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HomeMy WebLinkAboutFin City Quarterly Investment Report ____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: 04/15/2019 Disposition: Accepted report Agenda Item No: 4.d Meeting Date: April 15, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Van Bach Finance Manager City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING MARCH 31, 2019 RECOMMENDATION: Accept investment report for the quarter ending March 31, 2019, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601, and the City’s investment policy, last approved by the City Council on June 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 March 31, 2019, the balance was $30,954,024 and the portfolio had a yield of 2.61 percent. ANALYSIS: As of March 31, 2019, the primary LAIF account had a balance of $12,519,410. The other LAIF account holding housing funds for future administrative expenses contained $149,172. Portfolio returns on LAIF deposits were 2.44% for the quarter. The remaining investment assets included the $1,387,200 balance of Pt. San Pedro Assessment District bonds, and $22,190,377 in government agency securities and corporate bonds (including US Bank NA Cincinnati, Pepsico Inc., Berkshire Hathaway Inc., Toyota Motor Credit Corp., Caterpillar Financial Services, and PNC Bank NA). The overall total portfolio returns for the quarter ended March 31, 2019 were 2.16%. The City’s Westamerica account had a balance of $11,357,429 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending March 2019. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending March 31, 2019, as presented. ATTACHMENTS: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, January through March 2019 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending March 31, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX -MONTH PERIOD. VAN BACH FINANCE MANAGER %Return LAIF 11,779,215$      93.0% 2.44% LAIF ‐ RDA 149,172$            1.2% 2.44% LAIF ‐ RDA 02 TARB 740,195$            5.8% 2.44% Total Internally Managed 12,668,583$      35.0% Weighted Average Yield 2.44% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 137,947$            0.6% 0.00% Treasury Securities 4,469,213$         19.0% 1.61% Instrumentality Securities 14,048,805$      59.6% 1.70% Corporate Notes 3,534,412$         15.0% 2.52% Municipal 1,387,200$         5.9% 5.25% Total Externally Managed 23,577,577$      65.0% Weighted Average Yield 2.00% Years Effective Average Duration ‐ External 1.34 Weighted Average Maturity ‐ External 1.60 Total Portfolio Assets %Return LAIF 12,668,583$      35.0% 2.44% Cash 137,947$            0.4% 0.00% Treasury Securities 4,469,213$         12.3% 1.61% Instrumentality Securities 14,048,805$      38.8% 1.70% Corporate Notes 3,534,412$         9.8% 2.52% Municipal 1,387,200$         3.8% 5.25%   Total Portfolio Assets 36,246,160$       Weighted Average Yield 2.16% Years Effective Average Duration ‐ Total 0.87 Weighted Average Maturity ‐ Total 1.04 Based on Market Values March 31, 2019 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 93.0% LAIF ‐RDA, 1.2% LAIF ‐RDA 02  TARB, 5.8% Cash , 0.6%Treasury  Securities,  19.0% Instrumentality  Securities,  59.6% Corporate  Notes, 15.0% Municipal, 5.9% LAIF 35% Cash 0% Treasury  Securities 12% Instrumentality  Securities 39% Corporate Notes 10%Municipal 4% Exhibit AInternally Managed Assets% Return % Return % Return % Return % ReturnLAIF 12,519,411$    98.8% 2.44% 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%LAIF ‐ Housing 149,172$          1.2% 2.44% 148,276$          1.2% 2.29% 147,475$            3.2% 2.05% 146,778$              0.8% 1.85% 146,234$            0.8% 1.43%Total Internally Managed 12,668,583$    35.0%12,634,290$    35.1%4,584,611$        15.7%19,492,130$         44.2%19,403,602$      44.1%Weighted Average Yield 2.44% 2.29% 2.05% 1.85% 1.43%Externally Managed Assets% Return % Return % Return % Return % ReturnCash 137,947$          0.6% 0.00% 26,052$           0.1% 0.00% 129,216$           0.5% 0.00% 170,357$             11.7% 0.00% 115,317$           0.5% 0.00%Commercial Paper‐$                  0.0% 0.00%‐$                  0.0% 0.00%‐$                     0.0% 0.00%‐$                       0.0% 0.00%‐$                     0.0% 0.00%Treasury Securities 4,469,213$      19.0% 1.61% 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%Instrumentality Securities 14,048,805$    59.6% 1.70% 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%Corporate Notes 3,534,412$      15.0% 2.52% 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%Municipal/Assessment District 1,387,200$      5.9% 5.25% 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%Total Externally Managed 23,577,577$    65.0%23,364,674$    64.9%24,643,120$      84.3%24,610,027$         55.8%24,546,375$      55.9%Weighted Average Yield 2.00% 1.83% 1.76% 1.66% 1.64%Years Years Years Years YearsEffective Average Duration ‐ External 1.34 1.34 1.51 1.68 1.91Weighted Average Maturity ‐ External 1.60 1.60 1.74 1.96 2.20Total Portfolio Assets% Return % Return % Return % Return % ReturnLAIF 12,668,583$    35.0% 2.44% 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%Cash 137,947$          0.4% 0.00% 26,052$            0.1% 0.00% 129,216$            0.4% 0.00% 170,357$              0.4% 0.00% 115,317$            0.3% 0.00%Treasury Securities 4,469,213$      12.3% 1.61% 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%Instrumentality Securities 14,048,805$    38.8% 1.70% 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%Corporate Notes 3,534,412$      9.8% 2.52% 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%Municipal/Assessment District 1,387,200$      3.8% 5.25% 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%36,246,160$    35,998,964$    29,227,731$      44,102,157$         43,949,978$        Total Portfolio AssetsWeighted Average Yield 2.16% 1.99% 1.80% 1.74% 1.55%Years Years Years Years YearsEffective Average Duration ‐ Total 0.87 0.87 1.27 0.94 1.07Weighted Average Maturity ‐ Total 1.04 1.04 1.47 1.09 1.23Performance 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 yea‐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, 2018City of San RafaelHistorical Activity‐By QuarterSeptember 30, 2018 June 30, 2018 March 31, 2018March 31, 2019W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\18‐19\09 ‐ March 2019\Quarterly Report combined 3‐31‐19 SAN RAFAELJanuary 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVAL ContentsFixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 12Securities purchased 15Securities sold and matured 16Transaction report 17Additional information 18 FIXED INCOME MARKET REVIEWAs of January 31, 2019SAN RAFAELChart 1: ISM Manufacturing & Non-Manufacturing Indices: 12/31/2013—12/31/2018Source: Bloomberg Finance LP, January 31, 2019.Chart 2: Treasury yield curve: 01/31/2018 and 01/31/2019Source: Bloomberg Finance LP, January 31, 2019.Economic Indicators and Monetary PolicyOn January 30 the Federal Open Market Committee (FOMC) voted unanimously tohold the federal funds target rate steady at a range of 2.25% to 2.50%. Although themarket did not expect a rate change at the January meeting the accompanying newsconference and FOMC statement were more dovish than anticipated. Marketexpectations for a rate hike at the next two meetings decreased to near zero.The FOMC guidance at the January meeting indicated that Fed officials would bepatient when determining any future changes in interest rates. The FOMCdowngraded growth expectations modestly from the meeting in December to solidfrom strong, while suggesting that the mostlikely outcomes are sustained economicexpansion, strong labor market conditions and inflation near the 2% target. In aseparate statement the FOMC noted that the Committee is prepared to adjust thebalance sheet normalization plan in light of changing market conditions.On January 4 the payroll report showed that 312,000 jobs were added in December,exceeding expectations of 184,000 new jobs. The prior month gains were revisedupward to 196,000 from 155,000. The unemployment rate increased to 3.9% from3.7% and the underemployment rate was unchanged at 7.6%. Wage growth increased0.4% in December for an annual rate of 3.2%, better than expectations for 3.0% growthand the prior month was revised upward to an annual rate of 3.3% from 3.1%.The Institute for Supply Management (ISM) Manufacturing and Non-ManufacturingIndices trended lower in December. On January 3 the Manufacturing Index wasreleased at 54.1 from a prior reading of 58.8. The Non-manufacturing Index releasedon January 7 was at 57.6 for December compared to November at 60.4. The impactof continuing trade tensions with China, slowing global growth and the governmentshut-down were all considered as the market sorted this data. (See Chart 1).InterestRateSummaryAt the end of January, the 3-month US Treasury bill yielded 2.39%, the 6-month USTreasury bill yielded 2.46%, the 2-year US Treasury note yielded 2.45%, the 5-year USTreasury note yielded 2.43% and the 10-year US Treasury note yielded 2.63%. (SeeChart2).3040506070Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18Monthly IndexManufacturingNon-Manufacturing0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3m 6m 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr1/31/20191/31/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2019 - January 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,545,098.59Opening balance31,739.70Income received31,739.70Total receipts(137.36)Expenses paid(137.36)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(3,075.11)Total amortization expense4,528.19Total OID/MKT accretion income0.00Return of capitalClosing balance23,578,154.01Ending fair value23,431,954.97(146,199.04)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 1.92 1.08 0.20Overnight Repo 1.99 1.14 0.21Merrill Lynch 3m US Treas Bill 2.01 1.12 0.20Merrill Lynch 6m US Treas Bill 2.15 1.19 0.20ML 1 Year US Treasury Note 2.40 1.30 0.22ML 2 Year US Treasury Note 2.57 1.36 0.21ML 5 Year US Treasury Note 2.76 1.40 0.21* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned 35,364.14Accretion (amortization) 1,453.08Realized gain (loss) on sales 0.00Total income on portfolio 36,817.22Average daily amortized cost 23,551,362.25Period return (%)Weighted average final maturity in days 596YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 68.87 0.00 68.870.00Corporate Bonds 4,766.66 1,428.45 