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds254687CK04.50012/17/2019 02/15/2021 500,000.00 103.04 (515,190.00) (7,750.00)WALT DISNEY COMPANY/THE 4.5% 15FEB2021 12/19/2019TORONTO DOMINION BANK, THE0258M0EB12.25012/17/2019 05/05/2021 550,000.00 100.49 (552,667.50) (1,512.50)AMERICAN EXPRESS CREDIT 2.25% 05MAY2021 (CALLABLE 04APR21)04/04/202112/19/2019TORONTO DOMINION BANK, THE717081DZ32.20012/17/2019 12/15/2021 500,000.00 100.72 (503,615.00) (122.22)PFIZER INC 2.2% 15DEC202112/19/2019STIFEL NICOLAUS & CO,INCORORATED91159HHA14.12512/18/2019 05/24/2021 500,000.00 102.98 (514,880.00) (1,718.75)US BANCORP 4.125% 24MAY2021 (CALLABLE 23APR21)04/23/202112/24/2019WELLS FARGO BANK, N.A.2,050,000.00 (2,086,352.50) (11,103.47)Total Corporate BondsGrand totalGrand total2,050,000.00 (2,086,352.50) (11,103.47)17 SECURITIES SOLD AND MATUREDFor the period December 1, 2019 - December 31, 2019SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedCorporate Bonds90331HNB5US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.00012/24/2019 (500,000.00) 493,330.00 499,563.10349.520.00(52.41)500,000.00 436.90 0.00 4,166.67 666.6712/24/2019(500,000.00)0.00493,330.00349.52499,563.10(52.41)500,000.00 436.90 4,166.67 666.67Total (Corporate Bonds)Grand totalGrand total(500,000.00)0.00493,330.00349.52499,563.10 500,000.00 436.90 4,166.67 666.67(52.41)18 TRANSACTION REPORTFor the period December 1, 2019 - December 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,906.2511/30/201911/30/2019Income912828U57 Government Bonds USA TREASURY 2.125% 11/30/2023 650,000.00 0.00 6,906.250.0012,500.0012/09/201912/09/2019Income3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 0.00 12,500.000.0018,125.0012/11/201912/11/2019Income313373ZY1 Government Agencies FEDERAL HOME LOAN BANK 06/11/2021 1,000,000.00 0.00 18,125.000.008,750.0012/12/201912/12/2019Income313383HU8 Government Agencies FEDERAL HOME LOAN BANK 06/12/2020 1,000,000.00 0.00 8,750.000.00(1,512.50)12/17/201912/19/2019Bought0258M0EB1 Corporate Bonds AMERICAN EXPRESS CREDIT 05/05/2021 550,000.00 (552,667.50) (554,180.00)0.00(7,750.00)12/17/201912/19/2019Bought254687CK0 Corporate Bonds WALT DISNEY COMPANY/THE 02/15/2021 500,000.00 (515,190.00) (522,940.00)0.00(122.22)12/17/201912/19/2019Bought717081DZ3 Corporate Bonds PFIZER INC 2.2% 15DEC2021 12/15/2021 500,000.00 (503,615.00) (503,737.22)0.00(1,718.75)12/18/201912/24/2019Bought91159HHA1 Corporate Bonds US BANCORP 4.125% 05/24/2021500,000.00 (514,880.00) (516,598.75)0.004,166.6712/24/201912/24/2019Income90331HNB5 Corporate Bonds US BANK NA CINCINNATI 2% 01/24/2020 500,000.00 0.00 4,166.670.000.0012/24/201912/24/2019Capital Change90331HNB5 Corporate Bonds US BANK NA CINCINNATI 2% 01/24/2020 (500,000.00) 500,000.00 500,000.00436.906,500.0012/26/201912/26/2019Income149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 500,000.00 0.00 6,500.000.001,706.07Income Cash and Cash Equivalents Cash1,706.070.00 0.000.0012/31/201919 ADDITIONAL INFORMATIONAs of December 31, 2019SAN 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.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. 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.20 ADDITIONAL INFORMATIONAs of December 31, 2019SAN 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.