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Fin City Quarterly Investment Report June 2019
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: 08/05/2019 Disposition: Accepted report Agenda Item No: 4.c Meeting Date: August 5, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Prepared by: Nadine Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING JUNE 30, 2019 RECOMMENDATION: Accept investment report for the quarter ending June 30, 2019, as presented. BACKGROUND: Pursuant to the State of California Government Code Section 53601, and the City’s investment policy, last approved by the City Council on June 17, 2019, staff provides the City Council a quarterly report on the City's investment activities and liquidity. Included in the report are the cost of each investment, the interest rates (yield), maturity dates, and market value. Separate reports are prepared for the City and the Successor Agency to San Rafael Redevelopment Agency. The City invests a portion of its pooled funds in the Local Agency Investment Fund (LAIF), a State-run investment pool. Beginning in March 2014, the City incorporated an investment strategy that added purchases of securities outside of LAIF with the assistance of its investment advisor, Insight Investment. In addition to operational funds the City manages, the City is also directing the investment of funds held by a Trustee for the Essential Public Safety Facilities. As of June 30, 2019, the balance was $32,070,699 and the portfolio had a yield of 2.48 percent. ANALYSIS: As of June 30, 2019, the primary LAIF account had a balance of $17,597,984. The other LAIF account holding housing funds for future administrative expenses contained $150,108. Portfolio returns on LAIF deposits were 2.43% for the quarter. The remaining investment assets included the $1,387,200 balance of Pt. San Pedro Assessment District bonds, and $22,339,976 in government agency securities and corporate bonds (including US Bank NA Cincinnati, American Honda Finance, JP Morgan Chase Co., Berkshire Hathaway Inc., Toyota Motor Credit Corp., Caterpillar Financial Services, and PNC Bank NA). The overall total portfolio returns for the quarter ended June 30, 2019 were 2.21%. The City’s Westamerica account had a balance of $9,731,768 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 The attachments are composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity By Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending June 2019. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending June 30, 2019, as presented. ATTACHMENTS: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, April through June 2019 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending June 30, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX -MONTH PERIOD. NADINE HADE FINANCE DIRECTOR %Return LAIF 16,853,145$ 95.0% 2.43% LAIF ‐ RDA 150,108$ 0.8% 2.43% LAIF ‐ RDA 02 TARB 744,839$ 4.2% 2.43% Total Internally Managed 17,748,091$ 42.8% Weighted Average Yield 2.43% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Cash 52,950$ 0.2% 0.00% Treasury Securities 4,064,551$ 17.1% 1.64% Instrumentality Securities 14,234,066$ 60.0% 1.68% Corporate Notes 3,988,410$ 16.8% 2.68% Municipal 1,387,200$ 5.8% 5.25% Total Externally Managed 23,727,176$ 57.2% Weighted Average Yield 2.05% Years Effective Average Duration ‐ External 1.34 Weighted Average Maturity ‐ External 1.61 Total Portfolio Assets %Return LAIF 17,748,091$ 42.8% 2.43% Cash 52,950$ 0.1% 0.00% Treasury Securities 4,064,551$ 9.8% 1.64% Instrumentality Securities 14,234,066$ 34.3% 1.68% Corporate Notes 3,988,410$ 9.6% 2.68% Municipal 1,387,200$ 3.3% 5.25% Total Portfolio Assets 41,475,268$ Weighted Average Yield 2.21% Years Effective Average Duration ‐ Total 0.77 Weighted Average Maturity ‐ Total 0.92 Based on Market Values June 30, 2019 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 95.0% LAIF ‐RDA, 0.8% LAIF ‐RDA 02 TARB, 4.2% Cash , 0.2%Treasury Securities, 17.1% Instrumentality Securities, 60.0% Corporate Notes, 16.8% Municipal, 5.8% LAIF 43% Cash 0% Treasury Securities 10% Instrumentality Securities 34% Corporate Notes 10%Municipal 3% Exhibit AInternally Managed Assets% Return % Return % Return % Return % Return % ReturnLAIF 17,597,984$ 99.2% 2.43% 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 150,108$ 0.8% 2.43% 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 17,748,092$ 42.8%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 2.43% 2.44% 2.29% 2.05% 1.85% 1.43%Externally Managed Assets% Return % Return % Return % Return % Return % ReturnCash 52,950$ 3.8% 0.00% 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%‐$ 0.0% 0.00%Treasury Securities 4,064,551$ 17.1% 1.64% 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 14,234,066$ 60.0% 1.68% 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 3,988,410$ 16.8% 2.68% 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$ 5.8% 5.25% 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 23,727,176$ 57.2%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 2.05% 2.00% 1.83% 1.76% 1.66% 1.64%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.34 1.34 1.34 1.51 1.68 1.91Weighted Average Maturity ‐ External 1.60 1.60 1.60 1.74 1.96 2.20Total Portfolio Assets% Return % Return % Return % Return % Return % ReturnLAIF 17,748,092$ 42.8% 2.43% 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 52,950$ 0.1% 0.00% 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 4,064,551$ 9.8% 1.64% 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 14,234,066$ 34.3% 1.68% 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 3,988,410$ 9.6% 2.68% 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$ 3.3% 5.25% 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%41,475,267$ 36,246,160$ 35,998,964$ 29,227,731$ 44,102,157$ 43,949,978$ Total Portfolio AssetsWeighted Average Yield 2.21% 2.16% 1.99% 1.80% 1.74% 1.55%Years Years Years Years Years YearsEffective Average Duration ‐ Total 0.77 0.87 0.87 1.27 0.94 1.07Weighted Average Maturity ‐ Total 0.92 1.04 1.04 1.47 1.09 1.23Performance Recap‐The weighted average quarterly portfolio yield increased from 2.16% to 2.21% during the past quarter. The yield has increased over the past year, from 1.74% in the quarter ended June 30, 2018 to 2.21% in the most recent quarter. This trend is reflective of the general increase in interest rates that occurred througout the year. ‐The effective average duration has decreased, from 0.87 to 0.77 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 April and moved to LAIF.June 30, 2019City of San RafaelHistorical Activity‐By QuarterMarch 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\18‐19\12 ‐ June 2019\Insight‐Quarterly Report combined 6‐30‐19.xlsx SAN RAFAELApril 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ► BNY MELLON SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costCash and Cash Equivalents127,082.10 127,082.100.54Total Cash and Cash Equivalents127,082.10127,082.100.54Corporate Bonds14912L6R7 CATERPILLAR FINANCIAL SERVICES1.350 05/18/2019 500,000.00 498,245.00 10/14/2016 1.49 2.1169353REX2 PNC BANK NA1.450 07/29/2019 500,000.00 494,490.00 08/13/2018 2.63 2.09084670BL1 BERKSHIRE HATHAWAY INC2.100 08/14/2019 550,000.00 547,453.50 09/13/2018 2.62 2.3190331HNB5 US BANK NA/CINCINNATI OH2.000 01/24/2020 500,000.00 493,330.00 10/17/2018 3.08 2.0989236TCF0 TOYOTA MOTOR CREDIT CORP2.150 03/12/2020 500,000.00 504,545.00 09/12/2017 1.78 2.1302665WBT7 AMERICAN HONDA FINANCE CORP1.950 07/20/2020 500,000.00 492,340.00 01/02/2019 2.98 2.0846625HQJ2 JP MORGAN CHASE & CO2.550 03/01/2021 500,000.00 494,725.00 01/25/2019 3.08 2.09Total Corporate Bonds3,550,000.003,525,128.502.5214.91Government Agencies3133X72S2 FEDERAL HOME LOAN BANKS5.375 05/15/2019 500,000.00 515,625.00 05/02/2018 2.30 2.18313379EE5 FEDERAL HOME LOAN BANKS1.625 06/14/2019 1,000,000.00 993,180.00 03/08/2018 2.174.203135G0L76 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.07507/11/2019 600,000.00 599,100.00 09/23/2016 1.13 2.533133EGSC0 FEDERAL FARM CREDIT BANKS1.000 08/26/2019 1,000,000.00 1,000,610.00 08/23/2016 0.98 4.23313380FB8 FEDERAL HOME LOAN BANKS1.375 09/13/2019 1,000,000.00 1,011,510.00 09/28/2016 0.98 4.283134G3M49 FEDERAL HOME LOAN MORTGAGE CORP1.500 09/26/2019 1,000,000.00 1,001,001.00 07/13/2017 1.45 4.233137EADM8 FEDERAL HOME LOAN MORTGAGE CORP1.250 10/02/2019 1,000,000.00 993,010.00 10/23/2017 1.624.203137EADM8 FEDERAL HOME LOAN MORTGAGE CORP1.250 10/02/2019 650,000.00 641,030.00 09/13/2018 2.59 2.713135G0R39 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.00010/24/2019 600,000.00 589,095.11 01/19/2018 2.06 2.493130ABCH7 FEDERAL HOME LOAN BANKS1.500 11/04/2019 750,000.00 750,030.00 06/21/2017 1.50 3.173133ECEY6 FEDERAL FARM CREDIT BANKS1.450 02/11/2020 1,000,000.00 1,003,130.00 11/14/2016 1.35 4.243134G3K58 FEDERAL HOME LOAN MORTGAGE CORP1.500 03/19/2020 500,000.00 498,289.00 05/11/2017 1.62 2.11313383HU8 FEDERAL HOME LOAN BANKS1.750 06/12/2020 1,000,000.00 996,870.00 11/27/2017 1.884.223133EHVX8 FEDERAL FARM CREDIT BANKS1.500 08/24/2020 1,000,000.00 999,190.00 09/12/2017 1.534.233135G0RM7 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1.63010/30/2020 1,000,000.00 1,003,410.00 08/31/2017 1.52 4.243133EJ4Q9 FEDERAL FARM CREDIT BANKS2.550 01/11/2021 500,000.00 499,100.00 01/25/2019 2.64 2.11313373ZY1 FEDERAL HOME LOAN BANKS3.625 06/11/2021 1,000,000.00 1,024,040.00 03/07/2019 2.52 4.33Total Government Agencies14,100,000.0014,118,220.111.7059.70SAN RAFAELAs of April 30, 2019 SECURITIES HELDPar value or Trade Purchase % PortfolioCusip DescriptionCoupon Maturity shares Historical cost date yield hist costSAN RAFAELAs of April 