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Fin Quarterly Investment Report - City
____________________________________________________________________________________ FOR CITY CLERK ONLY Council Meeting: 10/21/2019 Disposition: Accepted Report Agenda Item No: 5.c Meeting Date: October 21, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT Department: Finance Department Prepared by: Nadine Atieh Hade Finance Director City Manager Approval: ______________ TOPIC: QUARTERLY INVESTMENT REPORT SUBJECT: ACCEPTANCE OF CITY OF SAN RAFAEL QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING SEPTEMBER 30, 2019 RECOMMENDATION: Accept investment report for the quarter ending September 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 September 30, 2019, the balance was $30,340,940 and the portfolio had a yield of 2.22 percent. ANALYSIS: As of September 30, 2019, the primary LAIF account had a balance of $12,680,946. The other LAIF account holding housing funds for future administrative expenses contained $151,067. Portfolio returns on LAIF deposits were 2.28% for the quarter. The remaining investment assets included the $1,315,100 balance of Pt. San Pedro Assessment District bonds, and $22,573,864 in government agency securities and corporate bonds (including JP Morgan Chase, Walmart Inc., Apple Inc., Toyota Motor Credit Corp., Caterpillar Financial Services, and PNC Bank NA). The overall total portfolio returns for the quarter ended September 30, 2019 were 2.12%. The City’s Westamerica account had a balance of $8,777,972 at quarter end. SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2 Exhibit A is composed of four parts: (1) Quarterly Investment Portfolio Report; (2) Historical Activity by Quarter summarizing the City’s investments; (3) the three monthly investment reports from Insight Investment for the quarter; and (4) the two CAMP Lease Revenue Bonds Series 2018 Project Fund Account 7023-001 and Capitalized Interest Account 7023-002 for the month ending September 2019. FISCAL IMPACT: No financial impact occurs by adopting the report. The City continues to meet the priority principles of investing - safety, liquidity and yield in respective order. The portfolio remains conservatively invested. Sufficient liquidity exists to meet daily operating and capital project requirements for the next six months. Operating funds, as defined for this report, exclude cash held with fiscal agents for the payment of bond principal and interest. RECOMMENDATION: Accept investment report for the quarter ending September 30, 2019, as presented. ATTACHMENTS: Exhibit A: 1. Quarterly Investment Portfolio Report 2. Historical Activity by Quarter Report 3. Insight Investment Statements, July through September 2019 4. CAMP Lease Revenue Bonds Series 2018 Project Fund & Capitalize Interest Statements for the Month Ending September 30, 2019 SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3 I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH THE CITY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE CITY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS REQUIRED DURING THE NEXT SIX-MONTH PERIOD. NADINE ATIEH HADE FINANCE DIRECTOR Exhibit A %Return LAIF 11,931,347$ 93.0% 2.28% LAIF ‐ RDA 151,067$ 1.2% 2.28% LAIF ‐ RDA 02 TARB 749,598$ 5.8% 2.28% Total Internally Managed 12,832,013$ 34.9% Weighted Average Yield 2.28% Days Effective Average Duration ‐ Internal 1 Weighted Average Maturity ‐ Internal 1 %Return Treasury Securities 4,569,064$ 19.1% 1.47% Instrumentality Securities 15,010,194$ 62.8% 1.83% Corporate Notes 2,994,607$ 12.5% 2.51% Municipal 1,315,100$ 5.5% 5.25% Total Externally Managed 23,888,964$ 65.1% Weighted Average Yield 2.03% Years Effective Average Duration ‐ External 1.86 Weighted Average Maturity ‐ External 2.13 Total Portfolio Assets %Return LAIF 12,832,013$ 34.9% 2.28% Treasury Securities 4,569,064$ 12.4% 1.47% Instrumentality Securities 15,010,194$ 40.9% 1.83% Corporate Notes 2,994,607$ 8.2% 2.51% Municipal 1,315,100$ 3.6% 5.25% Total Portfolio Assets 36,720,977$ Weighted Average Yield 2.12% Years Effective Average Duration ‐ Total 1.21 Weighted Average Maturity ‐ Total 1.39 Based on Market Values September 30, 2019 City of Rafael Quarterly Investment Portfolio Report Externally Managed Assets Internally Managed Assets LAIF, 93.0% LAIF ‐RDA, 1.2% LAIF ‐RDA 02 TARB, 5.8% Treasury Securities, 19.1% Instrumentality Securities, 62.8% Corporate Notes, 12.5% Municipal, 5.5% LAIF 35% Treasury Securities 12% Instrumentality Securities 41% Corporate Notes 8% Municipal 4% Exhibit AInternally Managed Assets% Return % Return % Return % Return % Return % ReturnLAIF 12,680,946$ 98.8% 2.28% 17,597,984$ 99.2% 2.43% 12,519,411$ 98.8% 2.44% 12,486,014$ 98.8% 2.29% 4,437,136$ 96.8% 2.05% 19,345,352$ 99.2% 1.85%LAIF ‐ Housing 151,067$ 1.2% 2.28% 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%Total Internally Managed 12,832,013$ 34.9%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%Weighted Average Yield 2.28% 2.43% 2.44% 2.29% 2.05% 1.85%Externally Managed Assets% Return % Return % Return % Return % Return % ReturnCash ‐$ 0.0% 0.00% 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%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 4,569,064$ 19.1% 1.47% 4,064,551$ 17.1% 1.64% 4,469,213$ 19.0% 1.61% 4,452,549$ 19.1% 1.61% 4,432,186$ 18.0% 1.61% 4,434,357$ 18.0% 1.61%Instrumentality Securities 15,010,194$ 62.8% 1.83% 14,234,066$ 60.0% 1.68% 14,048,805$ 59.6% 1.70% 14,469,316$ 61.9% 1.50% 15,662,144$ 63.6% 1.48% 15,515,087$ 63.0% 1.41%Corporate Notes 2,994,607$ 12.5% 2.51% 3,988,410$ 16.8% 2.68% 3,534,412$ 15.0% 2.52% 3,029,558$ 13.0% 2.21% 3,032,374$ 12.3% 1.88% 3,034,526$ 12.3% 1.35%Municipal/Assessment District 1,315,100$ 5.5% 5.25% 1,387,200$ 5.8% 5.25% 1,387,200$ 5.9% 5.25% 1,387,200$ 5.9% 5.25% 1,387,200$ 5.6% 5.25% 1,455,700$ 5.9% 5.25%Total Externally Managed 23,888,965$ 65.1%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%Weighted Average Yield 2.03% 2.05% 2.00% 1.83% 1.76% 1.66%Years Years Years Years Years YearsEffective Average Duration ‐ External 1.86 1.34 1.34 1.34 1.51 1.68Weighted Average Maturity ‐ External 2.13 1.60 1.60 1.60 1.74 1.96Total Portfolio Assets% Return % Return % Return % Return % Return % ReturnLAIF 12,832,013$ 34.9% 2.28% 17,748,092$ 42.8% 2.43% 12,668,583$ 35.0% 2.44% 12,634,290$ 35.1% 2.29% 4,584,611$ 15.7% 2.05% 19,492,130$ 44.2% 1.85%Cash‐$ 0.0% 0.00% 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%Treasury Securities 4,569,064$ 12.4% 1.47% 4,064,551$ 9.8% 1.64% 4,469,213$ 12.3% 1.61% 4,452,549$ 12.4% 1.61% 4,432,186$ 15.2% 1.61% 4,434,357$ 10.1% 0.00%Instrumentality Securities 15,010,194$ 40.9% 1.83% 14,234,066$ 34.3% 1.68% 14,048,805$ 38.8% 1.70% 14,469,316$ 40.2% 1.50% 15,662,144$ 53.6% 1.48% 15,515,087$ 35.2% 1.61%Corporate Notes 2,994,607$ 8.2% 2.51% 3,988,410$ 9.6% 2.68% 3,534,412$ 9.8% 2.52% 3,029,558$ 8.4% 2.21% 3,032,374$ 10.4% 1.88% 3,034,526$ 6.9% 1.41%Municipal/Assessment District 1,315,100$ 3.6% 5.25% 1,387,200$ 3.3% 5.25% 1,387,200$ 3.8% 5.25% 1,387,200$ 3.9% 5.25% 1,387,200$ 4.7% 5.25% 1,455,700$ 3.3% 1.35%36,720,977$ 41,475,267$ 36,246,160$ 35,998,964$ 29,227,731$ 44,102,157$ Total Portfolio AssetsWeighted Average Yield 2.12% 2.21% 2.16% 1.99% 1.80% 1.74%Years Years Years Years Years YearsEffective Average Duration ‐ Total 1.21 0.77 0.87 0.87 1.27 0.94Weighted Average Maturity ‐ Total 1.39 0.92 1.04 1.04 1.47 1.09Performance Recap‐The weighted average quarterly portfolio yield decreased slightly from 2.21% to 2.12% during the past quarter. The yield has increased over the past year, from 1.80% in the quarter ended September 30, 2018 to 2.12% in the most recent quarter. This trend is reflective of the general increase in interest rates that occurred througout the year. ‐The effective average duration has increased, from 0.77 to 1.21 years since last quarter due to a decrease in cash. ‐The total portfolio assets decreased by approximately $4.8 million during the quarter. This is due to the spending down of funds while we await property tax receipts in late December. City of San RafaelHistorical Activity‐By QuarterMarch 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018September 30, 2019 June 30, 2019W:\Accounting and Budgeting\Finance\Bank Reconciliations\Statements\19‐20\03 ‐ September 2019\Insight‐Quarterly Report combined 9‐30‐19.xlsx SAN RAFAELJuly 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 July 31, 2019SAN RAFAELChart 1: Fed funds target rate: 7/31/2014—7/31/2019Source: Bloomberg FinanceLP, July 31, 2019.Chart 2: Treasury yield curve: 7/31/2018 and 7/31/2019Source: Bloomberg FinanceLP, July 31, 2019.Economic Indicators and Monetary PolicyOn July 31 the Federal Open Market Committee (FOMC) completed a two-day meetingand voted 8-2 to decrease the federal funds target rate 25bp to a range of 2.00% to2.25%. During the press conference following the meeting, Federal Reserve ChairPowell characterized the change in rates as “mid-cycle adjustment” rather than thestart of an easing cycle, with the rate decrease insurance against slowing globalgrowth and below-target inflation. The central bank pointed to rising economicthreats, particularly from overseas, and pledged to “sustain the expansion” at fullemployment levels and with inflation near the 2% target. In addition to the ratechange, the FOMC also announced an early end to the balance sheet unwind, whichhad previously beenexpectedto be complete in September. (See Chart 1).The employment report released on July 5 showed that non-farm payrolls increasedby 224,000 in June, exceeding expectations of 160,000 jobs added, while the jobgains for May were revised lower to 62,000 from 75,000. The unemployment rate andthe underemployment rate each increased 0.1% in June to 3.7%and 7.2% respectively,due toan increase in the labor force participation rate from62.9% from 62.8% in May.On July 11 the Consumer Price Index (CPI) report revealed that core prices, whichexclude food and exergy, rose 0.3% in June for an annual gain of 2.1%. The broaderreading of headline CPI increased 0.1% for an annual increase of 1.6%. Both measuresexceeded market expectations. Price increases were broad based and impactedshelter,used vehicles,and apparel.The first report of second quarter Gross Domestic Product (GDP) was released on July26, showing growth of 2.1% versus expectations of 1.8%. Consumer spending rose to4.3% and government spending increased, while outsized gains in inventory and tradeduringthefirstquarterreversed.InterestRateSummaryAt the end of July, the 3-month US Treasury bill yielded 2.07%, the 6-month USTreasury bill yielded 2.07%, the 2-year US Treasury note yielded 1.87%, the 5-year USTreasury note yielded 1.83% and the 10-year US Treasury noteyielded 2.02%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%Jul14 Jul15 Jul16 Jul17 Jul18 Jul190.00%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 yr7/31/20197/31/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2019 - July 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,719,440.44Opening balance47,520.52Income received47,520.52Total receipts(139.62)Expenses paid(139.62)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(3,245.07)Total amortization expense3,776.94Total OID/MKT accretion income0.00Return of capitalClosing balance23,767,353.21Ending fair value23,763,940.75(3,412.46)Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.28 1.19 0.20Overnight Repo2.37 1.22 0.21Merrill Lynch 3m US Treas Bill 2.26 1.13 0.17Merrill Lynch 6m US Treas Bill 2.32 1.12 0.17ML 1 Year US Treasury Note 2.45 1.14 0.17ML 2 Year US Treasury Note 2.46 1.08 0.15ML 5 Year US Treasury Note 2.49 1.08 0.15* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned41,094.01Accretion (amortization)531.87Realized gain (loss) on sales0.00Total income on portfolio41,625.88Average daily amortized cost23,736,495.72Period return (%)Weighted average final maturity in days672YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 71.91 0.00 71.910.00Corporate Bonds 7,983.49 1,230.65 9,214.140.00Government Agencies 23,126.58 (815.56) 22,311.020.00Government Bonds 3,640.73 116.78 3,757.510.00Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total 41,094.01 531.87 0.00 41,625.880.171.164 ACTIVITY AND PERFORMANCE SUMMARYFor the period July 1, 2019 - July 31, 2019SAN