6,195.110.00Government Agencies 18,804.16 (471.33) 18,332.830.00Government Bonds 5,655.45 495.96 6,151.410.00Municipal/Provincial Bonds 6,069.00 0.00 6,069.00Total 35,364.14 1,453.08 0.00 36,817.220.160.164 ACTIVITY AND PERFORMANCE SUMMARYFor the period January 1, 2019 - January 31, 2019SAN RAFAELFair Value Basis Activity Summary23,364,674.43Opening balance31,739.70Income received31,739.70Total receipts(137.36)Expenses paid(137.36)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period 35,678.20Ending fair value23,431,954.97Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 1.92 1.08 0.20Overnight Repo 1.99 1.14 0.21ICE ML 3m US Treas Bill 1.95 1.10 0.20ICE ML 6m US Treas Bill 2.04 1.17 0.23ICE ML 1 Year US Treasury Note 2.07 1.34 0.26ICE ML US Treasury 1-3 2.15 1.77 0.27ICE ML US Treasury 1-5 2.43 2.20 0.32* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 68.87 0.00 68.87Corporate Bonds 4,766.66 8,151.45 12,918.11Government Agencies 18,804.16 21,485.65 40,289.81Government Bonds 5,655.45 6,041.10 11,696.55Municipal/Provincial Bonds 6,069.00 0.00 6,069.00Total 35,364.14 35,678.20 71,042.34Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned 35,364.14Total income on portfolio 71,042.34Average daily total value * 23,505,288.49Period return (%)0.30Weighted average final maturity in days 596Change in fair value 35,678.20YTD return (%)0.30* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of January 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 71,489.62 71,489.62 71,489.62 0.00 0.30 0.001Corporate Bonds 3,525,128.50 3,529,843.573,524,774.05 (5,069.52) 360 14.95 0.95Government Agencies 14,108,304.39 14,092,190.46 13,989,901.20 (102,289.26) 312 59.82 0.84Government Bonds 4,491,687.51 4,497,430.36 4,458,590.10 (38,840.26) 332 19.05 0.89Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 4,963 5.88 9.45Total 23,583,810.02 23,578,154.01 23,431,954.97 (146,199.04) 596 100.00 1.37Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.30Corporate Bonds 14.95Government Agencies 59.82Government Bonds 19.05Municipal/Provincial Bonds 5.88Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of January 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days1,085,613.90 4.6090 to 179 days4,100,661.72 17.39180 days to 1 year8,170,569.38 34.651 to 2 years8,345,040.02 35.392 to 3 years494,725.00 2.103 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8823,583,810.02 100.00Maturity 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 January 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.000 71,489.62 71,489.620.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.3071,489.6271,489.62Total Cash and Cash Equivalents 71,489.62 71,489.62 71,489.62 0.00 0.00 0.000.00 0.000.300.000.0071,489.62Corporate Bonds14912L6R7 1.350 05/18/2019 498,245.00 499,797.28859.00(1,906.28) 0.00 562.50 1,368.750.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20192.11497,891.00500,000.0069353REX2 1.450 07/29/2019 494,490.00 497,157.671,295.00(160.67) 3,625.00 604.17 40.2806/29/2019 0.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)2.10496,997.00500,000.00084670BL1 2.100 08/14/2019 547,453.50 548,511.98461.45(705.93) 0.00 962.50 5,357.920.00 230.10BERKSHIRE HATHAWAY INC2.1% 14AUG20192.32547,806.05550,000.0090331HNB5 2.000 01/24/2020 493,330.00 494,844.59779.001,265.41 5,000.00 833.33 194.4412/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.09496,110.00500,000.0089236TCF0 2.150 03/12/2020 504,545.00 502,027.852,520.50(5,298.35) 0.00 895.83 4,150.690.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.14496,729.50500,000.0002665WBT7 1.950 07/20/2020 492,340.00 492,737.39619.50222.11 4,875.00 650.00 297.92(4,522.92) 397.39AMERICAN HONDA FINANCE1.95% 20JUL20202.09492,959.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 494,766.811,556.001,514.19 0.00 70.83 5,312.5002/01/2021 (5,241.67) 41.81JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.10496,281.00500,000.008 SECURITIES HELDAs of January 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate BondsTotal Corporate Bonds 3,525,128.50 3,529,843.57 3,524,774.05 (5,069.52) 13,500.00 4,579.16(9,764.59) 1,487.5514.9516,722.508,090.453,550,000.00Government Agencies3133782M2 1.500 03/08/2019 1,014,124.28 1,000,576.50782.00(1,551.50) 0.00 1,250.00 5,958.330.00 (455.13)FEDERAL HOME LOAN BANK1.5% 08MAR20194.30999,025.001,000,000.003133X72S2 5.375 05/15/2019 515,625.00 504,386.70(915.00)(361.70) 0.00 2,239.58 5,673.610.00 (1,253.34)FEDERAL HOME LOAN BANK5.375% 15MAY20192.19504,025.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 998,000.261,359.00(976.26) 0.00 1,354.17 2,121.530.00 447.70FEDERAL HOME LOAN BANK1.625% 14JUN20194.21997,024.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,856.39942.00(3,642.39) 3,225.00 537.50 358.3304/11/2019 0.00 26.76FANNIE MAE 1.075%11JUL2019 (CALLABLE11APR19)2.54596,214.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,115.922,020.00(8,415.92) 0.00 833.34 4,305.560.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.24991,700.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,002,407.811,890.00(9,507.81) 0.00 1,145.83 5,270.830.00 (323.93)FEDERAL HOME LOAN BANK1.375% 13SEP20194.29992,900.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,297.531,730.00(6,717.53) 0.00 1,250.00 5,208.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.24993,580.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,641,870.993,110.25(5,810.19) 0.00 1,718.75 6,817.710.00 1,007.73FREDDIE MAC 1.25%02OCT20196.931,636,060.801,650,000.009 SECURITIES HELDAs of January 31, 2019SAN 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 589,095.11 595,473.441,178.40(2,248.04) 0.00 500.00 1,616.670.00 514.38FANNIE MAE 1% 24OCT20192.50593,225.40600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,009.631,440.00(5,739.63) 0.00 937.50 2,718.750.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.18744,270.00750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,994.20300.00(12,354.20) 0.00 1,208.33 6,847.220.00 (80.40)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.25988,640.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,319.92570.00(5,479.92) 0.00 625.00 2,750.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.11493,840.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,318.821,513.00(8,341.82) 0.00 1,458.33 2,381.940.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.23989,977.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,570.241,850.00(15,190.24) 0.00 1,250.00 6,541.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.24984,380.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,884.471,820.00(17,054.47) 0.00 1,358.33 4,075.000.00 (89.74)FANNIE MAE 1.63%30OCT2020 CALLABLE4.25984,830.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,107.641,110.001,102.36 0.00 106.25 708.33(602.08) 7.64FEDERAL FARM CREDIT BANK2.55% 11JAN20212.12500,210.00500,000.00Total Government Agencies 14,108,304.39 14,092,190.46 13,989,901.20 (102,289.26) 3,225.00 17,772.91(602.08) (78.83)59.8263,353.8120,699.6514,100,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,180.95488.00(1,723.95) 0.00 638.73 1,277.470.00 (46.75)USA TREASURY 1.5%31MAY20192.13498,457.00500,000.0010 SECURITIES HELDAs of January 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828WS5 1.625 06/30/2019 993,281.25 997,939.031,172.00(1,298.03) 0.00 1,391.58 1,391.580.00 425.93USA TREASURY 1.625%30JUN20194.21996,641.001,000,000.00912828TV2 1.250 10/31/2019 649,009.77 649,707.431,117.35(5,927.93) 0.00 695.79 2,064.920.00 33.22USA TREASURY 1.25%31OCT20192.75643,779.50650,000.00912828H52 1.250 01/31/2020 745,869.14 748,419.531,200.75(8,058.53) 4,687.50 789.74 0.000.00 134.23USA TREASURY 1.25%31JAN20203.16740,361.00750,000.00912828X96 1.500 05/15/2020 596,554.69 598,234.14891.00(5,874.54) 0.00 770.72 1,914.370.00 116.47USA TREASURY 1.5%15MAY20202.53592,359.60600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,002,949.281,172.00(15,957.28) 8,125.00 1,368.89 0.000.00 (167.14)USA TREASURY 1.625%31JUL20204.26986,992.001,000,000.00Total Government Bonds 4,491,687.51 4,497,430.36 4,458,590.10 (38,840.26) 12,812.50 5,655.450.00 495.9619.056,648.346,041.104,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,069.00 30,142.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.881,387,200.001,387,200.00Total Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,069.000.00 0.005.8830,142.700.001,387,200.00Grand total 23,583,810.02 23,578,154.0134,831.20(146,199.04) 29,537.50 34,076.5223,608,689.62(10,366.67) 1,904.68100.00116,867.3523,431,954.9711 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2019SAN 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 4.30999,025.00 4.26 0.101,000,000.003133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+Aaa 515,625.00 2.19504,025.00 2.15 0.28500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+Aaa 993,180.00 4.21997,024.00 4.25 0.361,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+Aaa 1,011,510.00 4.29992,900.00 4.24 0.601,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+Aaa 750,030.00 3.18744,270.00 3.18 0.75750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+Aaa 996,870.00 4.23989,977.00 4.22 1.331,000,000.00Issuer total5,250,000.00 5,281,339.28 22.39 5,227,221.00 22.31 0.59United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+Aaa 501,230.47 2.13498,457.00 2.13 0.33500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+Aaa 993,281.25 4.21996,641.00 4.25 0.411,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+Aaa 649,009.77 2.75643,779.50 2.75 0.74650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+Aaa 745,869.14 3.16740,361.00 3.16 0.98750,000.00912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+Aaa 596,554.69 2.53592,359.60 2.53 1.26600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.26986,992.00 4.21 1.471,000,000.00Issuer total4,500,000.00 4,491,687.51 19.05 4,458,590.10 19.03 0.89Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+Aaa 1,000,610.00 4.24991,700.00 4.23 0.561,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+Aaa 1,003,130.00 4.25988,640.00 4.22 1.011,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020AA+ Aaa 999,190.00 4.24 984,380.00 4.20 1.521,000,000.003133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021AA+ Aaa 499,100.00 2.12 500,210.00 2.13 1.88500,000.00Issuer total3,500,000.00 3,502,030.00 14.85 3,464,930.00 14.79 1.15Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,001,001.00 