30, 2019Government Bonds912828WL0 UNITED STATES TREASURY NOTE/BOND1.500 05/31/2019 500,000.00 501,230.47 03/06/2017 1.39 2.12912828WS5 UNITED STATES TREASURY NOTE/BOND1.625 06/30/2019 1,000,000.00 993,281.25 02/26/2018 2.144.20912828TV2 UNITED STATES TREASURY NOTE/BOND1.250 10/31/2019 650,000.00 649,009.77 04/20/2017 1.31 2.74912828H52 UNITED STATES TREASURY NOTE/BOND1.250 01/31/2020 750,000.00 745,869.14 06/21/2017 1.47 3.15912828X96 UNITED STATES TREASURY NOTE/BOND1.500 05/15/2020 600,000.00 596,554.69 11/10/2017 1.74 2.52912828XM7 UNITED STATES TREASURY NOTE/BOND1.625 07/31/2020 1,000,000.00 1,005,742.19 08/31/2017 1.42 4.25Total Government Bonds4,500,000.004,491,687.511.6118.99Municipal/Provincial Bonds888599LS4 PT. SAN ASSESS DISTRICT5.250 09/02/2032 1,387,200.00 1,387,200.00 03/01/2014 5.25 5.87Total Municipal/Provincial Bonds1,387,200.001,387,200.005.255.87Grand Total23,664,282.1023,649,318.222.01100.00 ADDITIONAL INFORMATIONAs of April 30, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment. ADDITIONAL INFORMATIONAs of April 30, 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. SAN RAFAELMay 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ::• BNY MELLON ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Securities purchased15Securities sold and matured 16Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of May 31, 2019SAN RAFAELChart 1: 2-year and 5-year Treasury note yields: 5/31/16—5/31/2019Source: Bloomberg Finance LP, May 31, 2019.Chart 2: Treasury yield curve: 5/31/2018 and 5/31/2019Source: Bloomberg Finance LP, May 31, 2019.Economic Indicators and Monetary PolicyOn May 1 the Federal Open Market Committee (FOMC) completed atwo day meetingand voted to maintain the target range for the federal funds rate at 2.25% to 2.50%.The FOMC statement noted continuing strength in the labor market and solideconomic growth. The statement described that nominal and core inflation levelshave declined and are running below the FOMC target of 2%. In the press conference,Chair Powell reinforced the theme of patience and added thatthe FOMC does not seea case for moving policy rates “in either direction”.The employment report released on May 3 showed that 263,000 jobs were added inApril, better than forecasts for 190,000 jobs added. The unemployment rate fell to3.6% from 3.8% and the underemployment rate was unchanged from March at 7.3%.Average hourly earnings for April were steady at 3.2% annualgrowth.As trade negotiations between China’s top trade envoy and UScounterparts inWashington failed to progress, a further round of US tariffson $200bn of Chineseexports was introduced on May 10, raising the rate from 10% to25%. Near the end ofMay President Trump said the US is “not ready to make a deal” with China andreiterated that tariffs could rise “substantially”. Chinese leaders responded that the“US should not underestimate China’s capacity toretaliate”.On May 30, President Trump announced a 5% tariff on Mexican goods effective June10, subject to an end to illegal immigration from Mexico. Thetariff rate will otherwiserise each monthuntil it reaches 25% in October.Uncertainly over trade relations led investors to seek a safe haven in Treasurysecurities. Interest rates fell during May, the yield on thetwo year treasury decreased30bp during the month and the five year Treasury yield fell 35bp. (See chart 1.)InterestRateSummaryAt the end of May, the 3-month US Treasury bill yielded 2.34%,the 6-month USTreasury bill yielded 2.35%, the 2-year US Treasury note yielded 1.92%, the 5-year USTreasury note yielded 1.91% and the 10-year US Treasury noteyielded 2.13%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%May16 Sep16 Jan17 May17 Sep17 Jan18 May18 Sep18 Jan19 May195 Year Treasury2 Year Treasury0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr5/31/20195/31/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2019 - May 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,663,264.12Opening balance17,018.92Income received17,018.92Total receipts(138.74)Expenses paid(138.74)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(2,493.35)Total amortization expense4,717.20Total OID/MKT accretion income0.00Return of capitalClosing balance23,682,368.15Ending fair value23,648,753.68(33,614.47)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.19 1.19 0.20Overnight Repo2.28 1.24 0.21Merrill Lynch 3m US Treas Bill 2.23 1.18 0.20Merrill Lynch 6m US Treas Bill 2.33 1.20 0.20ML 1 Year US Treasury Note 2.52 1.25 0.20ML 2 Year US Treasury Note 2.59 1.22 0.19ML 5 Year US Treasury Note 2.65 1.21 0.18* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned38,748.34Accretion (amortization)2,223.85Realized gain (loss) on sales0.00Total income on portfolio40,972.19Average daily amortized cost23,675,717.71Period return (%)Weighted average final maturity in days573YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 188.36 0.00 188.360.00Corporate Bonds 6,077.93 1,622.75 7,700.680.00Government Agencies 20,537.35 105.12 20,642.470.00Government Bonds 5,673.40 495.98 6,169.380.00Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total 38,748.34 2,223.85 0.00 40,972.190.170.824 ACTIVITY AND PERFORMANCE SUMMARYFor the period May 1, 2019 - May 31, 2019SAN RAFAELFair Value Basis Activity Summary23,585,216.15Opening balance17,018.92Income received17,018.92Total receipts(138.74)Expenses paid(138.74)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period46,657.35Ending fair value23,648,753.68Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.19 1.19 0.20Overnight Repo2.28 1.24 0.21ICE ML 3m US Treas Bill 2.26 1.20 0.23ICE ML 6m US Treas Bill 2.40 1.33 0.24ICE ML 1 Year US Treasury Note 2.70 1.71 0.31ICE ML US Treasury 1-3 3.44 2.71 0.71ICE ML US Treasury 1-5 4.20 3.53 1.00* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 188.36 0.00 188.36Corporate Bonds 6,077.93 7,701.45 13,779.38Government Agencies 20,537.35 31,908.75 52,446.10Government Bonds 5,673.40 7,047.15 12,720.55Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total38,748.34 46,657.35 85,405.69Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned38,748.34Total income on portfolio85,405.69Average daily total value *23,725,443.65Period return (%)0.36Weighted average final maturity in days573Change in fair value46,657.35YTD return (%)1.45* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of May 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents34,202.28 34,202.28 34,202.280.000.140.001Corporate Bonds4,034,213.50 4,043,801.78 4,053,870.20 10,068.42449 17.061.15Government Agencies14,205,025.11 14,217,813.84 14,193,074.45 (24,739.39)286 60.060.76Government Bonds3,990,457.04 3,999,350.25 3,980,406.75 (18,943.50)238 16.870.65Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.004,843 5.879.39Total23,651,097.93 23,682,368.15 23,648,753.68 (33,614.47)573 100.001.31Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.14Corporate Bonds17.06Government Agencies60.06Government Bonds16.87Municipal/Provincial Bonds5.87Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of May 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days4,662,317.03 19.7190 to 179 days5,634,685.88 23.82180 days to 1 year3,841,717.83 16.241 to 2 years5,491,377.19 23.222 to 3 years2,633,800.00 11.143 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8723,651,097.93 100.00Maturity distribution0.002.004.006.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of May 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 Equivalents0.00034,202.28 34,202.280.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.1434,202.2834,202.28Total Cash and Cash Equivalents34,202.28 34,202.28 34,202.28 0.00 0.00 0.000.00 0.000.140.000.0034,202.28Corporate Bonds69353REX2 1.450 07/29/2019 494,490.00 499,063.14371.0057.86 0.00 624.30 2,456.9406/29/2019 0.00 476.37PNC BANK NA 1.45%29JUL2019 (CALLABLE08JUL19)2.09499,121.00500,000.00084670BL1 2.100 08/14/2019 547,453.50 549,432.41475.2088.54 0.00 994.59 3,432.920.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.31549,520.95550,000.0090331HNB5 2.000 01/24/2020 493,330.00 496,592.18457.001,713.32 0.00 861.11 3,527.7812/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.09498,305.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 501,422.52203.00(2,482.02) 0.00 925.70 2,359.030.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.13498,940.50500,000.0002665WBT7 1.950 07/20/2020 492,340.00 494,381.751,301.002,930.75 0.00 839.59 3,547.920.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.08497,312.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 495,603.01426.003,614.99 0.00 1,097.92 3,187.5002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.09499,218.00500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 507,011.131,676.501,695.37 0.00 0.00 6,044.4406/23/2021 (6,044.44) (18.87)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.14508,706.50500,000.008 SECURITIES HELDAs of May 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds149123BX8 2.600 06/26/2022 500,300.00 500,295.642,445.252,449.61 0.00 397.22 5,597.2203/26/2022 (5,200.00) (4.36)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.12502,745.25500,000.00Total Corporate Bonds4,034,213.50 4,043,801.78 4,053,870.20 10,068.42 0.00 5,740.43(11,244.44) 1,588.9617.0630,153.757,354.954,050,000.00Government Agencies313379EE5 1.625 06/14/2019 993,180.00 999,791.07766.00(13.07) 0.00 1,399.30 7,538.190.00 447.70FEDERAL HOME LOAN BANK1.625% 14JUN20194.20999,778.001,000,000.003135G0L76 1.075 07/11/2019 599,100.00 599,963.43870.00(797.43) 0.00 555.41 2,508.330.00 26.76FANNIE MAE 1.075%11JUL2019 CALLABLE2.53599,166.