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FIN City Quarterly Investment Report
____________________________________________________________________________________ FOR CITY CLERK ONLY Agenda Item No: 4.f Meeting Date: January 22, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING DECEMBER 31, 2018 RECOMMENDATION: Accept investment report for the quarter ending December 31, 2018, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601, and the City’s investment policy, last approved by the City Council on June 18, 2018, staff provides the City Council a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. In addition to operational funds the City manages, the City is also directing the investment of funds held by a Trustee for the Essential Public Safety Facilities. As of December 31, 2018, the balance was $41,379,292 and the portfolio had a yield of 2.46 percent. ANALYSIS: As of December 31, 2018, the primary LAIF account had a balance of $12,486,014. The other LAIF account holding housing funds for future administrative expenses contained $148,276. Portfolio returns on LAIF deposits were 2.29% for the quarter. The remaining investment assets included the $1,387,200 balance of Pt. San Pedro Assessment District bonds, and $21,977,474 in government agency securities and corporate bonds (including US Bank NA Cincinnati, Pepsico Inc., Berkshire Hathaway Inc., Toyota Motor Credit Corp., and Caterpillar Financial Services). The overall total portfolio returns for the quarter ended December 31, 2018 were 1.99%. The City’s Westamerica account had a balance of $13,930,547 at quarter end. SAN RAFAEL THE CITY WITH A MISSION Council Meeting: 01/22/2019 Disposition: Accepted report SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending December 2018. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending December 31, 2018, as presented. ATTACHMENTS: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, October through December 2018 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending December 31, 2018 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX -MONTH PERIOD. NADINE HADE FINANCE DIRECTOR Exhibit A %Return LAIF 12,486,014$ 98.8% 2.29% LAIF ‐ Housing 148,276$ 1.2% 2.29% Total Internally Managed 12,634,290$ 35.1% Weighted Average Yield 2.29% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 26,052$ 0.1% 0.00% Treasury Securities 4,452,549$ 19.1% 1.61% Instrumentality Securities 14,469,316$ 61.9% 1.50% Corporate Notes 3,029,558$ 13.0% 2.21% Municipal 1,387,200$ 5.9% 5.25% Total Externally Managed 23,364,674$ 64.9% Weighted Average Yield 1.83% Years Effective Average Duration ‐ External 1.34 Weighted Average Maturity ‐ External 1.60 Total Portfolio Assets %Return LAIF 12,634,290$ 35.1% 2.29% Cash 26,052$ 0.1% 0.00% Treasury Securities 4,452,549$ 12.4% 1.61% Instrumentality Securities 14,469,316$ 40.2% 1.50% Corporate Notes 3,029,558$ 8.4% 2.21% Municipal 1,387,200$ 3.9% 5.25% Total Portfolio Assets 35,998,964$ Weighted Average Yield 1.99% Years Effective Average Duration ‐ Total 0.87 Weighted Average Maturity ‐ Total 1.04 Based on Market Values City of Rafael Quarterly Investment Portfolio Report December 31, 2018 Internally Managed Assets Externally Managed Assets LAIF, 98.8% LAIF ‐Housing, 1.2% Cash , 0.1%Treasury Securities, 19.1% Instrumentality Securities, 61.9% Corporate Notes, 13.0% Municipal, 5.9% LAIF 35% Cash 0% Treasury Securities 12% Instrumentality Securities 40% Corporate Notes 9%Municipal 4% Exhibit A Internally Managed Assets %Return %Return %Return %Return %Return LAIF 12,486,014$ 98.8%2.29%4,437,136$ 96.8%2.05%19,345,352$ 99.2%1.85%19,257,368$ 99.2%1.43%24,197,411$ 99.4%1.18% LAIF - Housing 148,276$ 1.2%2.29%147,475$ 3.2%2.05%146,778$ 0.8%1.85%146,234$ 0.8%1.43%145,792$ 0.6%1.18% Total Internally Managed 12,634,290$ 35.1%4,584,611$ 15.7%19,492,130$ 44.2%19,403,602$ 44.1%24,343,203$ 49.8% Weighted Average Yield 2.29%2.05%1.85%1.43%1.18% Externally Managed Assets %Return %Return %Return %Return %Return Cash 26,052$ 0.1%0.00%129,216$ 0.5%0.00%170,357$ 11.7%0.00%115,317$ 0.5%0.00%95,875$ 0.4%0.00% Commercial Paper -$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00%-$ 0.0%0.00% Treasury Securities 4,452,549$ 19.1%1.61%4,432,186$ 18.0%1.61%4,434,357$ 18.0%1.61%4,439,353$ 18.1%1.61%4,465,904$ 18.2%1.33% Instrumentality Securities 14,469,316$ 61.9%1.50%15,662,144$ 63.6%1.48%15,515,087$ 63.0%1.41%15,006,092$ 61.1%1.38%14,476,033$ 59.0%1.28% Corporate Notes 3,029,558$ 13.0%2.21%3,032,374$ 12.3%1.88%3,034,526$ 12.3%1.35%3,529,912$ 14.4%1.32%4,040,998$ 16.5%1.34% Municipal/Assessment District 1,387,200$ 5.9%5.25%1,387,200$ 5.6%5.25%1,455,700$ 5.9%5.25%1,455,700$ 5.9%5.25%1,455,700$ 5.9%5.25% Total Externally Managed 23,364,674$ 64.9%24,643,120$ 84.3%24,610,027$ 55.8%24,546,375$ 55.9%24,534,510$ 50.2% Weighted Average Yield 1.83%1.76%1.66%1.64%1.53% Years Years Years Years Years Effective Average Duration - External 1.34 1.51 1.68 1.91 2.00 Weighted Average Maturity - External 1.60 1.74 1.96 2.20 2.31 Total Portfolio Assets %Return %Return %Return %Return %Return LAIF 12,634,290$ 35.1%2.29%4,584,611$ 15.7%2.05%19,492,130$ 44.2%1.85%19,403,602$ 44.1%1.43%24,343,203$ 49.8%1.18% Cash 26,052$ 0.1%0.00%129,216$ 0.4%0.00%170,357$ 0.4%0.00%115,317$ 0.3%0.00%95,875$ 0.2%0.00% Treasury Securities 4,452,549$ 12.4%1.61%4,432,186$ 15.2%1.61%4,434,357$ 10.1%0.00%4,439,353$ 10.1%1.61%4,465,904$ 9.1%1.33% Instrumentality Securities 14,469,316$ 40.2%1.50%15,662,144$ 53.6%1.48%15,515,087$ 35.2%1.61%15,006,092$ 34.1%1.38%14,476,033$ 29.6%1.28% Corporate Notes 3,029,558$ 8.4%2.21%3,032,374$ 10.4%1.88%3,034,526$ 6.9%1.41%3,529,912$ 8.0%1.32%4,040,998$ 8.3%1.34% Municipal/Assessment District 1,387,200$ 3.9%5.25%1,387,200$ 4.7%5.25%1,455,700$ 3.3%1.35%1,455,700$ 3.3%5.25%1,455,700$ 3.0%5.25% 35,998,964$ 29,227,731$ 44,102,157$ 43,949,978$ 48,877,713$ Total Portfolio Assets Weighted Average Yield 1.99%1.80%1.74%1.55%1.36% Years Years Years Years Years Effective Average Duration - Total 0.87 1.27 0.94 1.07 1.01 Weighted Average Maturity - Total 1.04 1.47 1.09 1.23 1.16 Performance Recap -The weighted average quarterly portfolio yield increased from 1.80% to 1.99% during the past quarter. The yield has increased over the past year, from 1.36% in the quarter ended December 30, 2017 to 1.99% 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 1.27 to 0.87 years since last quarter due to an increase in cash. Additionally, the City is still shortening its investments in preparation of higher interest rates. -The total portfolio assets increase by approximately $5 million during the quarter. This is due to the collection of property tax received in December and moved to LAIF. December 31, 2018 City of San Rafael Historical Activity-By Quarter September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\18-19\06 - December 2018\Quarterly Report combined 12-31-18 SAN RAFAELOctober 2018FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ~· BNY MELLON 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 October 31, 2018SAN RAFAELChart 1: Existing Home Sales: 9/30/2005—9/30/2018Source: BloombergFinanceLP, October31, 2018.Chart 2: Treasury yield curve: 10/31/2017 and 10/31/2018Source: Bloomberg Finance LP, October 31, 2018.Economic Indicators and Monetary PolicyThe Institute for Supply Management (ISM) Manufacturing Index was released onOctober 1 at 59.8 percent for September. Although lower thanthe prior reading of61.3, it showed little impact from the trade wars or Hurricane Florence. New ordersandproduction wereboth above 60, signaling strengthin thissector.The ISM Non-Manufacturing Index was released two days laterat 61.6 for September,which is a high for this cycle and exceeds the peak of the priorexpansion which was61.3 in August 2005. The underlying component of business activity surged to 65.2from a prior reading of 60.7 and new orders rose to 61.6 from 60.4. These factorspoint tostrongactivity in the third quarter and momentum going forward.The payroll report released on October 5 showed employers added 134,000 jobs inSeptember, lower than expectations for 185,000, due in partto Hurricane Florence.The prior month’s job gains were revised upward by 85,000 to 286,000 TheSeptember unemployment rate decreased 0.2% from the prior month to 3.7%, thelowest since December 1969. Hurricane Florence may have also influenced wagepressures, particularly in the construction and utility sectors. Average hourlyearnings rose0.3% foran annual rateof 2.8%.Housing data released on October 19 showed that sales of existing homes fell to anannual rate of 5.15 million units, the lowest level in almostthree years. Housingactivity has been hampered by rising interest rates and increasing home prices, whichhave been driven up in part by low supply levels. The September data marked thesixth consecutive monthly drop in sales of existing homes. (See Chart 1).On October 26, the first estimate of third quarter Gross Domestic Product (GDP) wasreleased. The report showed that GDP was 3.5% in the third quarter compared to 4.2%in the second quarter, and personal consumption was 4.0% versus 3.8% for the priorreading. The GDP numbers will be revised twice as more data becomes available.Interest Rate SummaryAt the end of October, the 3-month US Treasury bill yielded 2.33%, the 6-month USTreasury bill yielded 2.49%, the 2-year US Treasury note yielded 2.87%, the 5-year USTreasury note yielded 2.98% and the 10-year US Treasury noteyielded 3.14%. (SeeChart2).3.03.54.04.55.05.56.06.57.07.58.0Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18Sales (Millions)0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yrPercentage10/31/201810/31/20173 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2018 - October 31, 2018SAN RAFAELAmortized Cost Basis Activity Summary24,903,096.88Opening balance27,478.52Income received27,478.52Total receipts(145.35)Expenses paid(145.35)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers(345.66)Realized gain (loss)(3,467.18)Total amortization expense3,962.82Total OID/MKT accretion income0.00Return of capitalClosing balance24,930,580.03Ending fair value24,673,564.64(257,015.39)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.67 0.96 0.18Overnight Repo1.69 