© 2019 Insight Investment. All rights reserved.21 City of San Rafael ACCOUNT STATEMENT For the Month Ending December 31, 2019 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 7023-002 Lease Revenue Bonds Series 2018 Capitalized Intere www.camponline.comOnline Access 1-800-729-7665Customer Service Important Messages CAMP will be closed on 01/01/2020 for New Year's Day. CAMP will be closed on 01/20/2020 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, 2019 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 ICE Data Services 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 money market and TERM funds is contained in the appropriate fund 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, 2019 Account Statement Consolidated Summary Statement City of San Rafael Investment Allocation Investment Type Closing Market Value Percent 6,256,124.71 27.37 Certificate of Deposit 899,045.10 3.93 Commercial Paper 3,276,200.33 14.33 Corporate Note 1,515,404.28 6.63 Federal Agency Bond / Note 8,334,111.30 36.48 Money Market Mutual Fund 2,573,869.50 11.26 U.S. Treasury Bond / Note $22,854,755.22 Total 100.00% Portfolio Summary and Income Closing Market Value Current Portfolio Holdings Cash Dividends Yield CAMP Pool 11,064.14 8,334,111.30 1.77 % CAMP Managed Account 43,944.12 14,520,643.92 * N/A $55,008.26 $22,854,755.22 Total * Not Applicable Maturity Distribution (Fixed Income Holdings) Portfolio Holdings Closing Market Value Percent 8,789,502.60 4,711,890.34 1,910,147.46 6,378,543.79 1,064,671.03 0.00 0.00 0.00 0.00 0.00 38.45 20.62 8.36 27.91 4.66 0.00 0.00 0.00 0.00 0.00 Under 30 days 31 to 60 days 61 to 90 days 91 to 180 days 181 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total $22,854,755.22 61 100.00% Weighted Average Days to Maturity Sector Allocation 27.37% Cert of Deposit 3.93% Commercial Paper 14.33% Corporate Note 6.63% Fed Agy Bond / Note 36.48% Mny Mkt Fund 11.26% US TSY Bond / Note Summary Page 1IPFM Asset Management IULC For the Month Ending December 31, 2019 Account Statement Consolidated Summary Statement City of San Rafael and Income Closing Market Value Change in Value Trades MaturitiesDeposits ValueAccount Name Account Number Cash DividendsUnsettled Redemptions / Sales/Purchases /Opening Market 7023-001 20,897,711.84 4,332,411.71 (4,301,757.79)(3,481.95) 20,924,883.81 0.00 53,762.81 Lease Revenue Bonds Series 2018 Project Fund 7023-002 1,929,634.55 1,245.45 (200.51)(808.08) 1,929,871.41 0.00 1,245.45 Lease Revenue Bonds Series 2018 Capitalized Intere $22,827,346.39 $4,333,657.16 ($4,301,958.30)($4,290.03) $22,854,755.22 $55,008.26 Total $0.00 Summary Page 2IPFM Asset Management IULC For the Month Ending December 31, 2019Account 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 6,902,936.03 3,247,292.89 (2,631,651.15) 0.00 $7,518,577.77 CAMP Pool Unsettled Trades 0.00 9,818.69 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 13,994,775.81 1,085,118.82 (1,670,106.64) (3,481.95) $13,406,306.04 CAMP Managed Account Unsettled Trades 0.00 43,944.12 Cash Dividends and Income December 31, 2019 November 30, 2019 Asset Summary CAMP Pool 7,518,577.77 6,902,936.03 CAMP Managed Account 13,406,306.04 13,994,775.81 $20,924,883.81 $20,897,711.84 Total Asset Allocation 35.93% CAMP Pool 64.07% CAMP Managed Account Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 $6,902,936.03 3,247,292.89 (2,631,651.15) $7,518,577.77 9,818.69 $13,994,775.81 (760,000.00) (910,106.64) 1,085,118.82 0.00 (3,481.95) $13,406,306.04 $20,897,711.84 $20,924,883.81 16,136.68 (1,954.17) 29,761.61 $43,944.12 760,000.00 917,052.69 9,190.63 0.00 (1,087,072.99) (599,170.33) 0.00 Managed Account Total 13,391,858.81 20,910,436.58 76,557.54 917,052.69 760,000.00 9,190.63 (1,087,072.99) (13,968,820.60) (67,454.93) 