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,048.391,360.00(3,118.39) 0.00 861.11 2,638.890.00 (16.89)FEDERAL FARM CREDIT BANK1% 26AUG20194.23996,930.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,001,112.131,120.00(3,992.13) 0.00 1,184.03 2,979.170.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.28997,120.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,146.241,270.00(2,886.24) 0.00 1,291.66 2,708.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.23997,260.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,645,901.902,377.65(1,873.25) 0.00 1,776.04 3,380.210.00 1,007.73FREDDIE MAC 1.25%02OCT20196.911,644,028.651,650,000.003135G0R39 1.000 10/24/2019 589,095.11 597,530.97858.60(802.17) 0.00 516.67 616.670.00 514.38FANNIE MAE 1% 24OCT20192.49596,728.80600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,005.41727.50(2,795.41) 5,625.00 968.75 843.750.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.17747,210.00750,000.009 SECURITIES HELDAs of May 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 1,000,672.631,840.00(5,862.63) 0.00 1,248.62 4,430.560.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.24994,810.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,519.46935.00(2,594.46) 0.00 645.83 1,500.000.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE2.11496,925.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,728.862,040.00(3,476.86) 0.00 1,506.95 8,215.280.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.21995,252.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,661.674,500.00(6,091.67) 0.00 1,291.67 4,041.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.22993,570.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,525.534,400.00(7,705.53) 0.00 1,358.33 1,358.330.00 (86.74)FANNIE MAE 1.63%30OCT2020 CALLABLE4.24993,820.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,260.402,400.004,899.60 0.00 1,097.91 4,958.330.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.11504,160.00500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,021,562.264,362.009,671.74 0.00 3,121.53 17,118.060.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.331,031,234.001,000,000.00313378JP7 2.375 09/10/2021 602,430.00 602,383.492,652.002,698.51 0.00 593.75 3,206.25(2,612.50) (46.51)FEDERAL HOME LOAN BANK2.375% 10SEP20212.55605,082.00600,000.00Total Government Agencies14,205,025.11 14,217,813.84 14,193,074.45 (24,739.39) 5,625.00 19,417.56(2,612.50) 731.7960.0668,042.0232,478.7514,200,000.00Government Bonds912828WS5 1.625 06/30/2019 993,281.25 999,587.81780.00(191.81) 0.00 1,391.58 6,778.320.00 425.94USA TREASURY 1.625%30JUN20194.20999,396.001,000,000.0010 SECURITIES HELDAs of May 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 649,009.77 649,836.03863.20(2,806.53) 0.00 684.44 684.440.00 33.22USA TREASURY 1.25%31OCT20192.74647,029.50650,000.00912828H52 1.250 01/31/2020 745,869.14 748,939.141,289.25(4,270.89) 0.00 802.84 3,107.740.00 134.23USA TREASURY 1.25%31JAN20203.15744,668.25750,000.00912828X96 1.500 05/15/2020 596,554.69 598,685.001,195.20(2,927.00) 4,500.00 764.23 391.300.00 116.48USA TREASURY 1.5%15MAY20202.52595,758.00600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,002,302.272,539.00(8,747.27) 0.00 1,391.57 5,386.740.00 (167.14)USA TREASURY 1.625%31JUL20204.25993,555.001,000,000.00Total Government Bonds3,990,457.04 3,999,350.25 3,980,406.75 (18,943.50) 4,500.00 5,034.660.00 542.7316.8716,348.546,666.654,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,271.30 18,004.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.871,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,271.300.00 0.005.8718,004.700.001,387,200.00Grand total23,651,097.93 23,682,368.1546,500.35(33,614.47) 10,125.00 36,463.9523,671,402.28(13,856.94) 2,863.48100.00132,549.0123,648,753.6811 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks313379EE5FEDERAL HOME LOAN 1.625 06/14/2019 AA+ Aaa 1,000,000.00 993,180.00 4.20 999,778.00 4.23 0.04313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+ Aaa 1,000,000.00 1,011,510.00 4.28 997,120.00 4.22 0.293130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,000.00 750,030.00 3.17 747,210.00 3.16 0.43313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.21 995,252.00 4.21 1.01313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.33 1,031,234.00 4.36 1.92313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.55 605,082.00 2.56 2.19Issuer total5,350,000.00 5,378,060.00 22.74 5,375,676.00 22.73 0.92United States Treasury Note/Bond912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+ Aaa 1,000,000.00 993,281.25 4.20 999,396.00 4.23 0.08912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 650,000.00 649,009.77 2.74 647,029.50 2.74 0.41912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.15 744,668.25 3.15 0.66912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.52 595,758.00 2.52 0.99912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.25 993,555.00 4.20 1.14Issuer total4,000,000.00 3,990,457.04 16.87 3,980,406.75 16.83 0.65Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+ Aaa 1,000,000.00 1,000,610.00 4.23 996,930.00 4.22 0.243133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.24 994,810.00 4.21 0.693133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.22 993,570.00 4.20 1.213133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.11 504,160.00 2.13 1.56Issuer total3,500,000.00 3,502,030.00 14.81 3,489,470.00 14.76 0.83Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,000,000.00 1,001,001.00 4.23 997,260.00 4.22 0.323137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019 AA+ Aaa 1,650,000.00 1,634,040.00 6.91 1,644,028.65 6.95 0.3412 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.11 496,925.00 2.10 0.79Issuer total3,150,000.00 3,133,330.00 13.25 3,138,213.65 13.27 0.41Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 AA+ Aaa 600,000.00 599,100.00 2.53 599,166.00 2.53 0.113135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 600,000.00 589,095.11 2.49 596,728.80 2.52 0.403135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.24 993,820.00 4.20 1.39Issuer total2,200,000.00 2,191,605.11 9.27 2,189,714.80 9.26 0.77PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,387,200.00 1,387,200.00 5.87 1,387,200.00 5.87 9.39Issuer total1,387,200.00 1,387,200.00 5.87 1,387,200.00 5.87 9.39Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019 AA Aa2 550,000.00 547,453.50 2.31 549,520.95 2.32 0.20Issuer total550,000.00 547,453.50 2.31 549,520.95 2.32 0.20Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.14 508,706.50 2.15 1.97Issuer total500,000.00 507,030.00 2.14 508,706.50 2.15 1.97Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.12 502,745.25 2.13 2.76Issuer total500,000.00 500,300.00 2.12 502,745.25 2.13 2.76JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.09 499,218.00 2.11 1.64Issuer total500,000.00 494,725.00 2.09 499,218.00 2.11 1.6413 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of May 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesPNC Bank NA69353REX2PNC BANK NA 1.45% 1.450 07/29/2019 06/29/2019 A A2 500,000.00 494,490.00 2.09 499,121.00 2.11 0.16Issuer total500,000.00 494,490.00 2.09 499,121.00 2.11 0.16Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.13 498,940.50 2.11 0.77Issuer total500,000.00 504,545.00 2.13 498,940.50 2.11 0.77US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.09 498,305.50 2.11 0.62Issuer total500,000.00 493,330.00 2.09 498,305.50 2.11 0.62American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.08 497,312.50 2.10 1.11Issuer total500,000.00 492,340.00 2.08 497,312.50 2.10 1.11Cash and Cash EquivalentsINVESTED CASH 0.00034,202.28 34,202.28 0.00 34,202.28 0.14 0.00Issuer total34,202.28 34,202.28 0.00 34,202.28 0.14 0.00Grand total23,671,402.28 23,651,097.93 100.00 23,648,753.68 100.001.3114 SECURITIES PURCHASEDFor the period May 1, 2019 - May 31, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds149123BX82.60005/16/2019 06/26/2022 500,000.00 100.06 (500,300.00) (5,200.00)CATERPILLAR INC 2.6% 26JUN2022 (CALLABLE 26MAR22)03/26/202205/20/2019BARCLAYS BANK PLC17325FAQ13.40005/29/2019 07/23/2021 500,000.00 101.41 (507,030.00) (6,044.44)CITIBANK NA 3.4% 23JUL2021 (CALLABLE 23JUN21)06/23/202105/31/2019BANK OF AMERICA, N.A.1,000,000.00 (1,007,330.00) (11,244.44)Total Corporate BondsGovernment Agencies313378JP72.37505/15/2019 09/10/2021 600,000.00 100.41 (602,430.00) (2,612.50)FEDERAL HOME LOAN BANK 2.375% 10SEP2021 05/16/2019KEYBANK NATIONAL ASSOCIATION600,000.00 (602,430.00) (2,612.50)Total Government AgenciesGrand totalGrand total1,600,000.00 (1,609,760.00) (13,856.94)15 SECURITIES SOLD AND MATUREDFor the period May 1, 2019 - May 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 Bonds14912L6R7CATERPILLAR FINL SVCSCORP MEDIUM TERMNTRANCHE # TR 008801.35% DUE 05-18-20191.35005/20/2019 (500,000.00) 498,245.00 500,000.0033.790.00346.50500,000.00 0.00 0.00 3,375.00 337.5005/20/2019(500,000.00)0.00498,245.0033.79500,000.00346.50500,000.00 0.00 3,375.00 337.50Total (Corporate Bonds)Government Agencies3133X72S2FHLB BD 5.375 05-15-20195.37505/15/2019 (500,000.00) 515,625.00 500,000.00(626.67)0.00(570.00)500,000.00 0.00 0.00 13,437.50 1,119.7905/15/2019(500,000.00)0.00515,625.00(626.67)500,000.00(570.00)500,000.00 0.00 13,437.50 1,119.79Total (Government Agencies)Government Bonds912828WL0USA TREASURY 1.5%31MAY20191.50005/31/2019 (500,000.00) 501,230.47 500,000.00(46.75)0.00380.50500,000.00 0.00 0.00 3,750.00 638.7405/31/2019(500,000.00)0.00501,230.47(46.75)500,000.00380.50500,000.00 0.00 3,750.00 638.74Total (Government Bonds)Grand totalGrand total(1,500,000.00)0.001,515,100.47(639.63)1,500,000.00 1,500,000.00 0.00 20,562.50 2,096.03157.0016 TRANSACTION