4.24993,580.00 4.24 0.641,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.93 1,636,060.80 6.98 0.661,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+Aaa498,289.00 2.11493,840.00 2.11 1.11500,000.00Issuer total3,150,000.00 3,133,330.00 13.29 3,123,480.80 13.33 0.73Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 04/11/2019 AA+ Aaa 599,100.00 2.54 596,214.00 2.54 0.44600,000.003135G0R39FANNIE MAE 1%1.000 10/24/2019AA+ Aaa589,095.11 2.50 593,225.40 2.53 0.72600,000.003135G0RM7FANNIE MAE 1.63%1.630 10/30/2020AA+ Aaa1,003,410.00 4.25984,830.00 4.20 1.701,000,000.00Issuer total2,200,000.00 2,191,605.11 9.29 2,174,269.40 9.28 1.09PT. San Assess District888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.88 1,387,200.00 5.92 9.451,387,200.00Issuer total1,387,200.00 1,387,200.00 5.88 1,387,200.00 5.92 9.45Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AAAa2547,453.50 2.32547,806.05 2.34 0.52550,000.00Issuer total550,000.00 547,453.50 2.32 547,806.05 2.34 0.52Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 2.11 497,891.00 2.12 0.29500,000.00Issuer total500,000.00 498,245.00 2.11 497,891.00 2.12 0.29PNC Bank NA69353REX2PNC BANK NA 1.45% 1.45007/29/2019 06/29/2019 A A2 494,490.00 2.10 496,997.00 2.12 0.48500,000.00Issuer total500,000.00 494,490.00 2.10 496,997.00 2.12 0.4813 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of January 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020AA- Aa3 504,545.00 2.14 496,729.50 2.12 1.08500,000.00Issuer total500,000.00 504,545.00 2.14 496,729.50 2.12 1.08JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 494,725.00 2.10 496,281.00 2.12 1.96500,000.00Issuer total500,000.00 494,725.00 2.10 496,281.00 2.12 1.96US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/202012/24/2019 AA- A1 493,330.00 2.09 496,110.00 2.12 0.95500,000.00Issuer total500,000.00 493,330.00 2.09 496,110.00 2.12 0.95American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A+A2 492,340.00 2.09 492,959.50 2.10 1.43500,000.00Issuer total500,000.00 492,340.00 2.09 492,959.50 2.10 1.43Cash and Cash EquivalentsINVESTED CASH 0.00071,489.62 0.30 71,489.62 0.31 0.0071,489.62Issuer total71,489.62 71,489.62 0.30 71,489.62 0.31 0.00Grand total23,608,689.62 23,583,810.02 100.00 23,431,954.97 100.00 1.3714 SECURITIES PURCHASEDFor the period January 1, 2019 - January 31, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds02665WBT71.95001/02/2019 07/20/2020 500,000.00 98.47 (492,340.00) (4,522.92)AMERICAN HONDA FINANCE 1.95% 20JUL2020 01/07/2019KEYBANK NATIONAL ASSOCIATION46625HQJ22.55001/25/2019 03/01/2021 500,000.00 98.95 (494,725.00) (5,241.67)JPMORGAN CHASE & CO 2.55% 01MAR2021 (CALLABLE 01FEB21) 02/01/202101/29/2019J.P. MORGAN SECURITIES LLC1,000,000.00 (987,065.00) (9,764.59)Total Corporate BondsGovernment Agencies3133EJ4Q92.55001/25/2019 01/11/2021 500,000.0099.82 (499,100.00) (602.08)FEDERAL FARM CREDIT BANK 2.55% 11JAN2021 01/28/2019WELLS FARGO SECURITIES INTL LTD500,000.00 (499,100.00) (602.08)Total Government AgenciesGrand totalGrand total1,500,000.00 (1,486,165.00) (10,366.67)15 SECURITIES SOLD AND MATUREDFor the period January 1, 2019 - January 31, 2019SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedCorporate Bonds713448CK2PEPSICO INC 2.25% DUE01-07-20192.25001/07/2019 (500,000.00)505,530.00 500,000.00(59.10)0.0061.00500,000.00 0.00 0.00 5,625.00 187.5001/07/2019(500,000.00)0.00505,530.00(59.10)500,000.0061.00500,000.00 0.00 5,625.00 187.50Total (Corporate Bonds)Government Agencies3135G0H63FANNIE MAE 1.375%28JAN20191.37501/28/2019 (1,000,000.00)1,012,490.00 1,000,000.00(392.50)0.00786.001,000,000.00 0.00 0.00 6,875.00 1,031.2501/28/2019(1,000,000.00)0.001,012,490.00(392.50)1,000,000.00786.001,000,000.00 0.00 6,875.00 1,031.25Total (Government Agencies)Grand totalGrand total (1,500,000.00)0.001,518,020.00(451.60)1,500,000.00 1,500,000.00 0.00 12,500.00 1,218.75847.0016 TRANSACTION REPORTFor the period January 1, 2019 - January 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)(4,522.92)01/02/201901/07/2019Bought02665WBT7 Corporate Bonds AMERICAN HONDA FINANCE 07/20/2020 500,000.00(492,340.00) (496,862.92)0.005,625.0001/07/201901/07/2019Income713448CK2 Corporate Bonds PEPSICO INC 2.25% DUE 01/07/2019 500,000.00 0.00 5,625.000.000.0001/07/201901/07/2019Capital Change713448CK2 Corporate Bonds PEPSICO INC 2.25% DUE 01/07/2019 (500,000.00) 500,000.00 500,000.000.003,225.0001/11/201901/11/2019Income3135G0L76 Government Agencies FANNIE MAE 1.075% 11JUL2019 07/11/2019600,000.00 0.00 3,225.000.004,875.0001/20/201901/20/2019Income02665WBT7 Corporate Bonds AMERICAN HONDA FINANCE 07/20/2020500,000.00 0.00 4,875.000.005,000.0001/24/201901/24/2019Income90331HNB5 Corporate Bonds US BANK NA CINCINNATI 2% 01/24/2020500,000.00 0.00 5,000.000.00(602.08)01/25/201901/28/2019Bought3133EJ4Q9 Government Agencies FEDERAL FARM CREDIT BANK 01/11/2021 500,000.00 (499,100.00) (499,702.08)0.00(5,241.67)01/25/201901/29/2019Bought46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 500,000.00(494,725.00) (499,966.67)0.006,875.0001/28/201901/28/2019Income3135G0H63 Government Agencies FANNIE MAE 1.375% 01/28/2019 1,000,000.00 0.00 6,875.000.000.0001/28/201901/28/2019Capital Change3135G0H63 Government Agencies FANNIE MAE 1.375% 01/28/2019 (1,000,000.00)1,000,000.00 1,000,000.000.003,625.0001/29/201901/29/2019Income69353REX2 Corporate Bonds PNC BANK NA 1.45% 07/29/2019 500,000.00 0.00 3,625.000.004,687.5001/31/201901/31/2019Income912828H52 Government Bonds USA TREASURY 1.25% 01/31/2020 750,000.00 0.00 4,687.500.008,125.0001/31/201901/31/2019Income912828XM7 Government Bonds USA TREASURY 1.625% 07/31/2020 1,000,000.00 0.00 8,125.000.0068.87Income Cash and Cash Equivalents Cash68.870.00 0.000.0001/31/201917 ADDITIONAL INFORMATIONAs of January 31, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.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 January 31, 2019SAN 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.© 2019 Insight Investment. All rights reserved.19 SAN RAFAELFebruary 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVAL ContentsFixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 12Transaction report 15Additional information 16 FIXED INCOME MARKET REVIEWAs of February 28, 2019SAN RAFAELChart 1: Gross Domestic Product: 12/31/2008—12/31/2018Source: Bloomberg Finance LP, February 28, 2019.Chart 2: Treasury yield curve: 02/28/2018 and 02/28/2019Source: Bloomberg Finance LP, February 28, 2019.Economic Indicators and Monetary PolicyThe employment report released on February 1 showed that nonfarm payrolls forJanuary rose 304,000 versus expectations for 165,000 jobs added. December jobgrowth was revised down to 222,000 from an original release of 312,000 jobs added.Wage growth slightly slowed to 3.2% in January from 3.3% in December while theprime-age labor force participation rate rose to 86.2%, the highest since 2010.On February 13 the Consumer Price Index (CPI) data was released. The CPI measureheld firm in January with declines in fuel prices offsetting inflationary pressures fromfood, automobiles, housing and apparel. On a 12-month basis, January’s CPIregistered a 1.6% increase, below the 1.9% level for December and the smallest gainsince June 2017. Excluding food and energy prices, core CPI rose 0.2% for the monthand 2.2% on ayear-on-year basis.The inflation picture, combined with concerns over global growth and ongoingUS/China trade issues, supported the reversion of the Federal Reserve to a “wait andsee” approach to further rate increases as described at the January meeting of theFederal Open Market Committee (FOMC). On February 20 the minutes were releasedfrom the January FOMC meeting which stated that “many participants” were “not yetclear” on the path of monetary policy this year, with members spilt on whetherinflation would need to accelerate more than forecast for higher policy rates to bejustified. However, “almost all participants” were supportive of stopping the centralbank’s balance sheet reduction later this year.Fourth quarter Gross Domestic Product (GDP) was released on February 28, whichwas delayed due to the government shutdown. The reading showed 2.6% growthquarter-on-quarter, versus expectations for 2.2% growth and less than the thirdquarter reading of 3.4%. Consumer spending was 2.8% versus 3.5% prior andinventories increased by $97.1 billion following an increase of $89.8 billion in the thirdquarter. (See Chart 1).InterestRateSummaryAt the end of February, the 3-month US Treasury bill yielded 2.44%, the 6-month USTreasury bill yielded 2.50%, the 2-year US Treasury note yielded 2.52%, the 5-year USTreasury note yielded 2.51% and the 10-year US Treasury note yielded 2.72%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3m 6m 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 102/28/20192/28/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2019 - February 28, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,578,154.01Opening balance25,620.45Income received25,620.45Total receipts(137.78)Expenses paid(137.78)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(2,605.79)Total amortization expense4,671.00Total OID/MKT accretion income0.00Return of capitalClosing balance23,605,701.89Ending fair value23,470,125.99(135,575.90)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 1.99 1.10 0.18Overnight Repo 2.08 1.16 0.19Merrill Lynch 3m US Treas Bill 2.07 1.13 0.18Merrill Lynch 6m US Treas Bill 2.20 1.19 0.18ML 1 Year US Treasury Note 2.44 1.29 0.19ML 2 Year US Treasury Note 2.60 1.33 0.19ML 5 Year US Treasury Note 2.75 1.36 0.19* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned 32,759.54Accretion (amortization) 2,065.21Realized gain (loss) on sales 0.00Total income on portfolio 34,824.75Average daily amortized cost 23,588,577.73Period return (%)Weighted average final maturity in days 567YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 95.45 0.00 95.450.00Corporate Bonds 5,160.00 1,668.47 6,828.470.00Government Agencies 16,901.53 (51.25) 16,850.280.00Government Bonds 5,140.46 447.99 5,588.450.00Municipal/Provincial Bonds 5,462.10 0.00 5,462.10Total 32,759.54 2,065.21 0.00 34,824.750.150.304 ACTIVITY AND PERFORMANCE SUMMARYFor the period February 1, 2019 - February 28, 2019SAN RAFAELFair Value Basis Activity Summary23,431,954.97Opening balance25,620.45Income received25,620.45Total receipts(137.78)Expenses paid(137.78)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period 12,688.35Ending fair