RAFAELFair Value Basis Activity Summary23,727,176.49Opening balance47,520.52Income received47,520.52Total receipts(139.62)Expenses paid(139.62)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period(10,616.64)Ending fair value23,763,940.75Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.28 1.19 0.20Overnight Repo2.37 1.22 0.21ICE ML 3m US Treas Bill 2.34 1.23 0.18ICE ML 6m US Treas Bill 2.53 1.35 0.19ICE ML 1 Year US Treasury Note 2.91 1.56 0.06ICE ML US Treasury 1-3 3.84 2.04 (0.12)ICE ML US Treasury 1-5 4.80 2.54 (0.18)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 71.91 0.00 71.91Corporate Bonds 7,983.49 (726.74) 7,256.75Government Agencies 23,126.58 (9,059.95) 14,066.63Government Bonds 3,640.73 (829.95) 2,810.78Municipal/Provincial Bonds 6,271.30 0.00 6,271.30Total41,094.01 (10,616.64) 30,477.37Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned41,094.01Total income on portfolio30,477.37Average daily total value *23,874,537.78Period return (%)0.13Weighted average final maturity in days672Change in fair value(10,616.64)YTD return (%)1.93* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of July 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents53,919.79 53,919.79 53,919.790.000.230.001Corporate Bonds4,063,178.50 4,069,807.78 4,087,278.96 17,471.18597 17.111.51Government Agencies15,252,031.11 15,256,433.41 15,247,961.70 (8,471.71)405 64.211.07Government Bonds2,997,175.79 2,999,992.23 2,987,580.30 (12,411.93)246 12.620.67Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.004,782 5.849.23Total23,753,505.19 23,767,353.21 23,763,940.75 (3,412.46)672 100.001.57Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents0.23Corporate Bonds17.11Government Agencies64.21Government Bonds12.62Municipal/Provincial Bonds5.84Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of July 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days5,837,629.40 24.5890 to 179 days1,892,369.77 7.97180 days to 1 year4,837,597.83 20.371 to 2 years5,533,237.19 23.292 to 3 years2,119,060.00 8.923 to 4 years1,622,956.00 6.834 to 5 years523,455.00 2.20Over 5 years1,387,200.00 5.8423,753,505.19 100.00Maturity 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 July 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 Equivalents0.00053,919.79 53,919.790.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents0.2353,919.7953,919.79Total Cash and Cash Equivalents53,919.79 53,919.79 53,919.79 0.00 0.00 0.000.00 0.000.230.000.0053,919.79Corporate Bonds084670BL1 2.100 08/14/2019 547,453.50 549,892.62102.3013.88 0.00 994.59 5,357.920.00 230.11BERKSHIRE HATHAWAY INC2.1% 14AUG20192.30549,906.50550,000.0090331HNB5 2.000 01/24/2020 493,330.00 497,465.98(338.00)1,584.52 5,000.00 861.11 194.4412/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.08499,050.50500,000.0089236TCF0 2.150 03/12/2020 504,545.00 501,119.86(313.50)(1,679.36) 0.00 925.69 4,150.690.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.12499,440.50500,000.0002665WBT7 1.950 07/20/2020 492,340.00 495,203.94245.003,409.56 4,875.00 839.59 297.920.00 411.10AMERICAN HONDA FINANCE1.95% 20JUL20202.07498,613.50500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 496,021.10(354.00)5,370.40 0.00 1,097.92 5,312.5002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.08501,391.50500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 506,444.95(962.50)3,234.05 8,500.00 1,463.89 377.7806/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.13509,679.00500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,278.18762.965,678.28 0.00 1,119.45 1,263.8903/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.11505,956.46500,000.008 SECURITIES HELDAs of July 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds693475AV7 3.500 01/23/2024 523,455.00 523,381.15(214.00)(140.15) 0.00 97.22 388.8912/24/2023 (291.67) (73.85)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.20523,241.00500,000.00Total Corporate Bonds4,063,178.50 4,069,807.78 4,087,278.96 17,471.18 18,375.00 7,399.46(291.67) 770.1617.1117,344.03(1,071.74)4,050,000.00Government Agencies3133EGSC0 1.000 08/26/2019 1,000,610.00 1,000,014.63940.00(804.63) 0.00 861.12 4,305.560.00 (16.88)FEDERAL FARM CREDIT BANK1% 26AUG20194.21999,210.001,000,000.00313380FB8 1.375 09/13/2019 1,011,510.00 1,000,464.29720.00(1,434.29) 0.00 1,184.02 5,270.830.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.26999,030.001,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,070.60710.00(1,060.60) 0.00 1,291.66 5,208.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.21999,010.001,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,647,917.361,387.65(530.96) 0.00 1,776.04 6,817.710.00 1,007.73FREDDIE MAC 1.25%02OCT20196.881,647,386.401,650,000.003135G0R39 1.000 10/24/2019 589,095.11 598,559.73603.60(170.73) 0.00 516.67 1,616.670.00 514.38FANNIE MAE 1% 24OCT20192.48598,389.00600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,003.30600.00(1,180.80) 0.00 968.75 2,718.750.00 (1.06)FEDERAL HOME LOAN BANK1.5% 04NOV20193.16748,822.50750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,511.8480.00(3,691.84) 0.00 1,248.61 6,847.220.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.22996,820.001,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,619.22(265.00)(1,594.22) 0.00 645.83 2,750.000.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.10498,025.00500,000.009 SECURITIES HELDAs of July 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies313383HU8 1.750 06/12/2020 996,870.00 998,933.89180.00(1,273.89) 0.00 1,506.94 2,381.940.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.20997,660.001,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,707.39440.00(5,037.39) 0.00 1,291.67 6,541.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.21994,670.001,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,346.05(1,640.00)(6,336.05) 0.00 1,358.33 4,075.000.00 (86.75)FANNIE MAE 1.63%30OCT2020 CALLABLE4.22995,010.001,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,336.78(1,405.00)4,533.22 6,375.00 1,097.91 708.330.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.10503,870.00500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,019,792.44(4,126.00)9,788.56 0.00 3,121.53 5,034.720.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.311,029,581.001,000,000.00313378JP7 2.375 09/10/2021 602,430.00 602,209.09(1,314.00)3,322.91 0.00 1,227.08 5,581.250.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.54605,532.00600,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,015,537.44(4,175.00)(1,547.44) 0.00 2,152.78 9,722.220.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.281,013,990.001,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,683.65139.80172.15 0.00 666.67 3,866.67(3,200.00) (32.35)FANNIE MAE 2% 05OCT20222.53601,855.80600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,020,725.71(2,140.00)(1,625.71) 0.00 2,013.89 3,611.11(1,597.22) (514.29)FEDERAL HOME LOAN BANK2.5% 09DEC20224.301,019,100.001,000,000.00Total Government Agencies15,252,031.11 15,256,433.41 15,247,961.70 (8,471.71) 6,375.00 22,929.50(4,797.22) (825.37)64.2177,057.98(9,263.95)15,200,000.0010 SECURITIES HELDAs of July 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 649,009.77 649,901.41254.15(1,577.11) 0.00 688.18 2,042.350.00 33.23USA TREASURY 1.25%31OCT20192.73648,324.30650,000.00912828H52 1.250 01/31/2020 745,869.14 749,203.27205.50(2,689.27) 4,687.50 802.83 0.000.00 134.23USA TREASURY 1.25%31JAN20203.14746,514.00750,000.00912828X96 1.500 05/15/2020 596,554.69 598,914.18(234.60)(1,797.18) 0.00 758.15 1,883.150.00 116.47USA TREASURY 1.5%15MAY20202.51597,117.00600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,001,973.37(1,055.00)(6,348.37) 8,125.00 1,391.57 0.000.00 (167.15)USA TREASURY 1.625%31JUL20204.23995,625.001,000,000.00Total Government Bonds2,997,175.79 2,999,992.23 2,987,580.30 (12,411.93) 12,812.50 3,640.730.00 116.7812.623,925.50(829.95)3,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,271.30 30,142.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.841,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,271.300.00 0.005.8430,142.700.001,387,200.00Grand total23,753,505.19 23,767,353.21(11,165.64)(3,412.46) 37,562.50 40,240.9923,691,119.79(5,088.89) 61.57100.00128,470.2123,763,940.7511 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 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 4.26 999,030.00 4.20 0.123130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,000.00 750,030.00 3.16 748,822.50 3.15 0.26313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.20 997,660.00 4.20 0.85313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.31 1,029,581.00 4.33 1.79313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.54 605,532.00 2.55 2.03313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.28 1,013,990.00 4.27 2.493130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.30 1,019,100.00 4.29 3.20Issuer total6,350,000.00 6,422,450.00 27.04 6,413,715.50 26.99 1.56Federal Farm Credit Banks3133EGSC0FEDERAL FARM CREDIT 1.000 08/26/2019 AA+ Aaa 1,000,000.00 1,000,610.00 4.21 999,210.00 4.20 0.073133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.22 996,820.00 4.19 0.523133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.21 994,670.00 4.19 1.053133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.10 503,870.00 2.12 1.41Issuer total3,500,000.00 3,502,030.00 14.74 3,494,570.00 14.71 0.67Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,000,000.00 1,001,001.00 4.21 999,010.00 4.20 0.163137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019 AA+ Aaa 1,650,000.00 1,634,040.00 6.88 1,647,386.40 6.93 0.173134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.10 498,025.00 2.10 0.62Issuer total3,150,000.00 3,133,330.00 13.19 3,144,421.40 13.23 0.24United States Treasury Note/Bond912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 650,000.00 649,009.77 2.73 648,324.30 2.73 0.25912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.14 746,514.00 3.14 0.50912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.51 597,117.00 2.51 0.7812 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.23 995,625.00 4.19 0.99Issuer total3,000,000.00 2,997,175.79 12.62 2,987,580.30 12.57 0.67Federal National Mortgage Association3135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 600,000.00 589,095.11 2.48 598,389.00 2.52 0.233135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.22 995,010.00 4.19 1.233135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.53 601,855.80 2.53 3.04Issuer total2,200,000.00 2,194,221.11 9.24 2,195,254.80 9.24 1.46PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,387,200.00 1,387,200.00 5.84 1,387,200.00 5.84 9.23Issuer total1,387,200.00 1,387,200.00 5.84 1,387,200.00 5.84 9.23Berkshire Hathaway Inc084670BL1BERKSHIRE HATHAWAY 2.100 08/14/2019 AA Aa2 550,000.00 547,453.50 2.30 549,906.50 2.31 0.04Issuer total550,000.00 547,453.50 2.30 549,906.50 2.31 0.04PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.20 523,241.00 2.20 4.08Issuer total500,000.00 523,455.00 2.20 523,241.00 2.20 4.08Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.13 509,679.00 2.14 1.84Issuer total500,000.00 507,030.00 2.13 509,679.00 2.14 1.84Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.11 505,956.46 2.13 2.62Issuer total500,000.00 500,300.00 2.11 505,956.46 2.13 2.6213 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of July 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.08 501,391.50 2.11 1.47Issuer total500,000.00 494,725.00 2.08 501,391.50 2.11 1.47Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.12 499,440.50 2.10 0.60Issuer total500,000.00 504,545.00 2.12 499,440.50 2.10 0.60US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.08 499,050.50 2.10 0.47Issuer total500,000.00 493,330.00 2.08 499,050.50 2.10 0.47American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.07 498,613.50 2.10 0.96Issuer total500,000.00 492,340.00 2.07 498,613.50 2.10 0.96Cash and Cash EquivalentsINVESTED CASH 0.00053,919.79 53,919.79 0.00 53,919.79 0.23 0.00Issuer total53,919.79 53,919.79 0.00 53,919.79 0.23 0.00Grand total23,691,119.79 23,753,505.19 100.00 23,763,940.75 100.001.5714 SECURITIES PURCHASEDFor the period July 1, 2019 - July 31, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds693475AV73.50007/26/2019 