REPORTFor the period May 1, 2019 - May 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)5,625.0005/04/201905/04/2019Income3130ABCH7 Government Agencies FEDERAL HOME LOAN BANK 11/04/2019 750,000.00 0.00 5,625.000.00(2,612.50)05/15/201905/16/2019Bought313378JP7 Government Agencies FEDERAL HOME LOAN BANK 09/10/2021 600,000.00 (602,430.00) (605,042.50)0.0013,437.5005/15/201905/15/2019Income3133X72S2 Government Agencies FHLB BD 5.375 05-15-2019 05/15/2019 500,000.00 0.00 13,437.500.000.0005/15/201905/15/2019Capital Change3133X72S2 Government Agencies FHLB BD 5.375 05-15-2019 05/15/2019 (500,000.00) 500,000.00 500,000.000.004,500.0005/15/201905/15/2019Income912828X96 Government Bonds USA TREASURY 1.5% 05/15/2020 600,000.00 0.00 4,500.000.00(5,200.00)05/16/201905/20/2019Bought149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 500,000.00 (500,300.00) (505,500.00)0.003,375.0005/18/201905/18/2019Income14912L6R7 Corporate Bonds CATERPILLAR FINL SVCS CORP 05/18/2019 500,000.00 0.00 3,375.000.000.0005/20/201905/20/2019Capital Change14912L6R7 Corporate Bonds CATERPILLAR FINL SVCS CORP 05/18/2019 (500,000.00) 500,000.00 500,000.000.00(6,044.44)05/29/201905/31/2019Bought17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 500,000.00 (507,030.00) (513,074.44)0.003,750.0005/31/201905/31/2019Income912828WL0 Government Bonds USA TREASURY 1.5% 05/31/2019 500,000.00 0.00 3,750.000.000.0005/31/201905/31/2019Capital Change912828WL0 Government Bonds USA TREASURY 1.5% 05/31/2019 (500,000.00) 500,000.00 500,000.000.00188.36Income Cash and Cash Equivalents Cash188.360.00 0.000.0005/31/201917 ADDITIONAL INFORMATIONAs of May 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 May 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 RAFAELJune 2019FOR PROFESSIONAL CLIENTS ONLYNOT TO BE DISTRIBUTED TO RETAIL CLIENTSTHIS DOCUMENT SHOULD NOT BE REPRODUCED INANY FORM WITHOUT PRIOR WRITTEN APPROVALInsight INVESTMENT Part of ::• BNY MELLON ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Securities purchased15Securities sold and matured 16Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of June 30, 2019SAN RAFAELChart 1: ISM Manufacturing & Non-Manufacturing Indices: 5/31/2014-5/31/2019Source: Bloomberg Finance LP, June 30, 2019.Chart 2: Treasury yield curve: 6/30/2018 and 6/30/2019Source: Bloomberg Finance LP, June 30, 2019.Economic Indicators and Monetary PolicyInterest rates decreased across the yield curve in June fueled by softening in someeconomic indicators, trade tensions, and comments by the Federal Reserve. TheInstitute for Supply Management (ISM) Manufacturing Indexwas released on June 3and reached a 31-month low of 52.1 in May versus 52.8 in April.On June 5, the ISMNon-manufacturing Index for May surprised to the upside, increasing to 56.9compared to an April reading of 55.5. (See Chart 1)The employment report released on June 7 showed that non-farm payrolls increasedby 75,000 in May compared to expectation for 175,000 new jobsand the prior monthgains were revised lower to 224,000 from 263,000. The unemployment rate wasunchanged from April at 3.6% while the underemployment rate, which includesmarginally attached workers, decreased to 7.1% in May from 7.3% in April. Averagehourly earnings increased 0.2% in May for annual growth of 3.1% compared to 3.2% inApril.On June 19, the Federal Open Market Committee (FOMC) voted tomaintain the targetrange for the federal funds rate at 2.25% to 2.50%. The FOMC statement andcomments by Chair Powell were more dovish than expected. Thestatement removedreference to a “patient” approach to policy, and Chair Powell noted that the FOMCwould “act as appropriate to sustain the expansion”. The committee’s ‘dot plot’continued to project a median expectation for no policy ratecuts this year, but sevenmembers (up from zero last quarter) now expect two rate cuts this year. The FOMCreduced its near-term inflation forecasts and also hinted at uncertainties relating totheevolutionof trade tensions.At the end of June, President Trump prepared to travel to the two-day G20 summit inOsaka, where a meeting is expected between Presidents Trumpand Xi. While tariffsare likely to be the main topic of discussion, reports indicate that President Trump willlook toaddress intellectual property theft and industrialsubsidies as well.InterestRateSummaryAt the end of June, the 3-month US Treasury bill yielded 2.09%, the 6-month USTreasury bill yielded 2.10%, the 2-year US Treasury note yielded 1.76%, the 5-year USTreasury note yielded 1.77% and the 10-year US Treasury noteyielded 2.01%. (SeeChart2).3040506070May14 May15 May16 May17 May18 May19Monthly IndexManufacturingNonManufacturing0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%3 m 6 m 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr6/30/20196/30/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2019 - June 30, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,682,368.15Opening balance35,216.74Income received35,216.74Total receipts(139.13)Expenses paid(139.13)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(2,427.02)Total amortization expense4,421.70Total OID/MKT accretion income0.00Return of capitalClosing balance23,719,440.44Ending fair value23,727,176.497,736.05Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.24 1.19 0.19Overnight Repo2.33 1.22 0.20Merrill Lynch 3m US Treas Bill 2.25 1.16 0.17Merrill Lynch 6m US Treas Bill 2.33 1.16 0.16ML 1 Year US Treasury Note 2.49 1.19 0.16ML 2 Year US Treasury Note 2.53 1.14 0.15ML 5 Year US Treasury Note 2.57 1.14 0.15* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned37,564.45Accretion (amortization)1,994.68Realized gain (loss) on sales0.00Total income on portfolio39,559.13Average daily amortized cost23,703,056.48Period return (%)Weighted average final maturity in days587YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 175.07 0.00 175.070.00Corporate Bonds 7,415.12 1,320.35 8,735.470.00Government Agencies 19,233.83 149.13 19,382.960.00Government Bonds 4,873.73 525.20 5,398.930.00Municipal/Provincial Bonds 5,866.70 0.00 5,866.70Total 37,564.45 1,994.68 0.00 39,559.130.170.994 ACTIVITY AND PERFORMANCE SUMMARYFor the period June 1, 2019 - June 30, 2019SAN RAFAELFair Value Basis Activity Summary23,648,753.68Opening balance35,216.74Income received35,216.74Total receipts(139.13)Expenses paid(139.13)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period43,345.20Ending fair value23,727,176.49Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.24 1.19 0.19Overnight Repo2.33 1.22 0.20ICE ML 3m US Treas Bill 2.31 1.24 0.22ICE ML 6m US Treas Bill 2.51 1.38 0.27ICE ML 1 Year US Treasury Note 2.98 1.76 0.40ICE ML US Treasury 1-3 3.96 2.44 0.52ICE ML US Treasury 1-5 4.89 3.06 0.65* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 175.07 0.00 175.07Corporate Bonds 7,415.12 10,680.50 18,095.62Government Agencies 19,233.83 24,661.20 43,895.03Government Bonds 4,873.73 8,003.50 12,877.23Municipal/Provincial Bonds 5,866.70 0.00 5,866.70Total37,564.45 43,345.20 80,909.65Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned37,564.45Total income on portfolio80,909.65Average daily total value *23,824,680.34Period return (%)0.34Weighted average final maturity in days587Change in fair value43,345.20YTD return (%)1.80* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of June 30, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents52,949.89 52,949.89 52,949.890.000.220.001Corporate Bonds4,034,213.50 4,045,122.13 4,064,550.70 19,428.57421 17.031.07Government Agencies14,228,175.11 14,234,292.97 14,234,065.65 (227.32)329 60.050.87Government Bonds3,990,457.04 3,999,875.45 3,988,410.25 (11,465.20)210 16.840.56Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.004,815 5.859.33Total23,692,995.54 23,719,440.44 23,727,176.49 7,736.05587 100.001.35Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.22Corporate Bonds17.03Government Agencies60.05Government Bonds16.84Municipal/Provincial Bonds5.85Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of June 30, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days5,700,395.64 24.0690 to 179 days3,622,174.88 15.29180 days to 1 year4,838,587.83 20.421 to 2 years6,025,577.19 25.432 to 3 years2,119,060.00 8.943 to 4 years0.00 0.004 to 5 years0.00 0.00Over 5 years1,387,200.00 5.8623,692,995.54 100.00Maturity distribution0.002.004.006.008.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of June 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCash and Cash Equivalents0.00052,949.89 52,949.890.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.2252,949.8952,949.89Total Cash and Cash Equivalents52,949.89 52,949.89 52,949.89 0.00 0.00 0.000.00 0.000.220.000.0052,949.89Corporate Bonds69353REX2 1.450 07/29/2019 494,490.00 499,539.51534.00115.49 0.00 584.03 3,040.970.00 476.37PNC BANK NA 1.45%29JUL2019 CALLABLE2.09499,655.00500,000.00084670BL1 2.100 08/14/2019 547,453.50 549,662.51283.25141.69 0.00 930.41 4,363.330.00 230.10BERKSHIRE HATHAWAY INC2.1% 14AUG20192.31549,804.20550,000.0090331HNB5 2.000 01/24/2020 493,330.00 497,029.081,083.002,359.42 0.00 805.55 4,333.3312/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.08499,388.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 501,271.19813.50(1,517.19) 0.00 865.97 3,225.000.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.13499,754.00500,000.0002665WBT7 1.950 07/20/2020 492,340.00 494,792.841,056.003,575.66 0.00 785.41 4,333.330.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.08498,368.