value23,470,125.99Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 1.99 1.10 0.18Overnight Repo 2.08 1.16 0.19ICE ML 3m US Treas Bill 2.04 1.10 0.18ICE ML 6m US Treas Bill 2.16 1.17 0.18ICE ML 1 Year US Treasury Note 2.25 1.32 0.21ICE ML US Treasury 1-3 2.29 1.55 0.10ICE ML US Treasury 1-5 2.60 1.80 0.04* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 95.45 0.00 95.45Corporate Bonds 5,160.00 1,636.75 6,796.75Government Agencies 16,901.53 8,517.85 25,419.38Government Bonds 5,140.46 2,533.75 7,674.21Municipal/Provincial Bonds 5,462.10 0.00 5,462.10Total 32,759.54 12,688.35 45,447.89Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned 32,759.54Total income on portfolio 45,447.89Average daily total value * 23,570,018.54Period return (%)0.19Weighted average final maturity in days 567Change in fair value 12,688.35YTD return (%)0.50* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of February 28, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 96,972.29 96,972.29 96,972.29 0.00 0.41 0.001Corporate Bonds 3,525,128.50 3,531,512.043,526,410.80 (5,101.24) 332 14.93 0.88Government Agencies 14,108,304.39 14,092,139.21 13,998,419.05 (93,720.16) 284 59.76 0.76Government Bonds 4,491,687.51 4,497,878.35 4,461,123.85 (36,754.50) 304 19.03 0.82Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 4,935 5.88 9.38Total 23,609,292.69 23,605,701.89 23,470,125.99 (135,575.90) 567 100.00 1.29Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.41Corporate Bonds 14.93Government Agencies 59.76Government Bonds 19.03Municipal/Provincial Bonds 5.88Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of February 28, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,124,966.57 9.0090 to 179 days4,128,735.22 17.49180 days to 1 year8,877,625.02 37.601 to 2 years6,596,040.88 27.942 to 3 years494,725.00 2.103 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8823,609,292.69 100.00Maturity 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 February 28, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.000 96,972.29 96,972.290.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.4196,972.2996,972.29Total Cash and Cash Equivalents 96,972.29 96,972.29 96,972.29 0.00 0.00 0.000.00 0.000.410.000.0096,972.29Corporate Bonds14912L6R7 1.350 05/18/2019 498,245.00 499,853.59604.00(1,358.59) 0.00 506.25 1,875.000.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20192.11498,495.00500,000.0069353REX2 1.450 07/29/2019 494,490.00 497,634.03610.00(27.03) 0.00 543.75 584.0306/29/2019 0.00 476.36PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)2.09497,607.00500,000.00084670BL1 2.100 08/14/2019 547,453.50 548,742.09717.75(218.29) 5,775.00 866.25 449.170.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.32548,523.80550,000.0090331HNB5 2.000 01/24/2020 493,330.00 495,281.48510.501,339.02 0.00 750.00 944.4412/24/2019 0.00 436.89US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.09496,620.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 501,876.5159.50(5,087.51) 0.00 806.25 4,956.940.00 (151.34)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.14496,789.00500,000.0002665WBT7 1.950 07/20/2020 492,340.00 493,148.48(20.00)(208.98) 0.00 731.25 1,029.170.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.09492,939.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 494,975.86(845.00)460.14 0.00 956.25 6,268.7502/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.10495,436.00500,000.008 SECURITIES HELDAs of February 28, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate BondsTotal Corporate Bonds 3,525,128.50 3,531,512.04 3,526,410.80 (5,101.24) 5,775.00 5,160.000.00 1,668.4714.9316,107.501,636.753,550,000.00Government Agencies3133782M2 1.500 03/08/2019 1,014,124.28 1,000,121.37855.00(241.37) 0.00 1,125.00 7,083.330.00 (455.13)FEDERAL HOME LOAN BANK1.5% 08MAR20194.30999,880.001,000,000.003133X72S2 5.375 05/15/2019 515,625.00 503,133.36(1,070.00)(178.36) 0.00 2,015.63 7,689.240.00 (1,253.34)FEDERAL HOME LOAN BANK5.375% 15MAY20192.18502,955.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 998,447.96545.00(878.96) 0.00 1,218.75 3,340.280.00 447.70FEDERAL HOME LOAN BANK1.625% 14JUN20194.21997,569.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,883.15678.00(2,991.15) 0.00 483.75 842.0804/11/2019 0.00 26.76FANNIE MAE 1.075%11JUL2019 (CALLABLE11APR19)2.54596,892.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,099.041,300.00(7,099.04) 5,000.00 750.00 55.560.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.24993,000.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,002,083.891,010.00(8,173.89) 0.00 1,031.25 6,302.080.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.28993,910.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,259.71780.00(5,899.71) 0.00 1,125.00 6,333.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.24994,360.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,642,878.711,737.45(5,080.46) 0.00 1,546.87 8,364.580.00 1,007.72FREDDIE MAC 1.25%02OCT20196.921,637,798.251,650,000.009 SECURITIES HELDAs of February 28, 2019SAN 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 589,095.11 595,987.82818.40(1,944.02) 0.00 450.00 2,066.670.00 514.38FANNIE MAE 1% 24OCT20192.50594,043.80600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,008.57450.00(5,288.57) 0.00 843.75 3,562.500.00 (1.06)FEDERAL HOME LOAN BANK1.5% 04NOV20193.18744,720.00750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,913.811,260.00(11,013.81) 7,250.00 1,087.50 684.720.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.25989,900.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,369.81770.00(4,759.81) 0.00 562.50 3,312.500.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE2.11494,610.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,421.339.00(8,435.33) 0.00 1,312.50 3,694.440.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.22989,986.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,593.10140.00(15,073.10) 7,500.00 1,125.00 166.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.23984,520.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,791.75(290.00)(17,251.75) 0.00 1,267.78 5,342.780.00 (92.72)FANNIE MAE 1.63%30OCT2020 CALLABLE4.25984,540.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,145.83(475.00)589.17 0.00 956.25 1,664.580.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.11499,735.00500,000.00Total Government Agencies 14,108,304.39 14,092,139.21 13,998,419.05 (93,720.16) 19,750.00 16,901.530.00 (51.25)59.7660,505.348,517.8514,100,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,138.73312.50(1,369.23) 0.00 576.93 1,854.400.00 (42.22)USA TREASURY 1.5%31MAY20192.12498,769.50500,000.0010 SECURITIES HELDAs of February 28, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828WS5 1.625 06/30/2019 993,281.25 998,323.75429.00(1,253.75) 0.00 1,256.90 2,648.480.00 384.72USA TREASURY 1.625%30JUN20194.21997,070.001,000,000.00912828TV2 1.250 10/31/2019 649,009.77 649,737.44659.75(5,298.19) 0.00 628.45 2,693.370.00 30.01USA TREASURY 1.25%31OCT20192.75644,439.25650,000.00912828H52 1.250 01/31/2020 745,869.14 748,540.78820.50(7,359.28) 0.00 725.14 725.140.00 121.25USA TREASURY 1.25%31JAN20203.16741,181.50750,000.00912828X96 1.500 05/15/2020 596,554.69 598,339.34234.00(5,745.74) 0.00 696.13 2,610.500.00 105.20USA TREASURY 1.5%15MAY20202.53592,593.60600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,002,798.3178.00(15,728.31) 0.00 1,256.91 1,256.910.00 (150.97)USA TREASURY 1.625%31JUL20204.26987,070.001,000,000.00Total Government Bonds 4,491,687.51 4,497,878.35 4,461,123.85 (36,754.50) 0.00 5,140.460.00 447.9919.0311,788.802,533.754,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 5,462.10 35,604.800.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.881,387,200.001,387,200.00Total Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 5,462.100.00 0.005.8835,604.800.001,387,200.00Grand total 23,609,292.69 23,605,701.8912,688.35(135,575.90) 25,525.00 32,664.0923,634,172.290.00 2,065.21100.00124,006.4423,470,125.9911 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2019SAN 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 4.30999,880.00 4.26 0.021,000,000.003133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+Aaa 515,625.00 2.18502,955.00 2.14 0.21500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+Aaa 993,180.00 4.21997,569.00 4.25 0.291,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+Aaa 1,011,510.00 4.28993,910.00 4.23 0.531,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+Aaa 750,030.00 3.18744,720.00 3.17 0.67750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+Aaa 996,870.00 4.22989,986.00 4.22 1.251,000,000.00Issuer total5,250,000.00 5,281,339.28 22.37 5,229,020.00 22.28 0.51United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+Aaa 501,230.47 2.12498,769.50 2.13 0.25500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+Aaa 993,281.25 4.21997,070.00 4.25 0.331,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+Aaa 649,009.77 2.75644,439.25 2.75 0.66650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+Aaa 745,869.14 3.16741,181.50 3.16 0.91750,000.00912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+Aaa 596,554.69 2.53592,593.60 2.52 1.18600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.26987,070.00 4.21 1.391,000,000.00Issuer total4,500,000.00 4,491,687.51 19.03 4,461,123.85 19.01 0.82Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+Aaa 1,000,610.00 4.24993,000.00 4.23 0.481,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+Aaa 1,003,130.00 4.25989,900.00 4.22 0.941,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020AA+ Aaa 999,190.00 4.23 984,520.00 4.19 1.461,000,000.003133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021AA+ Aaa 499,100.00 2.11 499,735.00 2.13 1.80500,000.00Issuer total3,500,000.00 3,502,030.00 14.83 3,467,155.00 14.77 1.08Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,001,001.00 4.24994,360.00 4.24 0.561,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.92 1,637,798.25 6.98 0.581,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+Aaa498,289.00 2.11494,610.00 2.11 1.03500,000.00Issuer total3,150,000.00 3,133,330.00 13.27 3,126,768.25 13.32 0.65Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 04/11/2019 AA+ Aaa 599,100.00 2.54 596,892.00 2.54 0.36600,000.003135G0R39FANNIE MAE 1%1.000 10/24/2019AA+ Aaa589,095.11 2.50 594,043.80 2.53 0.64600,000.003135G0RM7FANNIE MAE 1.63%1.630 10/30/2020AA+ Aaa1,003,410.00 4.25984,540.00 