01/23/2024 500,000.00 104.69 (523,455.00) (291.67)PNC FINANCIAL SERVICES 3.5% 23JAN2024 (CALLABLE 23DEC23)12/24/202307/29/2019CREDIT SUISSE SECURITIES (USA) LLC500,000.00 (523,455.00) (291.67)Total Corporate BondsGovernment Agencies3130A3KM52.50007/01/2019 12/09/2022 1,000,000.00 102.12 (1,021,240.00) (1,597.22)FEDERAL HOME LOAN BANK 2.5% 09DEC2022 07/02/2019MORGAN STANLEY AND CO., LLC3135G0T782.00007/09/2019 10/05/2022 600,000.00 100.29 (601,716.00) (3,200.00)FANNIE MAE 2% 05OCT202207/11/2019KEYBANK NATIONAL ASSOCIATION1,600,000.00 (1,622,956.00) (4,797.22)Total Government AgenciesGrand totalGrand total2,100,000.00 (2,146,411.00) (5,088.89)15 SECURITIES SOLD AND MATUREDFor the period July 1, 2019 - July 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 Bonds69353REX2PNC BANK NA 1.45%29JUL2019 CALLABLE1.45007/29/2019 (500,000.00) 494,490.00 500,000.00460.490.00345.00500,000.00 0.00 0.00 3,625.00 584.0307/29/2019(500,000.00)0.00494,490.00460.49500,000.00345.00500,000.00 0.00 3,625.00 584.03Total (Corporate Bonds)Government Agencies3135G0L76FNMA FNMA 1.07507/11/19 INSEDOL =A036M99 1.07507-11-2019/04-11-20191.07507/11/2019 (600,000.00) 599,100.00 600,000.009.810.00204.00600,000.00 0.00 0.00 3,225.00 197.0807/11/2019(600,000.00)0.00599,100.009.81600,000.00204.00600,000.00 0.00 3,225.00 197.08Total (Government Agencies)Government Bonds912828WS5UTD STATES TREAS 1.625%DUE 06-30-20191.62507/01/2019 (1,000,000.00) 993,281.25 1,000,000.000.000.000.001,000,000.00 0.00 0.00 8,125.00 0.0007/01/2019(1,000,000.00)0.00993,281.250.001,000,000.000.001,000,000.00 0.00 8,125.00 0.00Total (Government Bonds)Grand totalGrand total(2,100,000.00)0.002,086,871.25470.302,100,000.00 2,100,000.00 0.00 14,975.00 781.11549.0016 TRANSACTION REPORTFor the period July 1, 2019 - July 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)8,125.0006/30/201906/30/2019Income912828WS5 Government Bonds UTD STATES TREAS 1.625% DUE 06/30/2019 1,000,000.00 0.00 8,125.000.00(1,597.22)07/01/201907/02/2019Bought3130A3KM5 Government Agencies FEDERAL HOME LOAN BANK 12/09/2022 1,000,000.00 (1,021,240.00) (1,022,837.22)0.000.0007/01/201907/01/2019Capital Change912828WS5 Government Bonds UTD STATES TREAS 1.625% DUE 06/30/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.00(3,200.00)07/09/201907/11/2019Bought3135G0T78 Government Agencies FANNIE MAE 2% 05OCT202210/05/2022 600,000.00 (601,716.00) (604,916.00)0.006,375.0007/11/201907/11/2019Income3133EJ4Q9 Government Agencies FEDERAL FARM CREDIT BANK 01/11/2021 500,000.00 0.00 6,375.000.003,225.0007/11/201907/11/2019Income3135G0L76 Government Agencies FNMA FNMA 1.075 07/11/19 07/11/2019 600,000.00 0.00 3,225.000.000.0007/11/201907/11/2019Capital Change3135G0L76 Government Agencies FNMA FNMA 1.075 07/11/19 07/11/2019 (600,000.00) 600,000.00 600,000.000.004,875.0007/22/201907/22/2019Income02665WBT7 Corporate Bonds AMERICAN HONDA FINANCE 07/20/2020 500,000.00 0.00 4,875.000.008,500.0007/23/201907/23/2019Income17325FAQ1 Corporate Bonds CITIBANK NA 3.4% 23JUL2021 07/23/2021 500,000.00 0.00 8,500.000.005,000.0007/24/201907/24/2019Income90331HNB5 Corporate Bonds US BANK NA CINCINNATI 2% 01/24/2020 500,000.00 0.00 5,000.000.00(291.67)07/26/201907/29/2019Bought693475AV7 Corporate Bonds PNC FINANCIAL SERVICES 3.5%01/23/2024 500,000.00 (523,455.00) (523,746.67)0.003,625.0007/29/201907/29/2019Income69353REX2 Corporate Bonds PNC BANK NA 1.45% 07/29/2019500,000.00 0.00 3,625.000.000.0007/29/201907/29/2019Capital Change69353REX2 Corporate Bonds PNC BANK NA 1.45% 07/29/2019(500,000.00) 500,000.00 500,000.000.004,687.5007/31/201907/31/2019Income912828H52 Government Bonds USA TREASURY 1.25% 01/31/2020 750,000.00 0.00 4,687.500.008,125.0007/31/201907/31/2019Income912828XM7 Government Bonds USA TREASURY 1.625% 07/31/2020 1,000,000.00 0.00 8,125.000.0071.91Income Cash and Cash Equivalents Cash71.910.00 0.000.0007/31/201917 ADDITIONAL INFORMATIONAs of July 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 July 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 RAFAELAugust 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 sold and matured 15Transaction report16Additional information17 FIXED INCOME MARKET REVIEWAs of August 31, 2019SAN RAFAELChart 1: 10-year Treasury yields: 8/31/2014—8/31/2019Source: Bloomberg Finance LP, August 31, 2019.Chart 2: Treasury yield curve: 8/31/2018 and 8/31/2019Source: Bloomberg Finance LP, August 31, 2019.Economic Indicators and Monetary PolicyInterest rates plummeted during the month of August. The yield on the 10-yearTreasury note fell over 50 basis points to end the month at 1.50% compared to July 31yield of 2.02%. (See Chart 1). The 30-year Treasury note fellbelow 2% during themonth and the yield curve inverted between 2-year and 10-year maturities duringAugust for the first time in the last 12 years.Tensions remained high between the US and China during August, although the USultimately delayed imposing tariffs on certain Chinese imports to avoid potentialimpact to the US consumer ahead of the holiday shopping season. The ultra-lowinterest rate environment persisted in Europe, and Germanyissued 30-year bunds ata negative yieldduring August. The auctionwas less-well-receivedthanexpected.The US consumer remained somewhat resilient and retail sales data showed thatspending in July increased 0.7%, the most since March, driven by strength in on-linesales. The July retail sales data was the fifth monthly increase and indicated that USconsumers are still spending, supportedby low unemployment and wage gains.The employment report showed that 164,000 jobs were added inJuly, close to theforecast for 165,000 new jobs, and June growth was revised to193,000 jobs addedfrom 224,000 originally reported. The unemployment rate was 3.7% again last monthand average hourly earnings increased 0.3% in July for annual growthof 3.2%.Weakness was evident in the factory sector as output fell forbusiness equipment andmaterials. Decreasing production was widespread in durable and non-durable goodsas the factorysector was impacted by slowing global growthand a strongdollar.InterestRateSummaryAt the end of August, the 3-month US Treasury bill yielded 1.98%, the 6-month USTreasury bill yielded 1.87%, the 2-year US Treasury note yielded 1.51%, the 5-year USTreasury note yielded 1.39% and the 10-year US Treasury noteyielded 1.50%. (SeeChart2).0.00%0.50%1.00%1.50%2.00%2.50%3.00%3.50%Aug14 Aug15 Aug16 Aug17 Aug18 Aug190.00%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 yr8/31/20198/31/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2019 - August 31, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,767,353.21Opening balance25,653.33Income received25,653.33Total receipts(139.85)Expenses paid(139.85)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(3,626.79)Total amortization expense3,183.89Total OID/MKT accretion income0.00Return of capitalClosing balance23,792,423.79Ending fair value23,873,671.3281,247.53Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.30 1.19 0.18Overnight Repo2.39 1.22 0.18Merrill Lynch 3m US Treas Bill 2.25 1.11 0.16Merrill Lynch 6m US Treas Bill 2.29 1.09 0.15ML 1 Year US Treasury Note 2.39 1.09 0.15ML 2 Year US Treasury Note 2.37 1.02 0.13ML 5 Year US Treasury Note 2.38 1.01 0.13* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned40,365.92Accretion (amortization)(442.90)Realized gain (loss) on sales0.00Total income on portfolio39,923.02Average daily amortized cost23,777,696.52Period return (%)Weighted average final maturity in days642YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 128.33 0.00 128.330.00Corporate Bonds 7,979.58 278.16 8,257.740.00Government Agencies 22,584.05 (837.84) 21,746.210.00Government Bonds 3,604.96 116.78 3,721.740.00Municipal/Provincial Bonds 6,069.00 0.00 6,069.00Total 40,365.92 (442.90) 0.00 39,923.020.171.334 ACTIVITY AND PERFORMANCE SUMMARYFor the period August 1, 2019 - August 31, 2019SAN RAFAELFair Value Basis Activity Summary23,763,940.75Opening balance25,653.33Income received25,653.33Total receipts(139.85)Expenses paid(139.85)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period84,217.09Ending fair value23,873,671.32Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.30 1.19 0.18Overnight Repo2.39 1.22 0.18ICE BofAML 3 Months US T-BILL 2.36 1.25 0.21ICE ML 6m US Treas Bill 2.61 1.43 0.26ICE ML 1 Year US Treasury Note 3.07 1.73 0.38ICE ML US Treasury 1-3 4.35 2.76 0.81ICE ML US Treasury 1-5 5.58 3.71 1.18* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 128.33 0.00 128.33Corporate Bonds 7,979.58 20,429.86 28,409.44Government Agencies 22,584.05 57,562.03 80,146.08Government Bonds 3,604.96 6,225.20 9,830.16Municipal/Provincial Bonds 6,069.00 0.00 6,069.00Total40,365.92 84,217.09 124,583.01Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned40,365.92Total income on portfolio124,583.01Average daily total value *23,979,770.39Period return (%)0.52Weighted average final maturity in days642Change in fair value84,217.09YTD return (%)2.46* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of August 31, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents1,629,433.27 1,629,433.27 1,629,433.270.006.850.001Corporate Bonds3,515,725.00 3,520,085.94 3,557,708.82 37,622.88657 14.781.65Government Agencies14,251,421.11 14,255,595.57 14,305,523.73 49,928.16402 59.931.06Government Bonds2,997,175.79 3,000,109.01 2,993,805.50 (6,303.51)216 12.600.59Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.000.004,752 5.839.13Total23,780,955.17 23,792,423.79 23,873,671.32 81,247.53642 100.001.49Cash and Cash EquivalentsCorporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents6.85Corporate Bonds14.78Government Agencies59.93Government Bonds12.60Municipal/Provincial Bonds5.83Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of August 31, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days7,264,119.15 30.5590 to 179 days2,242,329.14 9.43180 days to 1 year5,093,530.88 21.421 to 2 years3,528,305.00 14.842 to 3 years2,119,060.00 8.913 to 4 years1,622,956.00 6.834 to 5 years523,455.00 2.20Over 5 years1,387,200.00 5.8323,780,955.17 100.00Maturity 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 August 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 Equivalents0.0001,629,433.27 1,629,433.270.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents6.851,629,433.271,629,433.27Total Cash and Cash Equivalents1,629,433.27 1,629,433.27 1,629,433.27 0.00 0.00 0.000.00 0.006.850.000.001,629,433.27Corporate Bonds90331HNB5 2.000 01/24/2020 493,330.00 497,902.88777.191,924.81 0.00 833.34 1,027.7812/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.07499,827.69500,000.0089236TCF0 2.150 03/12/2020 504,545.00 500,968.521,115.67(412.35) 0.00 895.84 5,046.530.00 (151.34)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.12500,556.17500,000.0002665WBT7 1.950 07/20/2020 492,340.00 495,615.031,110.574,109.04 0.00 812.50 1,110.420.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.07499,724.07500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 496,230.152,562.547,723.89 0.00 1,062.50 6,375.0002/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.08503,954.04500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 506,161.872,626.626,143.75 0.00 1,416.66 1,794.4406/23/2021 0.00 (283.08)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.13512,305.62500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,269.453,709.919,396.92 0.00 1,083.33 2,347.2203/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.10509,666.37500,000.008 SECURITIES HELDAs of August 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds693475AV7 3.500 01/23/2024 523,455.00 522,938.048,433.868,736.82 0.00 1,458.33 1,847.2212/24/2023 0.00 (443.11)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.20531,674.86500,000.00Total Corporate Bonds3,515,725.00 3,520,085.94 3,557,708.82 37,622.88 0.00 7,562.500.00 170.7814.7819,548.6120,336.363,500,000.00Government Agencies313380FB8 1.375 09/13/2019 1,011,510.00 1,000,140.37730.10(380.27) 0.00 1,145.84 6,416.670.00 (323.92)FEDERAL HOME LOAN BANK1.375% 13SEP20194.25999,760.101,000,000.003134G3M49 1.500 09/26/2019 1,001,001.00 1,000,032.78609.46(413.32) 0.00 1,250.00 6,458.330.00 (37.82)FREDDIE MAC 1.5% 26SEP2019CALLABLE4.21999,619.461,000,000.003137EADM8 1.250 10/02/2019 1,634,040.00 1,648,925.091,491.37(47.32) 0.00 1,718.75 8,536.460.00 1,007.73FREDDIE MAC 1.25%02OCT20196.871,648,877.771,650,000.003135G0R39 1.000 10/24/2019 589,095.11 599,074.11729.1043.99 0.00 500.00 2,116.670.00 514.38FANNIE MAE 1% 24OCT20192.48599,118.10600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,002.25448.22(731.53) 0.00 937.50 3,656.250.00 (1.05)FEDERAL HOME LOAN BANK1.5% 04NOV20193.15749,270.72750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,431.451,470.87(2,140.58) 7,250.00 1,208.34 805.560.00 (80.39)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.22998,290.871,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,669.11852.02(792.09) 0.00 625.00 3,375.000.00 49.89FREDDIE MAC 1.5%19MAR2020 CALLABLE2.10498,877.02500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,036.401,786.34409.94 0.00 1,458.34 3,840.280.