0.00 76,557.54 3,548,703.84 760,000.00 9,190.63 (4,334,365.88) (20,871,756.63) (67,454.93) 9,818.69 Total Accrual Basis Earnings $31,311.15 $41,129.84 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-001 Page 2IPF M Asset Management ILJLC For the Month Ending December 31, 2019Portfolio 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 2,575,000.00 2,573,869.50 12.30 Federal Agency Bond / Note 400,000.00 401,066.40 1.92 Corporate Note 3,275,000.00 3,276,200.33 15.66 Commercial Paper 905,000.00 899,045.10 4.30 Certificate of Deposit 6,255,000.00 6,256,124.71 29.90 Managed Account Sub-Total 13,410,000.00 13,406,306.04 64.08% Accrued Interest 76,557.54 Total Portfolio 13,410,000.00 13,482,863.58 CAMP Pool 7,518,577.77 7,518,577.77 35.92 Total Investments 20,928,577.77 21,001,441.35 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 29.90% Cert of Deposit 4.30% Commercial Paper 15.66% Corporate Note 1.92% Fed Agy Bond / Note 35.92% Mny Mkt Fund 12.30% 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 94.91% 5.09% 0.00%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 0.25 92 2.29% 1.89% Account 7023-001 Page 3 ' • IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 4.78% A 22.73% A-1 11.46% A-1+ 4.35% AA 18.57% AA+ 2.18% AA- 35.93% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 455,030.03 2.17 AMERICAN HONDA FINANCE 910,661.57 4.35 APPLE INC 7,518,577.77 35.92 CAMP Pool 909,838.93 4.35 CHEVRON CORPORATION 455,391.30 2.18 CISCO SYSTEMS INC 624,744.22 2.99 CREDIT AGRICOLE SA 401,066.40 1.92 FREDDIE MAC 545,278.50 2.61 HSBC HOLDINGS PLC 799,987.43 3.82 MITSUBISHI UFJ FINANCIAL GROUP INC 625,080.31 2.99 MIZUHO FINANCIAL GROUP INC. 1,904,888.89 9.10 NORINCHUKIN BANK 801,992.96 3.83 SOCIETE GENERALE 1,499,430.90 7.17 TORONTO-DOMINION BANK 899,045.10 4.30 TOYOTA MOTOR CORP 2,573,869.50 12.30 UNITED STATES TREASURY $20,924,883.81 Total 100.00% Account 7023-001 Page 4IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 820,217.30 819,619.15 6,863.04 813,017.19 07/26/1807/25/18AaaAA+ 820,000.00 9128283S7 2.58 US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,148,652.20 1,144,048.54 1,382.51 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 605,000.00 601,978.88 27.01 593,490.82 07/26/1807/25/18AaaAA+ 605,000.00 912828XH8 2.64 8,272.56 2,573,869.50 2,565,646.57 2.62 2,530,318.56 2,575,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 401,066.40 399,778.59 1,888.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 1,888.89 401,066.40 399,778.59 2.68 398,772.40 400,000.00 Security Type Sub-Total Corporate Note CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 455,391.30 455,290.60 9,336.35 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 909,838.93 908,681.25 5,849.23 897,924.30 07/27/1807/25/18Aa2AA 910,000.00 166764AR1 2.81 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 170,086.87 170,073.03 1,287.28 170,210.80 08/30/1908/28/19A2A 170,000.00 40428HPR7 2.11 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 375,191.63 375,176.67 2,839.58 375,510.00 08/30/1908/28/19A2A 375,000.00 40428HPR7 2.08 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 455,030.03 454,282.52 2,934.75 449,248.80 07/27/1807/25/18A2A 455,000.00 02665WAU5 2.95 APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 910,661.57 907,657.57 2,426.