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 495,812.052,527.505,933.45 0.00 1,027.08 4,214.5802/01/2021 0.00 209.04JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.09501,745.50500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 506,728.041,935.003,913.46 0.00 1,369.45 7,413.8906/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.14510,641.50500,000.008 SECURITIES HELDAs of June 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds149123BX8 2.600 06/26/2022 500,300.00 500,286.912,448.254,906.59 6,500.00 1,047.22 144.4403/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.11505,193.50500,000.00Total Corporate Bonds4,034,213.50 4,045,122.13 4,064,550.70 19,428.57 6,500.00 7,415.120.00 1,320.3517.0331,068.8710,680.504,050,000.00Government Agencies3135G0L76 1.075 07/11/2019 599,100.00 599,990.19630.00(194.19) 0.00 519.59 3,027.920.00 26.76FANNIE MAE 1.075%11JUL2019 CALLABLE2.53599,796.00600,000.003133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,031.511,340.00(1,761.51) 0.00 805.55 3,444.440.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.22998,270.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,000,788.211,190.00(2,478.21) 0.00 1,107.64 4,086.810.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.27998,310.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,108.421,040.00(1,808.42) 0.00 1,208.34 3,916.670.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.22998,300.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,646,909.631,970.10(910.88) 0.00 1,661.46 5,041.670.00 1,007.73FREDDIE MAC 1.25%02OCT20196.901,645,998.751,650,000.003135G0R39 1.000 10/24/2019 589,095.11 598,045.351,056.60(259.95) 0.00 483.33 1,100.000.00 514.38FANNIE MAE 1% 24OCT20192.49597,785.40600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,004.361,012.50(1,781.86) 0.00 906.25 1,750.000.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.17748,222.50750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,592.231,930.00(3,852.23) 0.00 1,168.05 5,598.610.00 (80.40)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.23996,740.001,000,000.009 SECURITIES HELDAs of June 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3134G3K58 1.500 03/19/2020 498,289.00 499,569.341,365.00(1,279.34) 0.00 604.17 2,104.170.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.10498,290.00500,000.00313383HU8 1.750 06/12/2020 996,870.00 998,831.382,228.00(1,351.38) 8,750.00 1,409.72 875.000.00 102.52FEDERAL HOME LOAN BANK1.75% 12JUN20204.21997,480.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,684.53660.00(5,454.53) 0.00 1,208.33 5,250.000.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.22994,230.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,432.802,830.00(4,782.80) 0.00 1,358.34 2,716.670.00 (92.73)FANNIE MAE 1.63%30OCT2020 CALLABLE4.24996,650.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,298.591,115.005,976.41 0.00 1,027.09 5,985.420.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.11505,275.00500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,020,677.352,473.0013,029.65 18,125.00 2,920.13 1,913.190.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.321,033,707.001,000,000.00313378JP7 2.375 09/10/2021 602,430.00 602,296.291,764.004,549.71 0.00 1,147.92 4,354.170.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.54606,846.00600,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,016,032.791,835.002,132.21 0.00 1,111.11 7,569.44(6,458.33) (297.21)FEDERAL HOME LOAN BANK2.5% 11MAR20224.291,018,165.001,000,000.00Total Government Agencies14,228,175.11 14,234,292.97 14,234,065.65 (227.32) 26,875.00 18,647.02(6,458.33) (59.80)60.0558,734.1824,439.2014,200,000.00Government Bonds912828WS5 1.625 06/30/2019 993,281.25 1,000,000.00604.000.00 0.00 1,346.68 8,125.000.00 412.19USA TREASURY 1.625%30JUN20194.191,000,000.001,000,000.0010 SECURITIES HELDAs of June 30, 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 649,009.77 649,868.181,040.65(1,798.03) 0.00 669.73 1,354.170.00 32.15USA TREASURY 1.25%31OCT20192.74648,070.15650,000.00912828H52 1.250 01/31/2020 745,869.14 749,069.041,640.25(2,760.54) 0.00 776.93 3,884.670.00 129.90USA TREASURY 1.25%31JAN20203.15746,308.50750,000.00912828X96 1.500 05/15/2020 596,554.69 598,797.711,593.60(1,446.11) 0.00 733.70 1,125.000.00 112.71USA TREASURY 1.5%15MAY20202.52597,351.60600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,002,140.523,125.00(5,460.52) 0.00 1,346.69 6,733.430.00 (161.75)USA TREASURY 1.625%31JUL20204.24996,680.001,000,000.00Total Government Bonds3,990,457.04 3,999,875.45 3,988,410.25 (11,465.20) 0.004,873.730.00 525.2016.8421,222.278,003.504,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 5,866.70 23,871.400.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.851,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 5,866.700.00 0.005.8523,871.400.001,387,200.00Grand total23,692,995.54 23,719,440.4443,123.207,736.05 33,375.00 36,802.5723,690,149.89(6,458.33) 1,785.75100.00134,896.7223,727,176.4911 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks313380FB8FEDERAL HOME LOAN 1.375 09/13/2019 AA+ Aaa 1,000,000.00 1,011,510.00 4.27 998,310.00 4.21 0.213130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,000.00 750,030.00 3.17 748,222.50 3.15 0.35313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.21 997,480.00 4.20 0.94313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.32 1,033,707.00 4.36 1.87313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.54 606,846.00 2.56 2.11313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.29 1,018,165.00 4.29 2.58Issuer total5,350,000.00 5,401,210.00 22.80 5,402,730.50 22.77 1.34United States Treasury Note/Bond912828WS5USA TREASURY 1.625% 1.625 06/30/2019 AA+ Aaa 1,000,000.00 993,281.25 4.19 1,000,000.00 4.21 0.01912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 650,000.00 649,009.77 2.74 648,070.15 2.73 0.34912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.15 746,308.50 3.15 0.58912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.52 597,351.60 2.52 0.87912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.24 996,680.00 4.20 1.06Issuer total4,000,000.00 3,990,457.04 16.84 3,988,410.25 16.81 0.56Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+ Aaa 1,000,000.00 1,000,610.00 4.22 998,270.00 4.21 0.163133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.23 996,740.00 4.20 0.613133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.22 994,230.00 4.19 1.133133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.11 505,275.00 2.13 1.48Issuer total3,500,000.00 3,502,030.00 14.78 3,494,515.00 14.73 0.75Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,000,000.00 1,001,001.00 4.22 998,300.00 4.21 0.253137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019 AA+ Aaa 1,650,000.00 1,634,040.00 6.90 1,645,998.75 6.94 0.2612 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Mortgage Corp3134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.10 498,290.00 2.10 0.71Issuer total3,150,000.00 3,133,330.00 13.22 3,142,588.75 13.24 0.33Federal National Mortgage Association3135G0L76FANNIE MAE 1.075% 1.075 07/11/2019 AA+ Aaa 600,000.00 599,100.00 2.53 599,796.00 2.53 0.043135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 600,000.00 589,095.11 2.49 597,785.40 2.52 0.323135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.24 996,650.00 4.20 1.32Issuer total2,200,000.00 2,191,605.11 9.25 2,194,231.40 9.25 0.70PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,387,200.00 1,387,200.00 5.85 1,387,200.00 5.85 9.33Issuer total1,387,200.00 1,387,200.00 5.85 1,387,200.00 5.85 9.33Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019 AA Aa2 550,000.00 547,453.50 2.31 549,804.20 2.32 0.13Issuer total550,000.00 547,453.50 2.31 549,804.20 2.32 0.13Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.14 510,641.50 2.15 1.89Issuer total500,000.00 507,030.00 2.14 510,641.50 2.15 1.89Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.11 505,193.50 2.13 2.70Issuer total500,000.00 500,300.00 2.11 505,193.50 2.13 2.70JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.09 501,745.50 2.11 1.56Issuer total500,000.00 494,725.00 2.09 501,745.50 2.11 1.5613 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of June 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesToyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.13 499,754.00 2.11 0.69Issuer total500,000.00 504,545.00 2.13 499,754.00 2.11 0.69PNC Bank NA69353REX2PNC BANK NA 1.45% 1.450 07/29/2019 A A2 500,000.00 494,490.00 2.09 499,655.00 2.11 0.08Issuer total500,000.00 494,490.00 2.09 499,655.00 2.11 0.08US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.08 499,388.50 2.10 0.52Issuer total500,000.00 493,330.00 2.08 499,388.50 2.10 0.52American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.08 498,368.50 2.10 1.03Issuer total500,000.00 492,340.00 2.08 498,368.50 2.10 1.03Cash and Cash EquivalentsINVESTED CASH 0.00052,949.89 52,949.89 0.00 52,949.89 0.22 0.00Issuer total52,949.89 52,949.89 0.00 52,949.89 0.22 0.00Grand total23,690,149.89 23,692,995.54 100.00 23,727,176.49 100.001.3514 SECURITIES PURCHASEDFor the period June 1, 2019 - June 30, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerGovernment Agencies313378WG22.50006/13/2019 03/11/2022 1,000,000.00 101.63 (1,016,330.00) (6,458.33)FEDERAL HOME LOAN BANK 2.5% 11MAR2022 06/14/2019WELLS FARGO BANK, N.A.1,000,000.00 (1,016,330.00) (6,458.33)Total Government AgenciesGrand totalGrand total1,000,000.00 (1,016,330.00) (6,458.33)15 SECURITIES SOLD AND MATUREDFor the period June 1, 2019 - June 30, 2019SAN RAFAELHistorical cost Amortized costat sale or maturity/Accr (amort)Fair value atsale or maturity /Chg.in fair valueRealizedgain(loss)PriceCouponTrade dateSettle dateMaturity/Call datePar value orsharesCusip/Description/BrokerAccruedinterestsoldInterestreceivedInterestearnedGovernment