0.99 0.19Merrill Lynch 3m US Treas Bill 1.74 1.00 0.19Merrill Lynch 6m US Treas Bill 1.89 1.08 0.20ML 1 Year US Treasury Note 2.16 1.22 0.22ML 2 Year US Treasury Note 2.39 1.33 0.24ML 5 Year US Treasury Note 2.63 1.42 0.25* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned37,541.26Accretion (amortization)495.64Realized gain (loss) on sales(345.66)Total income on portfolio37,691.24Average daily amortized cost24,915,761.70Period return (%)Weighted average final maturity in days611YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 224.35 0.00 224.35(345.66)Corporate Bonds 4,861.95 389.23 4,905.520.00Government Agencies 20,578.30 (389.54) 20,188.760.00Government Bonds 5,605.36 495.95 6,101.310.00Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total 37,541.26 495.64 (345.66) 37,691.240.151.414 ACTIVITY AND PERFORMANCE SUMMARYFor the period October 1, 2018 - October 31, 2018SAN RAFAELFair Value Basis Activity Summary24,643,120.32Opening balance27,478.52Income received27,478.52Total receipts(145.35)Expenses paid(145.35)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period3,111.15Ending fair value24,673,564.64Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.67 0.96 0.18Overnight Repo1.69 0.99 0.19ICE ML 3m US Treas Bill 1.68 0.99 0.17ICE ML 6m US Treas Bill 1.68 1.02 0.19ICE ML 1 Year US Treasury Note 1.25 0.96 0.20ICE ML US Treasury 1-3 0.25 0.73 0.15ICE ML US Treasury 1-5 (0.36) 0.65 0.13* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 224.35 0.00 224.35Corporate Bonds 4,861.95 (2,654.30) 2,207.65Government Agencies 20,578.30 3,861.30 24,439.60Government Bonds 5,605.36 1,904.15 7,509.51Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total37,541.26 3,111.15 40,652.41Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned37,541.26Total income on portfolio40,652.41Average daily total value *24,756,313.45Period return (%)0.16Weighted average final maturity in days611Change in fair value3,111.15YTD return (%)1.14* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of October 31, 2018SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents163,219.39 163,219.39 163,219.390.000.650.001Corporate Bonds3,043,593.50 3,039,759.97 3,023,050.05 (16,709.92)295 12.200.79Government Agencies15,868,943.14 15,844,442.22 15,666,005.55 (178,436.67)342 63.590.92Government Bonds4,491,687.51 4,495,958.45 4,434,089.65 (61,868.80)424 18.001.13Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.005,055 5.569.70Total24,954,643.54 24,930,580.03 24,673,564.64 (257,015.39)611 100.00 1.42Cash and Cash Equivalents0.65Corporate Bonds12.20Government Agencies63.59Government Bonds18.00Municipal/Provincial Bonds5.56Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of October 31, 2018SAN RAFAELMaturityHistoric costPercentUnder 90 days1,915,998.147.6890 to 179 days2,026,614.288.12180 days to 1 year10,378,861.3341.591 to 2 years8,242,559.7933.032 to 3 years1,003,410.004.023 to 4 years0.000.004 to 5 years0.000.00Over 5 years1,387,200.005.5624,954,643.54100.00Maturity distribution712.00 10.00 E .s 8.00 ..., Ill 0 u ni 6.00 u ·.::: 4.00 0 ..., Ill :i: 2.00 0.00 <:, <:, ~ ~<:, ~<:, ~<:, ~<:, ~<:, o'l>..., o'l>..., 4,e, e,'l> e,'l> e,'l> e,'l> e,'l> o.,<::) '\°-' " .,,,~ n} ~~ <} <} q} " ,o ,o ,o ,o ,o q} ,o <:, '0~"($ o.,<::) o'l>..., " 'l, ':, ~ d Cb<:) " SECURITIES HELDAs of October 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.000163,219.39 163,219.390.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.65163,219.39163,219.39Total Cash and Cash Equivalents163,219.39 163,219.39 163,219.39 0.00 0.00 0.000.00 0.000.650.000.00163,219.39Corporate Bonds713448CK2 2.250 01/07/2019 505,530.00 500,565.66(289.50)(1,136.66) 0.00 968.75 3,562.5012/07/20180.00 (253.29)PEPSICO INC 2.25% 07JAN2019(CALLABLE 07DEC18)2.03499,429.00500,000.0014912L6R7 1.350 05/18/2019 498,245.00 499,628.35(232.00)(3,948.35) 0.00 581.25 3,056.250.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20192.00495,680.00500,000.0069353REX2 1.450 07/29/2019 494,490.00 495,728.56(201.00)(1,272.06) 0.00 624.31 1,852.7806/29/20190.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)1.98494,456.50500,000.00084670BL1 2.100 08/14/2019 547,453.50 547,821.67(514.80)(1,143.12) 0.00 994.59 2,470.420.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.19546,678.55550,000.0090331HNB5 2.000 01/24/2020 493,330.00 493,533.89(300.50)(504.39) 0.00 361.11 2,694.4412/24/2019 (2,333.33) 203.89US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)1.98493,029.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 502,481.84(1,421.50)(8,705.34) 0.00 925.69 1,463.190.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.02493,776.50500,000.00Total Corporate Bonds3,043,593.50 3,039,759.97 3,023,050.05 (16,709.92) 0.004,455.70(2,333.33) 562.0612.2015,099.58(2,959.30)3,050,000.008 SECURITIES HELDAs of October 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133EGM69 1.100 12/05/2018 1,247,248.75 1,249,866.441,450.00(1,203.94) 0.00 1,184.03 5,576.390.00 114.47FEDERAL FARM CREDIT BANK1.1% 05DEC20185.001,248,662.501,250,000.003135G0H63 1.375 01/28/2019 1,012,490.00 1,001,233.58524.00(3,772.58) 0.00 1,184.02 3,552.080.00 (420.54)FANNIE MAE 1.375%28JAN20194.06997,461.001,000,000.003133782M2 1.500 03/08/2019 1,014,124.28 1,001,941.90460.00(5,171.90) 0.00 1,291.66 2,208.330.00 (455.13)FEDERAL HOME LOAN BANK1.5% 08MAR20194.06996,770.001,000,000.003133X72S2 5.375 05/15/2019 515,625.00 508,146.72(1,300.00)(586.72) 0.00 2,314.23 12,392.360.00 (1,253.35)FEDERAL HOME LOAN BANK5.375% 15MAY20192.07507,560.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 996,657.16357.00(2,599.16) 0.00 1,399.31 6,184.030.00 447.71FEDERAL HOME LOAN BANK1.625% 14JUN20193.98994,058.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,776.11216.00(6,514.11) 0.00 555.41 1,970.8301/11/20190.00 26.75FANNIE MAE 1.075%11JUL2019 (CALLABLE11JAN19)2.40593,262.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,166.57690.00(13,546.57) 0.00 861.12 1,805.560.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.01986,620.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,003,379.58150.00(14,879.58) 0.00 1,184.02 1,833.330.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.05988,500.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,410.9930.00(11,210.99) 0.00 1,291.66 1,458.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.01989,200.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,638,847.79372.90(11,210.24) 10,312.50 1,776.04 1,661.460.00 1,007.73FREDDIE MAC 1.25%02OCT20196.551,627,637.551,650,000.009 SECURITIES HELDAs of October 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0R39 1.000 10/24/2019 589,095.11 593,930.30344.40(4,091.30) 3,000.00 516.67 116.670.00 514.38FANNIE MAE 1% 24OCT20192.36589,839.00600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,012.79150.00(9,710.29) 0.00 968.75 5,531.250.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.01740,302.50750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,001,235.39670.00(17,775.39) 0.00 1,248.61 3,222.220.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.02983,460.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,170.27180.00(8,445.27) 0.00 645.83 875.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.00490,725.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,011.29227.00(15,843.29) 0.00 1,506.94 6,756.940.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20203.99982,168.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,501.66(250.00)(24,221.66) 0.00 1,291.67 2,791.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.00975,280.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,002,153.68(410.00)(27,653.68) 8,150.00 1,358.33 0.000.00 (86.75)FANNIE MAE 1.63%30OCT2020 CALLABLE4.02974,500.001,000,000.00Total Government Agencies15,868,943.14 15,844,442.22 15,666,005.55 (178,436.67)21,462.50 20,578.300.00 (389.54)63.5957,936.453,861.3015,850,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,319.68273.50(3,347.18) 0.00 635.25 3,135.250.00 (46.75)USA TREASURY 1.5%31MAY20192.01496,972.50500,000.00912828WS5 1.625 06/30/2019 993,281.25 996,674.97391.00(3,002.97) 0.00 1,368.89 5,431.390.00 425.93USA TREASURY 1.625%30JUN20193.98993,672.001,000,000.0010 SECURITIES HELDAs of October 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828TV2 1.250 10/31/2019 649,009.77 649,608.84659.75(8,876.54) 4,062.50 684.44 0.000.00 33.22USA TREASURY 1.25%31OCT20192.60640,732.30650,000.00912828H52 1.250 01/31/2020 745,869.14 748,021.17439.50(12,112.92) 0.00 789.74 2,343.750.00 134.23USA TREASURY 1.25%31JAN20202.99735,908.25750,000.00912828X96 1.500 05/15/2020 596,554.69 597,888.48140.40(9,911.88) 0.00 758.15 4,133.150.00 116.47USA TREASURY 1.5%15MAY20202.39587,976.60600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,003,445.310.00(24,617.31) 0.00 1,368.89 4,062.500.00 (167.15)USA TREASURY 1.625%31JUL20204.03978,828.001,000,000.00Total Government Bonds4,491,687.51 4,495,958.45 4,434,089.65 (61,868.80) 4,062.50 5,605.360.00 495.9518.0019,106.041,904.154,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,271.30 11,935.