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.19999,446.341,000,000.009 SECURITIES HELDAs of August 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3133EHVX8 1.500 08/24/2020 999,190.00 999,730.252,413.31(2,646.94) 7,500.00 1,250.00 291.670.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.20997,083.311,000,000.003135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,256.323,615.11(2,631.21) 0.00 1,358.33 5,433.330.00 (89.73)FANNIE MAE 1.63%30OCT2020 CALLABLE4.22998,625.111,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,374.962,253.616,748.65 0.00 1,062.50 1,770.830.00 38.18FEDERAL FARM CREDIT BANK2.55% 11JAN20212.10506,123.61500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,018,907.536,184.0616,857.53 0.00 3,020.84 8,055.560.00 (884.91)FEDERAL HOME LOAN BANK3.625% 11JUN20214.311,035,765.061,000,000.00313378JP7 2.375 09/10/2021 602,430.00 602,121.893,804.777,214.88 0.00 1,187.50 6,768.750.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.53609,336.77600,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,015,042.0910,921.049,868.95 0.00 2,083.34 11,805.560.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.271,024,911.041,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,639.547,678.157,894.41 0.00 1,000.00 4,866.670.00 (44.11)FANNIE MAE 2% 05OCT20222.53609,533.95600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,020,211.4311,784.5010,673.07 0.00 2,083.33 5,694.440.00 (514.28)FEDERAL HOME LOAN BANK2.5% 09DEC20224.291,030,884.501,000,000.00Total Government Agencies14,251,421.11 14,255,595.57 14,305,523.73 49,928.16 14,750.00 21,889.610.00 (823.21)59.9379,892.0356,772.0314,200,000.00Government Bonds912828TV2 1.250 10/31/2019 649,009.77 649,934.63819.09(791.24) 0.00 688.18 2,730.530.00 33.22USA TREASURY 1.25%31OCT20192.73649,143.39650,000.0010 SECURITIES HELDAs of August 31, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Bonds912828H52 1.250 01/31/2020 745,869.14 749,337.501,405.92(1,417.58) 0.00 789.74 789.740.00 134.23USA TREASURY 1.25%31JAN20203.14747,919.92750,000.00912828X96 1.500 05/15/2020 596,554.69 599,030.651,383.00(530.65) 0.00 758.15 2,641.300.00 116.47USA TREASURY 1.5%15MAY20202.51598,500.00600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,001,806.232,617.19(3,564.04) 0.00 1,368.89 1,368.890.00 (167.14)USA TREASURY 1.625%31JUL20204.23998,242.191,000,000.00Total Government Bonds2,997,175.79 3,000,109.01 2,993,805.50 (6,303.51) 0.00 3,604.960.00 116.7812.607,530.466,225.203,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,387,200.00 1,387,200.000.000.00 0.00 6,069.00 36,211.700.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.831,387,200.001,387,200.00Total Municipal/Provincial Bonds1,387,200.00 1,387,200.00 1,387,200.00 0.00 0.00 6,069.000.00 0.005.8336,211.700.001,387,200.00Grand total23,780,955.17 23,792,423.7983,333.5981,247.53 14,750.00 39,126.0723,716,633.270.00 (535.65)100.00143,182.8023,873,671.3211 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 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 4.25 999,760.10 4.19 0.043130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,000.00 750,030.00 3.15 749,270.72 3.14 0.18313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.19 999,446.34 4.19 0.77313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.31 1,035,765.06 4.34 1.71313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.53 609,336.77 2.55 1.95313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.27 1,024,911.04 4.29 2.413130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.29 1,030,884.50 4.32 3.12Issuer total6,350,000.00 6,422,450.00 27.01 6,449,374.53 27.01 1.48Federal Home Loan Mortgage Corp3134G3M49FREDDIE MAC 1.5% 1.500 09/26/2019 AA+ Aaa 1,000,000.00 1,001,001.00 4.21 999,619.46 4.19 0.073137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019 AA+ Aaa 1,650,000.00 1,634,040.00 6.87 1,648,877.77 6.91 0.093134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.10 498,877.02 2.09 0.54Issuer total3,150,000.00 3,133,330.00 13.18 3,147,374.25 13.18 0.16United States Treasury Note/Bond912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 650,000.00 649,009.77 2.73 649,143.39 2.72 0.17912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.14 747,919.92 3.13 0.42912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.51 598,500.00 2.51 0.70912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.23 998,242.19 4.18 0.91Issuer total3,000,000.00 2,997,175.79 12.60 2,993,805.50 12.54 0.59Federal Farm Credit Banks3133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.22 998,290.87 4.18 0.453133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.20 997,083.31 4.18 0.9712 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Farm Credit Banks3133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.10 506,123.61 2.12 1.33Issuer total2,500,000.00 2,501,420.00 10.52 2,501,497.79 10.48 0.83Federal National Mortgage Association3135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 600,000.00 589,095.11 2.48 599,118.10 2.51 0.153135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.22 998,625.11 4.18 1.153135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.53 609,533.95 2.55 2.97Issuer total2,200,000.00 2,194,221.11 9.23 2,207,277.16 9.25 1.38Cash and Cash EquivalentsINVESTED CASH 0.0001,629,433.27 1,629,433.27 0.00 1,629,433.27 6.83 0.00Issuer total1,629,433.27 1,629,433.27 0.00 1,629,433.27 6.83 0.00PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,387,200.00 1,387,200.00 5.83 1,387,200.00 5.81 9.13Issuer total1,387,200.00 1,387,200.00 5.83 1,387,200.00 5.81 9.13PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.20 531,674.86 2.23 4.01Issuer total500,000.00 523,455.00 2.20 531,674.86 2.23 4.01Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.13 512,305.62 2.15 1.75Issuer total500,000.00 507,030.00 2.13 512,305.62 2.15 1.75Caterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.10 509,666.37 2.13 2.52Issuer total500,000.00 500,300.00 2.10 509,666.37 2.13 2.5213 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of August 31, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesJPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.08 503,954.04 2.11 1.40Issuer total500,000.00 494,725.00 2.08 503,954.04 2.11 1.40Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.12 500,556.17 2.10 0.52Issuer total500,000.00 504,545.00 2.12 500,556.17 2.10 0.52US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.07 499,827.69 2.09 0.35Issuer total500,000.00 493,330.00 2.07 499,827.69 2.09 0.35American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.07 499,724.07 2.09 0.88Issuer total500,000.00 492,340.00 2.07 499,724.07 2.09 0.88Grand total23,716,633.27 23,780,955.17 100.00 23,873,671.32 100.001.4914 SECURITIES SOLD AND MATUREDFor the period August 1, 2019 - August 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 Bonds084670BL1BERKSHIRE HATHAWAY2.1% DUE 08-14-20192.10008/14/2019 (550,000.00) 547,453.50 550,000.00107.380.0093.50550,000.00 0.00 0.00 5,775.00 417.0808/14/2019(550,000.00)0.00547,453.50107.38550,000.0093.50550,000.00 0.00 5,775.00 417.08Total (Corporate Bonds)Government Agencies3133EGSC0FEDERAL FARM CREDITBANK 1% 26AUG20191.00008/26/2019 (1,000,000.00) 1,000,610.00 1,000,000.00(14.63)0.00790.001,000,000.00 0.00 0.00 5,000.00 694.4408/26/2019(1,000,000.00)0.001,000,610.00(14.63)1,000,000.00790.001,000,000.00 0.00 5,000.00 694.44Total (Government Agencies)Grand totalGrand total(1,550,000.00)0.001,548,063.5092.751,550,000.00 1,550,000.00 0.00 10,775.00 1,111.52883.5015 TRANSACTION REPORTFor the period August 1, 2019 - August 31, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)7,250.0008/11/201908/11/2019Income3133ECEY6 Government Agencies FEDERAL FARM CREDIT BANK 02/11/2020 1,000,000.00 0.00 7,250.000.005,775.0008/14/201908/14/2019Income084670BL1 Corporate Bonds BERKSHIRE HATHAWAY 2.1% 08/14/2019 550,000.00 0.00 5,775.000.000.0008/14/201908/14/2019Capital Change084670BL1 Corporate Bonds BERKSHIRE HATHAWAY 2.1% 08/14/2019 (550,000.00) 550,000.00 550,000.000.007,500.0008/24/201908/24/2019Income3133EHVX8 Government Agencies FEDERAL FARM CREDIT BANK 08/24/2020 1,000,000.00 0.00 7,500.000.005,000.0008/26/201908/26/2019Income3133EGSC0 Government Agencies FEDERAL FARM CREDIT BANK 08/26/2019 1,000,000.00 0.00 5,000.000.000.0008/26/201908/26/2019Capital Change3133EGSC0 Government Agencies FEDERAL FARM CREDIT BANK 08/26/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.00128.33Income Cash and Cash Equivalents Cash128.330.00 0.000.0008/31/201916 ADDITIONAL INFORMATIONAs of August 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.17 ADDITIONAL INFORMATIONAs of August 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.18 FOR PROFESSIONAL CLIENTS ONLYNOT TO BE REPRODUCED WITHOUT PRIOR WRITTEN APPROVALPLEASE REFER TO ALL RISK DISCLOSURES AT THE BACK OF THIS DOCUMENTSAN RAFAELSeptember 2019 ContentsFixed income market review 3Activity and performance summary 4Recap of securities held6Maturity distribution of securities held 7Securities held8GASB 40 - Deposit and investment risk disclosure 12Securities purchased15Securities sold and matured 16Transaction report17Additional information18 FIXED INCOME MARKET REVIEWAs of September 30, 2019SAN RAFAELChart 1: ISM Manufacturing & Non-Manufacturing Indices 9/30/2014-9/30/2019Source: BloombergFinanceLP, September 30, 2019.Chart 2: Treasury yield curve: 9/30/2018 and 9/30/2019Source: Bloomberg Finance LP, September 30, 2019.Economic Indicators and Monetary PolicyThe Institute for Supply Management (ISM) Manufacturing and Non-ManufacturingIndices diverged in August. The Non-Manufacturing Index increased to a three-monthhigh of 56.4 from 53.7 in July with broad-based improvement and the business activitysubcomponent surged to 61.5 from the July reading of 53.1. Meanwhile, theManufacturing Index fell in August to 49.1 which was below market expectations andthe lowest reading since 2016. The new orders subcomponent fell to more than a 7-year low of 47.2 and the production measure fell to 49.5, the weakest since 2015. Forthe ISM Indices, readings below 50 indicate a contracting environment. (See Chart 1.)The employment report showed that 130,000 jobs were added inAugust, below theforecast for 160,000 new jobs, and July growth was revised to159,000 jobs addedfrom 164,000 originally reported. The unemployment rate was unchanged at 3.7% forthe last three months, just off the historic low of 3.6% witnessed in April and May. Theunderemployment rate, which is the broadest measure of unemployment andincludes marginally attached workers, increased to 7.2% inAugust from 7% in July.Average hourly earnings increased 0.4% in August for annualgrowth of 3.2%. Averagehourly earnings have beenat least 3% since August 2018.On September 18, the Federal Open Market Committee (FOMC) eased monetarypolicy further by lowering the fed funds target rate by 25bp to a range of 1.75%-2%.However, its Summary of Economic Projections presented thecut in a somewhathawkish light. While seven participants argued for anotherrate cut before the end ofthe year, five indicated that the September cut was not warranted. The next meetingof the FOMCis on October 30.InterestRateSummaryAt the end of September, the 3-month US Treasury bill yielded1.82%, the 6-month USTreasury bill yielded 1.82%, the 2-year US Treasury note yielded 1.62%, the 5-year USTreasury note yielded 1.55% and the 10-year US Treasury noteyielded 1.67%. (SeeChart2).3040506070Sep14 Sep15 Sep16 Sep17 Sep18 Sep19Monthly 