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 24,673.86 3,276,200.33 3,271,161.64 2.69 3,256,847.40 3,275,000.00 Security Type Sub-Total Account 7023-001 Page 5IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 MarketTrade Settle Par Commercial Paper TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 11/22/2019 0.000% 05/05/2020 899,045.10 899,155.21 0.00 897,284.88 11/22/1911/22/19P-1A-1+ 905,000.00 89233GE51 1.88 0.00 899,045.10 899,155.21 1.88 897,284.88 905,000.00 Security Type Sub-Total Certificate of Deposit MIZUHO BANK LTD/NY CERT DEPOS DTD 10/08/2019 2.010% 02/07/2020 625,080.31 625,066.61 2,966.15 625,118.82 12/03/1912/02/19P-1A-1 625,000.00 60710AF23 1.95 NORINCHUKIN BANK NY CERT DEPOS DTD 08/21/2019 2.020% 02/21/2020 800,095.68 800,000.00 5,970.22 800,000.00 08/28/1908/27/19P-1A-1 800,000.00 65602VQX7 2.02 TORONTO DOMINION BANK NY CERT DEPOS DTD 11/26/2019 1.890% 02/26/2020 1,039,759.87 1,040,015.63 1,965.60 1,040,024.83 11/29/1911/27/19P-1A-1+ 1,040,000.00 89114NBJ3 1.88 SOCIETE GENERALE NY CERT DEPOS DTD 02/27/2019 2.830% 02/27/2020 801,992.96 800,965.94 19,369.78 803,101.15 08/28/1908/27/19P-1A-1 800,000.00 83369Y3V6 2.37 CREDIT AGRICOLE CIB NY CERT DEPOS DTD 11/27/2019 1.840% 02/28/2020 624,744.22 625,000.00 1,118.06 625,000.00 11/29/1911/27/19P-1A-1 625,000.00 22535CJQ5 1.84 NORINCHUKIN BANK NY CERT DEPOS DTD 10/29/2019 1.940% 04/24/2020 1,104,793.21 1,105,068.62 3,811.02 1,105,105.93 10/31/1910/30/19P-1A-1 1,105,000.00 65602VTG1 1.92 MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 799,987.43 800,000.00 5,866.67 800,000.00 08/22/1908/21/19P-1A-1 800,000.00 55379WY75 2.00 TORONTO DOMINION BANK NY CERT DEPOS DTD 12/04/2019 1.830% 06/30/2020 459,671.03 460,000.00 654.73 460,000.00 12/04/1912/04/19P-1A-1+ 460,000.00 89114NC52 1.83 41,722.23 6,256,124.71 6,256,116.80 1.98 6,258,350.73 6,255,000.00 Security Type Sub-Total 13,410,000.00 13,341,573.97 2.29 76,557.54 13,391,858.81 13,406,306.04 Managed Account Sub-Total Money Market Mutual Fund Account 7023-001 Page 6IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 MarketTrade Settle Par Money Market Mutual Fund CAMP Pool 7,518,577.77 7,518,577.77 0.00 7,518,577.77 NRAAAm 7,518,577.77 7,518,577.77 7,518,577.77 0.00 7,518,577.77 7,518,577.77 Money Market Sub-Total $20,928,577.77 $20,860,151.74 $76,557.54 $20,910,436.58 $20,924,883.81 2.29% $21,001,441.35 $76,557.54 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 7IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 WorstCUSIPBrokerDate PriceDated 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 0.08 598.15 7,200.11 820,217.30 100.03 GOLDMAN 820,000.00 9128283S7US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 1.67 0.08 0.41 4,603.66 24,841.65 1,148,652.20 99.88 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1.66 0.41 0.50 3,021.12 11,509.18 605,000.00 100.00 JPM_CHAS 605,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1.63 0.50 43,550.94 1.65 0.33 8,222.93 2,573,869.50 2,575,000.00 Security Type Sub-Total 0.33 Federal Agency Bond / Note 0.31 1,287.81 2,294.00 401,066.40 100.27 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 1.62 0.31 2,294.00 1.62 0.31 1,287.81 401,066.40 400,000.00 Security Type Sub-Total 0.31 Corporate Note 0.04 100.70 (10,337.60) 455,391.30 100.09 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.05 0.04 0.17 1,157.68 11,914.63 909,838.93 99.98 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 2.02 0.09 0.18 13.84 (123.93) 170,086.87 100.05 TD 170,000.00 40428HPR7HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 2.01 0.18 0.18 14.96 (318.37) 375,191.63 100.05 MORGAN_S 375,000.00 40428HPR7HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 