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.561,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,271.300.00 0.005.5611,935.700.001,387,200.00Grand total24,954,643.54 24,930,580.032,806.15(257,015.39) 25,525.00 36,910.6624,950,419.39(2,333.33) 668.47100.00104,077.7724,673,564.6411 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3133782M2FEDERAL HOME LOAN 1.500 03/08/2019 AA+ Aaa 1,014,124.28 4.06 996,770.00 4.04 0.351,000,000.003133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+ Aaa 515,625.00 2.07 507,560.00 2.06 0.52500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+ Aaa 993,180.00 3.98 994,058.00 4.03 0.611,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+ Aaa 1,011,510.00 4.05 988,500.00 4.01 0.851,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,030.00 3.01 740,302.50 3.00 0.99750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 996,870.00 3.99 982,168.00 3.98 1.571,000,000.00Issuer total5,250,000.00 5,281,339.28 21.16 5,209,358.50 21.11 0.83United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+ Aaa 501,230.47 2.01 496,972.50 2.01 0.57500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+ Aaa 993,281.25 3.98 993,672.00 4.03 0.651,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 649,009.77 2.60 640,732.30 2.60 0.98650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 745,869.14 2.99 735,908.25 2.98 1.23750,000.00912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 596,554.69 2.39 587,976.60 2.38 1.50600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.03 978,828.00 3.97 1.701,000,000.00Issuer total4,500,000.00 4,491,687.51 18.00 4,434,089.65 17.97 1.13Federal Farm Credit Banks3133EGM69FEDERAL FARM CREDIT 1.100 12/05/2018 AA+ Aaa 1,247,248.75 5.00 1,248,662.50 5.06 0.101,250,000.003133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+ Aaa 1,000,610.00 4.01 986,620.00 4.00 0.811,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,003,130.00 4.02 983,460.00 3.99 1.251,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 999,190.00 4.00 975,280.00 3.95 1.771,000,000.00Issuer total4,250,000.00 4,250,178.75 17.03 4,194,022.50 17.00 0.93Federal National Mortgage Association3135G0H63FANNIE MAE 1.375% 1.375 01/28/2019 AA+ Aaa 1,012,490.00 4.06 997,461.00 4.04 0.241,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall datePar value orsharesFederal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 01/11/2019 AA+ Aaa599,100.00 2.40 593,262.00 2.40 0.68600,000.003135G0R39FANNIE MAE 1%1.000 10/24/2019AA+ Aaa589,095.11 2.36 589,839.00 2.39 0.96600,000.003135G0RM7FANNIE MAE 1.63%1.630 10/30/2020AA+ Aaa1,003,410.00 4.02 974,500.00 3.95 1.951,000,000.00Issuer total3,200,000.00 3,204,095.11 12.84 3,155,062.00 12.79 0.99Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5%1.500 09/26/2019AA+ Aaa1,001,001.00 4.01 989,200.00 4.01 0.891,000,000.003137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.55 1,627,637.55 6.60 0.901,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+ Aaa498,289.00 2.00 490,725.00 1.99 1.35500,000.00Issuer total3,150,000.00 3,133,330.00 12.56 3,107,562.55 12.59 0.97Pt. San Assess District888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.56 1,387,200.00 5.62 9.701,387,200.00Issuer total1,387,200.00 1,387,200.00 5.56 1,387,200.00 5.62 9.70Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AA Aa2547,453.50 2.19 546,678.55 2.22 0.77550,000.00Issuer total550,000.00 547,453.50 2.19 546,678.55 2.22 0.77PepsiCo Inc713448CK2PEPSICO INC 2.25%2.250 01/07/2019 12/07/2018 A+ A1505,530.00 2.03 499,429.00 2.02 0.18500,000.00Issuer total500,000.00 505,530.00 2.03 499,429.00 2.02 0.18Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 2.00 495,680.00 2.01 0.53500,000.00Issuer total500,000.00 498,245.00 2.00 495,680.00 2.01 0.5313 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of October 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Bank NA69353REX2PNC BANK NA 1.45% 1.450 07/29/2019 06/29/2019 A A2 494,490.00 1.98 494,456.50 2.00 0.73500,000.00Issuer total500,000.00 494,490.00 1.98 494,456.50 2.00 0.73Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 504,545.00 2.02 493,776.50 2.00 1.33500,000.00Issuer total500,000.00 504,545.00 2.02 493,776.50 2.00 1.33US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1493,330.00 1.98 493,029.50 2.00 1.20500,000.00Issuer total500,000.00 493,330.00 1.98 493,029.50 2.00 1.20Cash and Cash EquivalentsINVESTED CASH 0.000163,219.39 0.65 163,219.39 0.66 0.00163,219.39Issuer total163,219.39 163,219.39 0.65 163,219.39 0.66 0.00Grand total24,950,419.39 24,954,643.54 100.00 24,673,564.64 100.001.4214 SECURITIES PURCHASEDFor the period October 1, 2018 - October 31, 2018SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds90331HNB52.00010/17/2018 01/24/2020 500,000.00 98.67 (493,330.00) (2,333.33)US BANK NA CINCINNATI 2% 24JAN2020 (CALLABLE 24DEC19)12/24/201910/18/2018U.S. BANCORP INVESTMENTS, INC.500,000.00 (493,330.00) (2,333.33)Total Corporate BondsGrand totalGrand total500,000.00 (493,330.00) (2,333.33)15 SECURITIES SOLD AND MATUREDFor the period October 1, 2018 - October 31, 2018SAN 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 Bonds91159HHE3US BANCORP 1.95%15NOV2018 CALLABLE1.95010/15/2018 (500,000.00) 509,425.00 500,345.66(172.83)0.00305.00500,000.00 (345.66) 0.00 4,062.50 406.2510/15/2018(500,000.00)0.00509,425.00(172.83)500,345.66305.00500,000.00 (345.66) 4,062.50 406.25Total (Corporate Bonds)Grand totalGrand total(500,000.00)0.00509,425.00(172.83)500,345.66 500,000.00 (345.66) 4,062.50 406.25305.0016 TRANSACTION REPORTFor the period October 1, 2018 - October 31, 2018SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)10,312.5010/02/201810/02/2018Income3137EADM8 Government Agencies FREDDIE MAC 1.25% 10/02/2019 1,650,000.00 0.00 10,312.500.004,062.5010/15/201810/15/2018Income91159HHE3 Corporate Bonds US BANCORP 1.95% 11/15/2018 500,000.00 0.00 4,062.500.000.0010/15/201810/15/2018Capital Change91159HHE3 Corporate Bonds US BANCORP 1.95% 11/15/2018 (500,000.00) 500,000.00 500,000.00(345.66)(2,333.33)10/17/201810/18/2018Bought90331HNB5 Corporate Bonds US BANK NA CINCINNATI 2% 01/24/2020 500,000.00 (493,330.00) (495,663.33)0.003,000.0010/24/201810/24/2018Income3135G0R39 Government Agencies FANNIE MAE 1% 24OCT201910/24/2019 600,000.00 0.00 3,000.000.008,150.0010/30/201810/30/2018Income3135G0RM7 Government Agencies FANNIE MAE 1.63% 30OCT2020 10/30/2020 1,000,000.00 0.00 8,150.000.004,062.5010/31/201810/31/2018Income912828TV2 Government Bonds USA TREASURY 1.25% 10/31/2019 650,000.00 0.00 4,062.500.00224.35Income Cash and Cash Equivalents Cash224.350.00 0.000.0010/31/201817 ADDITIONAL INFORMATIONAs of October 31, 2018SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.18 ADDITIONAL INFORMATIONAs of October 31, 2018SAN RAFAELInsight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2018 Insight Investment. All rights reserved.19 SAN RAFAELNovember 2018FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ~· BNY MELLON ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Transaction report15Additional information16 FIXED INCOME MARKET REVIEWAs of November 30, 2018SAN RAFAELChart 1: 2-year and 5-year Treasury note yields: 11/30/2016—11/30/2018Source: Bloomberg Finance LP, November 30, 2018.Chart 2: Treasury yield curve: 11/30/2017 and 11/30/2018Source: Bloomberg Finance LP, November 30, 2018.Economic Indicators and Monetary PolicyAfter reaching cyclical highs on November 8, 2-year and 5-year Treasury yieldsdecreased and the yield curve flattened during the month. Mid-term election resultsand dovish comments from the Federal Reserve provided support for the downtrendin rates during November. (See Chart 1).Federal Reserve Chairman Jerome Powell and Vice Chairman Richard Clarida madereferences during November to how rates are very close to a neutral level. Thelanguage is notable since both had signaled different stances in October. ChairmanPowell stated in October that rates were “a long way” off neutral, whereas morerecently he indicated that rates are now “just below neutral”. The newly appointedVice Chairman of the Federal Reserve, Richard Clarida, stated that US interest ratesare approaching Federal Reserve estimates of a neutral rateand that the FederalOpen Market Committee (FOMC) should predicate additional hikes on economic data.The next meeting of the FOMC is on December 19 and a 25 basis point increase iswidelyexpected.The US election results were largely as expected, with the Democrats gaining controlof the House of Representatives and Republicans solidifying their majority in theSenate. This divided outcome resulted in a flattening of theyield curve, as investorsattempted to assess the impact of congressional gridlock onfuture fiscal measuresand the prospect of reduced fiscal stimulus and lower Treasury issuance.The payroll report released on November 2 showed that employers added 250,000jobs in October, better than expectations for 200,000. The prior month’s job gainswere revised downward by 16,000 to 118,000. The October unemployment rate wasunchanged from the prior month at 3.7% and the underemployment rate decreasedfrom 7.5% to 7.4%. Average hourly earnings rose in line with expectations to an annualrateof 3.1% from2.8% in September.InterestRateSummaryAt the end of November, the 3-month US Treasury bill yielded 2.35%, the 6-month USTreasury bill yielded 2.52%, the 2-year US Treasury note yielded 2.79%, the 5-year USTreasury note yielded 2.81% and the 10-year US Treasury noteyielded 2.99%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov185 Year Treasury2 Year Treasury0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr11/30/201811/30/20173 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2018 - November 30, 2018SAN RAFAELAmortized Cost Basis Activity Summary24,930,580.03Opening balance30,979.55Income received30,979.55Total receipts(145.54)Expenses paid(145.54)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(3,293.41)Total amortization expense4,172.95Total OID/MKT accretion income0.00Return of capitalClosing balance24,962,293.58Ending fair value24,730,612.80(231,680.78)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.75 1.00 0.18Overnight Repo1.79 1.03 0.18Merrill Lynch 3m US Treas Bill 1.83 1.04 0.19Merrill Lynch 6m US Treas Bill 1.98 1.12 0.20ML 1 Year US Treasury Note 2.25 1.25 0.22ML 2 Year US Treasury Note 2.46 1.35 0.23ML 5 Year US Treasury Note 2.71 1.42 0.24* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned35,574.68Accretion (amortization)879.54Realized gain (loss) on sales0.00Total income on portfolio36,454.22Average daily amortized cost24,947,205.61Period return (%)Weighted average final maturity in days580YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 292.05 0.00 292.050.00Corporate Bonds 4,635.98 795.07 5,431.050.00Government Agencies 19,338.36 (395.50) 18,942.860.00Government Bonds 5,441.59 479.97 5,921.560.00Municipal/Provincial Bonds 5,866.70 0.00 5,866.70Total 35,574.68 879.54 0.00 36,454.220.151.554 ACTIVITY AND PERFORMANCE SUMMARYFor the period November 1, 2018 - November 30, 2018SAN RAFAELFair Value Basis Activity Summary24,673,564.64Opening balance30,979.55Income received30,979.55Total receipts(145.54)Expenses paid(145.54)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period26,214.15Ending fair value24,730,612.80Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.75 1.00 0.18Overnight Repo1.79 1.03 0.18ICE