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 yr9/30/20199/30/20183 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2019 - September 30, 2019SAN RAFAELAmortized Cost Basis Activity Summary23,792,423.79Opening balance101,425.90Income received101,425.90Total receipts(108,514.00)Participant withdrawals(140.54)Expenses paid(108,654.54)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Realized gain (loss)(3,835.10)Total amortization expense3,067.36Total OID/MKT accretion income0.00Return of capitalClosing balance23,784,427.41Ending fair value23,843,046.5758,619.16Unrealized gain (loss)Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.31 1.15 0.17Overnight Repo2.40 1.18 0.17Merrill Lynch 3m US Treas Bill 2.23 1.06 0.15Merrill Lynch 6m US Treas Bill 2.25 1.03 0.15ML 1 Year US Treasury Note 2.33 1.03 0.15ML 2 Year US Treasury Note 2.28 0.96 0.13ML 5 Year US Treasury Note 2.28 0.94 0.13* rates reflected are cumulativeSummary of Amortized Cost Basis Return for the PeriodTotal portfolioInterest earned73,194.89Accretion (amortization)(767.74)Realized gain (loss) on sales0.00Total income on portfolio72,427.15Average daily amortized cost23,753,422.80Period return (%)Weighted average final maturity in days779YTD return (%)Detail of Amortized Cost Basis ReturnInterestearnedRealizedgain (loss)Accretion(amortization)Totalincome0.00Cash and Cash Equivalents 837.22 0.00 837.220.00Corporate Bonds 8,066.66 (10.17) 8,056.490.00Government Agencies 20,708.66 (870.59) 19,838.070.00Government Bonds 3,488.68 113.02 3,601.700.00Municipal/Provincial Bonds 40,093.67 0.00 40,093.67Total 73,194.89 (767.74) 0.00 72,427.150.301.644 ACTIVITY AND PERFORMANCE SUMMARYFor the period September 1, 2019 - September 30, 2019SAN RAFAELFair Value Basis Activity Summary23,873,671.32Opening balance101,425.90Income received101,425.90Total receipts(108,514.00)Participant withdrawals(140.54)Expenses paid(108,654.54)Total disbursements0.00Interportfolio transfers0.00Total Interportfolio transfers0.00Unrealized gain (loss) on security movements0.00Return of capitalChange in fair value for the period(23,396.11)Ending fair value23,843,046.57Comparative Rates of Return (%)* Twelvemonth trailing* Sixmonth trailing* One monthFed Funds2.31 1.15 0.17Overnight Repo2.40 1.18 0.17ICE BofAML 3 Months US T-BILL 2.39 1.20 0.17ICE ML 6m US Treas Bill 2.64 1.36 0.17ICE ML 1 Year US Treasury Note 3.13 1.50 0.11ICE ML US Treasury 1-3 4.36 2.02 (0.11)ICE ML US Treasury 1-5 5.62 2.59 (0.24)* rates reflected are cumulativeDetail of Fair Value Basis ReturnInterestearnedChange infair valueTotalincomeCash and Cash Equivalents 837.22 0.00 837.22Corporate Bonds 8,066.66 (4,679.63) 3,387.03Government Agencies 20,708.66 (19,517.49) 1,191.17Government Bonds 3,488.68 801.01 4,289.69Municipal/Provincial Bonds 40,093.67 0.00 40,093.67Total73,194.89 (23,396.11) 49,798.78Summary of Fair Value Basis Return for the PeriodTotal portfolioInterest earned73,194.89Total income on portfolio49,798.78Average daily total value *23,910,714.96Period return (%)0.21Weighted average final maturity in days779Change in fair value(23,396.11)YTD return (%)2.67* Total value equals market value and accrued interest5 RECAP OF SECURITIES HELDAs of September 30, 2019SAN RAFAELWeightedaveragefinalmaturity (days)Weightedaverageeffectiveduration (years)PercentofportfolioAmortizedcostHistoricalcostFair value Unrealizedgain (loss)Cash and Cash Equivalents(45,917.89) (45,917.89) (45,917.89)0.00(0.19)0.001Corporate Bonds4,531,760.00 4,536,110.77 4,569,064.19 32,953.42777 19.071.95Government Agencies14,963,097.63 14,978,912.50 15,010,193.76 31,281.26549 62.971.45Government Bonds2,997,175.79 3,000,222.03 2,994,606.51 (5,615.52)185 12.610.50Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.000.004,721 5.539.29Total23,761,215.53 23,784,427.41 23,843,046.57 58,619.16 779 100.001.86Corporate BondsGovernment AgenciesGovernment BondsMunicipal/Provincial BondsPortfolio diversification (%)Cash and Cash Equivalents(0.19)Corporate Bonds19.07Government Agencies62.97Government Bonds12.61Municipal/Provincial Bonds5.53Portfolio diversification (%)6■ ■ ■ ■ ■ Total 100.00 MATURITY DISTRIBUTION OF SECURITIES HELDAs of September 30, 2019SAN RAFAELMaturityHistoric cost PercentUnder 90 days4,069,586.99 17.1390 to 179 days2,751,833.14 11.58180 days to 1 year4,090,696.88 17.221 to 2 years4,130,735.00 17.382 to 3 years3,193,264.30 13.443 to 4 years3,686,544.22 15.524 to 5 years523,455.00 2.20Over 5 years1,315,100.00 5.5423,761,215.53 100.00Maturity distribution0.001.002.003.004.005.00Historical cost (mm)Under 90 days90 to 179 days180 days to 1 year1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsOver 5 years7 SECURITIES HELDAs of September 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 Equivalents0.000(45,917.89) (45,917.89)0.000.00 0.00 0.00 0.000.00 0.00Cash and Cash Equivalents(0.19)(45,917.89)(45,917.89)Total Cash and Cash Equivalents(45,917.89) (45,917.89) (45,917.89) 0.00 0.00 0.000.00 0.00(0.19)0.000.00(45,917.89)Corporate Bonds90331HNB5 2.000 01/24/2020 493,330.00 498,339.78209.391,697.30 0.00 805.55 1,833.3312/24/2019 0.00 436.90US BANK NA CINCINNATI 2%24JAN2020 (CALLABLE24DEC19)2.08500,037.08500,000.0089236TCF0 2.150 03/12/2020 504,545.00 500,817.19(33.56)(294.58) 5,375.00 865.97 537.500.00 (151.33)TOYOTA MOTOR CREDIT CORP2.15% 12MAR20202.12500,522.61500,000.0002665WBT7 1.950 07/20/2020 492,340.00 496,026.12(8.40)3,689.55 0.00 785.41 1,895.830.00 411.09AMERICAN HONDA FINANCE1.95% 20JUL20202.07499,715.67500,000.0046625HQJ2 2.550 03/01/2021 494,725.00 496,439.20(1,147.49)6,367.35 6,375.00 1,027.08 1,027.0802/01/2021 0.00 209.05JPMORGAN CHASE & CO 2.55%01MAR2021 (CALLABLE01FEB21)2.08502,806.55500,000.0017325FAQ1 3.400 07/23/2021 507,030.00 505,878.78(561.36)5,865.48 0.00 1,369.45 3,163.8906/23/2021 0.00 (283.09)CITIBANK NA 3.4% 23JUL2021(CALLABLE 23JUN21)2.13511,744.26500,000.00149123BX8 2.600 06/26/2022 500,300.00 500,260.72(1,720.52)7,685.13 0.00 1,047.22 3,394.4403/26/2022 0.00 (8.73)CATERPILLAR INC 2.6%26JUN2022 (CALLABLE26MAR22)2.11507,945.85500,000.00931142DH3 2.550 04/11/2023 509,155.00 509,047.741,012.711,119.97 0.00 389.59 5,985.4201/11/2023 (5,595.83) (107.26)WALMART INC 2.55%11APR2023 (CALLABLE11JAN23)2.14510,167.71500,000.008 SECURITIES HELDAs of September 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesCorporate Bonds037833AK6 2.400 05/03/2023 506,880.00 506,806.301,354.581,428.28 0.00 366.67 4,900.00(4,533.33) (73.70)APPLE INC 2.4% 03MAY20232.13508,234.58500,000.00693475AV7 3.500 01/23/2024 523,455.00 522,494.94(3,784.98)5,394.94 0.00 1,409.72 3,256.9412/24/2023 0.00 (443.10)PNC FINANCIAL SERVICES 3.5%23JAN2024 (CALLABLE23DEC23)2.20527,889.88500,000.00Total Corporate Bonds4,531,760.00 4,536,110.77 4,569,064.19 32,953.42 11,750.00 8,066.66(10,129.16) (10.17)19.0725,994.43(4,679.63)4,500,000.00Government Agencies3137EADM8 1.250 10/02/2019 1,634,040.00 1,649,932.821,072.0416.99 0.00 1,661.46 10,197.920.00 1,007.73FREDDIE MAC 1.25%02OCT20196.881,649,949.811,650,000.003135G0R39 1.000 10/24/2019 589,095.11 599,588.49520.5750.18 0.00 483.33 2,600.000.00 514.38FANNIE MAE 1% 24OCT20192.48599,638.67600,000.003130ABCH7 1.500 11/04/2019 750,030.00 750,001.19487.50(242.97) 0.00 906.25 4,562.500.00 (1.06)FEDERAL HOME LOAN BANK1.5% 04NOV20193.16749,758.22750,000.003133ECEY6 1.450 02/11/2020 1,003,130.00 1,000,351.05333.74(1,726.44) 0.00 1,168.05 1,973.610.00 (80.40)FEDERAL FARM CREDIT BANK1.45% 11FEB20204.22998,624.611,000,000.003134G3K58 1.500 03/19/2020 498,289.00 499,718.99199.89(642.08) 3,750.00 604.17 229.170.00 49.88FREDDIE MAC 1.5%19MAR2020 CALLABLE2.10499,076.91500,000.00313383HU8 1.750 06/12/2020 996,870.00 999,138.91(161.77)145.66 0.00 1,409.72 5,250.000.00 102.51FEDERAL HOME LOAN BANK1.75% 12JUN20204.20999,284.571,000,000.003133EHVX8 1.500 08/24/2020 999,190.00 999,753.11197.67(2,472.13) 0.00 1,208.33 1,500.000.00 22.86FEDERAL FARM CREDIT BANK1.5% 24AUG20204.21997,280.981,000,000.009 SECURITIES HELDAs of September 30, 2019SAN RAFAELAmortized cost/Accretion(amortization)Fair value/Change in fairvalueInterestreceivedInterestearnedUnrealizedgain(loss)Coupon Maturity/Call dateHistorical cost/Accrued interestpurchasedCusip/DescriptionTotalaccruedinterest%PortcostPar value orsharesGovernment Agencies3135G0RM7 1.630 10/30/2020 1,003,410.00 1,001,163.59(1,795.18)(4,333.66) 0.00 1,358.34 6,791.670.00 (92.73)FANNIE MAE 1.63%30OCT2020 CALLABLE4.22996,829.931,000,000.003133EJ4Q9 2.550 01/11/2021 499,100.00 499,413.15(1,613.24)5,097.22 0.00 1,027.09 2,797.920.00 38.19FEDERAL FARM CREDIT BANK2.55% 11JAN20212.10504,510.37500,000.00313373ZY1 3.625 06/11/2021 1,024,040.00 1,018,022.63(4,006.14)13,736.29 0.00 2,920.13 10,975.690.00 (884.90)FEDERAL HOME LOAN BANK3.625% 11JUN20214.311,031,758.921,000,000.00313378JP7 2.375 09/10/2021 602,430.00 602,034.69(1,198.05)6,104.03 7,125.00 1,147.92 791.670.00 (87.20)FEDERAL HOME LOAN BANK2.375% 10SEP20212.54608,138.72600,000.003137EADB2 2.375 01/13/2022 1,676,634.30 1,676,634.30(1,227.04)(1,227.04) 0.00 0.00 8,599.48(8,599.48) 0.00FREDDIE MAC 2.375%13JAN20227.061,675,407.261,650,000.00313378WG2 2.500 03/11/2022 1,016,330.00 1,014,546.74(4,309.30)6,055.00 12,500.00 2,013.88 1,319.440.00 (495.35)FEDERAL HOME LOAN BANK2.5% 11MAR20224.281,020,601.741,000,000.003135G0T78 2.000 10/05/2022 601,716.00 601,595.42(3,439.85)4,498.68 0.00 966.66 5,833.330.00 (44.12)FANNIE MAE 2% 05OCT20222.53606,094.10600,000.003130A3KM5 2.500 12/09/2022 1,021,240.00 1,019,697.14(5,639.85)5,547.51 0.00 2,013.89 7,708.330.00 (514.29)FEDERAL HOME LOAN BANK2.5% 09DEC20224.301,025,244.651,000,000.003135G0U43 2.875 09/12/2023 1,047,553.22 1,047,320.28441.08674.02 0.00 319.44 1,437.50(1,118.06) (232.94)FANNIE MAE 2.875%12SEP20234.411,047,994.301,000,000.00Total Government Agencies14,963,097.63 14,978,912.50 15,010,193.76 31,281.26 23,375.00 19,208.66(9,717.54) (697.44)62.9772,568.23(20,137.93)14,850,000.0010 SECURITIES HELDAs of September 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 649,009.77 649,966.78406.47(416.92) 0.00 665.99 3,396.520.00 32.15USA TREASURY 1.25%31OCT20192.73649,549.86650,000.00912828H52 1.250 01/31/2020 745,869.14 749,467.40410.16(1,137.32) 0.00 764.27 1,554.010.00 129.90USA TREASURY 1.25%31JAN20203.14748,330.08750,000.00912828X96 1.500 05/15/2020 596,554.69 599,143.37140.63(502.74) 0.00 733.70 3,375.000.00 112.72USA TREASURY 1.5%15MAY20202.51598,640.63600,000.00912828XM7 1.625 07/31/2020 1,005,742.19 1,001,644.48(156.25)(3,558.54) 0.00 1,324.72 2,693.610.00 (161.75)USA TREASURY 1.625%31JUL20204.23998,085.941,000,000.00Total Government Bonds2,997,175.79 3,000,222.03 2,994,606.51 (5,615.52) 0.00 3,488.680.00 113.0212.6111,019.14801.013,000,000.00Municipal/Provincial Bonds888599LS4 5.250 09/02/2032 1,315,100.00 1,315,100.000.000.00 70,935.38 41,975.78 5,369.990.00 0.00PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$015.531,315,100.001,315,100.00Total Municipal/Provincial Bonds1,315,100.00 1,315,100.00 1,315,100.00 0.00 70,935.38 41,975.780.00 0.005.535,369.990.001,315,100.00Grand total23,761,215.53 23,784,427.41(24,016.55)58,619.16 106,060.38 72,739.7823,619,182.11(19,846.70) (594.59)100.00114,951.7923,843,046.5711 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesFederal Home Loan Banks3130ABCH7FEDERAL HOME LOAN 1.500 11/04/2019 AA+ Aaa 750,000.00 750,030.00 3.16 749,758.22 3.14 0.10313383HU8FEDERAL HOME LOAN 1.750 06/12/2020 AA+ Aaa 1,000,000.00 996,870.00 4.20 999,284.57 4.19 0.69313373ZY1FEDERAL HOME LOAN 3.625 06/11/2021 AA+ Aaa 1,000,000.00 1,024,040.00 4.31 1,031,758.92 4.33 1.63313378JP7FEDERAL HOME LOAN 2.375 09/10/2021 AA+ Aaa 600,000.00 602,430.00 2.54 608,138.72 2.55 1.89313378WG2FEDERAL HOME LOAN 2.500 03/11/2022 AA+ Aaa 1,000,000.00 1,016,330.00 4.28 1,020,601.74 4.28 2.363130A3KM5FEDERAL HOME LOAN 2.500 12/09/2022 AA+ Aaa 1,000,000.00 1,021,240.00 4.30 1,025,244.65 4.30 3.04Issuer total5,350,000.00 5,410,940.00 22.77 5,434,786.82 22.79 1.68Federal Home Loan Mortgage Corp3137EADM8FREDDIE MAC 1.25% 1.250 10/02/2019 AA+ Aaa 1,650,000.00 1,634,040.00 6.88 1,649,949.81 6.92 0.013134G3K58FREDDIE MAC 1.5% 1.500 03/19/2020 AA+ Aaa 500,000.00 498,289.00 2.10 499,076.91 2.09 0.463137EADB2FREDDIE MAC 2.375% 2.375 01/13/2022 AA+ Aaa 1,650,000.001,676,634.30 7.06 1,675,407.26 7.03 2.21Issuer total3,800,000.00 3,808,963.30 16.03 3,824,433.98 16.04 1.04Federal National Mortgage Association3135G0R39FANNIE