4.19 1.621,000,000.00Issuer total2,200,000.00 2,191,605.11 9.28 2,175,475.80 9.27 1.01Pt. San Assess District888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.88 1,387,200.00 5.91 9.381,387,200.00Issuer total1,387,200.00 1,387,200.00 5.88 1,387,200.00 5.91 9.38Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AAAa2547,453.50 2.32548,523.80 2.34 0.45550,000.00Issuer total550,000.00 547,453.50 2.32 548,523.80 2.34 0.45Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 2.11 498,495.00 2.12 0.21500,000.00Issuer total500,000.00 498,245.00 2.11 498,495.00 2.12 0.21PNC Bank NA69353REX2PNC BANK NA 1.45% 1.45007/29/2019 06/29/2019 A A2 494,490.00 2.09 497,607.00 2.12 0.41500,000.00Issuer total500,000.00 494,490.00 2.09 497,607.00 2.12 0.4113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of February 28, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020AA- Aa3 504,545.00 2.14 496,789.00 2.12 1.00500,000.00Issuer total500,000.00 504,545.00 2.14 496,789.00 2.12 1.00US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/202012/24/2019 AA- A1 493,330.00 2.09 496,620.50 2.12 0.88500,000.00Issuer total500,000.00 493,330.00 2.09 496,620.50 2.12 0.88JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 494,725.00 2.10 495,436.00 2.11 1.91500,000.00Issuer total500,000.00 494,725.00 2.10 495,436.00 2.11 1.91American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 492,340.00 2.09 492,939.50 2.10 1.35500,000.00Issuer total500,000.00 492,340.00 2.09 492,939.50 2.10 1.35Cash and Cash EquivalentsINVESTED CASH 0.00096,972.29 0.41 96,972.29 0.41 0.0096,972.29Issuer total96,972.29 96,972.29 0.41 96,972.29 0.41 0.00Grand total23,634,172.29 23,609,292.69 100.00 23,470,125.99 100.00 1.2914 TRANSACTION REPORTFor the period February 1, 2019 - February 28, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,250.0002/11/201902/11/2019Income3133ECEY6 Government Agencies FEDERAL FARM CREDIT BANK 02/11/20201,000,000.00 0.00 7,250.000.005,775.0002/14/201902/14/2019Income084670BL1 Corporate Bonds BERKSHIRE HATHAWAY INC 08/14/2019 550,000.00 0.00 5,775.000.007,500.0002/24/201902/24/2019Income3133EHVX8 Government Agencies FEDERAL FARM CREDIT BANK 08/24/20201,000,000.00 0.00 7,500.000.005,000.0002/26/201902/26/2019Income3133EGSC0 Government Agencies FEDERAL FARM CREDIT BANK 08/26/20191,000,000.00 0.00 5,000.000.0095.45Income Cash and Cash Equivalents Cash95.450.00 0.000.0002/28/201915 ADDITIONAL INFORMATIONAs of February 28, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.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 February 28, 2019SAN 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.© 2019 Insight Investment. All rights reserved.17 SAN RAFAELMarch 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVAL ContentsFixed income market review 3Activity and performance summary 4Recap of securities held 6Maturity distribution of securities held 7Securities held 8GASB 40 - Deposit and investment risk disclosure 12Securities purchased 15Securities sold and matured 16Transaction report 17Additional information 18 FIXED INCOME MARKET REVIEWAs of March 31, 2019SAN RAFAELChart 1: Consumer Price Index: 02/28/2014—02/28/2019Source: Bloomberg Finance LP, March 31, 2019.Chart 2: Treasury yield curve: 03/31/2018 and 03/31/2019Source: Bloomberg Finance LP, March 31, 2019.Economic Indicators and Monetary PolicyAlthough interest rates started the monthwith a stable tone, rates ultimately fellacross the curve during March. Weakness in certain economic indicatorsdomestically, continuing political turmoil and softening manufacturing data in Europe,along with dovish comments from the Federal Reserve drove rates lower. The yieldon the 2-year US Treasury note was 2.56% on March 1 and ended the month 30 bplower.The employment report on March 8 disappointed, showing that non-farm payrollsincreased by 20,000 compared to market expectations of 180,000 new jobs.Meanwhile the prior month’s gain of 304,000 jobs was increased to 311,000. Theunemployment rate decreased in February to 3.8% and the underemployment rate fellto 7.3%. Average hourly earnings increased 0.4% in February for an annual gain of3.4%.On March 12 the February Consumer Price Index data reflected a 0.2% monthlyincrease which was in line with expectations. On a year-over-year basis, the CPIincreased 1.5% in February, compared to the prior reading of 1.6%. February was thefirst monthly increase in US consumer prices since October, and the modest size ofthe increase resulted in the smallest annual gain in well over two years. For the priorthree months the monthly CPI reading was zero. Excluding the volatile food andenergy components, the core CPI increased 0.1% in February for an annual gain of2.1%. The prior and expected core CPI readings were both 2.2% on an annual basis.(See Chart1.)On March 20 the Federal Open Market Committee (FOMC) voted unanimously to holdthe Fed funds target rate in a range of 2.25% to 2.50%. The FOMC updated its medianpolicy rate projections to reflect no expected hikes this year, down from twoanticipated rate increases projected last quarter. The FOMC still forecasts the nextmove to be a rate increase, with a single 25 bp hike projected in 2020. The FOMC alsoannounced its intention to reduce the pace of its balance sheet reduction and halt thereductioninSeptember.InterestRateSummaryAt the end of March, the 3-month US Treasury bill yielded 2.39%, the 6-month USTreasury bill yielded 2.43%, the 2-year US Treasury note yielded 2.26%, the 5-year USTreasury note yielded 2.23% and the 10-year US Treasury note yielded 2.41%. (SeeChart2).-0.500.000.501.001.502.002.503.003.50Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19Yearly % changeCPICPI Ex Food and Energy0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3m 6m 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr3/31/20193/31/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2019 - March 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,605,701.89Opening balance65,152.91Income received65,152.91Total receipts(138.02)Expenses paid(138.02)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(2,994.70)Total amortization expense4,739.70Total OID/MKT accretion income0.00Return of capitalClosing balance23,672,461.78Ending fair value23,577,577.28(94,884.50)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 2.07 1.14 0.20Overnight Repo 2.16 1.20 0.21Merrill Lynch 3m US Treas Bill 2.13 1.16 0.20Merrill Lynch 6m US Treas Bill 2.25 1.21 0.20ML 1 Year US Treasury Note 2.48 1.29 0.21ML 2 Year US Treasury Note 2.61 1.31 0.20ML 5 Year US Treasury Note 2.73 1.32 0.20* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned 40,712.57Accretion (amortization) 1,745.00Realized gain (loss) on sales 0.00Total income on portfolio 42,457.57Average daily amortized cost 23,655,432.78Period return (%)Weighted average final maturity in days 573YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 124.33 0.00 124.330.00Corporate Bonds 6,306.67 1,668.50 7,975.170.00Government Agencies 21,914.45 (419.45) 21,495.000.00Government Bonds 5,691.22 495.95 6,187.170.00Municipal/Provincial Bonds 6,675.90 0.00 6,675.90Total 40,712.57 1,745.00 0.00 42,457.570.180.484 ACTIVITY AND PERFORMANCE SUMMARYFor the period March 1, 2019 - March 31, 2019SAN RAFAELFair Value Basis Activity Summary23,470,125.99Opening balance65,152.91Income received65,152.91Total receipts(138.02)Expenses paid(138.02)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period 42,436.40Ending fair value23,577,577.28Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds 2.07 1.14 0.20Overnight Repo 2.16 1.20 0.21ICE ML 3m US Treas Bill 2.12 1.17 0.22ICE ML 6m US Treas Bill 2.26 1.27 0.24ICE ML 1 Year US Treasury Note 2.44 1.61 0.35ICE ML US Treasury 1-3 2.72 2.29 0.61ICE ML US Treasury 1-5 3.14 2.96 0.85* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 124.33 0.00 124.33Corporate Bonds 6,306.67 8,001.65 14,308.32Government Agencies 21,914.45 26,345.65 48,260.10Government Bonds 5,691.22 8,089.10 13,780.32Municipal/Provincial Bonds 6,675.90 0.00 6,675.90Total 40,712.57 42,436.40 83,148.97Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned 40,712.57Total income on portfolio 83,148.97Average daily total value * 23,636,034.49Period return (%)0.35Weighted average final maturity in days 573Change in fair value 42,436.40YTD return (%)0.85* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of March 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents 137,947.18 137,947.18 137,947.18 0.00 0.58 0.001Corporate Bonds 3,525,128.50 3,533,180.54 3,534,412.45 1,231.91 303 14.90 0.81Government Agencies 14,118,220.11 14,115,759.76 14,048,804.70 (66,955.06) 315 59.67 0.84Government Bonds 4,491,687.51 4,498,374.30 4,469,212.95 (29,161.35) 275 18.98 0.73Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 4,906 5.86 9.55Total 23,660,183.30 23,672,461.78 23,577,577.28 (94,884.50) 573 100.00 1.32Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents 0.58Corporate Bonds 14.90Government Agencies 59.67Government Bonds 18.98Municipal/Provincial Bonds 5.86Portfolio diversification (%)6 MATURITY DISTRIBUTION OF SECURITIES HELDAs of March 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days2,646,227.65 11.1890 to 179 days4,646,444.75 19.64180 days to 1 year7,868,339.02 33.261 to 2 years6,087,931.88 25.732 to 3 years1,024,040.00 4.333 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8623,660,183.30 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 ye ars2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of March 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.000 137,947.18 137,947.180.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.58137,947.18137,947.18Total Cash and Cash Equivalents 137,947.18 137,947.18 137,947.18 0.00 0.00 0.000.00 0.000.580.000.00137,947.18Corporate Bonds14912L6R7 1.350 05/18/2019 498,245.00 499,909.90639.50(775.40) 0.00 618.75 2,493.750.00 56.31CATERPILLAR FINL SERVICE1.35% 18MAY20192.11499,134.50500,000.0069353REX2 1.450 07/29/2019 494,490.00 498,110.40348.50(154.90) 0.00 664.58 1,248.6106/29/2019 0.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE29JUN19)2.09497,955.50500,000.00084670BL1 2.100 08/14/2019 547,453.50 548,972.20315.15(133.25) 0.00 1,058.75 1,507.920.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.31548,838.95550,000.0090331HNB5 2.000 01/24/2020 493,330.00 495,718.38785.001,687.12 0.00 916.67 1,861.1112/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.09497,405.