Agencies313379EE5FEDERAL HOME LN BKSCONS BD 1.625 DUE06-14-20191.62506/14/2019 (1,000,000.00) 993,180.00 1,000,000.00208.930.00222.001,000,000.00 0.00 0.00 8,125.00 586.8106/14/2019(1,000,000.00)0.00993,180.00208.931,000,000.00222.001,000,000.00 0.00 8,125.00 586.81Total (Government Agencies)Grand totalGrand total(1,000,000.00)0.00993,180.00208.931,000,000.00 1,000,000.00 0.00 8,125.00 586.81222.0016 TRANSACTION REPORTFor the period June 1, 2019 - June 30, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)18,125.0006/11/201906/11/2019Income313373ZY1 Government Agencies FEDERAL HOME LOAN BANK 06/11/2021 1,000,000.00 0.00 18,125.000.008,750.0006/12/201906/12/2019Income313383HU8 Government Agencies FEDERAL HOME LOAN BANK 06/12/2020 1,000,000.00 0.00 8,750.000.00(6,458.33)06/13/201906/14/2019Bought313378WG2 Government Agencies FEDERAL HOME LOAN BANK 03/11/2022 1,000,000.00 (1,016,330.00) (1,022,788.33)0.008,125.0006/14/201906/14/2019Income313379EE5 Government Agencies FEDERAL HOME LN BKS CONS 06/14/2019 1,000,000.00 0.00 8,125.000.000.0006/14/201906/14/2019Capital Change313379EE5 Government Agencies FEDERAL HOME LN BKS CONS 06/14/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.006,500.0006/26/201906/26/2019Income149123BX8 Corporate Bonds CATERPILLAR INC 2.6% 06/26/2022 500,000.00 0.00 6,500.000.00175.07Income Cash and Cash Equivalents Cash175.070.00 0.000.0006/30/201917 ADDITIONAL INFORMATIONAs of June 30, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.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 June 30, 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 City of San Rafael ACCOUNT STATEMENT For the Month Ending June 30, 2019 Customer Service PO Box 11813 Harrisburg, PA 17108-1813 Contents Cover/Disclosures Summary Statement Individual Accounts CITY OF SAN RAFAEL NADINE HADE 1400 FIFTH AVENUE SAN RAFAEL, CA 94901 Client Management Team Accounts included in Statement 7023-001 Lease Revenue Bonds Series 2018 Project Fund 7023-002 Lease Revenue Bonds Series 2018 Capitalized Intere www.camponline.comOnline Access 1-800-729-7665Customer Service Important Messages CAMP will be closed on 07/04/2019 for Independence Day. Monique Spyke Managing Director 50 California Street, Suite 2300 San Francisco, CA 94111 415-982-5544 spykem@pfm.com Jeremy King Key Account Manager 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 kingj@pfm.com Rachael Miller Client Consultant 213 Market Street Harrisburg, PA 17101-2141 1-800-729-7665 millerr@pfm.com For the Month Ending June 30, 2019 Account Statement Important Disclosures Important Disclosures 365 and dividing the result by 7. The yields quoted should not be considered a representation of the yield of the fund in the future, since the yield is not fixed. Average maturity represents the average maturity of all securities and investments of a portfolio, determined by multiplying the par or principal value of each security or investment by its maturity (days or years), summing the products, and dividing the sum by the total principal value of the portfolio. The stated maturity date of mortgage backed or callable securities are used in this statement. However the actual maturity of these securities could vary depending on the level or prepayments on the underlying mortgages or whether a callable security has or is still able to be called. Monthly distribution yield represents the net change in the value of one share (normally $1.00 per share) resulting from all dividends declared during the month by a fund expressed as a percentage of the value of one share at the beginning of the month. This resulting net change is then annualized by multiplying it by 365 and dividing it by the number of calendar days in the month. YTM at Cost The yield to maturity at cost is the expected rate of return, based on the original cost, the annual interest receipts, maturity value and the time period from purchase date to maturity, stated as a percentage, on an annualized basis. YTM at Market The yield to maturity at market is the rate of return, based on the current market value, the annual interest receipts, maturity value and the time period remaining until maturity, stated as a percentage, on an annualized basis. Managed Account A portfolio of investments managed discretely by PFM according to the client’s specific investment policy and requirements. The investments are directly owned by the client and held by the client’s custodian. Unsettled Trade A trade which has been executed however the final consummation of the security transaction and payment has not yet taken place. Please review the detail pages of this statement carefully. If you think your statement is wrong, missing account information, or if you need more information about a transaction, please contact PFM within 60 days of receipt. If you have other concerns or questions regarding your account you should contact a member of your client management team or PFM Service Operations at the address below. PFM Asset Management LLC Attn: Service Operations 213 Market Street Harrisburg, PA 17101 This statement is for general information purposes only and is not intended to provide specific advice or recommendations. PFM Asset Management LLC (“PFM”) is an investment advisor registered with the Securities and Exchange Commission, and is required to maintain a written disclosure statement of our background and business experience. If you would like to receive a copy of our current disclosure statement, please contact Service Operations at the address below. Proxy Voting PFM does not normally receive proxies to vote on behalf of its clients. However, it does on occasion receive consent requests. In the event a consent request is received the portfolio manager contacts the client and then proceeds according to their instructions. PFM’s Proxy Voting Policy is available upon request by contacting Service Operations at the address below. Questions About an Account PFM’s monthly statement is intended to detail our investment advisory activity as well as the activity of any accounts held by clients in pools that are managed by PFM. The custodian bank maintains the control of assets and executes (i.e., settles) all investment transactions. The custodian statement is the official record of security and cash holdings and transactions. PFM recognizes that clients may use these reports to facilitate record keeping and that the custodian bank statement and the PFM statement should be reconciled and differences resolved. Many custodians use a settlement date basis which may result in the need to reconcile due to a timing difference. Account Control PFM does not have the authority to withdraw funds from or deposit funds to the custodian. Our clients retain responsibility for their internal accounting policies; implementing and enforcing internal controls and generating ledger entries or otherwise recording transactions. Market Value Generally, PFM’s market prices are derived from closing bid prices as of the last business day of the month as supplied by ICE Data Services or Bloomberg. Where prices are not available from generally recognized sources the securities are priced using a yield-based matrix system to arrive at an estimated market value. Prices that fall between data points are interpolated. Non-negotiable FDIC-insured bank certificates of deposit are priced at par. Although PFM believes the prices to be reliable, the values of the securities do not always represent the prices at which the securities could have been bought or sold. Explanation of the valuation methods for money market and TERM funds is contained in the appropriate fund information statement. Amortized Cost The original cost of the principal of the security is adjusted for the amount of the periodic reduction of any discount or premium from the purchase date until the date of the report. Discount or premium with respect to short term securities (those with less than one year to maturity at time of issuance) is amortized on a straightline basis. Such discount or premium with respect to longer term securities is amortized using the constant yield basis. Tax Reporting Cost data and realized gains / losses are provided for informational purposes only. Please review for accuracy and consult your tax advisor to determine the tax consequences of your security transactions. PFM does not report such information to the IRS or other taxing authorities and is not responsible for the accuracy of such information that may be required to be reported to federal, state or other taxing authorities. Financial Situation In order to better serve you, PFM should be promptly notified of any material change in your investment objective or financial situation. Callable Securities Securities subject to redemption prior to maturity may be redeemed in whole or in part before maturity, which could affect the yield represented. Portfolio The securities in this portfolio, including shares of mutual funds, are not guaranteed or otherwise protected by PFM, the FDIC (except for certain non-negotiable certificates of deposit) or any government agency. Investment in securities involves risks, including the possible loss of the amount invested. Actual settlement values, accrued interest, and amortized cost amounts may vary for securities subject to an adjustable interest rate or subject to principal paydowns. Any changes to the values shown may be reflected within the next monthly statement’s beginning values. Rating Information provided for ratings is based upon a good faith inquiry of selected sources, but its accuracy and completeness cannot be guaranteed. Shares of some money market and TERM funds are marketed through