MAE 1% 1.000 10/24/2019 AA+ Aaa 600,000.00 589,095.11 2.48 599,638.67 2.51 0.073135G0RM7FANNIE MAE 1.63% 1.630 10/30/2020 AA+ Aaa 1,000,000.00 1,003,410.00 4.22 996,829.93 4.18 1.063135G0T78FANNIE MAE 2% 2.000 10/05/2022 AA+ Aaa 600,000.00 601,716.00 2.53 606,094.10 2.54 2.883135G0U43FANNIE MAE 2.875% 2.875 09/12/2023 AA+ Aaa 1,000,000.00 1,047,553.22 4.41 1,047,994.30 4.40 3.73Issuer total3,200,000.00 3,241,774.33 13.64 3,250,557.00 13.63 2.08United States Treasury Note/Bond912828TV2USA TREASURY 1.25% 1.250 10/31/2019 AA+ Aaa 650,000.00 649,009.77 2.73 649,549.86 2.72 0.08912828H52USA TREASURY 1.25% 1.250 01/31/2020 AA+ Aaa 750,000.00 745,869.14 3.14 748,330.08 3.14 0.33912828X96USA TREASURY 1.5% 1.500 05/15/2020 AA+ Aaa 600,000.00 596,554.69 2.51 598,640.63 2.51 0.6112 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesUnited States Treasury Note/Bond912828XM7USA TREASURY 1.625% 1.625 07/31/2020 AA+ Aaa 1,000,000.00 1,005,742.19 4.23 998,085.94 4.19 0.82Issuer total3,000,000.00 2,997,175.79 12.61 2,994,606.51 12.56 0.50Federal Farm Credit Banks Funding Corp3133ECEY6FEDERAL FARM CREDIT 1.450 02/11/2020 AA+ Aaa 1,000,000.00 1,003,130.00 4.22 998,624.61 4.19 0.363133EHVX8FEDERAL FARM CREDIT 1.500 08/24/2020 AA+ Aaa 1,000,000.00 999,190.00 4.21 997,280.98 4.18 0.893133EJ4Q9FEDERAL FARM CREDIT 2.550 01/11/2021 AA+ Aaa 500,000.00 499,100.00 2.10 504,510.37 2.12 1.25Issuer total2,500,000.00 2,501,420.00 10.53 2,500,415.96 10.49 0.75PT. SAN ASSESS DISTRICT888599LS4PT. SAN ASSESS 5.250 09/02/2032 NR NR 1,315,100.00 1,315,100.00 5.53 1,315,100.00 5.52 9.29Issuer total1,315,100.00 1,315,100.00 5.53 1,315,100.00 5.52 9.29PNC Financial Services Group Inc/The693475AV7PNC FINANCIAL 3.500 01/23/2024 12/24/2023 A- A3 500,000.00 523,455.00 2.20 527,889.88 2.21 3.92Issuer total500,000.00 523,455.00 2.20 527,889.88 2.21 3.92Citibank NA17325FAQ1CITIBANK NA 3.4% 3.400 07/23/2021 06/23/2021 A+ Aa3 500,000.00 507,030.00 2.13 511,744.26 2.15 1.67Issuer total500,000.00 507,030.00 2.13 511,744.26 2.15 1.67Walmart Inc931142DH3WALMART INC 2.55% 2.550 04/11/2023 01/11/2023 AA Aa2 500,000.00 509,155.00 2.14 510,167.71 2.14 3.16Issuer total500,000.00 509,155.00 2.14 510,167.71 2.14 3.16Apple Inc037833AK6APPLE INC 2.4% 2.400 05/03/2023 AA+ Aa1 500,000.00 506,880.00 2.13 508,234.58 2.13 3.39Issuer total500,000.00 506,880.00 2.13 508,234.58 2.13 3.3913 GASB 40 - DEPOSIT AND INVESTMENT RISK DISCLOSUREAs of September 30, 2019SAN RAFAELCusipS&PratingMoodyratingHistoricalcost% Portfoliohist costMarketvalue% Portfoliomkt valueEffectivedur (yrs)Description Coupon MaturitydateCall date Par value orsharesCaterpillar Inc149123BX8CATERPILLAR INC 2.6% 2.600 06/26/2022 03/26/2022 A A3 500,000.00 500,300.00 2.11 507,945.85 2.13 2.43Issuer total500,000.00 500,300.00 2.11 507,945.85 2.13 2.43JPMorgan Chase & Co46625HQJ2JPMORGAN CHASE & CO 2.550 03/01/2021 02/01/2021 A- A2 500,000.00 494,725.00 2.08 502,806.55 2.11 1.32Issuer total500,000.00 494,725.00 2.08 502,806.55 2.11 1.32Toyota Motor Credit Corp89236TCF0TOYOTA MOTOR CREDIT 2.150 03/12/2020 AA- Aa3 500,000.00 504,545.00 2.12 500,522.61 2.10 0.44Issuer total500,000.00 504,545.00 2.12 500,522.61 2.10 0.44US Bank NA/Cincinnati OH90331HNB5US BANK NA CINCINNATI 2.000 01/24/2020 12/24/2019 AA- A1500,000.00 493,330.00 2.08 500,037.08 2.10 0.27Issuer total500,000.00 493,330.00 2.08 500,037.08 2.10 0.27American Honda Finance Corp02665WBT7AMERICAN HONDA 1.950 07/20/2020 A A2 500,000.00 492,340.00 2.07 499,715.67 2.10 0.79Issuer total500,000.00 492,340.00 2.07 499,715.67 2.10 0.79Cash and Cash EquivalentsINVESTED CASH 0.0001,639,315.89 1,639,315.89 0.00 1,639,315.89 6.88 0.00PENDING TRADE 0.0000.00 (1,685,233.78) 0.00 (1,685,233.78) (7.07) 0.00Issuer total1,639,315.89 (45,917.89) 0.00 (45,917.89) (0.19) 0.00Grand total25,304,415.89 23,761,215.53 100.00 23,843,046.57 100.001.8614 SECURITIES PURCHASEDFor the period September 1, 2019 - September 30, 2019SAN RAFAELPar value orsharesUnit cost Accruedinterest purchasedTrade dateSettle dateCoupon Maturity/Call datePrincipalcostCusip / Description / BrokerCorporate Bonds931142DH32.55009/17/2019 04/11/2023 500,000.00 101.83 (509,155.00) (5,595.83)WALMART INC 2.55% 11APR2023 (CALLABLE 11JAN23)01/11/202309/19/2019MORGAN STANLEY AND CO., LLC037833AK62.40009/17/2019 05/03/2023 500,000.00 101.38 (506,880.00) (4,533.33)APPLE INC 2.4% 03MAY202309/19/2019HSBC SECURITIES (USA) INC.1,000,000.00 (1,016,035.00) (10,129.16)Total Corporate BondsGovernment Agencies3135G0U432.87509/24/2019 09/12/2023 1,000,000.00 104.76 (1,047,553.22) (1,118.06)FANNIE MAE 2.875% 12SEP202309/26/2019JPMORGAN CHASE BANK, N.A.3137EADB22.37509/30/2019 01/13/2022 1,650,000.00 101.61 (1,676,634.30) (8,599.48)FREDDIE MAC 2.375% 13JAN202210/02/2019MORGAN STANLEY AND CO., LLC2,650,000.00 (2,724,187.52) (9,717.54)Total Government AgenciesGrand totalGrand total3,650,000.00 (3,740,222.52) (19,846.70)15 SECURITIES SOLD AND MATUREDFor the period September 1, 2019 - September 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 Agencies313380FB8FHLB CONS BD 1.37509-13-20191.37509/13/2019 (1,000,000.00) 1,011,510.00 1,000,000.00(140.37)0.00239.901,000,000.00 0.00 0.00 6,875.00 458.3309/13/20193134G3M49FREDDIE MAC 1.5%26SEP2019 CALLABLE1.50009/26/2019 (1,000,000.00) 1,001,001.00 1,000,000.00(32.78)0.00380.541,000,000.00 0.00 0.00 7,500.00 1,041.6709/26/2019(2,000,000.00)0.002,012,511.00(173.15)2,000,000.00620.442,000,000.00 0.00 14,375.00 1,500.00Total (Government Agencies)Municipal/Provincial Bonds888599LS4PT. SAN ASSESS DISTRICT5.25% 144A 02SEP2032SANRAF$01CORPORATE ACTIONS IOO5.25009/03/2019 09/02/2032 (72,100.00) 72,100.00 72,100.000.00100.000.0072,100.00 0.00 0.00 0.00 (1,882.11)09/04/2019(72,100.00)0.0072,100.000.0072,100.000.0072,100.00 0.00 0.00 (1,882.11)Total (Municipal/Provincial Bonds)Grand totalGrand total(2,072,100.00)0.002,084,611.00(173.15)2,072,100.00 2,072,100.00 0.00 14,375.00 (382.11)620.4416 TRANSACTION REPORTFor the period September 1, 2019 - September 30, 2019SAN RAFAELMaturity Par value orsharesInterest Transaction totalPrincipalTransactionCusip Sec type DescriptionTrade dateSettle dateRealizedgain(loss)6,375.0009/01/201909/01/2019Income46625HQJ2 Corporate Bonds JPMORGAN CHASE & CO 2.55% 03/01/2021 500,000.00 0.00 6,375.000.000.0009/03/201909/04/2019Principal Paydowns888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 (72,100.00) 72,100.00 72,100.000.0036,414.0009/04/201909/04/2019Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,387,200.00 0.00 36,414.000.007,125.0009/10/201909/10/2019Income313378JP7 Government Agencies FEDERAL HOME LOAN BANK 09/10/2021 600,000.00 0.00 7,125.000.0012,500.0009/11/201909/11/2019Income313378WG2 Government Agencies FEDERAL HOME LOAN BANK 03/11/2022 1,000,000.00 0.00 12,500.000.005,375.0009/12/201909/12/2019Income89236TCF0 Corporate Bonds TOYOTA MOTOR CREDIT CORP 03/12/2020 500,000.00 0.00 5,375.000.006,875.0009/13/201909/13/2019Income313380FB8 Government Agencies FHLB CONS BD 1.375 09/13/2019 1,000,000.00 0.00 6,875.000.000.0009/13/201909/13/2019Capital Change313380FB8 Government Agencies FHLB CONS BD 1.375 09/13/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.00(4,533.33)09/17/201909/19/2019Bought037833AK6 Corporate Bonds APPLE INC 2.4% 03MAY2023 05/03/2023 500,000.00 (506,880.00) (511,413.33)0.00(5,595.83)09/17/201909/19/2019Bought931142DH3 Corporate Bonds WALMART INC 2.55% 04/11/2023500,000.00 (509,155.00) (514,750.83)0.003,750.0009/19/201909/19/2019Income3134G3K58 Government Agencies FREDDIE MAC 1.5% 19MAR2020 03/19/2020 500,000.00 0.00 3,750.000.00(1,118.06)09/24/201909/26/2019Bought3135G0U43 Government Agencies FANNIE MAE 2.875% 09/12/2023 1,000,000.00 (1,047,553.22) (1,048,671.28)0.007,500.0009/26/201909/26/2019Income3134G3M49 Government Agencies FREDDIE MAC 1.5% 26SEP2019 09/26/2019 1,000,000.00 0.00 7,500.000.000.0009/26/201909/26/2019Capital Change3134G3M49 Government Agencies FREDDIE MAC 1.5% 26SEP2019 09/26/2019 (1,000,000.00) 1,000,000.00 1,000,000.000.00(8,599.48)09/30/201910/02/2019Bought3137EADB2 Government Agencies FREDDIE MAC 2.375% 01/13/2022 1,650,000.00 (1,676,634.30) (1,685,233.78)0.0034,521.3809/30/201909/30/2019Income888599LS4 Municipal/Provincial Bonds PT. SAN ASSESS DISTRICT 09/02/2032 1,315,100.00 0.00 34,521.380.00837.22Income Cash and Cash Equivalents Cash837.220.00 0.000.0009/30/201917 ADDITIONAL INFORMATIONAs of September 30, 2019SAN RAFAELPast performance is not a guide to future performance. The value of investments and any income from them will fluctuate and is not guaranteed (this may partly be due to exchange rate changes) and investors may not getback the amount invested. Transactions in foreign securities may be executed and settled in local markets. Performance comparisons will be affected by changes in interest rates. Investment returns fluctuate due to changesin market conditions. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objectives of a given strategy will be achieved. The information contained herein is foryour reference only and is being provided in response to your specific request and has been obtained from sources believed to be reliable; however, no representation is made regarding its accuracy or completeness. Thisdocument must not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or otherwise not permitted. This document should not beduplicated, amended, or forwarded to a third party without consent from Insight. This is a marketing document intended for professional clients only and should not be made available to or relied upon by retail clientsInvestment advisory services in North America are provided through two different SEC-registered investment advisers using the brand Insight Investment: Insight North America LLC (INA) and Insight Investment InternationalLimited (IIIL). The North American investment advisers are associated with a broader group of global investment managers that also (individually and collectively) use the corporate brand Insight Investment and may bereferred to as Insight, Insight Group or Insight Investment.INA is an investment adviser registered with the Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940, as amended. Registration with the SEC does not imply a certain level of skill or training.You may request, without charge, additional information about Insight. Moreover, specific information relating to Insights strategies, including investment advisory fees, may be obtained from INA's Form ADV Part 2A, which isavailable without charge upon request.Where indicated, performance numbers used in the analysis are gross returns. The performance reflects the reinvestment of all dividends and income. INA charges management fees on all portfolios managed and these feeswill reduce the returns on the portfolios. For example, assume that $30 million is invested in an account with INA, and this account achieves a 5.0% annual return compounded monthly, gross of fees, for a period of five years.At the end of five years that account would have grown to $38,500,760 before the deduction of management fees. Assuming management fees of 0.25% per year are deducted monthly from the account, the value at the end ofthe five year period would be $38,022,447. Actual fees for new accounts are dependent on size and subject to negotiation. INA's investment advisory fees are discussed in Part 2A of its Form ADV.Unless otherwise stated, the source of information is Insight. Any forecasts or opinions are Insights own at the date of this document (or as otherwise specified) and may change. Material in this publication is for generalinformation only and is not advice, investment advice, or the recommendation of any purchase or sale of any security. Insight makes no implied or expressed recommendations concerning the manner in which an accountshould or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives and should not be construed to be an assurance that any particular security in a strategy willremain in any fund, account, or strategy, or that a previously held security will not be repurchased. It should not be assumed that any of the security transactions or holdings referenced herein have been or will prove to beprofitable or that future investment decisions will be profitable or will equal or exceed the past investment performance of the securities listed.Please compare the information