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 501,725.18983.50(3,952.68) 5,375.00 985.42 567.360.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.13497,772.50500,000.0002665WBT7 1.950 07/20/2020 492,340.00 493,559.572,024.001,403.93 0.00 893.75 1,922.920.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.08494,963.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 495,184.912,906.003,157.09 6,375.00 1,168.75 1,062.5002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.09498,342.00500,000.008 SECURITIES HELDAs of March 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate BondsTotal Corporate Bonds 3,525,128.50 3,533,180.54 3,534,412.45 1,231.91 11,750.00 6,306.670.00 1,668.5014.9010,664.178,001.653,550,000.00Government Agencies3133X72S2 5.375 05/15/2019 515,625.00 501,880.01(1,180.00)(105.01) 0.00 2,463.54 10,152.780.00 (1,253.35)FEDERAL HOME LOAN BANK5.375% 15MAY20192.18501,775.00500,000.00313379EE5 1.625 06/14/2019 993,180.00 998,895.67851.00(475.67) 0.00 1,489.58 4,829.860.00 447.71FEDERAL HOME LOAN BANK1.625% 14JUN20194.20998,420.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,909.91804.00(2,213.91) 0.00 591.25 1,433.3304/11/2019 0.00 26.76FANNIE MAE 1.075%11JUL2019 CALLABLE2.53597,696.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,082.161,610.00(5,472.16) 0.00 916.66 972.220.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.23994,610.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,001,759.971,210.00(6,639.97) 6,875.00 1,260.42 687.500.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.28995,120.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,221.88640.00(5,221.88) 7,500.00 1,375.00 208.330.00 (37.83)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.23995,000.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,643,886.442,186.25(3,901.94) 0.00 1,890.63 10,255.210.00 1,007.73FREDDIE MAC 1.25%02OCT20196.911,639,984.501,650,000.003135G0R39 1.000 10/24/2019 589,095.11 596,502.211,052.40(1,406.01) 0.00 550.00 2,616.670.00 514.39FANNIE MAE 1% 24OCT20192.49595,096.20600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,007.521,185.00(4,102.52) 0.00 1,031.25 4,593.750.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.17745,905.00750,000.009 SECURITIES HELDAs of March 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,833.422,140.00(8,793.42) 0.00 1,329.17 2,013.890.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.24992,040.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,419.69950.00(3,859.69) 3,750.00 687.50 250.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.11495,560.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,523.841,899.00(6,638.84) 0.00 1,604.17 5,298.610.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.21991,885.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,615.953,780.00(11,315.95) 0.00 1,375.00 1,541.670.00 22.85FEDERAL FARM CREDIT BANK1.5% 24AUG20204.22988,300.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,705.004,220.00(12,945.00) 0.00 1,448.89 6,791.670.00 (86.75)FANNIE MAE 1.63%30OCT2020 CALLABLE4.24988,760.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,184.022,075.002,625.98 0.00 1,168.75 2,833.330.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.11501,810.00500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,023,332.072,803.003,510.93 0.00 2,315.97 11,076.39(8,760.42) (707.93)FEDERAL HOME LOAN BANK3.625% 11JUN20214.331,026,843.001,000,000.00Total Government Agencies 14,118,220.11 14,115,759.76 14,048,804.70 (66,955.06) 18,125.00 21,497.78(8,760.42) (298.08)59.6765,555.2126,225.6514,100,000.00Government Bonds912828WL0 1.500 05/31/2019 501,230.47 500,091.98432.50(889.98) 0.00 638.73 2,493.130.00 (46.75)USA TREASURY 1.5%31MAY20192.12499,202.00500,000.00912828WS5 1.625 06/30/2019 993,281.25 998,749.68703.00(976.68) 0.00 1,391.58 4,040.060.00 425.93USA TREASURY 1.625%30JUN20194.20997,773.001,000,000.0010 SECURITIES HELDAs of March 31, 2019SAN 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 649,009.77 649,770.661,015.95(4,315.46) 0.00 695.79 3,389.160.00 33.22USA TREASURY 1.25%31OCT20192.74645,455.20650,000.00912828H52 1.250 01/31/2020 745,869.14 748,675.011,523.25(5,970.26) 0.00 802.83 1,527.970.00 134.23USA TREASURY 1.25%31JAN20203.15742,704.75750,000.00912828X96 1.500 05/15/2020 596,554.69 598,455.811,523.40(4,338.81) 0.00 770.72 3,381.220.00 116.47US TREASURY N/B 1.5%15MAY20202.52594,117.00600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,002,631.162,891.00(12,670.16) 0.00 1,391.57 2,648.480.00 (167.15)USA TREASURY 1.625%31JUL20204.25989,961.001,000,000.00Total Government Bonds 4,491,687.51 4,498,374.30 4,469,212.95 (29,161.35) 0.00 5,691.220.00 495.9518.9817,480.028,089.104,500,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 36,414.00 6,675.90 5,866.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.861,387,200.001,387,200.00Total Municipal/Provincial Bonds 1,387,200.00 1,387,200.00 1,387,200.00 0.00 36,414.00 6,675.900.00 0.005.865,866.700.001,387,200.00Grand total 23,660,183.30 23,672,461.7842,316.40(94,884.50) 66,289.00 40,171.5723,675,147.18(8,760.42) 1,866.37100.0099,566.1023,577,577.2811 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3133X72S2FEDERAL HOME LOAN 5.375 05/15/2019 AA+Aaa 515,625.00 2.18501,775.00 2.13 0.13500,000.00313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+Aaa 993,180.00 4.20998,420.00 4.23 0.211,000,000.00313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+Aaa 1,011,510.00 4.28995,120.00 4.22 0.451,000,000.003130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+Aaa 750,030.00 3.17745,905.00 3.16 0.59750,000.00313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+Aaa 996,870.00 4.21991,885.00 4.21 1.171,000,000.00313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,024,040.00 4.33 1,026,843.00 4.36 2.081,000,000.00Issuer total5,250,000.00 5,291,255.00 22.36 5,259,948.00 22.31 0.84United States Treasury Note/Bond912828WL0USA TREASURY 1.5% 1.500 05/31/2019 AA+Aaa 501,230.47 2.12499,202.00 2.12 0.17500,000.00912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+Aaa 993,281.25 4.20997,773.00 4.23 0.251,000,000.00912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+Aaa 649,009.77 2.74645,455.20 2.74 0.58650,000.00912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+Aaa 745,869.14 3.15742,704.75 3.15 0.83750,000.00912828X96US TREASURY N/B 1.5% 1.500 05/15/2020AA+ Aaa 596,554.69 2.52 594,117.00 2.52 1.10600,000.00912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,005,742.19 4.25989,961.00 4.20 1.301,000,000.00Issuer total4,500,000.00 4,491,687.51 18.98 4,469,212.95 18.96 0.73Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+Aaa 1,000,610.00 4.23994,610.00 4.22 0.411,000,000.003133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+Aaa 1,003,130.00 4.24992,040.00 4.21 0.861,000,000.003133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020AA+ Aaa 999,190.00 4.22 988,300.00 4.19 1.381,000,000.003133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021AA+ Aaa 499,100.00 2.11 501,810.00 2.13 1.72500,000.00Issuer total3,500,000.00 3,502,030.00 14.80 3,476,760.00 14.75 1.00Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,001,001.00 4.23995,000.00 4.22 0.491,000,000.0012 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019AA+ Aaa1,634,040.00 6.91 1,639,984.50 6.96 0.501,650,000.003134G3K58FREDDIE MAC 1.5%1.500 03/19/2020AA+Aaa498,289.00 2.11495,560.00 2.10 0.96500,000.00Issuer total3,150,000.00 3,133,330.00 13.24 3,130,544.50 13.28 0.57Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 04/11/2019 AA+ Aaa 599,100.00 2.53 597,696.00 2.54 0.28600,000.003135G0R39FANNIE MAE 1%1.000 10/24/2019AA+ Aaa589,095.11 2.49 595,096.20 2.52 0.56600,000.003135G0RM7FANNIE MAE 1.63%1.630 10/30/2020AA+ Aaa1,003,410.00 4.24988,760.00 4.19 1.551,000,000.00Issuer total2,200,000.00 2,191,605.11 9.26 2,181,552.20 9.25 0.94PT. San Assess 888599LS4 PT. SAN ASSESS5.250 09/02/2032NR NR1,387,200.00 5.86 1,387,200.00 5.88 9.551,387,200.00Issuer total1,387,200.00 1,387,200.00 5.86 1,387,200.00 5.88 9.55Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019AAAa2547,453.50 2.31548,838.95 2.33 0.37550,000.00Issuer total550,000.00 547,453.50 2.31 548,838.95 2.33 0.37Caterpillar Financial Services Corp14912L6R7CATERPILLAR FINL1.350 05/18/2019A A3498,245.00 2.11 499,134.50 2.12 0.14500,000.00Issuer total500,000.00 498,245.00 2.11 499,134.50 2.12 0.14JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 494,725.00 2.09 498,342.00 2.11 1.81500,000.00Issuer total500,000.00 494,725.00 2.09 498,342.00 2.11 1.8113 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of March 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Bank NA69353REX2PNC BANK NA 1.45% 1.45007/29/2019 06/29/2019 A A2 494,490.00 2.09 497,955.50 2.11 0.33500,000.00Issuer total500,000.00 494,490.00 2.09 497,955.50 2.11 0.33Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020AA- Aa3 504,545.00 2.13 497,772.50 2.11 0.98500,000.00Issuer total500,000.00 504,545.00 2.13 497,772.50 2.11 0.98US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/202012/24/2019 AA- A1 493,330.00 2.09 497,405.50 2.11 0.80500,000.00Issuer total500,000.00 493,330.00 2.09 497,405.50 2.11 0.80American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 492,340.00 2.08 494,963.50 2.10 1.27500,000.00Issuer total500,000.00 492,340.00 2.08 494,963.50 2.10 1.27Cash and Cash EquivalentsINVESTED CASH 0.000 137,947.18 0.58 137,947.18 0.59 0.00137,947.18Issuer total137,947.18 137,947.18 0.58 137,947.18 0.59 0.00Grand total23,675,147.18 23,660,183.30 100.00 23,577,577.28 100.00 1.3214 SECURITIES PURCHASEDFor the period March 1, 2019 - March 31, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Agencies313373ZY13.62503/07/2019 06/11/2021 1,000,000.00 102.40 (1,024,040.00) (8,760.42)FEDERAL HOME LOAN BANK 3.625% 11JUN2021 03/08/2019WELLS FARGO BANK, N.A.1,000,000.00 (1,024,040.00) (8,760.42)Total Government AgenciesGrand totalGrand total1,000,000.00 (1,024,040.00) (8,760.42)15 SECURITIES SOLD AND MATUREDFor the period March 1, 2019 - March 31, 2019SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Agencies3133782M2FEDERAL HOME LN BKSCONS BD 1.5 DUE03-08-20191.50003/08/2019 (1,000,000.00)1,014,124.28 1,000,000.00(121.37)0.00120.001,000,000.00 0.00 0.00 7,500.00 416.6703/08/2019(1,000,000.00)0.001,014,124.28(121.37)1,000,000.00120.001,000,000.00 0.00 7,500.00 416.67Total (Government Agencies)Grand totalGrand total (1,000,000.00)0.001,014,124.28(121.37)1,000,000.00 1,000,000.00 0.00 7,500.00 416.67120.0016 TRANSACTION REPORTFor the period March 1, 2019 - March 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,375.0003/01/201903/01/2019Income46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 500,000.00 0.00 6,375.000.0036,414.0003/02/201903/02/2019Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/20321,387,200.00 0.00 36,414.000.00(8,760.42)03/07/201903/08/2019Bought313373ZY1 Government Agencies FEDERAL HOME LOAN BANK 06/11/2021 1,000,000.00(1,024,040.00) (1,032,800.42)0.007,500.0003/08/201903/08/2019Income3133782M2 Government Agencies FEDERAL HOME LN BKS CONS 03/08/20191,000,000.00 0.00 7,500.000.000.0003/08/201903/08/2019Capital Change3133782M2 Government Agencies FEDERAL HOME LN BKS CONS 03/08/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.005,375.0003/12/201903/12/2019Income89236TCF0 Corporate Bonds TOYOTA MOTOR CREDIT CORP 03/12/2020500,000.00 0.00 5,375.000.006,875.0003/13/201903/13/2019Income313380FB8 Government Agencies FEDERAL HOME LOAN BANK 09/13/2019 1,000,000.00 0.00 6,875.000.003,750.0003/19/201903/19/2019Income3134G3K58 Government Agencies FREDDIE MAC 1.5% 19MAR2020 03/19/2020500,000.00 0.00 3,750.000.007,500.0003/26/201903/26/2019Income3134G3M49 Government Agencies FREDDIE MAC 1.5% 26SEP2019 09/26/2019 1,000,000.00 0.00 7,500.000.00124.33Income Cash and Cash Equivalents Cash124.330.00 0.000.0003/31/201917 ADDITIONAL INFORMATIONAs of March 31, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.