representatives of PFM's wholly owned subsidiary, PFM Fund Distributors, Inc. PFM Fund Distributors, Inc. is registered with the SEC as a broker/dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). You may reach the FINRA by calling the FINRA Regulator Public Disclosure Hotline at 1-888-289-9999 or at the FINRA Regulation Internet website address www.nasd.com. A brochure describing the FINRA Regulation Public Disclosure Program is also available from the FINRA upon request. Key Terms and Definitions Dividends on money market funds consist of interest earned, plus any discount ratably amortized to the date of maturity, plus all realized gains and losses on the sale of securities prior to maturity, less ratable amortization of any premium and all accrued expenses to the fund. Dividends are accrued daily and may be paid either monthly or quarterly. The monthly earnings on this statement represent the estimated dividend accrued for the month for any program that distributes earnings on a quarterly basis. There is no guarantee that the estimated amount will be paid on the actual distribution date. Current Yield is the net change, exclusive of capital changes and income other than investment income, in the value of a hypothetical fund account with a balance of one share over the seven-day base period including the statement date, expressed as a percentage of the value of one share (normally $1.00 per share) at the beginning of the seven-day period. This resulting net change in account value is then annualized by multiplying it by For the Month Ending June 30, 2019 Account Statement Consolidated Summary Statement City of San Rafael Investment Allocation Investment Type Closing Market Value Percent 4,521,132.94 14.10 Certificate of Deposit 4,539,269.01 14.15 Corporate Note 1,517,640.46 4.73 Federal Agency Bond / Note 15,949,815.15 49.74 Money Market Mutual Fund 5,542,841.77 17.28 U.S. Treasury Bond / Note $32,070,699.33 Total 100.00% Portfolio Summary and Income Closing Market Value Current Portfolio Holdings Cash Dividends Yield CAMP Pool 34,102.84 15,949,815.15 2.45 % CAMP Managed Account 12,887.50 16,120,884.18 * N/A $46,990.34 $32,070,699.33 Total * Not Applicable Maturity Distribution (Fixed Income Holdings) Portfolio Holdings Closing Market Value Percent 20,470,948.09 0.00 0.00 2,675,124.19 7,868,104.91 1,056,522.14 0.00 0.00 0.00 0.00 63.84 0.00 0.00 8.34 24.53 3.29 0.00 0.00 0.00 0.00 Under 30 days 31 to 60 days 61 to 90 days 91 to 180 days 181 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total $32,070,699.33 92 100.00% Weighted Average Days to Maturity Sector Allocation 14.10% Cert of Deposit 14.15% Corporate Note 4.73% Fed Agy Bond / Note 49.74% Mny Mkt Fund 17.28% US TSY Bond / Note Summary Page 1IPFM Asset Management IULC For the Month Ending June 30, 2019 Account Statement Consolidated Summary Statement City of San Rafael and Income Closing Market Value Change in Value Trades MaturitiesDeposits ValueAccount Name Account Number Cash DividendsUnsettled Redemptions / Sales/Purchases /Opening Market 7023-001 30,257,368.32 32,511.68 (1,251,377.28) 16,921.43 29,055,424.15 0.00 45,399.18 Lease Revenue Bonds Series 2018 Project Fund 7023-002 3,010,641.94 1,591.16 (314.26) 3,356.34 3,015,275.18 0.00 1,591.16 Lease Revenue Bonds Series 2018 Capitalized Intere $33,268,010.26 $34,102.84 ($1,251,691.54)$20,277.77 $32,070,699.33 $46,990.34 Total $0.00 Summary Page 2IPFM Asset Management IULC For the Month Ending June 30, 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 16,387,545.79 32,511.68 (1,251,377.28) 0.00 $15,168,680.19 CAMP Pool Unsettled Trades 0.00 32,511.68 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 13,869,822.53 0.00 0.00 16,921.43 $13,886,743.96 CAMP Managed Account Unsettled Trades 0.00 12,887.50 Cash Dividends and Income June 30, 2019 May 31, 2019 Asset Summary CAMP Pool 15,168,680.19 16,387,545.79 CAMP Managed Account 13,886,743.96 13,869,822.53 $29,055,424.15 $30,257,368.32 Total Asset Allocation 52.21% CAMP Pool 47.79% CAMP Managed Account Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending June 30, 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 $16,387,545.79 32,511.68 (1,251,377.28) $15,168,680.19 32,511.68 $13,869,822.53 0.00 0.00 0.00 0.00 16,921.43 $13,886,743.96 $30,257,368.32 $29,055,424.15 12,887.50 0.00 0.00 $12,887.50 0.00 0.00 12,887.50 0.00 0.00 (12,887.50) 0.00 Managed Account Total 13,849,979.07 29,018,659.26 159,725.03 0.00 0.00 12,887.50 0.00 (13,844,802.41) (147,065.33) 0.00 159,725.03 1,251,377.28 0.00 12,887.50 (32,511.68) (30,232,348.20) (147,065.33) 32,511.68 Total Accrual Basis Earnings $30,723.86 $63,235.54 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-001 Page 2IPF M Asset Management ILJLC For the Month Ending June 30, 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 4,440,000.00 4,424,591.21 15.23 Federal Agency Bond / Note 400,000.00 401,750.80 1.38 Corporate Note 4,535,000.00 4,539,269.01 15.62 Certificate of Deposit 4,520,000.00 4,521,132.94 15.56 Managed Account Sub-Total 13,895,000.00 13,886,743.96 47.79% Accrued Interest 159,725.03 Total Portfolio 13,895,000.00 14,046,468.99 CAMP Pool 15,168,680.19 15,168,680.19 52.21 Total Investments 29,063,680.19 29,215,149.18 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 15.56% Cert of Deposit 15.62% Corporate Note 1.38% Fed Agy Bond / Note 52.21% Mny Mkt Fund 15.23% 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 73.12% 23.24% 3.64%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 0.47 174 2.67% 2.20% Account 7023-001 Page 3IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 6.25% A 1.53% A+ 7.78% A-1 7.78% A-1+ 3.13% AA 19.74% AA+ 1.58% AA- 52.21% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 454,489.04 1.56 AMERICAN HONDA FINANCE 908,918.92 3.13 APPLE INC 15,168,680.19 52.22 CAMP Pool 2,260,567.49 7.78 CANADIAN IMPERIAL BANK OF COMMERCE 454,560.47 1.56 CATERPILLAR INC 908,175.45 3.13 CHEVRON CORPORATION 460,029.12 1.58 CISCO SYSTEMS INC 401,750.80 1.38 FREDDIE MAC 453,658.66 1.56 HONEYWELL INTERNATIONAL 454,144.15 1.56 NATIONAL RURAL UTILITIES CO FINANCE CORP 445,293.20 1.53 PEPSICO INC 2,260,565.45 7.78 TORONTO-DOMINION BANK 4,424,591.21 15.23 UNITED STATES TREASURY $29,055,424.15 Total 100.00% Account 7023-001 Page 4IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 648,654.50 647,822.97 1,642.66 641,773.44 07/26/1807/25/18AaaAA+ 650,000.00 912828F62 2.52 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 756,318.56 754,618.80 23.23 744,710.94 07/26/1807/25/18AaaAA+ 760,000.00 912828UF5 2.57 US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 819,744.16 817,281.86 6,840.88 813,017.19 07/26/1807/25/18AaaAA+ 820,000.00 9128283S7 2.58 US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,143,351.85 1,136,874.67 1,339.31 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 1,056,522.14 1,049,453.05 46.81 1,039,835.16 07/26/1807/25/18AaaAA+ 1,060,000.00 912828XH8 2.64 9,892.89 4,424,591.21 4,406,051.35 2.60 4,363,147.28 4,440,000.00 Security Type Sub-Total Federal Agency Bond / Note FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 401,750.80 399,425.68 1,888.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 1,888.89 401,750.80 399,425.68 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 214,366.18 214,072.90 510.03 211,504.10 07/27/1807/25/18A2A 215,000.00 438516BJ4 2.72 HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 239,292.48 238,963.82 569.33 236,092.80 07/27/1807/25/18A2A 240,000.00 438516BJ4 2.72 CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 454,560.47 453,700.83 808.89 450,809.45 07/27/1807/25/18A3A 455,000.00 14913Q2F5 2.70 PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 445,293.20 444,256.60 9,130.00 451,444.40 07/27/1807/25/18A1A+ 440,000.00 713448BN7 2.68 CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 460,029.12 459,022.88 9,336.35 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 Account 7023-001 Page 5IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par Corporate Note NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 454,144.15 452,794.57 3,892.78 449,289.75 07/27/1807/25/18A1A 455,000.00 637432NC5 2.86 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 908,175.45 904,870.89 5,849.23 897,924.30 07/27/1807/25/18Aa2AA 910,000.00 166764AR1 2.81 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 454,489.04 452,499.23 2,934.75 449,248.80 07/27/1807/25/18A2A 455,000.00 02665WAU5 2.95 APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 908,918.92 904,320.32 2,426.