ML 3m US Treas Bill 1.80 1.04 0.21ICE ML 6m US Treas Bill 1.80 1.05 0.20ICE ML 1 Year US Treasury Note 1.53 0.96 0.23ICE ML US Treasury 1-3 0.80 0.71 0.35ICE ML US Treasury 1-5 0.40 0.65 0.48* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 292.05 0.00 292.05Corporate Bonds 4,635.98 2,855.70 7,491.68Government Agencies 19,338.36 17,577.45 36,915.81Government Bonds 5,441.59 5,781.00 11,222.59Municipal/Provincial Bonds 5,866.70 0.00 5,866.70Total35,574.68 26,214.15 61,788.83Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned35,574.68Total income on portfolio61,788.83Average daily total value *24,807,301.89Period return (%)0.25Weighted average final maturity in days580Change in fair value26,214.15YTD return (%)1.40* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of November 30, 2018SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents194,053.40 194,053.40 194,053.400.000.780.001Corporate Bonds3,043,593.50 3,040,555.04 3,025,905.75 (14,649.29)265 12.180.71Government Agencies15,868,943.14 15,844,046.72 15,683,583.00 (160,463.72)312 63.510.84Government Bonds4,491,687.51 4,496,438.42 4,439,870.65 (56,567.77)394 17.981.05Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.005,025 5.559.62Total24,985,477.55 24,962,293.58 24,730,612.80 (231,680.78)580 100.00 1.34Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.78Corporate Bonds12.18Government Agencies63.51Government Bonds17.98Municipal/Provincial Bonds5.55Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of November 30, 2018SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,959,322.15 11.8490 to 179 days2,027,994.28 8.12180 days to 1 year10,764,031.10 43.081 to 2 years7,846,930.02 31.412 to 3 years0.00 0.003 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.5524,985,477.55 100.00Maturity distribution0.002.004.006.008.0010.0012.00Historical 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, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.000194,053.40 194,053.400.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.78194,053.40194,053.40Total Cash and Cash Equivalents194,053.40 194,053.40 194,053.40 0.00 0.00 0.000.00 0.000.780.000.00194,053.40Corporate Bonds713448CK2 2.250 01/07/2019 505,530.00 500,312.38372.50(510.88) 0.00 906.25 4,468.7512/07/20180.00 (253.28)PEPSICO INC 2.25% 07JAN2019CALLABLE2.02499,801.50500,000.0014912L6R7 1.350 05/18/2019 498,245.00 499,684.66571.50(3,433.16) 3,375.00 543.75 225.000.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20191.99496,251.50500,000.0069353REX2 1.450 07/29/2019 494,490.00 496,204.93328.00(1,420.43) 0.00 584.03 2,436.8106/29/20190.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)1.98494,784.50500,000.00084670BL1 2.100 08/14/2019 547,453.50 548,051.77409.20(964.02) 0.00 930.41 3,400.830.00 230.10BERKSHIRE HATHAWAY INC2.1% 14AUG20192.19547,087.75550,000.0090331HNB5 2.000 01/24/2020 493,330.00 493,970.79930.00(11.29) 0.00 805.56 3,500.0012/24/20190.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)1.97493,959.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 502,330.51244.50(8,309.51) 0.00 865.98 2,329.170.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.02494,021.00500,000.00Total Corporate Bonds3,043,593.50 3,040,555.04 3,025,905.75 (14,649.29) 3,375.00 4,635.980.00 795.0712.1816,360.562,855.703,050,000.008 SECURITIES HELDAs of November 30, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133EGM69 1.100 12/05/2018 1,247,248.75 1,249,980.921,250.00(68.42) 0.00 1,107.64 6,684.030.00 114.48FEDERAL FARM CREDIT BANK1.1% 05DEC20184.991,249,912.501,250,000.003135G0H63 1.375 01/28/2019 1,012,490.00 1,000,813.04879.00(2,473.04) 0.00 1,107.64 4,659.720.00 (420.54)FANNIE MAE 1.375%28JAN20194.05998,340.001,000,000.003133782M2 1.500 03/08/2019 1,014,124.28 1,001,486.77790.00(3,926.77) 0.00 1,208.34 3,416.670.00 (455.13)FEDERAL HOME LOAN BANK1.5% 08MAR20194.06997,560.001,000,000.003133X72S2 5.375 05/15/2019 515,625.00 506,893.38(1,410.00)(743.38) 13,437.50 2,164.93 1,119.790.00 (1,253.34)FEDERAL HOME LOAN BANK5.375% 15MAY20192.06506,150.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 997,104.86896.00(2,150.86) 0.00 1,309.03 7,493.060.00 447.70FEDERAL HOME LOAN BANK1.625% 14JUN20193.98994,954.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,802.87954.00(5,586.87) 0.00 519.59 2,490.4201/11/20190.00 26.76FANNIE MAE 1.075%11JUL2019 (CALLABLE11JAN19)2.40594,216.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,149.691,320.00(12,209.69) 0.00 805.55 2,611.110.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.00987,940.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,003,055.66960.00(13,595.66) 0.00 1,107.64 2,940.970.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.05989,460.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,373.17940.00(10,233.17) 0.00 1,208.34 2,666.670.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.01990,140.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,639,855.521,905.75(10,312.22) 0.00 1,661.46 3,322.920.00 1,007.73FREDDIE MAC 1.25%02OCT20196.541,629,543.301,650,000.009 SECURITIES HELDAs of November 30, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0R39 1.000 10/24/2019 589,095.11 594,444.68913.20(3,692.48) 0.00 483.33 600.000.00 514.38FANNIE MAE 1% 24OCT20192.36590,752.20600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,011.731,042.50(8,666.73) 5,625.00 906.25 812.500.00 (1.06)FEDERAL HOME LOAN BANK1.5% 04NOV20193.00741,345.00750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,001,154.99870.00(16,824.99) 0.00 1,168.06 4,390.280.00 (80.40)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.01984,330.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,220.16795.00(7,700.16) 0.00 604.17 1,479.170.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE1.99491,520.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,113.801,402.00(14,543.80) 0.00 1,409.73 8,166.670.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20203.99983,570.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,524.522,280.00(21,964.52) 0.00 1,208.33 4,000.000.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.00977,560.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,002,060.961,790.00(25,770.96) 0.00 1,358.33 1,358.330.00 (92.72)FANNIE MAE 1.63%30OCT2020 CALLABLE4.02976,290.001,000,000.00Total Government Agencies15,868,943.14 15,844,046.72 15,683,583.00 (160,463.72)19,062.50 19,338.360.00 (395.50)63.5158,212.3117,577.4515,850,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,274.44430.00(2,871.94) 3,750.00 614.75 0.000.00 (45.24)USA TREASURY 1.5%31MAY20192.01497,402.50500,000.00912828WS5 1.625 06/30/2019 993,281.25 997,087.17742.00(2,673.17) 0.00 1,324.72 6,756.110.00 412.20USA TREASURY 1.625%30JUN20193.98994,414.001,000,000.0010 SECURITIES HELDAs of November 30, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828TV2 1.250 10/31/2019 649,009.77 649,640.99761.80(8,146.89) 0.00 673.34 673.340.00 32.15USA TREASURY 1.25%31OCT20192.60641,494.10650,000.00912828H52 1.250 01/31/2020 745,869.14 748,151.071,113.00(11,129.82) 0.00 764.27 3,108.020.00 129.90USA TREASURY 1.25%31JAN20202.99737,021.25750,000.00912828X96 1.500 05/15/2020 596,554.69 598,001.19937.20(9,087.39) 4,500.00 739.78 372.930.00 112.71USA TREASURY 1.5%15MAY20202.39588,913.80600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,003,283.561,797.00(22,658.56) 0.00 1,324.73 5,387.230.00 (161.75)USA TREASURY 1.625%31JUL20204.03980,625.001,000,000.00Total Government Bonds4,491,687.51 4,496,438.42 4,439,870.65 (56,567.77) 8,250.00 5,441.590.00 479.9717.9816,297.635,781.004,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 5,866.70 17,802.400.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.551,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 5,866.700.00 0.005.5517,802.400.001,387,200.00Grand total24,985,477.55 24,962,293.5826,214.15(231,680.78) 30,687.50 35,282.6324,981,253.400.00 879.54100.00108,672.9024,730,612.8011 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3133782M2FEDERAL HOME LOAN 1.500 03/08/2019 AA+ Aaa 1,014,124.28 4.06 997,560.00 4.03 0.271,000,000.003133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+ Aaa 515,625.00 2.06 506,150.00 2.05 0.45500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+ Aaa 993,180.00 3.98 994,954.00 4.02 0.531,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+ Aaa 1,011,510.00 4.05 989,460.00 4.00 0.771,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,030.00 3.00 741,345.00 3.00 0.91750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 996,870.00 3.99 983,570.00 3.98 1.481,000,000.00Issuer total5,250,000.00 5,281,339.28 21.14 5,213,039.00 21.08 0.75United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+ Aaa 501,230.47 2.01 497,402.50 2.01 0.49500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+ Aaa 993,281.25 3.98 994,414.00 4.02 0.571,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 649,009.77 2.60 641,494.10 2.59 0.90650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 745,869.14 2.99 737,021.25 2.98 1.14750,000.00912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 596,554.69 2.39 588,913.80 2.38 1.42600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.03 980,625.00 3.97 1.621,000,000.00Issuer total4,500,000.00 4,491,687.51 17.98 4,439,870.65 17.95 1.05Federal Farm Credit Banks3133EGM69FEDERAL FARM CREDIT 1.100 12/05/2018 AA+ Aaa 1,247,248.75 4.99 1,249,912.50 5.05 0.011,250,000.003133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+ Aaa 1,000,610.00 4.00 987,940.00 3.99 0.721,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,003,130.00 4.01 984,330.00 3.98 1.171,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 999,190.00 4.00 977,560.00 3.95 1.691,000,000.00Issuer total4,250,000.00 4,250,178.75 17.01 4,199,742.50 16.98 0.85Federal National Mortgage Association3135G0H63FANNIE MAE 1.375% 1.375 01/28/2019 AA+ Aaa 1,012,490.00 4.05 998,340.00 4.04 0.161,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall datePar value orsharesFederal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 01/11/2019 AA+ Aaa599,100.00 2.40 594,216.00 2.40 0.60600,000.003135G0R39FANNIE MAE 1%1.000 10/24/2019AA+ Aaa589,095.11 2.36 590,752.20 2.39 0.88600,000.003135G0RM7FANNIE MAE 1.63%1.630 10/30/2020AA+ Aaa1,003,410.00 4.02 976,290.00 3.95 1.871,000,000.00Issuer total3,200,000.00 3,204,095.11 12.82 3,159,598.20 12.78 0.91Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5%1.500 09/26/2019AA+ Aaa1,001,001.00 4.01 990,140.00 4.00 0.811,000,000.003137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.54 1,629,543.30 6.59 0.821,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+ Aaa498,289.00 1.99 491,520.00 1.99 1.27500,000.00Issuer total3,150,000.00 3,133,330.00 12.54 3,111,203.30 12.58 0.89Pt. San Assess District888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.55 1,387,200.00 5.61 9.621,387,200.00Issuer total1,387,200.00 1,387,200.00 5.55 1,387,200.00 5.61 9.62Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AA Aa2547,453.50 2.19 547,087.75 2.21 0.69550,000.00Issuer total550,000.00 547,453.50 2.19 547,087.75 2.21 0.69PepsiCo Inc713448CK2PEPSICO INC 2.25%2.250 01/07/2019 12/07/2018 A+ A1505,530.00 2.02 499,801.50 2.02 0.10500,000.00Issuer total500,000.00 505,530.00 2.02 499,801.50 2.02 0.10Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 1.99 496,251.50 2.01 0.46500,000.00Issuer total500,000.00 498,245.00 1.99 496,251.50 2.01 0.4613 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of November 30, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Bank NA69353REX2PNC BANK NA 1.45% 1.450 07/29/2019 06/29/2019 A A2 494,490.00 1.98 494,784.50 2.00 0.65500,000.00Issuer total500,000.00 494,490.00 1.98 494,784.50 2.00 0.65Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 504,545.00 2.02 494,021.00 2.00 1.25500,000.00Issuer total500,000.00 504,545.00 2.02 494,021.00 2.00 1.25US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1493,330.00 1.97 493,959.50 2.00 1.11500,000.00Issuer total500,000.00 493,330.00 1.97 493,959.50 2.00 1.11Cash and Cash EquivalentsINVESTED CASH 0.000194,053.40 0.78 194,053.40 0.78 0.00194,053.40Issuer total194,053.40 194,053.40 0.78 194,053.40 0.78 0.00Grand total24,981,253.40 24,985,477.55 100.00 24,730,612.80 100.001.3414 TRANSACTION REPORTFor the period November 1, 2018 - November 30, 2018SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)5,625.0011/04/201811/04/2018Income3130ABCH7 Government Agencies FEDERAL HOME LOAN BANK 11/04/2019 750,000.00 0.00 5,625.000.0013,437.5011/15/201811/15/2018Income3133X72S2 Government Agencies FEDERAL HOME LOAN BANK 05/15/2019 500,000.00 0.00 13,437.500.004,500.0011/15/201811/15/2018Income912828X96 Government Bonds USA TREASURY 1.5% 05/15/2020 600,000.00 0.00 4,500.000.003,375.0011/18/201811/18/2018Income14912L6R7 Corporate Bonds CATERPILLAR FINL SERVICE 05/18/2019 500,000.00 0.00 3,375.000.003,750.0011/30/201811/30/2018Income912828WL0 Government Bonds USA TREASURY 1.5% 05/31/2019 500,000.00 0.00 3,750.000.00292.05Income Cash and Cash Equivalents Cash292.050.00 0.000.0011/30/201815 ADDITIONAL INFORMATIONAs of November 30, 2018SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.16 ADDITIONAL INFORMATIONAs of November 30, 2018SAN RAFAELInsight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2018 Insight Investment. All rights reserved.17 SAN RAFAELDecember 2018FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ~· BNY MELLON 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 sold and matured 15Transaction report16Additional information17 FIXED INCOME MARKET REVIEWAs of December 31, 2018SAN RAFAELChart 1: Fed funds target rate: 12/31/2013—12/31/2018Source: BloombergFinance LP, December 31, 2018.Chart 2: Treasury yield curve: 12/31/2017 and 12/31/2018Source: Bloomberg FinanceLP, December 31, 2018.Economic Indicators and Monetary PolicyAfter reaching cyclical highs on November 8, 2-year US Treasury yields continued todecrease during December and the yield curve flattened further. The 2-year USTreasury note reached a peak yield of 2.97% in November and closed 2018 at a yield of2.49%. Despite the recent downtrend in rates, the yield on the 2-year US Treasurynote increased 60 basis points during 2018, from a yield of 1.89% on December 31,2017. Lower rates over the past months were supported by continuing tradetensions and political discord, tightening financial conditions, volatile equity marketsand softeningin some economic releases.On December 19 the Federal Open Market Committee (FOMC) increased the federalfunds target rate 25 basis points to a range of 2.25% to 2.50% in a unanimous vote.(See Chart 1). The economic assessment presented by the FOMCwas largelyunchanged from the prior meeting and described a strong economy and near targetlevel inflation conditions. The statement noted that the FOMC will monitor the risks tothe current outlook posed by global economic and financial developments. Rateguidance indicated that twoincreases were likely in 2019.On December 7 the payroll report was released, showing that 155,000 jobs wereadded in November, below expectations of 198,000, and the prior month job gainswere revised downward to 237,000 from 250,000. The unemployment rate wasunchanged at 3.7% and the underemployment rate increased to7.6% from 7.4%.Wage growth was firmat 3.1% which is the fastest pace since spring2009.On December 11 the Producer Price Index (PPI) was released. The report showedyear-over-year price increases of 2.5% at the headline level which includes food andenergy and 2.7% when these volatile components are excluded. The next day theConsumer Price Index (CPI) report was published and it showed 2.2% year-over-yearprice increasesfor both theheadline and core levels.InterestRateSummaryAt the end of December, the 3-month US Treasury bill yielded 2.36%, the 6-month USTreasury bill yielded 2.48%, the 2-year US Treasury note yielded 2.49%, the 5-year USTreasury note yielded 2.51% and the 10-year US Treasury noteyielded 2.69%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%Dec13 Dec14 Dec15 Dec16 Dec17 Dec180.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 y12/31/201812/31/20173 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2018 - December 31, 2018SAN RAFAELAmortized Cost Basis Activity Summary24,962,293.58Opening balance32,144.78Income received32,144.78Total receipts(145.90)Expenses paid(145.90)Total disbursements(1,450,000.00)Interportfolio transfers(1,450,000.00)Total Interportfolio transfers0.00Realized gain (loss)(3,294.33)Total amortization expense4,100.46Total OID/MKT accretion income0.00Return of capitalClosing balance23,545,098.59Ending fair value23,364,674.43(180,424.16)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.83 1.04 0.19Overnight Repo1.90 1.09 0.22Merrill Lynch 3m US Treas Bill 1.92 1.08 0.20Merrill Lynch 6m US Treas Bill 2.07 1.16 0.21ML 1 Year US Treasury Note 2.33 1.29 0.22ML 2 Year US Treasury Note 2.53 1.37 0.22ML 5 Year US Treasury Note 2.75 1.42 0.23* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned36,714.79Accretion (amortization)806.13Realized gain (loss) on sales0.00Total income on portfolio37,520.92Average daily amortized cost23,763,406.68Period return (%)Weighted average final maturity in days584YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 269.78 0.00 269.780.00Corporate Bonds 4,955.69 795.08 5,750.770.00Government Agencies 19,585.26 (484.93) 19,100.330.00Government Bonds 5,632.76 495.98 6,128.740.00Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total 36,714.79 806.13 0.00 37,520.920.161.714 ACTIVITY AND PERFORMANCE SUMMARYFor the period December 1, 2018 - December 31, 2018SAN RAFAELFair Value Basis Activity Summary24,730,612.80Opening balance32,144.78Income received32,144.78Total receipts(145.90)Expenses paid(145.90)Total disbursements(1,450,000.00)Interportfolio transfers(1,450,000.00)Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period52,062.75Ending fair value23,364,674.43Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds1.83 1.04 0.19Overnight Repo1.90 1.09 0.22ICE ML 3m US Treas Bill 1.87 1.06 0.18ICE ML 6m US Treas Bill 1.92 1.11 0.22ICE ML 1 Year US Treasury Note 1.86 1.20 0.36ICE ML US Treasury 1-3 1.58 1.49 0.79ICE ML US Treasury 1-5 1.52 1.77 1.11* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 269.78 0.00 269.78Corporate Bonds 4,955.69 3,651.85 8,607.54Government Agencies 19,585.26 35,732.55 55,317.81Government Bonds 5,632.76 12,678.35 18,311.11Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total36,714.79 52,062.75 88,777.54Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned36,714.79Total income on portfolio88,777.54Average daily total value *23,664,885.95Period return (%)0.38Weighted average final maturity in days584Change in fair value52,062.75YTD return (%)1.78* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of December 31, 2018SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents26,052.28 26,052.28 26,052.280.000.110.001Corporate Bonds3,043,593.50 3,041,350.12 3,029,557.60 (11,792.52)234 12.910.62Government Agencies14,621,694.39 14,593,561.79 14,469,315.55 (124,246.24)307 62.030.82Government Bonds4,491,687.51 4,496,934.40 4,452,549.00 (44,385.40)363 19.060.97Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.004,994 5.899.53Total23,570,227.68 23,545,098.59 23,364,674.43 (180,424.16)584 100.00 1.34Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.11Corporate Bonds12.91Government Agencies62.03Government Bonds19.06Municipal/Provincial Bonds5.89Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of December 31, 2018SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,558,196.56 10.8590 to 179 days2,508,280.47 10.64180 days to 1 year9,269,620.63 39.331 to 2 years7,846,930.02 33.292 to 3 years0.00 0.003 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8923,570,227.68 100.00Maturity distribution0.002.004.006.008.0010.00Historical 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, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00026,052.28 26,052.280.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.1126,052.2826,052.28Total Cash and Cash Equivalents26,052.28 26,052.28 26,052.28 0.00 0.00 0.000.00 0.000.110.000.0026,052.28Corporate Bonds713448CK2 2.250 01/07/2019 505,530.00 500,059.10137.50(120.10) 0.00 968.75 5,437.500.00 (253.28)PEPSICO INC 2.25% 07JAN2019CALLABLE2.14499,939.00500,000.0014912L6R7 1.350 05/18/2019 498,245.00 499,740.97780.50(2,708.97) 0.00 581.25 806.250.