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 March 31, 2019SAN 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.© 2019 Insight Investment. All rights reserved.19 For the Month Ending March 31, 2019Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 7,759,857.76 31,027.33 (1,975.14) 0.00 $7,788,909.95 CAMP Pool Unsettled Trades 0.00 17,213.53 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 22,278,965.46 0.00 (3,225,000.00) 23,927.08 $19,077,892.54 CAMP Managed Account Unsettled Trades 0.00 56,141.92 Cash Dividends and Income March 31, 2019 February 28, 2019 Asset Summary CAMP Pool 7,788,909.95 7,759,857.76 CAMP Managed Account 19,077,892.54 22,278,965.46 $26,866,802.49 $30,038,823.22 Total Asset Allocation 28.99% CAMP Pool 71.01% CAMP Managed Account Account 7023-001 Page 1 For the Month Ending March 31, 2019Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $7,759,857.76 31,027.33 (1,975.14) $7,788,909.95 17,213.53 $22,278,965.46 (3,225,000.00) 0.00 0.00 0.00 23,927.08 $19,077,892.54 $30,038,823.22 $26,866,802.49 33,970.05 0.00 22,171.87 $56,141.92 3,225,000.00 0.00 33,970.05 0.00 0.00 (3,258,970.05) 0.00 Managed Account Total 19,062,991.09 26,851,901.04 155,028.01 0.00 3,225,000.00 33,970.05 0.00 (22,274,206.02) (154,128.30) 0.00 155,028.01 1,975.14 3,225,000.00 33,970.05 (31,027.33) (30,034,063.78) (154,128.30) 17,213.53 Total Accrual Basis Earnings $48,654.83 $65,868.36 Transaction Summary - Managed AccountTransaction Summary - Money Market ___________________________________________________________________________________________________________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-001 Page 2 For the Month Ending March 31, 2019Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 6,270,000.00 6,234,122.55 23.20 Federal Agency Bond / Note 400,000.00 400,215.60 1.49 Corporate Note 4,535,000.00 4,527,972.33 16.85 Commercial Paper 3,020,000.00 3,016,582.51 11.23 Certificate of Deposit 4,900,000.00 4,898,999.55 18.23 Managed Account Sub-Total 19,125,000.00 19,077,892.54 71.00% Accrued Interest 155,028.01 Total Portfolio 19,125,000.00 19,232,920.55 CAMP Pool 7,788,909.95 7,788,909.95 29.00 Total Investments 26,913,909.95 27,021,830.50 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 18.23% Cert of Deposit 11.23% Commercial Paper 16.85% Corporate Note 1.49% Fed Agy Bond / Note 29.00% Mny Mkt Fund 23.20% 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 65.27% 21.73% 13.00% 0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.53 199 2.63% 2.55% Account 7023-001 Page 3 For the Month Ending March 31, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 6.74% A 1.66% A+ 9.82% A-1 19.64% A-1+ 3.36% AA 28.06% AA+ 1.72% AA- 29.00% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 452,869.24 1.69 AMERICAN HONDA FINANCE 905,642.01 3.37 APPLE INC 7,788,909.95 28.99 CAMP Pool 2,259,610.15 8.41 CANADIAN IMPERIAL BANK OF COMMERCE 453,194.11 1.69 CATERPILLAR INC 903,992.18 3.36 CHEVRON CORPORATION 460,983.25 1.72 CISCO SYSTEMS INC 1,388,429.30 5.17 DEXIA GROUP 400,215.60 1.49 FREDDIE MAC 451,501.05 1.68 HONEYWELL INTERNATIONAL 453,444.81 1.69 NATIONAL RURAL UTILITIES CO FINANCE CORP 446,345.68 1.66 PEPSICO INC 379,931.35 1.41 RABOBANK NEDERLAND 2,259,458.05 8.41 TORONTO-DOMINION BANK 1,628,153.21 6.06 TOYOTA MOTOR CORP 6,234,122.55 23.20 UNITED STATES TREASURY $26,866,802.49 Total 100.00% Account 7023-001 Page 4 For the Month Ending March 31, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 1,831,432.89 1,831,650.11 21,642.78 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 646,369.10 646,197.09 4,093.92 641,773.44 07/26/1807/25/18AaaAA+ 650,000.00 912828F62 2.52 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 752,667.52 751,933.14 2,149.31 744,710.94 07/26/1807/25/18AaaAA+ 760,000.00 912828UF5 2.57 US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 817,277.60 816,122.41 2,718.23 813,017.19 07/26/1807/25/18AaaAA+ 820,000.00 9128283S7 2.58 US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,136,478.30 1,133,352.68 5,299.79 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 1,049,897.14 1,046,846.56 4,330.04 1,039,835.16 07/26/1807/25/18AaaAA+ 1,060,000.00 912828XH8 2.64 40,234.07 6,234,122.55 6,226,101.99 2.53 6,203,512.51 6,270,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 400,215.60 399,250.68 4,388.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 4,388.89 400,215.60 399,250.68 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 213,346.65 213,374.77 1,262.53 211,504.10 07/27/1807/25/18A2A 215,000.00 438516BJ4 2.72 HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 238,154.40 238,183.54 1,409.33 236,092.80 07/27/1807/25/18A2A 240,000.00 438516BJ4 2.72 CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 453,194.11 452,917.58 3,083.89 450,809.45 07/27/1807/25/18A3A 455,000.00 14913Q2F5 2.70 PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 446,345.68 446,207.08 4,180.00 451,444.40 07/27/1807/25/18A1A+ 440,000.00 713448BN7 2.68 Account 7023-001 Page 5 For the Month Ending March 31, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par Corporate Note CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 460,983.25 460,865.35 4,274.47 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 453,444.81 451,842.92 1,617.78 449,289.75 07/27/1807/25/18A1A 455,000.00 637432NC5 2.86 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 903,992.18 902,983.14 1,387.95 897,924.30 07/27/1807/25/18Aa2AA 910,000.00 166764AR1 2.81 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 452,869.24 451,615.41 489.13 449,248.80 07/27/1807/25/18A2A 455,000.00 02665WAU5 2.95 APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 905,642.01 902,668.00 6,976.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 24,681.75 4,527,972.33 4,520,657.79 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 1,388,429.30 1,388,621.58 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 1,628,153.21 1,628,377.24 0.00 1,599,515.38 07/26/1807/25/18P-1A-1+ 1,630,000.00 89233HRF3 2.61 0.00 3,016,582.51 3,016,998.82 2.60 2,963,620.84 3,020,000.00 Security Type Sub-Total Certificate of Deposit COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 379,931.35 379,981.81 3,344.42 377,763.00 07/31/1807/30/18P-1A-1 380,000.00 21684B3H5 2.63 CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2,259,610.15 2,260,000.00 41,267.60 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 2,259,458.05 2,260,000.00 41,111.28 2,260,000.00 07/26/1807/25/18P-1A-1+ 2,260,000.00 89113X7H1 2.63 Account 7023-001 Page 6 For the Month Ending March 31, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par 85,723.30 4,898,999.55 4,899,981.81 2.64 4,897,763.00 4,900,000.00 Security Type Sub-Total 19,125,000.00 18,973,935.85 2.63 155,028.01 19,062,991.09 19,077,892.54 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 7,788,909.95 7,788,909.95 0.00 7,788,909.95 NRAAAm 7,788,909.95 7,788,909.95 7,788,909.95 0.00 7,788,909.95 7,788,909.95 Money Market Sub-Total $26,913,909.95 $26,762,845.80 $155,028.01 $26,851,901.04 $26,866,802.49 2.63% $27,021,830.50 $155,028.01 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 7 For the Month Ending March 31, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.12 (217.22)(8,932.34) 1,831,432.89 100.08 NOMURA 1,830,000.00 912828KQ2US TREASURY NOTES DTD 05/15/2009 3.125% 05/15/2019 2.46 0.12 0.57 172.01 4,595.66 646,369.10 99.44 NOMURA 650,000.00 912828F62US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 2.47 0.57 0.74 734.38 7,956.58 752,667.52 99.04 JEFFERIE 760,000.00 912828UF5US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 2.43 0.74 0.82 1,155.19 4,260.41 817,277.60 99.67 GOLDMAN 820,000.00 9128283S7US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 2.40 0.82 1.14 3,125.62 12,667.75 1,136,478.30 98.82 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 2.40 1.14 1.22 3,050.58 10,061.98 1,049,897.14 99.05 JPM_CHAS 1,060,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 2.40 1.22 30,610.04 2.43 0.71 8,020.56 6,234,122.55 6,270,000.00 Security Type Sub-Total 0.71 Federal Agency Bond / Note 1.03 964.92 1,443.20 400,215.60 100.05 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 2.45 1.03 1,443.20 2.45 1.03 964.92 400,215.60 400,000.00 Security Type Sub-Total 1.03 Corporate Note 0.57 (28.12) 1,842.55 213,346.65 99.23 BNP_PARI 215,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.74 0.57 0.57 (29.14) 2,061.60 238,154.40 99.23 MKTX 240,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.74 0.57 0.65 276.53 2,384.66 453,194.11 99.60 CSFB 455,000.00 14913Q2F5CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 2.61 0.65 0.77 138.60 (5,098.72) 446,345.68 101.44 BONY 440,000.00 713448BN7PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 2.64 0.77 Account 7023-001 Page 8 For the Month Ending March 31, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 0.77 117.90 (4,745.65) 460,983.25 101.32 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.75 