2.01 0.18 0.20 747.51 5,781.23 455,030.03 100.01 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 2.07 0.20 0.35 3,004.00 12,436.97 910,661.57 100.07 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 1.77 0.35 19,352.93 1.96 0.21 5,038.69 3,276,200.33 3,275,000.00 Security Type Sub-Total 0.19 Commercial Paper Account 7023-001 Page 8IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Commercial Paper 0.34 (110.11) 1,760.22 899,045.10 99.34 TOYOTA 905,000.00 89233GE51TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 11/22/2019 0.000% 05/05/2020 1.89 0.34 1,760.22 1.89 0.34 (110.11) 899,045.10 905,000.00 Security Type Sub-Total 0.34 Certificate of Deposit 0.10 13.70 (38.51) 625,080.31 100.01 GOLDMAN 625,000.00 60710AF23MIZUHO BANK LTD/NY CERT DEPOS DTD 10/08/2019 2.010% 02/07/2020 1.93 0.10 0.14 95.68 95.68 800,095.68 100.01 RBC 800,000.00 65602VQX7NORINCHUKIN BANK NY CERT DEPOS DTD 08/21/2019 2.020% 02/21/2020 1.95 0.14 0.15 (255.76)(264.96) 1,039,759.87 99.98 RBC 1,040,000.00 89114NBJ3TORONTO DOMINION BANK NY CERT DEPOS DTD 11/26/2019 1.890% 02/26/2020 1.96 0.15 0.16 1,027.02 (1,108.19) 801,992.96 100.25 MIZUHO 800,000.00 83369Y3V6SOCIETE GENERALE NY CERT DEPOS DTD 02/27/2019 2.830% 02/27/2020 1.96 0.16 0.16 (255.78)(255.78) 624,744.22 99.96 CREDAG 625,000.00 22535CJQ5CREDIT AGRICOLE CIB NY CERT DEPOS DTD 11/27/2019 1.840% 02/28/2020 1.96 0.16 0.31 (275.41)(312.72) 1,104,793.21 99.98 MERRILL 1,105,000.00 65602VTG1NORINCHUKIN BANK NY CERT DEPOS DTD 10/29/2019 1.940% 04/24/2020 1.99 0.31 0.33 (12.57)(12.57) 799,987.43 100.00 MITSU 800,000.00 55379WY75MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 1.99 0.33 0.49 (328.97)(328.97) 459,671.03 99.93 TD 460,000.00 89114NC52TORONTO DOMINION BANK NY CERT DEPOS DTD 12/04/2019 1.830% 06/30/2020 1.97 0.49 (2,226.02) 1.96 0.22 7.91 6,256,124.71 6,255,000.00 Security Type Sub-Total 0.22 13,410,000.00 13,406,306.04 64,732.07 14,447.23 0.25 1.89 Managed Account Sub-Total 0.24 Money Market Mutual Fund 0.00 0.00 0.00 7,518,577.77 1.00 7,518,577.77 CAMP Pool 0.00 7,518,577.77 7,518,577.77 0.00 0.00 0.00 Money Market Sub-Total 0.00 Account 7023-001 Page 9IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Total Investments $21,001,441.35 $76,557.54 $20,924,883.81 Accrued Interest Securities Sub-Total $20,928,577.77 $64,732.07 $14,447.23 0.25 1.89% 0.24 Account 7023-001 Page 10IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 BUY 12/03/19 MIZUHO BANK LTD/NY CERT DEPOS DTD 10/08/2019 2.010% 02/07/2020 60710AF23 (625,118.82)(1,954.17)(627,072.99) 625,000.00 12/02/19 12/04/19 TORONTO DOMINION BANK NY CERT DEPOS DTD 12/04/2019 1.830% 06/30/2020 89114NC52 (460,000.00) 0.00 (460,000.00) 460,000.00 12/04/19 (1,954.17) (1,087,072.99)(1,085,118.82) 1,085,000.00 Transaction Type Sub-Total INTEREST 12/31/19 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 912828XH8 0.00 4,915.63 4,915.63 605,000.00 12/31/19 12/31/19 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 912828UF5 0.00 4,275.00 4,275.00 760,000.00 12/31/19 9,190.63 9,190.63 0.00 1,365,000.00 Transaction Type Sub-Total MATURITY 12/31/19 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 912828UF5 760,000.00 0.00 760,000.00 15,289.06 0.00 760,000.00 12/31/19 0.00 0.00 15,289.06 760,000.00 760,000.00 760,000.00 Transaction Type Sub-Total SELL 12/04/19 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 912828XH8 455,106.64 3,154.40 458,261.04 8,762.30 2,722.15 FIFO 455,000.00 12/04/19 12/27/19 NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 