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 35,458.03 4,539,269.01 4,524,502.04 2.78 4,510,267.10 4,535,000.00 Security Type Sub-Total Certificate of Deposit CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2,260,567.49 2,260,000.00 56,349.33 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 2,260,565.45 2,260,000.00 56,135.89 2,260,000.00 07/26/1807/25/18P-1A-1+ 2,260,000.00 89113X7H1 2.63 112,485.22 4,521,132.94 4,520,000.00 2.64 4,520,000.00 4,520,000.00 Security Type Sub-Total 13,895,000.00 13,792,186.78 2.67 159,725.03 13,849,979.07 13,886,743.96 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 15,168,680.19 15,168,680.19 0.00 15,168,680.19 NRAAAm 15,168,680.19 15,168,680.19 15,168,680.19 0.00 15,168,680.19 15,168,680.19 Money Market Sub-Total $29,063,680.19 $28,960,866.97 $159,725.03 $29,018,659.26 $29,055,424.15 2.67% $29,215,149.18 $159,725.03 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 6IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.33 831.53 6,881.06 648,654.50 99.79 NOMURA 650,000.00 912828F62US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 2.12 0.33 0.49 1,699.76 11,607.62 756,318.56 99.52 JEFFERIE 760,000.00 912828UF5US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 2.10 0.49 0.57 2,462.30 6,726.97 819,744.16 99.97 GOLDMAN 820,000.00 9128283S7US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 2.05 0.57 0.91 6,477.18 19,541.30 1,143,351.85 99.42 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 2.01 0.91 0.99 7,069.09 16,686.98 1,056,522.14 99.67 JPM_CHAS 1,060,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1.96 0.99 61,443.93 2.04 0.71 18,539.86 4,424,591.21 4,440,000.00 Security Type Sub-Total 0.71 Federal Agency Bond / Note 0.80 2,325.12 2,978.40 401,750.80 100.44 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 1.95 0.80 2,978.40 1.95 0.80 2,325.12 401,750.80 400,000.00 Security Type Sub-Total 0.80 Corporate Note 0.33 293.28 2,862.08 214,366.18 99.71 BNP_PARI 215,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.29 0.33 0.33 328.66 3,199.68 239,292.48 99.71 MKTX 240,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.29 0.33 0.41 859.64 3,751.02 454,560.47 99.90 CSFB 455,000.00 14913Q2F5CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 2.23 0.41 0.52 1,036.60 (6,151.20) 445,293.20 101.20 BONY 440,000.00 713448BN7PEPSICO, INC NOTES DTD 01/14/2010 4.500% 01/15/2020 2.25 0.52 0.52 1,006.24 (5,699.78) 460,029.12 101.11 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.38 0.52 Account 7023-001 Page 7IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration Corporate Note 0.56 1,349.58 4,854.40 454,144.15 99.81 GOLDMAN 455,000.00 637432NC5NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 2.33 0.56 0.66 3,304.56 10,251.15 908,175.45 99.80 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 2.26 0.62 0.69 1,989.81 5,240.24 454,489.04 99.89 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 2.31 0.69 0.84 4,598.60 10,694.32 908,918.92 99.88 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 2.14 0.84 29,001.91 2.26 0.60 14,766.97 4,539,269.01 4,535,000.00 Security Type Sub-Total 0.60 Certificate of Deposit 0.07 567.49 567.49 2,260,567.49 100.03 CIBC 2,260,000.00 13606BZU3CANADIAN IMP BK COMM NY CERT DEPOS DTD 07/26/2018 2.640% 07/24/2019 2.33 0.07 0.07 565.45 565.45 2,260,565.45 100.03 TD 2,260,000.00 89113X7H1TORONTO DOMINION BANK NY CERT DEPOS DTD 07/26/2018 2.630% 07/25/2019 2.33 0.07 1,132.94 2.33 0.07 1,132.94 4,521,132.94 4,520,000.00 Security Type Sub-Total 0.07 13,895,000.00 13,886,743.96 94,557.18 36,764.89 0.47 2.20 Managed Account Sub-Total 0.47 Money Market Mutual Fund 0.00 0.00 0.00 15,168,680.19 1.00 15,168,680.19 CAMP Pool 0.00 15,168,680.19 15,168,680.19 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $29,215,149.18 $159,725.03 $29,055,424.15 Accrued Interest Securities Sub-Total $29,063,680.19 $94,557.18 $36,764.89 0.47 2.20% 0.47 Account 7023-001 Page 8IPF M Asset Management ILJLC For the Month Ending June 30, 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 06/30/19 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 912828XH8 0.00 8,612.50 8,612.50 1,060,000.00 06/30/19 06/30/19 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 912828UF5 0.00 4,275.00 4,275.00 760,000.00 06/30/19 12,887.50 12,887.50 0.00 1,820,000.00 Transaction Type Sub-Total 0.00 12,887.50 12,887.50 Managed Account Sub-Total Total Security Transactions $12,887.50 $12,887.50 $0.00 Account 7023-001 Page 9IPF M Asset Management ILJLC For the Month Ending June 30, 2019Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 16,387,545.79 Opening Balance 06/20/19 06/20/19 Redemption - Outgoing Wires 1.00 (1,250,000.00) 15,137,545.79 06/25/19 06/25/19 IP Fees May 2019 1.00 (1,259.58) 15,136,286.21 06/25/19 06/25/19 U.S. Bank Fees April 2019 1.00 (117.70) 15,136,168.51 06/28/19 07/01/19 Accrual Income Div Reinvestment - Distributions 1.00 32,511.68 15,168,680.19 15,168,680.19 15,168,680.19 15,168,680.19 15,932,188.17 341,595.10 0.00 (48,099,167.18) 17,740,997.24 45,526,850.13 32,511.68 15,168,680.19 0.00 (1,251,377.28) 32,511.68 16,387,545.79 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 June July-June 2.48% Account 7023-001 Page 10IPF M Asset Management ILJLC For the Month Ending June 30, 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 779,858.06 1,591.16 (314.26) 0.00 $781,134.96 CAMP Pool Unsettled Trades 0.00 1,591.16 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 2,230,783.88 0.00 0.00 3,356.34 $2,234,140.22 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income June 30, 2019 May 31, 2019 Asset Summary CAMP Pool 781,134.96 779,858.06 CAMP Managed Account 2,234,140.22 2,230,783.88 $3,015,275.18 $3,010,641.94 Total Asset Allocation 25.91% CAMP Pool 74.09% CAMP Managed Account Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending June 30, 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 $779,858.06 1,591.16 (314.26) $781,134.96 1,591.16 $2,230,783.88 0.00 0.00 0.00 0.00 3,356.34 $2,234,140.22 $3,010,641.94 $3,015,275.18 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 2,226,538.25 3,007,673.21 4,331.05 0.00 0.00 0.00 0.00 (2,225,852.58) (296.36) 0.00 4,331.05 314.26 0.00 0.00 (1,591.16) (3,005,710.64) (296.36) 1,591.16 Total Accrual Basis Earnings $4,720.36 $6,311.52 Transaction Summary - Managed AccountTransaction Summary - Money Market _______________________________________________ _______________________________________________ _____________________________________________________ Cash Balance $0.00 Closing Cash Balance Account 7023-002 Page 2IPF M Asset Management ILJLC For the Month Ending June 30, 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 1,120,000.00 1,118,250.56 37.08 Federal Agency Bond / Note 1,110,000.00 1,115,889.66 37.01 Managed Account Sub-Total 2,230,000.00 2,234,140.22 74.09% Accrued Interest 4,331.05 Total Portfolio 2,230,000.00 2,238,471.27 CAMP Pool 781,134.96 781,134.96 25.91 Total Investments 3,011,134.96 3,019,606.23 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 37.01% Fed Agy Bond / Note 25.91% Mny Mkt Fund 37.08% 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 62.99% 37.01% 0.00%0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.65 243 2.57% 2.08% Account 7023-002 Page 3IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 74.09% AA+ 25.91% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 781,134.96 25.91 CAMP Pool 1,115,889.66 37.01 FEDERAL HOME LOAN BANKS 1,118,250.56 37.08 UNITED STATES TREASURY $3,015,275.18 Total 100.00% Account 7023-002 Page 4IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Detail of Securities Held City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Dated Date/Coupon/Maturity CUSIP Rating Rating Date Date Cost at Cost Interest Cost Value Security Type/Description S&P Moody's Original YTM Accrued Amortized MarketTrade Settle Par U.S. Treasury Bond / Note US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 1,118,250.56 1,116,515.55 1,660.11 1,108,493.75 07/12/1807/11/18AaaAA+ 1,120,000.00 9128283H1 2.51 1,660.11 1,118,250.56 1,116,515.55 2.51 1,108,493.75 1,120,000.00 Security Type Sub-Total Federal Agency Bond / Note FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1,115,889.66 1,110,022.70 2,670.94 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 2,670.94 1,115,889.66 1,110,022.70 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 2,230,000.00 2,218,522.61 2.57 4,331.05 2,226,538.25 2,234,140.22 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 781,134.96 781,134.96 0.00 781,134.96 NRAAAm 781,134.96 781,134.96 781,134.96 0.00 781,134.96 781,134.96 Money Market Sub-Total $3,011,134.96 $2,999,657.57 $4,331.05 $3,007,673.21 $3,015,275.18 2.57% $3,019,606.23 $4,331.05 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5IPF M Asset Management ILJLC For the Month Ending June 30, 2019Managed Account Fair Market Value & Analytics City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Value On Cost Amort Cost to WorstCUSIPBrokerDate PriceDated Date/Coupon/Maturity Par at Mkt Market Unreal G/L Unreal G/L DurationNext Call MarketSecurity Type/Description YTMEffective Duration U.S. Treasury Bond / Note 0.41 1,735.01 9,756.81 1,118,250.56 99.84 JPM_CHAS 1,120,000.00 9128283H1US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 2.12 0.41 9,756.81 2.12 0.41 1,735.01 1,118,250.56 1,120,000.00 Security Type Sub-Total 0.41 Federal Agency Bond / Note 0.90 5,866.96 5,860.80 1,115,889.66 100.53 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 2.03 0.90 5,860.80 2.03 0.90 5,866.96 1,115,889.66 1,110,000.00 Security Type Sub-Total 0.90 2,230,000.00 2,234,140.22 15,617.61 7,601.97 0.65 2.08 Managed Account Sub-Total 0.65 Money Market Mutual Fund 0.00 0.00 0.00 781,134.96 1.00 781,134.96 CAMP Pool 0.00 781,134.96 781,134.96 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $3,019,606.23 $4,331.05 $3,015,275.18 Accrued Interest Securities Sub-Total $3,011,134.96 $15,617.61 $7,601.97 0.65 2.08% 0.65 Account 7023-002 Page 6IPF M Asset Management ILJLC For the Month Ending June 30, 2019Account Statement City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 Total Settlement Dollar AmountShare or Trade Shares OwnedDate Transaction Description of TransactionUnit PriceDate CAMP Pool 779,858.06 Opening Balance 06/25/19 06/25/19 IP Fees May 2019 1.00 (283.30) 779,574.76 06/25/19 06/25/19 U.S. Bank Fees April 2019 1.00 (30.96) 779,543.80 06/28/19 07/01/19 Accrual Income Div Reinvestment - Distributions 1.00 1,591.16 781,134.96 781,134.96 781,134.96 781,134.96 779,954.32 25,248.48 0.00 (5,511,853.94) 1,695,804.47 4,597,184.43 1,591.16 781,134.96 0.00 (314.26) 1,591.16 779,858.06 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 June July-June 2.48% Account 7023-002 Page 7IPF M Asset Management ILJLC