0.77 0.81 1,601.89 4,155.06 453,444.81 99.66 GOLDMAN 455,000.00 637432NC5NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 2.42 0.81 0.91 1,009.04 6,067.88 903,992.18 99.34 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 2.69 0.89 0.93 1,253.83 3,620.44 452,869.24 99.53 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 2.65 0.93 1.07 2,974.01 7,417.41 905,642.01 99.52 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 2.44 1.07 17,705.23 2.61 0.84 7,314.54 4,527,972.33 4,535,000.00 Security Type Sub-Total 0.84 Commercial Paper 0.04 (192.28) 24,323.84 1,388,429.30 99.89 DEXIA 1,390,000.00 25214PK44DEXIA CREDIT LOCAL SA NY COMM PAPER DTD 07/25/2018 0.000% 04/15/2019 2.72 0.04 0.04 (224.03) 28,637.83 1,628,153.21 99.89 TOYOTA 1,630,000.00 89233HRF3TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/19/2018 0.000% 04/15/2019 2.72 0.04 52,961.67 2.72 0.04 (416.31) 3,016,582.51 3,020,000.00 Security Type Sub-Total 0.04 Certificate of Deposit 0.01 (50.46) 2,168.35 379,931.35 99.98 MERRILL 380,000.00 21684B3H5COOPERATIEVE RABOBANK U.A. CERT DEPOS DTD 10/03/2017 1.780% 04/03/2019 2.16 0.01 0.31 (389.85)(389.85) 2,259,610.15 99.98 CIBC 2,260,000.00 13606BZU3CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2.57 0.31 0.31 (541.95)(541.95) 2,259,458.05 99.98 TD 2,260,000.00 89113X7H1TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 2.57 0.31 1,236.55 2.54 0.29 (982.26) 4,898,999.55 4,900,000.00 Security Type Sub-Total 0.29 Account 7023-001 Page 9 For the Month Ending March 31, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration 19,125,000.00 19,077,892.54 103,956.69 14,901.45 0.53 2.55 Managed Account Sub-Total 0.53 Money Market Mutual Fund 0.00 0.00 0.00 7,788,909.95 1.00 7,788,909.95 CAMP Pool 0.00 7,788,909.95 7,788,909.95 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $27,021,830.50 $155,028.01 $26,866,802.49 Accrued Interest Securities Sub-Total $26,913,909.95 $103,956.69 $14,901.45 0.53 2.55% 0.53 Account 7023-001 Page 10 For the Month Ending March 31, 2019Managed Account Security Transactions & Interest City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Transaction Type Trade CUSIPSecurity DescriptionSettle Par Proceeds Principal Accrued Interest Total Cost Realized G/L Realized G/L Sale Amort Cost Method INTEREST 03/03/19 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 166764AR1 0.00 8,922.55 8,922.55 910,000.00 03/03/19 03/13/19 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 02665WAU5 0.00 4,891.25 4,891.25 455,000.00 03/13/19 03/31/19 US TREASURY NOTES DTD 03/31/2017 1.250% 03/31/2019 912828W97 0.00 20,156.25 20,156.25 3,225,000.00 03/31/19 33,970.05 33,970.05 0.00 4,590,000.00 Transaction Type Sub-Total MATURITY 03/31/19 US TREASURY NOTES DTD 03/31/2017 1.250% 03/31/2019 912828W97 3,225,000.00 0.00 3,225,000.00 22,171.87 0.00 3,225,000.00 03/31/19 0.00 0.00 22,171.87 3,225,000.00 3,225,000.00 3,225,000.00 Transaction Type Sub-Total 3,225,000.00 33,970.05 3,258,970.05 22,171.87 0.00 Managed Account Sub-Total Total Security Transactions $22,171.87 $3,258,970.05 $33,970.05 $3,225,000.00 $0.00 Account 7023-001 Page 11 For the Month Ending March 31, 2019Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 7,759,857.76 Opening Balance 03/04/19 03/04/19 Purchase - Interest 166764AR1 1.00 8,922.55 7,768,780.31 03/13/19 03/13/19 Purchase - Interest 02665WAU5 1.00 4,891.25 7,773,671.56 03/26/19 03/26/19 IP Fees February 2019 1.00 (1,708.71) 7,771,962.85 03/26/19 03/26/19 U.S. Bank Fees January 2019 1.00 (128.46) 7,771,834.39 03/26/19 03/26/19 U.S. Bank Fees December 2018 1.00 (137.97) 7,771,696.42 03/29/19 04/01/19 Accrual Income Div Reinvestment - Distributions 1.00 17,213.53 7,788,909.95 7,788,909.95 7,788,909.95 7,788,909.95 7,772,198.24 248,721.34 0.00 (46,844,315.41) 9,106,375.23 45,526,850.13 17,213.53 7,788,909.95 0.00 (1,975.14) 31,027.33 7,759,857.76 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 March July-March 2.61% Account 7023-001 Page 12 For the Month Ending March 31, 2019Account Statement - Transaction Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Opening Market Value Purchases Redemptions Change in Value Closing Market Value 740,824.34 1,640.96 (317.61) 0.00 $742,147.69 CAMP Pool Unsettled Trades 0.00 1,640.96 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 3,340,805.54 0.00 0.00 4,268.43 $3,345,073.97 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income March 31, 2019 February 28, 2019 Asset Summary CAMP Pool 742,147.69 740,824.34 CAMP Managed Account 3,345,073.97 3,340,805.54 $4,087,221.66 $4,081,629.88 Total Asset Allocation 18.16% CAMP Pool 81.84% CAMP Managed Account Account 7023-002 Page 1 For the Month Ending March 31, 2019Managed Account Summary Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dividend Closing Market Value Redemptions Purchases Opening Market Value Closing Market Value Change in Current Value Unsettled Trades Principal Acquisitions Principal Dispositions Maturities/Calls Opening Market Value Closing Market Value Opening Market Value Account Total Total Cash Basis Earnings Plus Net Realized Gains/Losses Less Purchased Interest Related to Interest/Coupons Interest/Dividends/Coupons Received Earnings Reconciliation (Cash Basis) - Managed Account Dividends Less Beginning Accrued Interest Less Beginning Amortized Value of Securities Less Cost of New Purchases Plus Coupons/Dividends Received Plus Proceeds of Maturities/Calls/Principal Payments Plus Proceeds from Sales Ending Accrued Interest Ending Amortized Value of Securities Earnings Reconciliation (Accrual Basis) Reconciling Transactions Net Cash Contribution Security Purchases Principal Payments Coupon/Interest/Dividend Income Sale Proceeds Maturities/Calls Cash Transactions Summary- Managed Account $740,824.34 1,640.96 (317.61) $742,147.69 1,640.96 $3,340,805.54 0.00 0.00 0.00 0.00 4,268.43 $3,345,073.97 $4,081,629.88 $4,087,221.66 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 3,342,497.17 4,084,644.86 21,216.85 0.00 0.00 0.00 0.00 (3,340,773.31) (15,927.19) 0.00 21,216.85 317.61 0.00 0.00 (1,640.96) (4,081,597.65) (15,927.19) 1,640.96 Total Accrual Basis Earnings $7,013.52 $8,654.48 Transaction Summary - Managed AccountTransaction Summary - Money Market ___________________________________________________________________________________________________________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-002 Page 2 For the Month Ending March 31, 2019Portfolio Summary and Statistics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Account Summary Percent Par Value Market ValueDescription U.S. Treasury Bond / Note 2,240,000.00 2,232,681.92 54.62 Federal Agency Bond / Note 1,110,000.00 1,112,392.05 27.22 Managed Account Sub-Total 3,350,000.00 3,345,073.97 81.84% Accrued Interest 21,216.85 Total Portfolio 3,350,000.00 3,366,290.82 CAMP Pool 742,147.69 742,147.69 18.16 Total Investments 4,092,147.69 4,108,438.51 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 27.22% Fed Agy Bond / Note 18.16% Mny Mkt Fund 54.62% 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 45.50% 27.28%27.22% 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 0.65 243 2.49% 2.44% Account 7023-002 Page 3 For the Month Ending March 31, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 81.84% AA+ 18.16% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 742,147.69 18.16 CAMP Pool 1,112,392.05 27.22 FEDERAL HOME LOAN BANKS 2,232,681.92 54.62 UNITED STATES TREASURY $4,087,221.66 Total 100.00% Account 7023-002 Page 4 For the Month Ending March 31, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTradeSettle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 1,117,756.64 1,118,029.30 4,692.31 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 1,114,925.28 1,114,439.02 6,569.23 1,108,493.75 07/12/1807/11/18AaaAA+ 1,120,000.00 9128283H1 2.51 11,261.54 2,232,681.92 2,232,468.32 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 1,112,392.05 1,110,028.85 9,955.31 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 9,955.31 1,112,392.05 1,110,028.85 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 3,350,000.00 3,327,978.86 2.49 21,216.85 3,342,497.17 3,345,073.97 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 742,147.69 742,147.69 0.00 742,147.69 NRAAAm 742,147.69 742,147.69 742,147.69 0.00 742,147.69 742,147.69 Money Market Sub-Total $4,092,147.69 $4,070,126.55 $21,216.85 $4,084,644.86 $4,087,221.66 2.49% $4,108,438.51 $21,216.85 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5 For the Month Ending March 31, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Value On Cost Amort Cost to WorstCUSIPBrokerDatePriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.17 (272.66) 8,300.39 1,117,756.64 99.80 JPM_CHAS 1,120,000.00 912828XS4US TREASURY NOTES DTD 05/31/2017 1.250% 05/31/2019 2.44 0.17 0.66 486.26 6,431.53 1,114,925.28 99.55 JPM_CHAS 1,120,000.00 9128283H1US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 2.44 0.66 14,731.92 2.44 0.41 213.60 2,232,681.92 2,240,000.00 Security Type Sub-Total 0.41 Federal Agency Bond / Note 1.13 2,363.20 2,363.19 1,112,392.05 100.22 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 2.43 1.13 2,363.19 2.43 1.13 2,363.20 1,112,392.05 1,110,000.00 Security Type Sub-Total 1.13 3,350,000.00 3,345,073.97 17,095.11 2,576.80 0.65 2.44 Managed Account Sub-Total 0.65 Money Market Mutual Fund 0.00 0.00 0.00 742,147.69 1.00 742,147.69 CAMP Pool 0.00 742,147.69 742,147.69 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $4,108,438.51 $21,216.85 $4,087,221.66 Accrued Interest Securities Sub-Total $4,092,147.69 $17,095.11 $2,576.80 0.65 2.44% 0.65 Account 7023-002 Page 6 For the Month Ending March 31, 2019Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Total Settlement Dollar AmountShare or Trade Shares OwnedDateTransaction Description of TransactionUnit PriceDate CAMP Pool 740,824.34 Opening Balance 03/26/19 03/26/19 IP Fees February 2019 1.00 (255.74) 740,568.60 03/26/19 03/26/19 U.S. Bank Fees January 2019 1.00 (30.94) 740,537.66 03/26/19 03/26/19 U.S. Bank Fees December 2018 1.00 (30.93) 740,506.73 03/29/19 04/01/19 Accrual Income Div Reinvestment - Distributions 1.00 1,640.96 742,147.69 742,147.69 742,147.69 742,147.69 740,921.67 20,508.04 0.00 (4,394,732.02) 539,695.28 4,597,184.43 1,640.96 742,147.69 0.00 (317.61) 1,640.96 740,824.34 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 March July-March 2.61% Account 7023-002 Page 7