637432NC5 455,000.00 3,791.65 458,791.65 5,710.25 321.75 FIFO 455,000.00 12/27/19 6,946.05 3,043.90 14,472.55 917,052.69 910,106.64 910,000.00 Transaction Type Sub-Total 584,987.82 14,182.51 599,170.33 29,761.61 3,043.90 Managed Account Sub-Total Total Security Transactions $29,761.61 $599,170.33 $14,182.51 $584,987.82 $3,043.90 Account 7023-001 Page 11IPF M Asset Management ILJLC For the Month Ending December 31, 2019Account 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 6,902,936.03 Opening Balance 12/02/19 12/02/19 Reversal 11/29/19, Redemption - Principal 22535CJQ5 1.00 624,999.70 7,527,935.73 12/02/19 12/02/19 Reversal 11/29/19, Redemption - Interest 22535CJQ5 1.00 63.89 7,527,999.62 12/02/19 12/02/19 Purchase - Interest 912828VF4 1.00 7,906.25 7,535,905.87 12/02/19 12/02/19 Redemption - Principal 22535CJQ5 1.00 (625,000.00) 6,910,905.87 12/03/19 12/03/19 Redemption - Interest 60710AF23 1.00 (1,954.17) 6,908,951.70 12/03/19 12/03/19 Redemption - Principal 60710AF23 1.00 (625,118.82) 6,283,832.88 12/04/19 12/04/19 Reverse Duplicate - Redemption - Principal 89114NC52 1.00 460,000.00 6,743,832.88 12/04/19 12/04/19 Purchase - Principal 912828XH8 1.00 455,106.64 7,198,939.52 12/04/19 12/04/19 Purchase - Interest 912828XH8 1.00 3,154.40 7,202,093.92 12/04/19 12/04/19 Purchase - Interest 912828XH8 1.00 3,154.40 7,205,248.32 12/04/19 12/04/19 Purchase - Principal 912828XH8 1.00 455,106.64 7,660,354.96 12/04/19 12/04/19 Redemption - Principal 89114NC52 1.00 (460,000.00) 7,200,354.96 12/04/19 12/04/19 Redemption - Principal 89114NC52 1.00 (460,000.00) 6,740,354.96 12/04/19 12/04/19 Reverse Duplicate - Purchase - Principal 912828XH8 1.00 (455,106.64) 6,285,248.32 12/04/19 12/04/19 Reverse Duplicate - Purchase - Interest 912828XH8 1.00 (3,154.40) 6,282,093.92 12/26/19 12/26/19 IP Fees November 2019 1.00 (1,220.64) 6,280,873.28 12/26/19 12/26/19 U.S. Bank Fees October 2019 1.00 (96.48) 6,280,776.80 12/27/19 12/27/19 Purchase - Principal 637432NC5 1.00 455,000.00 6,735,776.80 12/27/19 12/27/19 Purchase - Interest 637432NC5 1.00 3,791.65 6,739,568.45 12/31/19 12/31/19 Purchase - Interest 912828UF5 1.00 4,275.00 6,743,843.45 12/31/19 12/31/19 Purchase - Interest 912828XH8 1.00 4,915.63 6,748,759.08 Account 7023-001 Page 12IPF M Asset Management ILJLC For the Month Ending December 31, 2019Account 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 12/31/19 12/31/19 Purchase - Principal 912828UF5 1.00 760,000.00 7,508,759.08 12/31/19 01/02/20 Accrual Income Div Reinvestment - Distributions 1.00 9,818.69 7,518,577.77 7,518,577.77 7,518,577.77 7,518,577.77 6,421,334.50 128,413.12 0.00 (20,767,883.26) 13,117,780.84 15,168,680.19 9,818.69 7,518,577.77 0.00 (2,631,651.15) 3,247,292.89 6,902,936.03 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 1.80% Account 7023-001 Page 13IPF M Asset Management ILJLC For the Month Ending December 31, 2019Account 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 814,488.59 1,245.45 (200.51) 0.00 $815,533.53 CAMP Pool Unsettled Trades 0.00 1,245.45 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 1,115,145.96 0.00 0.00 (808.08) $1,114,337.88 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income December 31, 2019 November 30, 2019 Asset Summary CAMP Pool 815,533.53 814,488.59 CAMP Managed Account 1,114,337.88 1,115,145.96 $1,929,871.41 $1,929,634.55 Total Asset Allocation 42.26% CAMP Pool 57.74% CAMP Managed Account Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 $814,488.59 1,245.45 (200.51) $815,533.53 