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20192.11497,032.00500,000.0069353REX2 1.450 07/29/2019 494,490.00 496,681.30917.50(979.30) 0.00 624.30 3,061.1106/29/20190.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)2.10495,702.00500,000.00084670BL1 2.100 08/14/2019 547,453.50 548,281.88256.85(937.28) 0.00 994.59 4,395.420.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.32547,344.60550,000.0090331HNB5 2.000 01/24/2020 493,330.00 494,407.691,371.50923.31 0.00 861.11 4,361.1112/24/20190.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.09495,331.00500,000.0089236TCF0 2.150 03/12/2020 504,545.00 502,179.18188.00(7,970.18) 0.00 925.69 3,254.860.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.14494,209.00500,000.00Total Corporate Bonds3,043,593.50 3,041,350.12 3,029,557.60 (11,792.52) 0.004,955.690.00 795.0812.9121,316.253,651.853,050,000.008 SECURITIES HELDAs of December 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0H63 1.375 01/28/2019 1,012,490.00 1,000,392.50874.00(1,178.50) 0.00 1,184.03 5,843.750.00 (420.54)FANNIE MAE 1.375%28JAN20194.30999,214.001,000,000.003133782M2 1.500 03/08/2019 1,014,124.28 1,001,031.63683.00(2,788.63) 0.00 1,291.66 4,708.330.00 (455.14)FEDERAL HOME LOAN BANK1.5% 08MAR20194.30998,243.001,000,000.003133X72S2 5.375 05/15/2019 515,625.00 505,640.04(1,210.00)(700.04) 0.00 2,314.24 3,434.030.00 (1,253.34)FEDERAL HOME LOAN BANK5.375% 15MAY20192.19504,940.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 997,552.56711.00(1,887.56) 8,125.00 1,399.30 767.360.00 447.70FEDERAL HOME LOAN BANK1.625% 14JUN20194.21995,665.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,829.631,056.00(4,557.63) 0.00 555.41 3,045.8301/11/20190.00 26.76FANNIE MAE 1.075%11JUL2019 (CALLABLE11APR19)2.54595,272.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,132.801,740.00(10,452.80) 0.00 861.11 3,472.220.00 (16.89)FEDERAL FARM CREDIT BANK1% 26AUG20194.25989,680.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,002,731.741,550.00(11,721.74) 0.00 1,184.03 4,125.000.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.29991,010.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,335.351,710.00(8,485.35) 0.00 1,291.66 3,958.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.25991,850.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,640,863.263,407.25(7,912.71) 0.00 1,776.04 5,098.960.00 1,007.74FREDDIE MAC 1.25%02OCT20196.931,632,950.551,650,000.003135G0R39 1.000 10/24/2019 589,095.11 594,959.061,294.80(2,912.06) 0.00 516.67 1,116.670.00 514.38FANNIE MAE 1% 24OCT20192.50592,047.00600,000.009 SECURITIES HELDAs of December 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3130ABCH7 1.500 11/04/2019 750,030.00 750,010.681,485.00(7,180.68) 0.00 968.75 1,781.250.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.18742,830.00750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,001,074.604,010.00(12,734.60) 0.00 1,248.61 5,638.890.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.26988,340.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,270.041,750.00(6,000.04) 0.00 645.83 2,125.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.11493,270.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,216.314,894.00(9,752.31) 8,750.00 1,506.94 923.610.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.23988,464.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,547.384,970.00(17,017.38) 0.00 1,291.67 5,291.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.24982,530.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,974.216,720.00(18,964.21) 0.00 1,358.34 2,716.670.00 (86.75)FANNIE MAE 1.63%30OCT2020 CALLABLE4.26983,010.001,000,000.00Total Government Agencies14,621,694.39 14,593,561.79 14,469,315.55 (124,246.24)16,875.00 19,394.290.00 (504.01)62.0354,047.5735,645.0514,600,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,227.70566.50(2,258.70) 0.00 638.74 638.740.00 (46.74)USA TREASURY 1.5%31MAY20192.13497,969.00500,000.00912828WS5 1.625 06/30/2019 993,281.25 997,513.101,055.00(2,044.10) 8,125.00 1,368.89 0.000.00 425.93USA TREASURY 1.625%30JUN20194.21995,469.001,000,000.00912828TV2 1.250 10/31/2019 649,009.77 649,674.211,168.05(7,012.06) 0.00 695.79 1,369.130.00 33.22USA TREASURY 1.25%31OCT20192.75642,662.15650,000.0010 SECURITIES HELDAs of December 31, 2018SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828H52 1.250 01/31/2020 745,869.14 748,285.302,139.00(9,125.05) 0.00 789.74 3,897.760.00 134.23USA TREASURY 1.25%31JAN20203.16739,160.25750,000.00912828X96 1.500 05/15/2020 596,554.69 598,117.672,554.80(6,649.07) 0.00 770.72 1,143.650.00 116.48USA TREASURY 1.5%15MAY20202.53591,468.60600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,003,116.425,195.00(17,296.42) 0.00 1,368.88 6,756.110.00 (167.14)USA TREASURY 1.625%31JUL20204.27985,820.001,000,000.00Total Government Bonds4,491,687.51 4,496,934.40 4,452,549.00 (44,385.40) 8,125.00 5,632.760.00 495.9819.0613,805.3912,678.354,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,271.30 24,073.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.891,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,271.300.00 0.005.8924,073.700.001,387,200.00Grand total23,570,227.68 23,545,098.5951,975.25(180,424.16) 25,000.00 36,254.0423,563,252.280.00 787.05100.00113,242.9123,364,674.4311 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3133782M2FEDERAL HOME LOAN 1.500 03/08/2019 AA+ Aaa 1,014,124.28 4.30 998,243.00 4.27 0.181,000,000.003133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+ Aaa 515,625.00 2.19 504,940.00 2.16 0.37500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+ Aaa 993,180.00 4.21 995,665.00 4.26 0.451,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+ Aaa 1,011,510.00 4.29 991,010.00 4.24 0.691,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,030.00 3.18 742,830.00 3.18 0.83750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 996,870.00 4.23 988,464.00 4.23 1.421,000,000.00Issuer total5,250,000.00 5,281,339.28 22.41 5,221,152.00 22.35 0.67United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+ Aaa 501,230.47 2.13 497,969.00 2.13 0.41500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+ Aaa 993,281.25 4.21 995,469.00 4.26 0.491,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 649,009.77 2.75 642,662.15 2.75 0.82650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 745,869.14 3.16 739,160.25 3.16 1.06750,000.00912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 596,554.69 2.53 591,468.60 2.53 1.34600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.27 985,820.00 4.22 1.541,000,000.00Issuer total4,500,000.00 4,491,687.51 19.06 4,452,549.00 19.06 0.97Federal National Mortgage Association3135G0H63FANNIE MAE 1.375% 1.375 01/28/2019 AA+ Aaa 1,012,490.00 4.30 999,214.00 4.28 0.081,000,000.003135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 01/11/2019 AA+ Aaa 599,100.00 2.54 595,272.00 2.55 0.52600,000.003135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 589,095.11 2.50 592,047.00 2.53 0.80600,000.003135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,003,410.00 4.26 983,010.00 4.21 1.781,000,000.00Issuer total3,200,000.00 3,204,095.11 13.59 3,169,543.00 13.57 0.83Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,001,001.00 4.25 991,850.00 4.25 0.721,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall datePar value orsharesFederal Home Loan Mortgage Corp3137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.93 1,632,950.55 6.99 0.741,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+ Aaa498,289.00 2.11 493,270.00 2.11 1.19500,000.00Issuer total3,150,000.00 3,133,330.00 13.29 3,118,070.55 13.35 0.81Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019AA+ Aaa1,000,610.00 4.25 989,680.00 4.24 0.641,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020AA+ Aaa1,003,130.00 4.26 988,340.00 4.23 1.091,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020AA+ Aaa999,190.00 4.24 982,530.00 4.21 1.601,000,000.00Issuer total3,000,000.00 3,002,930.00 12.74 2,960,550.00 12.67 1.11Pt. San Assess District888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.89 1,387,200.00 5.94 9.531,387,200.00Issuer total1,387,200.00 1,387,200.00 5.89 1,387,200.00 5.94 9.53Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AA Aa2547,453.50 2.32 547,344.60 2.34 0.60550,000.00Issuer total550,000.00 547,453.50 2.32 547,344.60 2.34 0.60PepsiCo Inc713448CK2PEPSICO INC 2.25%2.250 01/07/2019A+ A1505,530.00 2.14 499,939.00 2.14 0.02500,000.00Issuer total500,000.00 505,530.00 2.14 499,939.00 2.14 0.02Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 2.11 497,032.00 2.13 0.37500,000.00Issuer total500,000.00 498,245.00 2.11 497,032.00 2.13 0.3713 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of December 31, 2018SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Bank NA69353REX2PNC BANK NA 1.45% 1.450 07/29/2019 06/29/2019 A A2 494,490.00 2.10 495,702.00 2.12 0.56500,000.00Issuer total500,000.00 494,490.00 2.10 495,702.00 2.12 0.56US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1493,330.00 2.09 495,331.00 2.12 1.02500,000.00Issuer total500,000.00 493,330.00 2.09 495,331.00 2.12 1.02Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 504,545.00 2.14 494,209.00 2.12 1.16500,000.00Issuer total500,000.00 504,545.00 2.14 494,209.00 2.12 1.16Cash and Cash EquivalentsINVESTED CASH 0.00026,052.28 0.11 26,052.28 0.11 0.0026,052.28Issuer total26,052.28 26,052.28 0.11 26,052.28 0.11 0.00Grand total23,563,252.28 23,570,227.68 100.00 23,364,674.43 100.001.3414 SECURITIES SOLD AND MATUREDFor the period December 1, 2018 - December 31, 2018SAN 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 Agencies3133EGM69FFCB TRANCHE 00669 1.112-05-20181.10012/05/2018 (1,250,000.00) 1,247,248.75 1,250,000.0019.080.0087.501,250,000.00 0.00 0.00 6,875.00 190.9712/05/2018(1,250,000.00)0.001,247,248.7519.081,250,000.0087.501,250,000.00 0.00 6,875.00 190.97Total (Government Agencies)Grand totalGrand total(1,250,000.00)0.001,247,248.7519.081,250,000.00 1,250,000.00 0.00 6,875.00 190.9787.5015 TRANSACTION REPORTFor the period December 1, 2018 - December 31, 2018SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,875.0012/05/201812/05/2018Income3133EGM69 Government Agencies FFCB TRANCHE 00669 1.1 12/05/2018 1,250,000.00 0.00 