provided in this statement to the information provided in the statement received from your Custodian.For trading activity the Clearing broker will be reflected. In certain cases the Clearing broker will differ from the Executing broker.In calculating ratings distributions and weighted average portfolio quality, Insight assigns U.S Treasury and U.S agency securities a quality rating based on the methodology used within the respective benchmark index. WhenMoodys, S&P and Fitch rate a security, Bank of America and Merrill Lynch indexes assign a simple weighted average statistic while Barclays indexes assign the median statistic. Insight assigns all other securities the lower ofMoodys and S&P ratings.Information about the indices shown here is provided to allow for comparison of the performance of the strategy to that of certain well-known and widely recognized indices. There is no representation that such index is anappropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of theindices may be materially different from that of the strategy. In addition, the strategys holdings may differ substantially from the securities that comprise the indices shown.The BofA Merrill Lynch 3 Mo US T-Bill index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.The BofA Merrill Lynch 6 Mo US T-Bill index measures the performance of Treasury bills with time to maturity of less than 6 months.The BofA Merrill Lynch Current 1-Year US Treasury Index is a one-security index comprised of the most recently issued 1-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 1-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 3-Year US Treasury Index is a one-security index comprised of the most recently issued 3-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 3-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch Current 5-Year US Treasury Index is a one-security index comprised of the most recently issued 5-year US Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 5-year notemust be auctioned on or before the third business day before the last business day of the month.The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.The BofA Merrill Lynch 1-5 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than five years.18 ADDITIONAL INFORMATIONAs of September 30, 2019SAN RAFAELInsight does not provide tax or legal advice to its clients and all investors are strongly urged to consult their tax and legal advisors regarding any potential strategy or investment.Insight is a group of wholly owned subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to referencethe Corporation as a whole or its various subsidiaries generally. Products and services may be provided under various brand names and in various countries by subsidiaries, affiliates and joint ventures of The Bank of New YorkMellon Corporation where authorized and regulated as required within each jurisdiction. Unless you are notified to the contrary, the products and services mentioned are not insured by the FDIC (or by any governmental entity)and are not guaranteed by or obligations of The Bank of New York Mellon Corporation or any of its affiliates. The Bank of New York Corporation assumes no responsibility for the accuracy or completeness of the above data anddisclaims all expressed or implied warranties in connection therewith.© 2019 Insight Investment. All rights reserved.19 City of San Rafael ACCOUNT STATEMENT For the Month Ending September 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 10/14/2019 for Columbus Day. CAMP will be closed on 11/11/2019 for Veterans 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 September 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 September 30, 2019 Account Statement Consolidated Summary Statement City of San Rafael Investment Allocation Investment Type Closing Market Value Percent 4,503,016.44 14.84 Certificate of Deposit 897,373.80 2.96 Commercial Paper 4,643,943.71 15.31 Corporate Note 1,516,765.57 5.00 Federal Agency Bond / Note 13,227,820.63 43.59 Money Market Mutual Fund 5,552,019.42 18.30 U.S. Treasury Bond / Note $30,340,939.57 Total 100.00% Portfolio Summary and Income Closing Market Value Current Portfolio Holdings Cash Dividends Yield CAMP Pool 23,304.90 13,227,820.63 2.12 % CAMP Managed Account 16,031.53 17,113,118.94 * N/A $39,336.43 $30,340,939.57 Total * Not Applicable Maturity Distribution (Fixed Income Holdings) Portfolio Holdings Closing Market Value Percent 13,682,572.66 4,101,893.51 1,119,428.80 6,005,992.10 5,431,052.50 0.00 0.00 0.00 0.00 0.00 45.09 13.52 3.69 19.80 17.90 0.00 0.00 0.00 0.00 0.00 Under 30 days 31 to 60 days 61 to 90 days 91 to 180 days 181 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total $30,340,939.57 79 100.00% Weighted Average Days to Maturity Sector Allocation 14.84% Cert of Deposit 2.96% Commercial Paper 15.31% Corporate Note 5.00% Fed Agy Bond / Note 43.59% Mny Mkt Fund 18.30% US TSY Bond / Note Summary Page 1IPFM Asset Management IULC For the Month Ending September 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 27,276,908.50 489,350.32 (444,121.31)(1,050.90) 27,321,086.61 0.00 37,905.92 Lease Revenue Bonds Series 2018 Project Fund 7023-002 3,018,969.20 1,430.51 (217.96)(328.79) 3,019,852.96 0.00 1,430.51 Lease Revenue Bonds Series 2018 Capitalized Intere $30,295,877.70 $490,780.83 ($444,339.27)($1,379.69) $30,340,939.57 $39,336.43 Total $0.00 Summary Page 2IPFM Asset Management IULC For the Month Ending September 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 11,954,436.45 489,350.32 (987.93) 0.00 $12,442,798.84 CAMP Pool Unsettled Trades 0.00 21,874.39 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 15,322,472.05 0.00 (443,133.38) (1,050.90) $14,878,287.77 CAMP Managed Account Unsettled Trades 0.00 16,031.53 Cash Dividends and Income September 30, 2019 August 31, 2019 Asset Summary CAMP Pool 12,442,798.84 11,954,436.45 CAMP Managed Account 14,878,287.77 15,322,472.05 $27,321,086.61 $27,276,908.50 Total Asset Allocation 45.54% CAMP Pool 54.46% CAMP Managed Account Account 7023-001 Page 1IPF M Asset Management ILJLC For the Month Ending September 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 $11,954,436.45 489,350.32 (987.93) $12,442,798.84 21,874.39 $15,322,472.05 (443,133.38) 0.00 0.00 0.00 (1,050.90) $14,878,287.77 $27,276,908.50 $27,321,086.61 24,342.55 0.00 (8,311.02) $16,031.53 447,258.38 0.00 20,217.55 0.00 0.00 (467,475.93) 0.00 Managed Account Total 14,848,961.04 27,291,759.88 66,407.07 0.00 447,258.38 20,217.55 0.00 (15,285,172.20) (66,010.28) 0.00 66,407.07 987.93 447,258.38 20,217.55 (489,350.32) (27,239,608.65) (66,010.28) 21,874.39 Total Accrual Basis Earnings $31,661.56 $53,535.95 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 September 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 4,432,590.62 16.22 Federal Agency Bond / Note 400,000.00 401,363.20 1.47 Corporate Note 4,640,000.00 4,643,943.71 17.00 Commercial Paper 900,000.00 897,373.80 3.28 Certificate of Deposit 4,500,000.00 4,503,016.44 16.48 Managed Account Sub-Total 14,880,000.00 14,878,287.77 54.45% Accrued Interest 66,407.07 Total Portfolio 14,880,000.00 14,944,694.84 CAMP Pool 12,442,798.84 12,442,798.84 45.55 Total Investments 27,322,798.84 27,387,493.68 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 16.48% Cert of Deposit 3.28% Commercial Paper 17.00% Corporate Note 1.47% Fed Agy Bond / Note 45.55% Mny Mkt Fund 16.22% 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 84.20% 15.80% 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 0.37 139 2.45% 2.01% Account 7023-001 Page 3 I I IPF M Asset Management ILJLC For the Month Ending September 30, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Project Fund - 7023-001 - (12517708) Credit Quality (S&P Ratings) 8.66% A 11.72% A-1 8.04% A-1+ 3.33% AA 21.03% AA+ 1.68% AA- 45.54% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 455,100.10 1.67 AMERICAN HONDA FINANCE 910,468.65 3.33 APPLE INC 12,442,798.84 45.54 CAMP Pool 454,911.73 1.67 CATERPILLAR INC 910,165.62 3.33 CHEVRON CORPORATION 458,000.73 1.68 CISCO SYSTEMS INC 799,980.10 2.93 CREDIT AGRICOLE SA 401,363.20 1.47 FREDDIE MAC 454,752.03 1.66 HONEYWELL INTERNATIONAL 545,725.94 2.00 HSBC HOLDINGS PLC 799,589.46 2.93 MITSUBISHI UFJ FINANCIAL GROUP INC 454,818.91 1.66 NATIONAL RURAL UTILITIES CO FINANCE CORP 799,303.86 2.93 NORINCHUKIN BANK 804,196.64 2.94 SOCIETE GENERALE 1,299,946.38 4.76 TORONTO-DOMINION BANK 897,373.80 3.28 TOYOTA MOTOR CORP 4,432,590.62 16.22 UNITED STATES TREASURY $27,321,086.61 Total 100.00% Account 7023-001 Page 4IPF M Asset Management ILJLC For the Month Ending September 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 649,681.50 649,464.67 4,080.16 641,773.44 07/26/1807/25/18AaaAA+ 650,000.00 912828F62 2.52 US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 758,456.44 757,324.10 2,160.73 744,710.94 07/26/1807/25/18AaaAA+ 760,000.00 912828UF5 2.57 US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 820,223.86 818,451.20 2,763.04 813,017.19 07/26/1807/25/18AaaAA+ 820,000.00 9128283S7 2.58 US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1,146,092.30 1,140,453.38 5,314.04 1,123,810.55 07/26/1807/25/18AaaAA+ 1,150,000.00 912828VF4 2.65 US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1,058,136.52 1,052,079.57 4,353.06 1,039,835.16 07/26/1807/25/18AaaAA+ 1,060,000.00 912828XH8 2.64 18,671.03 4,432,590.62 4,417,772.92 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 401,363.20 399,601.24 4,388.89 398,772.40 07/26/1807/25/18AaaAA+ 400,000.00 3137EAEM7 2.68 4,388.89 401,363.20 399,601.24 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 214,882.83 214,774.07 1,262.53 211,504.10 07/27/1807/25/18A2A 215,000.00 438516BJ4 2.72 HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 239,869.20 239,747.48 1,409.33 236,092.80 07/27/1807/25/18A2A 240,000.00 438516BJ4 2.72 CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 454,911.73 454,490.86 3,083.89 450,809.45 07/27/1807/25/18A3A 455,000.00 14913Q2F5 2.70 CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 458,000.73 457,158.73 4,274.47 465,728.90 07/31/1807/27/18A1AA- 455,000.00 17275RAH5 2.78 NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 454,818.91 453,755.89 1,617.78 449,289.75 07/27/1807/25/18A1A 455,000.00 637432NC5 2.86 Account 7023-001 Page 5IPF M Asset Management ILJLC For the Month Ending September 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 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 910,165.62 906,766.92 1,387.95 897,924.30 07/27/1807/25/18Aa2AA 910,000.00 166764AR1 2.81 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 170,226.44 170,175.74 288.53 170,210.80 08/30/1908/28/19A2A 170,000.00 40428HPR7 2.11 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 375,499.50 375,425.12 636.46 375,510.00 08/30/1908/28/19A2A 375,000.00 40428HPR7 2.08 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 455,100.10 453,385.66 489.13 449,248.80 07/27/1807/25/18A2A 455,000.00 02665WAU5 2.95 APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 910,468.65 905,982.43 6,976.67 898,224.60 07/27/1807/25/18Aa1AA+ 910,000.00 037833BD1 2.75 21,426.74 4,643,943.71 4,631,662.90 2.71 4,604,543.50 4,640,000.00 Security Type Sub-Total Commercial Paper TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/26/2019 0.000% 11/21/2019 897,373.80 897,399.00 0.00 895,563.00 08/26/1908/23/19P-1A-1+ 900,000.00 89233HYM0 2.05 0.00 897,373.80 897,399.00 2.05 895,563.00 900,000.00 Security Type Sub-Total Certificate of Deposit CREDIT AGRICOLE CIB NY CERT DEPOS DTD 08/22/2019 2.060% 11/29/2019 799,980.10 800,000.00 1,831.11 800,000.00 08/22/1908/21/19P-1A-1 800,000.00 22535CGX3 2.06 TORONTO DOMINION BANK NY CERT DEPOS DTD 08/23/2019 2.050% 11/29/2019 1,299,946.38 1,300,000.00 2,887.08 1,300,000.00 08/23/1908/23/19P-1A-1+ 1,300,000.00 89114M6S1 2.05 NORINCHUKIN BANK NY DTD 08/21/2019 2.020% 02/21/2020 799,303.86 800,000.00 1,840.44 800,000.00 08/28/1908/27/19P-1A-1 800,000.00 65602VQX7 2.02 SOCIETE GENERALE NY CERT DEPOS DTD 02/27/2019 2.830% 02/27/2020 804,196.64 802,524.98 13,584.00 803,101.15 08/28/1908/27/19P-1A-1 800,000.00 83369Y3V6 2.37 Account 7023-001 Page 6IPF M Asset Management ILJLC For the Month Ending September 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 Certificate of Deposit MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 