1,245.45 $1,115,145.96 0.00 0.00 0.00 0.00 (808.08) $1,114,337.88 $1,929,634.55 $1,929,871.41 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 1,110,010.27 1,925,543.80 2,670.94 0.00 0.00 0.00 0.00 (1,110,012.37) (242.81) 0.00 2,670.94 200.51 0.00 0.00 (1,245.45) (1,924,500.96) (242.81) 1,245.45 Total Accrual Basis Earnings $2,426.03 $3,671.48 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-002 Page 2IPF M Asset Management ILJLC For the Month Ending December 31, 2019Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Account Summary Percent Par Value Market ValueDescription Federal Agency Bond / Note 1,110,000.00 1,114,337.88 57.74 Managed Account Sub-Total 1,110,000.00 1,114,337.88 57.74% Accrued Interest 2,670.94 Total Portfolio 1,110,000.00 1,117,008.82 CAMP Pool 815,533.53 815,533.53 42.26 Total Investments 1,925,533.53 1,932,542.35 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 57.74% Fed Agy Bond / Note 42.26% Mny Mkt Fund 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 100.00% 0.00%0.00%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 0.41 149 2.62% 1.65% Account 7023-002 Page 3IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 57.74% AA+ 42.26% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 815,533.53 42.26 CAMP Pool 1,114,337.88 57.74 FEDERAL HOME LOAN BANKS $1,929,871.41 Total 100.00% Account 7023-002 Page 4IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 MarketTrade Settle Par Federal Agency Bond / Note FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1,114,337.88 1,110,010.27 2,670.94 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 2,670.94 1,114,337.88 1,110,010.27 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 1,110,000.00 1,110,028.86 2.62 2,670.94 1,110,010.27 1,114,337.88 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 815,533.53 815,533.53 0.00 815,533.53 NRAAAm 815,533.53 815,533.53 815,533.53 0.00 815,533.53 815,533.53 Money Market Sub-Total $1,925,533.53 $1,925,562.39 $2,670.94 $1,925,543.80 $1,929,871.41 2.62% $1,932,542.35 $2,670.94 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5IPF M Asset Management ILJLC For the Month Ending December 31, 2019Managed 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 WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Federal Agency Bond / Note 0.41 4,327.61 4,309.02 1,114,337.88 100.39 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1.65 0.41 4,309.02 1.65 0.41 4,327.61 1,114,337.88 1,110,000.00 Security Type Sub-Total 0.41 1,110,000.00 1,114,337.88 4,309.02 4,327.61 0.41 1.65 Managed Account Sub-Total 0.41 Money Market Mutual Fund 0.00 0.00 0.00 815,533.53 1.00 815,533.53 CAMP Pool 0.00 815,533.53 815,533.53 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $1,932,542.35 $2,670.94 $1,929,871.41 Accrued Interest Securities Sub-Total $1,925,533.53 $4,309.02 $4,327.61 0.41 1.65% 0.41 Account 7023-002 Page 6IPF M Asset Management ILJLC For the Month Ending December 31, 2019Account 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 814,488.59 Opening Balance 12/26/19 12/26/19 IP Fees November 2019 1.00 (172.63) 814,315.96 12/26/19 12/26/19 U.S. Bank Fees October 2019 1.00 (27.88) 814,288.08 12/31/19 01/02/20 Accrual Income Div Reinvestment - Distributions 1.00 1,245.45 815,533.53 815,533.53 815,533.53 815,533.53 814,489.96 8,385.16 0.00 (1,118,325.93) 1,152,724.50 781,134.96 1,245.45 815,533.53 0.00 (200.51) 1,245.45 814,488.59 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 1.80% Account 7023-002 Page 7