6,875.000.000.0012/05/201812/05/2018Capital Change3133EGM69 Government Agencies FFCB TRANCHE 00669 1.1 12/05/2018 (1,250,000.00) 1,250,000.00 1,250,000.000.008,750.0012/12/201812/12/2018Income313383HU8 Government Agencies FEDERAL HOME LOAN BANK 06/12/2020 1,000,000.00 0.00 8,750.000.008,125.0012/14/201812/14/2018Income313379EE5 Government Agencies FEDERAL HOME LOAN BANK 06/14/2019 1,000,000.00 0.00 8,125.000.008,125.0012/31/201812/31/2018Income912828WS5 Government Bonds USA TREASURY 1.625% 06/30/2019 1,000,000.00 0.00 8,125.000.00269.78Income Cash and Cash Equivalents Cash269.780.00 0.000.0012/31/201816 ADDITIONAL INFORMATIONAs of December 31, 2018SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.17 ADDITIONAL INFORMATIONAs of December 31, 2018SAN RAFAELInsight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2018 Insight Investment. All rights reserved.18 For the Month Ending December 31, 2018Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 6,720,419.66 3,394,805.88 (70,876.70) 0.00 $10,044,348.84 CAMP Pool Unsettled Trades 0.00 17,399.36 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 30,744,585.45 0.00 (3,340,000.00) 34,813.73 $27,439,399.18 CAMP Managed Account Unsettled Trades 0.00 43,371.02 Cash Dividends and Income December 31, 2018 November 30, 2018 Asset Summary CAMP Pool 10,044,348.84 6,720,419.66 CAMP Managed Account 27,439,399.18 30,744,585.45 $37,483,748.02 $37,465,005.11 Total Asset Allocation 26.80% CAMP Pool 73.20% CAMP Managed Account Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $6,720,419.66 3,394,805.88 (70,876.70) $10,044,348.84 17,399.36 $30,744,585.45 (3,340,000.00) 0.00 0.00 0.00 34,813.73 $27,439,399.18 $37,465,005.11 $37,483,748.02 37,406.52 0.00 5,964.50 $43,371.02 3,364,519.02 0.00 12,887.50 0.00 0.00 (3,377,406.52) 0.00 Managed Account Total 27,507,682.61 37,552,031.45 176,916.69 0.00 3,364,519.02 12,887.50 0.00 (30,832,933.43) (166,029.21) 0.00 176,916.69 70,876.70 3,364,519.02 12,887.50 (3,394,805.88) (37,553,353.09) (166,029.21) 17,399.36 Total Accrual Basis Earnings $63,043.18 $80,442.54 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, 2018Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 9,495,000.00 9,434,378.35 25.17 Federal Agency Bond / Note 400,000.00 399,445.20 1.07 Corporate Note 4,535,000.00 4,514,289.06 12.04 Commercial Paper 3,020,000.00 2,995,846.61 7.99 Certificate of Deposit 10,160,000.00 10,095,439.96 26.93 Managed Account Sub-Total 27,610,000.00 27,439,399.18 73.20% Accrued Interest 176,916.69 Total Portfolio 27,610,000.00 27,616,315.87 CAMP Pool 10,044,348.84 10,044,348.84 26.80 Total Investments 37,654,348.84 37,660,664.71 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 26.93% Cert of Deposit 7.99% Commercial Paper 12.04% Corporate Note 1.07% Fed Agy Bond / Note 26.80% Mny Mkt Fund 25.17% 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 63.29% 18.02%18.69% 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 0.58 215 2.55% 2.71% Account 7023-001 Page 3IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 3.61% A 2.40% A+ 6.96% A-1 27.97% A-1+ 2.40% AA 28.63% AA+ 1.23% AA- 26.80% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 450,304.40 1.20 AMERICAN HONDA FINANCE 1,999,626.76 5.33 ANZ BANKING GROUP LTD 901,388.67 2.40 APPLE INC 10,044,348.84 26.79 CAMP Pool 2,229,572.65 5.95 CANADIAN IMPERIAL BANK OF COMMERCE 451,725.82 1.21 CATERPILLAR INC 900,863.60 2.40 CHEVRON CORPORATION 462,062.97 1.23 CISCO SYSTEMS INC 1,379,134.37 3.68 DEXIA GROUP 399,445.20 1.07 FREDDIE MAC 449,259.27 1.20 HONEYWELL INTERNATIONAL 450,695.25 1.20 NATIONAL RURAL UTILITIES CO FINANCE CORP 2,259,469.01 6.03 NORDEA BANK AB 447,989.08 1.20 PEPSICO INC 377,623.69 1.01 RABOBANK NEDERLAND 999,476.17 2.67 ROYAL BANK OF CANADA 2,229,671.68 5.95 TORONTO-DOMINION BANK 1,616,712.24 4.31 TOYOTA MOTOR CORP 9,434,378.35 25.17 UNITED STATES TREASURY $37,483,748.02 Total 100.00% Account 7023-001 Page 4IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY N/B DTD 03/31/2017 1.250% 03/31/2019 3,215,792.63 3,216,862.23 10,299.62 3,202,828.13 07/31/1807/30/18AaaAA+ 3,225,000.00 912828W97 2.29 US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 1,834,075.41 1,835,025.34 7,424.90 1,840,365.23 08/08/1808/07/18AaaAA+ 1,830,000.00 912828KQ2 2.37 US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 643,931.60 644,584.80 1,669.89 641,773.44 07/26/1807/25/18AaaAA+ 650,000.00 912828F62 2.52 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 748,807.48 749,276.88 23.62 744,710.94 07/26/1807/25/18AaaAA+ 760,000.00 912828UF5 2.57 US TREASURY N/B NOTES DTD 01/31/2018 2.000% 01/31/2020 814,651.14 814,986.70 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 1,131,447.05 1,129,878.51 1,390.11 1,123,810.55 07/26/1807/25/18AaaAA+ 1,150,000.00 912828VF4 2.65 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1,045,673.04 1,044,268.60 47.58 1,039,835.16 07/26/1807/25/18AaaAA+ 1,060,000.00 912828XH8 2.64 27,718.76 9,434,378.35 9,434,883.06 2.45 9,406,340.64 9,495,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 399,445.20 399,077.43 1,888.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 1,888.89 399,445.20 399,077.43 2.68 398,772.40 400,000.00 Security Type Sub-Total Corporate Note HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 212,287.35 212,683.01 510.03 211,504.10 07/27/1807/25/18A2A 215,000.00 438516BJ4 2.72 HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 236,971.92 237,410.40 569.33 236,092.80 07/27/1807/25/18A2A 240,000.00 438516BJ4 2.72 CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 451,725.82 452,138.09 808.89 450,809.45 07/27/1807/25/18A3A 455,000.00 14913Q2F5 2.70 Account 7023-001 Page 5IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 447,989.08 448,153.33 9,130.00 451,444.40 07/27/1807/25/18A1A+ 440,000.00 713448BN7 2.68 CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 462,062.97 462,701.88 9,336.35 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 450,695.25 450,895.16 3,892.78 449,289.75 07/27/1807/25/18A1A 455,000.00 637432NC5 2.86 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 900,863.60 901,113.42 5,849.23 897,924.30 07/27/1807/25/18Aa2AA 910,000.00 166764AR1 2.81 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 450,304.40 450,741.87 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 901,388.67 901,026.90 2,426.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 35,458.03 4,514,289.06 4,516,864.06 2.78 4,510,267.10 4,535,000.00 Security Type Sub-Total Commercial Paper DEXIA CREDIT LOCAL SA NY COMM PAPER DTD 07/25/2018 0.000% 04/15/2019 1,379,134.37 1,379,760.33 0.00 1,364,105.46 07/26/1807/25/18P-1A-1+ 1,390,000.00 25214PK44 2.60 TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/19/2018 0.000% 04/15/2019 1,616,712.24 1,617,945.24 0.00 1,599,515.38 07/26/1807/25/18P-1A-1+ 1,630,000.00 89233HRF3 2.61 0.00 2,995,846.61 2,997,705.57 2.60 2,963,620.84 3,020,000.00 Security Type Sub-Total Certificate of Deposit AUST & NZ BANKING GRP NY CERT DEPOS DTD 07/06/2018 2.350% 01/10/2019 1,999,626.76 1,999,997.96 23,369.44 1,999,963.34 08/02/1808/01/18P-1A-1+ 2,000,000.00 05252WPJ6 2.34 NORDEA BK AB (PUBL)/NY CERT DEPOS DTD 07/27/2018 2.400% 01/28/2019 2,259,469.01 2,260,000.00 23,805.33 2,260,000.00 07/27/1807/27/18P-1A-1+ 2,260,000.00 65590AA30 2.40 ROYAL BANK OF CANADA CERT DEPOS DTD 07/30/2018 2.420% 01/30/2019 999,476.17 999,991.13 10,419.44 999,945.86 08/06/1808/03/18P-1A-1+ 1,000,000.00 78012UFP5 2.42 Account 7023-001 Page 6IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Certificate of Deposit COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 377,623.69 379,163.40 1,653.42 377,763.00 07/31/1807/30/18P-1A-1 380,000.00 21684B3H5 2.63 CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2,229,572.65 2,260,000.00 26,351.60 2,260,000.00 07/26/1807/25/18P-1A-1 2,260,000.00 13606BZU3 2.64 TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 2,229,671.68 2,260,000.00 26,251.78 2,260,000.00 07/26/1807/25/18P-1A-1+ 2,260,000.00 89113X7H1 2.63 111,851.01 10,095,439.96 10,159,152.49 2.50 10,157,672.20 10,160,000.00 Security Type Sub-Total 27,610,000.00 27,436,673.18 2.55 176,916.69 27,507,682.61 27,439,399.18 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 10,044,348.84 10,044,348.84 0.00 10,044,348.84 NRAAAm 10,044,348.84 10,044,348.84 10,044,348.84 0.00 10,044,348.84 10,044,348.84 Money Market Sub-Total $37,654,348.84 $37,481,022.02 $176,916.69 $37,552,031.45 $37,483,748.02 2.55% $37,660,664.71 $176,916.69 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 7IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to 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 0.25 (1,069.60) 12,964.50 3,215,792.63 99.71 CITIGRP 3,225,000.00 912828W97US TREASURY N/B DTD 03/31/2017 1.250% 03/31/2019 2.40 0.25 0.37 (949.93)(6,289.82) 1,834,075.41 100.22 NOMURA 1,830,000.00 912828KQ2US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 2.51 0.37 0.82 (653.20) 2,158.16 643,931.60 99.07 NOMURA 650,000.00 912828F62US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 2.64 0.82 0.98 (469.40) 4,096.54 748,807.48 98.53 JEFFERIE 760,000.00 912828UF5US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 2.63 0.98 1.06 (335.56) 1,633.95 814,651.14 99.35 GOLDMAN 820,000.00 9128283S7US TREASURY N/B NOTES DTD 01/31/2018 2.000% 01/31/2020 2.61 1.06 1.39 1,568.54 7,636.50 1,131,447.05 98.39 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 2.54 1.39 1.47 1,404.44 5,837.88 1,045,673.04 98.65 JPM_CHAS 1,060,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 2.55 1.47 28,037.71 2.51 0.71 (504.71) 9,434,378.35 9,495,000.00 Security Type Sub-Total 0.71 Federal Agency Bond / Note 1.28 367.77 672.80 399,445.20 99.86 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 2.61 1.28 672.80 2.61 1.28 367.77 399,445.20 400,000.00 Security Type Sub-Total 1.28 Corporate Note 0.82 (395.66) 783.25 212,287.35 98.74 BNP_PARI 215,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.94 0.82 0.82 (438.48) 879.12 236,971.92 98.74 MKTX 240,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.94 0.82 0.89 (412.27) 916.37 451,725.82 99.28 CSFB 455,000.00 14913Q2F5CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 2.80 0.89 Account 7023-001 Page 8IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 