799,589.46 800,000.00 1,777.78 800,000.00 08/22/1908/21/19P-1A-1 800,000.00 55379WY75 2.00 21,920.41 4,503,016.44 4,502,524.98 2.09 4,503,101.15 4,500,000.00 Security Type Sub-Total 14,880,000.00 14,765,127.33 2.45 66,407.07 14,848,961.04 14,878,287.77 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 12,442,798.84 12,442,798.84 0.00 12,442,798.84 NRAAAm 12,442,798.84 12,442,798.84 12,442,798.84 0.00 12,442,798.84 12,442,798.84 Money Market Sub-Total $27,322,798.84 $27,207,926.17 $66,407.07 $27,291,759.88 $27,321,086.61 2.45% $27,387,493.68 $66,407.07 Total Investments Accrued Interest Securities Sub-Total Account 7023-001 Page 7IPF M Asset Management ILJLC For the Month Ending September 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 0.08 216.83 7,908.06 649,681.50 99.95 NOMURA 650,000.00 912828F62US TREASURY NOTES DTD 10/31/2014 1.500% 10/31/2019 2.07 0.08 0.25 1,132.34 13,745.50 758,456.44 99.80 JEFFERIE 760,000.00 912828UF5US TREASURY NOTES DTD 12/31/2012 1.125% 12/31/2019 1.94 0.25 0.33 1,772.66 7,206.67 820,223.86 100.03 GOLDMAN 820,000.00 9128283S7US TREASURY NOTES DTD 01/31/2018 2.000% 01/31/2020 1.91 0.33 0.66 5,638.92 22,281.75 1,146,092.30 99.66 GOLDMAN 1,150,000.00 912828VF4US TREASURY NOTES DTD 05/31/2013 1.375% 05/31/2020 1.89 0.66 0.74 6,056.95 18,301.36 1,058,136.52 99.82 JPM_CHAS 1,060,000.00 912828XH8US TREASURY NOTES DTD 06/30/2015 1.625% 06/30/2020 1.86 0.74 69,443.34 1.92 0.46 14,817.70 4,432,590.62 4,440,000.00 Security Type Sub-Total 0.46 Federal Agency Bond / Note 0.55 1,761.96 2,590.80 401,363.20 100.34 TD 400,000.00 3137EAEM7FHLMC NOTES DTD 04/19/2018 2.500% 04/23/2020 1.89 0.55 2,590.80 1.89 0.55 1,761.96 401,363.20 400,000.00 Security Type Sub-Total 0.55 Corporate Note 0.08 108.76 3,378.73 214,882.83 99.95 BNP_PARI 215,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.04 0.08 0.08 121.72 3,776.40 239,869.20 99.95 MKTX 240,000.00 438516BJ4HONEYWELL INTERNATIONAL CORP NOTES DTD 10/31/2016 1.400% 10/30/2019 2.04 0.08 0.16 420.87 4,102.28 454,911.73 99.98 CSFB 455,000.00 14913Q2F5CATERPILLAR FINL SERVICE CORPORATE BOND DTD 11/29/2017 2.000% 11/29/2019 2.10 0.16 0.29 842.00 (7,728.17) 458,000.73 100.66 MKTX 455,000.00 17275RAH5CISCO SYSTEMS INC CORP NOTE DTD 11/17/2009 4.450% 01/15/2020 2.15 0.29 0.32 1,063.02 5,529.16 454,818.91 99.96 GOLDMAN 455,000.00 637432NC5NATIONAL RURAL UTIL COOP CORP NOTES DTD 01/27/2015 2.000% 01/27/2020 2.12 0.32 Account 7023-001 Page 8IPF M Asset Management ILJLC For the Month Ending September 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 0.34 3,398.70 12,241.32 910,165.62 100.02 02/03/20MORGAN_S 910,000.00 166764AR1CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 1.92 0.37 0.43 50.70 15.64 170,226.44 100.13 TD 170,000.00 40428HPR7HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 2.03 0.43 0.43 74.38 (10.50) 375,499.50 100.13 MORGAN_S 375,000.00 40428HPR7HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 2.03 0.43 0.45 1,714.44 5,851.30 455,100.10 100.02 MORGAN_S 455,000.00 02665WAU5AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 2.10 0.45 0.59 4,486.22 12,244.05 910,468.65 100.05 MORGAN_S 910,000.00 037833BD1APPLE INC CORP NOTE DTD 05/13/2015 2.000% 05/06/2020 1.91 0.59 39,400.21 2.02 0.36 12,280.81 4,643,943.71 4,640,000.00 Security Type Sub-Total 0.37 Commercial Paper 0.14 (25.20) 1,810.80 897,373.80 99.71 TOYOTA 900,000.00 89233HYM0TOYOTA MOTOR CREDIT CORP COMM PAPER DTD 07/26/2019 0.000% 11/21/2019 2.03 0.14 1,810.80 2.03 0.14 (25.20) 897,373.80 900,000.00 Security Type Sub-Total 0.14 Certificate of Deposit 0.16 (19.90)(19.90) 799,980.10 100.00 CREDAG 800,000.00 22535CGX3CREDIT AGRICOLE CIB NY CERT DEPOS DTD 08/22/2019 2.060% 11/29/2019 2.07 0.16 0.16 (53.62)(53.62) 1,299,946.38 100.00 TD 1,300,000.00 89114M6S1TORONTO DOMINION BANK NY CERT DEPOS DTD 08/23/2019 2.050% 11/29/2019 2.07 0.16 0.39 (696.14)(696.14) 799,303.86 99.91 RBC 800,000.00 65602VQX7NORINCHUKIN BANK NY DTD 08/21/2019 2.020% 02/21/2020 2.12 0.39 0.41 1,671.66 1,095.49 804,196.64 100.52 MIZUHO 800,000.00 83369Y3V6SOCIETE GENERALE NY CERT DEPOS DTD 02/27/2019 2.830% 02/27/2020 2.12 0.41 0.57 (410.54)(410.54) 799,589.46 99.95 MITSU 800,000.00 55379WY75MUFG BANK LTD/NY CERT DEPOS DTD 08/22/2019 2.000% 04/30/2020 2.08 0.57 (84.71) 2.09 0.32 491.46 4,503,016.44 4,500,000.00 Security Type Sub-Total 0.32 Account 7023-001 Page 9IPF M Asset Management ILJLC For the Month Ending September 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 14,880,000.00 14,878,287.77 113,160.44 29,326.73 0.37 2.01 Managed Account Sub-Total 0.37 Money Market Mutual Fund 0.00 0.00 0.00 12,442,798.84 1.00 12,442,798.84 CAMP Pool 0.00 12,442,798.84 12,442,798.84 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $27,387,493.68 $66,407.07 $27,321,086.61 Accrued Interest Securities Sub-Total $27,322,798.84 $113,160.44 $29,326.73 0.37 2.01% 0.37 Account 7023-001 Page 10IPF M Asset Management ILJLC For the Month Ending September 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 CALL 09/30/19 PEPSICO, INC NOTE DTD 01/14/2010 4.500% 01/15/2020 713448BN7 443,133.38 4,125.00 447,258.38 (8,311.02) 0.00 FIFO 440,000.00 09/30/19 4,125.00 0.00 (8,311.02) 447,258.38 443,133.38 440,000.00 Transaction Type Sub-Total INTEREST 09/03/19 CHEVRON CORP (CALLABLE) NOTES DTD 03/03/2015 1.961% 03/03/2020 166764AR1 0.00 8,922.55 8,922.55 910,000.00 09/03/19 09/05/19 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 0.00 1,997.50 1,997.50 170,000.00 09/05/19 09/05/19 HSBC USA INC NOTES DTD 03/05/2015 2.350% 03/05/2020 40428HPR7 0.00 4,406.25 4,406.25 375,000.00 09/05/19 09/13/19 AMERICAN HONDA FINANCE CORP NOTES DTD 03/13/2015 2.150% 03/13/2020 02665WAU5 0.00 4,891.25 4,891.25 455,000.00 09/13/19 20,217.55 20,217.55 0.00 1,910,000.00 Transaction Type Sub-Total 443,133.38 24,342.55 467,475.93 (8,311.02) 0.00 Managed Account Sub-Total Total Security Transactions ($8,311.02)$467,475.93 $24,342.55 $443,133.38 $0.00 Account 7023-001 Page 11IPF M Asset Management ILJLC For the Month Ending September 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 11,954,436.45 Opening Balance 09/03/19 09/03/19 Purchase - Interest 166764AR1 1.00 8,922.55 11,963,359.00 09/05/19 09/05/19 Purchase - Interest 40428HPR7 1.00 1,997.50 11,965,356.50 09/05/19 09/05/19 Purchase - Interest 40428HPR7 1.00 4,406.25 11,969,762.75 09/13/19 09/13/19 Purchase - Interest 02665WAU5 1.00 4,891.25 11,974,654.00 09/25/19 09/25/19 IP Fees August 2019 1.00 (907.78) 11,973,746.22 09/25/19 09/25/19 U.S. Bank Fees July 2019 1.00 (80.15) 11,973,666.07 09/30/19 09/30/19 Interest- Make Whole Call CUSIP 713449BN7 - 9/30/19 1.00 4,125.00 11,977,791.07 09/30/19 09/30/19 Principal - Make Whole Call CUSIP 713449BN7 - 9/30/19 1.00 443,133.38 12,420,924.45 09/30/19 10/01/19 Accrual Income Div Reinvestment - Distributions 1.00 21,874.39 12,442,798.84 12,442,798.84 12,442,798.84 12,442,798.84 11,986,689.00 86,467.00 0.00 (7,965,745.15) 5,239,863.80 15,168,680.19 21,874.39 12,442,798.84 0.00 (987.93) 489,350.32 11,954,436.45 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance September July-September 2.22% Account 7023-001 Page 12IPF M Asset Management ILJLC For the Month Ending September 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 783,809.24 1,430.51 (217.96) 0.00 $785,021.79 CAMP Pool Unsettled Trades 0.00 1,430.51 Cash Dividends and Income Opening Market Value Purchases Redemptions Change in Value Closing Market Value 2,235,159.96 0.00 0.00 (328.79) $2,234,831.17 CAMP Managed Account Unsettled Trades 0.00 0.00 Cash Dividends and Income September 30, 2019 August 31, 2019 Asset Summary CAMP Pool 785,021.79 783,809.24 CAMP Managed Account 2,234,831.17 2,235,159.96 $3,019,852.96 $3,018,969.20 Total Asset Allocation 26.00% CAMP Pool 74.00% CAMP Managed Account Account 7023-002 Page 1IPF M Asset Management ILJLC For the Month Ending September 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 $783,809.24 1,430.51 (217.96) $785,021.79 1,430.51 $2,235,159.96 0.00 0.00 0.00 0.00 (328.79) $2,234,831.17 $3,018,969.20 $3,019,852.96 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 2,228,641.05 3,013,662.84 16,542.20 0.00 0.00 0.00 0.00 (2,227,955.41) (12,507.52) 0.00 16,542.20 217.96 0.00 0.00 (1,430.51) (3,011,764.65) (12,507.52) 1,430.51 Total Accrual Basis Earnings $4,720.32 $6,150.83 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 September 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 1,119,428.80 37.06 Federal Agency Bond / Note 1,110,000.00 1,115,402.37 36.94 Managed Account Sub-Total 2,230,000.00 2,234,831.17 74.00% Accrued Interest 16,542.20 Total Portfolio 2,230,000.00 2,251,373.37 CAMP Pool 785,021.79 785,021.79 26.00 Total Investments 3,015,021.79 3,036,395.16 100.00% Unsettled Trades 0.00 0.00 Sector Allocation 36.94% Fed Agy Bond / Note 26.00% Mny Mkt Fund 37.06% US TSY Bond / Note 0 - 6 Months 6 - 12 Months 1 - 2 Years 2 - 3 Years 3 - 4 Years 4 - 5 Years Over 5 Years 63.06% 36.94% 0.00%0.00%0.00%0.00%0.00% Maturity Distribution Characteristics Yield to Maturity at Cost Yield to Maturity at Market Duration to Worst Weighted Average Days to Maturity 0.41 151 2.57% 1.96% Account 7023-002 Page 3IPF M Asset Management ILJLC For the Month Ending September 30, 2019Managed Account Issuer Summary City of San Rafael - Lease Revenue Bonds Series 2018 Capitalized Intere - 7023-002 - (12517707) Credit Quality (S&P Ratings) 74.00% AA+ 26.00% AAAm Issuer Summary Percentof HoldingsIssuer Market Value 785,021.79 26.00 CAMP Pool 1,115,402.37 36.94 FEDERAL HOME LOAN BANKS 1,119,428.80 37.06 UNITED STATES TREASURY $3,019,852.96 Total 100.00% Account 7023-002 Page 4IPF M Asset Management ILJLC For the Month Ending September 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 1,119,428.80 1,118,624.56 6,586.89 1,108,493.75 07/12/1807/11/18AaaAA+ 1,120,000.00 9128283H1 2.51 6,586.89 1,119,428.80 1,118,624.56 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 1,115,402.37 1,110,016.49 9,955.31 1,110,028.86 07/12/1807/11/18AaaAA+ 1,110,000.00 3130AECJ7 2.62 9,955.31 1,115,402.37 1,110,016.49 2.62 1,110,028.86 1,110,000.00 Security Type Sub-Total 2,230,000.00 2,218,522.61 2.57 16,542.20 2,228,641.05 2,234,831.17 Managed Account Sub-Total Money Market Mutual Fund CAMP Pool 785,021.79 785,021.79 0.00 785,021.79 NRAAAm 785,021.79 785,021.79 785,021.79 0.00 785,021.79 785,021.79 Money Market Sub-Total $3,015,021.79 $3,003,544.40 $16,542.20 $3,013,662.84 $3,019,852.96 2.57% $3,036,395.16 $16,542.20 Total Investments Accrued Interest Securities Sub-Total Account 7023-002 Page 5IPF M Asset Management ILJLC For the Month Ending September 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 0.17 804.24 10,935.05 1,119,428.80 99.95 JPM_CHAS 1,120,000.00 9128283H1US TREASURY NOTES DTD 11/30/2017 1.750% 11/30/2019 2.05 0.17 10,935.05 2.05 0.17 804.24 1,119,428.80 1,120,000.00 Security Type Sub-Total 0.17 Federal Agency Bond / Note 0.65 5,385.88 5,373.51 1,115,402.37 100.49 BARCLAYS 1,110,000.00 3130AECJ7FEDERAL HOME LOAN BANKS NOTES DTD 05/21/2018 2.625% 05/28/2020 1.88 0.65 5,373.51 1.88 0.65 5,385.88 1,115,402.37 1,110,000.00 Security Type Sub-Total 0.65 2,230,000.00 2,234,831.17 16,308.56 6,190.12 0.41 1.96 Managed Account Sub-Total 0.41 Money Market Mutual Fund 0.00 0.00 0.00 785,021.79 1.00 785,021.79 CAMP Pool 0.00 785,021.79 785,021.79 0.00 0.00 0.00 Money Market Sub-Total 0.00 Total Investments $3,036,395.16 $16,542.20 $3,019,852.96 Accrued Interest Securities Sub-Total $3,015,021.79 $16,308.56 $6,190.12 0.41 1.96% 0.41 Account 7023-002 Page 6IPF M Asset Management ILJLC For the Month Ending September 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 783,809.24 Opening Balance 09/25/19 09/25/19 IP Fees August 2019 1.00 (190.09) 783,619.15 09/25/19 09/25/19 U.S. Bank Fees July 2019 1.00 (27.87) 783,591.28 09/30/19 10/01/19 Accrual Income Div Reinvestment - Distributions 1.00 1,430.51 785,021.79 785,021.79 785,021.79 785,021.79 783,813.33 4,550.87 0.00 (664.04) 4,550.87 781,134.96 1,430.51 785,021.79 0.00 (217.96) 1,430.51 783,809.24 Monthly Distribution Yield Average Monthly Balance Closing Balance Fiscal YTDMonth of Cash Dividends and Income Closing Balance Check Disbursements Redemptions (Excl. Checks) Purchases Opening Balance Closing Balance September July-September 2.22% Account 7023-002 Page 7IPF M Asset Management ILJLC