0.99 (164.25)(3,455.32) 447,989.08 101.82 BONY 440,000.00 713448BN7PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 2.71 0.99 0.99 (638.91)(3,665.93) 462,062.97 101.55 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.92 0.99 1.04 (199.91) 1,405.50 450,695.25 99.05 GOLDMAN 455,000.00 637432NC5NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 2.90 1.04 1.14 (249.82) 2,939.30 900,863.60 99.00 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 2.84 1.12 1.17 (437.47) 1,055.60 450,304.40 98.97 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 3.03 1.17 1.31 361.77 3,164.07 901,388.67 99.05 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 2.72 1.31 4,021.96 2.84 1.08 (2,575.00) 4,514,289.06 4,535,000.00 Security Type Sub-Total 1.08 Commercial Paper 0.28 (625.96) 15,028.91 1,379,134.37 99.22 DEXIA 1,390,000.00 25214PK44DEXIA CREDIT LOCAL SA NY COMM PAPER DTD 07/25/2018 0.000% 04/15/2019 2.70 0.28 0.28 (1,233.00) 17,196.86 1,616,712.24 99.18 TOYOTA 1,630,000.00 89233HRF3TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/19/2018 0.000% 04/15/2019 2.82 0.28 32,225.77 2.76 0.28 (1,858.96) 2,995,846.61 3,020,000.00 Security Type Sub-Total 0.28 Certificate of Deposit 0.03 (371.20)(336.58) 1,999,626.76 99.98 JPM_CHAS 2,000,000.00 05252WPJ6AUST & NZ BANKING GRP NY CERT DEPOS DTD 07/06/2018 2.350% 01/10/2019 2.63 0.03 0.07 (530.99)(530.99) 2,259,469.01 99.98 MERRILL 2,260,000.00 65590AA30NORDEA BK AB (PUBL)/NY CERT DEPOS DTD 07/27/2018 2.400% 01/28/2019 2.67 0.07 0.08 (514.96)(469.69) 999,476.17 99.95 RBC 1,000,000.00 78012UFP5ROYAL BANK OF CANADA CERT DEPOS DTD 07/30/2018 2.420% 01/30/2019 2.68 0.08 0.25 (1,539.71)(139.31) 377,623.69 99.37 MERRILL 380,000.00 21684B3H5COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 2.86 0.25 Account 7023-001 Page 9IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Certificate of Deposit 0.55 (30,427.35)(30,427.35) 2,229,572.65 98.65 CIBC 2,260,000.00 13606BZU3CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 3.00 0.55 0.56 (30,328.32)(30,328.32) 2,229,671.68 98.66 TD 2,260,000.00 89113X7H1TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 3.00 0.56 (62,232.24) 2.82 0.28 (63,712.53) 10,095,439.96 10,160,000.00 Security Type Sub-Total 0.28 27,610,000.00 27,439,399.18 2,726.00 (68,283.43) 0.58 2.71 Managed Account Sub-Total 0.58 Money Market Mutual Fund 0.00 0.00 0.00 10,044,348.84 1.00 10,044,348.84 CAMP Pool 0.00 10,044,348.84 10,044,348.84 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $37,660,664.71 $176,916.69 $37,483,748.02 Accrued Interest Securities Sub-Total $37,654,348.84 $2,726.00 ($68,283.43) 0.58 2.71% 0.58 Account 7023-001 Page 10IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Security Transactions & Interest City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 12/31/18 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 912828UF5 0.00 4,275.00 4,275.00 760,000.00 12/31/18 12/31/18 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 912828XH8 0.00 8,612.50 8,612.50 1,060,000.00 12/31/18 12,887.50 12,887.50 0.00 1,820,000.00 Transaction Type Sub-Total MATURITY 12/03/18 BNP PARIBAS NY BRANCH CERT DEPOS DTD 08/01/2018 2.330% 12/03/2018 05582W6S8 1,390,000.00 11,155.52 1,401,155.52 0.00 0.00 1,390,000.00 12/03/18 12/24/18 TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/25/2018 0.000% 12/24/2018 89233HMQ4 600,000.00 0.00 600,000.00 5,964.50 0.00 600,000.00 12/24/18 12/28/18 CREDIT AGRICOLE CIB NY CERT DEPOS DTD 07/30/2018 2.360% 12/28/2018 22534H6H9 1,350,000.00 13,363.50 1,363,363.50 0.00 0.00 1,350,000.00 12/28/18 24,519.02 0.00 5,964.50 3,364,519.02 3,340,000.00 3,340,000.00 Transaction Type Sub-Total 3,340,000.00 37,406.52 3,377,406.52 5,964.50 0.00 Managed Account Sub-Total Total Security Transactions $5,964.50 $3,377,406.52 $37,406.52 $3,340,000.00 $0.00 Account 7023-001 Page 11IPF M Asset Management ILJLC For the Month Ending December 31, 2018Account 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 6,720,419.66 Opening Balance 12/03/18 12/03/18 Purchase - Principal 05582W6S8 1.00 1,401,155.52 8,121,575.18 12/04/18 12/04/18 Transfer to 7023-002 1.00 (18,200.76) 8,103,374.42 12/04/18 12/04/18 Transfer to 7023-002 1.00 (50,150.00) 8,053,224.42 12/24/18 12/24/18 Purchase - Principal 89233HMQ4 1.00 600,000.00 8,653,224.42 12/26/18 12/26/18 IP Fees November 2018 1.00 (2,408.88) 8,650,815.54 12/26/18 12/26/18 U.S. Bank Fees October 2018 1.00 (117.06) 8,650,698.48 12/28/18 12/28/18 Purchase - Principal 22534H6H9 1.00 1,363,363.50 10,014,061.98 12/31/18 12/31/18 Purchase - Interest 912828UF5 1.00 4,275.00 10,018,336.98 12/31/18 12/31/18 Purchase - Interest 912828XH8 1.00 8,612.50 10,026,949.48 12/31/18 01/02/19 Accrual Income Div Reinvestment - Distributions 1.00 17,399.36 10,044,348.84 Account 7023-001 Page 12IPF M Asset Management ILJLC For the Month Ending December 31, 2018Account 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 10,044,348.84 10,044,348.84 10,044,348.84 8,300,686.56 188,834.03 0.00 (39,157,615.00) 3,675,113.71 45,526,850.13 17,399.36 10,044,348.84 0.00 (70,876.70) 3,394,805.88 6,720,419.66 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 2.46% Account 7023-001 Page 13IPF M Asset Management ILJLC For the Month Ending December 31, 2018Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 489,256.33 69,503.83 (292.23) 0.00 $558,467.93 CAMP Pool Unsettled Trades 0.00 1,153.07 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 3,329,051.64 0.00 0.00 8,024.81 $3,337,076.45 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income December 31, 2018 November 30, 2018 Asset Summary CAMP Pool 558,467.93 489,256.33 CAMP Managed Account 3,337,076.45 3,329,051.64 $3,895,544.38 $3,818,307.97 Total Asset Allocation 14.34% CAMP Pool 85.66% CAMP Managed Account Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $489,256.33 69,503.83 (292.23) $558,467.93 1,153.07 $3,329,051.64 0.00 0.00 0.00 0.00 8,024.81 $3,337,076.45 $3,818,307.97 $3,895,544.38 0.00 0.00 0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Managed Account Total 3,337,492.36 3,895,960.29 5,624.79 0.00 0.00 0.00 0.00 (3,335,768.47) (335.12) 0.00 5,624.79 292.23 0.00 0.00 (69,503.83) (3,825,024.80) (335.12) 1,153.07 Total Accrual Basis Earnings $7,013.56 $8,166.63 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, 2018Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 2,240,000.00 2,225,474.72 57.12 Federal Agency Bond / Note 1,110,000.00 1,111,601.73 28.54 Managed Account Sub-Total 3,350,000.00 3,337,076.45 85.66% Accrued Interest 5,624.79 Total Portfolio 3,350,000.00 3,342,701.24 CAMP Pool 558,467.93 558,467.93 14.34 Total Investments 3,908,467.93 3,901,169.17 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 28.54% Fed Agy Bond / Note 14.34% Mny Mkt Fund 57.12% 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 42.93% 28.53%28.54% 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 0.89 333 2.49% 2.55% Account 7023-002 Page 3IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 85.66% AA+ 14.34% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 558,467.93 14.34 CAMP Pool 1,111,601.73 28.54 FEDERAL HOME LOAN BANKS 2,225,474.72 57.12 UNITED STATES TREASURY $3,895,544.38 Total 100.00% Account 7023-002 Page 4IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 1,114,268.96 1,115,073.28 1,230.77 1,109,456.25 07/12/1807/11/18AaaAA+ 1,120,000.00 912828XS4 2.33 US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 1,111,205.76 1,112,390.22 1,723.08 1,108,493.75 07/12/1807/11/18AaaAA+ 1,120,000.00 9128283H1 2.51 2,953.85 2,225,474.72 2,227,463.50 2.42 2,217,950.00 2,240,000.00 Security Type Sub-Total Federal Agency Bond / Note FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1,111,601.73 1,110,028.86 2,670.94 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 2,670.94 1,111,601.73 1,110,028.86 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 3,350,000.00 3,327,978.86 2.49 5,624.79 3,337,492.36 3,337,076.45 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 558,467.93 558,467.93 0.00 558,467.93 NRAAAm 558,467.93 558,467.93 558,467.93 0.00 558,467.93 558,467.93 Money Market Sub-Total $3,908,467.93 $3,886,446.79 $5,624.79 $3,895,960.29 $3,895,544.38 2.49% $3,901,169.17 $5,624.79 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5IPF M Asset Management ILJLC For the Month Ending December 31, 2018Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Value On Cost Amort Cost to 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 0.41 (804.32) 4,812.71 1,114,268.96 99.49 JPM_CHAS 1,120,000.00 912828XS4US TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 2.49 0.41 0.90 (1,184.46) 2,712.01 1,111,205.76 99.21 JPM_CHAS 1,120,000.00 9128283H1US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 2.62 0.90 7,524.72 2.56 0.65 (1,988.78) 2,225,474.72 2,240,000.00 Security Type Sub-Total 0.65 Federal Agency Bond / Note 1.37 1,572.87 1,572.87 1,111,601.73 100.14 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 2.52 1.37 1,572.87 2.52 1.37 1,572.87 1,111,601.73 1,110,000.00 Security Type Sub-Total 1.37 3,350,000.00 3,337,076.45 9,097.59 (415.91) 0.89 2.55 Managed Account Sub-Total 0.89 Money Market Mutual Fund 0.00 0.00 0.00 558,467.93 1.00 558,467.93 CAMP Pool 0.00 558,467.93 558,467.93 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $3,901,169.17 $5,624.79 $3,895,544.38 Accrued Interest Securities Sub-Total $3,908,467.93 $9,097.59 ($415.91) 0.89 2.55% 0.89 Account 7023-002 Page 6IPF M Asset Management ILJLC For the Month Ending December 31, 2018Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 489,256.33 Opening Balance 12/04/18 12/04/18 Transfer from 7023-001 1.00 18,200.76 507,457.09 12/04/18 12/04/18 Transfer from 7023-001 1.00 50,150.00 557,607.09 12/26/18 12/26/18 IP Fees November 2018 1.00 (261.33) 557,345.76 12/26/18 12/26/18 U.S. Bank Fees October 2018 1.00 (30.90) 557,314.86 12/31/18 01/02/19 Accrual Income Div Reinvestment - Distributions 1.00 1,153.07 558,467.93 558,467.93 558,467.93 558,467.93 550,973.14 16,022.34 0.00 (4,393,832.11) 355,115.61 4,597,184.43 1,153.07 558,467.93 0.00 (292.23) 69,503.83 489,256.33 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 2.46% Account 7023-002 Page 7IPF M Asset Management ILJLC